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 811-04704
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Primary Trend Fund, Inc.
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(Exact name of registrant as specified in charter)
700 North Water Street, Milwaukee, 53202
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(Address of principal executive offices) (Zip code)
Arnold Investment Counsel, Inc., 700 North Water Street, Milwaukee, 53202
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(Name and address of agent for service)
Registrant's telephone number, including area code:(414) 271-2726
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Date of fiscal year end: June 30
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Date of reporting period: July 1, 2006 - June 30, 2007
ITEM 1. PROXY VOTING RECORD
PROXY VOTING RECORD
Name of Fund: The Primary Trend Fund
Period: July 1, 2006 - June 30, 2007
Company Name Meeting Date Shares Voted CUSIP Ticker
AT&T, INC. 7/21/06 15,000 00206R102 T
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. Approve issuance of AT&T
common shares required to be
issued pursuant to the
merger aIssuernt, dated as
of March 4, 2006, by and
among BellSouth Corporation,
AT&T, Inc. and ABC
Consolidation Corp., as it
may be amended Issuer
DARDEN RESTAURANTS, INC. 9/15/06 9,000 237194105 DRI
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 13 Nominees Issuer
For For 2. To approve the amended
Darden Restaurants, Inc.
2002 stock incentive plan Issuer
For For 3. To ratify the appointment
of KPMG LLP as our
independent registered
public accounting firm for
the fiscal year ending
May 27, 2007 Issuer
Against Against 4. To consider a shareholder
proposal regarding a
majority vote standard for
election of directors Shareholder
GENERAL MILLS, INC. 9/25/06 10,000 370334104 GIS
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 13 Nominees Issuer
For For 2. Ratify the appointment of
KPMG LLP as General Mills'
independent registered
public accounting firm Issuer
For For 3. Adopt the 2006
compensation plan for
non-employee directors Issuer
Against Against 4. Proposal on labeling of
genetically engineered food
products Shareholder
THE MARCUS CORPORATION 10/4/06 16,000 566330106 MCS
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 10 Nominees Issuer
NEWS CORPORATION 10/20/06 20,000 65248E203 NWS
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 5 Nominees Issuer
For For 2. Ratification of Ernst &
Young LLP as the Company's
independent registered
public accounting firm for
the fiscal year ending
June 30, 2007 Issuer
For For 3. Approval of amended and
restated rights plan Issuer
Against Against 4. Proposal on the annual
election of directors Shareholder
MICROSOFT CORPORATION 11/14/06 28,000 594918104 MSFT
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1A-1L DIRECTORS/All 9 Nominees Issuer
For For 2. Ratification of the
selection of Deloitte &
Touche LLP as the Company's
independent auditor Issuer
Against Against 3. Proposal - Restriction on
selling products and
services to foreign governments Shareholder
Against Against 4. Proposal - Sexual
orientation in equal
employment opportunity policy Shareholder
Against Against 5. Proposal - Hiring of
proxy advisor Shareholder
CAMPBELL SOUP COMPANY 11/16/06 10,000 134429109 CPB
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 16 Nominees Issuer
For For 2. Ratification of appointment
of the independent registered
public accounting firm Issuer
Against Against 3. Proposal on
sustainability report Shareholder
UNITED TECHNOLOGIES CORP. 4/11/07 11,160 913017109 UTX
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 14 Nominees Issuer
For For 2. Appointment of independent
auditors for 2007 Issuer
Against Against 3. Shareholder proposal:
Director term limits Shareholder
Against Against 4. Shareholder proposal:
Foreign military sales Shareholder
Against Against 5. Shareowner proposal:
Political contributions Shareholder
Against Against 6. Shareowner proposal:
Advisory resolution to
ratify executive compensation Shareholder
Against Against 7. Shareowner proposal:
Pay-for-superior performance Shareholder
ELI LILLY AND COMPANY 4/16/07 12,000 532457108 LLY
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 4 Nominees Issuer
For For 2. Ratification of the
appointment by the audit
committee of the board of
directors of Ernst & Young
as principal independent
auditors for 2007 Issuer
For For 3. Approve amendments to the
articles of incorporation to
provide for annual election
of directors Issuer
For For 4. Reapprove performance
goals for the company's
stock plans Issuer
Against Against 5. Proposal by shareholders
on extending the company's
animal care and use policy
to contract labs Shareholder
Against Against 6. Proposal by shareholders
on international outsourcing
of animal research Shareholder
Against Against 7. Proposal by shareholders
on separating the roles of
chairman and chief executive
officer Shareholder
Against Against 8. Proposal by shareholders
on amending the articles of
incorporation to allow
shareholders to amend the bylaws Shareholder
Against Against 9. Proposal by shareholders on
adopting a simple majority
vote standard Shareholder
PFIZER 4/26/07 30,000 717081103 PFE
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 12 Nominees Issuer
For For 2. Ratify the selection of
KPMG LLP as independent
registered public accounting
firm for 2007 Issuer
Against Against 3. Shareholder proposal
relating to cumulative voting Shareholder
Against Against 4. Shareholder proposal
requesting a report on the
rationale for exporting
animal experimentation Shareholder
Against Against 5. Shareholder proposal
requesting a report on the
feasibility of amending
Pfizer's corporate policy on
laboratory animal care and use Shareholder
Against Against 6. Shareholder proposal
relating to qualifications
for director nominees Shareholder
ANHEUSER-BUSCH
COMPANIES, INC. 4/25/07 10,000 035229103 BUD
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 6 Nominees Issuer
For For 2. Approval of the 2007
equity and incentive plan Issuer
For For 3. Approval of the global
employee stock purchase plan Issuer
For For 4. Approval of independent
registered public accounting
firm Issuer
Against Against 5. Stockholder proposal
concerning a report on
charitable contributions Shareholder
GENERAL ELECTRIC COMPANY 4/25/07 23,000 369604103 GE
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
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For For A. DIRECTORS/All 16 Nominees Issuer
For For B. Ratification of KPMG Issuer
For For C. Adoption of majority
voting for directors Issuer
For For D. Approval of 2007 long
term incentive plan Issuer
For For E. Approval of material
terms of senior officer
performance goals Issuer
Against Against 1. Cumulative voting Shareholder
Against Against 2. Curb over-extended
directors Shareholder
Against Against 3. One director from the
ranks of retirees Shareholder
Against Against 4. Independent board
chairman Shareholder
Against Against 5. Eliminate dividend
equivalents Shareholder
Against Against 6. Report on charitable
contributions Shareholder
Against Against 7. Global warming report Shareholder
Against Against 8. Ethical criteria for
military contracts Shareholder
Against Against 9. Report on pay differential Shareholder
THE COCA-COLA COMPANY 4/18/07 12,000 191216100 KO
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 11 Nominees Issuer
For For 2. Ratification of the
appointment of Ernst & Young
LLP as independent auditors Issuer
For For 3. Approval of the
performance incentive plan
of the Coca-Cola Company Issuer
Against Against 4. Shareowner proposal
regarding management
compensation Shareholder
Against Against 5. Shareowner proposal
regarding an advisory vote
on the compensation
committee report Shareholder
Against Against 6. Shareowner proposal
regarding chemical and
biological testing Shareholder
Against Against 7. Shareowner proposal
regarding study and report
on extraction of water in
India Shareholder
Against Against 8. Shareowner proposal
regarding restricted stock Shareholder
BP, P.L.C. 4/12/07 6,998 055622104 BP
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 16 Nominees Issuer
For For 2. To receive the directors'
annual report and accounts Issuer
For For 3. To approve the directors'
remuneration report Issuer
For For 19. To re-appoint Ernst &
Young LLP as auditors and
authorize the board to set
their remuneration Issuer
For For 20. To give limited
authority to make political
donations and incur
political expenditure Issuer
For For 21. To authorize the use of
electronic communications Issuer
For For S22. Special resolution: To
give limited authority for
the purchase of its own
shares by the company Issuer
For For 23. To give authority to
allot shares up to a
specified amount Issuer
For For S24. Speical resolution: To
give authority to allot a
limited number of shares for
cash free of pre-emption rights Issuer
ABBOTT LABORATORIES 4/27/07 12,000 002824100 ABT
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 13 Nominees Issuer
For For 2. Ratification of Deloitte
& Touche LLP as auditors Issuer
Against Against 3. Shareholder proposal -
advisory vote Shareholder
Against Against 4. Shareholder proposal -
the roles of chair and CEO Shareholder
JOHNSON & JOHNSON 4/26/07 7,000 478160104 JNJ
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 11 Nominees Issuer
For For 2. Ratification of
appointment of
PriceWaterhouseCoopers LLP
as independent registered
public accounting firm Issuer
Against Against 3. Proposal on majority
voting requirements for
director nominees Shareholder
Against Against 4. Proposal on supplemental
retirement plan Shareholder
JOURNAL
COMMUNICATIONS, INC. 5/3/07 10,000 481130102 JRN
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1A. Election of Director:
Don H. Davis, Jr. Issuer
For For 1B. Election of director:
David G. Meissner Issuer
For For 1C. Election of director:
Ellen F. Siminoff Issuer
For For 2. Proposal to approve the
Journal Communications, Inc.
2007 omnibus incentive plan Issuer
OCCIDENTAL
PETROLEUM CORPORATION 5/4/2007 12,000 674599105 OXY
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 12 Nominees Issuer
For For 2. Ratification of selection
of KPMG as independent auditors Issuer
For For 3. Approval of amendment to
2005 long-term incentive plan Issuer
Against Against 4. Scientific report on
global warming Shareholder
Against Against 5. Advisory vote to ratify
executive compensation Shareholder
Against Against 6. Performance-based stock
options Shareholder
CHUBB CORPORATION 4/24/07 12,000 171232101 CB
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 11 Nominees Issuer
For For 2. To ratify the appointment
of Ernst & Young LLP as
independent auditor Issuer
For For 3. To vote on the adoption of
an amendment to the Chubb
Corporation restated
certificate of incorporation Issuer
Against Against 4. To vote on a shareholder
proposal regarding political
contributions Shareholder
E.I. DU PONT DE
NEMOURS AND COMPANY 4/25/07 10,000 263534109 DD
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 11 Nominees Issuer
For For 2. On ratification of
independent registered public
accounting firm Issuer
For For 3. On DuPont equity and
incentive plan Issuer
Against Against 4. On genetically modified food Shareholder
Against Against 5. On plant closure Shareholder
Against Against 6. On report on PFOA Shareholder
Against Against 7. On costs Shareholder
Against Against 8. On global warming Shareholder
Against Against 9. On chemical facility
security Shareholder
AT&T, INC. 4/27/07 10,000 00206R102 T
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 17 Nominees Issuer
For For 2. Ratify appointment of
independent auditors Issuer
For For 3. Approve the AT&T severance
policy Issuer
Against Against 4. Shareholder proposal to
disclose monetary and
non-monetary political
contributions Shareholder
Against Against 5. Shareholder proposal to
amend by-laws to give
shareholders the power to call
a special meeting Shareholder
Against Against 6. Shareholder proposal to
establish a pay-for-superior-
performance standard Shareholder
Against Against 7. Shareholder proposal to
approve executive compensation Shareholder
Against Against 8. Shareholder proposal to
establish a policy limiting
benefits provided under the
supplemental executive
retirement plan Shareholder
TRIBUNE COMPANY 5/9/2007 19,000 896047107 TRB
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 3 Nominees Issuer
For For 2. Ratification of independent
accountants Issuer
Against Against 3. Shareholder proposal
concerning Tribune's classified
board of directors Shareholder
PARTNERRE LTD. 5/10/07 8,000 G6852T105 PRE
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 4 Nominees Issuer
For For 2. To re-appoint Deloitte &
Touche, the independent
registered public accounting
firm, as our independent
auditors for the ensuing period
ending with the 2006 annual
general meeting and to refer
the determination of auditors
remuneration to the board of
directors Issuer
For For 3. To approve an amendment to
our By-Laws Issuer
THE ALLSTATE CORPORATION 5/15/07 5,000 020002101 ALL
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1.A-1M. DIRECTORS/All 13
Nominees Issuer
For For 2. Appointment of Deloitte &
Touche LLP as independent
auditors for 2007 Issuer
For For 3. Amendments to the restated
certificate of incorporation to
eliminate the supermajority
vote requirements Issuer
AQUA AMERICA, INC. 5/24/07 18,333 03836W103 WTR
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1. DIRECTORS/All 3 Nominees Issuer
THE HOME DEPOT, INC. 5/24/07 15,000 437076102 HD
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For 1a.-1k. DIRECTORS/All 11
Nominees Issuer
For For 2. To ratify the appointment
of KPMG LLP as the Company's
independent registered public
accounting firm for fiscal year
ending February 3, 2008 Issuer
Against Against 3. Shareholder proposal
regarding poison pill
implementation Shareholder
Against Against 4. Shareholder proposal
regarding employment
diversity report disclosure Shareholder
Against Against 5. Shareholder proposal
regarding executive officer
compensation Shareholder
Against Against 6. Shareholder proposal
regarding management bonuses Shareholder
Against Against 7. Shareholder proposal
regarding retirement benefits Shareholder
Against Against 8. Shareholder proposal
regarding equity compensation Shareholder
Against Against 9. Shareholder proposal
regarding pay-for-superior
performance Shareholder
Against Against 10. Shareholder proposal
regarding political
nonpartisanship Shareholder
Against Against 11. Shareholder proposal
regarding chairman & CEO Shareholder
SCHERING-PLOUGH CORP. 5/18/07 30,000 806605101 SGP
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
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For For 1. DIRECTORS/All 13 Nominees Issuer
For For 2. Ratify the designation of
Deloitte & Touche LLP to audit
the books and accounts for 2007 Issuer
For For 3. Approve amendments to the
certificate of incorporation
and by-laws to reduce
shareholder supermajority vote
requirements to a majority vote Issuer
For For 4. Approve an amendment to the
Certification of Incorporation
to elect directs by a majority
vote rather than a plurality
vote Issuer
Against Against 5. Shareholder proposal
relating to equity grants Shareholder
MCDONALD'S CORP. 5/24/07 11,000 580135010 MCD
Proposed by Issuer
Vote Cast Management Vote Proposal or Security Holder
- --------- --------------- --------- ------------------
For For lA-1D. DIRECTORS/All 4 Nominees Issuer
For For 2. Approval of the independent
registered public accounting
firm Issuer
Against Against 3. Shareholder proposal
relating to labeling of
genetically modified products Shareholder
Against Against 4. Shareholder proposal
relating to labor standards Shareholder
NEW
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) Primary Trend Fund, Inc.
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By (Signature and Title) /s/: Lilli Gust
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Date July 16, 2007
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