UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-08837
---------
The Select Sector SPDR(R) Trust
-------------------------------
(Exact name of registrant as specified in charter)
One Lincoln Street, Boston, MA 02111
------------------------------------
(Address of principal executive offices) (Zip code)
Scott M. Zoltowski, Esq., State Street Bank and Trust Company,
--------------------------------------------------------------
One Lincoln Street, Boston, MA 02111
-------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 623-2577
---------------
Date of fiscal year end: September 30
-------------
Date of reporting period: June 30, 2005
-------------
Item 1. Proxy Voting Record
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
07/28/04 - A THE ST. PAUL TRAVELERS COMPANIES, 792860108 06/04/04 253,245
INC. *STA*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
08/17/04 - S COUNTRYWIDE FINANCIAL CORP. *CFC* 222372104 07/09/04 108,843
1 Increase Authorized Common Stock For For Mgmt
08/23/04 - S CHARTER ONE FINANCIAL, INC. 160903100 07/01/04 85,424
1 Approve Merger Agreement For For Mgmt
2 Adjourn Meeting For Against Mgmt
In this case, shareholders already have enough
information to make their vote decisions. Once their
votes have been cast, there is no justification for
spending more money to continue pressing shareholders
for more votes.
08/31/04 - S NORTH FORK BANCORPORATION, INC. *NFB* 659424105 07/23/04 74,564
1 Approve Merger Agreement For For Mgmt
09/15/04 - S SUNTRUST BANKS, INC. *STI* 867914103 07/30/04 125,814
1 Approve Merger Agreement For For Mgmt
2 Adjourn Meeting For Against Mgmt
In this case, shareholders already have enough
information to make their vote decisions. Once their
votes have been cast, there is no justification for
spending more money to continue pressing shareholders
for more votes.
10/28/04 - S SOUTHTRUST CORP. 844730101 09/21/04 154,436
1 Approve Merger Agreement For For Mgmt
10/28/04 - S WACHOVIA CORP. *WB* 929903102 08/20/04 551,832
1 Approve Merger Agreement For For Mgmt
11/04/04 - A FREDDIE MAC *FRE* 313400301 09/10/04 318,415
1 Elect Directors For Split Mgmt
1.1 Elect Director Barbara T. Alexander --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.2 Elect Director Geoffrey T. Boisi --- For
1.3 Elect Director Michelle Engler --- Withhold
Michelle Engler is an affiliated outsider on the
compensation committee.
1.4 Elect Director Richard Karl Goeltz --- For
1.5 Elect Director Thomas S. Johnson --- For
1.6 Elect Director William M. Lewis, Jr. --- For
1.7 Elect Director John B. Mccoy --- For
1.8 Elect Director Eugene M. Mcquade --- For
1.9 Elect Director Shaun F. O'Malley --- For
1.10 Elect Director Ronald F. Poe --- For
1.11 Elect Director Stephen A. Ross --- For
1.12 Elect Director Richard F. Syron --- For
1.13 Elect Director William J. Turner --- For
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Amend Employee Stock Purchase Plan For For Mgmt
01/25/05 - A FRANKLIN RESOURCES, INC. *BEN* 354613101 11/30/04 137,408
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Increase Authorized Common Stock For For Mgmt
03/15/05 - A MORGAN STANLEY *MWD* 617446448 01/14/05 579,014
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Limit Executive Compensation Against Against ShrHoldr
03/22/05 - A FIFTH THIRD BANCORP *FITB* 316773100 01/31/05 308,378
1 Elect Directors For For Mgmt
2 Approve Decrease in Size of Board For For Mgmt
3 Ratify Auditors For For Mgmt
04/05/05 - A LEHMAN BROTHERS HOLDINGS INC. *LEH* 524908100 02/11/05 149,499
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
3 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the trend of
recent option grants and the total level of potential
dilution under all plans is above the allowable cap of
15%.
4 Limit Executive Compensation Against Against ShrHoldr
04/06/05 - A THE GOLDMAN SACHS GROUP, INC. *GS* 38141G104 02/07/05 224,283
1 Elect Directors For For Mgmt
2 Declassify the Board of Directors For For Mgmt
3 Ratify Auditors For For Mgmt
04/07/05 - A THE BEAR STEARNS COMPANIES INC. *BSC* 073902108 02/23/05 63,799
1 Elect Directors For For Mgmt
2 Amend Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
04/12/05 - A THE BANK OF NEW YORK CO., INC. *BK* 064057102 02/22/05 474,022
1 Elect Directors For Split Mgmt
1.1 Elect Director Frank J. Biondi Jr. --- For
1.2 Elect Director Nicholas M. Donofrio --- For
1.3 Elect Director Gerald L. Hassell --- For
1.4 Elect Director Richard J. Kogan --- For
1.5 Elect Director Michael J. Kowalski --- For
1.6 Elect Director John A. Luke Jr. --- For
1.7 Elect Director John C. Malone --- Withhold
John C. Malone is an affiliated outsider on the
compensation and nominating committees.
1.8 Elect Director Paul Myners --- For
1.9 Elect Director Catherine A. Rein --- For
1.10 Elect Director Thomas A. Renyi --- For
1.11 Elect Director William C. Richardson --- For
1.12 Elect Director Brian L. Roberts --- For
1.13 Elect Director Samuel C. Scott --- For
2 Ratify Auditors For For Mgmt
3 Provide for Cumulative Voting Against Against ShrHoldr
4 Limit Executive Compensation Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/15/05 - A THE PROGRESSIVE CORP. *PGR* 743315103 02/17/05 108,067
1 Elect Directors For For Mgmt
2 Authorize Board to Fill Vacancies For For Mgmt
3 Ratify Auditors For For Mgmt
04/18/05 - A COMPASS BANCSHARES, INC. *CBSS* 20449H109 03/04/05 61,760
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/19/05 - A CITIGROUP INC. *C* 172967101 02/25/05 2,774,619
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Limit/Prohibit Awards to Executives Against Against ShrHoldr
5 Report on Political Contributions Against Against ShrHoldr
6 Prohibit Chairman From Management Duties, Against Against ShrHoldr
Titles or Responsibilities
7 Limit Executive Compensation Against Against ShrHoldr
8 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
9 Review/Limit Executive Compensation Against Against ShrHoldr
10 Adopt Simple Majority Vote Against For ShrHoldr
SSGA supports shareholder proposals seeking to
eliminate supermajority vote requirements, as they may
serve as entrenchment devices for management and
therefore are not in the shareholders' best interest.
04/19/05 - A FIRST HORIZON NATIONAL CORP *FHN* 320517105 02/25/05 65,749
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/19/05 - A M & T BANK CORP. *MTB* 55261F104 02/28/05 60,451
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total level
of potential dilution under all plans is above the
allowable cap of 15%.
3 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/19/05 - A MELLON FINANCIAL CORP. *MEL* 58551A108 02/11/05 235,150
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/19/05 - A NORTHERN TRUST CORP. *NTRS* 665859104 02/28/05 114,134
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/19/05 - A SUNTRUST BANKS, INC. *STI* 867914103 02/25/05 197,882
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Management Incentive Plan For For Mgmt
4 Approve Performance Unit Plan For For Mgmt
04/19/05 - A U.S. BANCORP *USB* 902973304 02/28/05 973,721
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Reduce Supermajority Vote Requirement For For Mgmt
4 Performance- Based/Indexed Options Against For ShrHoldr
Since the company does not grant a substantial portion
of the awards as performance-based awards, this
proposal warrants support.
5 Prohibit Auditor from Providing Non-Audit Against Against ShrHoldr
Services
04/19/05 - A WACHOVIA CORP. *WB* 929903102 02/16/05 884,624
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/19/05 - A WASHINGTON MUTUAL, INC *WM* 939322103 02/28/05 454,361
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/20/05 - A STATE STREET CORP. (BOSTON) *STT* 857477103 02/25/05 177,861
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/21/05 - A AMSOUTH BANCORPORATION *ASO* 032165102 02/22/05 218,230
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2 Ratify Auditors For For Mgmt
3 Report on Political Contributions Against Against ShrHoldr
04/21/05 - A SOVEREIGN BANCORP, INC. *SOV* 845905108 03/01/05 197,897
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/22/05 - A MERRILL LYNCH & CO., INC. *MER* 590188108 02/22/05 569,227
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Non-Employee Director Restricted For For Mgmt
Stock Plan
4 Provide for Cumulative Voting Against Against ShrHoldr
5 Limit Executive Compensation Against Against ShrHoldr
04/23/05 - A CINCINNATI FINANCIAL CORP. *CINF* 172062101 02/25/05 87,449
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Approve Stock Option Plan For For Mgmt
5 Approve Outside Director Stock For For Mgmt
Awards/Options in Lieu of Cash
04/26/05 - A BB&T CORPORATION *BBT* 054937107 03/07/05 278,454
1 Elect Directors For Split Mgmt
1.1 Elect Director Alfred E. Cleveland ---
Withhold
WITHHOLD votes from Albert F. Zettlemoyer and Alfred
E. Cleveland for standing as affiliated outsiders on
the Compensation Committee and Nominating Committee.
1.2 Elect Director Anna R. Cablik --- For
1.3 Elect Director John P. Howe, III --- For
1.4 Elect Director Nido R. Qubein --- For
1.5 Elect Director Albert F. Zettlemoyer ---
Withhold
2 Ratify Auditors For For Mgmt
04/26/05 - A GOLDEN WEST FINANCIAL CORP. *GDW* 381317106 03/01/05 161,416
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
3 Ratify Auditors For For Mgmt
04/26/05 - A MARSHALL & ILSLEY CORP. *MI* 571834100 03/01/05 118,260
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/26/05 - A METLIFE, INC *MET* 59156R108 03/01/05 392,240
1 Elect Directors For Split Mgmt
1.1 Elect Director Cheryl W. Grise --- For
1.2 Elect Director James R. Houghton --- For
1.3 Elect Director Helene L. Kaplan --- Withhold
WITHHOLD votes from Helene L. Kaplan for standing as
an affiliated outsider on the Nominating Committee.
1.4 Elect Director Sylvia M. Mathews --- For
1.5 Elect Director William C. Steere, Jr. ---
For
2 Ratify Auditors For For Mgmt
3 Establish Other Board Committee Against Against ShrHoldr
04/26/05 - A MOODY'S CORPORATION *MCO* 615369105 03/01/05 77,936
1 Elect Directors For For Mgmt
2 Increase Authorized Common Stock For For Mgmt
3 Ratify Auditors For For Mgmt
04/26/05 - A NATIONAL CITY CORP. *NCC* 635405103 03/04/05 341,582
1 Elect Directors For For Mgmt
2 Ratify Auditor For For Mgmt
04/26/05 - A PNC FINANCIAL SERVICES GROUP, INC. 693475105 02/28/05 147,043
*PNC*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/26/05 - A T. ROWE PRICE GROUP, INC. *TROW* 74144T108 02/25/05 68,366
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Other Business For Against Mgmt
Details of other business items not disclosed
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/26/05 - A THE CHUBB CORP. *CB* 171232101 03/07/05 96,637
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/26/05 - A WELLS FARGO & COMPANY *WFC* 949746101 03/08/05 967,330
1 Elect Directors For Split Mgmt
1.1 Elect Director J.A. Blanchard III --- For
1.2 Elect Director Susan E. Engel --- For
1.3 Elect Director Enrique Hernandez, Jr. ---
Withhold
Enrique Hernandez, Jr. is an affiliated
outsider on the audit committee.
1.4 Elect Director Robert L. Joss --- For
1.5 Elect Director Reatha Clark King --- For
1.6 Elect Director Richard M. Kovacevich --- For
1.7 Elect Director Richard D. McCormick --- For
1.8 Elect Director Cynthia H. Milligan ---
Withhold
WITHHOLD votes from Cynthia H. Milligan for standing
as an affiliated outsider on the Audit and Nominating
committees and from Judith M. Runstad for standing as
an affiliated outsider on the Audit Committee.
WITHHOLD votes from Michael W. Wright and Donald B.
Rice for standing as affiliated outsiders on the
Compensation and Nominating committees.
1.9 Elect Director Philip J. Quigley ---
Withhold
1.10 Elect Director Donald B. Rice --- Withhold
1.11 Elect Director Judith M. Runstad ---
Withhold
1.12 Elect Director Stephen W. Sanger --- For
1.13 Elect Director Susan G. Swenson --- For
1.14 Elect Director Michael W. Wright --- For
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Adopt Policy on Payday Lenders Against Against ShrHoldr
5 Link Executive Compensation to Predatory Against Against ShrHoldr
Lending
6 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
7 Limit Executive Compensation Against Against ShrHoldr
8 Separate Chairman and CEO Positions Against Against ShrHoldr
04/27/05 - A AMERICAN EXPRESS CO. *AXP* 025816109 02/28/05 654,602
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Company-Specific--Compensation-Related Against Against ShrHoldr
4 Report on Political Contributions Against Against ShrHoldr
04/27/05 - A BANK OF AMERICA CORP. *BAC* 060505104 03/04/05 2,040,471
1 Elect Directors For Split Mgmt
1.1 Elect Director William Barnet, III --- For
1.2 Elect Director Charles W. Coker --- For
1.3 Elect Director John T. Collins --- For
1.4 Elect Director Gary L. Countryman ---
Withhold
WITHHOLD votes from Gary L. Countryman for standing as
an affiliated outsider on the Compensation Committee.
1.5 Elect Director Paul Fulton --- For
1.6 Elect Director Charles K. Gifford --- For
1.7 Elect Director W. Steven Jones --- For
1.8 Elect Director Kenneth D. Lewis --- For
1.9 Elect Director Walter E. Massey --- For
1.10 Elect Director Thomas J. May --- For
1.11 Elect Director Patricia E. Mitchell --- For
1.12 Elect Director Edward L. Romero --- For
1.13 Elect Director Thomas M. Ryan --- For
1.14 Elect Director O. Temple Sloan, Jr. --- For
1.15 Elect Director Meredith R. Spangler --- For
1.16 Elect Director Robert L. Tillman --- For
1.17 Elect Director Jackie M. Ward --- For
2 Ratify Auditors For For Mgmt
3 Report on Political Contributions Against Against ShrHoldr
4 Director Nominee Amendment Against Against ShrHoldr
04/27/05 - A HUNTINGTON BANCSHARES INC. *HBAN* 446150104 02/18/05 129,905
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 9
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/28/05 - A CAPITAL ONE FINANCIAL CORP. *COF* 14040H105 02/28/05 126,311
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 Report on Pay Disparity Against Against ShrHoldr
04/28/05 - A SYNOVUS FINANCIAL CORP. *SNV* 87161C105 02/17/05 166,725
1 Elect Directors For Split Mgmt
1.1 Elect Director Daniel P. Amos --- Withhold
Daniel P. Amos is an affiliated outsider on the nominating
committee.
1.2 Elect Director Richard E. Anthony --- For
1.3 Elect Director C. Edward Floyd --- For
1.4 Elect Director Mason H. Lampton --- For
1.5 Elect Director Elizabeth C. Ogle --- For
1.6 Elect Director Melvin T. Smith --- For
2 Ratify Auditors For For Mgmt
04/28/05 - A TORCHMARK CORP. *TMK* 891027104 03/04/05 54,903
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Non-Employee Director Stock Option For For Mgmt
Plan
4 Approve Omnibus Stock Plan For For Mgmt
5 Make Effort to Locate Women and Minorities Against Against ShrHoldr
for Board Nomination
04/29/05 - A APARTMENT INVESTMENT & MANAGEMENT CO. 03748R101 03/04/05 48,134
*AIV*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approval of the Sale of High Performance For For Mgmt
Units
04/29/05 - A XL CAPITAL LTD (FORMERLY EXEL LTD.) G98255105 03/14/05 73,394
*XL*
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 10
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2 Ratify Auditors For For Mgmt
3 TO APPROVE THE AMENDMENT AND RESTATEMENT OF For For Mgmt
THE COMPANY S 1991 PERFORMANCE INCENTIVE
PROGRAM.
05/02/05 - A AFLAC INCORPORATED *AFL* 001055102 02/23/05 311,975
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/02/05 - A JEFFERSON-PILOT CORP. *JP* 475070108 03/01/05 71,899
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/02/05 - A MBNA CORP. *KRB* 55262L100 02/04/05 582,962
1 Elect Directors For Split Mgmt
1.1 Elect Director James H. Berick --- Withhold
WITHHOLD votes from James H. Berick for standing as an
affiliated outsider on the Audit Committee, from
Benjamin R. Civiletti and James H. Berick for standing
as affiliated outsiders on the Compensation Committee,
from Benjamin R. Civiletti and James H. Berick for
standing as affiliated outsiders on the Nominating
Committee.
1.2 Elect Director Mary M. Boies --- For
1.3 Elect Director Benjamin R. Civiletti ---
Withhold
1.4 Elect Director Bruce L. Hammonds --- For
1.5 Elect Director William L. Jews --- For
1.6 Elect Director Randolph D. Lerner --- For
1.7 Elect Director Stuart L. Markowitz, M.D.
--- For
1.8 Elect Director William B. Milstead --- For
1.9 Elect Director Thomas G. Murdough, Jr. ---
For
1.10 Elect Director Laura S. Unger --- For
2 Ratify Auditors For For Mgmt
3 Expense Stock Options Against Against ShrHoldr
4 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 11
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/03/05 - A AMBAC FINANCIAL GROUP, INC. *ABK* 023139108 03/07/05 54,731
1 Elect Directors For For Mgmt
2 Amend Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/03/05 - A NORTH FORK BANCORPORATION, INC. *NFB* 659424105 03/04/05 238,188
1 Elect Directors For For Mgmt
2 Increase Authorized Common Stock For For Mgmt
3 Ratify Auditors For For Mgmt
05/03/05 - A THE ST. PAUL TRAVELERS COMPANIES, 792860108 03/11/05 372,976
INC. *STA*
1 Elect Directors For Split Mgmt
1.1 Elect Director John H. Dasburg --- For
1.2 Elect Director Leslie B. Disharoon --- 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 ---
Withhold
WITHHOLD votes from Lawrence G. Graev for standing as
an affiliated outsider on the Compensation and
Nominating committees.
1.7 Elect Director Thomas R. Hodgson --- For
1.8 Elect Director Robert I. Lipp --- For
1.9 Elect Director Blythe J. McGarvie --- For
1.10 Elect Director Glen D. Nelson, M.D. --- For
1.11 Elect Director Clarence Otis, Jr. --- For
1.12 Elect Director Charles W. Scharf --- For
1.13 Elect Director Laurie J. Thomsen --- For
2 Ratify Auditors For For Mgmt
05/04/05 - A ARCHSTONE SMITH TRUST *ASN* 039583109 03/08/05 111,436
1 Elect Directors For For Mgmt
2 Declassify the Board of Trustees For For Mgmt
3 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 12
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/04/05 - A SAFECO CORP. *SAFC* 786429100 03/07/05 64,493
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Amend Omnibus Stock Plan For For Mgmt
05/05/05 - A KEYCORP *KEY* 493267108 03/08/05 231,632
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/05/05 - A MBIA INC. *MBI* 55262C100 03/11/05 78,398
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Remove Supermajority Vote Requirement For For Mgmt
5 Permit to Act by Written Consent For For Mgmt
6 Ratify Auditors For For Mgmt
05/05/05 - A PROVIDIAN FINANCIAL CORP. *PVN* 74406A102 03/07/05 148,021
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/06/05 - A ZIONS BANCORPORATION *ZION* 989701107 03/02/05 51,291
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the total
level of potential dilution under all plans is above
the allowable cap of 15%.
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Ratify Auditors For For Mgmt
5 Other Business For Against Mgmt
Details of other business items not disclosed
05/10/05 - A JANUS CAPITAL GROUP INC. *JNS* 47102X105 03/16/05 116,341
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For Against Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 13
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
The initiative cannot be supported as the total level
of potential dilution under all plans is above the
allowable cap of 15%.
05/10/05 - A LOEWS CORP. *LTR* 540424108 03/14/05 98,174
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Stock Option Plan For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
5 Provide for Cumulative Voting Against Against ShrHoldr
6 Report on Political Contributions Against Against ShrHoldr
7 Support Legislation and Make Public Against Against ShrHoldr
Statements on Environmental Tobacco Smoke
8 Apply Fire Safety Standards for Cigarettes Against Against ShrHoldr
05/11/05 - A CIT GROUP INC *CIT* 125581108 03/25/05 128,465
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Other Business For Against Mgmt
Details of other business items not disclosed
05/11/05 - A PLUM CREEK TIMBER COMPANY, INC. *PCL* 729251108 03/24/05 112,303
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 Performance- Based/Indexed Options Against Against ShrHoldr
5 Political Contributions/Activities Against Against ShrHoldr
05/11/05 - A SIMON PROPERTY GROUP, INC. *SPG* 828806109 03/14/05 117,009
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Greenhouse Gas Emissions and Against Against ShrHoldr
Energy Efficiency
05/12/05 - A LINCOLN NATIONAL CORP. *LNC* 534187109 03/07/05 87,972
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 14
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/12/05 - A MGIC INVESTMENT CORP. *MTG* 552848103 03/11/05 53,861
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
05/12/05 - A UNUMPROVIDENT CORPORATION *UNM* 91529Y106 03/14/05 158,873
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 None Against ShrHoldr
Directors
5 Establish Board of Directors to Enable Against Against ShrHoldr
Direct Communication on Corporate
Governance Matters
05/17/05 - A COMERICA INC. *CMA* 200340107 03/18/05 72,990
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/17/05 - A JPMORGAN CHASE & CO. *JPM* 46625H100 03/22/05 1,642,303
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the trend of
recent option grants and the total level of potential
dilution under all plans is above the allowable cap of
15%.
4 Establish Term Limits for Directors Against Against ShrHoldr
5 Separate Chairman and CEO Positions Against Against ShrHoldr
6 Limit Executive Compensation Against Against ShrHoldr
7 Adopt Executive Benefit Policy Against Against ShrHoldr
05/17/05 - A PRINCIPAL FINANCIAL GROUP, INC. *PFG* 74251V102 03/18/05 131,444
1 Elect Directors For For Mgmt
2 Approve Non-Employee Director Omnibus Stock For For Mgmt
Plan
3 Ratify Auditors For For Mgmt
4 Approve Omnibus Stock Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 15
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/17/05 - A THE ALLSTATE CORP. *ALL* 020002101 03/18/05 295,151
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Provide for Cumulative Voting Against Against ShrHoldr
05/18/05 - A PROLOGIS *PLD* 743410102 03/21/05 91,780
1 Elect Directors For For Mgmt
2 Declassify the Board of Trustees For For Mgmt
3 Ratify Auditors For For Mgmt
4 Other Business For Against Mgmt
Details of other business items not disclosed
05/18/05 - A THE HARTFORD FINANCIAL SERVICES 416515104 03/22/05 134,855
GROUP, INC. *HIG*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
05/19/05 - A MARSH & MCLENNAN COMPANIES, INC. 571748102 03/21/05 264,104
*MMC*
1 Elect Directors For Split Mgmt
1.1 Elect Director Michael G. Cherkasky --- For
1.2 Elect Director Stephen R. Hardis ---
Withhold
WITHHOLD votes from Stephen R. Hardis for sitting on
more than six boards.
1.3 Elect Director The Rt. Hon. Lord Lang of
Monkton, DL --- For
1.4 Elect Director Morton O. Schapiro --- For
1.5 Elect Director Adele Simmons --- For
2 Ratify Auditors For For Mgmt
3 Approve Option Exchange Program For Against Mgmt
SSGA does not support proposals that seek to approve
the reprcing of options.
4 Limit Executive Compensation Against Against ShrHoldr
5 Request That the Board of Directors Adopt Against For ShrHoldr
an Executive Compensation Policy That All
Future Stock Option Grants to Senior
Executives Shall be Performance-Based
SSGA supports performance-based compensation.
6 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 16
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/19/05 - A REGIONS FINANCIAL CORP. *RF* 7591EP100 03/24/05 281,955
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/19/05 - A SLM CORP. *SLM* 78442P106 03/21/05 215,112
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/19/05 - A THE CHARLES SCHWAB CORP. *SCH* 808513105 03/21/05 673,713
1 Elect Directors For Split Mgmt
1.1 Elect Director Frank C. Herringer --- For
1.2 Elect Director Stephen T. McLin --- Withhold
WITHHOLD votes from Stephen T. McLin for standing as
an affiliated outsider on the Audit and Nominating
committees.
1.3 Elect Director Charles R. Schwab --- For
1.4 Elect Director Roger O. Walther --- For
1.5 Elect Director Robert N. Wilson --- For
2 Amend Omnibus Stock Plan For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Declassify the Board of Directors Against For ShrHoldr
Classified boards serve to entrench management and
discourage bidders by preventing replacement of the
board in one year. In addition, shareholders are
prevented from removing board members who are not
acting in the best interest of shareholders until
their term is completed.
05/20/05 - A AON CORP. *AOC* 037389103 03/23/05 147,911
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/24/05 - A EQUITY OFFICE PROPERTIES TRUST *EOP* 294741103 03/17/05 178,479
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 17
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
FINANCIAL SELECT SECTOR SPDR FUND - J917
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2 Ratify Auditors For For Mgmt
05/26/05 - A ACE LTD. *ACE* G0070K103 04/08/05 199,984
MEETING FOR HOLDERS OF ADRS
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/26/05 - A E*TRADE FINANCIAL CORP. *ET* 269246104 04/04/05 247,486
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total level
of potential dilution under all plans is above the
allowable cap of 15%.
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Ratify Auditors For For Mgmt
05/26/05 - A EQUITY RESIDENTIAL *EQR* 29476L107 03/31/05 183,838
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
06/07/05 - A PRUDENTIAL FINANCIAL INC *PRU* 744320102 04/11/05 371,081
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Approve Qualified Employee Stock Purchase For For Mgmt
Plan
06/15/05 - A COUNTRYWIDE FINANCIAL CORP. *CFC* 222372104 04/20/05 428,993
1 Elect Directors For For Mgmt
2 Amend Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
</Table>
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 18
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
09/13/04 - S VALERO ENERGY CORP. *VLO* 91913Y100 07/27/04 230,088
1 Increase Authorized Common Stock For For Mgmt
11/18/04 - A EL PASO CORP *EP* 28336L109 09/20/04 1,236,925
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Expense Stock Options Against Against ShrHoldr
4 Limit Executive Compensation Against Against ShrHoldr
01/27/05 - A ASHLAND INC. *ASH* 044204105 11/22/04 368,541
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
03/24/05 - A BJ SERVICES COMPANY *BJS* 055482103 02/07/05 607,248
1 Elect Directors For For Mgmt
04/13/05 - A SCHLUMBERGER LTD. *SLB* 806857108 03/02/05 1,065,168
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For Split Mgmt
1.1 Elect Director J. Deutch --- Withhold
1.2 Elect Director J.S. Gorelick --- For
1.3 Elect Director A. Gould --- For
1.4 Elect Director T. Isaac --- For
1.5 Elect Director A. Lajous --- For
1.6 Elect Director A. Levy-Lang --- For
1.7 Elect Director M.E. Marks --- For
1.8 Elect Director D. Primat --- For
1.9 Elect Director T.I. Sandvold --- For
1.10 Elect Director N. Seydoux --- For
1.11 Elect Director L.G. Stuntz --- For
1.12 Elect Director R. Talwar --- For
2 ADOPTION AND APPROVAL OF FINANCIALS AND For For Mgmt
DIVIDENDS
3 ADOPTION OF MANDATORY AMENDMENTS TO THE For For Mgmt
ARTICLES OF INCORPORATION
4 ADOPTION OF VOLUNTARY AMENDMENTS TO THE For For Mgmt
ARTICLES OF INCORPORATION
5 APPROVAL OF ADOPTION OF THE SCHLUMBERGER For For Mgmt
2005 OPTION PLAN
6 APPROVAL OF ADOPTION OF AN AMENDMENT TO THE For For Mgmt
SCHLUMBERGER DISCOUNTED
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
STOCK PURCHASE PLAN
7 APPROVAL OF INDEPENDENT REGISTERED PUBLIC For For Mgmt
ACCOUNTING FIRM
04/22/05 - A ROWAN COMPANIES, INC. *RDC* 779382100 02/28/05 998,984
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
04/27/05 - A BURLINGTON RESOURCES INC. *BR* 122014103 02/28/05 1,425,155
1 Elect Directors For Split Mgmt
1.1 Elect Director B.T. Alexander --- For
1.2 Elect Director R.V. Anderson --- For
1.3 Elect Director L.I. Grant --- For
1.4 Elect Director R.J. Harding --- For
1.5 Elect Director J.T. LaMacchia --- For
1.6 Elect Director R.L. Limbacher --- For
1.7 Elect Director J.F. McDonald --- For
1.8 Elect Director K.W. Orce --- Withhold
WITHHOLD votes from K.W. Orce for standing as an
affiliated outsider on the Nominating Committee.
1.9 Elect Director D.M. Roberts --- For
1.10 Elect Director J.A. Runde --- For
1.11 Elect Director J.F. Schwarz --- For
1.12 Elect Director W. Scott, Jr. --- For
1.13 Elect Director B.S. Shackouls --- For
1.14 Elect Director S.J. Shapiro --- For
1.15 Elect Director W.E. Wade, Jr --- For
2 Ratify Auditors For For Mgmt
04/27/05 - A CHEVRON CORP *CVX* 166764100 03/01/05 5,293,682
1 Elect Directors For Split Mgmt
1.1 Elect Director Samuel H. Armacost --- For
1.2 Elect Director Robert E. Denham --- Withhold
Robert E. Denham is an affiliated outsider on the audit
committee.
1.3 Elect Director Robert J. Eaton --- For
1.4 Elect Director Sam Ginn --- For
1.5 Elect Director Carla Anderson Hills --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.6 Elect Director Franklyn G. Jenifer --- For
1.7 Elect Director Sam Nunn --- For
1.8 Elect Director David J. O'Reilly --- For
1.9 Elect Director Peter J. Robertson --- For
1.10 Elect Director Charles R. Shoemate --- For
1.11 Elect Director Ronald D. Sugar --- For
1.12 Elect Director Carl Ware --- For
2 Ratify Auditors For For Mgmt
3 Limit Executive Compensation Against Against ShrHoldr
4 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
5 Expense Stock Options Against Against ShrHoldr
6 Eliminate Animal Testing Against Against ShrHoldr
7 Report on Drilling in Protected Areas Against Against ShrHoldr
8 Report on Remediation Programs in Ecuador Against Against ShrHoldr
04/27/05 - A MARATHON OIL CORP *MRO* 565849106 02/28/05 1,312,041
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
4 Amend Governance Documents Regarding Against Against ShrHoldr
Director Nominees by Affirmative Votes
04/28/05 - A BAKER HUGHES INCORPORATED *BHI* 057224107 02/25/05 1,261,323
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Act on Shareholder Resolutions that Receive Against For ShrHoldr
Majority Support
The company's Governance Committee evaluates
shareholder proposals (which may include direct
communication with the shareholder proponent) and
makes recommendations, as appropriate, to the
board. However, the company's current process does
not mandate direct communication between the board
and the shareholder proponent. Although the
company has recently acted on a majority-supported
shareholder proposal to declassify the board, the
company has ignored this proposal for the last
five years. In light of a majority-supported
shareholder proposal which has been ignored by
management, it is best practice to ensure direct
communication with
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
the respective shareholder proponent(s).
04/28/05 - A NOBLE CORP *NE* G65422100 03/03/05 729,640
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For For Mgmt
2 APPROVAL OF ADOPTION OF SPECIAL RESOLUTION For For Mgmt
OF MEMBERS TO AMEND ARTICLES OF ASSOCIATION
TO INCREASE DIRECTOR RETIREMENT AGE.
3 APPROVAL OF THE PROPOSAL REGARDING THE For For Mgmt
AMENDED AND RESTATED NOBLE CORPORATION 1992
NONQUALIFIED STOCK OPTION PLAN FOR
NON-EMPLOYEE DIRECTORS.
4 APPROVAL OF THE PROPOSAL TO AMEND THE NOBLE For For Mgmt
CORPORATION EQUITY COMPENSATION PLAN FOR
NON-EMPLOYEE DIRECTORS.
5 Ratify Auditors For For Mgmt
04/28/05 - A VALERO ENERGY CORP. *VLO* 91913Y100 03/01/05 602,346
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
05/03/05 - A EOG RESOURCES, INC. *EOG* 26875P101 03/07/05 1,229,430
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
05/04/05 - A AMERADA HESS CORP. *AHC* 023551104 03/14/05 431,155
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/05/05 - A APACHE CORP. *APA* 037411105 03/16/05 1,012,791
1 Elect Directors For For Mgmt
2 Approve Stock Option Plan For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
5 Prohibit Auditor from Providing Non-Audit Against Against ShrHoldr
Services
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/05/05 - A CONOCOPHILLIPS *COP* 20825C104 03/10/05 1,689,076
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Limit Executive Compensation Against Against ShrHoldr
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/05/05 - A SUNOCO, INC. *SUN* 86764P109 02/10/05 344,192
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/06/05 - A OCCIDENTAL PETROLEUM CORP. *OXY* 674599105 03/03/05 1,287,236
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Proposal Regarding Board Sponsored Proposals Against Against ShrHoldr
5 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
05/10/05 - A KINDER MORGAN, INC. *KMI* 49455P101 03/10/05 269,661
1 Elect Directors For For Mgmt
2 Increase Authorized Common Stock For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Approve Non-Employee Director Omnibus Stock For For Mgmt
Plan
5 Ratify Auditors For For Mgmt
05/12/05 - A ANADARKO PETROLEUM CORP. *APC* 032511107 03/14/05 813,631
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Report on Political Contributions Against Against ShrHoldr
05/12/05 - A TRANSOCEAN INC. G90078109 03/17/05 1,171,281
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For For Mgmt
2 APPROVAL OF THE AMENDMENT OF OUR EMPLOYEE For For Mgmt
STOCK PURCHASE PLAN TO INCREASE THE NUMBER OF
ORDINARY SHARES RESERVED FOR ISSUANCE UNDER THE PLAN
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
FROM 2,500,000 TO 3,500,000.
3 APPROVAL OF THE APPOINTMENT OF ERNST & For For Mgmt
YOUNG LLP TO SERVE AS OUR INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM.
05/17/05 - A XTO ENERGY INC *XTO* 98385X106 03/31/05 770,633
1 Elect Directors For For Mgmt
05/18/05 - A HALLIBURTON CO. *HAL* 406216101 03/21/05 1,813,491
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/19/05 - A THE WILLIAMS COMPANIES, INC. *WMB* 969457100 03/28/05 1,421,647
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
05/23/05 - A UNOCAL CORP. *UCL* 915289102 04/01/05 1,014,363
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Separate Chairman and CEO Positions Against Against ShrHoldr
05/25/05 - A EXXON MOBIL CORP. *XOM* 30231G102 04/06/05 7,601,274
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Political Contributions/Activities Against Against ShrHoldr
4 Review/Limit Executive Compensation Against Against ShrHoldr
5 Nominate Independent Directors with Against Against ShrHoldr
Industry Experience
6 Report on Payments to Indonesian Military Against Against ShrHoldr
7 Adopt Policy Prohibiting Discrimination Against Against ShrHoldr
based on Sexual Orientation
8 Report on Potential Damage of Drilling in Against Against ShrHoldr
Protected Regions
9 Disclose Information Supporting the Company Against Against ShrHoldr
Position on Climate Change
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
10 Report on Company Policies for Compliance Against Against ShrHoldr
with the Kyoto Protocol
05/26/05 - A EL PASO CORP *EP* 28336L109 03/28/05 1,593,225
1 Elect Directors For Withhold Mgmt
2 Approve Non-Employee Director Omnibus Stock For For Mgmt
Plan
3 Approve Omnibus Stock Plan For For Mgmt
4 Ratify Auditors For Against Mgmt
Routine proposal seeking ratification of the
company's auditors.
06/07/05 - A KERR-MCGEE CORP. *KMG* 492386107 03/11/05 728,967
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Increase Authorized Common Stock For For Mgmt
5 Establish Office of the Board of Directors Against Against ShrHoldr
06/07/05 - A NABORS INDUSTRIES, LTD. *NBR* G6359F103 04/08/05 688,416
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 AMENDMENT TO AMENDED AND RESTATED BYE-LAWS For For Mgmt
TO REQUIRE SHAREHOLDER APPROVAL OF CERTAIN
DISPOSITIONS OF COMPANY S ASSETS.
4 AMENDMENT TO 2003 EMPLOYEE STOCK PLAN TO For For Mgmt
MAKE NONEMPLOYEE DIRECTORS ELIGIBLE
PARTICIPANTS.
5 SHAREHOLDER PROPOSAL TO REQUIRE THE COMPANY Against For ShrHoldr
TO ADOPT A POLICY THAT A SIGNIFICANT AMOUNT
OF FUTURE STOCK GRANTS TO SENIOR EXECUTIVES
BE PERFORMANCE BASED.
SSGA supports performance based options.
06/08/05 - A DEVON ENERGY CORP. *DVN* 25179M103 04/11/05 1,523,574
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
ENERGY SELECT SECTOR SPDR FUND - J916
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
06/29/05 - S ASHLAND INC. *ASH* 044204105 05/12/05 572,581
1 Approve Transfer of Interest in Joint For For Mgmt
Venture
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
07/01/04 - A BED BATH & BEYOND INC. *BBBY* 075896100 05/05/04 75,689
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Glass Ceiling Against Against ShrHoldr
5 Adopt Retention Ratio for Executives Against Against ShrHoldr
07/15/04 - A CENTEX CORP. *CTX* 152312104 05/27/04 34,232
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
09/20/04 - A NIKE, INC. *NKE* 654106103 07/26/04 57,011
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
09/29/04 - A DARDEN RESTAURANTS, INC. *DRI* 237194105 07/26/04 34,800
1 Elect Directors For For Mgmt
2 Amend Employee Stock Purchase Plan For For Mgmt
3 Ratify Auditors For For Mgmt
11/03/04 - A COACH, INC. *COH* 189754104 09/15/04 52,084
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
11/08/04 - A MEREDITH CORP. *MDP* 589433101 09/09/04 13,778
1 Elect Directors For Split Mgmt
1.1 Elect Director Mary Sue Coleman --- For
1.2 Elect Director D Mell Meredith Frazier ---
Withhold
WITHHOLD votes for standing as an affiliated
outsider on the Compensation and Nominating
committees.
1.3 Elect Director Joel W. Johnson --- For
1.4 Elect Director Stephen M. Lacy --- For
2 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
12/16/04 - A AUTOZONE, INC. *AZO* 053332102 10/21/04 21,738
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
01/20/05 - A FAMILY DOLLAR STORES, INC. *FDO* 307000109 11/24/04 51,604
1 Elect Directors For Split Mgmt
1.1 Elect Director Mark R. Bernstein ---
Withhold
Mark R. Bernstein is an affiliated director on the
compensation and nominating committees.
1.2 Elect Director Sharon Allred Decker --- For
1.3 Elect Director Edward C. Dolby --- For
1.4 Elect Director Glenn A. Eisenberg --- For
1.5 Elect Director Howard R. Levine --- For
1.6 Elect Director George R. Mahoney, Jr. ---
For
1.7 Elect Director James G. Martin --- For
2 Amend Stock Option Plan For For Mgmt
3 Ratify Auditors For For Mgmt
01/26/05 - A JOHNSON CONTROLS, INC. *JCI* 478366107 11/18/04 58,351
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
02/09/05 - A STARBUCKS CORP. *SBUX* 855244109 12/02/04 143,591
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
3 Ratify Auditors For For Mgmt
4 Commit to Free Trade certified Coffee Against Against ShrHoldr
02/11/05 - A THE WALT DISNEY COMPANY *DIS* 254687106 12/17/04 714,238
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Prohibit Greenmail Payments Against For ShrHoldr
SSGA supports proposals that seek to repeal or
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
prohibit greenmail provisions.
5 Report on Vendor Standards in China Against Against ShrHoldr
03/01/05 - A INTERNATIONAL GAME TECHNOLOGY *IGT* 459902102 01/06/05 106,291
1 Elect Directors For Split Mgmt
1.1 Elect Director Neil Barsky --- For
1.2 Elect Director Robert A. Bittman --- For
1.3 Elect Director Richard R. Burt --- For
1.4 Elect Director Leslie S. Heisz --- For
1.5 Elect Director Robert A. Mathewson --- For
1.6 Elect Director Thomas J. Matthews --- For
1.7 Elect Director Robert Miller --- Withhold
WITHHOLD votes for standing as an affiliated
outsider on the Compensation Committee.
1.8 Elect Director Frederick B. Rentschler ---
For
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
03/11/05 - S HARRAH'S ENTERTAINMENT, INC. *HET* 413619107 01/18/05 35,126
1 Issue Shares in Connection with an For For Mgmt
Acquisition
2 Increase Authorized Common Stock For For Mgmt
03/24/05 - S SEARS, ROEBUCK & CO. 812387108 01/26/05 67,833
1 Approve Merger Agreement For For Mgmt
04/07/05 - A KB HOME *KBH* 48666K109 02/14/05 11,317
1 Elect Directors For For Mgmt
2 Increase Authorized Common Stock For For Mgmt
3 Ratify Auditors For For Mgmt
04/13/05 - A CARNIVAL CORP. *CCL* 143658300 02/14/05 155,294
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For For Mgmt
2 TO APPROVE THE AMENDED AND RESTATED For For Mgmt
CARNIVAL CORPORATION 2001 OUTSIDE DIRECTOR
STOCK PLAN.
3 TO APPROVE THE CARNIVAL PLC For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2005 EMPLOYEE SHARE PLAN.
4 TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE For For Mgmt
STOCK PURCHASE PLAN.
5 Ratify Auditors For For Mgmt
6 TO AUTHORIZE THE AUDIT COMMITTEE OF For For Mgmt
CARNIVAL PLC TO AGREE THE REMUNERATION OF
THE INDEPENDENT AUDITORS.
7 TO RECEIVE THE ACCOUNTS AND REPORTS FOR For For Mgmt
CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED
NOVEMBER 30, 2004.
8 TO APPROVE THE DIRECTORS REMUNERATION For For Mgmt
REPORT OF CARNIVAL PLC.
9 TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT For For Mgmt
SHARES BY CARNIVAL PLC.
10 TO APPROVE THE DISAPPLICATION OF For For Mgmt
PRE-EMPTION RIGHTS FOR CARNIVAL PLC.
11 TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL For For Mgmt
PLC TO BUY BACK CARNIVAL PLC ORDINARY
SHARES IN THE OPEN MARKET.
04/14/05 - A GANNETT CO., INC. *GCI* 364730101 03/04/05 60,591
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Performance-Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation
proposals.
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
04/18/05 - A DANA CORP. *DCN* 235811106 02/22/05 39,710
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/18/05 - A GENUINE PARTS CO. *GPC* 372460105 02/11/05 42,864
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/19/05 - A WHIRLPOOL CORP. *WHR* 963320106 02/28/05 16,326
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2 Approve Non-Employee Director Stock Option For For Mgmt
Plan
04/20/05 - A DOW JONES & CO., INC. *DJ* 260561105 02/25/05 21,790
1 Elect Directors For Split Mgmt
1.1 Elect Director Irvin O. Hockaday, Jr. ---
For
1.2 Elect Director Vernon Jordan, Jr. ---
Withhold
WITHHOLD votes Vernon Jordan, Jr. for sitting on
more than six boards.
1.3 Elect Director M. Peter McPherson --- For
1.4 Elect Director William C. Steere --- For
1.5 Elect Director Christopher Bancroft --- For
1.6 Elect Director Lewis B. Campbell --- For
1.7 Elect Director Michael B. Elefante --- For
1.8 Elect Director Leslie Hill --- For
1.9 Elect Director Peter R. Kann --- For
1.10 Elect Director Elizabeth Steele --- For
1.11 Elect Director Dieter Von Holtzbrinck ---
For
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Amend Certificate to Reduce Automatic For Against Mgmt
Conversion Threshold for Class B Common
Stock
Due to the fact that the proposal does not benefit
"non-controlling shareholders", this proposal does
not warrant support.
5 Amend Articles/Bylaws/Charter-Non-Routine For For Mgmt
6 Fix Number of Directors For For Mgmt
7 Separate Chairman and CEO Positions Against Against ShrHoldr
04/20/05 - A THE SHERWIN-WILLIAMS CO. *SHW* 824348106 02/28/05 34,675
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/22/05 - A SNAP-ON INCORPORATED *SNA* 833034101 02/22/05 15,137
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/26/05 - A CLEAR CHANNEL COMMUNICATIONS, INC. 184502102 03/11/05 166,260
*CCU*
1 Elect Directors For Split Mgmt
1.1 Elect Director Alan D. Feld --- For
1.2 Elect Director Perry J. Lewis --- For
1.3 Elect Director L. Lowry Mays --- For
1.4 Elect Director Mark P. Mays --- For
1.5 Elect Director Randall T. Mays --- For
1.6 Elect Director B.J. McCombs --- Withhold
WITHHOLD votes from B.J. McCombs for standing as
an affiliated outsider on the Compensation and
Nominating committees.
1.7 Elect Director Phyllis B. Riggins --- For
1.8 Elect Director Theodore H. Strauss --- For
1.9 Elect Director J.C. Watts --- For
1.10 Elect Director John H. Williams --- For
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
04/26/05 - A FORTUNE BRANDS, INC. *FO* 349631101 02/25/05 38,400
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Non-Employee Director Stock Option For For Mgmt
Plan
04/26/05 - A KNIGHT-RIDDER, INC. *KRI* 499040103 03/07/05 18,289
1 Elect Directors For Split Mgmt
1.1 Elect Director Mark A. Ernst --- Withhold
Mark A. Ernst is an affiliated outisder on that
audit committee.
1.2 Elect Director Vasant Prabhu --- Withhold
Vasant Prabhu is an affiliated outsider on the
audit and compensation committee.
1.3 Elect Director P. Anthony Ridder --- For
1.4 Elect Director John E. Warnock --- For
2 Ratify Auditors For For Mgmt
3 Amend Executive Incentive Bonus Plan For For Mgmt
4 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
potential dilution under all plans is above the
allowable cap of 15%.
5 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
6 Separate Chairman and CEO Positions Against Against ShrHoldr
04/26/05 - A THE BLACK & DECKER CORP. *BDK* 091797100 02/22/05 21,360
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Restricted Stock Plan For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
5 Performance-Based/Indexed Options Against Against ShrHoldr
6 Limit Executive Compensation Against Against ShrHoldr
04/26/05 - A THE GOODYEAR TIRE & RUBBER CO. *GT* 382550101 03/04/05 41,609
1 Elect Directors For For Mgmt
2 Amend Code of Regulations For For Mgmt
3 Declassify the Board of Directors None For Mgmt
4 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
5 Ratify Auditors For For Mgmt
6 Review/Limit Executive Compensation Against Against ShrHoldr
04/26/05 - A THE NEW YORK TIMES CO. *NYT* 650111107 02/28/05 35,549
1 Elect Directors For For Mgmt
2 Amend Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
04/26/05 - A VF CORP. *VFC* 918204108 03/08/05 27,844
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/27/05 - A KOHL'S CORP. *KSS* 500255104 03/02/05 84,106
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
4 Submit Severance Agreement Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
(Change-in-Control) to Shareholder Vote
04/27/05 - A THE MCGRAW-HILL COMPANIES, INC. *MHP* 580645109 03/08/05 47,568
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Ratify Auditors For For Mgmt
5 Submit Shareholder Rights Plan (Poison Against For ShrHoldr
Pill) to Shareholder Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
04/27/05 - A THE STANLEY WORKS *SWK* 854616109 02/28/05 20,147
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
4 Prohibit Auditor from Providing Non-Audit Against Against ShrHoldr
Services
04/28/05 - A HARRAH'S ENTERTAINMENT, INC. *HET* 413619107 02/28/05 27,482
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/28/05 - A WENDY'S INTERNATIONAL, INC. *WEN* 950590109 03/07/05 27,013
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Impact of Genetically Engineered Against Against ShrHoldr
Products
4 Report on Feasibility of Improving Animal Against Against ShrHoldr
Welfare Standards
04/30/05 - A HARLEY-DAVIDSON, INC. *HDI* 412822108 03/09/05 85,153
1 Elect Directors For Split Mgmt
1.1 Elect Director George H. Conrades ---
Withhold
George H. Conrades is an affiliated outsider on
the compensation and nominating committees.
1.2 Elect Director Sara L. Levinson --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.3 Elect Director George L. Miles, Jr. --- For
2 Approve/Amend Employee Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/03/05 - A COOPER TIRE & RUBBER CO. *CTB* 216831107 03/07/05 17,664
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Prepare Sustainability Report Against Against ShrHoldr
05/03/05 - A REEBOK INTERNATIONAL LTD. *RBK* 758110100 02/22/05 15,408
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/04/05 - A BRUNSWICK CORP. *BC* 117043109 03/03/05 23,592
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/04/05 - A LEGGETT & PLATT, INC. *LEG* 524660107 02/28/05 46,769
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
05/05/05 - A STARWOOD HOTELS & RESORTS WORLDWIDE, 85590A203 03/17/05 56,850
INC. *HOT*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Executive Incentive Bonus Plan For For Mgmt
4 Provide for Confidential Voting Against For ShrHoldr
SSGA supports confidential voting.
5 Expense Stock Options Against Against ShrHoldr
05/06/05 - A MARRIOTT INTERNATIONAL INC. (NEW) 571903202 03/15/05 61,267
*MAR*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
4 Declassify the Board of Directors Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 9
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
5 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/09/05 - A OFFICEMAX INC *BCC* 67622P101 03/21/05 23,372
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
05/10/05 - A THE GAP, INC. *GPS* 364760108 03/14/05 254,159
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Executive Incentive Bonus Plan For For Mgmt
05/11/05 - A AUTONATION, INC. *AN* 05329W102 03/25/05 68,075
1 Elect Directors For Split Mgmt
1.1 Elect Director Mike Jackson --- For
1.2 Elect Director Robert J. Brown --- For
1.3 Elect Director J.P. Bryan --- For
1.4 Elect Director Rick L. Burdick --- Withhold
WITHHOLD votes from Rick L. Burdick for standing
as an affiliated outsider on the Nominating
Committee.
1.5 Elect Director William C. Crowley --- For
1.6 Elect Director Edward S. Lampert --- For
1.7 Elect Director Irene B. Rosenfeld --- For
2 Ratify Auditors For For Mgmt
05/11/05 - A EASTMAN KODAK CO. *EK* 277461109 03/15/05 78,538
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
5 Declassify the Board of Directors For For Mgmt
6 Amend Articles For For Mgmt
7 Amend Articles For For Mgmt
05/11/05 - A MCDONALD'S CORP. *MCD* 580135101 03/14/05 364,465
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Genetically Modified Organisms Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 10
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/11/05 - A NEWELL RUBBERMAID INC. *NWL* 651229106 03/15/05 75,326
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
05/11/05 - A UNIVISION COMMUNICATIONS INC. *UVN* 914906102 03/14/05 93,621
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Adopt Recapitalization Plan Regarding Votes Against For ShrHoldr
Per Share
SSGA does not support dual-class structures with
unequal voting rights.
05/11/05 - A VISTEON CORPORATION *VC* 92839U107 03/15/05 36,836
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
05/12/05 - A FORD MOTOR COMPANY *F* 345370860 03/16/05 501,532
1 Elect Directors For Split Mgmt
1.1 Elect Director John R.H. Bond --- Withhold
Vote FOR the directors with the exception of
affiliated outsiders Robert E. Rubin and John R.H.
Bond, from whom we recommend shareholders WITHHOLD
votes for standing as affiliated outsiders on the
Compensation and Nominating & Corporate Governance
committees.
1.2 Elect Director Stephen G. Butler --- For
1.3 Elect Director Kimberly A. Casiano --- For
1.4 Elect Director Edsel B. Ford II --- For
1.5 Elect Director William Clay Ford, Jr. ---
For
1.6 Elect Director Irvine O. Hockaday, Jr. ---
For
1.7 Elect Director Marie-Josee Kravis --- For
1.8 Elect Director Richard A. Manoogian --- For
1.9 Elect Director Ellen R. Marram --- For
1.10 Elect Director Homer A. Neal --- For
1.11 Elect Director Jorma Ollila --- For
1.12 Elect Director James J. Padilla --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 11
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.13 Elect Director Carl E. Reichardt --- For
1.14 Elect Director Robert E. Rubin --- Withhold
1.15 Elect Director John L. Thornton --- For
2 Ratify Auditors For For Mgmt
3 Increase Disclosure on Executive Against Against ShrHoldr
Compensation
4 Report on Lobbying Efforts - CAFE Standards Against Against ShrHoldr
5 Prohibit Awards to Executives Against Against ShrHoldr
6 Link Executive Compensation to Greenhouse Against Against ShrHoldr
Gas Reduction
7 Adopt Recapitalization Plan Against For ShrHoldr
SSGA does not support dual-class with unequal
voting rights.
8 Establish Other Board Committee Against Against ShrHoldr
05/12/05 - A MAYTAG CORP. *MYG* 578592107 03/14/05 22,837
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Declassify the Board of Directors Against For ShrHoldr
Classified boards serve to entrench management and
discourage bidders by preventing replacement of
the board in one year. In addition, shareholders
are prevented from removing board members who are
not acting in the best interest of shareholders
until their term is completed.
5 Submit Shareholder Rights Plan (Poison Against For ShrHoldr
Pill) to Shareholder Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
6 Report on Outsourcing Against Against ShrHoldr
7 Adopt ILO-based Code of Conduct Against Against ShrHoldr
05/12/05 - A PULTE HOMES INC. *PHM* 745867101 03/22/05 35,071
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
5 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 12
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/13/05 - A OFFICE DEPOT, INC. *ODP* 676220106 03/10/05 93,066
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Review/Limit Executive Compensation Against Against ShrHoldr
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/16/05 - A LIMITED BRANDS *LTD* 532716107 03/31/05 115,176
1 Elect Directors For For Mgmt
05/17/05 - A BIG LOTS INC. *BLI* 089302103 03/25/05 34,161
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
05/18/05 - A JONES APPAREL GROUP, INC. *JNY* 480074103 03/18/05 33,439
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
05/18/05 - A TARGET CORPORATION *TGT* 87612E106 03/21/05 224,310
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/18/05 - A TRIBUNE CO. *TRB* 896047107 03/23/05 84,244
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/19/05 - A HASBRO, INC. *HAS* 418056107 03/31/05 50,309
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Adopt ILO Based Code of Conduct Against Against ShrHoldr
05/19/05 - A LIZ CLAIBORNE, INC. *LIZ* 539320101 03/21/05 27,163
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the
trend of recent option grants and the total level
of potential dilution under all plans is above the
allowable cap of
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 13
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
15%.
05/19/05 - A MATTEL, INC. *MAT* 577081102 03/23/05 117,716
1 Elect Directors For For Mgmt
2 Ratify Auditor For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
5 Workplace Code of Conduct Against Against ShrHoldr
05/19/05 - A RADIOSHACK CORP. *RSH* 750438103 03/22/05 43,667
1 Elect Directors For For Mgmt
05/19/05 - A TIFFANY & CO. *TIF* 886547108 03/24/05 43,834
1 Elect Directors For Split Mgmt
1.1 Elect Director Michael J. Kowalski --- For
1.2 Elect Director Rose Marie Bravo --- For
1.3 Elect Director William R. Chaney --- For
1.4 Elect Director Samuel L. Hayes III --- For
1.5 Elect Director Abby F. Kohnstamm ---
Withhold
Abby F. Kohnstamm is an affiliated outsider on the
compensation and nominating committees.
1.6 Elect Director Charles K. Marquis --- For
1.7 Elect Director J. Thomas Presby --- For
1.8 Elect Director James E. Quinn --- For
1.9 Elect Director William A. Shutzer --- For
2 Ratify Auditor For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Approve Omnibus Stock Plan For For Mgmt
05/19/05 - A YUM BRANDS, INC. *YUM* 988498101 03/21/05 73,372
1 Declassify the Board of Directors For For Mgmt
2 Elect Directors For Split Mgmt
2.1 Elect Director David W. Dorman --- Withhold
David W. Dorman is an affiliated outsider on the
compensation committee.
2.2 Elect Director Massimo Ferragamo --- For
2.3 Elect Director J. David Grissom --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 14
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2.4 Elect Director Bonnie Hill --- For
2.5 Elect Director Robert Holland, Jr. --- For
2.6 Elect Director Kenneth G. Langone --- For
2.7 Elect Director Jonathan S. Linen ---
Withhold
Jonathan S. Linen is an affiliated outsider on the
audit committee.
2.8 Elect Director David C. Novak --- For
2.9 Elect Director Andrall E. Pearson --- For
2.10 Elect Director Thomas M. Ryan --- Withhold
Thomas M. Ryan is an affiliated outsider on the
compensation and nominating committees.
2.11 Elect Director Jackie Trujillo --- For
2.12 Elect Director Robert J. Ulrich --- Withhold
Robert J. Ulrich is an affiliated outsider on the
compensation committee.
3 Elect Directors David W. Dorman, Massimo For Against Mgmt
Ferragamo, Thomas M. Ryan, Robert Ulrich
and Jonathan Linen
4 Ratify Auditors For For Mgmt
5 Sustainability Report Against Against ShrHoldr
6 Prepare a Diversity Report Against Against ShrHoldr
7 Adopt MacBride Principles Against Against ShrHoldr
8 Report on Genetically Modified Organisms Against Against ShrHoldr
(GMO)
9 Report on Animal Welfare Standards Against Against ShrHoldr
05/20/05 - A J. C. PENNEY CO., INC (HLDG CO) *JCP* 708160106 03/21/05 71,551
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Declassify the Board of Directors Against For ShrHoldr
Classified boards serve to entrench management and
discourage bidders by preventing replacement of
the board in one year. In addition, shareholders
are prevented from removing board members who are
not acting in the best interest of shareholders
until their term is completed.
05/20/05 - A TIME WARNER INC *TWX* 887317105 03/24/05 1,385,377
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 15
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
3 Report on Pay Disparity Against Against ShrHoldr
05/21/05 - A DILLARD'S, INC. *DDS* 254067101 03/31/05 21,322
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Restricted Stock Plan For Against Mgmt
The initiative cannot be supported as the total
dilution under all plans is greater than the
allowable cap of 15%.
4 Approve Nonqualified Employee Stock For For Mgmt
Purchase Plan
5 Approve Non-Employee Director Restricted For Against Mgmt
Stock Plan
The initiative cannot be supported as the total
dilution under all plans is greater than the
allowable cap of 15% and other terms of the plan.
6 ILO Standards Against Against ShrHoldr
05/24/05 - A DOLLAR GENERAL CORP. *DG* 256669102 03/21/05 82,101
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/24/05 - A NORDSTROM, INC. *JWN* 655664100 03/16/05 38,395
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/24/05 - A OMNICOM GROUP INC. *OMC* 681919106 04/08/05 54,479
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/26/05 - A HILTON HOTELS CORP. *HLT* 432848109 03/28/05 115,992
1 Elect Directors For Split Mgmt
1.1 Elect Director Stephen F. Bollenbach --- For
1.2 Elect Director Barbara Bell Coleman --- For
1.3 Elect Director Benjamin V. Lambert ---
Withhold
Benjamin V. Lambert is an affiliated outisider on
the nominating committee.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 16
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.4 Elect Director John L. Notter --- For
1.5 Elect Director Peter V. Ueberroth --- For
2 Ratify Auditors For For Mgmt
3 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/26/05 - A HOME DEPOT, INC. (THE) *HD* 437076102 03/28/05 661,922
1 Elect Directors For Split Mgmt
1.1 Elect Director Gregory D. Brenneman --- For
1.2 Elect Director Richard H. Brown --- For
1.3 Elect Director John L. Clendenin --- For
1.4 Elect Director Berry R. Cox --- For
1.5 Elect Director Claudio X. Gonzalez ---
Withhold
WITHHOLD votes from Claudio X. Gonzalez for
sitting on more than four boards.
1.6 Elect Director Milledge A. Hart, III --- For
1.7 Elect Director Bonnie G. Hill --- For
1.8 Elect Director Laban P. Jackson, Jr. --- For
1.9 Elect Director Lawrence R. Johnston --- For
1.10 Elect Director Kenneth G. Langone --- For
1.11 Elect Director Robert L. Nardelli --- For
1.12 Elect Director Thomas J. Ridge --- For
2 Ratify Auditors For For Mgmt
3 Amend Nomination Procedures for the Board For Against Mgmt
The proposed time frame for director nominations
is not appropriate. A reasonable time frame for
submittals would be no later than 60 days prior to
the meeting with a submittal window of at least 60
days.
4 Approve Omnibus Stock Plan For For Mgmt
5 Prepare Diversity Report Against Against ShrHoldr
6 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
7 Limit Executive Compensation Against Against ShrHoldr
8 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
9 Performance- Based/Indexed Options Against Against ShrHoldr
10 Performance- Based/Indexed Options Against For ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 17
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
SSGA supports performance-based compensation of
this type.
11 Affirm Political Nonpartisanship Against Against ShrHoldr
05/27/05 - A LOWE'S COMPANIES, INC. *LOW* 548661107 04/01/05 232,977
1 Elect Directors For For Mgmt
2 Amend Non-Employee Director Stock Option For For Mgmt
Plan
3 Ratify Auditors For For Mgmt
06/01/05 - A COMCAST CORP. *CMCSA* 20030N101 03/24/05 666,771
1 Elect Directors For Split Mgmt
1.1 Elect Director S. Decker Anstrom ---
Withhold
S. Decker Anstrom is an affiliated outsider on the
compensation and nominating committees.
1.2 Elect Director Kenneth J. Bacon --- For
1.3 Elect Director Sheldon M. Bonovitz --- For
1.4 Elect Director Edward D. Breen --- For
1.5 Elect Director Julian A. Brodsky --- For
1.6 Elect Director Joseph L. Castle, II --- For
1.7 Elect Director Joseph J. Collins --- For
1.8 Elect Director J. Michael Cook --- For
1.9 Elect Director Brian L. Roberts --- For
1.10 Elect Director Ralph J. Roberts --- For
1.11 Elect Director Dr. Judith Rodin --- For
1.12 Elect Director Michael I. Sovern --- For
2 Ratify Auditors For For Mgmt
3 Amend Restricted Stock Plan For For Mgmt
4 Report on Political Contributions Against Against ShrHoldr
5 Separate Chairman and CEO Positions Against Against ShrHoldr
6 Submit Shareholder Rights Plan (Poison Against For ShrHoldr
Pill) to Shareholder Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
7 Approve Recapitalization Plan Against For ShrHoldr
SSGA supports the request that the company take
steps to develop a recapitalization plan whereby
all of the company's outstanding stock would have
one vote.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 18
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
06/07/05 - A GENERAL MOTORS CORP. *GM* 370442105 04/08/05 165,160
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Prohibit Awards to Executives Against Against ShrHoldr
4 Provide for Cumulative Voting Against Against ShrHoldr
5 Report on Greenhouse Gas Emissions Against Against ShrHoldr
6 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
7 Adopt Simple Majority Vote Requirement for Against Against ShrHoldr
All Issues
06/07/05 - A THE TJX COMPANIES, INC. *TJX* 872540109 04/18/05 128,234
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Adopt ILO-Based Code of Conduct Against Against ShrHoldr
5 Review Vendor Standards Against Against ShrHoldr
6 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
06/13/05 - A STAPLES, INC. *SPLS* 855030102 04/19/05 131,469
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Submit Shareholder Rights Plan (Poison Against For ShrHoldr
Pill) to Shareholder Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
06/21/05 - A CIRCUIT CITY STORES, INC. *CC* 172737108 04/25/05 52,309
1 Elect Directors For Split Mgmt
1.1 Elect Director Carolyn H. Byrd --- For
1.2 Elect Director Ursula O. Fairbairn ---
Withhold
Ursula O. Fairbairn is an affiliated outsider on
the compensation and nominating committees.
1.3 Elect Director Alan Kane --- For
1.4 Elect Director J. Patrick Spainhour --- For
2 Amend Omnibus Stock Plan For For Mgmt
3 Approve Nonqualified Employee Stock For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 19
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
Purchase Plan
4 Ratify Auditors For For Mgmt
06/23/05 - A BEST BUY CO., INC. *BBY* 086516101 04/25/05 81,413
1 Elect Directors For Split Mgmt
1.1 Elect Director Ronald James --- Withhold
Ronald James is an affiliated outsider on the
nominating committee.
1.2 Elect Director Elliot S. Kaplan --- For
1.3 Elect Director Matthew H. Paull --- Withhold
Matthew H. Paull is an affiliated outsider on the
audit committee.
1.4 Elect Director Richard M. Schulze --- For
1.5 Elect Director Mary A. Tolan --- For
1.6 Elect Director Hatim A. Tyabji --- For
2 Ratify Auditors For For Mgmt
06/23/05 - A EBAY INC. *EBAY* 278642103 04/25/05 330,013
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Ratify Auditors For For Mgmt
5 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
6 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
06/23/05 - S TOYS 'R' US, INC. *TOY* 892335100 05/20/05 63,428
1 Approve Merger Agreement For For Mgmt
06/30/05 - A BED BATH & BEYOND INC. *BBBY* 075896100 05/05/05 85,091
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Adopt ILO-based Code of Conduct Against Against ShrHoldr
4 Review/Limit Executive Compensation Against Against ShrHoldr
5 Declassify the Board of Directors Against For ShrHoldr
Classified boards serve to entrench management and
discourage bidders by preventing replacement of
the board in one year. In addition, shareholders
are prevented from removing board members who are
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 20
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND - J915
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
prevented from removing board members who are
not acting in the best interest of shareholders until
their term is completed.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 21
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
07/28/04 - S REYNOLDS AMERICAN INC *RAI* 76182K105 06/16/04 62,907
1 Approve Merger Agreement For For Mgmt
2 Adjourn Meeting For Against Mgmt
In this case, shareholders already have enough
information to make their vote decisions. Once
their votes have been cast, there is no
justification for spending more money to continue
pressing shareholders for more votes.
09/08/04 - A H. J. HEINZ CO. *HNZ* 423074103 06/03/04 182,236
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
09/23/04 - A CONAGRA FOODS INC. *CAG* 205887102 07/26/04 316,894
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Limit Awards to Executives Against Against ShrHoldr
09/27/04 - A GENERAL MILLS, INC. *GIS* 370334104 07/29/04 220,907
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Establish Range For Board Size For For Mgmt
10/12/04 - A THE PROCTER & GAMBLE COMPANY *PG* 742718109 07/30/04 1,291,438
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Declassify the Board of Directors Against Against Mgmt
5 Implement/ Report on Animal Welfare Against Against ShrHoldr
Standards
10/20/04 - A WINN-DIXIE STORES, INC. *WNDXQ* 974280109 08/20/04 279,849
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Submit Shareholder Rights Plan (Poison Against For ShrHoldr
Pill) to Shareholder Vote
Because shareholder rights plans greatly alter
the balance of power between shareholders and
management, shareholders should be allowed to
make their own evaluation of such plans.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
10/28/04 - A SARA LEE CORP. *SLE* 803111103 09/01/04 497,885
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Charitable Contributions Against Against ShrHoldr
11/04/04 - A ARCHER-DANIELS-MIDLAND COMPANY *ADM* 039483102 09/15/04 444,593
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Approve Employee Stock Purchase Plan For For Mgmt
4 Report on Genetically Engineered Products Against Against ShrHoldr
11/12/04 - A SYSCO CORPORATION *SYY* 871829107 09/14/04 386,220
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Stock Option Plan For For Mgmt
4 Approve Executive Incentive Bonus Plan For For Mgmt
5 Report on Genetically Engineered Products Against Against ShrHoldr
11/17/04 - A THE CLOROX COMPANY *CLX* 189054109 09/20/04 141,678
1 Elect Directors For For Mgmt
2 Approve Outside Director Stock For For Mgmt
Awards/Options in Lieu of Cash
3 Ratify Auditors For For Mgmt
11/18/04 - A CAMPBELL SOUP CO. *CPB* 134429109 09/21/04 269,612
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Executive Incentive Bonus Plan For For Mgmt
01/12/05 - A WALGREEN CO. *WAG* 931422109 11/15/04 561,086
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Separate Chairman and CEO Positions Against Against ShrHoldr
01/27/05 - A ALBERTO-CULVER CO. *ACV* 013068101 12/01/04 79,049
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
01/27/05 - A COSTCO WHOLESALE CORPORATION *COST* 22160K105 12/03/04 274,336
1 Elect Directors For For Mgmt
2 Amend Stock Option Plan For For Mgmt
3 Adopt Vendor Standards Against Against ShrHoldr
4 Develop Land Procurement Policy Against Against ShrHoldr
5 Ratify Auditors For For Mgmt
02/01/05 - S MOLSON COORS BREWING CO *TAP* 217016104 11/22/04 40,837
1 Amend Certificate of Incorporation For For Mgmt
2 Increase Authorized Common Stock For None Mgmt
3 Authorize a New Class of Common Stock For None Mgmt
4 Amend Certificate/Governance-Related For None Mgmt
5 Amend Certificate/Dividend Right For None Mgmt
6 Convert Form of Securities For None Mgmt
7 Convert Form of Securities For None Mgmt
8 Company Specific--Board-Related For None Mgmt
9 Amend Certificate/Increase or Decrease For None Mgmt
Authorized Class B Stock
10 Directors May be Removed With/Without Cause For None Mgmt
03/08/05 - A WM. WRIGLEY JR. CO. *WWY* 982526105 01/14/05 171,142
1 Elect Directors For For Mgmt
2 Increase Authorized Common Stock For Against Mgmt
The number of additional authorized shares sought
in this proposal exceeds guidelines (150% and
275%). The company has not offered a specific
purpose for the additional shares.
3 Ratify Auditors For For Mgmt
4 Proposal Regarding a Change to Proxy Card Against Against ShrHoldr
Features
04/19/05 - A THE COCA-COLA COMPANY *KO* 191216100 02/22/05 1,454,642
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Review Labor Rights in Columbia Against Against ShrHoldr
4 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
5 Submit Severance Agreement to Shareholder Against Against ShrHoldr
Vote
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/19/05 - A THE HERSHEY CO *HSY* 427866108 02/22/05 186,926
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For Against Mgmt
This proposal is bundled with an increase in
supervoting stock.
4 Change Company Name For For Mgmt
04/27/05 - A ANHEUSER-BUSCH COMPANIES, INC. *BUD* 035229103 02/28/05 507,555
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Amend Stock Option Plan For For Mgmt
4 Ratify Auditors For For Mgmt
04/28/05 - A ALTRIA GROUP, INC. *MO* 02209S103 03/07/05 620,560
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Amend Non-Employee Director Stock Option For For Mgmt
Plan
4 Ratify Auditors For For Mgmt
5 Eliminate Animal Testing Against Against ShrHoldr
6 Product Warnings for Pregnant Women Against Against ShrHoldr
7 Cease Use of Light and Ultra Light in Against Against ShrHoldr
Cigarette Marketing
8 Apply Fire Safety Standards for Cigarettes Against Against ShrHoldr
04/28/05 - A KIMBERLY-CLARK CORP. *KMB* 494368103 02/28/05 319,659
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Adopt ILO Based Code of Conduct Against Against ShrHoldr
04/29/05 - A COCA-COLA ENTERPRISES INC. *CCE* 191219104 03/02/05 359,353
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Limit Executive Compensation Against Against ShrHoldr
5 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
6 Amendment of Governance Documents to Against Against ShrHoldr
Require Election of Directors by Majority
Vote
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
7 Performance and Time-Based Restricted Share Against Against ShrHoldr
Grant Program for Senior Executives
04/29/05 - A KELLOGG CO. *K* 487836108 03/01/05 294,941
1 Elect Directors For Split Mgmt
1.1 Elect Director Claudio X. Gonzalez ---
Withhold
WITHHOLD votes from Claudio X. Gonzalez for
sitting on more than four boards.
1.2 Elect Director A. D. David Mackay --- For
1.3 Elect Director William C. Richardson --- For
1.4 Elect Director John L. Zabriskie --- For
2 Ratify Auditors For For Mgmt
3 Report on Genetically Modified Organisms Against Against ShrHoldr
(GMO)
4 Employ Financial Advisor to Explore Against Against ShrHoldr
Alternatives to Maximize Value
05/03/05 - A UST INC. *UST* 902911106 03/09/05 150,697
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Adopt Policy on Internet Advertising Against Against ShrHoldr
05/04/05 - A COLGATE-PALMOLIVE CO. *CL* 194162103 03/07/05 359,100
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Stock Option Plan For For Mgmt
4 Approve Non-Employee Director Stock Option For For Mgmt
Plan
5 Review/Limit Executive Compensation Against Against ShrHoldr
05/04/05 - A PEPSICO, INC. *PEP* 713448108 03/11/05 644,974
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Corporate Political Contributions Against Against ShrHoldr
05/05/05 - A AVON PRODUCTS, INC. *AVP* 054303102 03/16/05 359,503
1 Elect Directors For Split Mgmt
1.1 Elect Director Fred Hassan --- For
1.2 Elect Director Ann S. Moore ---
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
Withhold
Ann S. Moore is an affiliated director on the
compensation and nominating committees.
1.3 Elect Director Lawrence A. Weinbach --- For
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Amend Omnibus Stock Plan For For Mgmt
5 Disclose Charitable Contributions and Against Against ShrHoldr
Fundraising Efforts
6 Reformulate Products to Remove Chemicals Against Against ShrHoldr
Banned by EU
05/06/05 - A REYNOLDS AMERICAN INC *RAI* 761713106 03/08/05 142,330
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Phase Out Sale of Conventional Cigarettes Against Against ShrHoldr
5 Adopt Policy on Internet Advertising Against Against ShrHoldr
6 Apply Fire Safety Standards for Cigarettes Against Against ShrHoldr
05/11/05 - A MOLSON COORS BREWING CO *TAP* 60871R209 03/28/05 55,432
1 Elect Directors For For Mgmt
05/12/05 - A CVS CORPORATION *CVS* 126650100 03/15/05 315,358
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 Performance- Based/Indexed Options Against Against ShrHoldr
5 Review/Limit Executive Compensation Against Against ShrHoldr
05/12/05 - A THE GILLETTE CO. *G* 375766102 03/14/05 698,230
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/25/05 - A SAFEWAY INC. *SWY* 786514208 03/28/05 405,531
1 Elect Directors For Split Mgmt
1.1 Elect Director Steven A. Burd --- For
1.2 Elect Director Janet E. Grove --- For
1.3 Elect Director Mohan Gyani --- For
1.4 Elect Director Paul Hazen --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.5 Elect Director Robert I. MacDonnell ---
Withhold
Robert I. MacDonnell is an affiliated outsider by
SSGA standards, on the Audit and Compensation
committees.
1.6 Elect Director Douglas J. MacKenzie --- For
1.7 Elect Director Rebecca A. Stirn --- For
1.8 Elect Director William Y. Tauscher ---
Withhold
William Y. Tauscher is an affiliated outsider by
SSGA standards, on the compensation committee.
1.9 Elect Director Raymond G. viault --- For
2 Ratify Auditors For For Mgmt
3 Provide for Cumulative Voting Against Against ShrHoldr
4 Seek Sale of Company Against Against ShrHoldr
5 Separate Chairman and CEO Positions Against Against ShrHoldr
6 Prepare a Sustainability Report Against Against ShrHoldr
7 Limit Awards to Executives Against Against ShrHoldr
8 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
9 Limit Composition of Committee(s) to Against Against ShrHoldr
Independent Directors
10 Proposal Regarding the Office of The Board Against Against ShrHoldr
of Directors
05/25/05 - A THE PEPSI BOTTLING GROUP, INC. *PBG* 713409100 03/31/05 186,454
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
06/02/05 - A ALBERTSON'S, INC. *ABS* 013104104 04/13/05 283,563
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 Adopt Simply Majority Vote Requirement Against For ShrHoldr
SSGA supports the reduction of a company's voting
requirements.
5 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
Vote
6 Separate Chairman and CEO Positions Against Against ShrHoldr
7 Performance- Based/Indexed Options Against For ShrHoldr
The proposal requests that a significant portion
of future stock option grants to senior
executives shall be performance-based. This is
not unduly restrictive.
06/03/05 - A WAL-MART STORES, INC. *WMT* 931142103 04/05/05 2,299,575
1 Elect Directors For Split Mgmt
1.1 Elect Director James W. Breyer --- For
1.2 Elect Director M. Michele Burns --- For
1.3 Elect Director Douglas N. Daft --- For
1.4 Elect Director David D. Glass --- For
1.5 Elect Director Roland A. Hernandez ---
Withhold
1.6 Elect Director John D. Opie --- For
1.7 Elect Director J. Paul Reason --- For
1.8 Elect Director H. Lee Scott, Jr. --- For
1.9 Elect Director Jack C. Shewmaker --- For
1.10 Elect Director Jose H. Villarreal --- For
1.11 Elect Director John T. Walton --- For
1.12 Elect Director S. Robson Walton --- For
1.13 Elect Director Christopher J. Williams ---
For
1.14 Elect Director Linda S. Wolf --- For
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Report on Executive Compensation Against Against ShrHoldr
5 Prepare Sustainability Report Against Against ShrHoldr
6 Report on Stock Option Distribution by Race Against Against ShrHoldr
and Gender
7 Report on Political Contributions Against Against ShrHoldr
8 Prepare Equal Opportunity Report Against Against ShrHoldr
9 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
10 Require Majority of Independent Directors Against Against ShrHoldr
on Board
11 Performance- Based/Indexed Options Against Against ShrHoldr
06/15/05 - A SUPERVALU INC. *SVU* 868536103 04/18/05 112,569
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
CONSUMER STAPLES SELECT SECTOR SPDR FUND - J914
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
06/23/05 - A THE KROGER CO. *KR* 501044101 04/25/05 552,881
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Eliminate super-majority provision Against For ShrHoldr
SSGA generally supports a simple majority vote to
effect changes in a company's corporate
governance or to engage in major transactions.
Requiring a higher voting threshold could permit
management to entrench itself by blocking
amendments that are in shareholders' best
interests.
5 Report on Feasibility of Improving Animal Against For ShrHoldr
Welfare Standards
6 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 9
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
07/28/04 - A MCKESSON CORP. *MCK* 58155Q103 06/01/04 144,895
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
07/30/04 - A MYLAN LABORATORIES INC. *MYL* 628530107 06/11/04 137,738
1 Elect Directors For For Mgmt
08/11/04 - A FOREST LABORATORIES, INC. *FRX* 345838106 06/21/04 195,202
1 Elect Directors For Split Mgmt
1.1 Elect Director Howard Solomon ---
For
1.2 Elect Director William J. Candee,
III --- For
1.3 Elect Director George S. Cohan ---
For
1.4 Elect Director Dan L. Goldwasser
--- For
1.5 Elect Director Lester B. Salans ---
For
1.6 Elect Director Kenneth E. Goodman
--- For
1.7 Elect Director Phillip M. Satow ---
Withhold
WITHHOLD votes from Phillip M. Satow for standing
as an affiliated outsider on the Audit Committee.
2 Increase Authorized Common Stock For For Mgmt
3 Approve Stock Option Plan For For Mgmt
4 Ratify Auditors For For Mgmt
08/26/04 - A MEDTRONIC, INC. *MDT* 585055106 07/02/04 643,610
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Charitable Contributions Against Against ShrHoldr
09/18/04 - A BIOMET, INC. *BMET* 090613100 07/21/04 145,039
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
10/21/04 - A APPLERA CORP *ABI* 038020103 08/30/04 125,902
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Employee Stock Purchase Plan For For Mgmt
4 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the
trend of recent option grants, and the total level
of potential
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
dilution under all plans is above the allowable
cap of 18%.
5 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the
trend of recent option grants, and the total level
of potential dilution under all plans is above the
allowable cap of 18%.
12/08/04 - A CARDINAL HEALTH, INC. *CAH* 14149Y108 10/25/04 233,206
1 Elect Directors For For Mgmt
2 Amend Executive Incentive Bonus Plan For For Mgmt
3 Declassify the Board of Directors Against For ShrHoldr
Classified boards serve to entrench management and
discourage bidders by preventing replacement of
the board in one year. In addition, shareholders
are prevented from removing board members who are
not acting in the best interest of shareholders
until their term is completed.
02/01/05 - A BECTON, DICKINSON AND COMPANY 075887109 12/06/04 175,604
*BDX*
1 Elect Directors For Split Mgmt
1.1 Elect Director Basil L. Anderson
--- Withhold
Basil L. Anderson is an affiliated outsider on the
audit commmittee.
1.2 Elect Director Gary A. Mecklenburg
--- Withhold
Gary A. Mecklenburg is an affiliated outsider on
the audit and nominating commmittees.
1.3 Elect Director James E. Perrella
--- For
1.4 Elect Director Alfred Sommer --- For
2 Ratify Auditors For For Mgmt
3 Approve Executive Incentive Bonus For For Mgmt
Plan
4 Restore or Provide for Cumulative Against Against ShrHoldr
Voting
02/15/05 - PC HEALTH MANAGEMENT ASSOCIATES, 421933102 12/20/04 177,251
INC. *HMA*
MANAGEMENT PROXY (WHITE CARD)
1 Elect Directors For For Mgmt
2 Limit Outstanding Option Grants to Against Against ShrHoldr
Executive
3 Policy Regarding Uninsured Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
Low-Income and Insured Patients
DISSIDENT PROXY (WHITE CARD)
1 Elect Directors (Opposition Slate) For None Mgmt
2 Limit Outstanding Option Grants to For None ShrHoldr
Executive
3 Policy Regarding Uninsured For None ShrHoldr
Low-Income and Insured Patients
03/04/05 - A AMERISOURCEBERGEN CORP *ABC* 03073E105 01/10/05 83,579
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/18/05 - A ELI LILLY AND CO. *LLY* 532457108 02/15/05 897,200
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Separate Chairman and CEO Positions Against Against ShrHoldr
4 Review and Report on Drug Against Against ShrHoldr
Reimportation Policy
5 Report on Product Availability in Against Against ShrHoldr
Canada
6 Report on Political Contributions Against Against ShrHoldr
7 Adopt Policy on Performance-based Against For ShrHoldr
Stock Option Grants SSGA supports proposals that
ask for performance-based compensation.
8 Eliminate Animal Testing Against Against ShrHoldr
04/20/05 - A C. R. BARD, INC. *BCR* 067383109 02/28/05 91,411
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Adopt ILO based Code of Conduct Against Against ShrHoldr
04/21/05 - A WYETH *WYE* 983024100 03/04/05 1,118,872
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Review and Report on Drug Against Against ShrHoldr
Reimportation Policy
5 Separate Chairman and CEO Positions Against Against ShrHoldr
6 Report on Political Contributions Against Against ShrHoldr
7 Discontinue Promotion of Premarin Against Against ShrHoldr
and Report on Animal Testing
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
04/22/05 - A ABBOTT LABORATORIES *ABT* 002824100 02/23/05 1,048,878
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Link Executive Compensation to Against Against ShrHoldr
Government Fines
4 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports perforamance-based compensation.
5 Eliminate Animal Testing Against Against ShrHoldr
6 Report on Political Contributions Against Against ShrHoldr
7 Report on Operational Imact of Against Against ShrHoldr
HIV/AIDS, TB, and Malaria Pandemic
8 Separate Chairman and CEO Positions Against Against ShrHoldr
04/26/05 - A ALLERGAN, INC. *AGN* 018490102 03/10/05 113,779
1 Elect Directors For For Mgmt
04/26/05 - A BAUSCH & LOMB INC. *BOL* 071707103 03/01/05 47,868
1 Elect Directors For Split Mgmt
1.1 Elect Director Paul A. Friedman ---
For
1.2 Elect Director Jonathan S. Linen
--- For
1.3 Elect Director William H. Waltrip
--- Withhold
WITHHOLD votes from William H. Waltrip for
standing as an affiliated outsider on the
Compensation and Nominating committees.
2 Ratify Auditors For For Mgmt
3A Declassify the Board of Directors For For Mgmt
3B Reduce Supermajority Vote For For Mgmt
Requirement
3C Authorize Board to Fill Vacancies For For Mgmt
3D Remove Supermajority Vote For For Mgmt
Requirement for Removal of Directors
3E Remove Supermajority Vote For For Mgmt
Requirement for Amendments
04/26/05 - A HUMANA INC. *HUM* 444859102 03/07/05 142,123
1 Elect Directors For For Mgmt
04/26/05 - A MERCK & CO., INC. *MRK* 589331107 02/25/05 1,820,995
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Prohibit Awards to Executives Against Against ShrHoldr
4 Limit Executive Compensation Against Against ShrHoldr
5 Eliminate Animal Testing Against Against ShrHoldr
6 Separate Chairman and CEO Positions Against Against ShrHoldr
7 Report on Product Availability in Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
Canada
8 Report on Political Contributions Against Against ShrHoldr
9 Report on Operational Impact of Against Against ShrHoldr
HIV/AIDS, TB, and Malaria Pandemic
04/26/05 - A PERKINELMER INC. *PKI* 714046109 02/28/05 104,940
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
04/26/05 - A SCHERING-PLOUGH CORP. *SGP* 806605101 03/04/05 1,240,589
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
4 Eliminate Animal Testing Against Against ShrHoldr
04/26/05 - A STRYKER CORP. *SYK* 863667101 02/28/05 334,842
1 Elect Directors For For Mgmt
04/27/05 - A CIGNA CORP. *CI* 125509109 02/28/05 114,018
1 Elect Directors For Split Mgmt
1.1 Elect Director Peter N. Larson ---
For
1.2 Elect Director Carol Cox Wait ---
For
1.3 Elect Director William D. Zollars
--- Withhold
1.4 Elect Director Marilyn Ware --- For
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
04/27/05 - S GUIDANT CORP. *GDT* 401698105 03/21/05 277,429
1 Approve Merger Agreement For For Mgmt
04/27/05 - A MILLIPORE CORP. *MIL* 601073109 03/04/05 46,733
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
04/28/05 - A JOHNSON & JOHNSON *JNJ* 478160104 03/01/05 2,439,193
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
3 Ratify Auditors For For Mgmt
04/28/05 - A PFIZER INC. *PFE* 717081103 03/02/05 6,189,767
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Establish Term Limits for Directors Against Against ShrHoldr
4 Report on Pharmaceutical Price Against Against ShrHoldr
Restraint
5 Review and Report on Drug Against Against ShrHoldr
Reimportation Policy
6 Report on Political Contributions Against Against ShrHoldr
7 Report on Product Availability in Against Against ShrHoldr
Canada
8 Separate Chairman and CEO Positions Against Against ShrHoldr
04/29/05 - A AETNA INC. *AET* 00817Y108 02/25/05 124,584
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Stock Option Plan For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
5 Restore or Provide for Cumulative Against Against ShrHoldr
Voting
6 Expense Stock Options Against Against ShrHoldr
04/29/05 - A IMS HEALTH INC. *RX* 449934108 03/04/05 202,695
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Submit Poison Pill to Shareholder Against For ShrHoldr
Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
05/02/05 - A ZIMMER HOLDINGS INC *ZMH* 98956P102 03/15/05 213,801
1 Elect Directors For For Mgmt
2 Amend Stock Option Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Prohibit Auditor from Providing Against Against ShrHoldr
Non-Audit Services
05/03/05 - A BAXTER INTERNATIONAL INC. *BAX* 071813109 03/04/05 522,046
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Restore or Provide for Cumulative Against Against ShrHoldr
Voting
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
4 Prohibit Auditor from Providing Against Against ShrHoldr
Non-Audit Services
5 Declassify the Board of Directors None Against ShrHoldr
05/03/05 - A BRISTOL-MYERS SQUIBB CO. *BMY* 110122108 03/07/05 1,629,559
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Articles to Eliminate Certain For For Mgmt
Supermajority Vote Requirements
4 Report on Political Contributions Against Against ShrHoldr
5 Report on Operational Impact of Against Against ShrHoldr
HIV/AIDS, TB, and Malaria Pandemic
6 Eliminate Animal Testing Against Against ShrHoldr
7 Separate Chairman and CEO Positions Against Against ShrHoldr
8 Proposal Regarding Restatement Against Against ShrHoldr
Situations
9 Limit/Prohibit Awards to Executives Against For ShrHoldr
SSGA supports performance based compensation.
10 Require a Majority Vote for the Against Against ShrHoldr
Election of Directors
05/03/05 - A UNITEDHEALTH GROUP INCORPORATED 91324P102 03/07/05 549,609
*UNH*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Performance- Based/Indexed Options Against For ShrHoldr
Given that: (1) the company currently does not
incorporate a substantial portion of
performance-based awards in its long-term
executive compensation program and (2) the
proposal is not overly restrictive as it does not
request that all awards to all employees be
performance-based or that all awards to top
executives must be of a particular type, this item
warrants shareholder support.
4 Performance- Based/Indexed Options Against For ShrHoldr
Given that: (1) the company currently does not
incorporate a substantial portion of
performance-based awards in its long-term
executive compensation program and (2) the
proposal is not overly restrictive as it does not
request that all awards to all employees be
performance-based or that all awards to top
executives must be of a particular type, this item
warrants shareholder support.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
05/04/05 - A WATERS CORP. *WAT* 941848103 03/15/05 103,742
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 For For Mgmt
Plan
5 Other Business For Against Mgmt
Details of other business items not disclosed
05/06/05 - A FISHER SCIENTIFIC INTERNATIONAL 338032204 03/22/05 101,936
INC. *FSH*
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/09/05 - A HOSPIRA INC *HSP* 441060100 03/11/05 133,671
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Approve Executive Incentive Bonus For For Mgmt
Plan
4 Ratify Auditors For For Mgmt
05/10/05 - A BOSTON SCIENTIFIC CORP. *BSX* 101137107 03/18/05 730,283
1 Elect Directors For Split Mgmt
1.1 Elect Director Ray J. Groves ---
Withhold
Ray J. Groves is an affiliated outsider on the
compensation and nominating committees.
1.2 Elect Director Peter M. Nicholas
--- For
1.3 Elect Director Warren B. Rudman ---
For
1.4 Elect Director James R. Tobin ---
For
2 Ratify Auditors For For Mgmt
3 Require a Majority Vote for the Against Against ShrHoldr
Election of Directors
05/10/05 - A GILEAD SCIENCES, INC. *GILD* 375558103 03/22/05 376,500
1 Elect Directors For Split Mgmt
1.1 Elect Director Paul Berg ---
Withhold
Paul Berg is an affiliated outsider on the
nominating committee.
1.2 Elect Director Etienne F. Davignon
--- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
1.3 Elect Director James M. Denny ---
For
1.4 Elect Director John C. Martin ---
For
1.5 Elect Director Gordon E. Moore ---
For
1.6 Elect Director Nicholas G. Moore
--- For
1.7 Elect Director George P. Shultz ---
For
1.8 Elect Director Gayle E. Wilson ---
For
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Report on Impact of HIV/AIDS, TB, Against Against ShrHoldr
and Malaria Pandemics
05/10/05 - A MANOR CARE, INC. *HCR* 564055101 03/18/05 81,058
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus For For Mgmt
Plan
05/10/05 - A QUEST DIAGNOSTICS, INCORPORATED 74834L100 03/14/05 90,216
*DGX*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Amend Non-Employee Director Stock For For Mgmt
Option Plan
05/10/05 - A WELLPOINT INC *WLP* 94973V107 03/18/05 260,056
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
05/11/05 - A AMGEN, INC. *AMGN* 031162100 03/18/05 1,090,129
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Eliminate Animal Testing Against Against ShrHoldr
4 Review/Limit Executive Compensation Against Against ShrHoldr
5 Adopt Retention Ratio for Executives Against Against ShrHoldr
05/11/05 - A CAREMARK RX, INC. *CMX* 141705103 03/29/05 403,020
1 Elect Directors For Split Mgmt
1.1 Elect Director Edwin M. Crawford
--- For
1.2 Elect Director Kristen Gibney
Williams --- Withhold
Kristen Gibney Williams is an affiliated outsider
on
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 9
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
the audit committee.
1.3 Elect Director Edward L. Hardin ---
For
2 Report on Political Contributions Against Against ShrHoldr
05/11/05 - A ST. JUDE MEDICAL, INC. *STJ* 790849103 03/14/05 315,145
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Prohibit Auditor from Providing Against Against ShrHoldr
Non-Audit Services
05/13/05 - A WATSON PHARMACEUTICALS, INC. 942683103 03/21/05 98,645
*WPI*
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/17/05 - A THERMO ELECTRON CORP. *TMO* 883556102 03/21/05 138,476
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Require a Majority Vote for the Against Against ShrHoldr
Election of Directors
05/18/05 - A LABORATORY CORPORATION OF 50540R409 03/31/05 122,553
AMERICA HOLDINGS *LH*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/19/05 - A MEDIMMUNE, INC. *MEDI* 584699102 03/31/05 228,703
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/25/05 - A CHIRON CORP. *CHIR* 170040109 03/28/05 133,573
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/25/05 - A EXPRESS SCRIPTS, INC. *ESRX* 302182100 03/31/05 71,554
1 Elect Directors For Split Mgmt
1.1 Elect Director Gary G. Benanav ---
For
1.2 Elect Director Frank J. Borelli ---
For
1.3 Elect Director Maura C. Breen ---
For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 10
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
1.4 Elect Director Nicholas J.
Lahawchic --- For
1.5 Elect Director Thomas P. MacMahon
--- For
1.6 Elect Director John O. Parker, Jr.
--- For
1.7 Elect Director George Paz --- For
1.8 Elect Director Samuel K. Skinner
--- For
1.9 Elect Director Seymour Sternberg
--- Withhold
Seymour Sternberg is an affiliated outsider on the
nominating committee.
1.10 Elect Director Barrett A. Toan ---
For
1.11 Elect Director Howard L. Waltman
--- For
2 Ratify Auditors For For Mgmt
05/26/05 - A GENZYME CORP. *GENZ* 372917104 03/31/05 224,279
1 Elect Directors For For Mgmt
2 Amend Qualified Employee Stock For For Mgmt
Purchase Plan
3 Amend Stock Option Plan For For Mgmt
4 Ratify Auditors For For Mgmt
5 Declassify the Board of Directors Against For ShrHoldr
Classified boards serve to entrench management and
discourage bidders by preventing replacement of
the board in one year. In addition, shareholders
are prevented from removing board members who are
not acting in the best interest of shareholders
until their term is completed.
05/26/05 - A HCA, INC. *HCA* 404119109 03/28/05 367,635
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
05/26/05 - A TENET HEALTHCARE CORP. *THC* 88033G100 04/01/05 427,110
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/31/05 - A KING PHARMACEUTICALS INC. *KG* 495582108 03/28/05 228,073
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 11
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
HEALTH CARE SELECT SECTOR SPDR FUND - J913
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
05/31/05 - A MEDCO HEALTH SOLUTIONS INC 58405U102 04/04/05 256,936
*MHS*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Approve Qualified Employee Stock For For Mgmt
Purchase Plan
5 Approve Executive Incentive Bonus For For Mgmt
Plan
06/03/05 - A BIOGEN IDEC, INC. *BIIB* 09062X103 04/06/05 307,365
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 For For Mgmt
Purchase Plan
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 12
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
07/16/04 - A DELL INC. *DELL* 24702R101 05/21/04 1,135,477
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Expense Stock Options Against Against ShrHoldr
07/29/04 - A ELECTRONIC ARTS INC. *ERTS* 285512109 06/08/04 137,084
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Amend Employee Stock Purchase Plan For For Mgmt
4 Amend Articles to Consolidate Common Stock For For Mgmt
5 Increase Authorized Common Stock For Against Mgmt
The number of additional authorized common shares
sought in this proposal exceeds guidelines (150%).
6 Ratify Auditors For For Mgmt
08/05/04 - A XILINX, INC. *XLNX* 983919101 06/07/04 157,960
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
08/09/04 - A COMPUTER SCIENCES CORPORATION *CSC* 205363104 06/11/04 86,726
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
08/19/04 - A NVIDIA CORPORATION *NVDA* 67066G104 06/30/04 89,348
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
08/24/04 - A BMC SOFTWARE, INC. *BMC* 055921100 07/06/04 112,996
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
08/24/04 - A COMPUWARE CORP. *CPWR* 205638109 07/01/04 211,783
1 Elect Directors For Split Mgmt
1.1 Elect Director Dennis W. Archer --- For
1.2 Elect Director Gurminder S. Bedi --- For
1.3 Elect Director Elaine K. Didier --- For
1.4 Elect Director William O. Grabe --- For
1.5 Elect Director William R. Halling --- For
1.6 Elect Director Peter Karmanos, Jr. --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.7 Elect Director Faye Alexander Nelson --- For
1.8 Elect Director Glenda D. Price --- For
1.9 Elect Director W. James Prowse --- Withhold
WITHHOLD votes from W. James Prowse for standing
as an affiliated outsider on the Audit and
Nominating Committees.
1.10 Elect Director G. Scott Romney --- For
1.11 Elect Director Lowell P. Weicker, Jr. ---
For
08/24/04 - A QLOGIC CORP. *QLGC* 747277101 07/02/04 47,633
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
08/25/04 - A COMPUTER ASSOCIATES INTERNATIONAL, 204912109 06/30/04 285,450
INC. *CA*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Review Executive Compensation Against Against ShrHoldr
08/25/04 - A VERITAS SOFTWARE CORP. 923436109 06/28/04 211,432
1 Elect Directors For For Mgmt
2 Amend Stock Option Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 18%.
3 Ratify Auditors For For Mgmt
09/01/04 - A APPLIED MICRO CIRCUITS CORP. *AMCC* 03822W109 07/06/04 183,981
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
09/02/04 - A NETWORK APPLIANCE, INC. *NTAP* 64120L104 07/08/04 177,367
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the
trend of recent option grants and the total level
of potential dilution under all plans is above the
allowable cap of 15%.
3 Amend Employee Stock Purchase Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
4 Ratify Auditors For For Mgmt
09/15/04 - A SYMANTEC CORP. *SYMC* 871503108 07/20/04 149,900
1 Elect Directors For For Mgmt
2 Increase Authorized Common Stock For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Amend Outside Director Stock in Lieu of For For Mgmt
Cash Plan
5 Ratify Auditors For For Mgmt
09/17/04 - S MAXIM INTEGRATED PRODUCTS, INC. 57772K101 07/21/04 158,695
*MXIM*
1 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the
trend of recent option grants and the total level
of potential dilution under all plans is above the
allowable cap of 15%.
09/23/04 - A TEKTRONIX, INC. *TEK* 879131100 07/19/04 47,541
1 Elect Directors For For Mgmt
10/01/04 - A NATIONAL SEMICONDUCTOR CORP. *NSM* 637640103 08/13/04 174,740
1 Elect Directors For Split Mgmt
1.1 Elect Director Brian L. Halla --- For
1.2 Elect Director Steven R. Appleton --- For
1.3 Elect Director Gary P. Arnold --- Withhold
WITHHOLD votes from Gary P. Arnold for standing as
an affiliated outsider on the Audit Committee.
1.4 Elect Director Richard J. Danzig --- For
1.5 Elect Director Robert J. Frankenberg --- For
1.6 Elect Director E. Floyd Kvamme --- For
1.7 Elect Director Modesto A. Maidique --- For
1.8 Elect Director Edward R. Mccracken --- For
2 Ratify Auditors For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Approve Executive Stock Option Plan For Against Mgmt
The initiative cannot be supported due to the
trend of recent option grants and the total level
of potential
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
dilution under all plans is above the allowable
cap of 15%.
10/06/04 - A PAYCHEX, INC. *PAYX* 704326107 08/09/04 167,868
1 Elect Directors For Split Mgmt
1.1 Elect Director B. Thomas Golisano --- For
1.2 Elect Director G. Thomas Clark --- Withhold
WITHHOLD votes from G. Thomas Clark for standing
as an affiliated outsider on the Audit Committee
and Joseph M. Tucci for standing as an affiliated
outsider on the Compensation and Nominating
committees.
1.3 Elect Director David J. S. Flaschen --- For
1.4 Elect Director Phillip Horsley --- For
1.5 Elect Director Grant M. Inman --- For
1.6 Elect Director J. Robert Sebo --- For
1.7 Elect Director Joseph M. Tucci --- Withhold
WITHHOLD votes from G. Thomas Clark for standing
as an affiliated outsider on the Audit Committee
and Joseph M. Tucci for standing as an affiliated
outsider on the Compensation and Nominating
committees.
10/18/04 - A KLA-TENCOR CORP. *KLAC* 482480100 08/23/04 89,214
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
10/22/04 - A MOLEX INCORPORATED *MOLX* 608554101 08/27/04 82,163
1 Elect Directors For For Mgmt
2 Approve Employee Stock Purchase Plan For For Mgmt
3 Ratify Auditors For For Mgmt
10/28/04 - A AFFILIATED COMPUTER SERVICES, INC. 008190100 09/17/04 62,524
*ACS*
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
10/29/04 - A ORACLE CORP. *ORCL* 68389X105 09/02/04 2,262,670
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Amend Omnibus Stock Plan For For Mgmt
5 Implement China Principles Against Against ShrHoldr
11/03/04 - A LINEAR TECHNOLOGY CORP. *LLTC* 535678106 09/08/04 146,947
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
11/03/04 - A SCIENTIFIC-ATLANTA, INC. *SFA* 808655104 09/15/04 80,554
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
11/09/04 - A AUTOMATIC DATA PROCESSING, INC. *ADP* 053015103 09/10/04 271,495
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
11/09/04 - A MICROSOFT CORP. *MSFT* 594918104 09/10/04 4,964,744
1 Elect Directors For For Mgmt
2 Amend Bundled Compensation Plans For For Mgmt
3 Amend Bundled Compensation Plans For For Mgmt
4 Amend Stock Option Plan For For Mgmt
5 Ratify Auditors For For Mgmt
11/10/04 - A SUN MICROSYSTEMS, INC. *SUNW* 866810104 09/13/04 1,570,865
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
11/16/04 - A JDS UNIPHASE CORP. *JDSU* 46612J101 09/15/04 711,631
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
11/18/04 - A CISCO SYSTEMS, INC. *CSCO* 17275R102 09/20/04 3,109,804
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Pay Disparity Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
11/18/04 - A MAXIM INTEGRATED PRODUCTS, INC. 57772K101 09/27/04 153,019
*MXIM*
1 Elect Directors For Split Mgmt
1.1 Elect Director James R. Bergman --- Withhold
WITHHOLD votes from James R. Bergman for standing
as an affiliated outsider on the Audit,
Compensation and Nominating committees.
1.2 Elect Director John F. Gifford --- For
1.3 Elect Director B. Kipling Hagopian --- For
1.4 Elect Director M.D. Sampels --- For
1.5 Elect Director A.R. Frank Wazzan --- For
2 Amend Employee Stock Purchase Plan For For Mgmt
3 Ratify Auditors For For Mgmt
11/18/04 - A MICRON TECHNOLOGY, INC. *MU* 595112103 09/20/04 293,011
1 Elect Directors For For Mgmt
2 Amend Employee Stock Purchase Plan For For Mgmt
3 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 18%.
4 Approve Executive Incentive Bonus Plan For For Mgmt
5 Ratify Auditors For For Mgmt
12/09/04 - A INTUIT INC. *INTU* 461202103 10/11/04 91,419
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
01/13/05 - A SOLECTRON CORP. *SLR* 834182107 11/18/04 583,848
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
01/20/05 - A JABIL CIRCUIT, INC. *JBL* 466313103 11/22/04 119,712
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
02/08/05 - A ANDREW CORP. *ANDW* 034425108 12/10/04 116,119
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Ratify Auditors For For Mgmt
5 Other Business For Against Mgmt
Details of other business items not disclosed
02/15/05 - A AVAYA INC *AV* 053499109 12/20/04 339,522
1 Elect Directors For Split Mgmt
1.1 Elect Director Philip A. Odeen --- Withhold
Philip A. Odeen is an affiliated outsider on the
compensation committee.
1.2 Elect Director Hellene S. Runtagh --- For
1.3 Elect Director Paula Stern --- For
1.4 Elect Director Richard F. Wallman --- For
02/16/05 - A LUCENT TECHNOLOGIES INC. *LU* 549463107 12/20/04 2,584,658
1 Elect Directors For For Mgmt
2 Approve Reverse Stock Split For For Mgmt
3 Report on Political Contributions Against Against ShrHoldr
4 Performance- Based/Indexed Options Against For ShrHoldr
Given the fact that Lucent does not grant a
"substantial" portion of performance-based awards,
shareholder support of the proposal is warranted
at this time.
5 Prohibit Auditor from Providing Non-Audit Against Against ShrHoldr
Services
6 Approve Future Golden Parachute Provision Against Against ShrHoldr
02/28/05 - A SANMINA-SCI CORP. *SANM* 800907107 01/03/05 329,444
1 Elect Directors For Split Mgmt
1.1 Elect Director Neil R. Bonke --- For
1.2 Elect Director Alain Couder --- For
1.3 Elect Director Randy W. Furr --- For
1.4 Elect Director Mario M. Rosati --- Withhold
WITHHOLD votes from Mario M. Rosati for standing
as an affiliated outsider on the Nominating
Committee.
1.5 Elect Director A. Eugene Sapp, Jr. --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.6 Elect Director Wayne Shortridge --- For
1.7 Elect Director Peter J. Simone --- For
1.8 Elect Director Jure Sola --- For
1.9 Elect Director Jacquelyn M. Ward --- For
2 Ratify Auditors For For Mgmt
03/01/05 - A ADC TELECOMMUNICATIONS, INC. *ADCT* 000886101 01/12/05 509,398
1 Elect Directors For For Mgmt
2 Redeem Shareholder Rights Plan Agreement Against For ShrHoldr
SSGA supports shareholder proposal that allow for
shareholder rights plans to be put to a vote or
repealed.
3 Ratify Auditors For For Mgmt
03/01/05 - A AGILENT TECHNOLOGIES INC. *A* 00846U101 01/03/05 280,971
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Executive Incentive Bonus Plan For For Mgmt
03/08/05 - A ANALOG DEVICES, INC. *ADI* 032654105 01/14/05 213,109
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Expense Stock Options Against Against ShrHoldr
03/08/05 - A QUALCOMM INC. *QCOM* 747525103 01/07/05 910,748
1 Elect Directors For Split Mgmt
1.1 Elect Director Robert E. Kahn --- For
1.2 Elect Director Duane A. Nelles --- Withhold
WITHHOLD votes from Duane A. Nelles for standing
as an affiliated outsider on the Audit and
Nominating committees.
1.3 Elect Director Brent Scowcroft --- For
2 Declassify the Board of Directors and For For Mgmt
Eliminate Cumulative Voting
3 Increase Authorized Common Stock For For Mgmt
4 Amend Articles For For Mgmt
5 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
03/10/05 - A PARAMETRIC TECHNOLOGY CORP. *PMTC* 699173100 01/17/05 208,346
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For For Mgmt
3 Approve Reverse Stock Split For Against Mgmt
The reverse split would have the same effect as
increasing the number of authorized shares by 150
percent which is above the allowable cap.
4 Ratify Auditors For For Mgmt
03/16/05 - A CIENA CORPORATION *CIEN* 171779101 01/18/05 354,759
1 Elect Directors For For Mgmt
2 Amend Employee Stock Purchase Plan For For Mgmt
3 Ratify Auditors For For Mgmt
03/16/05 - A HEWLETT-PACKARD CO. *HPQ* 428236103 01/18/05 1,670,997
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Employee Stock Purchase Plan For For Mgmt
03/23/05 - A APPLIED MATERIALS, INC. *AMAT* 038222105 01/28/05 938,827
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/06/05 - A FISERV, INC. *FISV* 337738108 02/14/05 106,914
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Approve Omnibus Stock Plan For For Mgmt
04/14/05 - A NOVELL, INC. *NOVL* 670006105 02/15/05 248,954
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend By-Laws for Performance-Based Equity Against Against ShrHoldr
Compensation
04/19/05 - A CONVERGYS CORP. *CVG* 212485106 02/28/05 70,418
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 9
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/21/05 - A ALLTEL CORP. *AT* 020039103 02/24/05 164,681
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/21/05 - A APPLE COMPUTER, INC. *AAPL* 037833100 03/01/05 211,347
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Amend Qualified Employee Stock Purchase Plan For For Mgmt
5 Ratify Auditors For For Mgmt
6 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
04/21/05 - A TELLABS, INC. *TLAB* 879664100 02/22/05 270,912
1 Elect Directors For For Mgmt
2 Approve Qualified Employee Stock Purchase For For Mgmt
Plan
3 Ratify Auditors For For Mgmt
04/21/05 - A TEXAS INSTRUMENTS INC. *TXN* 882508104 02/22/05 942,469
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Qualified Employee Stock Purchase For For Mgmt
Plan
4 Amend Stock Option Plan For For Mgmt
04/21/05 - A UNISYS CORP. *UIS* 909214108 02/28/05 181,132
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/22/05 - A ELECTRONIC DATA SYSTEMS CORP. *EDS* 285661104 03/01/05 264,641
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Eliminate Supermajority Vote Requirement For For Mgmt
04/25/05 - A BELLSOUTH CORP. *BLS* 079860102 03/07/05 906,647
1 Elect Directors For Split Mgmt
1.1 Elect Director F. Duane Ackerman --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 10
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.2 Elect Director Reuben V. Anderson --- For
1.3 Elect Director James H. Blanchard --- For
1.4 Elect Director J. Hyatt Brown --- Withhold
WITHHOLD votes from J. Hyatt Brown for sitting on
more than four public boards.
1.5 Elect Director Armando M. Codina --- For
1.6 Elect Director Kathleen F. Feldstein --- For
1.7 Elect Director James P. Kelly --- For
1.8 Elect Director Leo F. Mullin --- For
1.9 Elect Director William S. Stavropoulos ---
For
1.10 Elect Director Robin B. Smith --- For
2 Ratify Auditors For For Mgmt
3 Political Contributions Against Against ShrHoldr
04/26/05 - A INTERNATIONAL BUSINESS MACHINES CORP. 459200101 02/25/05 887,741
*IBM*
1 Elect Directors For Split Mgmt
1.1 Elect Director Cathleen Black --- For
1.2 Elect Director Kenneth I. Chenault --- For
1.3 Elect Director Juergen Dormann --- For
1.4 Elect Director Michael L. Eskew --- Withhold
WITHHOLD votes for standing as an affiliated
outsider on the Audit Committee.
1.5 Elect Director Carlos Ghosn --- For
1.6 Elect Director Charles F. Knight --- For
1.7 Elect Director Minoru Makihara --- For
1.8 Elect Director Lucio A. Noto --- For
1.9 Elect Director Samuel J. Palmisano --- For
1.10 Elect Director Joan E. Spero --- For
1.11 Elect Director Sidney Taurel --- For
1.12 Elect Director Charles M. Vest --- For
1.13 Elect Director Lorenzo H. Zambrano --- For
2 Ratify Auditors For For Mgmt
3 Restore or Provide for Cumulative Voting Against Against ShrHoldr
4 Eliminate Age Discrimination in Retirement Against Against ShrHoldr
Benefits
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 11
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
5 Calculate Executive Salary Without Regard Against Against ShrHoldr
to Pension Income
6 Expense Stock Options Against Against ShrHoldr
7 Report on Executive Compensation Against Against ShrHoldr
8 Report on Outsourcing Against Against ShrHoldr
04/27/05 - A NCR CORPORATION *NCR* 62886E108 02/14/05 113,690
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Eliminate Domestic Partner Benefits for Against Against ShrHoldr
Executives
04/28/05 - A ADOBE SYSTEMS INC. *ADBE* 00724F101 03/01/05 124,598
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 18%.
3 Amend Non-Employee Director Stock Option For For Mgmt
Plan
4 Expense Stock Options Against Against ShrHoldr
5 Review/Limit Executive Compensation Against Against ShrHoldr
6 Ratify Auditors For For Mgmt
04/28/05 - A ADVANCED MICRO DEVICES, INC. *AMD* 007903107 02/28/05 216,339
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 Expense Stock Options Against Against ShrHoldr
04/28/05 - A BROADCOM CORP. *BRCM* 111320107 03/04/05 171,897
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported due to the
trend of recent option grants, the total level of
potential dilution under all plans is above the
allowable cap of 18%, and the plan permits
repricing.
3 Ratify Auditors For For Mgmt
4 Link Executive Compensation to Social and Against Against ShrHoldr
Financial Issues
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 12
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/28/05 - A CORNING INC. *GLW* 219350105 03/01/05 753,330
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
04/28/05 - A LEXMARK INTERNATIONAL, INC. *LXK* 529771107 03/04/05 65,770
1 Elect Directors For Split Mgmt
1.1 Elect Director B. Charles Ames --- For
1.2 Elect Director Ralph E. Gomory --- For
1.3 Elect Director Marvin L. Mann --- Withhold
WITHHOLD votes from Marvin L. Mann for standing as
an affiliated outsider on the Audit Committee.
1.4 Elect Director Teresa Beck --- For
2 Approve Non-Employee Director Omnibus Stock For For Mgmt
Plan
3 Ratify Auditors For For Mgmt
04/29/05 - A FREESCALE SEMICONDUCTOR, INC. *FSL* 35687M206 03/01/05 194,757
1 Elect Directors For For Mgmt
2 Amend Articles For For Mgmt
3 Amend Bylaws For For Mgmt
4 Approve Omnibus Stock Plan For For Mgmt
5 Ratify Auditors For For Mgmt
04/29/05 - A NOVELLUS SYSTEMS, INC. *NVLS* 670008101 03/01/05 74,224
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 18%.
3 Amend Qualified Employee Stock Purchase Plan For For Mgmt
4 Ratify Auditors For For Mgmt
04/29/05 - A SBC COMMUNICATIONS INC. *SBC* 78387G103 03/01/05 1,261,253
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Nonqualified Employee Stock For For Mgmt
Purchase Plan
4 Report on Political Contributions Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 13
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
5 Report on Executive Compensation Against Against ShrHoldr
6 Performance- Based/Indexed Options Against Against ShrHoldr
7 Adopt Simple Majority Vote Against For ShrHoldr
Supermajority vote requirements generally serve to
lock in provisions that are harmful to
shareholders. Requiring approval by more than a
simple majority of voting shares may entrench
management by preventing action that may benefit
shareholders.
05/02/05 - A MOTOROLA, INC. *MOT* 620076109 03/04/05 1,214,167
1 Elect Directors For For Mgmt
2 Limit Executive Compensation Against Against ShrHoldr
3 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/05/05 - A CITRIX SYSTEMS, INC. *CTXS* 177376100 03/15/05 94,058
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
05/05/05 - A EMC CORP. *EMC* 268648102 03/07/05 1,202,893
1 Elect Directors For Split Mgmt
1.1 Elect Director Michael J. Cronin --- For
1.2 Elect Director W. Paul Fitzgerald ---
Withhold
WITHHOLD votes from W. Paul Fitzgerald for
standing as an affiliated outsider on the audit
committee and nominating committee.
1.3 Elect Director Joseph M. Tucci --- For
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
5 Creation of an Independent Audit Committee Against Against ShrHoldr
05/05/05 - A VERIZON COMMUNICATIONS *VZ* 92343V104 03/07/05 1,363,130
1 Elect Directors For Split Mgmt
1.1 Elect Director James R. Barker --- For
1.2 Elect Director Richard L. Carrion ---
Withhold
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 14
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
Richard L. Carrion is an affiliated outsider on
the compensation committee.
1.3 Elect Director Robert W. Lane --- For
1.4 Elect Director Sandra O. Moose --- Withhold
Sandra O. Moose is an affiliated outsider on the
audit and nominating committees.
1.5 Elect Director Joseph Neubauer --- Withhold
WITHHOLD votes for sitting on more than four
boards while serving as CEO.
1.6 Elect Director Thomas H. O' Brien --- For
1.7 Elect Director Hugh B. Price --- For
1.8 Elect Director Ivan G. Seidenberg --- For
1.9 Elect Director Walter V. Shipley --- For
1.10 Elect Director John R. Stafford --- For
1.11 Elect Director Robert D. Storey --- For
2 Ratify Auditors For For Mgmt
3 Provide for Cumulative Voting Against Against ShrHoldr
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
5 Require Majority of Independent Directors Against For ShrHoldr
on Board
SSGA supports proposals urging a standard of a
two-thirds majority independent board, which the
company currently does not meet.
6 Separate Chairman and CEO Positions Against Against ShrHoldr
7 Amend Director/Officer Against Against ShrHoldr
Liability/Indemnifications Provisions
8 Report on Political Contributions Against Against ShrHoldr
05/09/05 - A SYMBOL TECHNOLOGIES, INC. *SBL* 871508107 03/28/05 145,436
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/10/05 - A ALTERA CORP. *ALTR* 021441100 03/14/05 195,167
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Amend Stock Option Plan For For Mgmt
4 Amend Qualified Employee Stock Purchase Plan For For Mgmt
5 Ratify Auditors For For Mgmt
6 Expense Stock Options Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 15
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
7 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/11/05 - A FIRST DATA CORP. *FDC* 319963104 03/14/05 411,345
1 Elect Directors For For Mgmt
2 Amend Qualified Employee Stock Purchase Plan For For Mgmt
3 Amend Executive Incentive Bonus Plan For For Mgmt
4 Ratify Auditors For For Mgmt
5 Report on Outsourcing Against Against ShrHoldr
6 Amend Director/Officer Against Against ShrHoldr
Liability/Indemnifications Provisions
05/12/05 - A CENTURYTEL, INC. *CTL* 156700106 03/22/05 71,827
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Approve Non-Employee Director Omnibus Stock For For Mgmt
Plan
5 Approve Executive Incentive Bonus Plan For For Mgmt
05/12/05 - A LSI LOGIC CORP. *LSI* 502161102 03/18/05 216,369
1 Elect Directors For Split Mgmt
1.1 Elect Director Wilfred J. Corrigan --- For
1.2 Elect Director James H. Keyes --- For
1.3 Elect Director Malcolm R. Currie --- For
1.4 Elect Director T.Z. Chu --- For
1.5 Elect Director R. Douglas Norby --- Withhold
R. Douglas Norby is an affiliated outtsider on the
audit committee.
1.6 Elect Director Matthew J. O'Rourke --- For
1.7 Elect Director Gregorio Reyes --- For
1.8 Elect Director Larry W. Sonsini --- Withhold
WITHHOLD votes from Larry W. Sonsini for standing
as an affiliated outsider on the Nominating
Committee.
2 Ratify Auditors For For Mgmt
05/17/05 - A SABRE HOLDINGS CORPORATION *TSG* 785905100 03/18/05 68,010
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 16
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Amend Articles For For Mgmt
5 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 18%.
05/18/05 - A INTEL CORP. *INTC* 458140100 03/21/05 3,182,832
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
05/19/05 - A GATEWAY INC *GTW* 367626108 03/23/05 195,961
1 Elect Directors For Split Mgmt
1.1 Elect Director George H. Krauss --- For
1.2 Elect Director Joseph G. Parham, Jr. --- For
1.3 Elect Director Richard D. Synder ---
Withhold
Richard D. Snyder is an affiliated outside on the
audit and nominating committee.
2 Ratify Auditors For For Mgmt
3 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/19/05 - A MERCURY INTERACTIVE CORP. *MERQ* 589405109 03/22/05 46,770
1 Elect Directors For Split Mgmt
1.1 Elect Director Amnon Landan --- For
1.2 Elect Director Brad Boston --- Withhold
Brad Boston is an affiliated outsider on the audit
and compensation committees.
1.3 Elect Director Igal Kohavi --- For
1.4 Elect Director Clyde Ostler --- Withhold
Clyde Ostler is an affiliated outsider on the
audit and nominating committees.
1.5 Elect Director Yair Shamir --- For
1.6 Elect Director Giora Yaron --- For
1.7 Elect Director Anthony Zingale --- For
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 17
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/19/05 - A XEROX CORP. *XRX* 984121103 03/24/05 523,337
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/19/05 - A YAHOO!, INC. *YHOO* 984332106 03/23/05 689,033
1 Elect Directors For For Mgmt
2 Amend Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 18%.
3 Amend Non-Employee Director Stock Option For For Mgmt
Plan
4 Ratify Auditors For For Mgmt
05/24/05 - A QWEST COMMUNICATIONS INTERNATIONAL 749121109 03/28/05 900,124
INC. *Q*
1 Elect Directors For Split Mgmt
1.1 Elect Director Linda G. Alvardo --- For
1.2 Elect Director Cannon Y. Harvey --- Withhold
WITHHOLD votes from Cannon Y. Harvey for standing
as an affiliated outsider on the Nominating
Committee.
1.3 Elect Director Richard C. Notebaert --- For
2 Ratify Auditors For For Mgmt
3 Require Majority of Independent Directors Against For ShrHoldr
on Board
The company does not have all key committees
composed of independent director. Cannon Y. Harvey
is an affiliated outsider on the Nominating and
Governance Committee. Philip F. Anschutz is an
affiliated outsider on the Nominating and
Governance and the Compensation Committees. As
such, this proposal warrants support.
4 Submit Executive Compensation to Vote Against Against ShrHoldr
5 Claw-Back of Awards Under Restatement Against Against ShrHoldr
05/25/05 - A PMC-SIERRA, INC. *PMCS* 69344F106 03/31/05 117,540
1 Elect Directors For Split Mgmt
1.1 Elect Director Robert Bailey --- For
1.2 Elect Director Richard Belluzo --- For
1.3 Elect Director James Diller, Sr --- Withhold
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 18
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
WITHHOLD votes from James Diller, Sr. for standing
as an affiliated outsider on the Compensation and
Nominating committees.
1.4 Elect Director Jonathan Judge --- For
1.5 Elect Director William Kurtz --- For
1.6 Elect Director Frank Marshall --- For
1.7 Elect Director Lewis Wilks --- For
2 Ratify Auditors For For Mgmt
05/26/05 - A CITIZENS COMMUNICATIONS CO. *CZN* 17453B101 03/28/05 191,731
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
Details of other business items not disclosed
05/26/05 - A TERADYNE, INC. *TER* 880770102 04/04/05 112,460
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
06/08/05 - A SIEBEL SYSTEMS, INC. *SEBL* 826170102 04/18/05 295,459
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
06/16/05 - A COMVERSE TECHNOLOGY, INC. *CMVT* 205862402 04/25/05 120,882
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
06/23/05 - A AUTODESK, INC. *ADSK* 052769106 05/02/05 148,432
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Approve Increase in Common Stock and a For For Mgmt
Stock Split
4 Approve Executive Incentive Bonus Plan For For Mgmt
5 Ratify Auditors For For Mgmt
06/24/05 - S SYMANTEC CORP. *SYMC* 871503108 05/12/05 394,468
1 Approve Merger Agreement For For Mgmt
2 Increase Authorized Common Stock For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 19
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
TECHNOLOGY SELECT SECTOR SPDR FUND - J912
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
3 Adjourn Meeting For Against Mgmt
In this case, shareholders already have enough
information to make their vote decisions. Once
their votes have been cast, there is no
justification for spending more money to continue
pressing shareholders for more votes.
06/24/05 - S VERITAS SOFTWARE CORP. 923436109 05/12/05 243,712
1 Approve Merger Agreement For For Mgmt
2 Adjourn Meeting For Against Mgmt
In this case, shareholders already have enough
information to make their vote decisions. Once
their votes have been cast, there is no
justification for spending more money to continue
pressing shareholders for more votes.
06/30/05 - A AT&T CORP. *T* 001957505 05/27/05 466,771
1 Approve Merger Agreement For For Mgmt
2 Adjourn Meeting For Against Mgmt
In this case, shareholders already have enough
information to make their vote decisions. Once
their votes have been cast, there is no
justification for spending more money to continue
pressing shareholders for more votes.
3 Elect Directors For For Mgmt
4 Ratify Auditors For For Mgmt
5 Limit Awards to Executives Against Against ShrHoldr
6 Performance- Based/Indexed Options Against Against ShrHoldr
7 Report on Executive Compensation Against Against ShrHoldr
8 Redeem or Vote Poison Pill Against For ShrHoldr
SSGA supports proposals that asks the company to
submit it's poison pill to shareholder vote.
9 Review Executive Compensation Against Against ShrHoldr
10 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 20
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
09/08/04 - A H&R BLOCK, INC. *HRB* 093671105 06/30/04 110,080
1 Elect Directors For For Mgmt
2 Increase Authorized Common Stock For For Mgmt
3 Amend Non-Employee Director Stock Option For For Mgmt
Plan
4 Amend Stock Option Plan For For Mgmt
5 Ratify Auditors For For Mgmt
09/27/04 - A FEDEX CORPORATION *FDX* 31428X106 08/02/04 163,832
1 Elect Directors For For Mgmt
2 Declassify the Board of Directors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Ratify Auditors For For Mgmt
10/19/04 - A CINTAS CORP. *CTAS* 172908105 08/23/04 95,696
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Expense Stock Options Against Against ShrHoldr
4 Report on Vendor Standards For For ShrHoldr
10/27/04 - A PARKER-HANNIFIN CORP. *PH* 701094104 08/31/04 70,047
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Non-Employee Director Omnibus Stock For For Mgmt
Plan
11/17/04 - A PALL CORP. *PLL* 696429307 09/28/04 87,043
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
02/01/05 - A EMERSON ELECTRIC CO. *EMR* 291011104 11/24/04 228,652
1 Elect Directors For For Mgmt
2 Approve Non-Employee Director Restricted For For Mgmt
Stock Plan
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Ratify Auditors For For Mgmt
5 Amend Equal Employment Policy Regarding Against For ShrHoldr
Sexual Orientation
Emerson Electric has not been the subject of any
recent, significant controversies related to
discrimination based on sexual orientation. The
company has established annual nondiscrimination
training programs for all employees that
specifically address discrimination based on
sexual orientation. That said; the company has not
included language
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
specifically prohibiting discrimination based on
sexual orientation in its formal EEO statement.
The inclusion of such language in corporate EEO
statements has become the norm at many large
companies. Furthermore, the adoption of an EEO
statement that includes reference to sexual
orientation has proven beneficial to many
companies through improved employee morale and
increased access to certain consumer bases and
pools of eligible candidates for employment.
Therefore, considering the substantial benefits
that may be recognized by amending an EEO
statement to include language prohibiting
discrimination based on sexual orientation,
shareholders support for this proposal is
warranted.
02/02/05 - A ROCKWELL AUTOMATION INC *ROK* 773903109 12/06/04 127,640
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
02/15/05 - A ROCKWELL COLLINS, INC. *COL* 774341101 12/17/04 122,552
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
02/23/05 - A DEERE & CO. *DE* 244199105 12/31/04 154,996
1 Elect Directors For For Mgmt
2 Amend Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
03/10/05 - A TYCO INTERNATIONAL LTD. *TYC* 902124106 01/10/05 1,258,140
MEETING FOR HOLDERS OF ADRS
1 Elect Directors For Split Mgmt
1.1 Elect Director Dennis C. Blair --- For
1.2 Elect Director Edward D. Breen --- For
1.3 Elect Director George W. Buckley --- For
1.4 Elect Director Brian Duperreault --- For
1.5 Elect Director Bruce S. Gordon --- For
1.6 Elect Director Rajiv L. Gupta --- For
1.7 Elect Director John A. Krol --- For
1.8 Elect Director Mackey J. Mcdonald ---
Withhold
Nominee is the CEO and Chair of VF Corporation and
sits on 3 outside boards.
1.9 Elect Director H. Carl Mccall --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.10 Elect Director Brendan R. O'Neill --- For
1.11 Elect Director Sandra S. Wijnberg --- For
1.12 Elect Director Jerome B. York --- For
2 Ratify Auditors For For Mgmt
03/23/05 - A NAVISTAR INTERNATIONAL CORP. *NAV* 63934E108 02/17/05 70,378
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
04/13/05 - A CATERPILLAR INC. *CAT* 149123101 02/14/05 231,985
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Submit Shareholder Rights Plan (Poison Against For ShrHoldr
Pill) to Shareholder Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
4 Report on Equipment Sales to Israel Against Against ShrHoldr
5 Report on Operational Imact of HIV/AIDS, Against Against ShrHoldr
TB, and Malaria Pandemic
6 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
04/13/05 - A UNITED TECHNOLOGIES CORP. *UTX* 913017109 02/15/05 338,723
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Increase Disclosure of Executive Against Against ShrHoldr
Compensation
5 Adopt Ethical Criteria for Military Against Against ShrHoldr
Contracts
6 Limit Executive Compensation Against Against ShrHoldr
04/19/05 - A DOVER CORP. *DOV* 260003108 02/28/05 153,551
1 Elect Directors For For Mgmt
2 Other Business For Against Mgmt
Details of other business items not disclosed
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/19/05 - A GOODRICH CORPORATION *GR* 382388106 02/28/05 114,458
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Amend Executive Incentive Bonus Plan For For Mgmt
04/20/05 - A BURLINGTON NORTHERN SANTA FE CORP. 12189T104 02/22/05 270,308
*BNI*
1 Elect Directors For Split Mgmt
1.1 Elect Director A.L. Boeckmann --- For
1.2 Elect Director V.S. Martinez --- Withhold
WITHHOLD votes from Mark F. Racicot and Vilma S.
Martinez for standing as affiliated outsiders on
the Directors and Corporate Governance Committee
which serves as the nominating committee.
1.3 Elect Director M.F. Racicot --- Withhold
1.4 Elect Director R.S. Roberts --- For
1.5 Elect Director M.K. Rose --- For
1.6 Elect Director M.J. Shapiro --- For
1.7 Elect Director J.C. Watts, Jr. --- For
1.8 Elect Director R.H. West --- For
1.9 Elect Director J.S. Whisler --- Withhold
WITHHOLD votes from J. Steven Whisler for standing
as affiliated outsiders on the audit and
compensation committees.
1.10 Elect Director E.E. Whitacre, Jr. --- For
2 Ratify Auditors For For Mgmt
04/25/05 - A HONEYWELL INTERNATIONAL, INC. *HON* 438516106 02/25/05 567,259
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Amend the Certificate of Incorporation and For For Mgmt
By-laws
5 Establish Other Board Committee Against Against ShrHoldr
6 Separate Chairman and CEO Positions Against Against ShrHoldr
7 Report on Pay Disparity Against Against ShrHoldr
8 Performance- Based/Indexed Options Against Against ShrHoldr
9 Approve Commonsense Executive Compensation Against Against ShrHoldr
Framework
04/26/05 - A CENDANT CORPORATION *CD* 151313103 02/28/05 704,917
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
3 Approve Outside Director Stock For For Mgmt
Awards/Options in Lieu of Cash
4 Approve Qualified Employee Stock Purchase For For Mgmt
Plan
5 Report on Pay Disparity Against Against ShrHoldr
6 Eliminate or Restrict Severance Agreements Against Against ShrHoldr
(Change-in-Control)
04/26/05 - A COOPER INDUSTRIES LTD *CBE* G24182100 03/01/05 74,945
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 SHAREHOLDER PROPOSAL REQUESTING COOPER TO Against Against ShrHoldr
IMPLEMENT A CODE OF CONDUCT BASED ON
INTERNATIONAL LABOR ORGANIZATION HUMAN
RIGHTS STANDARDS.
04/26/05 - A L-3 COMMUNICATIONS HOLDINGS, INC. 502424104 03/18/05 70,314
*LLL*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/26/05 - A PACCAR INC. *PCAR* 693718108 02/28/05 126,364
1 Elect Directors For For Mgmt
2 Declassify the Board of Directors Against Against ShrHoldr
3 Amend Bylaws to Provide for Director Against Against ShrHoldr
Nominees to be Elected by Majority Vote
04/27/05 - A EATON CORP. *ETN* 278058102 02/28/05 116,136
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/27/05 - A FLUOR CORP. *FLR* 343412102 03/02/05 74,087
1 Elect Directors For Split Mgmt
1.1 Elect Director Peter J. Fluor --- Withhold
WITHHOLD votes from Peter J. Fluor for standing as
an affiliated outsider on the Compensation and
Nominating committees.
1.2 Elect Director David P. Gardner --- For
1.3 Elect Director Joseph W. Prueher --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.4 Elect Director Suzanne H. Woolsey --- For
2 Ratify Auditors For For Mgmt
3 Amend Governance Documents Regarding Against Against ShrHoldr
Majority Votes for Directors
04/27/05 - A GENERAL ELECTRIC CO. *GE* 369604103 02/28/05 4,893,384
1 Elect Directors For Split Mgmt
1.1 Elect Director James I. Cash, Jr. --- For
1.2 Elect Director William M. Castell --- For
1.3 Elect Director Dennis D. Dammerman --- For
1.4 Elect Director Ann M. Fudge --- For
1.5 Elect Director Claudio X. Gonzalez ---
Withhold
WITHHOLD votes for sitting on more than four
boards.
1.6 Elect Director Jeffrey R. Immelt --- For
1.7 Elect Director Andrea Jung --- For
1.8 Elect Director Alan G. Lafley --- For
1.9 Elect Director Ralph S. Larsen --- For
1.10 Elect Director Rochelle B. Lazarus --- For
1.11 Elect Director Sam Nunn --- For
1.12 Elect Director Roger S. Penske --- For
1.13 Elect Director Robert J. Swieringa --- For
1.14 Elect Director Douglas A. Warner III --- For
1.15 Elect Director Robert C. Wright --- For
2 Ratify Auditors For For Mgmt
3 Provide for Cumulative Voting Against Against ShrHoldr
4 Report on Nuclear Fuel Storage Risks Against Against ShrHoldr
5 Report on PCB Clean-up Costs Against Against ShrHoldr
6 Adopt Policy on Overboarded Directors Against Against ShrHoldr
7 Prepare a Sustainability Report Against Against ShrHoldr
8 Political Contributions/Activities Against Against ShrHoldr
9 Eliminate Animal Testing Against Against ShrHoldr
04/27/05 - A TEXTRON INC. *TXT* 883203101 03/04/05 104,971
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Separate Chairman and CEO Positions Against Against ShrHoldr
4 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-bsaed compensation.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
04/27/05 - A W.W. GRAINGER, INC. *GWW* 384802104 03/07/05 72,642
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
04/28/05 - A AVERY DENNISON CORP. *AVY* 053611109 02/28/05 85,505
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
04/28/05 - A LOCKHEED MARTIN CORP. *LMT* 539830109 03/01/05 286,497
1 Elect Directors For Split Mgmt
1.1 Elect Director E.C. 'Pete' Aldridge, Jr.
--- For
1.2 Elect Director Nolan D. Archibald --- For
1.3 Elect Director Marcus C. Bennett --- For
1.4 Elect Director James O. Ellis, Jr. --- For
1.5 Elect Director Gwendolyn S. King --- For
1.6 Elect Director Douglas H. McCorkindale ---
For
1.7 Elect Director Eugene F. Murphy --- For
1.8 Elect Director Joseph W. Ralston ---
Withhold
WITHHOLD votes from Frank Savage for standing as
an affiliated outsider on the Compensation
Committee and Joseph W. Ralston for standing as an
affiliated outsider on the Nominating Committee.
1.9 Elect Director Frank Savage --- Withhold
1.10 Elect Director Anne Stevens --- For
1.11 Elect Director Robert J. Stevens --- For
1.12 Elect Director James R. Ukropina --- For
1.13 Elect Director Douglas C. Yearley --- For
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Performance-Based/Indexed Options Against Against ShrHoldr
5 Adopt Simple Majority Vote Requirement for Against For ShrHoldr
All Issues
A simple majority of voting shares should be
sufficient
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
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.
6 Report on Pay Disparity Against Against ShrHoldr
7 and amend its code of conduct and policies Against Against ShrHoldr
related to bidding Review Code of Conduct
on Military Contracts
05/02/05 - A THE BOEING CO. *BA* 097023105 03/03/05 535,898
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Adopt Human Rights Policy Against Against ShrHoldr
4 Develop Ethical Criteria for Military Against Against ShrHoldr
Contracts
5 Report on Political Contributions Against Against ShrHoldr
6 Declassify the Board of Directors Against Against ShrHoldr
7 Adopt Simple Majority Vote Requirement Against For ShrHoldr
SSGA supports shareholder proposals seeking to
eliminate supermajority vote requirements, as they
may serve as entrenchment devices for management
and therefore are not in the shareholders' best
interest.
8 Establish Other Board Committee Against Against ShrHoldr
9 Separate Chairman and CEO Positions Against Against ShrHoldr
05/03/05 - A AMERICAN STANDARD COMPANIES INC. 029712106 03/10/05 162,807
*ASD*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/03/05 - A POWER-ONE, INC. *PWER* 739308104 03/11/05 162,742
1 Declassify the Board of Directors For For Mgmt
2 Elect Directors For For Mgmt
3 Ratify Auditors For For Mgmt
05/03/05 - A ROBERT HALF INTERNATIONAL INC. *RHI* 770323103 03/11/05 149,281
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For Against Mgmt
The initiative cannot be supported as the total
level of potential dilution under all plans is
above the allowable cap of 15%.
3 Approve Executive Incentive Bonus Plan For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
4 Ratify Auditors For For Mgmt
05/04/05 - A CSX CORP. *CSX* 126408103 03/04/05 158,118
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Subject Non-Deductible Executive Against Against ShrHoldr
Compensation to Shareholder Vote
4 Adopt Simple Majority Vote Requirement Against For ShrHoldr
SSGA support shareholder proposals seeking to
eliminate supermajority vote requirements, as they
may serve as entrenchment devices for management
and therefore are not in the shareholders' best
interest.
05/04/05 - A DANAHER CORP. *DHR* 235851102 03/07/05 211,813
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/04/05 - A GENERAL DYNAMICS CORP. *GD* 369550108 03/11/05 132,715
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Limit Executive Compensation Against Against ShrHoldr
4 Report on Foreign Weapons Sales Against Against ShrHoldr
05/04/05 - A RAYTHEON CO. *RTN* 755111507 03/09/05 302,325
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 Amend Non-Employee Director Restricted For For Mgmt
Stock Plan
6 Adopt MacBride Principles Against Against ShrHoldr
7 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
8 Require Director Nominee Qualifications Against Against ShrHoldr
05/05/05 - A UNION PACIFIC CORP. *UNP* 907818108 02/25/05 176,564
1 Elect Directors For Split Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 9
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.1 Elect Director Philip F. Anschutz ---
Withhold
Philip F. Anschutz is a CEO director on the
nominating committee.
1.2 Elect Director Erroll B. Davis, Jr. --- For
1.3 Elect Director Richard K. Davidson --- For
1.4 Elect Director Thomas J. Donohue --- For
1.5 Elect Director Archie W. Dunham --- For
1.6 Elect Director Spencer F. Eccles --- For
1.7 Elect Director Judith Richards Hope --- For
1.8 Elect Director Michael W. McConnell --- For
1.9 Elect Director Steven R. Rogel --- For
1.10 Elect Director James R. Young --- For
1.11 Elect Director Ernesto Zedillo Ponce de
Leon --- For
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Performance- Based/Indexed Options Against Against ShrHoldr
05/05/05 - A UNITED PARCEL SERVICE, INC. *UPS* 911312106 03/07/05 697,410
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/06/05 - A ILLINOIS TOOL WORKS INC. *ITW* 452308109 03/08/05 192,042
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Implement China Principles Against Against ShrHoldr
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/06/05 - A RYDER SYSTEM, INC. *R* 783549108 03/11/05 70,859
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
05/09/05 - A PITNEY BOWES INC. *PBI* 724479100 03/11/05 161,178
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 10
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
05/10/05 - A 3M CO *MMM* 88579Y101 03/11/05 486,077
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Eliminate Animal Testing Against Against ShrHoldr
5 Implement China Principles Against Against ShrHoldr
05/10/05 - A CUMMINS , INC. *CMI* 231021106 03/21/05 52,968
1 Elect Directors For Split Mgmt
1.1 Elect Director Robert J. Darnall --- For
1.2 Elect Director John M. Deutch --- For
1.3 Elect Director Alexis M. Herman --- For
1.4 Elect Director William I. Miller ---
Withhold
William I. Miller is an affiliated outsider on the
nominating committee.
1.5 Elect Director Georgia R. Nelson --- For
1.6 Elect Director Theodore M. Solso --- For
1.7 Elect Director Carl Ware --- For
1.8 Elect Director J. Lawrence Wilson --- For
2 Ratify Auditors For For Mgmt
3 Implement Labor Rights Standards in China Against Against ShrHoldr
05/10/05 - A ITT INDUSTRIES, INC. *ITT* 450911102 03/18/05 68,451
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
05/10/05 - A MASCO CORP. *MAS* 574599106 03/15/05 303,595
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/12/05 - A NORFOLK SOUTHERN CORP. *NSC* 655844108 03/07/05 284,155
1 Elect Directors For Split Mgmt
1.1 Elect Director Gerald L. Baliles ---
Withhold
WITHHOLD votes from Gerald L. Baliles for standing
as an affiliated outsider on the Nominating
Committee.
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 11
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
1.2 Elect Director Gene R. Carter --- For
1.3 Elect Director Charles W. Moorman --- For
1.4 Elect Director J. Paul Reason --- For
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Approve Executive Incentive Bonus Plan For For Mgmt
05/13/05 - A WASTE MANAGEMENT, INC. *WMI* 94106L109 03/18/05 380,975
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Privatization Against Against ShrHoldr
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
5 Report on Political Contributions Against Against ShrHoldr
6 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder Vote
05/17/05 - A EQUIFAX INC. *EFX* 294429105 03/09/05 113,525
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/17/05 - A NORTHROP GRUMMAN CORP. *NOC* 666807102 03/21/05 252,944
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors For For Mgmt
4 Amend Nonemployee Director Plan (Stock For For Mgmt
Awards in Lieu of Cash)
5 Adopt Simply Majority Vote Requirement Against For ShrHoldr
SSGA supports shareholder proposals seeking to
eliminate supermajority vote requirements.
05/18/05 - A SOUTHWEST AIRLINES CO. *LUV* 844741108 03/23/05 519,917
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/19/05 - A DELTA AIR LINES, INC. *DAL* 247361108 03/25/05 158,810
1 Elect Directors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 12
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Adopt Policy to Prohibit Discrimination Against Against ShrHoldr
based on Sexual Orientation
5 Limit Executive Compensation Against Against ShrHoldr
6 Company-Specific--Compensation-Related Against Against ShrHoldr
7 Company-Specific--Compensation-Related Against Against ShrHoldr
8 Provide for Cumulative Voting Against Against ShrHoldr
9 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
05/20/05 - A ALLIED WASTE INDUSTRIES, INC. *AW* 019589308 04/01/05 264,956
1 Elect Directors For Split Mgmt
1.1 Elect Director Charles H. Cotros --- For
1.2 Elect Director Robert M. Agate --- For
1.3 Elect Director Leon D. Black --- For
1.4 Elect Director James W. Crownover --- For
1.5 Elect Director Michael S. Gross --- Withhold
WITHHOLD votes from Michael S. Gross for sitting
on more than four boards.
1.6 Elect Director Dennis R. Hendrix --- For
1.7 Elect Director J. Tomilson Hill --- For
1.8 Elect Director Nolan Lehmann --- For
1.9 Elect Director Howard A. Lipson --- For
1.10 Elect Director Antony P. Ressler --- For
2 Ratify Auditor For For Mgmt
3 Amend Non-Employee Director Omnibus Stock For For Mgmt
Plan
05/26/05 - A R. R. DONNELLEY & SONS CO. *RRD* 257867101 04/01/05 191,957
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Limit Executive Compensation Against Against ShrHoldr
06/01/05 - A INGERSOLL-RAND COMPANY LIMITED G4776G101 04/04/05 120,213
MEETING FOR HOLDERS OF ADR'S
1 Elect Directors For For Mgmt
2 APPROVAL OF AMENDMENT TO BYE-LAW 10 OF THE For For Mgmt
BYE-LAWS TO
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 13
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
INDUSTRIAL SELECT SECTOR SPDR FUND - J911
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ------------------------------------------------------------------------------------------------------------------------------------
ELIMINATE THE CLASSIFICATION OF THE BOARD
OF DIRECTORS.
3 APPROVAL OF AMENDMENT TO BYE-LAW 10 OF THE For For Mgmt
BYE-LAWS TO ELIMINATE CUMULATIVE VOTING IN
THE ELECTION OF DIRECTORS.
4 Ratify Auditors For For Mgmt
06/09/05 - A AMERICAN POWER CONVERSION CORP. 029066107 04/13/05 144,834
*APCC*
1 Fix Number of Directors For For Mgmt
2 Elect Directors For For Mgmt
3 Ratify Auditors For For Mgmt
06/16/05 - A MONSTER WORLDWIDE, INC. *MNST* 611742107 05/04/05 115,812
1 Elect Directors For For Mgmt
2 Amend Non-Employee Director Omnibus Stock For For Mgmt
Plan
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 14
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- -----------------------------------------------------------------------------------------------------------------------------------
09/30/04 - A WORTHINGTON INDUSTRIES INC. *WOR* 981811102 08/05/04 162,224
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
01/20/05 - A MONSANTO CO. *MON* 61166W101 11/22/04 572,738
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Report on Genetically Modified Organisms Against Against ShrHoldr
5 Report on Export of Hazardous Pesticides Against Against ShrHoldr
6 Adopt Human Rights Policy Against Against ShrHoldr
7 Eliminate Animal Testing Against Against ShrHoldr
01/27/05 - A AIR PRODUCTS & CHEMICALS, INC. *APD* 009158106 11/30/04 476,296
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/21/05 - A PPG INDUSTRIES, INC. *PPG* 693506107 02/22/05 378,755
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/21/05 - A WEYERHAEUSER CO. *WY* 962166104 02/25/05 507,310
1 Elect Directors For For Mgmt
2 Expense Stock Options Against Against ShrHoldr
3 Declassify the Board of Directors Against Against ShrHoldr
4 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
5 Report on Eliminating the Purchase of Against Against ShrHoldr
Timber from National Forests
6 Ratify Auditors For For Mgmt
04/22/05 - A ALCOA INC. *AA* 013817101 01/24/05 1,803,233
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/22/05 - A ALLEGHENY TECHNOLOGIES, INC. *ATI* 01741R102 03/03/05 260,613
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Re-Approve Performance-Based Goals For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- -----------------------------------------------------------------------------------------------------------------------------------
under Incentive Plan
04/26/05 - A MEADWESTVACO CORP. *MWV* 583334107 03/01/05 466,756
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
04/26/05 - A PRAXAIR, INC. *PX* 74005P104 03/01/05 741,146
1 Elect Directors For For Mgmt
2 Amend Non-Employee Director Stock Option For For Mgmt
Plan
3 Ratify Auditors For For Mgmt
04/26/05 - A UNITED STATES STEEL CORP. *X* 912909108 02/25/05 267,909
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Approve Executive Incentive Bonus Plan For For Mgmt
04/27/05 - A BALL CORP. *BLL* 058498106 03/01/05 263,598
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Bundled Compensation Plans For For Mgmt
4 Increase Authorized Common Stock For Against Mgmt
The number of additional authorized common shares
sought in this proposal exceeds guidelines
(129%). The company has not offered a specific
purpose for the additional shares.
5 Declassify the Board of Directors Against Against ShrHoldr
04/27/05 - A E.I. DU PONT DE NEMOURS & CO. *DD* 263534109 03/07/05 2,346,643
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Government Service of Employees Against Against ShrHoldr
4 Implement ILO Code of Conduct Against Against ShrHoldr
5 Executive Compensation Against Against ShrHoldr
6 Eliminate Animal Testing Against Against ShrHoldr
7 Report on Genetically Modified Organisms Against Against ShrHoldr
8 Performance- Based/Indexed Options Against Against ShrHoldr
9 Report on PFOA Chemical Remediation Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- -----------------------------------------------------------------------------------------------------------------------------------
04/27/05 - A NEWMONT MINING CORP. (HOLDING 651639106 03/03/05 873,148
COMPANY) *NEM*
1 Elect Directors For Split Mgmt
1.1 Elect Director Glen A. Barton --- For
1.2 Elect Director Vincent A. Calarco --- For
1.3 Elect Director Michael s. Hamson --- For
1.4 Elect Director Leo I. Higdon, Jr. --- For
1.5 Elect Director Pierre Lassonde --- For
1.6 Elect Director Robert J. Miller --- Withhold
WITHHOLD votes from Robert J. Miller for standing
as an affiliated outsider on the Nominating
Committee.
1.7 Elect Director Wayne W. Murdy --- For
1.8 Elect Director Robin A. Plumbridge --- For
1.9 Elect Director John B. Prescott --- For
1.10 Elect Director Donald C. Roth --- For
1.11 Elect Director Seymour Schulich --- For
1.12 Elect Director James V. Taranik --- For
2 Ratify Auditors For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
05/02/05 - A LOUISIANA-PACIFIC CORP *LPX* 546347105 03/04/05 281,272
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/02/05 - A ROHM AND HAAS CO. *ROH* 775371107 03/04/05 538,310
1 Elect Directors For For Mgmt
2 Approve Non-Employee Director Stock Option For For Mgmt
Plan
3 Amend 401(k)/Savings Plan For For Mgmt
4 Ratify Auditors For For Mgmt
5 Other Business For Against Mgmt
Details of other business items not disclosed
05/03/05 - A GEORGIA-PACIFIC CORP. *GP* 373298108 03/01/05 594,715
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
4 Declassify the Board of Directors Against For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- -----------------------------------------------------------------------------------------------------------------------------------
05/03/05 - A SIGMA-ALDRICH CORP. *SIAL* 826552101 03/07/05 167,044
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/05/05 - A BEMIS COMPANY, INC. *BMS* 081437105 03/11/05 279,576
1 Elect Directors For Split Mgmt
1.1 Elect Director Edward N. Perry --- For
1.2 Elect Director William J. Scholle ---
Withhold
WITHHOLD votes from William J. Scholle for
standing as an affiliated outsider on the Audit
and Nominating committees.
1.3 Elect Director Timothy M. Manganello --- For
1.4 Elect Director Philip G. Weaver --- For
2 Amend Executive Incentive Bonus Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/05/05 - A EASTMAN CHEMICAL CO. *EMN* 277432100 03/15/05 199,254
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/05/05 - A ENGELHARD CORP. *EC* 292845104 03/15/05 310,339
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/05/05 - A FREEPORT-MCMORAN COPPER & GOLD INC. 35671D857 03/09/05 448,579
*FCX*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Executive Incentive Bonus Plan For For Mgmt
4 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
5 Review Payment Policy to Indonesian Military Against Against ShrHoldr
05/06/05 - A ECOLAB, INC. *ECL* 278865100 03/15/05 643,668
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Require a Majority Vote for the Election of Against Against ShrHoldr
Directors
4 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- -----------------------------------------------------------------------------------------------------------------------------------
05/06/05 - A TEMPLE-INLAND INC. *TIN* 879868107 03/09/05 142,419
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/10/05 - A INTERNATIONAL FLAVORS & FRAGRANCES 459506101 03/22/05 220,195
INC. *IFF*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/10/05 - A INTERNATIONAL PAPER CO. *IP* 460146103 03/17/05 1,195,141
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Limit Executive Compensation Against Against ShrHoldr
05/12/05 - A NUCOR CORP. *NUE* 670346105 03/14/05 415,269
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Approve Omnibus Stock Plan For For Mgmt
05/12/05 - A THE DOW CHEMICAL COMPANY *DOW* 260543103 03/14/05 2,404,363
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Persistent Bioaccumulative and Against Against ShrHoldr
Toxic Chemicals
05/13/05 - A VULCAN MATERIALS CO. *VMC* 929160109 03/21/05 239,364
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/20/05 - A PACTIV CORP. *PTV* 695257105 03/21/05 348,792
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/20/05 - A SEALED AIR CORP. *SEE* 81211K100 03/22/05 194,053
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Amend Executive Incentive Bonus Plan For For Mgmt
4 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
MATERIALS SELECT SECTOR SPDR FUND - J910
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- -----------------------------------------------------------------------------------------------------------------------------------
05/27/05 - A PHELPS DODGE CORP. *PD* 717265102 04/07/05 243,702
1 Elect Directors For For Mgmt
2 Approve Executive Incentive Bonus Plan For For Mgmt
3 Increase Authorized Common Stock For For Mgmt
4 Ratify Auditors For For Mgmt
06/16/05 - A HERCULES INC. *HPC* 427056106 04/18/05 287,766
1 Elect Directors For Split Mgmt
1.1 Elect Director Anna Cheng Catalano --- For
1.2 Elect Director Burton M. Joyce --- For
1.3 Elect Director Jeffrey M. Lipton ---
Withhold
Jeffrey M. Lipton is an affiliated outsider on
the compensation and nominating committee.
1.4 Elect Director John K. Wulff --- For
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
02/25/05 - A PEOPLES ENERGY CORP. *PGL* 711030106 12/31/04 195,216
1 Elect Directors For For Mgmt
2 Submit Shareholder Rights Plan None For ShrHoldr
(Poison Pill) to Shareholder Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
04/05/05 - A SEMPRA ENERGY *SRE* 816851109 02/18/05 1,221,587
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Approve Option Expensing Against Against ShrHoldr
4 Declassify the Board of Directors Against For ShrHoldr
Classified boards serve to entrench management and
discourage bidders by preventing replacement of
the board in one year. In addition, shareholders
are prevented from removing board members who are
not acting in the best interest of shareholders
until their term is completed.
5 Performance-Based/Indexed Options Against Against ShrHoldr
6 Submit Shareholder Rights Plan Against For ShrHoldr
(Poison Pill) to Shareholder Vote
Because shareholder rights plans greatly alter the
balance of power between shareholders and
management, shareholders should be allowed to make
their own evaluation of such plans.
04/20/05 - A PG&E CORP. *PCG* 69331C108 02/22/05 2,125,338
1 Elect Directors For Split Mgmt
1.1 Elect Director David R. Andrews --- For
1.2 Elect Director Leslie S. Biller --- For
1.3 Elect Director David A. Coulter --- Withhold
WITHHOLD votes from David A. Coulter for standing
as an affiliated outsider on the Nominating,
Compensation, and Governance Committee.
1.4 Elect Director C. Lee Cox --- For
1.5 Elect Director Peter A. Darbee --- For
1.6 Elect Director Robert D. Glynn, Jr --- For
1.7 Elect Director Mary S. Metz --- For
1.8 Elect Director Barbara L. Rambo --- For
1.9 Elect Director Barry Lawson Williams ---
For
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 1
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
3 Approve Omnibus Stock Plan For For Mgmt
4 Expense Stock Options Against Against ShrHoldr
5 Adopt Policy on Nuclear Waste
Storage Against Against ShrHoldr
6 Amend Terms of Existing Poison Pill Against Against ShrHoldr
7 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
8 Allow Vote on Golden Parachutes Against For ShrHoldr
The compensation committee is not entirely
independent therefore this proposal will be
supported by SSGA
04/21/05 - A NICOR INC. *GAS* 654086107 02/22/05 234,023
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/22/05 - A DOMINION RESOURCES, INC. *D* 25746U109 02/25/05 1,759,886
1 Elect Directors For For Mgmt
2 Approve Non-Employee Director
Omnibus Stock Plan For For Mgmt
3 Approve Omnibus Stock Plan For For Mgmt
4 Ratify Auditors For For Mgmt
5 Report on Greenhouse Gas Emissions Against Against ShrHoldr
04/22/05 - A PPL CORP. *PPL* 69351T106 02/28/05 979,867
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/26/05 - A AMEREN CORPORATION *AEE* 023608102 03/04/05 1,017,867
1 Elect Directors For Split Mgmt
1.1 Elect Director Susan S. Elliott --- For
1.2 Elect Director Gayle P.W. Jackson --- For
1.3 Elect Director James C. Johnson --- For
1.4 Elect Director Richard A. Liddy --- For
1.5 Elect Director Gordon R. Lohman --- For
1.6 Elect Director Richard A. Lumpkin --- For
1.7 Elect Director Paul L. Miller, Jr. --- For
1.8 Elect Director Charles W. Mueller --- For
1.9 Elect Director Douglas R. Oberhelman ---
Withhold
Douglas R. Oberhelman is an affiliated outsider on
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 2
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
the audit committee.
1.10 Elect Director Gary L. Rainwater --- For
1.11 Elect Director Harvey Saligman --- For
1.12 Elect Director Patrick T. Stokes --- For
2 Ratify Auditors For For Mgmt
3 Report on Risks of Nuclear Waste Against Against ShrHoldr
Storage
4 Require Independent Director To Against Against ShrHoldr
Serve As Chairman Of The Board
04/26/05 - A AMERICAN ELECTRIC POWER CO. *AEP* 025537101 03/02/05 2,072,970
1 Elect Directors For Split Mgmt
1.1 Elect Director E.R. Brooks --- Withhold
WITHHOLD votes from E.R. Brooks for standing as an
affiliated outsider on the Compensation Committee.
1.2 Elect Director Donald M. Carlton --- For
1.3 Elect Director John P. DesBarres --- For
1.4 Elect Director Robert W. Fri --- For
1.5 Elect Director William R. Howell --- For
1.6 Elect Director Lester A. Hudson, Jr. --- For
1.7 Elect Director Michael G. Morris --- For
1.8 Elect Director Lionel L. Nowell III --- For
1.9 Elect Director Richard L. Sandor --- For
1.10 Elect Director Donald G. Smith --- For
1.11 Elect Director Kathryn D. Sullivan --- For
2 Ratify Auditors For For Mgmt
3 Amend Omnibus Stock Plan For For Mgmt
4 Submit Executive Retirement Plan to Against For ShrHoldr
Shareholder Vote
The compensation committee is not entirely
independent, therefore the proposal will be
supported.
04/27/05 - A TECO ENERGY, INC. *TE* 872375100 02/17/05 990,506
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
04/28/05 - A DTE ENERGY CO. *DTE* 233331107 02/28/05 899,345
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 3
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
04/28/05 - A THE AES CORP. *AES* 00130H105 03/03/05 3,395,270
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/05/05 - A CINERGY CORP. *CIN* 172474108 03/04/05 999,271
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/10/05 - A NISOURCE INC. *NI* 65473P105 03/15/05 1,372,779
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 For For Mgmt
Purchase Plan
5 Declassify the Board of Directors Against Against ShrHoldr
6 Require a Majority Vote for the Against Against ShrHoldr
Election of Directors
05/11/05 - A PROGRESS ENERGY, INC. *PGN* 743263105 03/04/05 1,290,936
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/12/05 - A ALLEGHENY ENERGY, INC. *AYE* 017361106 03/17/05 717,179
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Management to Retain Stock Against Against ShrHoldr
4 Separate Chairman and CEO Positions Against Against ShrHoldr
5 Adopt Policy on Overboarded Against Against ShrHoldr
Directors
6 Performance- Based/Indexed Options Against For ShrHoldr
SSGA supports performance-based compensation.
05/12/05 - A DUKE ENERGY CORP. *DUK* 264399106 03/14/05 4,792,713
1 Elect Directors For For Mgmt
2 Declassify the Board of Directors For For Mgmt
3 Ratify Auditors For For Mgmt
05/13/05 - A ENTERGY CORP. *ETR* 29364G103 03/16/05 1,136,653
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Require the Chairman of the Board Against Against ShrHoldr
Be an Independent Director
4 Require a Majority Vote for the Against Against ShrHoldr
Election of Directors
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 4
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
05/16/05 - A CONSOLIDATED EDISON, INC. *ED* 209115104 03/28/05 1,303,907
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Executive Compensation Against Against ShrHoldr
05/17/05 - A FIRSTENERGY CORPORATION *FE* 337932107 03/22/05 1,656,260
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Report on Political Contributions Against Against ShrHoldr
4 Amend Vote Requirements to Amend Against For ShrHoldr
Articles/Bylaws/Charter
SSGA supports proposals that ask the company to
reduce its supermajority vote requirements.
5 Performance- Based/Indexed Options Against Against ShrHoldr
05/18/05 - A PINNACLE WEST CAPITAL CORP. *PNW* 723484101 03/18/05 477,504
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/19/05 - A DYNEGY, INC. *DYN* 26816Q101 03/31/05 1,763,919
1 Elect Directors For Split Mgmt
1.1 Elect Director Charles E. Bayless --- For
1.2 Elect Director David W. Biegler --- For
1.3 Elect Director Linda Walker Bynoe --- For
1.4 Elect Director Thomas D. Clarke, Jr. --- For
1.5 Elect Director Barry J. Galt --- Withhold
WITHHOLD votes from Barry J. Galt for standing as
an affiliated outsider on the Audit and
Compensation committees.
1.6 Elect Director Patricia A. Hammick --- For
1.7 Elect Director George L. Mazanec --- For
1.8 Elect Director Robert C. Oelkers --- For
1.9 Elect Director Joe J. Stewart --- For
1.10 Elect Director William L. Trubeck --- For
1.11 Elect Director Bruce A. Williamson --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 5
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
2 Change State of Incorporation from For For Mgmt
Illinois to Delaware
3 Ratify Auditors For For Mgmt
4 Claw-Back of Awards Under Against Against ShrHoldr
Restatement
05/19/05 - A EDISON INTERNATIONAL *EIX* 281020107 03/21/05 1,821,110
1 Elect Directors For For Mgmt
2 Submit Severance Agreement Against Against ShrHoldr
(Change-in-Control) to Shareholder
Vote
05/20/05 - A CMS ENERGY CORP. *CMS* 125896100 03/31/05 1,027,467
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/20/05 - A CONSTELLATION ENERGY GROUP, INC. 210371100 03/18/05 917,122
*CEG*
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/20/05 - A FPL GROUP, INC. *FPL* 302571104 03/22/05 1,864,026
1 Elect Directors For Split Mgmt
1.1 Elect Director Director H. Jesse
Arnelle --- For
1.2 Elect Director Director Sherry S.
Barrat --- For
1.3 Elect Director Director Robert M.
Beall, II --- For
1.4 Elect Director Director J. Hyatt
Brown --- Withhold
We recommend a vote FOR the director with the
exception of independent outsider J. Hyatt Brown.
We recommend that shareholders WITHHOLD votes from
J. Hyatt Brown for sitting on more than four
boards.
1.5 Elect Director Director James L. Camaren
--- For
1.6 Elect Director Director Lewis Hay, III ---
For
1.7 Elect Director Director Rudy E. Schupp ---
For
1.8 Elect Director Director Michael H. Thaman
--- For
1.9 Elect Director Director Hansel E. Tookes,
II --- For
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 6
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
1.10 Elect Director Director Paul R.
Tregurtha --- For
1.11 Elect Director Director Frank G.
Zarb --- For
2 Ratify Auditors For For Mgmt
05/20/05 - A KEYSPAN CORPORATION *KSE* 49337W100 03/22/05 805,241
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
05/20/05 - A TXU CORP. *TXU* 873168108 03/21/05 1,342,753
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Ratify Auditors For For Mgmt
05/25/05 - A CALPINE CORP. *CPN* 131347106 04/01/05 2,827,976
1 Elect Directors For For Mgmt
2 Declassify the Board of Directors For For Mgmt
3 Ratify Auditors For For Mgmt
05/25/05 - A SOUTHERN COMPANY *SO* 842587107 03/28/05 3,985,485
1 Elect Directors For Split Mgmt
1.1 Elect Director Daniel P. Amos --- For
1.2 Elect Director Dorrit J. Bern --- For
1.3 Elect Director Francis S. Blake ---
Withhold
Francis S. Blake is an affiliated outsider on the
audit committee.
1.4 Elect Director Thomas F. Chapman ---
Withhold
Thomas F. Chapman is an affiliated director on the
compensation and nominating committees.
1.5 Elect Director Bruce S. Gordon
--- For
1.6 Elect Director Donald M. James ---
Withhold
Donald M. James is an affiliated outsider on the
audit committee.
1.7 Elect Director Zack T. Pate --- For
1.8 Elect Director J. Neal Purcell ---
For
1.9 Elect Director David M. Ratcliffe
--- For
1.10 Elect Director Gerald J. St. Pe
--- For
2 Ratify Auditors For For Mgmt
3 Report on Political Contributions Against Against ShrHoldr
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 7
VOTE SUMMARY REPORT
Jul 01, 2004 - Jun 30, 2005
UTILITIES SELECT SECTOR SPDR FUND - J918
<Table>
<Caption>
Mtg Company/ Mgmt Vote Record Shares
Date/Type Ballot Issues Security Rec Cast Date Prpnent Voted
- ---------------------------------------------------------------------------------------------------------------------
05/25/05 - A XCEL ENERGY INC. *XEL* 98389B100 03/28/05 2,153,926
1 Elect Directors For For Mgmt
2 Approve Omnibus Stock Plan For For Mgmt
3 Approve Executive Incentive Bonus For For Mgmt
Plan
4 Ratify Auditors For For Mgmt
06/02/05 - A CENTERPOINT ENERGY INC *CNP* 15189T107 04/04/05 1,534,640
1 Elect Directors For For Mgmt
2 Ratify Auditors For For Mgmt
3 Declassify the Board of Directors Against Against ShrHoldr
4 Other Business Against Against Mgmt
- --------------------------------------------------------------------------------
Mgmt Rec - Company Management Recommended Vote Page 8
SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
The Select Sector SPDR Trust
(Registrant)
By: /s/Gary L. French
------------------
Gary L. French
President
Date: August 31, 2005
---------------------------