HomeMy WebLinkAboutAgenda Fire Pension 112607THE PENSION RESOURCE CENTER, INC.
4360 Northlake Boulevard, Suite 206 ❖ Palm Beach Gardens, FL 33410
Phone (561) 6243277 ❖ Fax (561) 6243278 •.* WWW.RESOURCECENTERS.COM
PALM BEACH GARDENS FIREFIGHTERS'
PENSION FUND
Meeting of Monday, November 26, 2007
Location: Palm Beach Gardens Fire Rescue — Station 3
5161 Northlake Blvd.
Palm Beach Gardens, Florida 33410
(561) 776 -1071
Time: 9:30 A.M.
AGENDA
1. Call Meeting to Order
2. Minutes of Meeting Held September 24, 2007
3. Investment Manager Report: Dana Investment Advisors
4. Investment Monitor Report: Bogdahn Consulting
5. Attorney Report: Bob Sugarman
• Proposal for Increase in Fee for Legal Services
6. Administrative Report: Margie Adcock
7. Disbursements
8. Other Business
Determine 2008 Meeting Schedule
9. Schedule Next Meeting
10.Adjourn
PLEASE NOTE:
Should any interested party seek to appeal any decision made by the Board with respect to any matter
considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he
may need to insure that a verbatim record of the proceedings is made, which record includes the testimony
and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act
of 1990, persons needing a special accommodation to participate in this meeting should contact The
Pension Resource Center, Inc. no later than four days prior to the meeting.
NAME
r f
'2 is L Z�adts
,el
AA _ il,I
6v,U'j
I t
CITY OF PALM BEACH GARDENS
MEETING
2 6, v o
DATE
SIGN -IN SHEET
PLEASE PRINT
MUNICIPALITY /COMPANY
t�aaw^j IM t"6 r v-
t6 _Qe
j vi STS
PHONE
3;7-r - ?-2> -7q.;�7
'36'3 - �•� 3 ��$ 9
-17
is
Is
■
I
�ti h V
.s4Z xh� '• ,1
Iw ^
AL
MNN -A
el
Y �
F.
J
z �
vi O
O
cn N
>q
r-.
z �
'~ o
Q Z
z¢"
Q
U
O
5
a
z
a
A
C�
4�
4�
T
O
wo
.�
V
J
z �
vi O
O
cn N
>q
r-.
z �
'~ o
Q Z
z¢"
Q
U
O
5
a
z
a
A
C
v
Q
0
U
0
v
_n
f�
■
■
■
■
■
■
■
■
■
■
■
U
Q
r�
4
C
c
a
N
M
O
• 1.1
4�
0 POW
Re
r
V]
G�
V
CJ
a�
FBI
. i••1
U
a
0
7
w
F
,G
N
_
c�
cz
o
U
>
O
v
O
~
j
p
ct
Ct
4-1
cz
r--+
N
V�
C13
.
>
^,
�'
Qn
O
A
>
71
ct
A.r
U
O
cn
ct
cn
ct
O
Q
-�
_
Qr
cz
~
p
o
4R)
,�
Q
4�
U
ol
o
�
?C
U
r-+
V
U
Q
�
Fil
ow
U
a
0
7
w
F
,G
O
G�
G�
4mo
-I
wo
rA
Qj
4-
O
U
i
xi
3
O
.O
O
a
0
a�
U
O
O �
O
� M
U �
U
� O
U N
O
U �
6oq
a�
►7
U
ct
bD
v
Kof,
M_
—4
r—
M
O
�
00
INC
cn
IZ
O
O
i'
cz
L
s-.
N
VJ
I•
m
b4
N
ct
N
ct
W
z
a
0
5
¢�1
d
z
d
Q
d-
N (-I
bz
c
"
v
O
Qj
"
cn
�o
rC
000
°
o
O0
H
OR
ct
00
O
N
O
J
F-1
o
o
N
3
��
o
$14
OR
o
Q
--�
�
O
�
o
'ct
y
Lr)
�
O
OO
lfl
li1
ao
v
v
o
cn
,.
cc
cz
o
r.r!
`r
V
cd
'o
v
�
o
w
o
co
a
o
O
w
o
LrI
O
Q
CD
o
Q
r4-)
M
V)
Q
M
`a
L
o
>
(J
cz
.�
u
*
�4
a,
11
W
Gi
H
Q
'r
O
A�
W
F
W
G�
G�
n
W
C �l
kK;
N
03
c�
O
U
a�
U
c�
U
'd
O
W'd
c�
O
O N
M N
00 �
U
M �
3
03
ct
�--+ ct
N
O
O �
• rl
`J r1
a
0
N \
O � ltj
O
U if)
O • � b/4
� O
� � O
N O
p O �
N � O
O
O U �
E-+ �
'T
U
U
cz
.Y
cl
sacts
CIS
G
0
b
3
a�
b
a
U
U
U
O
b
U
0
5
0
n.
0
v
.n
0
.5
U
z
Eli
x
0
5
¢q
z
w
H
>w
z
a
G1
0
Q
�
�
>
M
M
W
C
0
o
o
�n
Q
b
s
o
o_
as
ct�
00
U
O
7
N
G
�--
U
�
U
�
O
c�
O
O N
M N
00 �
U
M �
3
03
ct
�--+ ct
N
O
O �
• rl
`J r1
a
0
N \
O � ltj
O
U if)
O • � b/4
� O
� � O
N O
p O �
N � O
O
O U �
E-+ �
'T
U
U
cz
.Y
cl
sacts
CIS
G
0
b
3
a�
b
a
U
U
U
O
b
U
0
5
0
n.
0
v
.n
0
.5
U
z
Eli
x
0
5
¢q
z
w
H
>w
z
a
G1
0
15800 W. Bluemound Rd. Suite 250 Brookfield, WI 53005 -6026 Correspondence: P.O. Box 1067 Brookfield, WI 53008 -1067
( 800) 765 -0157 www.danainvestment.com dia@danainvestment.com
Most domestic large cap stocks finished the third quarter of 2007
with positive returns. It would be easy to conclude that it was a
fairly uneventful period if one merely looked at the S&P 500's
2.03% return in the quarter. The reality is that the quarter was
anything but normal, as equity markets worldwide experienced
rollercoaster type volatility.
The markets started the third quarter with solid positive momen-
tum. By August 15th, however, the S&P 500 had lost almost
11% from its the peak on July 19th. The Russell 2000 fell even
more, roughly 11.7% during that same time period. Foreign mar-
kets weren't immune to the trouble either, as the widely followed
EAFE index dropped 11.3 %. Emerging market stocks experi-
enced the wildest ride, incurring almost an 18% decline from
peak to trough.
What happened? In general, the credit markets experienced a
rather sudden, violent and largely unprecedented re -pricing of
risk. Fears over rising delinquency rates among sub -prime mort-
gages and other forms of lower quality debt fueled extreme panic
in the public debt markets. For a brief time period, debt buyers
shunned all but the highest quality and most liquid paper. U.S.
short-term commercial paper outstanding, for example, fell by
over $368 billion in August, or 17 %, representing the worst de-
cline in over seven years according to the Federal Reserve.
Many businesses fund their daily activities with short-term liabili-
ties, so the perception that some businesses would be unable to
roll over their obligations created widespread concern among
equity investors. The pain was especially acute among financials,
and by the end of August, several major independent mortgage
companies were forced to declare bankruptcy due to their inabil-
ity to gain access to short-term funding.
Fortunately, central bankers worldwide acted swiftly to provide
liquidity and ensure confidence in worldwide financial markets.
Summary of Index Performance By Style - Sept. 30, 2007
2.36%
0TD
YTD
Annualized
Dana Large Value
0307
2007
3 Yr
S &P 500
2.03
9.13
13.14
Russell 1000 Growth
4.21
12.68
12.20
Russell 1000 Value
-0.24
5.97
15.25
Russell Midcap
2.15
13.35
17.01
Russell MMdcap Value
-3.55
4.83
17.22
Russell 2000 Growth
0.02
9.35
14.10
Russell 2000 Value
-6.26
-2.70
12.51
These actions helped stabilize world markets, but the real recovery
for stocks didn't come until after the Federal Reserve's 50 basis
point cut in the Fed Funds Rate on September 18th. Equity in-
vestors welcomed the perceived softening in the Fed's stance from
an inflation bias to supporting economic growth and thus most
markets experienced strong recoveries after the Fed announce-
ment. By the end of September, the S&P 500 and Russell 2000
had both bounced about 7% from the trough on August 18th.
Foreign markets did even better, partially due to a continued fall
in the U.S. dollar versus most other foreign currencies. U.S. in-
vestors saw the EAFE index jump almost 12% from its lows, while
Emerging Markets bounced a whopping 26 %. These moves al-
lowed most large cap and foreign indices to finish the third quar-
ter with positive returns. Most mid and small cap indices did not
fare as well, however, as most experienced negative returns in the
period.
Total Return through 9 -30 -07 *
Q3 YTD 3 Yrs 5 Yrs
Dana Large Cap 0.21% 9.22% 15.50% 16.17%
Dana Large Growth
2.36%
14.57%
16.26%
17.80%
Dana Large Value
0.42%
9.35%
16.11%
18.71%
Dana All Cap
-0.30%
8.36%
14.71%
16.81%
Dana Small Cap
-5.09%
1.05%
11.87%
16.84%
Dana Small Cap Blend
-3.04%
4.11%
12.98%
17.54%
Dana Socially Responsible
-0.13%
11.62%
16.04%
19.86%
Dana Int'I ADR
- 2.18%
8.07%
-
-
' Preliminary figures as of 10 -15-07
Only two sectors within the S&P 500 had negative returns in the
quarter. Financials fared the worst with a 6.5% loss, and the
Consumer Discretionary sector lost 4.9 %. The best performing
sectors in the quarter were Energy and Information Technology,
with returns of 9.4% and 6.1 % respectively.
Dana Strategies
Most of Dana's equity strategies retain comfortable leads over
their respective benchmarks on a year-to-date basis. Several had a
difficult time keeping up with the large cap market indices in the
third quarter, however. The weakest relative quarterly perform-
ance came from energyholdings. Most of Dana's energyholdings
had previously exhibited strong performance in prior quarters,
hence they tended to lag the almost 10% gain of the energy com-
ponent within the S&P 500 in the third quarter. Ensco Interna-
Summary of Key Index Characteristics
- Sept. 30, 2007
S &P
Russell
Russell
Russell
500
1000 Value
1000 Growth
2000
Weighted Avg
111,541
123,261
74,172
1,303
Market Cap
Median Mkt Cap
13,425
5,543
6,046
631
Dividend yield
1.8
2.4
1.0
1.5
Trailing 12 Mos P/E
16.8
14.0
21.1
17.9
Fwd HE FY1
15.8
13.8
19.2
18.3
Est 3-5 yr EPS
12.4
9.7
15.9
16.2
Growth Rate
tional, an oilfield service company that is held in several strategies,
under -performed the energy group due to bearish sentiment re-
garding Gulf of Mexico drilling. Ensco now offers excellent value
relative to the rest of its energy peers, and we believe future cata-
lysts exist that should help the market regain interest in the com-
pany. Dana's other energy holdings also offer attractive risk/
reward propositions, and thus offer excellent potential to deliver
strong relative performance in future periods.
The Large Growth portfolio delivered the strongest absolute per-
formance for both the recent quarter and year-to-date periods.
Top quarterly performers within the growth portfolio came from a
number of different sectors and included: National Oilwell Varco
( +38.6%), Nvidia ( +31.6%), Precision Castparts ( +22.0%), Cisco
Systems ( +19.0%), and Thermo Fisher Scientific ( +11.8 %).
The Large Value portfolio also generated strong relative perform-
ance vs. the Russell 1000 Value for both the quarter and year -to -
date basis. Top performers for the quarter within the Large Value
portfolio included: Lockheed Martin ( +16.1%), ConocoPhillips
(12.9%), Chevron ( +12.8%), MetLife ( +10.4%) and Verimin Com-
munications (+9.2%). Most of these positions were also top con-
tributors to Dana's Large Cap and All Cap portfolios as well.
Dana's Socially Responsible strategy also continues to deliver
strong absolute and relative performance on a year4odate basis
versus both the S&P 500 and the Domini 400 Social Index.
Cummins ( +27.6%) was a top performer for the second period in
a row, as were many of the stocks listed above that fit the strategy's
social mandate. Among Dana's small cap portfolios, top perform-
ers included: Golden Telecom ( +33.2%), Diodes ( +22.3%) and
Wabtec ( +9.3%).
Investment Outlook
It is looking like 2007 will be a double digit return year for hold-
ers of large cap stocks. As we predicted in prior commentaries,
growth stocks are faring best versus value, and large cap stocks have
recently gained a performance advantage over smaller companies.
We expect this trend to continue, as larger companies tend to gen-
erate a greater percentage of their sales and profits overseas. A rela-
tively healthy global economy coupled with the probabilities of a
continued weak dollar, especially against Asian currencies, is also
very favorable for U.S, companies with international operations. As
a result, Dana's equity team is placing a high priority on investing in
companies with strong or rapidly growing foreign revenue streams.
The recent decline in private equity and other merger & acquisi-
tions activity certainly removes a bullish argument for the market.
That said, the combination of decent global economic growth, rea-
sonable U.S. equity valuations, and less restrictive Fed policy condi-
tions should continue to support equity prices. There could very
well be considerable volatility in coming months, especially as mar-
ket participants handicap the prospects for slower future economic
growth. Regardless, the path of least resistance for equity prices
looks to be higher, especially if corporate earnings can continue
their present modest growth rate.
PA.. ro E.m1.9e Ratio
24
tb.s
to -T7T
12
6
0
0... LC Sa P500
EPS Orowth Rata Fora<eel
20%
5%
ox
Den. LC SaP500
Rim to Earrings Ratio
36
24 17A ___-'-
17.6
12 AHW
0
Data 9C ramdl 200D
EPSOmMh rate Foremet
20% 16.6% 16.2%
15%
10% --
5% -
0%
D, sc Roseau 2000
Den, Lenin GP Ponlollo Clteracudsu<e
Price to Gel, Flow flet,o
20
t.
5
0
Dane LC S8Ps00
Divldend Yield
3%
2% 1 so , 1.77%
1% --
0%
n...,r $aP50a
i
PIE l< Wowm (PEeI Remo .
2
1.4
1.7
0
Dane LC SAP 500 .
Merkel Cep (A- agelMed,enl
120 - __ -- ._ _ ■
C 90
L 90 68.0
'" 3o te.e -
a
..n. LC seI 10
Actual Composite Characteristics as or Seplember 30, 2007 ■
Dime Srell mp rtx00110 Otaractedellm
Fit. to Cash Row Witt
16 14.1
,2 -- -- _ -
0
Dana 9C Fussell 2000
ChAdand Yield
2%
1.10%
1%
0%
C.R. SC Russet 2000
0
RE l0 Growth (PEQ Rah o
2 0
1.1
1.0 ■
o
11-W
Mantel (Bp (Neraga/Medanl ■
p 200
8 2.0
= 1.30
» t.D oss
0.0
pare SC R,.53e11 2000
Actual Canposte Characleristim as of September 30, 2007
Dana Investmed Advisors, Inc. is an independent federally registered investment adviser providing equity and fixed income investment mariagenent services to a broad range of clients. The returns presented have
been prepared and presented in accordance with the AIMR PPS Standards. AIMR has neither endorsed Ow presented perfonnenee, nor is A1MR affiliated with Dena Investment Advisors. Inc. in any way. All fwpeykv
aanunts utilizing similar investment strategies to those discussed herein were included in the composite performance returns presented. Total firm amels for the period extng 12 -31.06 were $2414,940,010. The
number of portfolios contained in the Dana large Cap Equity and Small Cap Equity Strategies were 296 ad 51 respectively. The percentage of firm assets in 2006 represented in the Dana Large Dap Equity Strategy
was 21.71%; with an snub 2006 return (Aspersion of 0.821%. The percentage of firm assets in 2006 represented in the Dana Snell Cap Equity Strategy was 2.2%; with an annual 2006 return dispersion of 0.75 %. To
receive a compete list and description of Dana Investment Advisor, Inc.'s composites ardor a presentaticrn that adheres to the AIMR -PPS standards, contact Ndx Berich at Tai, (262) 782 -3631. All data Is presented
in U.S Dollars. Fbrtfdio characteristics rallied Dam equity strategy hokings as of market dose on the date Indicated Returns presented are exclusive of investment maiage nei and custodial fees, and net of trans-
action costs. Investment rtaraganad fees would reduce the returns presented, for example: on a one- million dollar portfolio with an advisory fee of .751% earning a 109/ return, fine total comnpou nded advisory fee
ova a five year period would be $50,368. The resulting average annual return for the period would therefore be 9.17% All returns were calculated on a time weighted total return basis. Paformalee does include the
accrual of income and the reirremmEnt of dviderlds and inset received. Indexes shown were selected because they demonstrated similar characteristics to the Dana strategy to whin, they were compared. During
various market cycles, fits strategies discussed herein have demonstrated portfolio characteristics and returns that have been both more and less volatile than that of the comparable index. While data dcntained hewkn
was oathered Irom sources deemed reliable, the accuracy of the data presented cannot be guaranteed. Past performance is not indicative of future returns.
■
1
s
I=
15800 W. Bluemound Rd. Suite 250 Brookfield, WI 53005-6026 Correspondence: P.O. Box 1067 Brookfield, WI 53008 -1067
(800) 765 -0157 www.danainvestment.com dia @danainvestment.com
Housing Matters
Dana Composite Yields
at 9/30/2007
Limited Volatility 5.33%
Intermediate 5.13%
Municipal 4.15%
(Tax Equiv. @ 35 %) 6.38%
US Treasury Yields
At 9/30/2007
6 month 3.80%
2 year 3.98%
5 Year 4.24%
10 Year 4.59%
30 Year 4.84%
Dana Municipal
Accounts Versus
Indices YTD
Total Return
Dana Municipal' 3.52%
ML 1 -3 Yr Muni 3.07%
ML 3 -7 Yr Muni 3.27%
(Gross of fees)
With nine months of the year in the books, the
Lehman Aggregate annualized return 5.25% is
almost dead equal to its beginning of year yield
5.34 %. If the index maintains this pace through
the fourth quarter, it will succeed in breaking the
elusive 5% full year return mark for the first time
in five years. While Lehman Aggregate results
depict a return to a low volatility, stable return
environment, the details paint a different picture.
Sector Returns
Not surprisingly, with the turmoil in the housing
markets serving as the original catalyst for the
03 2007 Fixed Income Index Performance
Ticker Total Duration
Return
credit market downturn, the FOMC eased the
Fed Funds rate 50 basis points on September 18th (5.25% to 4.75 %). Treasuries were the best per-
forming sector as investors fled spread product risk and rushed to buy short-dated Treasuries.
As illustrated above, the two -year Treasury rallied 86 basis points while the thirty -year Treasury ral-
lied, only, 25 basis points. Unlike the Treasury sector, Corporates had their worst showing since the
days of the WorldCom crisis exactly five years ago. The losses were fairly evenly distributed across
Corporates, though Brokerage and Banking names did worse than most in the face of sub -prime
contagion and concerns over LBO financing. In fact, those two sectors had their worst perform-
ance since the credit liquidity crisis of late 1998. Rating agencies quickly got into the act — after 5
straight months of strongly positive rating migration statistics, the Corporate upgrade/ downgrade
ratio turned south with more downgrades than upgrades.
Bond Strategy
The September FOMC minutes seemed far more concerned about the potential economic impact of
the financial turbulence than the recent economic data itself, so with the turbulence diminishing is
seems reasonable to expect that the market would adjust its policy expectations. That said, a reason-
able probability of easing by year end is likely to remain priced in (better than 50/ 50), as there are
still economic concerns as well as financial concerns. With the ease of 50 basis points in Fed Funds
and the return of a steep yield curve, we would recommend investors who maintain a short-term
liquidity mandate
consider redeplc
ing assets out
money mark
funds and in
Adjustable Ra
Mortgages (ARM
The ARMs mai
tain a durati,
match to mon
market funds; ho,
ever, ARMS pr
vide a significa
amount of yie
advantage ov
money mark
funds. Current
ARMS are yielding, on av-
erage, 50 basis points
greater than money market
funds. Historically, when
the Fed has eased rates,
Dana's Limited Volatility
strategy has outperformed
money market funds by
120 basis points!
As shown above, during
the last Fed easing cycle,
ARMS averaged a 116 basis
point yield advantage over
money market funds —
with a high of 215 basis
points above money mar-
ket funds. If the FOMC
continues with easing Fed
Fund rates the yield spread between ARMS and money market funds will continue to widen out to the determent of money market funds.
Dana Composite Characteristics
■
Dana Composite Average Average Current Average YTM Effective
■
Quality Coupon Yield (at market) Duration
■
Dana Intermediate AA+ 5.22 5.22 5.13 2.97
Dana Limited Volatility AGY 5.64 5.87 5.33 1.04
Dana Municipal AA+ 4.70 4.70 4.15 2.96
■
Data reflects composites as of market close September 30, 2007
■
Dana Investment Advisors, Inc. is an independent federally registered investment adviser providing equity and fixed income investment manap-mlent ser-
vices to a broad range of clients. The retums presented have been prepared and presented in accordance with the AIMR PPS Standards. AIMR has neither
■
endorsed the presented performance, nor is AIMR affiliated with Dana Investment Advisors, Inc. in any way. All fee-paying accounts utilizing similar invest-
ment strategies to those discussed herein were included in the composite performance returns presented. Total firm assets for the period ending 12314M
were 52,814,940,000. The number of portfolios contained in the Dana Limited Volatility 1 and Limited Volatility 11 Strategies were 33 and 57 respectively.
The number of portfolios contained in the Dana Intermediate and Municipal Bond Strategies were 34 and 53 respectively. The percentage of firm assets in
2006 represented in the Dana Limited Volatility 1 Strategy was 7.1 %; with an annual 2006 return dispersion of 0.24 %. The percentage of firm assets in 2006
.
represented in the Dana Limited Volatility 11 Strategy was 26.1 %; with an annual 2006 return dispersion of'0.32 %. The percentage of firm assets in 2006
represented in the Dana Intermediate Bond Strategy was 4.1 %; with an annual 2006 return dispersion of 0.56 %. The percentage of firm assets in 2006
■
represented in the Dana Municipal Bond Strategy was 4.1 %; with an annual 2006 return dispersion of 0..58 %. To receive a complete list and description of
Dana investment Advisor, inc.'s composites and/or a presentation that adheres to the AIMR -PPS standards. contact Nick Berich at Tel. (262) 782-3631. All
■
data is presented in U.S. Dollars. Portfolio Characteristics reflect the respective Dana Fixed Income Strategy holdings as of market close on the date indi-
cated. Retums presented are exclusive of investment management and custodial fees, and net of transaction costs. Investment management lees would re-
.
duce the returns presented, for example: on a one-million dollar portfolio with an advisory fee of .75% earning a 10% return, the total compounded advi-
sory fix over a five year period would be $50,368. The resulting average annual return for the period would therefore be 9.17 %. All returns were calculated
on a time weighted total return basis. Performance does include the accrual of income and the reinvestment of dividends and interest received. Indexes
■
shown were selected because they demonstrated similar characteristics to the Dana strategy to which they were compared. During various market cycles the
strategies discussed herein have demonstrated portfolio characteristics and returns that have been both more and less volatile than that of the comparable
■
index. While data contained herein was gathered from sources deemed reliable, the accuracy of the data presented cannot be guaranteed. Past performance
is not indicative of future returns.
■
■
■
a
F
4�
V
C�
k4r) k
CIO
s.,
V)
kr)
V�
M
O
00
1�0
-�
N
00
110
M
CIO
s.,
03 �
°.)
kr)
V�
M
O
00
1�0
CIO
s.,
-�
O
00
0*1\
-�
N
00
110
O
-�
O
00
0*1\
d1
O
00
[—
O
O
oll
cl�
00
O
0
U
M
z
o
vi
a
kr)
O
O
O
O
M
N
N
N
N 7
w
_
M
M
>
Z
1
1
! Q
lift
i
�-1
a
M
0
0
N
4.
O d
,O w
Y
N
w .0
k
b �
c
to a
Nco
to
Y C
OD �n G
� U b
a�
y
� b �
G
U p
a `c�c
EI
O
N � T
.Y'
to 4,
°
ON °v ON V b
NO M i.Nr co
W" Vl V1 M VI M V Y N
N M a o 0 0 0 0 O ap DD Cd
Cd N N M M
w s7
y
Cd
N Un M t'
�Ny O O
V
bo
ct
�
.o
z
a
O
R
F
a
A
00
b
Y
y
O
H
0
V
Qi
y
fd
0
3
N
o
b
v,
O
Y
y
.b
Cd_
C
Y
..r
O
O
to
�
U
�
w
O
°
ca
N
y
°
aN+
W)
N
_
cd
v
0bA
O
U
J.
C
b
U
A
cd
w
o
o
cd
o
U
0
C34
a
c's
a�
U
c
_
tA
4.
O
In
OU
cd
V
V
�
m
.C�'
ed
O
v��O•
of N
p
N
�o
I
^d
O
�,
�
El
•�
°-
cd
a
'b
i o
°
a
T
b w'
C Y
O
°
O
O
m O
C
O
to �
O
O
to U
T
y
c>
c.1
O
b
oq
cd
a,
m
bVq
a
nom,
y
Y ° a
3
oOiD
tv
O
°
^d
bb
W
A
U
cd
a°
y
u
O
ac 3
a
A
A
A
A
A
z
a
O
R
F
a
A
00
o H
N cts b
C
i o a
0 oo 4.)
o � �
N c�
N �
d y =L�
A
W
4
� o
3
0
w C
N
'b N
o
0 0
O p
� O
A n
A A
.b
a�
w
a�
w
N
U
O
U
4.
O
N
0
b
a
0
0
U
c
L
.�G
C
O
/ry
c
�o
ch
Y
b
G'
O
Qi
Z
cqs
a�
p
U
U
w
b
w
w
co
w
y
C.
U
91.
x
N
W
L
C�
G
on
a
w
oa
•
o
b
t
0
ob
Ica
N
�
O C
0 O
Q o
o
a 0
Gi
w
'b
Ti
O
w o
b
.a
N
N
0
as
N
0 o
p
tu
N
O w
Y
Y
vi
N
w
G) O y
cn N
p
N
c
w
b
a o
a�
p
�
L Y
y
U
C
•�
cd a
��•
N
00 o
p
C
b �
N
3U .f.,j' p
L y U
cCO
c
O
'
C
�.
Cd
>
y
D'
L
4
a
CCS
o w
o
�
)
o
U
0
Ci L1.
M
o H
N cts b
C
i o a
0 oo 4.)
o � �
N c�
N �
d y =L�
A
W
4
� o
3
0
w C
N
'b N
o
0 0
O p
� O
A n
A A
.b
a�
w
a�
w
N
U
O
U
4.
O
N
0
b
a
0
0
U
c
L
.�G
C
O
/ry
c
�o
ch
Y
b
G'
O
Qi
Z
cqs
a�
p
U
U
w
b
w
w
co
w
y
C.
U
91.
x
N
W
L
C�
G
on
a
w
oa
•
O ca
Q d
O
awr
a �
°
0
O
U
Y y O
uS Q O
� b
b o C
S' O p
b
�° 3 ...
L G
° a o •°
.D
L
>y
_ O
L
(D O O
aU+ H
N p 0
b •Y C �
IS
° '
p u
o -o
E A Oou 0
O
o ro
U t! cd M
U
w O
G Cd
rq � c0
c6 L
in O
D (U
U
ax".+
a0i =. d
V � N
>.c (U o
z
O:
0
5
Q
z
A
Cl
b
0
Gi
b
N
0
N
N
Y
vi
N
w
o
c
b
�
C
��•
N
�
U
'
s
>
4
a
o
�
o
�
L
o
v
>
n
O
00
�D
Cd
C
C
00
G
cC
N
Z
a�D
0
0
0
j
A
A
A
A
A
A
O ca
Q d
O
awr
a �
°
0
O
U
Y y O
uS Q O
� b
b o C
S' O p
b
�° 3 ...
L G
° a o •°
.D
L
>y
_ O
L
(D O O
aU+ H
N p 0
b •Y C �
IS
° '
p u
o -o
E A Oou 0
O
o ro
U t! cd M
U
w O
G Cd
rq � c0
c6 L
in O
D (U
U
ax".+
a0i =. d
V � N
>.c (U o
z
O:
0
5
Q
z
A
Cl
0
W
U
W
ME
u
G
O
O
N
y
0
o
�
o
U
M
�
N
�
G
U
�
cqd
U
>
G
N
bb
cz
N
ct
.�
Ct
a
N
�
g.
cn
U
'
A
o
•°
~'
o
G
a
U
c
W-4
5
.,-4
�
-,-4
3
cn
U
O
W
3
�D
L�
Q
A
A
A
A
A
A
A
A
G
rl
T
V 1
� a
V r l
bD T CO vi ,p C7 N O U
'C U Q O • r. y
W U Ei
F"' N .�G Y •1: ,L' N p ,� N K bD y p O
rn a° °' p °' d U• c c c b o g b
o o .°. o p co U o c y U U a '� o ,°p E
� biD O bA N a~i Q 'U y �GD ^ .�E iC
w U o U 5 a o �E ° o a>i•v°.5 bpo c.5 �w °oJ
v� ❑wa4ae«.5'o 0 o„no�3� >�a yUU=
y b U v `ed �Ui �bo 0� N° cOd ' 0 U Q� °� 0 �° o o�� A
H b w W-S E 3 'a n o Z° a y .5 aC ., x .5 U Q U U 3
v,
b e se a a 5 0
o� x.5 bo Y .5 U c
o U C 4 bo o
id y �o G
W F" .� •p m iN, .0 a� p a O Q O O Gam. •� y 'C cd q
V] U N p y bo O 'b o to — ce v
b4 U O "-o c
r ��W"' A ¢ E N � � U d d :: ;r �o.� � y U ti Eo •E� 0.5 O u O a� � $�sbEa 0 0
� o � 13 w 0.
b T � 'r- v O u: a
tg av2
y
In-
cc
V. x
W v .9 0 w' � w U a�i � U b a� � •y O O
U
w cd y am, O O o e° d ro
bn y
Id
abbM o,a; � 0414
w g U o� 3 0 q O F. v c� r3 o U U g U
N 4"i F. bQ • N p p U
O
Y �u'+� .5 �b o �o o f 'm ,o, aCi U 0 �, o
W a� w 5 v y ° v v y 0 •� y y b 4.' E E O
E O O O +� O. b0 • h p .. p d O C C
CL.
Q by G c0
w °' y a c bq o� E o T d 5 0_ o o
X00 a� y a❑��' 0 � .0 w o a 0 5 -> � cam_ o
Up w ° a°i F 4. o
C, 0 Q U t, o v
co
.5 'b Y v .b
a� y y p 4 O O G 0
-, y cd O
o c y y
v
o a E? a y c cd
9-0 E x to U o U U 3 U o o _`°
y v o 00 ow.04w5 � o aUi.Qb o'er recd• ° - � y 0 3 .,
x•
p N 3 a U O (U ° 0 U E U o
OCl c 'J 0 v c«, U T ro y a� v °
° id a a a° E a a E S v
o w
� .b Rio 'd 3 ° � ' a E p y ° a •,��. T ,� o c ' � 'd U � n. U
>, � E .� ' pyp � 'v . v • 4v—, 0 El
I C 0 0 " o a`�i y T❑ �d b 0 5
F a W ' a 0 E E b ns bo 0 0 E = o y o
•o w .5 cud 1-0 � >
U 1°
z
a
0
z
a
A
r,
4.�
CC3
N
4J
LOOZ u3S
LOOZ unf
LOOZ JEW
9002 DOG
90OZ doS
90OZ unf
9002 -MIN
SOOZ 33G
SOOZ d3S
SOOZ unf
SOOZ XCIN
tlOOZ OOG
b00Z doS
tOOZ unf
tlOOZ IBW
£OOZ Z)aQ
£OOZ d3S
£OOZ unf
£OOZ IBW
ZOOZ OKI
ZOOZ doS
ZOOZ unf
ZOOZ MW
ION DOG
IOOZ daS
ION unf
0
0
u
z
a
0
z
F
Q
z
Q
Ca
0
N
O
J
4,
�N
W
Q�
S--r
0
O i
O
O
bA
U
^^O
<'- ,
O
C�
b
O
C/]
Cd
O
U
O
U
c�
'd
a�
4°
O
rN
0
U
N
G�
0
$-4
03
O
'd
U
'.d
c�
O
0
0
r�
W
cz
a
0
N
v
4-1
1—
a�
u
�1
• r�
3
0
U
a�
O
U
ap
O
in:
W.
'O
c�
42
b�A
O
ap
W
•e�e �
1�
.3
N
O
U
O
O
ME
A
r-
C)
C)
N
N
O
//
z
a
0
Q
Q
A
M
0-4
d-
v m
w Oo o co Cn
U
o 'o
u N N
a^
I
0
n
O h
O
9
U
PG
O
F
O
�tn
GOJ
�
Q
�
O
N
Q O
i o9
_O
�
U
O
O
00 M
O
Vl
Cl)
as _
�x�y
ra-J
W
ry
C
O
� C
a
O
v m
w Oo o co Cn
U
o 'o
u N N
a^
I
0
n
O h
O
9
U
PG
O
F
a
CA
C/�
�
Q
O
T
A
G�
■ •p.4
U C]
Q�
5
■ �
U
r�h
bA
CC3
�
W
■
° b'd
MM�
h�l
g
E z
w
5 � a
4
O
F
■
� W
w �
• PEN
_ >w>
■ N O 00
O 00 N O z
■
Q
0
M
� I
O
ct
O I
—0
Q
O
U
U
U
ct
E
R '5
a�
� a
o CA
U
b
c
w
v
U
t
x
b
E
c �?
o �
�Q
b
G
�T
o0
E
W
G
ti
[-
z
vi
O
Ln
'v
�
F
z
c
u,
F
0
0
0
0
0
0
0
0
0
0
0
0
0
c
N
O
00
�O
N
O
00
N O
Q
Z
Q
Q
It
r
r
O
•y
N�
w
o�
� � O
M
" ~ F
>O �
4
Aa
.�
V
v
a
v
�0
O
V
u vi
aA
� d
td �
a
t.
a
O 00 C� O O O 00 t- 0` C� O W C� O O O l- O, O M O
00 00000000000000000000000000000
N't O� O O l'- v1 I O O O 0� M O N -1.0 O mi t- O� O IC O 00 O 1.0 U1
M M l- M It O �o O l- - Wn O M to IRT O O O r- IC M' t 'fit ON v1 00 00 N"T 00
l� [� d' - to O M �o M l- N I'D M 00 �,o Wn "o [- N - 00 N ON - In C\ V' n 00 O O
�O �O M O � N tf M 00 li O tf %O W 1 p 00 00 1 : 00 O1 \O 00 00 U1 O N o0
to v) l- �c N It � � � oo N N W) to t° � O 00 O o0 7 l- vi l-- IC 00 �n l� N v1
in W) - .-. .-. ,--� .--� .--i - .--� - .--� N .•-� .-. .-. .-•i .-. - =
N N
Cl�Mmw)or- I'D
M --� Wn [- to t- N O O I: -i ID M l- M O O r o0 00 00 t--: --: N
N l� O� N t- O O N �o C N 00 M 1.0 O l- 'IT ON �o N 00 r- N to l- in to 00 O
Wn �o It �o N kn 00 [t It N I- M Nr 'IT 00 M 01% Wn (7, W) h O, N = qT �o = ll-
C
a
E
U
°
U
on
a >,
o Ry
°
°
a
ld
C
o
U as O
a°piv �o
`�
U
c En U °� >, ° G
io °
oo
`n C j C 5 o
w
c a n y o
;° t U
O
o
�Ua
u o c o x
MU = -
cl)
R
�
w
H
�, C7 cd b o a° ��� '°' ' o° �,
Hy co '�, 'G •°-' O Qa C7 Q �. O �." K a N
U q
C o C {..
° a° o
,o U L•+ y 0�
,�q •bO C C y
0 Ui 9 C��
,.aU
dQdd dGC1p1W000UUUum
W W WC7`.L'i?:.°.C��
Y yG
►0 �0 �4
O D C:) C q o °o °o W ) C D °o °O 0 °o 0 °v oo of n °
'd'
oo °o ° °t
°O OO °O O° °o C CD D 0 00 0 t n
Ou
.-� o0 oc M O N M n O O O O .-+ O --� O
Ol� �o o0 V-
-� of 00 N
W
�
za
o�
�
o
U
U
3z
.0
G05
ti
h
w
Oa
M
o� x
>`a �m
O
Gri C
Cc LL 0
a,
0
w
U
O� O o Dz� O� O O\ 00 O O, O O1 M 00 O� oo O t,� N N
•: y r+ -- -� O --� O O O ^� ^ 0 0 0 0 0 0 0 — O O O O O O ^ M O O O
a. Q
000000000000000000000000000000 000
OOOooN OOOUIOOOOO I- CC 0 00000000 M OI�q�O
O �c 00 M 00 .--� t` �p N N O O 00 O It vt O IC
� ^+ �•-� '[Y M °� °� v) M M V) Cl � M °1 ON M 00 ON "t W) 00 N IT N d'
t- 00 O N M �t 00 v) r- ^ M M ^ " ^ "O h r- n t- l t M O C� � 1, ^ •--� l ^ V1
N O� o6,.6 t- tr M t [� t` N N N OO O O� O, 00 O kn t- N to N N� M O O, M T
yy ID v) M � � O\ O t- 'IT oo IC oo �' It O\ V' \O � 00 M 110 It t- qt v) M If M )p IC N M N
.-. .-r — .--. .-. �--i .-r .-. .--i — .-. .-. — — — .--. .-i �--i .--� — .-. .-. .-. — 00
> -. 00
�O v) O M t` �p N �p N O� W M v) W 00 v) in � N v1 V O N �O
: O, OO vt M Do .--� t` --� O O h 4: 1: t` -- N ,--i ,q t` O, V1 00 ^ "I: r-�
O\ V1 cO \O I` M 00 00 °� ON IC C M O t- 4 (= M t'- oo to h v
tn V) t— �O N M 00 Vl �c M 00 M 00 00 IC V) It M r- — N qt
C,
�
G
O
t^
u
ai
ci C
O 5 ° O U
O
r.
to 0
°U p &
U w w
U
�cc*
t
o ts �
a
p
O U
T 7F
b U ci
�
•� ,a�,i� ^ N p � U 'd
. a O
ccd cd
k L7� r r.+ N
> > ??
3cd 3ed 3cd
x
a za >> > 3 3w
¢¢¢
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 M v) 0 0 0 )n O O a\ O C C C 0 0 0 0 0 0
v> 00 t- O rw M cp t � p^ O In cl� r- O -•� t� O N O °� N �n O' O �p
0.0 0 0
cd O M B
U N �O
-- N N N N
Cd
cd
a
Q
N
•y
w
y
r
Oa
4. ra d
a
6�
Nei ��
>O t�
w P4
as �`")
Q 0 3z
a �
C7
s
V
v
.y•
V
n N N N M N N N N N N M M -I N el N N M N r1 Cl! N N N N N -. N N •--• M N N N N
0 0 o o o o 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 o (D 0
u n
a y
Q
00+ O ONN �OO OM 00 000 ONrON0to�O000�00000OMO
. . . . . . . . . . . . . . . . . . '� . . . . . . .
00 N l-- N .-. N It l- O d' D\ N �2 ,-. 'n r- O 0, O zr 'o h N W) -'T v'1 O
t` 00 Cs 00 M 00 t- o\ N M N O to N �o 0\ N N O �o — O1, t- N h 00 t` M
ar �o ,6 Vl F tt M ,,o — 00 Ow N O Z O — M �o N i, O r- I- °\ in M M 00 wn — Vl ,o r- 00 in 00 00
M � --+ IRZI vi M t- o\ O 00 N M 00 O N It o M o\ 'I (0 O V 00 _ o\ .--� o\ r- t- �D 16
y M M M d M M M N �t M Vl d N M M M M N rn M M N N N M M M
R �
r` W) tn � WC�t-, NknOkn00 oo,1,D°1tnW 'IT 00 t- N ornt-- rWNt-o000,'It
N Cl 00 N t- •-- t-� "-+ O 00 O O M r-: V: I: �q N lc� N 00 0� ID M ID 00 �t o\ M 00 I:
u �O a " N O r4 wl o'" N M �t .0 a, 0, YI O 'D O Vi U c, 't 0 00 0, M v� O M O 'D r- N
•� .-- •--� to "t M N "o N "t 't fM It .-. N M M N 00 M �o M N N M M N N N N M N M It It N
Ow
R
L
u
u
q
o a
a O q
E-
woo U q
cts
w cd
un
S.
is b C7 ee .v u N > a3i ' ° O a�i cu, •q- N o ° p
' A N; O .ti U q N ed y q> N y `� (� U Ln cC q � L.'
:° 'G aqi c> k- A '� v a� a� a u Q o E? o a c cn U° U
m •b vZi U> C7 q i ao
on 3 b � b Q U U .. ca on Cd
rn N C e0 0 o rn . � A � '� .� o w - j � � � U x F. i° u 5 �., o
¢hQQoOQQQo, AwwwC7C7C7C7C7C7C7x= ,:;�Gaaa�ZOwow
0 0 0 0 0 0 0 0 0_ o r- O o 0 0 0 0 0 0 0 0 0 kn 0 0 0 0 0 0 0 0 0 0 0 0 0
l� �n Wn Wn O M O �o t- N O Wn M w t- M to o It N W) 00 O t- M r- V1 O t-- Wn
00 �D 0 N 7 O �o N Vl o` M rw 00 ON N d N M M N N 00 t- r
C
CC
O
d
M
It
.y
h
o�
o�
da �o
by
�H w�
x
Y
V
s
4
+r•
V
y M N •-- N M N N M N ^-' ^' M N M •""' M �O M l� O M M l� 00 00
ay o 0 0 0 0 0 0 0 0 0 0 0 o c o 0 C o 0 0 0 0 0 0
QI
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
O N O� O V1 O 00 .O O "t O O N N �O O
.� �o N a, N to kni �o W)i d v1 O l3t� O
M N 00 �o 't l
w N N m d' N r- � M N w
> r
go
v'1
•-• O N �O C� [� N •-" ? 00
y r, �,O 00 r!1
•w N N rn kn N 0
�" ^' 0 1— rn en 0 "T
a
0
❑ o
uc
o m 0
oL)
Lost U y U
oW.Us
CL • �+ O '
cooar
to Cd
C7
3 �. Nab U
cn V) V) En Ln En [Ogg
HH� >33.�
0 000000,n000000000
cn t— oo t— O cn O N O vi oo N N O
.-• d' l� l� D\ h D1 r Qw D\ N N
C
O
a
z 9 a a o
o U
0 0 oowo o � U
N
CCl w W en 0 �N N
O UO �N �
U M n M rn vl O� O
�O 0,0 =0 o C wc)
no A 0 g G N
¢� O�
zo 0W) w� �o 00 � °oo
l� p M 0 ��O• M M 4 N V
Q�oU�oC7��v,�vUwi�
°o 0 0 °o °o 0 0
W O O O O O O O
cq
O
a
x
0
U
0
r1
O�
Cr
D\
O
O
O
M
M
(ON
eq
�O
O\
cn
00
[�
.-.
N
O�
N
N
M
C
O
O
ON
v�
cn
N
O
000
N
Vtr)1
d;
00
rq
O
O
O
O
O
O
ON
0
❑ o
uc
o m 0
oL)
Lost U y U
oW.Us
CL • �+ O '
cooar
to Cd
C7
3 �. Nab U
cn V) V) En Ln En [Ogg
HH� >33.�
0 000000,n000000000
cn t— oo t— O cn O N O vi oo N N O
.-• d' l� l� D\ h D1 r Qw D\ N N
C
O
a
z 9 a a o
o U
0 0 oowo o � U
N
CCl w W en 0 �N N
O UO �N �
U M n M rn vl O� O
�O 0,0 =0 o C wc)
no A 0 g G N
¢� O�
zo 0W) w� �o 00 � °oo
l� p M 0 ��O• M M 4 N V
Q�oU�oC7��v,�vUwi�
°o 0 0 °o °o 0 0
W O O O O O O O
cq
O
a
x
0
U
0
r1
•y
w
Ol
Q � N
� � O
M
-D
N ra ti �
5w
Cd r.
od y
b
V
v
4
0
V
i I�q r-: M r h C1 n N M M 1O Wl N
y 0 O O O O O O O O O O O O O O O
u v,
a y
d
I'0 0
O+
M N
O1 00
00 N
�O O1 �o r "D 7 �o �o r- 't M O O
00 "O 00 M N N lO lD D1 Ili: O� t- O,
V d' l- 00 �O � W) ON �O �O ON
•� O O O D\ 01 � ON a\ O, a\
Or �
N
N
O
O
N O
O
O
O
O
-1
V1 O
1, O
N
lO
O
V�
N
O
O
00
O
lD
tn
o o
en
CN
!� O
�O -
O
N
t-
N
M M
M
00
110
00
C�
M
llO
M
[-
[
M
O
d d
'xy,l D
00
O
O
DD
•�
O N
•--
Q;
M
O
M T
00
Vl
It
O
N
00
10 In Q
Q� on—:x4 �
�oo �
�� c
c�y n �
.N.
�� U O 0 0 0 £
£" O ,
O
O o O O y
y 0 N
N O N
N (
O O
U C
C7 c
, O
G 0 00 Z° H
H o o
o o
o d
d F `O 5 0
❑ �pv�A A,�A B
I'0 0
O+
M N
O1 00
00 N
�O O1 �o r "D 7 �o �o r- 't M O O
00 "O 00 M N N lO lD D1 Ili: O� t- O,
V d' l- 00 �O � W) ON �O �O ON
•� O O O D\ 01 � ON a\ O, a\
Or �
cd M O b 00 \O 00 O y w 0
�ca v;a.vUk•,�Jv, �wvw�w� w �c7�oC7�c
0 0 0 0 o O o 0 0
O O O O O O O O O Z O O O 00 Ci
O O O O O C O C O O O O M
O
O O O O O O O O O W O O O w U N d
O O O O O O V O O O
r 0 0 o v, o vi vi o vi d in o o ,- o 00
O O ON. te) a a� O� N
o
A
w
w
V)
�l
� b
b
•� d
d o
o o
ao 0
0
N a
�
�m V
V . U
� U
U,� 1
10 In Q
Q� on—:x4 �
�oo �
�� c
c�y n �
�,pg000
�� U O 0 0 0 £
£" O ,
O
O o O O y
y 0 N
N O N
N (
O O
U C
C7 c
, O
G 0 00 Z° H
H o o
o o
o d
d F `O 5 0
❑ �pv�A A,�A B
BO A
A oAAA x
xA�C ❑
❑xA r
�,o`�'0 00
O Ao �. . b
b o
o Q
Q= Uo �o ❑
❑ �
�'
o W) cq o 0 o +
+� Cl 0
0 0
0 c o
V)
�l
O
0 0 0 0
110
� OOOO OOO
110 00 qT 't
N r— O O
O `O r- t-
�o o,
00
°o °O
N
O
rr
r:
a �
c
N M N M
CO, ,n M O
W y 0 N M 4
o r o
� 00 00
u
O o °v
4 O O0
W U N r
ago
N
ADO
d
u.
rl-
OO
N
N
M
0
0
O M
i
� O
a �o
Q 00 J
a 00
CW7 o
d z °o,
F w o
O �
00
W °
00
N
ww
rl
ri
■
y
N
O\
O\
i:
O M
oD
a q
d
o
0
0
0
0 0 0
0
0
'o
00
ov en W)
00 r-
a.+
N
00
[-
00
00
00
DO
N
V
O^
N O\ M
M
0 .~
O M
V1
�
00
vl
V
M
V1
to
[�
C M
d'
00
V1
N
M
,O
•
eh
4
■
O
r
t`
M
W) O O
t� O O
rn 00 o
co.
a
r
•
� �
obi
co) 0
N y
M
ty
A d
>a
�
Q
1.0
N
Cts
■
a r.
M
a
a
C,',4 Ln M M
rA
O O
O
N
N O� O O
.
V
W) cq
M O
(A C-4
O� O
:3
° W)
M O�O o M 0
y M
ke) O
V O
_ .
H O O O
■
qQ
o00
F w
�,�O�A�A
•G
Q o
o
� o
4�
C7
o���
c.
o
to
U
■
Y iii I- OO
V
146
0
ti t-
°
aA�
O O "O
U o o
i+
It
M
Q
O
0 0 0 0
110
� OOOO OOO
110 00 qT 't
N r— O O
O `O r- t-
�o o,
00
°o °O
N
O
rr
r:
a �
c
N M N M
CO, ,n M O
W y 0 N M 4
o r o
� 00 00
u
O o °v
4 O O0
W U N r
ago
N
ADO
d
u.
rl-
OO
N
N
M
0
0
O M
i
� O
a �o
Q 00 J
a 00
CW7 o
d z °o,
F w o
O �
00
W °
00
N
ww
rl
ri
�
■
2
■
0
\
�
i
�
�
�k k
a - ~
�6
�O �f
5w �E
� � §
2
3
v
�
K
2
k
0
�
C
e s0� [-� m m -1 1-: r
acoe
a�
� 7
§ /
k \ r f
a, (RmR
2C�2?\
\C /a /�
/\k\k\
CC)
wow I'D wr
i q \
\ 9 g
�
i \ eq \ \
3\
w
Q
$
/
\
\
El $
4
t�
e 7 e e
4Q5B
2
3
$
i
�
k
§
a
0
�
k
0
�
�
@
0
@
k�\ �
\}�$i
t ri��__»
)§$B/
& {G±«
|�A
k2) /(
�!{ ■u
a7A�a
kk} \
}k2tf
k ■)f�
!■���
� §.|
�]2k|
%a§`_,
�2k2)�
m tj
% \ }i \k
=�f\!V
» \ %m §@
2 �■�■
§ §aZn
k�))(k
(����■
�2k /k\
/q?
2
F
\\
g
00 en
f
\
\
ƒ/
ko
\
;
$
C
Ek
pGQK
cq
M
/
r-I
a
3
3
_
/
\
:
$
a
� 7
§ /
k \ r f
a, (RmR
2C�2?\
\C /a /�
/\k\k\
CC)
wow I'D wr
i q \
\ 9 g
�
i \ eq \ \
3\
w
Q
$
/
\
\
El $
4
t�
e 7 e e
4Q5B
2
3
$
i
�
k
§
a
0
�
k
0
�
�
@
0
@
k�\ �
\}�$i
t ri��__»
)§$B/
& {G±«
|�A
k2) /(
�!{ ■u
a7A�a
kk} \
}k2tf
k ■)f�
!■���
� §.|
�]2k|
%a§`_,
�2k2)�
m tj
% \ }i \k
=�f\!V
» \ %m §@
2 �■�■
§ §aZn
k�))(k
(����■
�2k /k\
H
z
w
H
z
0
U
w
O
w
a
H
w
U
z
0
U
i
�4
N
Q
z
Q
G1
V.J
U
ct
�
�
O
•�
U
•U
Ox
w
F
c
j
Q
z
Q
G1
U
O
O
CMJ
CC3
N
U
c
ct
�
Q
'4-j
.
ct
aI
O
r rO
�%
bA
�
v
U
�
4J
O
•�
O
ct
O
O
O
ct
H
z
a
0
s
F
z
w
z
F
Q
z
•F
Ct
U
0
U
CC$
�J
4--+
C�
c�
C
1--•1
�-,
O
U
N
U
V]
N
C%�
U
"v
�
O
C/1
�
U
�A
ct
N
'd
�
U
�
�
�
a
c�
w
�
ct
U
u
0
'0
0
bA
a�
N
3
ct
V1
O
O
O
v
�
o
U
�
a
O64
c
t%
;3
U
to
• ,�
O
.•,
H
>�
�-,
O
U
V]
N
C%�
"v
�
C3
71
�
U
ct
w
'd
�
O
U
�
�
a
�
ct
U
u
0
bA
a�
N
ct
V1
O
O
Cd
U
�
a
CIA
c
3
;3
U
• ,�
O
�-,
O
V]
�
�
U
U
Cfl
U
� ct
ct
u
bA
O
N
ct
p
�
a
U
a
o
�
o
U
h
•cd
O
cqd
O
>
xl
bA
,
U
•�
ci
o
C's
Ct
O
z
ct
°
o
C's
'�
3
Cd
�
M
• r+
n
�i
��''
N
U
oEn
•
V
a
A
.--i 00 r vl vi N 'ct W 'fit' �o r v1 r Wn
't —� M r —I ": n M 00 r C� M
y.. .-. .-+ — — — .-. — — — .-. — -----
� H
u �
w %i
Qw
0000 O
00
0000
0 0 0 0
000000 00
0 W) 00 O Wn r cc
.-- N Q` O
r
O r
v) d' O O
M
O O� M o Re;
0 0 0
r`
�1
M O
7
L.
M O 11O N
r IO N ct
vim
DD O
00 N r4 v,
d'
vi �0 00 00
W) O 00 O 0000
. O
— — '-. —
—
—
r. r. r.
>
O IC
ON
ON -- • M
00 t 00 \O
00 as 11 M
�O d 00 � 11 r N
V
cn F
C4
U'b
oFW
off,
cn
d
� vo
>ydy
Wjij
p
N N M M M
M N
-'� M M M
N M M M N M ^••' M
CC �
co
r.
ADO
cn
> O
�`
o
U
1��
Cd
o
Uyy
"V
U iL cC
CJ
cO
cy
G c'
C
m n
O O
t; U a
U°g�
bQoQy�o3,�
of
a� C7
d 0
a
o o
op
Hlu
QQQQv�dC7Q
WUCgCgUUcnUUUUUCi�
W W
�
U
U
O
„
�
o „
Lam' o
C+
'L
Z
a
U
y
v
O
co O
E Q c0
S�
P.0 U U
O�
V U U U U b N N
V] CA
.
Q
O
U
W
CrJ ems
.G 't
C �
r9
O
W IJ A W C\ W LA IJ Do W W \O W W
p �o N �.O un O —1 W — N N to
N
O
SF x
y'
O� -0 5
n
G
aQ C -1 .
P.
tv
n
CD
aytotocnbp
e%
a
y
by
x x
b
d o
Coil. o
-15,C) w
o
co CD
CD rri
C3
`<
p'Oq+
eo (FQ O O
�.
O
p n Uq
dq t
O
O q v
O
n
O� C
y
Otd
N
14 0
021C
p
W N N N
o p
y k a
S
r) N
y o
m
O\
N 00 00 IC v N
D1 O\ t.A A 00
as 4� —1 00
N 00
00 Lh to to w v
to W O1 �'c A to "O
.r
W
n
(n
b
00
y
C
�
N
00
a\ ON w
W W t1i A
O W �O N N to
J A ON W
N V l to O
00A ON SOP A
oo O Oo N (J
".p
�•
00 R
eD
O
~
uo
v ON � O w A
N 00 t.A t � 00 W
O, J in --1
�0 t0 W O1
,•t0 ,�tD
cn O� .-. �. w w
N V� W W LA \O 110
eeb
.�
W
O
lJ� P p 00 O O to
N 01 —1 �-•
C
00 W 00 G� O N
C �
O O O
W
O
p
O
W O O 0 Cl 0 0
O O O O O O O
O to O
O O 00
O
0 0 0 0 0 0
CrJ ems
.G 't
C �
r9
O
W IJ A W C\ W LA IJ Do W W \O W W
p �o N �.O un O —1 W — N N to
U 03
U
se CC �
• V N a+ k �" u W O N .D G7 II' >, O cC • N
o G ti °�'j o a > >>
vi A
M
O1 N
N N O t— a, N —
— M t'- (= W
W) (7, N O� '
'It O\ O
O
� H
i C
G� W
a
O 0
0 0 0 0 0 0 0 O
O O O O O
O O O O 0
0 0 O
O O
O
t M
M N
N 4 O �,O o6 M c0
�.D N t
to O O o0 6
64 v
v1 O
O
"I M
y y M
M M •--� --• \O Vl I
I lO
N N 00 O O1 O\ 00 O
O V1 t— N i
in N N O1 M
M O (
(71 ,
,--i
(A r
r M
M a
a1 W) It O1 M to 0
00 N W) O\ 0
00 'IT W)
V' v
vi '
' •--� [
[� M Vl N r W) w 0
00 r- `a' �o N
N t— O\ 00 0
00 N •
•--�
o
N N N
N M '
'c'r
W h
� ��jy p �
M N
N N M M M M ^+ •
•--• M M N M
M •--� N
h �
� M
�N W
's ,.
rCrhh '
ccw
Cd I
> �
In >
�
�
>O �
U V
V o
o
o �
�•�' �
��
.. a
4' 0 .
ao o
o °
° >
>,
M� .
.L W
W U v ° �
�+ •
•� O O to 0 q
q v
��, V
V) x b
bb W
W
k9 c0 U r
r7"i 0 W i~ C
C ' O
.�. k
U? A
c >
d Q O
k is N
ca iv ca N y
A c
>C
w N d
O A k
y> F
¢� r.
a�av��v�HH�UA »
M
;- r-- - t
M N M M
p h O C O C
{. a+
L C'
Y W
a
O1 N M to [-- 00 l0 00 O [— [— O� It O\ r O
M M M N M M"': ^� t+1 M N N �h M
O O
60 O 0 0 0 0 0 0 0 0 0 0 0 0 0
Zs 0 0 0 0 0 0 0 0 0 0 0 o O 0 0 0 0 0 0 0 0 0
�O Ip O� lr� 01 O OI:t O N N r O O M O M 00 h r 00
M 00 N r N — N � t— It N C O It O � D1 ON N
r' N Cf [— 00 ON CIO M 00 [— 01 N M N W) O W N C1 00 �o W) 00
y y t- 07 "O ' O W O1 '4� M �O -- oo cl^ N O \ O O �-- M lj:� N " O
d = M O\ M�o M r- Q\ O 00 N M 00 O N 1p O M
0 L a M N M r) M M M M N �• Mwl N M It It
. 6n Cd ,>
m— m 0 e0 M Cl '- N N 'y m'IT 1 00 00 1
Na '° aa°°a°"^'Ta
QU
ot M M M M M M M M
to
jWV G�aom '�pG
adw
cl,.� r > �
>O �
E. �, a
U V U p .v. rG� O� •d vUT.
ol
U O Y aNi Q c b C7 c's ' U u ^' >
o o Ly U❑ i b>
d U
cc r.
cd. ^x0 .� C7 y y b fs, LAG Q
O id O y O O A
¢WV)UU U Ca�1flw wwc7C7C7C7C7C7
V
34WgC
d �a .o v v o b -o.' w o0 00 0o 00 o0 0o
N M M
p y C 0 0
b+ ,nay
c +'
i C
Q W
00
r ooNr- rnrocl ow v,Wnv�,CIt knotn 00r-
N N M .--i N N N M N M K1 M •-. M N N M M
O C O O O O O O O O O O O O O C O O O G
O 0 0 0 0 0 0 0 0
O N O 10 C� — 0o d; oo
Z
0 0 0
O O
O N n In
W) ON�ov)
r —'-T �c
Nd•Wn
kn ON N
M M 00 W) W)
_
00 `o
ON O "t 00 .-r O� ^� O\
l� l� �O �O l� 00 N I�
M O O
N M M— M N N d• N
Q
7
L�
m M m en
M M
a
Vj
>
M �O M
Cc
•o�Q
� o °o
� N
Q W
� Q
M M M
r.�y1
cd
cd
>�
Ado
cm
r ooNr- rnrocl ow v,Wnv�,CIt knotn 00r-
N N M .--i N N N M N M K1 M •-. M N N M M
O C O O O O O O O O O O O O O C O O O G
O 0 0 0 0 0 0 0 0
O N O 10 C� — 0o d; oo
0 0 0 0 0 0 (n 0
O O M O O't N O,
0 0 0
O O
l� OofO 't �o W) N
N N (0 1�0 O1 r- N
W) ON�ov)
r —'-T �c
Nd•Wn
kn ON N
M M 00 W) W)
00 00 M N O
00 `o
ON O "t 00 .-r O� ^� O\
l� l� �O �O l� 00 N I�
M O O
N M M— M N N d• N
M M M N N
It �'IT
.-+ V1 N [-- v1 N a\ .-. '• N N O 00 It a, �c [-
O\ l� M M r- N 0o C1 O� ON N Wn O� l— to M to
M M d M M j M M M M M M M M M M M M
a F
U
con
U
A u U Q E' 0
w 'gU�
V) C13
vxx�,,Utixa a a zoaaax�vnv�v)cwLn V�
bn
V
' o
> on
CA
W) r �O �o Wn v1 M N Wn
�'•" O 00 0000000
O n
C ++
� •O
L O"
�w
a
o°o �°o °o °v °O ° °
q""lo °o
[tv' M C1 N N O) W) — It N
"V y y r-
It h M (71 ar' O � O
L V 00
R
oo C N M
L:6 Co
w
oFw o, U.fl
w � n CA �
Q W w Q O M V M M M M M s M
W Cl
( 7 rQ �'i a rN�
> +d. 67 F+w
0-4 k- A.
cw L.)
Ago �
�o
o Cd U, U
P.
3 tu &.
>
H�HH�HH� >33.�
v i
4o
L40D�8
kf)_ �
N
cl r-
0
.n
rP
O�
N
O
r
0
CO
w
a
d
E-
O
F■
b
fV
M
v
r�
^V
w
rA c < L t < < < < ¢
r W) O O cn N O N O O
0� O O O M V1 M N O lq' O O
m I� 4 4 r It O O
00 m
w E„i y w N N M O O o0 �D DD r
4L "� n .1 7 D\ N O M 110
y G p L O vi N eV N O O O N
Qq icy
z h o
0h
w
F 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 o O o a
0 o
0 0 0 0 0 0 0 0 0 0 0 0
a 0 0 0 0 0 o O o Cl O o 0 0
Lam' 0 O O o 0 0 0 0 0 0 0 0
A py y +' QN O O O Ln W1 v1 O O O vi O
ay b .--� O kn in N N N O O O N kr)
u CO
v
a o .� o o
va m o 0 0 0 o U o -� U . U
OG o '" cn , — 6 N � ke) o °?
4 �O " o ao o q o caao�o �° �= Uo �o o Eo
mu
� W AAA A a ANA �,A vA pA �A�A� AAA
�C OC) kn
�Z 0 ocn.no �, acn ao 0o ao,�q o cn amino Y 00 �o tn
OCGdt� oM ono �C, �ry�ovIa, Cd cn O� a c oo orn
z U�cC7� G,cn�rfUcn 0 cnfAcn3�o �A�vav
O
U
-r-
K
Ira
.O
a
n�
W
w
ton
�
N
O
W�
a0�•°
ti st
mO
A
p
obi
U
�
v
00
s
cl
Ul
V
W
00 dam•
0
0000
0000
U
-r-
K
ca 0
a
�
V-
M M
C)M
M
00
00
d d
cl
Ul
V
W
00 dam•
0000
0000
O
O O
O
'C
C
C C
ca
a
a
z
0
U
Oa
00
W
o
o 0
0 .a
o
;j
2
°'Ca
� °
=
a
c
A�
A
p4
M w o
0
U
0
o
M o
O
o
c
c°
b
cd "
3m
oR
vUUW)
G°
vi
�l
F
O
F
-r-
K
17
a
II. Corporate Governance Supporting Data
Corporate Governance Supporting Data
• All stocks that received an ISS Corporate Governance Quotient (CGQ) rating below 50, as
indicated in Section I, are included in this report.
• The supporting information identifies 4 policies that have a favorable impact on corporate
governance and 4 policies that negatively effect corporate governance.
• ISS, CGQ ratings are a proprietary ranking methodology and may or may not be either
accurate or predictive.
• Relative ratings continually change, and such changes may be the result of another
company's rating change.
• CGQ ratings are neither intended as a means to assess financial viability of a company, nor
a determining factor for future returns.
DANA INVESTMENT ADVISORS, INC.
36
m
U
O
U
0
u.
C
0
a
N
N
N
bc
LL
y
.L'
U
acoi
0.
X x x x
X x x x
tt�
O b R
N 'b
�o 0
W o C
'y; U
;fl C O U
+y O O 00
o
O
.� x
N >
CL °
OML
CZ
U
o
N O vii v
O U y ~
CO
y y O
y e0 -p c� `- ;
0
.o
'fl 0 a.. ❑ N 'fl ey0 C
O
c0 ° 0 rL U Q
y •O G. O O 's
` o
o 0 p a o
U ed +O•' Q C O N cO0
o
.y. O
a o
o > a = E
U 1] c0 c0 U U y
x x x x M x X X x
X, x X X
L
R1 O
� r
.0
�a
� y U
G O v
o c
tu a
0
,w~
y
72 U 72
x
42 w
U 4= G O O
0 0 O
•v 5
C a a
> 'N O e0 •L
O "� y y '_ y N
cd
C Lu M N V
) O E v y
0 O 7 •W O
U
y a O ayi O O
s >
a °' v
oa o cO0 o p
E a) v y E y y
� U
x x x x
,
U
«S
O
O
b
�
C
U
vii
b
w
c
O
O
E
C
c
�
�
�
$
�
O
3
a�
0
y
•L
o
a�
y
L
o
i
N
U
y
0
3
c
0
o
0
c
o".
O
C
C
D
Q
Q
w
72
O
.8
it
�y
0
y
Lei
c,
-0
H
�"
ate-•
a
3
a
EL
>
c
vim°.•
r
n
:d
U
Lu
y
^p
c0
'
y
rO
w
c0
E
O
.'0..
a
o
o
L
E
co
s
y
�
y
��0
+
C�
y
C
a =
O
y
p
o
•�
e0
Ctt
U
C
rV
.0 H
>>
U
y
O
y
y
CE
0
O
y
c°
oa
a
c°
G
—
o.
i°
E
m
v
E
i
U
�
cO0
U
C
cc
�,
w
ro a
-v w
X x x x
tt�
O b R
N 'b
�o 0
W o C
'y; U
;fl C O U
+y O O 00
o
O
.� x
N >
CL °
OML
CZ
U
o
N O vii v
O U y ~
CO
y y O
y e0 -p c� `- ;
0
.o
'fl 0 a.. ❑ N 'fl ey0 C
O
c0 ° 0 rL U Q
y •O G. O O 's
` o
o 0 p a o
U ed +O•' Q C O N cO0
o
.y. O
a o
o > a = E
U 1] c0 c0 U U y
x x x x M x X X x
X, x X X
L
R1 O
� r
.0
�a
� y U
G O v
o c
tu a
0
,w~
y
72 U 72
x
42 w
U 4= G O O
0 0 O
•v 5
C a a
> 'N O e0 •L
O "� y y '_ y N
cd
C Lu M N V
) O E v y
0 O 7 •W O
U
y a O ayi O O
s >
a °' v
oa o cO0 o p
E a) v y E y y
� U
x x x x
s
0
u
eFX
G
,
U
O
O
b
�
C
O
O
w
O
E
C
�
�
�
y
O
a�
U
a�
y
L
o
i
0
0
a)
Q
D
m
O
.8
it
�y
4)
r-
y
Lei
y
a
3
a
c
vim°.•
r
n
U
Lu
y
^p
c0
'
y
rO
w
c0
.'0..
co
s
p y
O
�a
Q�
��0
+
C�
y
C
a =
y
O
4r
E
O
U
O
H
ft1
e0
Ctt
U
Z
O
O
a
O .;
cc
�,
w
ro a
-v w
N
?
g
N�
Q
I-i C
V
Q)
O
G
ca
U
e0
cc
Fes. U
L,.
w
A
v�
s
0
u
eFX
G
■ / ■
6£
O
U
b
Z
W
K
O
N
a
O
C
U
C
.a
a
6
C
a
p
t
i
C
f
x X X X
x x X
mom mommummoms mom 0 on
X x X x
X x x x
X X X X
� U
'O
-p
O
b
'O
Ir
N
N
� Q
� a o
�
b
fd
O
w
Y o
C
°
a o
>
b
"O
K N
C
,bq
�
3
a
O
o
� o
ti N
0
c
En
U
s.
O
O
•�
Q-
X
r-
•E w O
•C
N
N
N
y
'3
ti
0
O c
U 6
w
.N-
U
Y
= O
O
ca
�
N
O
K
G S tc
O K
y O
O
0 U
2
b4 O
bC
�>
y
N 0. y b
0 ^
Q
O
�
p
OE
U
O
y_
S1
C R
N N
V
N N >•"
a d
U
F-
CL
U N
N
a>
U A
U
N E
o
y
� Cd H
y
K
vOi an
YU
y
c0
4-+
p DOG cKa O
O
O
'b CC
K cz O• C
O
N
K C
E .,4
z
N y
N
U
In
4.
fu �,
E� -�,,,
Fes- � [�•
Ems-
EL- F�-
r
O
�
rL
G
O-
CL
ci
i
3
>O
O
N
U
U
+�•
� N
�
N
41
Cd
�y
o
O
p
N
N
'C
L
0
U
y
'C
K
G
°
O fU
O M
O
E
O
Q•
b y
K
�
O
E
G
K
CL-
b
CI..i
• N
N U
y cz
IU•,
X x x x
X X X X
x x X x
X X X X
� U
'O
-p
O
'O
Ir
N
N
� Q
� a o
�
'i,n
y
fd
O
w
Y o
C
°
a o
>
K
"O
K N
C
,bq
�
3
a
O
o
� o
ti N
0
°
En
U
s.
ti
O
•�
Q-
X
r-
•E w O
•C
N
N
N
y
ti
K
O c
U 6
w
>
O i6
Y
= O
0
ca
N
O
K
G S tc
O K
y O
O
0 U
2
b4 O
bC
�>
y
N 0. y b
O_•
i
¢
t= U
O
p
OE
U
V
C R
N N
V
N N >•"
.� .K
F-
CL
o
U A
U
N E
o
y
� Cd H
y
K
vOi an
YU
c0
p DOG cKa O
O
O
K cz O• C
O
N
K C
E .,4
z
.�
4.
E� -�,,,
Fes- � [�•
Ems-
EL- F�-
O
�
G
O-
i
3
>O
O
N
U
U
+�•
� N
�
N
41
Cd
O
7
L
O
O
^p
cC
A
w
b y
b
c0
O
C O
G
K
CL-
b
CI..i
• N
N U
y cz
IU•,
x x X x
X X X X
X X X X
� U
-p
O
'O
Ir
N
� Q
� a o
vJ
'i,n
y
fd
O
w
Y o
C
°
a o
>
K
"O
K N
C
,bq
�
3
O
� o
ti N
0
°
En
m
s.
ti
O
O
Q-
r-
•E w O
•C
N
u
N
N
y
ti
K
O c
U 6
w
>
O i6
Y
= O
U O K
ca
O
K
G S tc
O K
y O
O
0 U
2
b4 O
bC
�>
y
N 0. y b
O_•
i
¢
t= U
C
OE
U
V
C R
N N
V
N N >•"
.� .K
F-
CL
o
0
N E
o
y
� Cd H
y
K
vOi an
YU
c0
p DOG cKa O
O
O
K cz O• C
O
N
K C
E .,4
z
.�
4.
E� -�,,,
Fes- � [�•
Ems-
EL- F�-
X X X X
E
0
FU
U
A
T
O
d
G.
s
C
W
-p
O
'O
Ir
N
�
vJ
'i,n
y
fd
O
w
y
C
°
a o
>
Y_
"O
3
C
�
W �
U
ti N
°
En
m
s.
Q-
r-
•E w O
•C
K
y � 4
O
C .y
ti
a`i
K 'C
O
Y
= O
U O K
ca
O
O
O K
y O
C
OE
U
V
C R
N N
V
N N >•"
.� .K
F-
E
0
FU
U
A
T
O
d
G.
s
C
W
A
rt
a
x
0
3
(n
CD
O n p
N
O w cD y' 0 Ci
O O < n• y• � O O
a. co
0 CD
o' a cn CD b
V o _ CL
c a o °, 5 0
C, a CCD
f�A CD Q Q (n N y
CD
o p w cQn CD
" c ° a co
x O CD Q y
a o 0
K r
d
�' �i • n O' d n.
to
y w w O
C o
ti
n O �'
�qi G
-G
Q
0
a �
w a
o'
a- `D
X x x x
d �
o (D fD o " <
w y' m . 90 CD Q
d O O •p .0 61 f,
CL
w
A A •"Y w 'O
Q f" 0 w := (D
O ti w w
Vi
-0, O , § O v
y . n
n w E O
b o m _ 0
.y. iC'• y N iC (D -0
�.0o 0
ay
• v' �' le
DQ
5' ° CD fD cn
CD 'a y D
c CD °
rA
O
(n
� a
CD �.
y E�
w < 0
O 4m
CD ti
0 00 Q w
O O w w
o' ?'
d (0.,
<
n �.
x x x x
X x x x
� � � o• o- �
co cn cn cn co cn d cn
f D. o c c�u coo r, w
o w a�
a< c a° S Q
`C
Q
� y O
C y C
g cn a c
w°'_ f D o
n y Er <
0 w FT coo 0
coo
R a a�
UQ wG �q
E 0. y C fn
n CD n o
O y CD CD
N
y
A
~ O fD n
O ti y
O. V
O O
cn
y (% n V
o
a 8 o
tj
y F
S �
Q y
m
m CD
w'
x x x x
X x x x
d
o �
w c, w
a fD
O O
w
c 07'
ry H �
w. vii p' C,
n �Oq O� UQ
fp G
C �.
y. O n• d. v,'
CL a
coo m• 7C' o y
H
A (fin N Q
M 7
CD
CD
CD
Er
y. rm
W �.
O � �
n
CD
n � H
n
v w a
c. 'o• a
�• Q' e
c � `w•
x x x x
x x x x
LA
w
CT'
n
y
fp
8
q
0
H
o'
0
c
5
O
O
U
w
G
0
U
a
C
v
.0
a�
H
w
y
-O
U
N
0.
r
X X x X
X X x X
U �
b
> r.
C
a a o
Y O b
N
� � U
y
o
•� o
y N
� C
O w
U w Y U N
W y by >
a o -c
O •� � O y y
w^
a
aY
W C cy3 U Y C
�43 s
-O rL
� N
O C+
y O O
G .�.. y N O U N -
U caC
❑E O O c
F N N
• .Z: V W i. �. �
y N O O
>
eC T E O O y
0
G � 0 G C
0
H E•+ Es•^ ¢ F Fes^ Ems"
X X X X
X x X
4+ �
O C
W
� N
� � C
b o
0
°c a
R U
t:
N
� � •3
cc
C 3
c0 O ►.
C
0 G
O �
tz
CL a r
y Y
oO _
O N O
U y ti tYO y
= •- YO w O U
>
«+ N U U IL
cn .O
'C
cW0 •b � y 'b Y G
pH
c>0
x X X x
X x X
.0
b
..b
'C
Qi
O
� W
•3 y
>
O �
v
u 0 ° y
7 e b •'d
Y
7 H U 'b
O RS o
T
b 4.. y
� N
N N •� •� N
W
O a
T � ¢ :b A•
%l U
l0 /1
-t
N > N .� O
CL 0
E 0 O of Q'
O 4 y V 0 W
E G En U
U bUC rn O O RS O
4:!
COO >
Ems•- E�- u1 F Fes- � F�-
x x x
X X X
MEN
U
O
c0
O
Y RS
b0 �
y O
? O U
Y �
Q
n ° Cd o U
Y
c0
w w
o O O U
A >
C
T
T C c 4O
N
a. ¢ ctl • C � ' �' i'
> VU1 U 0 U
o _
O U O O O
O
OO O O
CA
�aa U y U U U
o
o y ai C 0 G G
e>0 U
E
0
v
A
x
0
G
ti
u
O
S
a
a
a
0
a
=r
N (~D
c~p
c~D A
0
;
0 0
a a
0
a
0 w
a ,3
o
".�
H y
_
Vi
H to
co
O
O
°
Q
h
», .01
p
y
A
w �
'o,
w
°
ce
E
w
y
S
O
0
y
o
A
O.
b
E
CD
c�D
f~D
on
0
a ft
0
5' o
o �
A
-, A
<
OQ
„pH.
c5
ti
A
b
.2
y
�
�' a
C
A
A O
CD
co O
w �
`°
A
f/0
ro
C.
.w+
w p
p
0
c
�
�
<
w
p'
�
w
CT"
A
7
X x x x
y o a
o � c
w �
a
C
M� A
W O
w fD Z±
Q y.
=; a
H
A °
kG
O
a
o �
m a
r �
yy� T
y
K
N ry
o a
Q
y �
y
O
f
LF
O
a
A
X x x x
� o� 0 a w` �•
a •a
o a
� � �, coo 5' ? cao • a:
a •° o 6'
a o y
c0- ROL y
"1
Q y
(9 N N
O a O r% w
A y ^ N h'
h0 u N EP
D
O
o
a
co
w
x x x x
X x x x
9 9 9
A
9 lD N
OA cD ' w 9
0 0 °• owo 0
w
y C A � QC7
l�y Q fi
D � � CS•
p w
y w A A
0
w
CO o
y CCD
w CD
QA O
E. c a
CD
N A
CD
p c
'k
CD 11,
B�CD
Q y
c m
.. y
w .ter.
� 0
ti
Q G
f~9
y a
Uo x
.w. A
o' a
Q y
b Q
Q y
w a
a' m
a
�- a
X x x x
S: g
rA0
� y
fD w
y• O
A
Q
a m
0 <
O A
N <
a �
p A
Q y
O
� y
w
a a.
A N
Q
O
A
S'
b
K
x x x x
v
A
0
y
N
Q
O
N
A
h
OQ
H
NONE Now
"n
A
~9 c
0
;
N
c~D
o
".�
W
_
Vi
_
V1
C
Q„
`y •
m
o
0
0
A
O
y y
y
a
y
H
y
H
~
O
c9
c�D
f~D
y'
<
OQ
„pH.
c5
O
A
b
.2
O
�
.7
y
A O
c
`°
101'
C.
w p
`+
<
4
o
<
y
<
w
a
c9
y
b
a
y
G
d
b
WE
A
� o
0 �
�yc °
w
A �
Q C
�. P7
A
�' cD
n
n
cD
H
A
m
A
y
0
y
y
0
CL
0•
A x x x
V�
CC
n
y
q
y
B
y
E °n
G
f3.
_n
0
M
■ ■ ■ ■ ■ ■ ■ ■ 0 ■ f ■ S ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ r ■ ■ ■ a ■
£f
0
U
C
a
w
a
O
v
T
C
N
d
w
C
�o
U
RS
N
�Q
R7
a
r
x x x x
rl
x. x y
cC
L.
N
U
r 'd
v
�
Y
w
b
'd
O
cFa
O
�O
b
Q
h
�
y
O
CL
O
2
U
a�
0t
O
o
>
x
O
RS
�
i
'b
v
a
� O
>
U
O
'y
c
a�
i
N
O
ti
N
R
�
3
ap
'in
s
�
a
p
3
y
U
O
b
�
O
C)
�
N
'fl
O
G
N
U
RS
N
00
U
o
a
cl
O
a�
_
v
u..
y
vi
N
T
�
N
a�
U
>
fl.
.b
CL
N
•�
O
i
.0
0
�
¢
N
iy-
Y
O
Y
oq
=
Q
w
w
RS
^p
03
O
e0
U
0
U
¢
y
tow
"d
fU.
J2
CO
O
U
y
d
y
Gq
�+
N
N
ci
O-
T
Q„
O
O
Cd
ti
=
E
0
ti
v
^
y
O
8
a
O
N
c
O
4�„
N
N
C
ly..
'O
_
O
G
y
o
O
is
Y
cn
.o
C
SC
o
°'
N
o
¢
G
b
yO
�
cs
.v
O
• E
r
'O
~
CGC
G
..N.
y
C
v
Ems•
A
Ems-
W
E�-
�
F
E
rl
x. x y
x x x x
cC
L.
N
U
v
�
Y
b
'd
cFa
b
Q
Q
�
y
O
CL
N
y
0t
O
O
o
O
RS
�
O
a
� O
o
0
O
'y
c
a�
o
�
o
�
3
ap
'in
o
a
p
3
y
U
O
b
�
O
C)
o
a
°r
U
o
a
cl
_
W
�
N
a�
U
>
h
CL
N
is
O
>
CL
Rf
v
N
>
w
w
RS
^p
03
O
e0
U
0
U
¢
y
tow
"d
fU.
J2
y
d
y
Gq
�+
O
VJ
N
rUn
O-
T
Q„
¢
O
b
a
CL
o
o
>
b
N
N
4�„
N
•L
C
ly..
'O
G
y
o
O
is
Y
cn
.o
C
SC
o
°'
a
o
¢
G
R
ar
.v
O
E
y
y
�O
C
v
b
O
co
N
R
G
N
'G
CCC.
G
y
O
U
y
N
N
U
E•
W
H
E-
E-'
E-'
E-' E
x x x x
X x x
cC
L.
N
U
v
�
Y
T
'd
b
Q
�
y
O
CL
N
y
0t
O
�
O
� O
0
O
'y
a�
o
❑
�
ap
'in
p
3
y
.y
O
�
o
a
O
H
�
N
a�
U
eU
N
y
L-•
y
v
N
>
w
w
e0
U
0
.g
tow
"d
fU.
J2
y
d
y
Cd
O
O
VJ
N
rUn
O-
cuts,
0
¢
O
b
a
CL
o
o
>
b
N
N
4�„
N
•L
0
ly..
G
y
o
O
is
Y
b 4
SC
o
°'
a
o
¢
In
R
O
E
y
y
�O
C
v
b
O
co
N
0 C
G
a`i
v
y
O
U
y
N
N
U
E•
W
H
E-
E-'
E-'
E-' E
X x x
E
0
u
`u
x
Q
a
u
w
C
cC
L.
N
U
Y
y
O
CL
ro
0t
O
� O
O
'y
RS
❑
�
ap
'in
p
y
o
a
a�
O
O
VJ
N
a
CL
o
o
b
N
cd
0
CL
G
SC
U
CL
y
¢
In
R
G
a`i
v
y
e`a
0
y
N
N
U
N
N
N
d
E-
E
0
u
`u
x
Q
a
u
w
C
■ ■ ■ m o m m o m ■ ■ R o o m ■ ■ ■ ■ ■ ■ u ■ ■ ■ ■ ■ ■ ■ m o m
n^
'a
Y
1a
0
0
a
y
H
0
a
.w.
0
O
a
ar00
v
a
0
1
A
X
w
a
C
O
a
c�
X
A
N
•CS
O
O
X x x x
X X x X
f5 9
fD o
y• y
o °
a a:
y 10 y
6 �G
* yy
o $
� � w
0
b
Poi ° 5
� � b
c ° �
a �
u0a oa
-0
O
y' to
•'y o
y O
A
a�
� a
w
A �
� X
N
°
b
o`
X x X
a a H A b0
a o
0 0
A O
y y if b
CD
.a
y
to
° o
O �*
K h
v N
� a o
H 0
A ti
b
o �
a Witt:
C �
N A
pip
N �
a �
X X x x
° ,
d H
x
coo
H
0 g -
a
o
O D
CD
0
ZCD
�,• o a
y'
o �
•.,
v,
O
Er
. `0
o,
c
000
'o'
S
co
c Q oa
DQ
5 co
y'
.y C lD
a
y
T3
o a
a
H
pi
CR
G
D
~
H
CT`J' IrD
�
O
CA
0
At
Yl
� � b
fD
rr iT
f10
E'
p� y
.'S.
6
Q`
lD (
A
^^D
a RO
a
X
A
w
(D
a
am
y
o
C
A
<
0
w.
X x x x
X X x X
f5 9
fD o
y• y
o °
a a:
y 10 y
6 �G
* yy
o $
� � w
0
b
Poi ° 5
� � b
c ° �
a �
u0a oa
-0
O
y' to
•'y o
y O
A
a�
� a
w
A �
� X
N
°
b
o`
X x X
a a H A b0
a o
0 0
A O
y y if b
CD
.a
y
to
° o
O �*
K h
v N
� a o
H 0
A ti
b
o �
a Witt:
C �
N A
pip
N �
a �
X X x x
° ,
x
coo
H
. w
•.,
v,
O
n
DQ
T3
o a
a
H
pi
CR
G
D
~
H
fD
rr iT
A O
CDD
a RO
a
X
A
O
(D
a
am
y
o
A
�
0
m
d
a
X x X x
C O
a 5
b
� w
A
�i
c w
a �
o �
5 c�
a
a �
K N
g.
o
C
fD lD
a A
Ay
CD
a`
O
w
<
0
0
Oq
0
X x x x
fD. o
O P7
A A A E ?
0 0 0 0
A °
O
C) 0 b
X' 7c . °
rr
C O A �ii
0
a y o
G p y
CD
0 IN
.7
y C17 w
O r:
CAy A
to � N
•Si «a • f�D
A
C �
w �
A
X X x
w
a
v„ ypA_
Vi y
y
� A �
a � "
co
O �
a � m
r-� A
N y
O
y�
(a N
a
A ~
0 y
� y
tO
i
CS
A
d
a
a
w'
M
X X r. X
!J�
m
w
n
N
tAJ
y
A
0
O'
^^a
I
ISS: CGQ Research Methodology
Companies Rated
U.S. Companies
ISS analyzes 61 data points to derive each U.S. issuer's rating.The database includes all companies in the S &P 400, S &P 500, S &P 600
and the Russell 3000 indexes, along with many other companies not in these indexes.
Non -U.S. Companies
ISS reviews 55 data points to determine the CGQ score of nearly 2,000 companies in the MSCI EAFE® Index, MSCI World Index and
the Canadian S &P /TSX Composite Index. Companies outside the U.S. are also rated against other companies in the same index, industry
and country.*
Ratings Criteria
CGQ uses a comprehensive set of objectives and consistently applied criteria for each of the companies rated. The database features corporate
governance rankings on more than 7,500 companies worldwide, and includes underlying data points for up to 61 corporate governance
variables, categorimd under eight areas of focus. Some of the variables are reviewed together under the premise that corporate governance is
enhanced when selected combinations of these variables are adopted. To facilitate analytical comparison, each company is scored individually,
relative to its market index and its industry group.
*Only companies domiciled within countries with more than 75 rated companies are subject to the country rating. Currently,
this applies to the following markets: Australia, Canada, France, Germany, Japan and the United Kingdom.
DANA INVESTMENT ADVISORS, INC.
45
■ ■ ■ s ■ ■ ■ m ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 0 ! ■ ■ i ■ ■ 0 ■ 0 ■
z
n
n
9
F
a
x
3
w
n
G
3
c�D o x
�e
w y py
►� Q ny
C
CD
D O <
co
b A M
�1
R� T
a
Cb
Q 0
A A
D
O nq
A .w.
CD
a
A N
n o
�• w
a
a
CD
CD
A
a
0
a
.7
a
a
x x x x
A A
C A
a �
Q
N Gn
A w
y A
a a7i
0
0
C
w
0
A
H
G7
(D
w
`J
a
CD
CD
cof�D
3
s'
N
m v
� y a
o
fD VJ
K
N .A+ CAD
K K
Q Cn A
.v.; O
0
o y
a
C 0
CD
CD�n
0.
CD CD
M Q
a
n
Q
E:
CD
0.
A
A
O
v
X x x x
X x x x
x x x x
cr
°w
a
CD
'C3
a
O
G7
C
A
A
M
o'
w
A
(D
o < o
� � a
Q A
Q
R
p
w
�o
w
A
Gn �
Q
w �
y a
w �
M
o A
a 0
k
w
a CD
y
y w
a
a o-
a �
X x x x
;�
w o
a
0
a ❑.
A
A w
►� A
A
.R �
a w
0
N
0
{(D
.7
A
y
z
CDa
fD
A
CCD
CD
to
pN
G
rj m
A
a 0
a � �
rr A
� w
c A
G
M A
y �
A ti O
O
fD � •"3-
a
CA
o �
� C
aDn
w
Q
(D
a
(D
A
x x x x
tA
w
to
In
CD
A
0
H
b
"s7
n
Q
r•n.
CC
o
w
o
w
i
o
O
fiQ
O
O
a;
�
a
a
O
O
O
to
y
A
f/
y
G
n
A
on
O
O
a
-o-
2
CD
r.
Q
.`~S
oa
H
A
N
coo
CD
C
H
O
M
Cn
00
V1
(1
°
A
_�
Dn
a.
a
a
A
w
K
::r
ti
A
$
A
o
y
CA
CD
O
A
�n
i
rD
�
y
a
CD
x
�.
p•
w
o
0
a
�
]
H
�
w
Lp
Q
o-
a
X x x x
x x x x
cr
°w
a
CD
'C3
a
O
G7
C
A
A
M
o'
w
A
(D
o < o
� � a
Q A
Q
R
p
w
�o
w
A
Gn �
Q
w �
y a
w �
M
o A
a 0
k
w
a CD
y
y w
a
a o-
a �
X x x x
;�
w o
a
0
a ❑.
A
A w
►� A
A
.R �
a w
0
N
0
{(D
.7
A
y
z
CDa
fD
A
CCD
CD
to
pN
G
rj m
A
a 0
a � �
rr A
� w
c A
G
M A
y �
A ti O
O
fD � •"3-
a
CA
o �
� C
aDn
w
Q
(D
a
(D
A
x x x x
tA
w
to
In
CD
A
0
H
b
"s7
n
Q
r•n.
N
E
E
N
O
■
■
■
■
■
■
w
■
■
■
■
■
■
■
■
■
■
■
■
■
m
o
m
s
n
o
w
L�
ISS: CGQ Research Methodology
TrJ
Categories for evaluating companies
1. Board of directors
2. Audit
3. Charter and bylaw provisions
4. Antitakeover provisions
5. Executive and director compensation
6. Progressive practices
7. Ownership
8. Director education
To review the specific data points in each category that are factored into a companys CGQ rating, please visit www.issproxy.com. CGQ also
includes sub- scores that provide a measure of a companys governance in four key areas: board of directors, takeover defenses, executive and
director compensation and ownership and audit review. Companies are ranked in quintiles relative to their index and industry group. Sub -
scores are given from 1-5. A score of 5 indicates a company is in the top quintile in a governance area. A score of 1 indicates a company is in
the bottom quintile in a governance area.
Data Sources
The data provided in CGQ is derived primarily from public disclosure documents, press releases and corporate websites. It then goes through
a rigorous verification process by ISS' senior corporate governance analysts and is put in to the CGQ database. ISS' CGQ database is updated
daily to reflect all governance data changes that occur. Each company profile is updated every 120 days, unless the company voluntarily
submits updates, at which time an updated score is generated. In addition, the scores are updated in advance of a companys annual
shareholder meeting, so that the latest score is included on the ISS proxy analysis. As a result, investors can be sure that every CGQ rating is
based on the latest and most accurate information available.
Objective, Impartial Information
CGQ is a quantitative database that provides objective and impartial information, and is not tied to any other ISS service. Companies are
rated whether they want to be or not, and they cannot change their ratings by subscribing to the CGQ service, or any other service provided
by ISS. The only way a company can improve its rating is to make and publicly disclose changes in its governance structure and/ or practices.
ISS does encourage corporate issuers to submit any material changes related to their corporate governance structure, policies and procedures
via a specially designed web portal, available to them free of charge. Corporate issuers are invited to access www.isscgq.com to better
understand how ISS calculates its CGQ scores and review the exact data ISS used to generate their CGQ score.
DANA INVESTMENT ADVISORS, INC.
46
■ ■ S ■ ■ ■ ■ ■ ■ ■ ■ M E M O M E M N O N M E M O ■ O N O N o w
III
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® i—t—"-f Palm Beach Gardens Firefighters' on Fund
Meeting for Holders of ADR's
PROPOSAL TO APPROVE THE SALE OF U.S. FOODSERVICE
PROPOSAL TO, AMONGST OTHERS, INCREASE THE NOMINAL VALUE OF THE COMMON SHARES, AS WELL AS TO
AUTHORIZE EACH MEMBER OF THE CORPORATE EXECUTIVE BOARD TO EFFECTUATE THE PROPOSED AMENDMENT OF
THE ARTICLES OF ASSOCIATION.
PROPOSAL TO, AMONGST OTHERS, REDUCE THE ISSUED CAPITAL BY DECREASING THE NOMINAL VALUE OF THE
COMMON SHARES, AS WELL AS AUTHORIZE EACH MEMBER OF THE CORPORATE EXECUTIVE BOARD TO EFFECTUATE
THE PROPOSED AMENDMENT OF THE ARTICLES OF ASSOCIATION.
PROPOSAL TO, AMONGST OTHERS, CONSOLIDATE THE COMMON SHARES, AS WELL AS TO AUTHORIZE EACH MEMBER
OF THE CORPORATE EXECUTIVE BOARD TO EFFECTUATE THE PROPOSED AMENDMENT OF THE ARTICLES OF
ASSOCIATION.
Elect Director Bruce W. Stender
Elect Director Kathleen A. Brekken
Elect Director Heidi J. Eddins
Elect Director Sidney W. Emery, Jr.
Elect Director James J. Hoolihan
Elect Director Madeleine W. Ludlow
Elect Director George L. Mayer
Elect Director Roger D. Peirce
Elect Director Jack I. Rajala
Elect Director Donald J. Shippar
Ratify Auditors
6/19/2007 5/11/2007
6/19/2007 5/11/2007 For
6/19/2007 5/11/2007 For
6/19/2007 5/11/2007 For
6/19/2007 5/11/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
5/8/2007 3/9/2007 For
Reference: http: /hvww.Votex.con'/ 49
o w n ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
III. Proxy Vote Summary
• Identifies each company that had a shareholder proxy vote during the most recent
calendar quarter.
• Summarizes each proxy item by company.
• States Management's position on each vote.
• Identifies whether vote was cast for or against.
• Number of shares voted.
DANA INVESTMENT ADVISORS, INC.
11
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® ICity of Palm Beach Gardens Firefighters' Pension '
'Amgen, Inc. OORUT�
�.
fflffm
Elect Director Frank J. Biondi, Jr.
5/9/2007
3/12/2007
For
Elect Director Jerry D. Choate
5/9/2007
3/12/2007
For
Elect Director Frank C. Herringer
5/9/2007
3/12/2007
For
Elect Director Gilbert S. Omenn
5/9/2007
3/12/2007
For
Ratify Auditors
5/9/2007
3/12/2007
For
Declassify the Board of Directors
5/9/2007
3/12/2007
For
Declassify the Board of Directors
5/9/2007
3/12/2007
For
Develop an Animal Welfare Policy
5/9/2007
3/12/2007
Against
Prepare a Sustainability Report
5/9/2007
3/12/2007
Against
Nlecting / Record Date ' m
EIect Director Vicente Anido, Jr.
5/4/2007
3/16/2007
For
Elect Director Terry P. Bayer
5/4/2007
3/16/2007
For
Elect Director I.T. Corley
5/4/2007
3/16/2007
For
Elect Director David L. Goldsmith
5/4/2007
3/16/2007
For
Elect Director Lawrence M. Higby
5/4/2007
3/16/2007
For
Elect Director Richard H. Koppes
5/4/2007
3/16/2007
For
Elect Director Philip R. Lochner, Jr.
5/4/2007
3/16/2007
For
Elect Director Norman C. Payson, M.D.
5/4/2007
3/16/2007
For
Elect Director Mahvash Yazdi
5/4/2007
3/16/2007
For
Ratify Auditors
5/4/2007
3/16/2007
For
Reference: hq: / /www.Votex.com/ 51
O N N O M M O N O M E M E N E M E N E M ■ ■ ■ ■ N O M E M E M S
Reference: htto: / /www.Votex corn/
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
®'City of _
Altria Group. Inc.
Elect Director Elizabeth E. Bailey
4/26/2007
3/5/2007
For
Elect Director John S. Reed
4/26/2007
3/5/2007
For
Elect Director Stephen M. Wolf
4/26/2007
3/5/2007
For
Elect Director Harold Brown
4/26/2007
3/5/2007
For
Elect Director Mathis Cabiallavetta
4/26/2007
3/5/2007
For
Elect Director Louis C. Camilleri
4/26/2007
3/5/2007
For
Elect Director J. Dudley Fishbum
4/26/2007
3/5/2007
For
Elect Director Robert E. R. Huntley
4/26/2007
3/5/2007
For
Elect Director Thomas W. Jones
4/26/2007
3/5/2007
For
Elect Director George Munoz
4/26/2007
3/5/2007
For
Elect Director Lucio A. Noto
4/26/2007
3/5/2007
For
Ratify Auditors
4/26/2007
3/5/2007
For
Provide for Cumulative Voting
4/26/2007
3/5/2007
For
Disclose Information on Secondhand Smoke
4/26/2007
3/5/2007
Against
Cease Add Campaigns Oriented to Prevent Youth Smoking
4/26/2007
3/5/2007
Against
Cease Production, Promotion, and Marketing of Tobacco Products
4/26/2007
3/5/2007
Against
Adopt Animal Welfare Policy
4/26/2007
3/5/2007
Against
IM PRIME
Aincrican Capital Strateics. Ltd.
Elect Director Mary C. Baskin
5/4/2007
3/16/2007
For
Elect Director John A. Koskinen
5/4/2007
3/16/2007
For
Elect Director Alvin N. Puryear
5/4/2007
3/16/2007
For
Approve Stock Option Plan
5/4/2007
3/16/2007
Against
Declassify the Board of Directors
5/4/2007
3/16/2007
For
Increase Authorized Common Stock
5/4/2007
3/16/2007
Against
Amend Executive Incentive Bonus Plan
5/4/2007
3/16/2007
Against
Ratify Auditors
5/4/2007
3/16/2007
For
Other Business
5/4/2007
3/16/2007
Against
Reference: htto: / /www.Votex corn/
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
Citv of Palm Beach Gardens Firefighters' Retirement System Pension Fund
Elect Director William Barnet, III
4/25/2007
3/2/2007
For
Elect Director Walter E. Massey
4/25/2007
3/2/2007
For
Elect Director Thomas J. May
4/25/2007
3/2/2007
For
Elect Director Patricia E. Mitchell
4/25/2007
3/2/2007
For
Elect Director Thomas M. Ryan
4/25/2007
3/2/2007
For
Elect Director O. Temple Sloan, Jr.
4/25/2007
3/2/2007
For
Elect Director Meredith R. Spangler
4/25/2007
3/2/2007
For
Elect Director Robert L. Tillman
4/25/2007
3/2/2007
For
Elect Director Jackie M. Ward
4/25/2007
3/2/2007
For
Ratify Auditors
4/25/2007
3/2/2007
For
Prohibit Executive Stock -Based Awards
4/25/2007
3/2/2007
Against
Elect Director Frank P. Bramble, Sr.
4/25/2007
3/2/2007
For
Change Size of Board of Directors
4/25/2007
3/2/2007
Against
Separate Chairman and CEO Positions
4/25/2007
3/2/2007
Against
Elect Director John T. Collins
4/25/2007
3/2/2007
For
Elect Director Gary L. Countryman
4/25/2007
3/2/2007
For
Elect Director Tommy R. Franks
4/25/2007
3/2/2007
For
Elect Director Charles K. Gifford
4/25/2007
3/2/2007
For
Elect Director W. Steven Jones
4/25/2007
3/2/2007
For
Elect Director Kenneth D. Lewis
4/25/2007
3/2/2007
For
Elect Director Monica C. Lozano
4/25/2007
3/2/2007
For
W11
Elect Director Fred K. Foulkes
5/8/2007
3/16/2007
For
Elect Director Linda A. Mason
5/8/2007
3/16/2007
For
Elect Director Ian M. Rolland
5/8/2007
3/16/2007
For
Elect Director Mary Ann Tocio
5/8/2007
3/16/2007
For
Ratify Auditors
5/8/2007
3/16/2007
For
Reference: http: / /www.Votex.conl/ 53
M E N O M O N E E M o n n u m n o u n on O E M M O N O S S O N
son ■■■■■■■■■ mom ■■■■■■■■■■■■■noon
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
��
[cm, A 0 r-1 I om 111"m am LR, Imm?z stem Pension Fund
Elect Director William F. Aldinger III
4/27/2007
2/28/2007
For
Elect Director John B. McCoy
4/27/2007
2/28/2007
For
Elect Director Mary S. Metz
4/27/2007
2/28/2007
For
Elect Director Toni Rembe
4/27/2007
2/28/2007
For
Elect Director Joyce M. Roche
4/27/2007
2/28/2007
For
Elect Director Randall L. Stephenson
4/27/2007
2/28/2007
For
Elect Director Laura D' Andrea Tyson
4/27/2007
2/28/2007
For
Elect Director Patricia P. Upton
4/27/2007
2/28/2007
For
Elect Director Edward E. Whitacre, Jr.
4/27/2007
2/28/2007
For
Ratify Auditors
4/27/2007
2/28/2007
For
Compensation Specific- Severance Payments to Executives
4/27/2007
2/28/2007
For
Elect Director Gilbert F. Amelio
4/27/2007
2/28/2007
For
Report on Political Contributions
4/27/2007
2/28/2007
Against
Amend Articles/Bylaws/Charter - Call Special Meetings
4/27/2007
2/28/2007
For
Pay For Superior Performance
4/27/2007
2/28/2007
For
Advisory Vote to Ratify Named Executive Officers' Compensation
4/27/2007
2/28/2007
For
Establish SERP Policy
4/27/2007
2/28/2007
For
Elect Director Reuben V. Anderson
4/27/2007
2/28/2007
For
Elect Director James H. Blanchard
4/27/2007
2/28/2007
For
Elect Director August A. Busch 111
4/27/2007
2/28/2007
For
Elect Director James P. Kelly
4/27/2007
2/28/2007
For
Elect Director Charles F. Knight
4/27/2007
2/28/2007
For
Elect Director Jon C. Madonna
4/27/2007
2/28/2007
For
Elect Director Lynn M. Martin
4/27/2007
2/28/2007
For
Reference- httn- /h� Vm— 1 - -
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
of Palm Beach Gardens Firefighters' Retirement Syste: 7Pension Fund
Capitol Bancorp Ltd.
Elect Director H.N. Genova
4/25/2007
2/26/2007
For
Elect Director P.R. Ballard
4/25/2007
2/26/2007
For
Elect Director J.S. Lewis
4/25/2007
2/26/2007
For
Elect Director L. Maas
4/25/2007
2/26/2007
Withhold
Elect Director M.D. Nofziger
4/25/2007
2/26/2007
For
Elect Director D. O'Leary
4/25/2007
2/26/2007
For
Elect Director D.L. Becker
4/25/2007
2/26/2007
For
Elect Director R.C. Carr
4/25/2007
2/26/2007
For
Elect Director D.E. Crist
4/25/2007
2/26/2007
For
Elect Director J.C. Epolito
4/25/2007
2/26/2007
For
Elect Director K.A. Gaskin
4/25/2007
2/26/2007
For
Elect Director M.F. Hannley
4/25/2007
2/26/2007
For
Elect Director M.L. Kasten
4/25/2007
2/26/2007
For
Elect Director J.D. Reid
4/25/2007
2/26/2007
For
Elect Director R.K. Sable
4/25/2007
2/26/2007
For
Elect Director R.A. Henderson
4/25/2007
2/26/2007
For
Elect Director L.D. Johns*
4/25/2007
2/26/2007
Withhold
Elect Director L.W. Miller
4/25/2007
2/26/2007
For
Elect Director C.K. Reid
4/25/2007
2/26/2007
For
Elect Director M.J. Devine
4/25/2007
2/26/2007
For
Elect Director G.A. Falkenberg
4/25/2007
2/26/2007
For
Elect Director J.I. Ferguson
4/25/2007
2/26/2007
For
Approve Omnibus Stock Plan
4/25/2007
2/26/2007
Against
:Caterpillar Inc.
Elect Director John T. Dillon
6/13/2007
4/16/2007
For
Elect Director Juan Gallardo
6/13/2007
4/16/2007
Withhold
Elect Director William A. Osborn
6/13/2007
4/16/2007
For
Elect Director Edward B. Rust, Jr.
6/13/2007
4/16/2007
For
Ratify Auditors
6/13/2007
4/16/2007
For
Separate Chairman and CEO Positions
6/13/2007
4/16/2007
Against
Require a Majority Vote for the Election of Directors
6/13/2007
4/16/2007
For
Reference: http: / /www.votex.com/ 55
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
Reference: httn: / /www.Votex.com/ .
Burlington Northern Santa Fe Corp.
t
Elect Director Alan L. Boeckmann
4/19/2007
2/28/2007
For
Elect Director J. Steven Whisler
4/19/2007
2/28/2007
For
Elect Director Edward E. Whitacre, Jr.
4/19/2007
2/28/2007
For
Elect Director Donald G. Cook
4/19/2007
2/28/2007
For
Elect Director Vilma S. Martinez
4/19/2007
2/28/2007
For
Elect Director Marc F. Racicot
4/19/2007
2/28/2007
For
Elect Director Roy S. Roberts
4/19/2007
2/28/2007
For
Elect Director Matthew K. Rose
4/19/2007
2/28/2007
For
Elect Director Marc J. Shapiro
4/19/2007
2/28/2007
For
Elect Director J.C. Watts, Jr.
4/19/2007
2/28/2007
For
Elect Director Robert H. West
4/19/2007
2/28/2007
For
Ratify Auditors
4/19/2007
2/28/2007
For
Design Cadence
Elect Director Michael J. Fister
5/9/2007
3/21/2007
For
Elect Director Donald L. Lucas
5/9/2007
3/21/2007
For
Elect Director Alberto Sangiovanni - Vincentelli
5/9/2007
3/21/2007
For
Elect Director George M. Scalise
5/9/2007
3/21/2007
For
Elect Director John B. Shoven
5/9/2007
3/21/2007
For
Elect Director Roger S. Siboni
5/9/2007
3/21/2007
For
Elect Director Lip -Bu Tan
5/9/2007
3/21/2007
For
Elect Director John A.C. Swainson
5/9/2007
3/21/2007
For
Amend Stock Option Plan
5/9/2007
3/21/2007
Against
Amend Stock Option Plan
5/9/2007
3/21/2007
Against
Require a Majority Vote for the Election of Directors
5/9/2007
3/21/2007
For
Ratify Auditors
5/9/2007
3/21/2007
For
Reference: httn: / /www.Votex.com/ .
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
�=City of Palm Beach Gardens Fireflghters' Retirement System Pension Fund
Cifigroup Inc.
�.
Elect Director C. Michael Armstrong
4/17/2007
2/21/2007
For
Elect Director Richard D. Parsons
4/17/2007
2/21/2007
For
Elect Director Charles Prince
4/17/2007
2/21/2007
For
Elect Director Judith Rodin
4/17/2007
2/21/2007
For
Elect Director Robert E. Rubin
4/17/2007
2/21/2007
For
Elect Director Franklin A. Thomas
4/17/2007
2/21/2007
For
Ratify Auditors
4/17/2007
2/21/2007
For
Report on Government Service of Employees
4/17/2007
2/21/2007
Against
Report on Political Contributions
4/17/2007
2/21/2007
For
Report on Charitable Contributions
4/17/2007
2/21/2007
Against
Approve Report of the Compensation Committee
4/17/2007
2/21/2007
For
Elect Director Alain J.P. Belda
4/17/2007
2/21/2007
For
Report on Pay Disparity
4/17/2007
2/21/2007
Against
Separate Chairman and CEO Positions
4/17/2007
2/21/2007
Against
Stock Retention/Holding Period
4/17/2007
2/21/2007
Against
Restore or Provide for Cumulative Voting
4/17/2007
2/21/2007
Against
Amend Bylaws to Permit Shareholders to Call Special Meetings
4/17/2007
2/21/2007
For
Elect Director George David
4/17/2007
2/21/2007
For
Elect Director Kenneth T. Derr
4/17/2007
2/21/2007
For
Elect Director John M. Deutch
4/17/2007
2/21/2007
For
Elect Director Roberto Hernandez Ramirez
4/17/2007
2/21/2007
For
Elect Director Klaus Kleinfeld
4/17/2007
2/21/2007
For
Elect Director Andrew N. Liveris
4/17/2007
2/21/2007
For
Elect Director Anne Mulcahy
4/17/2007
2/21/2007
For
Coniplele Production SerN ices Inc
Elect Director Harold G. Hamm
5/24/2007
3/30/2007
Withhold
Elect Director W. Matt Ralls
5/24/2007
3/30/2007
For
Elect Director James D. Woods
5/24/2007
3/30/2007
For
Ratify Auditors
5/24/2007
3/30/2007
For
Reference: http: / /www.Votex.com/ 57
■■o ■■■■■■
■■■■■■■■■ ■■■■■■■■■noose
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
City of Palm Beach Gardens Firefighters'
Retirement System Pension Fund
Associates Properties, Inc.
RIM
Elect Director Stephen D. Lebovitz
5/7/2007
3/12/2007
For
Elect Director Winston W. Walker
5/7/2007
3/12/2007
For
Ratify Auditors
5/7/2007
3/12/2007
For
��
CIT Group Inc
Elect Director Jeffrey M. Peek
5/8/2007
3/19/2007
For
Elect Director Lois M. Van Deusen
5/8/2007
3/19/2007
For
Elect Director Gary C. Butler
5/8/2007
3/19/2007
For
Elect Director William M. Freeman
5/8/2007
3/19/2007
For
Elect Director Susan Lyne
5/8/2007
3/19/2007
For
Elect Director Marianne Miller Parrs
5/8/2007
3/19/2007
For
Elect Director Timothy M. Ring
5/8/2007
3/19/2007
For
Elect Director John R. Ryan
5/8/2007
3/19/2007
For
Elect Director Seymour Sternberg
5/8/2007
3/19/2007
For
Elect Director Peter J. Tobin
5/8/2007
3/19/2007
For
Ratify Auditors
5/8/2007
3/19/2007
For
Reference: htto: / /www.Votex.com/ —
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
Citv of Palm Beach Gardens Firefighters' Retirement System Pension Fund
Meeting / Record
Date
Elect Director Joel A. Ronning
5/31/2007
4/12/2007
For
Elect Director Perry W. Steiner
5/31/2007
4/12/2007
For
Elect Director J. Paul Thorin
5/31/2007
4/12/2007
For
Approve Omnibus Stock Plan
5/31/2007
4/12/2007
For
Ratify Auditors
5/31/2007
4/12/2007
For
Elect Director C.H. Chen
5/31/2007
3/29/2007
Withhold
Elect Director Michael R. Giordano
5/31/2007
3/29/2007
Withhold
Elect Director L.P. Hsu
5/31/2007
3/29/2007
For
Elect Director Keh -Shew Lu
5/31/2007
3/29/2007
For
Elect Director Shing Mao
5/31/2007
3/29/2007
Withhold
Elect Director Raymond Soong
5/31/2007
3/29/2007
For
Elect Director John M. Stich
5/31/2007
3/29/2007
For
Ratify Auditors
5/31/2007
3/29/2007
For
1 i
Meeting
Date
�'{
Elect Director Jay L. Schottenstein
5/30/2007
4/9/2007
For
Elect Director Philip B. Miller
5/30/2007
4/9/2007
For
Elect Director James D. Robbins
5/30/2007
4/9/2007
For
Record
1 .
' "
Elect Director Christopher M. Connor
4/25/2007
2/26/2007
For
Elect Director Michael J. Critelli
4/25/2007
2/26/2007
For
Elect Director Charles E. Golden
4/25/2007
2/26/2007
For
Elect Director Ernie Green
4/25/2007
2/26/2007
For
Ratify Auditors
4/25/2007
2/26/2007
For
'Ensco
/Record
International, Inc.
Elect Director David M. Carmichael
5/22/2007
3/26/2007
For
Elect Director Thomas L. Kelly II
5/22/2007
3/26/2007
For
Elect Director Rita M. Rodriguez
5/22/2007
3/26/2007
For
Ratify Auditors
5/22/2007
3/26/2007
For
Other Business
5/22/2007
3/26/2007
Against
Reference: http: / /www.Votex.com/ 59
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
tV=A"aM=Evstem
Pension Fund
10115111t
ConocoPhillips
Elect Director James E. Copeland, Jr.
5/9/2007
3/12/2007
For
Require Director Nominee Qualifications
5/9/2007
3/12/2007
Against
Report on Environmental Damage from Drilling in the National Petroleum Reserve
5/9/2007
3/12/2007
For
Report on Indigenous Peoples Rights Policies
5/9/2007
3/12/2007
Against
Report on Community Impact of Operations
5/9/2007
3/12/2007
Against
Elect Director Kenneth M. Duberstein
5/9/2007
3/12/2007
For
Elect Director Ruth R. Harkin
5/9/2007
3/12/2007
For
Elect Director William R. Rhodes
5/9/2007
3/12/2007
For
Elect Director J. Stapleton Roy
5/9/2007
3/12/2007
For
Elect Director William E. Wade, Jr.
5/9/2007
3/12/2007
For
Ratify Auditors
5/9/2007
3/12/2007
For
Report on Political Contributions
5/9/2007
3/12/2007
Against
Report on Renewable Energy Sources
5/9/2007
3/12/2007
Against
Delphi Financial Croup,
1
Elect Director Robert M. Smith, Jr.
5/8/2007
3/30/2007
For
Elect Director Robert Rosenkranz
5/8/2007
3/30/2007
For
Elect Director Robert F. Wright
5/8/2007
3/30/2007
For
Elect Director Philip R. O'Connor
5/8/2007
3/30/2007
For
Elect Director Donald A. Sherman
5/8/2007
3/30/2007
For
Elect Director Kevin R. Brine
5/8/2007
3/30/2007
For
Elect Director Lawrence E. Daurelle
5/8/2007
3/30/2007
For
Elect Director Edward A. Fox
5/8/2007
3/30/2007
For
Elect Director Steven A. Hirsh
5/8/2007
3/30/2007
For
Elect Director Harold F. Ilg
5/8/2007
3/30/2007
For
Elect Director James M. Litvack
5/8/2007
3/30/2007
For
Elect Director James N. Meehan
5/8/2007
3/30/2007
For
Amend Omnibus Stock Plan
5/8/2007
3/30/2007
Against
Other Business
5/8/2007
3/30/2007
Against
Reference: http: / /www.Votex.con'/ 58
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® City of Palm Beach Gardens Firefighters'
Elect Director Kim M. Robak
5/23/2007
3/20/2007
For
Elect Director Thomas C. Wertheimer
5/23/2007
3/20/2007
For
Company Specific- Provide Majority Vote for the Election of Directors
5/23/2007
3/20/2007
For
Approve Omnibus Stock Plan
5/23/2007
3/20/2007
For
Ratify Auditors
5/23/2007
3/20/2007
For
FPIC Insurance Croup. Inc.
Meeting / Record
1)a1c
—
Elect Director John K. Anderson, Jr.
5/31/2007
4/2/2007
For
Elect Director M.C. Harden, 111
5/31/2007
4/2/2007
For
Elect Director John G. Rich
5/31/2007
4/2/2007
For
Elect Director Joan D. Ruffier
5/31/2007
4/2/2007
For
Approve Executive Incentive Bonus Plan
5/31/2007
4/2/2007
For
Ratify Auditors
5/31/2007
4/2/2007
For
M R
Elect Director Frank J. Hansen
5/l/2007
3/2/2007
For
Elect Director Thomas M. McKenna
5/1/2007
3/2/2007
For
Elect Director Diane K. Schumacher
5/1/2007
3/2/2007
For
Elect Director Charles L. Szews
5/1/2007
3/2/2007
For
Amend Omnibus Stock Plan
5/1/2007
3/2/2007
For
Meeting / Record
1
Approve Merger Agreement
5/30/2007
3/5/2007
For
Elect Director John F. DePodesta
5/30/2007
3/5/2007
For
Elect Director J. Michael Gallagher
5/30/2007
3/5/2007
For
Elect Director Terry Allison Rappuhn
5/30/2007
3/5/2007
For
Reference: http: / /www.Votex.con" 61
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® City of t Pension Fund
Exxon Mobil Corp.
Elect Director Walter V. Shipley
5/30/2007
4/5/2007
For
Elect Director Michael J. Boskin
5/30/2007
4/5/2007
For
Elect Director J. Stephen Simon
5/30/2007
4/5/2007
For
Elect Director Rex W. Tillerson
5/30/2007
4/5/2007
For
Elect Director William W. George
5/30/2007
4/5/2007
For
Elect Director James R. Houghton
5/30/2007
4/5/2007
For
Elect Director William R. Howell
5/30/2007
4/5/2007
For
Elect Director Reatha Clark King
5/30/2007
4/5/2007
For
Elect Director Philip E. Lippincott
5/30/2007
4/5/2007
For
Elect Director Marilyn Carlson Nelson
5/30/2007
4/5/2007
For
Elect Director Samuel J. Palmisano
5/30/2007
4/5/2007
For
Elect Director Steven S Reinemund
5/30/2007
4/5/2007
For
Limit Executive Compensation
5/30/2007
4/5/2007
Against
Claw -back of Payments under Restatements
5/30/2007
4/5/2007
For
Report on Political Contributions
5/30/2007
4/5/2007
For
Amend Equal Employment Opportunity Policy to Prohibit Discrimination Based on Sexual Orientation
5/30/2007
4/5/2007
For
Report on Environmental Accountability
5/30/2007
4/5/2007
Against
Report on Emission Reduction Goals
5/30/2007
4/5/2007
For
Report on Carbon Dioxide Emissions Information at Gas Stations
5/30/2007
4/5/2007
Against
Adopt Policy to Increase Renewable Energy Portfolio
5/30/2007
4/5/2007
Against
Ratify Auditors
5/30/2007
4/5/2007
For
Restore or Provide for Cumulative Voting
5/30/2007
4/5/2007
For
Amend Articles /Bylaws /Charter -- Call Special Meetings
5/30/2007
4/5/2007
For
Separate Chairman and CEO Positions
5/30/2007
4/5/2007
For
Initiate Payment of Cash Dividend
5/30/2007
4/5/2007
Against
Advisory Vote to Ratify Named Executive Officers' Compensation
5/30/2007
4/5/2007
For
Company - Specific- Amend Article IX of the Corporation's by -laws
5/30/2007
4/5/2007
Against
Review Executive Compensation
5/30/2007
4/5/2007
Against
Reference: http: / /www.Votex.conl/ 60
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Firefighters' Pension ,
t
Approve Merger Agreement
5/16/2007
3/16/2007
For
Elect Director Phil M. Bachman
5/16/2007
3/16/2007
For
Elect Director Robert K. Leonard
5/16/2007
3/16/2007
For
Elect Director Terry Leonard
5/16/2007
3/16/2007
For
Elect Director Ronald E. Mayberry
5/16/2007
3/16/2007
For
Elect Director Kenneth R. Vaught
5/16/2007
3/16/2007
For
Ratify Auditors
5/16/2007
3/16/2007
For
Increase Authorized Common Stock
5/16/2007
3/16/2007
For
Change Company Name
5/16/2007
3/16/2007
For
Adjourn Meeting
5/16/2007
3/16/2007
Against
�i'ii1`iifii
Elect Director Knut Kleedehn
4/5/2007
2/16/2007
For
Elect Director John C. Van Roden, Jr.
4/5/2007
2/16/2007
For
Elect Director Michele Volpi
4/5/2007
2/16/2007
For
Ratify Auditors
4/5/2007
2/16/2007
For
7calflicare SurN ices Group, Inc.
Meeting / Record
mm
..
Elect Director Daniel P. Mccartney
5/22/2007
4/9/2007
Withhold
Elect Director Barton D. Weisman
5/22/2007
4/9/2007
For
Elect Director Joseph F. Mccartney
5/22/2007
4/9/2007
Withhold
Elect Director Robert L. Frome
5/22/2007
4/9/2007
Withhold
Elect Director Thomas A. Cook
5/22/2007
4/9/2007
Withhold
Elect Director Robert J. Moss
5/22/2007
4/9/2007
For
Elect Director John M. Briggs
5/22/2007
4/9/2007
For
Elect Director Dino D. Ottaviano
5/22/2007
4/9/2007
For
Increase Authorized Common Stock
5/22/2007
4/9/2007
Against
Ratify Auditors
5/22/2007
4/9/2007
For
Elect Director Martin S. Rash
6/6/2007
4/10/2007
For
Elect Director Sharad Mansukani, M.D.
6/6/2007
4/10/2007
For
Reference: http: / /www.Votex.com/ 63
■ ■■■■O■■■■E■■ ONE ■■EENOMM■■NUMNwr
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ! ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® t ,
Global :
Mectina / Record Date
Elect Director B.K. Chin
5/16/2007
3/30/2007
For
Elect Director Cindy B. Taylor
5/16/2007
3/30/2007
For
Elect Director John A. Clerico
5/16/2007
3/30/2007
For
Elect Director Lawrence R. Dickerson
5/16/2007
3/30/2007
For
Elect Director Edward P. Djerejian
5/16/2007
3/30/2007
For
Elect Director Larry E. Farmer
5/16/2007
3/30/2007
For
Elect Director Edgar G. Hotard
5/16/2007
3/30/2007
For
Elect Director Richard A. Pattarozzi
5/16/2007
3/30/2007
For
Elect Director James L. Payne
5/16/2007
3/30/2007
For
Elect Director Michael J. Pollock
5/16/2007
3/30/2007
For
Ratify Auditors
5/16/2007
3/30/2007
For
Golden
Elect Director Jean - Pierre Vandromme
5/17/2007
4/5/2007
For
Elect Director Petr Aven
5/17/2007
4/5/2007
For
Elect Director Vladimir Bulgak
5/17/2007
4/5/2007
For
Elect Director Patrick Gallagher
5/17/2007
4/5/2007
For
Elect Director Thor A. Halvorsen
5/17/2007
4/5/2007
For
Elect Director David Herman
5/17/2007
4/5/2007
For
Elect Director Kjell Johnsen
5/17/2007
4/5/2007
For
Elect Director Oleg Malis
5/17/2007
4/5/2007
Abstain
Elect Director Alexey M. Reznikovich
5/17/2007
4/5/2007
For
Elect Director David Smyth
5/17/2007
4/5/2007
For
Ratify Auditors
5/17/2007
4/5/2007
For
Amend Omnibus Stock Plan
5/17/2007
4/5/2007
For
Elect a Shareholder - Nominee to the Board
5/17/2007
4/5/2007
For
Reference: http: / /www.Votex.com/ 41)
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® City of Beach
Meeting/ Record
D.
Ilennei Co., Inc (HLDG CO)
Elect Director Colleen C. Barrett
5/18/2007
3/19/2007
For
Elect Director M. Anthony Burns
5/18/2007
3/19/2007
For
Elect Director Maxine K. Clark
5/18/2007
3/19/2007
For
Elect Director Anne Marie Tallman
5/18/2007
3/19/2007
For
Ratify Auditors
5/18/2007
3/19/2007
For
Submit Severance Agreement (Change in Control) to shareholder Vote
5/18/2007
3/19/2007
For
Require a Majority Vote for the Election of Directors
5/18/2007
3/19/2007
For
Elect Director Ian G.H. Ashken
5/17/2007
3/28/2007
For
Elect Director Richard L. Molen
5/17/2007
3/28/2007
For
Elect Director Charles R. Kaye
5/17/2007
3/28/2007
For
Ratify Auditors
5/17/2007
3/28/2007
For
O"M
Elect Director David Satcher
4/26/2007
2/27/2007
For
Elect Director Mary Sue Coleman
4/26/2007
2/27/2007
For
Elect Director William C. Weldon
4/26/2007
2/27/2007
For
Elect Director James G. Cullen
4/26/2007
2/27/2007
For
Elect Director Michael M.E. Johns
4/26/2007
2/27/2007
For
Elect Director Arnold G. Langbo
4/26/2007
2/27/2007
For
Elect Director Susan L. Lindquist
4/26/2007
2/27/2007
For
Elect Director Leo F. Mullin
4/26/2007
2/27/2007
For
Elect Director Christine A. Poon
4/26/2007
2/27/2007
For
Elect Director Charles Prince
4/26/2007
2/27/2007
For
Elect Director Steven S Reinemund
4/26/2007
2/27/2007
For
Ratify Auditors
4/26/2007
2/27/2007
For
Require a Majority Vote for the Election of Directors
4/26/2007
2/27/2007
For
Submit Supplemental Executive Retirement Plans to Shareholder vote
4/26/2007
2/27/2007
For
Reference: http: / /www.Votex.coml 65
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
Elect Director Joan E. Spero
Elect Director Cathleen Black
Elect Director Sidney Taurel
Elect Director Lorenzo H. Zambrano
Elect Director Kenneth 1. Chenault
Elect Director Juergen Dormann
Elect Director Michael L. Eskew
Elect Director Shirley Ann Jackson
Elect Director Minoru Makihara
Elect Director Lucio A. Noto
Elect Director James W. Owens
Elect Director Samuel J. Palmisano
Report on Outsourcing
Require a Majority Vote for the Election of Directors
Ratify Auditors
Reduce Supermajority Vote Requirement
Reduce Supermajority Vote Requirement
Reduce Supermajority Vote Requirement
Reduce Supermajority Vote Requirement
Restore or Provide for Cumulative Voting
Evaluate Age Discrimination in Retirement Plans
Review Executive Compensation
Elect Director Eran Broshy
Elect Director John R. Harris
Elect Director Terrell G. Herring
Elect Director Mark E. Jennings
Elect Director Per G.H. Lofberg
Elect Director A. Clayton Perfall
Elect Director Craig Saxton, M.D.
Elect Director R. Blane Walter
Ratify Auditors
Reference: http: / /www.Votex.com/ Ad
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
Against
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
For
4/24/2007
2/23/2007
Against
4/24/2007
2/23/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
6/12/2007
4/26/2007
For
Reference: http: / /www.Votex.com/ Ad
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Retirement Pension
Meeting /Record
D.
Elect Director Paul A. Brahe
5/23/2007
3/30/2007
For
Elect Director Kenneth R. Swimm
5/23/2007
3/30/2007
For
Elect Director Michael Lee Workman
5/23/2007
3/30/2007
For
Ratify Auditors
5/23/2007
3/30/2007
For
Elect Director Maurice E. Purnell, Jr.
5/9/2007
3/5/2007
For
Elect Director Raymond F. Bentele
5/9/2007
3/5/2007
For
Elect Director Phoebe A. Wood
5/9/2007
3/5/2007
For
Elect Director Felix E. Wright
5/9/2007
3/5/2007
For
Elect Director Ralph W. Clark
5/9/2007
3/5/2007
For
Elect Director Harry M. Cornell, Jr.
5/9/2007
3/5/2007
For
Elect Director Robert Ted Enloe, III
5/9/2007
3/5/2007
For
Elect Director Richard T. Fisher
5/9/2007
3/5/2007
For
Elect Director Karl G. Glassman
5/9/2007
3/5/2007
For
Elect Director David S. Haffner
5/9/2007
3/5/2007
For
Elect Director Joseph W. McClanathan
5/9/2007
3/5/2007
For
Elect Director Judy C. Odom
5/9/2007
3/5/2007
For
Ratify Auditors
5/9/2007
3/5/2007
For
Amend EEO Statement to Prohibit Discrimination based on Sexual Orientation
5/9/2007
3/5/2007
For
Lennox International. Inc.
Elect Director Todd M. Bluedorn
5/17/2007
3/26/2007
For
Elect Director Janet K. Cooper
5/17/2007
3/26/2007
For
Elect Director C.L. (Jerry) Henry
5/17/2007
3/26/2007
For
Elect Director Terry D. Stinson
5/17/2007
3/26/2007
For
Elect Director Richard L. Thompson
5/17/2007
3/26/2007
For
Organization Related- Issuance of Shares pursuant to an Agreement and Plan of Reorganization
5/17/2007
3/26/2007
For
Elect Director John L. Indest
6/14/2007
4/19/2007
For
Elect Director Ronald T. Nixon
6/14/2007
4/19/2007
For
Elect Director W.J. 'Billy' Tauzin
6/14/2007
4/19/2007
For
Ratify Auditors
6/14/2007
4/19/2007
For
Reference: http: / /www,votcx.com/ 67
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
�E� t millegrormynIA! mm vstem eension Fund
Elect Director Crandall C. Bowles
5/15/2007
3/16/2007
For
Elect Director Lee R. Raymond
5/15/2007
3/16/2007
For
Elect Director William C. Weldon
5/15/2007
3/16/2007
For
Elect Director Stephen B. Burke
5/15/2007
3/16/2007
For
Elect Director James S. Crown
5/15/2007
3/16/2007
For
Elect Director James Dimon
5/15/2007
3/16/2007
For
Elect Director Ellen V. Futter
5/15/2007
3/16/2007
For
Elect Director William H. Gray, III
5/15/2007
3/16/2007
For
Elect Director Laban P. Jackson, Jr.
5/15/2007
3/16/2007
For
Elect Director Robert I. Lipp
5/15/2007
3/16/2007
For
Elect Director David C. Novak
5/15/2007
3/16/2007
For
Report on Management Initiatives to Address Links to Slavery and Human Rights Abuse
5/15/2007
3/16/2007
Against
Ratify Auditors
5/15/2007
3/16/2007
For
Put Repricing of Stock Options to Shareholder Vote
5/15/2007
3/16/2007
Against
Performance -Based and/or Time -Based Equity Awards
5/15/2007
3/16/2007
For
Advisory Vote to Ratify Named Executive Officers' Compensation
5/15/2007
3/16/2007
For
Separate Chairman and CEO Positions
5/15/2007
3/16/2007
Against
Provide for Cumulative Voting
5/15/2007
3/16/2007
For
Require a Majority Vote for the Election of Directors
5/15/2007
3/16/2007
For
Report on Political Contributions
5/15/2007
3/16/2007
Against
Kirnherlv-Clark Corp.
Elect Director James M. Jenness
4/26/2007
2/26/2007
For
Elect Director Linda Johnson Rice
4/26/2007
2/26/2007
For
Elect Director Marc J. Shapiro
4/26/2007
2/26/2007
For
Ratify Auditors
4/26/2007
2/26/2007
For
Declassify the Board of Directors
4/26/2007
2/26/2007
For
Adopt Simple Majority Vote
4/26/2007
2/26/2007
For
Adopt ILO Standards
4/26/2007
2/26/2007
Against
Report on Feasibility of Phasing Out the Use of Non - certified Wood Fiber
4/26/2007
2/26/2007
Against
Reference: http: / /www.Votex.com/ AA
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
Reference: http: / /www.Votex.com/ 69
O N E M E N M E N ■ ■ m o m M E M E M E M E M E M M E M E M M E
Record Meeting /
Date
5/10/2007
3/13/2007
For
Elect Director Charles A. Haggerty
5/10/2007
3/13/2007
For
Elect Director Richard S. Hill
5/10/2007
3/13/2007
For
Elect Director James H. Keyes
5/10/2007
3/13/2007
For
Elect Director Michael J. Mancuso
5/10/2007
3/13/2007
For
Elect Director John H.F. Miner
5/10/2007
3/13/2007
For
Elect Director Arun Netravali
5/10/2007
3/13/2007
For
Elect Director Matthew J. O'Rourke
5/10/2007
3/13/2007
For
Elect Director Gregorio Reyes
5/10/2007
3/13/2007
For
Elect Director Abhijit Y. Talwalkar
5/10/2007
3/13/2007
For
Ratify Auditors
Require a Majority Vote for the Election of Directors
5/10/2007 3/13/2007 For
Nlecting / Record Date 1911M
Elect Director Andre C. Dinutriadis
5/15/2007
4/2/2007
For
5/15/2007
4/2/2007
For
Elect Director Boyd W. Hendrickson
5/15/2007
4/2/2007
For
Elect Director Edmund C. King
5/15/2007
4/2/2007
For
Elect Director Wendy L. Simpson
5/15/2007
4/2/2007
For
Elect Director Timothy J. Triche, M.D.
5/15/2007
4/2/2007
Against
Approve Omnibus Stock Plan
5/15/2007
4/2/2007
For
Ratify Auditors
MAIDENFORM BRANDS
5/24/2007
4/5/2007
For
Elect Director David B. Kaplan
5/24/2007
4/5/2007
For
Elect Director Thomas J. Ward
Elect Director Norman Axelrod
5/24/2007
4/5/2007
For
5/24/2007
4/5/2007
For
Elect Director Harold F. Compton
Elect Director Barbara Eisenberg
5/24/2007
4/5/2007
For
5/24/2007
4/5/2007
For
Elect Director Karen Rose
Elect Director Adam L. Stein
5/24/2007
4/5/2007
For
5/24/2007
4/5/2007
For
Ratify Auditors
Reference: http: / /www.Votex.com/ 69
O N E M E N M E N ■ ■ m o m M E M E M E M E M E M M E M E M M E
■ ■ ■■■■■■■ ■■■■
■■■■ ■■
■■ ■■■■■ ■■■■
■■
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
�=City-of Palm Beach Gardens Firefighters' Retirement
System Pension Fund
Litnited Brands
Elect Director Dennis S. Hersch
5/21/2007
4/5/2007
For
Elect Director David T. Kollat
5/21/2007
4/5/2007
For
Elect Director William R. Loomis, Jr.
5/21/2007
4/5/2007
For
Elect Director Leslie H. Wexner
5/21/2007
4/5/2007
For
Ratify Auditors
5/21/2007
4/5/2007
For
Approve Executive Incentive Bonus Plan
5/21/2007
4/5/2007
For
Declassify the Board of Directors
5/21/2007
4/5/2007
For
Meeting / Record Date
Lockheed Martin Corp.
Elect Director E. C. Aldridge, Jr.
4/26/2007
3/1/2007
Withhold
Elect Director Frank Savage
4/26/2007
3/1/2007
Withhold
Elect Director James M. Schneider
4/26/2007
3/1/2007
Withhold
Elect Director Anne Stevens
4/26/2007
3/1/2007
Withhold
Elect Director Robert J. Stevens
4/26/2007
3/1/2007
Withhold
Elect Director James R. Ukropina
4/26/2007
3/1/2007
Withhold
Elect Director Douglas C. Yearley
4/26/2007
3/1/2007
Withhold
Elect Director Nolan D. Archibald
4/26/2007
3/1/2007
Withhold
Elect Director Marcus C. Bennett
4/26/2007
3/1/2007
Withhold
Elect Director James O. Ellis, Jr.
4/26/2007
3/1/2007
Withhold
Elect Director Gwendolyn S. King
4/26/2007
3/1/2007
Withhold
Elect Director James M. Loy
4/26/2007
3/1/2007
Withhold
Elect Director Douglas H. McCorkindale
4/26/2007
3/1/2007
Withhold
Elect Director Eugene F. Murphy
4/26/2007
3/1/2007
Withhold
Elect Director Joseph W. Ralston
4/26/2007
3/1/2007
Withhold
Ratify Auditors
4/26/2007
3/1/2007
For
Increase Disclosure of Executive Compensation
4/26/2007
3/1/2007
Against
Advisory Vote to Ratify Named Executive Officers' Compensation
4/26/2007
3/1/2007
For
Report on Nuclear Weapons
4/26/2007
3/1/2007
Against
Reference: http: / /www.Votcx.com/ hR
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Citv of Palm Beach Gardens Firefighters'
Elect Director Patrick C.S. Lo
5/15/2007
3/30/2007
For
Elect Director Ralph E. Faison
5/15/2007
3/30/2007
For
Elect Director A. Timothy Godwin
5/15/2007
3/30/2007
For
Elect Director Jef Graham
5/15/2007
3/30/2007
For
Elect Director Linwood A. Lacy, Jr.
5/15/2007
3/30/2007
For
Elect Director George G.C. Parker
5/15/2007
3/30/2007
For
Elect Director Gregory J. Rossmann
5/15/2007
3/30/2007
For
Elect Director Julie A. Shimer
5/15/2007
3/30/2007
For
Ratify Auditors
5/15/2007
3/30/2007
For
am
Elect Director Phyllis J. Campbell
5/22/2007
3/14/2007
For
Elect Director Enrique Hernandez, Jr.
5/22/2007
3/14/2007
For
Elect Director Jeanne P. Jackson
5/22/2007
3/14/2007
For
Elect Director Robert G. Miller
5/22/2007
3/14/2007
For
Elect Director Blake W. Nordstrom
5/22/2007
3/14/2007
For
Elect Director Erik B. Nordstrom
5/22/2007
3/14/2007
For
Elect Director Peter E. Nordstrom
5/22/2007
3/14/2007
For
Elect Director Philip G. Satre
5/22/2007
3/14/2007
For
Elect Director Alison A. Winter
5/22/2007
3/14/2007
For
Ratify Auditors
5/22/2007
3/14/2007
For
�Old Dominion Freight Line, Inc.
Meeting / Record
Date
ORM
Elect Director Earl E. Congdon
5/21/2007
4/2/2007
For
Elect Director John R. Congdon
5/21/2007
4/2/2007
For
Elect Director J. Paul Breitbach
5/21/2007
4/2/2007
For
Elect Director David S. Congdon
5/21/2007
4/2/2007
For
Elect Director John R. Congdon, Jr.
5/21/2007
4/2/2007
For
Elect Director Robert G. Culp, III
5/21/2007
4/2/2007
For
Elect Director John A. Ebeling
5/21/2007
4/2/2007
For
Elect Director W. Chester Evans, I11
5/21/2007
4/2/2007
For
Elect Director Franz F. Holscher
5/21/2007
4/2/2007
For
Reference: http: / /www.votex.conl/ 71
■ ■■ ass ■■■■■■■ ass ass ■■■■■■■■■■■a■
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
t it'ension Fund
on O
t Date
Elect Director Charles F. Bolden, Jr.
4/25/2007
2/26/2007
For
Elect Director Charles R. Lee
4/25/2007
2/26/2007
For
Elect Director Dennis H. Reilley
4/25/2007
2/26/2007
For
Elect Director John W. Snow
4/25/2007
2/26/2007
For
Elect Director Thomas J. Usher
4/25/2007
2/26/2007
For
Ratify Auditors
4/25/2007
2/26/2007
For
Approve Omnibus Stock Plan
4/25/2007
2/26/2007
For
Reduce Supermajority Vote Requirement
4/25/2007
2/26/2007
For
Increase Authorized Common Stock
4/25/2007
2/26/2007
For
Nlectin-, / Record Date-
Elect Director Burton A. Dole, Jr.
4/24/2007
3/1/2007
For
Elect Director R. Glenn Hubbard
4/24/2007
3/1/2007
For
Elect Director James M. Kilts
4/24/2007
3/1/2007
For
Elect Director Charles M. Leighton
4/24/2007
3/1/2007
For
Elect Director David Satcher
4/24/2007
3/1/2007
For
Ratify Auditors
4/24/2007
3/1/2007
For
Elect Director Griffith Sexton
4/10/2007
2/9/2007
For
Elect Director Roy J. Bostock
4/10/2007
2/9/2007
For
Elect Director Laura D. Tyson
4/10/2007
2/9/2007
For
Elect Director Klaus Zumwinkel
4/10/2007
2/9/2007
Against
Elect Director Erskine B. Bowles
4/10/2007
2/9/2007
For
Elect Director Howard J. Davies
4/10/2007
2/9/2007
For
Elect Director C. Robert Kidder
4/10/2007
2/9/2007
For
Elect Director John J. Mack
4/10/2007
2/9/2007
For
Elect Director Donald T. Nicolaisen
4/10/2007
2/9/2007
For
Elect Director Charles H. Noski
4/10/2007
2/9/2007
For
Elect Director Hutham S. Olayan
4/10/2007
2/9/2007
For
Elect Director Charles E. Phillips, Jr.
4/10/2007
2/9/2007
For
Ratify Auditors
4/10/2007
2/9/2007
For
Approve Omnibus Stock Plan
4/10/2007
2/9/2007
Against
Amend Vote Requirements to Amend Articles/Bylaws/Charter
4/10/2007
2/9/2007
For
Approve Report of the Compensation Committee
4/10/2007
2/9/2007
For
Reference: http: / /www.Votex.conl/ 70
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Citv of Palm Beach Gardens Firefighters' Pension Fund
Elect Director Jose P. Alves
4/24/2007
3/1/2007
For
Elect Director Ronald L. Kuehn, Jr.
4/24/2007
3/1/2007
For
Elect Director H. Mitchell Watson, Jr.
4/24/2007
3/1/2007
For
Elect Director Robert L. Wood
4/24/2007
3/1/2007
For
Require a Majority Vote for the Election of Directors
4/24/2007
3/1/2007
For
Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote
4/24/2007
3/1/2007
Against
Ratify Auditors
4/24/2007
3/1/2007
For
Record
Date
Fix Number of Directors
4/26/2007
2/28/2007
For
Elect Director Joseph W. Alsop
4/26/2007
2/28/2007
For
Elect Director Barry N. Bycoff
4/26/2007
2/28/2007
For
Elect Director Roger J. Heinen, Jr.
4/26/2007
2/28/2007
For
Elect Director Charles F. Kane
4/26/2007
2/28/2007
For
Elect Director Michael L. Mark
4/26/2007
2/28/2007
For
Elect Director Scott A. McGregor
4/26/2007
2/28/2007
For
Amend Qualified Employee Stock Purchase Plan
4/26/2007
2/28/2007
For
Amend Omnibus Stock Plan
4/26/2007
2/28/2007
For
Pay for Superior Performance
4/26/2007
2/28/2007
For
Approve Merger Agreement
4/12/2007
2/28/2007
For
Adjourn Meeting
4/12/2007
2/28/2007
For
WE KIXUIIII�N
Elect Director Robert S. Cline
5/2/2007
3/5/2007
For
Elect Director Maria S. Eitel
5/2/2007
3/5/2007
For
Elect Director John S. Hamlin
5/2/2007
3/5/2007
For
Elect Director Paula Rosput Reynolds
5/2/2007
3/5/2007
For
Elect Director Charles R. Rinehart
5/2/2007
3/5/2007
For
Ratify Auditors
5/2/2007
3/5/2007
For
Require a Majority Vote for the Election of Directors
5/2/2007
3/5/2007
For
Reference: http: / /www.Votex.com/
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■.■ ■ ■
73
■
■■ ■ ■■■■ ■■■ ■■■■■ ■■ ■ ■■■ ■■ ■■
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
Elect Director Dennis A. Ausiello
Elect Director George A. Lorch
Elect Director Dana G. Mead
Elect Director William C. Steere, Jr.
Elect Director Michael S. Brown
Elect Director M. Anthony Burns
Elect Director Robert N. Burt
Elect Director W. Don Cornwell
Elect Director William H. Gray, III
Elect Director Constance J. Horner
Elect Director William R. Howell
Elect Director Jeffrey B. Kindler
Ratify Auditors
Restore or Provide for Cumulative Voting
Report on Animal Testing Policies
Amend Animal Welfare Policy
Require Director Nominee Qualifications
'G Industries, Inc.
Elect Director James G. Berges ,
Elect Director Erroll B. Davis, Jr.
Elect Director Victoria F. Haynes
Ratify Auditors
Amend Articles/Bylaws/Charter General Matters
Eliminate Cumulative Voting
Submit Severance Agreement (Change in Control) to shareholder Vote
Elect Director Stuart Heydt
Elect Director Craig A. Rogerson
Elect Director W. Keith Smith
Ratify Auditors
Adopt Simple Majority Vote
■ ■ ■ ■ ■ ■ ■
Nlecting / Record Dutc
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/l/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
For
4/26/2007
3/1/2007
Against
4/26/2007
3/1/2007
Against
4/26/2007
3/1/2007
Against
Mecting /Record
1
4/19/2007
2/16/2007
For
4/19/2007
2/16/2007
For
4/19/2007
2/16/2007
For
4/19/2007
2/16/2007
For
4/19/2007
2/16/2007
For
4/19/2007
2/16/2007
For
4/19/2007
2/16/2007
For
OWINAMIRIMMIM
5/23/2007
2/28/2007
For
5/23/2007
2/28/2007
For
5/23/2007
2/28/2007
For
5/23/2007
2/28/2007
For
5/23/2007
2/28/2007
For
Reference: http: / /www.Votex.conl/ 72
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® City of Palm Beach Gardens Firefighters'
SuperNalu Inc.
'
' ► .
' ' .
Elect Director A. Gary Ames
5/24/2007
3/26/2007
For
Elect Director Charles M. Lillis
5/24/2007
3/26/2007
For
Elect Director Jeffrey Noddle
5/24/2007
3/26/2007
For
Elect Director Steven S. Rogers
5/24/2007
3/26/2007
For
Elect Director Wayne C. Sales
5/24/2007
3/26/2007
For
Elect Director Kathi P. Seifert
5/24/2007
3/26/2007
For
Approve Omnibus Stock Plan
5/24/2007
3/26/2007
For
Ratify Auditors
5/24/2007
3/26/2007
For
Report on Feasibility of Improving Animal Welfare Standards
5/24/2007
3/26/2007
Against
Other Business
5/24/2007
3/26/2007
Against
Sykes Entcrprise�. Inc.
N109EFLOUN&M
Elect Director Paul L. Whiting
5/23/2007
4/4/2007
Withhold
Elect Director Mark C. Bozek
5/23/2007
4/4/2007
For
Elect Director Michael P. DeLong
5/23/2007
4/4/2007
For
Elect Director lain A. MacDonald
5/23/2007
4/4/2007
For
Ratify Auditors
5/23/2007
4/4/2007
For
Approve Merger Agreement
5/15/2007
4/4/2007
For
Adjourn Meeting
5/15/2007
4/4/2007
For
'Terex Corp.
Record Date
Elect Director Ronald M. DeFeo
5/17/2007
3/23/2007
For
Elect Director G. Chris Andersen
5/17/2007
3/23/2007
For
Elect Director Paula H.J. Cholmondeley
5/17/2007
3/23/2007
For
Elect Director Don DeFosset
5/17/2007
3/23/2007
For
Elect Director William H. Fike
5/17/2007
3/23/2007
For
Elect Director Donald P. Jacobs
5/17/2007
3/23/2007
For
Elect Director David A. Sachs
5/17/2007
3/23/2007
For
Elect Director Oren G. Shaffer
5/17/2007
3/23/2007
For
Elect Director Helge H. Wehmeier
5/17/2007
3/23/2007
For
Ratify Auditors
5/17/2007
3/23/2007
For
Increase Authorized Common Stock
5/17/2007
3/23/2007
Against
Approve Nonqualified Employee Stock Purchase Plan
5/17/2007
3/23/2007
For
Reference: hnp: / /www.Votex.com/ 75
■ ■r ■■■■ ■■■■■
MEN ■ ass Nona
■■■ ONES aa
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® iCity of _
Pension
Elect Director Patrick P. Fourteau
4/25/2007 3/5/2007 For
Elect Director Jon S. Saxe
4/25/2007 3/5/2007 For
Elect Director Jerry C. Griffin
4/25/2007 3/5/2007 For
Approve Omnibus Stock Plan
4/25/2007 3/5/2007 For
Ratify Auditors
4/25/2007 3/5/2007 For
Meeting / Record Da
Selective Insurance Group, Inc.
Elect Director W. Marston Becker
4/24/2007 3/13/2007 For
Elect Director Gregory E. Murphy
4/24/2007 3/13/2007 For
Elect Director William M. Rue
4/24/2007 3/13/2007 For
Ratify Auditors
4/24/2007 3/13/2007 For
Elect Director Wilford D. Godbold, Jr.
4/26/2007 3/2/2007 For
Elect Director Richard G. Newman
4/26/2007 3/2/2007 For
Elect Director Neal E. Schmale
4/26/2007 3/2/2007 For
Ratify Auditors
4/26/2007 3/2/2007 For
Amend Vote Requirements to Amend Articles/Bylaws/Charter
4/26/2007 3/2/2007 For
Require a Majority Vote for the Election of Directors
4/26/2007 3/2/2007 For
Establish SERF Policy
4/26/2007 3/2/2007 For
Elect Director Merritt Lutz
4/26/2007 3/12/2007 For
Elect Director Michael E. Lavin
4/26/2007 3/12/2007 For
Ratify Auditors
4/26/2007 3/12/2007 For
�St.
Mar, Land & Exploration Co.
Elect Director Barbara M. Baumann
5/15/2007 3/30/2007 For
Elect Director Anthony J. Best
5/15/2007 3/30/2007 For
Elect Director Larry W. Bickle
5/15/2007 3/30/2007 For
Elect Director William J. Gardiner
5/15/2007 3/30/2007 For
Elect Director Mark A. Hellerstein
5/15/2007 3/30/2007 For
Elect Director Julio M. Quintana
5/15/2007 3/30/2007 For
Elect Director John M. Seidl
5/15/2007 3/30/2007 For
Elect Director William D. Sullivan
5/15/2007 3/30/2007 For
Ratify Auditors
5/15/2007 3/30/2007 For
Reference: http: / /www.Votex.com/ '7d
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® City of Palm Beach
The Bear Stearns Companies
Elect Director Alan D. Schwartz
4/18/2007
2/20/2007
For
Elect Director James E. Cayne
4/18/2007
2/20/2007
For
Elect Director Warren J. Spector
4/18/2007
2/20/2007
For
Elect Director Vincent Tese
4/18/2007
2/20/2007
For
Elect Director Wesley S. Williams Jr.
4/18/2007
2/20/2007
For
Elect Director Henry S. Bienen
4/18/2007
2/20/2007
For
Elect Director Carl D. Glickman
4/18/2007
2/20/2007
For
Elect Director Michael Goldstein
4/18/2007
2/20/2007
For
Elect Director Alan C. Greenberg
4/18/2007
2/20/2007
For
Elect Director Donald J. Harrington
4/18/2007
2/20/2007
For
Elect Director Frank T. Nickell
4/18/2007
2/20/2007
For
Elect Director Paul A. Novelly
4/18/2007
2/20/2007
For
Elect Director Frederic V. Salerno
4/18/2007
2/20/2007
For
Amend Stock Option Plan
4/18/2007
2/20/2007
Against
Amend Restricted Stock Plan
4/18/2007
2/20/2007
Against
Amend Executive Incentive Bonus Plan
4/18/2007
2/20/2007
For
Approve Executive Incentive Bonus Plan
4/18/2007
2/20/2007
For
Ratify Auditors
4/18/2007
2/20/2007
For
Pay For Superior Performance
4/18/2007
2/20/2007
For
The i Corporation
mm
Elect Director George S. Currin
5/24/2007
3/27/2007
Withhold
Elect Director A.F. (pete) Sloan
5/24/2007
3/27/2007
For
Elect Director D. Harding Stowe
5/24/2007
3/27/2007
For
Ratify Auditors
5/24/2007
3/27/2007
For
Other Business
5/24/2007
3/27/2007
Against
nbi
i Record
Date
Elect Director Blair W. Lambert
6/12/2007
4/17/2007
For
Elect Director Daniel R. Lyle
6/12/2007
4/17/2007
For
Ratify Auditors
6/12/2007
4/17/2007
For
Reference: http: / /www.Votex.com/
77
■■ ■ ■■ ■■■■
■■■■ ■■■■ ■■■■■■■■■mosses
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Cityof Palm Beach Gardens Firefighters'
t t t
Nfectino / Record Date
Texas Instruments Inc.
Elect Director James R. Adams
4/19/2007
2/20/2007
For
Elect Director Richard K. Templeton
4/19/2007
2/20/2007
For
Elect Director Christine Todd Whitman
4/19/2007
2/20/2007
Against
Ratify Auditors
4/19/2007
2/20/2007
For
Elect Director David L. Boren
4/19/2007
2/20/2007
For
Elect Director Daniel A. Carp
4/19/2007
2/20/2007
Against
Elect Director Carrie S. Cox
4/19/2007
2/20/2007
For
Elect Director Thomas J. Engibous
4/19/2007
2/20/2007
For
Elect Director David R. Goode
4/19/2007
2/20/2007
For
Elect Director Pamela H. Patsley
4/19/2007
2/20/2007
For
Elect Director Wayne R. Sanders
4/19/2007
2/20/2007
For
Elect Director Ruth J. Simmons
4/19/2007
2/20/2007
Against
Fhe Allstate Corp.
Elect Director F. Duane Ackerman
5/15/2007
3/16/2007
For
Elect Director Joshua I. Smith
5/15/2007
3/16/2007
For
Elect Director Judith A. Sprieser
5/15/2007
3/16/2007
For
Elect Director Mary Alice Taylor
5/15/2007
3/16/2007
For
Elect Director Thomas J. Wilson
5/15/2007
3/16/2007
For
Ratify Auditors
5/15/2007
3/16/2007
For
Reduce Supermajority Vote Requirement
5/15/2007
3/16/2007
For
Elect Director James G. Andress
5/15/2007
3/16/2007
For
Elect Director Robert D. Beyer
5/15/2007
3/16/2007
For
Elect Director W. James Farrell
5/15/2007
3/16/2007
For
Elect Director Jack M. Greenberg
5/15/2007
3/16/2007
For
Elect Director Ronald T. LeMay
5/15/2007
3/16/2007
For
Elect Director Edward M. Liddy
5/15/2007
3/16/2007
For
Elect Director J. Christopher Reyes
5/15/2007
3/16/2007
For
Elect Director H. John Riley, Jr.
5/15/2007
3/16/2007
For
Reference: http: / /www.Votex.conl/ 76
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
Citv of Palm Beach Gardens Firefighters' Retirement System Pension Fund
-- — -
Elect Director Linda G. Alvarado
5/23/2007
3/26/2007
For
Elect Director Javier G. Teruel
5/23/2007
3/26/2007
For
Ratify Auditors
5/23/2007
3/26/2007
For
Elect Director Barry H. Beracha
5/23/2007
3/26/2007
For
Elect Director Eric J. Foss
5/23/2007
3/26/2007
For
Elect Director Ira D. Hall
5/23/2007
3/26/2007
For
Elect Director Hugh F. Johnston
5/23/2007
3/26/2007
For
Elect Director Susan D. Kronick
5/23/2007
3/26/2007
For
Elect Director Blythe J. McGarvie
5/23/2007
3/26/2007
For
Elect Director Margaret D. Moore
5/23/2007
3/26/2007
For
Elect Director John A. Quelch
5/23/2007
3/26/2007
For
Thomas Weisel Partners G roup Inc
Nleeting / Record
Date
019M
Elect Director Thomas W. Weisel
5/23/2007
4/6/2007
For
Elect Director Matthew R. Barger
5/23/2007
4/6/2007
For
Elect Director Michael W. Brown
5/23/2007
4/6/2007
For
Elect Director B. Kipling Hagopian
5/23/2007
4/6/2007
For
Elect Director Timothy A. Koogle
5/23/2007
4/6/2007
For
Elect Director Michael G. Mccaffery
5/23/2007
4/6/2007
For
Ratify Auditors
5/23/2007
4/6/2007
For
Amend Omnibus Stock Plan
5/23/2007
4/6/2007
Against
Meeting / Record 1
Elect Director Glenn T. Austin, Jr.
5/17/2007
3/30/2007
For
Elect Director Robert T. David
5/17/2007
3/30/2007
For
Elect Director H. Lee Durham, Jr.
5/17/2007
3/30/2007
For
Elect Director William T. Ratliff, III
5/17/2007
3/30/2007
For
Elect Director Michael A.F. Roberts
5/17/2007
3/30/2007
For
Elect Director Richard S. Swanson
5/17/2007
3/30/2007
For
Elect Director Mark K. Tonnesen
5/17/2007
3/30/2007
For
Elect Director David W. Whitehurst
5/17/2007
3/30/2007
For
Elect Director Henry G. Williamson, Jr.
5/17/2007
3/30/2007
For
Ratify Auditors
5/17/2007
3/30/2007
For
Approve Executive Incentive Bonus Plan
5/17/2007
3/30/2007
For
Reference: http: / /www.votex.com/ 79
0am MEN MEMO
00am0aman00
Ono No aaaa
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Palm t each Gardens Firefighters'
Retirement System Pension t
-City_of
The Hartford Financial Services Group, Inc.
Elect Director Ramani Ayer
5/16/2007 3/20/2007 For
Elect Director Charles B. Strauss
5/16/2007 3/20/2007 For
Elect Director H. Patrick Swygert
5/16/2007 3/20/2007 For
Elect Director David K. Zwiener
5/16/2007 3/20/2007 For
Elect Director Ramon De Oliveira
5/16/2007 3/20/2007 For
Elect Director Trevor Fetter
5/16/2007 3/20/2007 For
Elect Director Edward J. Kelly, III
5/16/2007 3/20/2007 For
Elect Director Paul G. Kirk, Jr.
5/16/2007 3/20/2007 For
Elect Director Thomas M. Marra
5/16/2007 3/20/2007 For
Elect Director Gail J. Mcgovern
5/16/2007 3/20/2007 For
Elect Director Michael G. Morris
5/16/2007 3/20/2007 For
Elect Director Robert W. Selander
5/16/2007 3/20/2007 For
Ratify Auditors
5/16/2007 3/20/2007 For
The Nlcns Wearhouse,
Inc.
Elect Director George Zimmer
6/13/2007 4/25/2007 For
Elect Director David H. Edwab
6/13/2007 4/25/2007 For
Elect Director Rinaldo S. Brutoco
6/13/2007 4/25/2007 For
Elect Director Michael L. Ray
6/13/2007 4/25/2007 For
Elect Director Sheldon I. Stein
6/13/2007 4/25/2007 For
Elect Director Deepak Chopra
6/13/2007 4/25/2007 Withhold
Elect Director William B. Sechrest
6/13/2007 4/25/2007 For
Elect Director Larry R. Katzen
6/13/2007 4/25/2007 For
iThe N'es% Ireland Fund Inc
Elect Director Denis P. Kelleher
6/5/2007 4/9/2007 For
Elect Director David Dempsey
6/5/2007 4/9/2007 For
Reference: http: / /www.Votex.com/ 79
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Pension
Valero Fnerg�- Corp.
Elect Director Ruben M. Escobedo
4/26/2007
3/1/2007
For
Elect Director Bob Marbut
4/26/2007
3/1/2007
Withhold
Elect Director Robert A. Profusek
4/26/2007
3/1/2007
For
Ratify Auditors
4/26/2007
3/1/2007
For
Require a Majority Vote for the Election of Directors
4/26/2007
3/1/2007
For
Advisory Vote to Ratify Named Executive Officers' Compensation
4/26/2007
3/1/2007
For
Establish SERP Policy
4/26/2007
3/1/2007
For
Verizon Communications
M���
111"M
Elect Director James R. Barker
5/3/2007
3/5/2007
For
Elect Director Hugh B. Price
5/3/2007
3/5/2007
For
Elect Director Ivan G. Seidenberg
5/3/2007
3/5/2007
For
Elect Director Walter V. Shipley
5/3/2007
3/5/2007
For
Elect Director John W. Snow
5/3/2007
3/5/2007
For
Elect Director John R. Stafford
5/3/2007
3/5/2007
For
Elect Director Robert D. Storey
5/3/2007
3/5/2007
For
Ratify Auditors
5/3/2007
3/5/2007
For
Limit Executive Compensation
5/3/2007
3/5/2007
Against
Eliminate or Restrict Severance Agreements (Change -in- Control)
5/3/2007
3/5/2007
For
Disclose Information on Compensation Consultant
5/3/2007
3/5/2007
For
Elect Director Richard L. Carrion
5/3/2007
3/5/2007
For
Advisory Vote to Ratify Named Executive Officer's Compensation
5/3/2007
3/5/2007
For
Adopt Policy on Overboarded Director
5/3/2007
3/5/2007
Against
Approve Terms of Existing Poison Pill
5/3/2007
3/5/2007
Against
Report on Charitable Contributions
5/3/2007
3/5/2007
Against
Elect Director M. Frances Keeth
5/3/2007
3/5/2007
For
Elect Director Robert W. Lane
5/3/2007
3/5/2007
For
Elect Director Sandra O. Moose
5/3/2007
3/5/2007
For
Elect Director Joseph Neubauer
5/3/2007
3/5/2007
For
Elect Director Donald T. Nicolaisen
5/3/2007
3/5/2007
For
Elect Director Thomas H. O'Brien
5/3/2007
3/5/2007
For
Elect Director Clarence Otis, Jr.
5/3/2007
3/5/2007
For
Reference: http: / /www.Votex.com/ 81
NN N o n a m o m m o m 0 O N N O M m m m m m m m m m m u . a n
■ ■ ■ ■■■■ memo ■■
MEN MEN
■■■■■■■■■■■oa
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® iCity of d' Firefighters'
t t
wrCUM30MMUnDAVER,
United Industrial Corp.
Elect Director Thomas A. Corcoran
5/18/2007
4/5/2007
For
Elect Director Glen M. Kassan
5/18/2007
4/5/2007
For
Elect Director Warren G. Lichtenstein
5/18/2007
4/5/2007
For
Elect Director Robert F. Mehmel
5/18/2007
4/5/2007
For
Elect Director Gen. R.I. Neal (ret.)
5/18/2007
4/5/2007
For
Elect Director Frederick M. Strader
5/18/2007
4/5/2007
For
Ratify Auditors
5/18/2007
4/5/2007
For
Technologies
Mectint, / Record Date
Elect Director Louis R. Chenevert
4/11/2007
2/13/2007
For
Elect Director Frank P. Popoff
4/11/2007
2/13/2007
For
Elect Director H. Patrick Swygert
4/11/2007
2/13/2007
For
Elect Director Andre Villeneuve
4/11/2007
2/13/2007
For
Elect Director H.A. Wagner
4/11/2007
2/13/2007
For
Elect Director Christine Todd Whitman
4/11/2007
2/13/2007
For
Elect Director George David
4/11/2007
2/13/2007
For
Elect Director John V. Faraci
4/11/2007
2/13/2007
For
Elect Director Jean- Pierre Gamier
4/11/2007
2/13/2007
For
Elect Director Jamie S. Gorelick
4/11/2007
2/13/2007
For
Elect Director Charles R. Lee
4/11/2007
2/13/2007
For
Elect Director Richard D. Mccormick
4/11/2007
2/13/2007
For
Elect Director Harold Mcgraw 111
4/11/2007
2/13/2007
For
Elect Director Richard B. Myers
4/11/2007
2/13/2007
For
Ratify Auditors
4/11/2007
2/13/2007
For
Establish Term Limits for Directors
4/11/2007
2/13/2007
Against
Report on Foreign Military Sales
4/11/2007
2/13/2007
Against
Report on Political Contributions
4/11/2007
2/13/2007
Against
Advisory Vote to Ratify Named Executive Officers' Compensation
4/11/2007
2/13/2007
For
Pay For Superior Performance
4/11/2007
2/13/2007
For
Reference: http: / /www.Votex.com/ Rn
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® City of Palm Beach Gardens Firefighters'
Meeting / Record
Date
Elect Director Sheila P. Burke
5/16/2007
3/15/2007
For
Elect Director Victor S. Liss
5/16/2007
3/15/2007
For
Elect Director Jane G. Pisano, Ph.D.
5/16/2007
3/15/2007
For
Elect Director George A. Schaefer, Jr.
5/16/2007
3/15/2007
For
Elect Director Jackie M. Ward
5/16/2007
3/15/2007
For
Elect Director John E. Zuccotti
5/16/2007
3/15/2007
For
Company Specific -- Approve Majority Voting for the Non- Contested Election of Directors
5/16/2007
3/15/2007
For
Ratify Auditors
5/16/2007
3/15/2007
For
Elect Director Robert J. Brooks
5/16/2007
3/26/2007
For
Elect Director William E. Kassling
5/16/2007
3/26/2007
For
Elect Director Albert J. Neupaver
5/16/2007
3/26/2007
For
Meetincr / Record
Dail
Elect Director Thomas L. Aller
5/8/2007
3/14/2007
For
Elect Director Thomas P. Briggs
5/8/2007
3/14/2007
For
Ratify Auditors
5/8/2007
3/14/2007
For
Reference: http: / /www.Votex.coml 83
M a s o n N E O N M O
O R E M E E S E
■ S a m ■ ■ ■ ■
a ■
■ i 01
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
® Oty of
Retirement System Pension t
.
Date
1
Elect Director Edward E. Crutchfield
4/24/2007
3/6/2007
For
Elect Director George Fellows
4/24/2007
3/6/2007
For
Elect Director Daniel R. Hesse
4/24/2007
3/6/2007
For
Elect Director Clarence Otis, Jr.
4/24/2007
3/6/2007
For
Amend Omnibus Stock Plan
4/24/2007
3/6/2007
For
Ratify Auditors
4/24/2007
3/6/2007
For
Meeting / Record Date
NOW
Wachovia Corp.
Elect Director Ernest S. Rady
4/17/2007
2/12/2007
For
Elect Director Jerry Gitt
4/17/2007
2/12/2007
For
Elect Director John T. Casteen, 111
4/17/2007
2/12/2007
For
Elect Director Maryellen C. Herringer
4/17/2007
2/12/2007
For
Elect Director Joseph Neubauer
4/17/2007
2/12/2007
For
Elect Director Timothy D. Proctor
4/17/2007
2/12/2007
For
Elect Director Van L. Richey
4/17/2007
2/12/2007
For
Elect Director Dona Davis Young
4/17/2007
2/12/2007
For
Declassify the Board of Directors
4/17/2007
2/12/2007
For
Company Specific -- Provide for Majority Voting
4/17/2007
2/12/2007
For
Ratify Auditors
4/17/2007
2/12/2007
For
Approve Report of the Compensation Committee
4/17/2007
2/12/2007
For
Require Director Nominee Qualifications
4/17/2007
2/12/2007
Against
Report on Political Contributions
4/17/2007
2/12/2007
Against
Separate Chairman and CEO Positions
4/17/2007
2/12/2007
Against
Meeting / Record
Date
WM
�N%ellcare Health I'larts [tic
Elect Director Alif Hourani
6/12/2007
4/17/2007
For
Elect Director Neal Moszkowski
6/12/2007
4/17/2007
For
Ratify Auditors
6/12/2007
4/17/2007
For
Reference: http: / /www.Votex.com/ p-)
■ ■0amaaaa■■■■■■■ mum aama■■a■aaSam
Vote Summary Report (Short)
04 -01 -07 to 09 -30 -07
715 lCity of Palm Beach Gardens Firefighters' Retirement System Pension Fund
eth NN NT ,NIcetino / Record date Vote Cast
Elect Director Robert Essner
4/26/2007
3/2/2007
For
Elect Director Gary L. Rogers
4/26/2007
3/2/2007
For
Elect Director Ivan G. Seidenberg
4/26/2007
3/2/2007
For
Elect Director Walter V. Shipley
4/26/2007
3/2/2007
For
Elect Director John R. Torell III
4/26/2007
3/2/2007
For
Ratify Auditors
4/26/2007
3/2/2007
For
Reduce Supermajority Vote Requirement
4/26/2007
3/2/2007
For
Amend Omnibus Stock Plan
4/26/2007
3/2/2007
For
Adopt Animal Welfare Policy
4/26/2007
3/2/2007
Against
Report on Policy to Limit Drug Supply to Canada
4/26/2007
3/2/2007
For
Report on Political Contributions
4/26/2007
3/2/2007
For
Elect Director John D. Feerick
4/26/2007
3/2/2007
For
Claw -back of Payments under Restatements
4/26/2007
3/2/2007
For
Company- Specific - Interlocking Directorship
4/26/2007
3/2/2007
Against
Disclose Information- Proposal Withdrawn. No Vote Required
4/26/2007
3/2/2007
Abstain
Separate Chairman and CEO Positions
4/26/2007
3/2/2007
For
Advisory Vote to Ratify Named Executive Officers' Compensation
4/26/2007
3/2/2007
For
Elect Director Frances D. Fergusson
4/26/2007
3/2/2007
For
Elect Director Victor F. Ganzi
4/26/2007
3/2/2007
For
Elect Director Robert Langer
4/26/2007
3/2/2007
For
Elect Director John P. Mascotte
4/26/2007
3/2/2007
For
Elect Director Raymond J. McGuire
4/26/2007
3/2/2007
For
Elect Director Mary Lake Polan
4/26/2007
3/2/2007
For
Elect Director Bernard Poussot
4/26/2007
3/2/2007
For
Meeting
Elect Director Lane G. Collins
5/15/2007
3/30/2007
For
Elect Director Scott G. Sherman
5/15/2007
3/30/2007
For
Elect Director Bob R. Simpson
5/15/2007
3/30/2007
For
Ratify Auditors
5/15/2007
3/30/2007
For
Reference: http: / /www.Votex.conl/ 84
pw
DANA INVESTMENT ADVISORS, INC.
The Wise Choice
Dana Investment Advisors, Inc. • 15800 West Bluemound Road, Suite 250 • Brookfield, WI 53005 • 800 - 765 -0157
Robert A. Sugarman•
Howard S. Susskind
Kenneth R. Harrison, Sr.
Noah S. Warman
D. Marcus Braswell, Jr.
Pedro A. Herrera
Ivelisse Berio LeBeau
*Board Certified Labor
& Employment Lawyer
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
October 16, 2007
Via Email david.f.bodine(a� ag iliard.com and
Regular = _U.S. First Class Mail
David F. Bodine, Sr. Director
Galliard Capital Management
800 LaSalle Avenue
Suite 2060
Minneapolis, Minnesota 55402 -2033
Re: City of Palm Beach Gardens Firefighters ' Pension Fund
Protecting Florida's Investments Act
Dear Mr. Bodine:
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305) 529 -2801
Broward 327 -2878
Toll Free 1 -800- 329 -2122
Facsimile (305) 447 -8115
We are writing to you on behalf of our mutual client, the Board of Trustees of the City of
Palm Beach Gardens Firefighters' Pension Fund. At their regular monthly meeting of September
24, 2007, the trustees reviewed the action of the State Board of Administration of Florida that
divested the Florida Retirement System Trust Fund of $1.3 billion in investments in companies
that have prohibited business operations in Sudan and Iran.
On June 8, 2007, the Protecting Florida's Investments Act (PFIA) was signed into law.
The PFIA required the State Board of Administration, acting on behalf of the Florida Retirement
System Trust Fund, to assemble and publish a list of companies that have prohibited business
operations in Sudan and Iran.
On September 19, 2007, the State Board of Administration published its first list of
prohibited investments. Additional companies remain under examination. A copy of the SBA's
full report dated September 19, 2007 is enclosed. The "List of Prohibited Investments
(Companies)" is on page 12 -13 identifying 57 companies for which the Board of Trustees is
currently ordering divestment.
The Board of Trustees requests that your firm, as the Pension Fund's investment
manager, respond to the following questions:
I
David F. Bodine, Sr. Director
Galliard Capital Management
October 16, 2007
Page 2
1. Are any of the prohibited investments (as shown on pages 12 -13 of the
enclosed report from the State Board of Administration) now held in the
Pension Fund's portfolio?
2. If the answer to question #1 is yes, why did your firm purchase this stock
and why do you continue to hold it?
3. Does your firm intend to divest the Pension Fund's portfolio of any
holdings in the list of prohibited investments, shown on pages 12 -13 of the
enclosed State Board of Administration report?
4. If the answer to question #3 is "no ", why not?
5. Will you be willing to notify the Pension Trust Fund's Board of Trustees
if you make any future investments in any of the companies on the
enclosed "List of Prohibited Investments "?
The trustees will next be meeting at 9:30 a.m. on Monday, November 26, 2007. We
request that your answers to these questions be received no later than November 15th by the
Pension Fund's administrator, Margie Adcock, The Pension Resource Center, 4360 Northlake
Boulevard, Suite 206, Palm Beach Gardens, FL 33410 (with a copy to us) so that your response
can be included in the agenda packet for the November 26th meeting.
We look forward to your reply.
RAS /jd
Enclosure
cc w /Encl.: Board of Trustees
Bogdahn Consulting
Yours truly,
ROBERT A. SUGARMAN
October 19, 2007
Margie Adcock
800 LaSalle Avenue Administrator, City of Palm Beach Gardens Firefighters' Pension Fund
The Pension Resource Center
Suite 2060 4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Minneapolis
Minnesota Subject: City of Palm Beach Gardens Firefighters' Pension Fund
55402 -2033 Protecting Florida's Investments Act
Office Dear Ms. Adcock:
612.667.3210
Fax Pursuant to Robert Sugarman's request on behalf of the Board of Trustees of
612.667.3223 the City of Palm Beach Gardens Firefighters' Pension Fund, we have
responded to the following questions related to Fund investments managed by
�' w Galliard Capital Management and whether those investments are in
www.g .galliard.com compliance with the Protecting Florida's Investments Act (PFIA):
1. Are any of the prohibited investments (as shown on pages 12 -13 of the
enclosed report from the State Board of Administration) now held in the
Pension Fund's portfolio?
No prohibited investments are held in the Pension Fund's portfolio
managed by Galliard Capital Management.
2. If the answer to question #1 is yes, why did your firm purchase this stock
and why do you continue to hold it?
Not applicable; see response to question #1.
3. Does your firm intend to divest the Pension Fund's portfolio of any
holdings in the list of prohibited investments, shown on pages 12 -13 of the
enclosed State Board of Administration report?
Not applicable; as noted in our response to question #1, Galliard has
none of the aforementioned prohibited investments in the Pension Fund's
portfolio.
4. If the answer to question #3 is "no ", why not?
Not applicable; see response to question #3.
Margie Adcock
Administrator, City of Palm Beach Gardens Firefighters' Pension Fund
Page 2
5. Will you be willing to notify the Pension Trust Fund's Board of Trustees
if you make any future investments in any of the companies on the
enclosed "List of Prohibited Investments "?
Yes.
If you have any questions related to these responses, or if Galliard can be of
further assistance, please do not hesitate to contact me at 612.667.8007 or via
email at David.F.Bodine@Galliard.com.
Thank you.
Sincerely,
David F. Bodine
Principal
Cc: Robert Sugarman
Bogdahn Consulting
Robert A. Sugarman •
Howard S. Susskind
Kenneth R. Harrison, Sr.
Noah S. Warman
D. Marcus Braswell, Jr.
Pedro A. Herrera
Ivelisse Berio LeBeau
*Board Certified Labor
& Employment Lawyer
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
October 16, 2007
Via Email butterffeldeamericanreal.com and
Regular U.S. First Class Mail
Jay Butterfield
American Realty Advisors
801 North Brand Boulevard
Suite 800
Glendale, CA 91203
Re: City of Palm Beach Gardens Firefighters' Pension Fund
Protecting Florida's Investments Act
Dear Mr. Butterfield:
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305) 529 -2801
Broward 327 -2878
Toll Free 1-800 -329 -2) 22
Facsimile (305) 447 -8115
We are writing to you on behalf of our mutual client, the Board of Trustees of the City of
Palm Beach Gardens Firefighters' Pension Fund. At their regular monthly meeting of September
24, 2007, the trustees reviewed the action of the State Board of Administration of Florida that
divested the Florida Retirement System Trust Fund of $1.3 billion in investments in companies
that have prohibited business operations in Sudan and Iran.
On June 8, 2007, the Protecting Florida's Investments Act (PFIA) was signed into law.
The PFIA required the State Board of Administration, acting on behalf of the Florida Retirement
System Trust Fund, to assemble and publish a list of companies that have prohibited business
operations in Sudan and Iran.
On September 19, 2007, the State Board of Administration published its first list of
prohibited investments. Additional companies remain under examination. A copy of the SBA's
full report dated September 19, 2007 is enclosed. The "List of Prohibited Investments
(Companies)" is on page 12 -13 identifying 57 companies for which the Board of Trustees is
currently ordering divestment.
The Board of Trustees requests that your firm, as the Pension Fund's investment
manager, respond to the following questions:
Jay Butterfield
American Realty Advisors
October 16, 2007
Page 2
1. Are any of the prohibited investments (as shown on pages 12 -13 of the
enclosed report from the State Board of Administration) now held in the
Pension Fund's portfolio?
2. If the answer to question #1 is yes, why did your firm purchase this stock
and why do you continue to hold it?
3. Does your firm intend to divest the Pension Fund's portfolio of any
holdings in the list of prohibited investments, shown on pages 12 -13 of the
enclosed State Board of Administration report?
4. If the answer to question #3 is "no ", why not?
5. Will you be willing to notify the Pension Trust Fund's Board of Trustees
if you make any future investments in any of the companies on the
enclosed "List of Prohibited Investments "?
The trustees will next be meeting at 9:30 a.m. on Monday, November 26, 2007. We
request that your answers to these questions be received no later than November 15`h by the
Pension Fund's administrator, Margie Adcock, The Pension Resource Center, 4360 Northlake
Boulevard, Suite 206, Palm Beach Gardens, FL 33410 (with a copy to us) so that your response
can be included in the agenda packet for the November 26`h meeting.
We look forward to your reply.
Yours truly,
*Iwa "A
ROBERT A. SUGARMAN
RAS /jd
Enclosure
cc w /Encl.: Board of Trustees
Bogdahn Consulting
AMERICAN
REALTY ADVISORS
October 16, 2007
Via First Class Mail
Ms. Margaret Adcock
Adminstrator
Pension Resource Center, LLC
4360 Northlake Boulevard
Suite 206
Palm Beach Gardens, FL 33410
CORPORATE HEADQUARTERS
801 North Brand Boulevard
Suite 800
Glendale, CA 91203
818.545.1152
Fax: 818.545.8460
www.americanreal.com
Institutional Real Estate Investment Management
Re: City of Palm Beach Gardens Firefighters' Pension Fund
American Stable Value Fund — Account No. 1121
Dear Margie:
Please see the following responses to Robert Sugarman's letter of October 16, 2007
regarding Protecting Florida's Investments Act.
1. The City of Palm Beach Gardens Firefighters' Pension Fund is an investor in the
American Stable Value Fund, LLC and it does not have any investments that are
prohibited investments as shown on the List of Prohibited Investments on pages 12 -13
of the report of the Florida State Board of Administration (the "List ").
2. Not applicable.
3. Not applicable.
... Not apeL: able.
5. We are willing to notify the Pension Trust Fund's Board of Trustees if the American
Stable Value Fund makes an investment in any of the companies listed on the List.
Please let us know if you have any additional questions.
V J�
Atlanta, GA ■ Glendale, CA ®`""
Ms. Margaret Adcock
October 16, 2007
Page 2
AMERICAN
REALTY ADVISORS
Best Regards,
AMERICAN REALTY ADVISORS, a California corporation
r'
Managing Director,
Fund /Separate Account Operations
Direct Dial: 818/409 -3243
E -mail: butterfield @americanreal.com
JB: is
Enclosures
cc: Ms. Kristin Adrian
Mr. Scott Darling
Pedro A. Herrera, Esq.
Mr. Stanley Iezman
Robert A. Sugarman, Esq.
Mr. Michael Welker
Mr. David West
F: \F \W \ASVF_C1ient \Clients \1121 -Palm Beach Gardens Fire Pension 17und \Adock_1016 2007.doc
Robert A. Sugarman•
Howard S. Susskind
Kenneth R. Harrison, Sr.
David E. Robinson
D. Marcus Braswell, Jr.
Pedro A. Herrera
Ivelisse Berta LeBeau
*Board Certified Labor
& Employment Lawyer
SUGARMAN & SUSSKiND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
October 1, 2007
Via Email bompkins a,voyageur.net and
Regular U.S. First Class Mail
Bridget Tompkins, Managing Director of Client Service
Voyageur Asset Management
100 South Fifth Street, Suite 2300
Minneapolis, Minnesota 55402 -1240
Re: City of Palm Beach Gardens Firefighters ' Pension Fund
Protecting Florida's Investments Act
Dear Ms. Tompkins:
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305) 529 -2801
Broward 327 -2878
Toll Free 1-800- 329 -2122
Facsimile (3051447-8115
We are writing to you on behalf of our mutual client, the Board of Trustees of the City of
Palm Beach Gardens Firefighters' Pension Fund. At their regular monthly meeting of September
24, 2007, the trustees reviewed the action of the State Board of Administration of Florida that
divested the Florida Retirement System Trust Fund of $1.3 billion in investments in companies
that have prohibited business operations in Sudan and Iran.
On June 8, 2007, the Protecting Florida's Investments Act (PFIA) was signed into law.
The PFIA required the State Board of Administration, acting on behalf of the Florida Retirement
System Trust Fund, to assemble and publish a list of companies that have prohibited business
operations in Sudan and Iran.
On September 19, 2007, the State Board of Administration published its first list of
prohibited investments. Additional companies remain under examination. A copy of the SBA's
full report dated September 19, 2007 is enclosed. The "List of Prohibited Investments
(Companies)" is on page 12 -13 identifying 57 companies for which the Board of Trustees is
currently ordering divestment.
The Board of Trustees requests that your firm, as the Pension Fund's international
investment manager, respond to the following questions:
Bridget Tompkins, Managing Director of Client Service
Voyageur Asset Management
October 1, 2007
Page 2
1. Are any of the prohibited investments (as shown on pages 12 -13 of the
enclosed report from the State Board of Administration) now held in the
Pension Fund's portfolio?
2. If the answer to question #1 is yes, why did your firm purchase this stock
and why do you continue to hold it?
3. Does your firm intend to divest the Pension Fund's portfolio of any
holdings in the list of prohibited investments, shown on pages 12 -13 of the
enclosed State Board of Administration report?
4. If the answer to question 43 is "no ", why not?
5. Will you be willing to notify the Pension Trust Fund's Board of Trustees
if you make any future investments in any of the companies on the
enclosed "List of Prohibited Investments "?
The trustees will next be meeting at 9:30 a.m. on Monday, November 26, 2007. We
request that your answers to these questions be received no later than November 15th by the
Pension Fund's administrator, Margie Adcock, The Pension Resource Center, 4360 Northlake
Boulevard, Suite 206, Palm Beach Gardens, FL 33410, so that your response can be included in
the agenda packet for the November 26th meeting.
We look forward to your reply.
Yours truly,
ROBERT A. SUGARMAN
RAS /jd
Enclosure
cc w /Encl.: Board of Trustees
Bogdahn Consulting
Robert A. Sugarman •
Howard 5. Susskind
Kenneth R. Harrison, Sr.
Noah S. Warman
D. Marcus Braswell, Jr.
Pedro A. Herrera
Ivelisse Berio LeBeau
♦ Board Certified Labor
& Employment Lawyer
SUGARMAN & SUSSKIND
PROFESSIONAL ASSOCIATION
ATTORNEYS AT LAW
October 16, 2007
Via Email mdana@danainvestment.com and
Regular U.S. First Class Mail
Michael L. Dana
Dana Investment Advisors, Inc.
P.O. Box 1067
Brookfield, WI 53008 -1067
Re: City of Palm Beach Gardens Firefighters' Pension Fund
Protecting Florida's Investments Act
Dear Mr. Dana:
100 Miracle Mile
Suite 300
Coral Gables, Florida 33134
(305) 529 -2801
Broward 327 -2878
Toll Free 1- 800 -329 -2122
Facsimile (305) 447 -8115
We are writing to you on behalf of our mutual client, the Board of Trustees of the City of
Palm Beach Gardens Firefighters' Pension Fund. At their regular monthly meeting of September
24, 2007, the trustees reviewed the action of the State Board of Administration of Florida that
divested the Florida Retirement System Trust Fund of $1.3 billion in investments in companies
that have prohibited business operations in Sudan and Iran.
On June 8, 2007, the Protecting Florida's Investments Act (PFIA) was signed into law.
The PFIA required the State Board of Administration, acting on behalf of the Florida Retirement
System Trust Fund, to assemble and publish a list of companies that have prohibited business
operations in Sudan and Iran.
On September 19, 2007, the State Board of Administration published its first list of
prohibited investments. Additional companies remain under examination. A copy of the SBA's
full report dated September 19, 2007 is enclosed. The "List of Prohibited Investments
(Companies)" is on page 12 -13 identifying 57 companies for which the Board of Trustees is
currently ordering divestment.
The Board of Trustees requests that your firm, as the Pension Fund's investment
manager, respond to the following questions:
Michael L. Dana
Dana Investment Advisors, Inc.
October 16, 2007
Page 2
1. Are any of the prohibited investments (as shown on pages 12 -13 of the
enclosed report from the State Board of Administration) now held in the
Pension Fund's portfolio?
2. If the answer to question 41 is yes, why did your firm purchase this stock
and why do you continue to hold it?
3. Does your firm intend to divest the Pension Fund's portfolio of any
holdings in the list of prohibited investments, shown on pages 12 -13 of the
enclosed State Board of Administration report?
4. If the answer to question #3 is "no ", why not?
5. Will you be willing to notify the Pension Trust Fund's Board of Trustees
if you make any future investments in any of the companies on the
enclosed "List of Prohibited Investments "?
The trustees will next be meeting at 9:30 a.m. on Monday, November 26, 2007. We
request that your answers to these questions be received no later than November 15`h by the
Pension Fund's administrator, Margie Adcock, The Pension Resource Center, 4360 Northlake
Boulevard, Suite 206, Palm Beach Gardens, FL 33410 (with a copy to us) so that your response
can be included in the agenda packet for the November 26`h meeting.
We look forward to your reply.
Yours truly,
ROBERT A. SUGARMAN
RAS /jd
Enclosure
cc w /Encl.: Board of Trustees
Bogdahn Consulting
f
. . . . . . . . . . . . . .
AM&G.MXGER & GOLDSTEIN LL�
City of Palm Beach Gardens
Firefighters' Pension Fund
Monitoring Report
September 2007
MAGER & GOLDSTEIN LLP
Attorneys at Law
Ita
I. UPDATE ON NEW SECURITIES CLASS ACTIONS!!
After reviewing the entire investment portfolio available to Mager & Goldstein, we have
determined that the Fund has no interest in any recently filed securities class actions. However,
because Mager & Goldstein only has access to the Fund's last three years of investments, we will
be able to provide further information if more extensive access to your investment history is
afforded.
II. SETTLED SECURITIES ACTIONS
After reviewing the entire investment portfolio available to Mager & Goldstein, we have
determined that the Fund has no interest in any recently settled securities class actions. Out of an
abundance of caution we have included a comprehensive list of recent securities class action
settlements because some class periods might predate the investment records provided to Mager
& Goldstein. Please forward this list to your custodian bank.
September 2007
366094 -1
CLAIM
FILING
SETTLEMENT
CLASS PERIOD
ADMINISTRATOR
DEADLINE
AMOUNT
Allou Healthcare, Inc
6/22/98- 4/9/03
Avista Corp.
11/23/99 — 8/13/02
Pending
$9,500,000
Banc One Corporation
8/6/98 — 10/1/98
Berdon Claims Administration
Settlement
(Old Banc One)
P.O. Box 9014
Hearing
(Bank One)
Jericho, NY 11753
4/16/07
(First Chicago)
www.berdonIIR.com /claims
Biopure Corp.
4/9/03- 12/24/03
Berdon Claims Administration
10/31/07
$10,000,000
P.O. Box 9014
Jericho, NY 11753 -8914
www.berdonIII2.com/claims
CMS Energy
10/25/00- 3 /31/03
The Garden City Group, Inc.
10/15/07
$200,000,000
Claims Administrator
P.O. Box 9142
Dublin, OH 43017 -4142
Cardinal Health, Inc.
10/24/00 — 7/26/04
Gilardi & Co.
12/13/07
$600,000,000
P.O. Box 808003
Petaluma, CA 94975 -8003
CBOT Holdings, Inc.
10/17/06 — 7/12/07
Settlement
Hearing
9/25/07
Corn Products
1/25/05 — 4/4/05
Berdon Claims Administration
10/15/07
$6,600,000
International, Inc.
P.O. Box 9014
Jericho, NY 11753 -8914
www.berdonllp.com/claims
Data Tec
1/26/03 — 12/16/03
Strategic Claims Services
9/24/07
$750,000
P.O. Box 230
600 N. Jackson St., Suite 3
Media, PA 19063
DHB Industries
11/18/03-11/30/06
Gilardi & Co. LLC
10/16/07
$34,900,000
P.O. Box 8040
San Rafael, CA 94912 -8040
366094 -1
366094 -1
CLAIM
FILING
SETTLEMENT
CLASS PERIOD
ADMINISTRATOR
DEADLINE
AMOUNT
First Bancorp
4/16/01 - 12/13/05
Gilardi & Co. LLC
12/18/07
$74,250,000
P.O. Box 8040
San Rafael, CA 94912 -8040
Genzyme Corporation
5/8/03 - 6/30/03
Berdon Claims Administration
P.O. Box 9014
Jericho, NY 11753
www.berdonllp_com /claims
Golden West
5/7/06 - 10/1/06
Gilardi & Co. LLC
Settlement
P.O. Box 5100
Hearing
Larkspur, CA 94977
4/24/07
www.gilardi.com
HCA Inc.
1/12/05 - 7/12/05
The Garden City Group
11/26/07
$20,000,000
P.O. Box 9176
Dublin, OH 43017 -4176
Hollinger International, Inc.
8/13/99 - 3/31/03
Immucor, Inc.
8/16/04 - 8/29/05
Keyspan Corporation
11/12/04 - 10/20/06
Berdon Claims Administration
Settlement
P.O. Box 9014
Hearing
Jericho, NY 11753
4/24/07
www.berdonllp.com /claims
Merrill Lynch & Co., Inc.
7/3/99 - 8/8/02
Heffler Radetich & Saitta L.L.P.
10/30/07
$15,000,000
P.O. Box 570
Philadelphia, PA 19105 -0570
NETOPIA
11/6/03 - 8/16/04
FRG Information Systems Corp.
10/6/07
$11,250,000
P.O. Box 460, Peck Slip Station
New York, NY 10272
Newpark Resources
3/14/02 - 10/10/06
RSM McGladrev, Inc.
11/8/07
$9,850,000
P.O. Box 1607
Blue Bell, PA 19422
Omnivision Technologies,
6/11/03- 6/9/04
Gilardi & Co. LLC
10/9/07
$13,750,000
Inc.
P.O. Box 990
Corte Madera, CA 94976 -0990
366094 -1
366094 -1
CLAIM
FILING
SETTLEMENT
CLASS PERIOD
ADMINISTRATOR
DEADLINE
AMOUNT
Owens Corning, Inc.
4/30/98 - 10/05/00
The Garden City Group, Inc.
10/10/07
$19,250,000
(Debt Securities)
Claims Administrator
P.O. Box 9125
Dublin, OH 43017 -4125
Pan Pacific
5/15/06- 10/31/06
Gilardi & Co. LLC
$9,600,000
P.O. Box 8040
San Rafael, CA 94912 -8040
Pharmos Corp.
2/10/00- 12/17/04
Not yet
available.
Ryland Group, Inc.
11/3/03 - 1/7/04
CPT Group Inc.
11/15/07
$1,200,000
16630 Aston
Irvine, CA 92606
Stockeryale, Inc.
4/19/04 - 5/24/05
Strategic Claims Services,
12/3/07
$3,400,000
PO Box 230
Media, PA 19063
Teco Energy
10/30/01 - 2/4/03
$17,350,000
Telecommunications, Inc.
6/24/98 - 3/9/99
$52 million
366094 -1
n+
PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
DISBURSEMENTS
November 26, 2007
• PENSION RESOURCE CENTER, LLC. $ 2,400.00
(Bill for services for October, November and
December 2007)
• REGIONS MORGAN KEEGAN TRUST
$
1,182.28
(Custodial Fees for August and September 2007)
• SUGARMAN & SUSSKIND
$
2,210.00
(Fees for legal services for September 2007)
• VOYAGEUR ASSET MANAGEMETN INC.
$
3,811.02
(3`d Quarter 2007 Management Fee)
• DANA INVESTMENT ADVISORS INC.
$
20,890.13
(3`d Quarter 2007 Management Fee)
• GALLIARD CAPITAL MANAGEMENT
$
2,309.73
(3rd Quarter 2007 Management Fee)
• BOGDAHN CONSULTING, LLC.
$
3,875.00
(3RD Quarter 2007 Monitoring Fee)
• STEVEN I. GORDON
$
1,135.00
(Progress bill for audit for year ended
September 30, 2007)
• WELLS FARGO INSURANCE SERVICES
$
319.16
(Renewal of Fidelity Bond)
• FPPTA
$
400.00
(Registration for E. Morejon for school in Palm
Beach Gardens in October 2007)
• FPPTA
$
500.00
(2008 Membership Dues)
Total Disbursements for Approval
$
37,032.32
(Trustee)
(Trustee)
Steven I. Gordon
Certified Public Accountant
4600 W. Commercial Blvd., Ste. 5
Tamarac, FL 33319
Phone (954) 485 -5788
Palm Beach Gardens Firefighters Pension
c/o Pension Resources Inc.
4360 N. Lake Blvd., # 206
Palm Beach Gardens, FL 33410
Invoice #: 4762
Date: 11/13/2007
Progress billing in connection with certified audit as of and for the year ended $935.00
September 30, 2007
Total Charges: 935.00
Prior Balance (Credit) Before this Invoice: 200.00
Total Balance Due: $1,135.00
Aging Summary: 0 -30 31-60 61 -90 Over 90 1 Credits I Balance
935.00 $200.00 $0.00 $0.00 0.00 $1,135.00