UNITED STATES         ------------------------
                             SECURITIES AND EXCHANGE         OMB APPROVAL
                                   COMMISSION
                             WASHINGTON, D.C. 20549
                                                        ------------------------
                                                        OMB Number:   3235-0582
                                    FORM N-PX           Expires: March 31, 2006
                                                        Estimated average burden
                                                        hours per response..14.4
                                                        ------------------------

               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number   811-8861
                                   ---------------------------------------------

                            Morgan Stanley Value Fund
- --------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)


     1221 Avenue of the Americas, New York, New York                   10020
- --------------------------------------------------------------------------------
        (Address of principal executive offices)                     (Zip code)

                                 Barry Fink Esq.

                     Morgan Stanley Investment Advisors Inc.

                           1221 Avenue of the Americas

                            New York, New York 10020
- --------------------------------------------------------------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 800-869-6397
                                                   -----------------------------

Date of fiscal year end: 9/30
                        -------------------

Date of reporting period: 6/30/04
                         ------------------

ITEM 1. PROXY VOTING RECORD.

         Disclose the following information for each matter relating to a
portfolio security considered at any shareholder meeting held during the period
covered by the report and with respect to which the registrant was entitled to
vote:

         (a) The name of the issuer of the portfolio security;
             -------------------------------------------------------------------
         (b) The exchange ticker symbol of the portfolio security;

         (c) The Council on Uniform Securities Identification Procedures
             ("CUSIP") number for the portfolio security;
             -------------------------------------------------------------------
         (d) The shareholder meeting date;

         (e) A brief identification of the matter voted on;
             -------------------------------------------------------------------
         (f) Whether the matter was proposed by the issuer or by a security
             holder;

         (g) Whether the registrant cast its vote on the matter;
             -------------------------------------------------------------------
         (h) How the registrant cast its vote (e.g., for or against proposal, or
             abstain; for or withhold regarding election of directors);and

         (i) Whether the registrant cast its vote for or against management.
             -------------------------------------------------------------------



******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-08861
Reporting Period: 07/01/2003 - 06/30/2004
Morgan Stanley Value Fund









========================== MORGAN STANLEY VALUE FUND ===========================


ACCENTURE LTD BERMUDA

Ticker:       ACN            Security ID:  G1150G111
Meeting Date: FEB 5, 2004    Meeting Type: Annual
Record Date:  DEC 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Appoint Dennis F. Hightower, William L.   For       For        Management
      Kimsey, Robert I. Lipp, and Wulf von
      Schimmelmann as Directors
2     Approve KPMG LLP as Independent Auditors  For       For        Management
      and Authorize Board to Fix Their
      Remuneration
3     Transact Other Business (Non-Voting)      None      None       Management


- --------------------------------------------------------------------------------

AETNA INC.

Ticker:       AET            Security ID:  00817Y108
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Betsy Z. Cohen            For       For        Management
1.2   Elect  Director Barbara Hackman Franklin  For       For        Management
1.3   Elect  Director Jeffrey E. Garten         For       For        Management
1.4   Elect  Director Earl G. Graves            For       For        Management
1.5   Elect  Director Gerald Greenwald          For       For        Management
1.6   Elect  Director Ellen M. Hancock          For       For        Management
1.7   Elect  Director Michael H. Jordan         For       For        Management
1.8   Elect  Director Jack D. Kuehler           For       For        Management
1.9   Elect  Director Edward J. Ludwig          For       For        Management
1.10  Elect  Director Joseph P. Newhouse        For       For        Management
1.11  Elect  Director Judith Rodin              For       For        Management
1.12  Elect  Director John W. Rowe, M.D.        For       For        Management
1.13  Elect  Director Ronald A. Williams        For       For        Management
1.14  Elect  Director R. David Yost             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   Against    Shareholder
4     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

ALCOA INC.

Ticker:       AA             Security ID:  013817101
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  FEB 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alain J.P. Belda          For       For        Management
1.2   Elect  Director Carlos Ghosn              For       For        Management
1.3   Elect  Director Henry B. Schacht          For       For        Management
1.4   Elect  Director Franklin A. Thomas        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Report on Pay Disparity                   Against   Against    Shareholder
4     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote


- --------------------------------------------------------------------------------



ALLSTATE CORP., THE

Ticker:       ALL            Security ID:  020002101
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director F. Duane Ackerman         For       For        Management
1.2   Elect  Director James G. Andress          For       For        Management
1.3   Elect  Director Edward A. Brennan         For       For        Management
1.4   Elect  Director W. James Farrell          For       For        Management
1.5   Elect  Director Jack M. Greenberg         For       For        Management
1.6   Elect  Director Ronald T. LeMay           For       For        Management
1.7   Elect  Director Edward M. Liddy           For       For        Management
1.8   Elect  Director J. Christopher Reyes      For       For        Management
1.9   Elect  Director H. John Riley, Jr.        For       For        Management
1.10  Elect  Director Joshua I. Smith           For       For        Management
1.11  Elect  Director Judith A. Sprieser        For       For        Management
1.12  Elect  Director Mary Alice Taylor         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Provide for Cumulative Voting             Against   Against    Shareholder


- --------------------------------------------------------------------------------

ALTRIA GROUP, INC.

Ticker:       MO             Security ID:  02209S103
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Elizabeth E. Bailey       For       For        Management
1.2   Elect  Director Mathis Cabiallavetta      For       For        Management
1.3   Elect  Director Louis C. Camilleri        For       For        Management
1.4   Elect  Director J. Dudley Fishburn        For       For        Management
1.5   Elect  Director Robert E. R. Huntley      For       For        Management
1.6   Elect  Director Thomas W. Jones           For       For        Management
1.7   Elect  Director Lucio A. Noto             For       For        Management
1.8   Elect  Director John S. Reed              For       For        Management
1.9   Elect  Director Carlos Slim Helu          For       For        Management
1.10  Elect  Director Stephen M. Wolf           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Product Warnings for Pregnant   Against   Against    Shareholder
      Women
4     Report on Health Risks Associated with    Against   Against    Shareholder
      Cigarette Filters
5     Political Contributions/Activities        Against   Against    Shareholder
6     Cease Use of Light and Ultra Light in     Against   Against    Shareholder
      Cigarette Marketing
7     Place Canadian Style Warnings on          Against   Against    Shareholder
      Cigarette Packaging
8     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

AMBAC FINANCIAL GROUP, INC.

Ticker:       ABK            Security ID:  023139108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Phillip B. Lassiter       For       For        Management
1.2   Elect  Director Michael A. Callen         For       For        Management
1.3   Elect  Director Renso L. Caporali         For       For        Management
1.4   Elect  Director Jill M. Considine         For       For        Management
1.5   Elect  Director Richard Dulude            For       For        Management
1.6   Elect  Director Robert J. Genader         For       For        Management
1.7   Elect  Director W. Grant Gregory          For       For        Management
1.8   Elect  Director Laura S. Unger            For       For        Management
1.9   Elect  Director Henry D. G. Wallace       For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------



AMDOCS LIMITED

Ticker:       DOX            Security ID:  G02602103
Meeting Date: JAN 22, 2004   Meeting Type: Annual
Record Date:  NOV 28, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Bruce Anderson as Director          For       Withhold   Management
1.2   Elect Avinoam Naor as Director            For       Withhold   Management
1.3   Elect Adrian Gardner as Director          For       For        Management
1.4   Elect Dov Baharav as Director             For       Withhold   Management
1.5   Elect Julian Brodsky as Director          For       For        Management
1.6   Elect Eli Gelman as Director              For       For        Management
1.7   Elect Charles Foster as Director          For       For        Management
1.8   Elect James Kahan as Director             For       For        Management
1.9   Elect Nehemia Lemelbaum as Director       For       For        Management
1.10  Elect John McLennan as Director           For       For        Management
1.11  Elect Robert Minicucci as Director        For       Withhold   Management
1.12  Elect Mario Segal as Director             For       For        Management
2     Accept Financial Statements For Fiscal    For       For        Management
      Year 2003
3     Amend 1998 Stock Option and Incentive     For       For        Management
      Plan
4     Approve Ernst & Young Auditors and        For       For        Management
      Authorize Audit Committee of Board to Fix
      Their Remuneration


- --------------------------------------------------------------------------------

AMERICAN ELECTRIC POWER CO.

Ticker:       AEP            Security ID:  025537101
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director E. R. Brooks              For       For        Management
1.2   Elect  Director Donald M. Carlton         For       For        Management
1.3   Elect  Director John P. DesBarres         For       For        Management
1.4   Elect  Director Robert W. Fri             For       For        Management
1.5   Elect  Director William R. Howell         For       For        Management
1.6   Elect  Director Lester A. Hudson, Jr.     For       For        Management
1.7   Elect  Director Leonard J. Kujawa         For       For        Management
1.8   Elect  Director Michael G. Morris         For       For        Management
1.9   Elect  Director Richard L. Sandor         For       For        Management
1.10  Elect  Director Donald G. Smith           For       For        Management
1.11  Elect  Director Kathryn D. Sullivan       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote
4     Submit Executive Pension Benefit to Vote  Against   For        Shareholder
5     Prohibit Auditor from Providing Non-Audit Against   Against    Shareholder
      Services
6     Establish Term Limits for Directors       Against   Against    Shareholder


- --------------------------------------------------------------------------------

AMERISOURCEBERGEN CORP

Ticker:       ABC            Security ID:  03073E105
Meeting Date: MAR 5, 2004    Meeting Type: Annual
Record Date:  JAN 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward E. Hagenlocker     For       For        Management
1.2   Elect  Director Kurt J. Hilzinger         For       For        Management


- --------------------------------------------------------------------------------

BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: MAR 17, 2004   Meeting Type: Special
Record Date:  JAN 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Adjourn Meeting                           For       Against    Management


- --------------------------------------------------------------------------------



BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  APR 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William Barnet, III       For       For        Management
1.2   Elect  Director Charles W. Coker          For       For        Management
1.3   Elect  Director John T. Collins           For       For        Management
1.4   Elect  Director Gary L. Countryman        For       For        Management
1.5   Elect  Director Paul Fulton               For       For        Management
1.6   Elect  Director Charles K. Gifford        For       For        Management
1.7   Elect  Director Donald E. Guinn           For       For        Management
1.8   Elect  Director James H. Hance, Jr.       For       For        Management
1.9   Elect  Director Kenneth D. Lewis          For       For        Management
1.10  Elect  Director Walter E. Massey          For       For        Management
1.11  Elect  Director Thomas J. May             For       For        Management
1.12  Elect  Director C. Steven McMillan        For       For        Management
1.13  Elect  Director Eugene M. McQuade         For       For        Management
1.14  Elect  Director Patricia E. Mitchell      For       For        Management
1.15  Elect  Director Edward L. Romero          For       For        Management
1.16  Elect  Director Thomas M. Ryan            For       For        Management
1.17  Elect  Director O. Temple Sloan, Jr.      For       For        Management
1.18  Elect  Director Meredith R. Spangler      For       For        Management
1.19  Elect  Director Jackie M. Ward            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Change Date of Annual Meeting             Against   Against    Shareholder
4     Adopt Nomination Procedures for the Board Against   Against    Shareholder
5     Charitable Contributions                  Against   Against    Shareholder
6     Establish Independent Committee to Review Against   Against    Shareholder
      Mutual Fund Policy
7     Adopt Standards Regarding Privacy and     Against   Against    Shareholder
      Information Security


- --------------------------------------------------------------------------------

BERKSHIRE HATHAWAY INC.

Ticker:       BRK.A          Security ID:  084670207
Meeting Date: MAY 1, 2004    Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Warren E. Buffett          For       For        Management
1.2   Elect Director Charles T. Munger          For       For        Management
1.3   Elect Director Susan T. Buffett           For       For        Management
1.4   Elect Director Howard G. Buffett          For       For        Management
1.5   Elect Director Malcolm G. Chace           For       For        Management
1.6   Elect Director David S. Gottesman         For       For        Management
1.7   Elect Director Charlotte Guyman           For       For        Management
1.8   Elect Director Donald R. Keough           For       For        Management
1.9   Elect Director Thomas S. Murphy           For       For        Management
1.10  Elect Director Ronald L. Olson            For       For        Management
1.11  Elect Director Walter Scott, Jr.          For       For        Management
2     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


- --------------------------------------------------------------------------------

BMC SOFTWARE, INC.

Ticker:       BMC            Security ID:  055921100
Meeting Date: AUG 21, 2003   Meeting Type: Annual
Record Date:  JUL 3, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director B. Garland Cupp            For       For        Management
1.2   Elect Director Robert E. Beauchamp        For       For        Management
1.3   Elect Director Jon E. Barfield            For       For        Management
1.4   Elect Director John W. Barter             For       For        Management
1.5   Elect Director Meldon K. Gafner           For       For        Management
1.6   Elect Director L.W. Gray                  For       For        Management
1.7   Elect Director Kathleen A. O'Neil         For       For        Management
1.8   Elect Director George F. Raymond          For       For        Management
1.9   Elect Director Tom C. Tinsley             For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------



BOISE CASCADE CORP.

Ticker:       BCC            Security ID:  097383103
Meeting Date: APR 15, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Claire S. Farley          For       For        Management
1.2   Elect  Director Rakesh Gangwal            For       For        Management
1.3   Elect  Director Gary G. Michael           For       For        Management
1.4   Elect  Director A. William Reynolds       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

BP PLC  (FORM. BP AMOCO PLC )

Ticker:       BP.            Security ID:  055622104
Meeting Date: APR 15, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lord Browne               For       For        Management
1.2   Elect  Director Dr B E Grote              For       For        Management
1.3   Elect  Director Mr H M P Miles            For       For        Management
1.4   Elect  Director Sir Robin Nicholson       For       For        Management
1.5   Elect  Director Mr R L Olver              For       For        Management
1.6   Elect  Director Sir Ian Prosser           For       For        Management
2     TO ELECT MR A BURGMANS AS A DIRECTOR      For       For        Management
3     Ratify Auditors                           For       For        Management
4     TO AMEND THE ARTICLES OF ASSOCIATION OF   For       For        Management
      THE COMPANY
5     TO GIVE AUTHORITY TO ALLOT SHARES UP TO A For       For        Management
      SPECIFIED AMOUNT
6     SPECIAL RESOLUTION: TO GIVE AUTHORITY TO  For       For        Management
      ALLOT A LIMITED NUMBER OF SHARES FOR CASH
      WITHOUT MAKING AN OFFER TO SHAREHOLDERS
7     SPECIAL RESOLUTION: TO GIVE LIMITED       For       For        Management
      AUTHORITY FOR THE PURCHASE OF ITS OWN
      SHARES BY THE COMPANY
8     TO AUTHORISE THE USE OF TREASURY SHARES   For       For        Management
      FOR EMPLOYEE SHARE SCHEMES
9     TO APPROVE THE DIRECTORS  REMUNERATION    For       For        Management
      REPORT
10    TO DETERMINE THE LIMIT FOR THE AGGREGATE  For       For        Management
      REMUNERATION OF THE NON-EXECUTIVE
      DIRECTORS
11    TO RECEIVE THE DIRECTORS  ANNUAL REPORT   For       For        Management
      AND THE ACCOUNTS
12    SPECIAL SHAREHOLDER RESOLUTION: TO        Against   Against    Shareholder
      INSTRUCT THE COMPANY TO PREPARE A REPORT
      MAKING CERTAIN DISCLOSURES ON MATTERS OF
      CONTROL AND RISK IN PROTECTED AND
      SENSITIVE AREAS


- --------------------------------------------------------------------------------

BRISTOL-MYERS SQUIBB CO.

Ticker:       BMY            Security ID:  110122108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter R. Dolan            For       For        Management
1.2   Elect  Director Louis V. Gerstner, Jr.    For       For        Management
1.3   Elect  Director Leif Johansson            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
4     Cease Political Contributions/Activities  Against   Against    Shareholder
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Report on Operational Impact of HIV/AIDS, Against   Against    Shareholder
      TB, and Malaria Pandemic
7     Require Affirmative Vote of a Majority of Against   Against    Shareholder
      the Shares to Elect Directors


- --------------------------------------------------------------------------------



BURLINGTON NORTHERN SANTA FE CORP.

Ticker:       BNI            Security ID:  12189T104
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alan L. Boeckmann         For       For        Management
1.2   Elect  Director Vilma S. Martinez         For       Withhold   Management
1.3   Elect  Director Marc F. Racicot           For       Withhold   Management
1.4   Elect  Director Roy S. Roberts            For       For        Management
1.5   Elect  Director Matthew K. Rose           For       For        Management
1.6   Elect  Director Marc J. Shapiro           For       For        Management
1.7   Elect  Director J.C. Watts, Jr.           For       For        Management
1.8   Elect  Director Robert H. West            For       For        Management
1.9   Elect  Director J. Steven Whisler         For       For        Management
1.10  Elect  Director Edward E. Whitacre, Jr.   For       For        Management
1.11  Elect  Director Michael B. Yanney         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CENTERPOINT ENERGY INC

Ticker:       CNP            Security ID:  15189T107
Meeting Date: JUN 3, 2004    Meeting Type: Annual
Record Date:  APR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert T. O'Connell       For       For        Management
1.2   Elect  Director Milton Carroll            For       For        Management
1.3   Elect  Director John T. Cater             For       For        Management
1.4   Elect  Director Michael E. Shannon        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Awards to Executives                Against   Against    Shareholder
4     Declassify the Board of Directors         Against   Against    Shareholder
5     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------

CHECK POINT SOFTWARE TECHNOLOGIES INC

Ticker:       CHKP           Security ID:  M22465104
Meeting Date: JUN 30, 2004   Meeting Type: Annual
Record Date:  MAY 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ELECTION OF DIRECTORS (OTHER THAN OUTSIDE For       For        Management
      DIRECTORS): (NOTE: DIRECTORS ARE ELECTED
      AS A GROUP, NOT INDIVIDUALLY): GIL SHWED,
      MARIUS NACHT, DAVID RUBNER, TAL SHAVIT.
2     TO RATIFY THE CONSOLIDATED FINANCIAL      For       For        Management
      STATEMENTS OF THE COMPANY FOR THE YEAR
      ENDED DECEMBER 31, 2003.
3     TO RATIFY THE APPOINTMENT AND             For       For        Management
      COMPENSATION OF THE COMPANY S INDEPENDENT
      PUBLIC ACCOUNTANTS.
4     TO APPROVE AMENDMENT TO DIRECTORS         For       For        Management
      COMPENSATION.
5     TO APPROVE EXECUTIVE OFFICERS             For       For        Management
      COMPENSATION.


- --------------------------------------------------------------------------------

CHECK POINT SOFTWARE TECHNOLOGIES INC

Ticker:       CHKP           Security ID:  M22465104
Meeting Date: JUL 31, 2003   Meeting Type: Annual
Record Date:  JUN 23, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Gil Shwed, Marius Nacht, David      For       For        Management
      Rubner, Alex Serge Vieux, and Dr. Tal
      Shavit as Directors
2     Elect Irwin Federman and Ray Rothrock as  For       For        Management
      External Directors
3     Authorization for Chairman of the Board   For       For        Management
      to Serve as Chairman of the Board and
      Cheif Executive Officer
4     Accept Financial Statements for the Year  For       For        Management
      Ended December 31, 2002
5     Approve Kost Forer & Gabbay as Auditors   For       For        Management
      and Authorize Board to Fix Their
      Remuneration
6     Approve Options to Purchase Two Million   For       For        Management
      Shares to Gil Shwed, Director and
      Officer, and One Million Shares to Marius
      Nacht, Director and Officer


- --------------------------------------------------------------------------------



CHUBB CORP., THE

Ticker:       CB             Security ID:  171232101
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Zoe Baird                 For       For        Management
1.2   Elect  Director Sheila P. Burke           For       For        Management
1.3   Elect  Director James I. Cash, Jr.        For       For        Management
1.4   Elect  Director Joel J. Cohen             For       For        Management
1.5   Elect  Director James M. Cornelius        For       For        Management
1.6   Elect  Director John D. Finnegan          For       For        Management
1.7   Elect  Director David H. Hoag             For       For        Management
1.8   Elect  Director Klaus J. Mangold          For       For        Management
1.9   Elect  Director Sir David G. Scholey, CBE For       For        Management
1.10  Elect  Director Raymond G. H. Seitz       For       For        Management
1.11  Elect  Director Lawrence M. Small         For       For        Management
1.12  Elect  Director Daniel E. Somers          For       For        Management
1.13  Elect  Director Karen Hastie Williams     For       For        Management
1.14  Elect  Director James M. Zimmerman        For       For        Management
1.15  Elect  Director Alfred W. Zollar          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
4     Ratify Auditors                           For       For        Management
5     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


- --------------------------------------------------------------------------------

CINERGY CORP.

Ticker:       CIN            Security ID:  172474108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael G. Browning       For       For        Management
1.2   Elect  Director George C. Juilfs          For       For        Management
1.3   Elect  Director Dudley S. Taft            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

CITIGROUP INC.

Ticker:       C              Security ID:  172967101
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Michael Armstrong      For       For        Management
1.2   Elect  Director Alain J.P. Belda          For       For        Management
1.3   Elect  Director George David              For       For        Management
1.4   Elect  Director Kenneth T. Derr           For       For        Management
1.5   Elect  Director John M. Deutch            For       For        Management
1.6   Elect  Director Roberto Hernandez Ramirez For       For        Management
1.7   Elect  Director Ann Dibble Jordan         For       For        Management
1.8   Elect  Director Dudley C. Mecum           For       For        Management
1.9   Elect  Director Richard D. Parsons        For       For        Management
1.10  Elect  Director Andrall E. Pearson        For       For        Management
1.11  Elect  Director Charles Prince            For       For        Management
1.12  Elect  Director Robert E. Rubin           For       For        Management
1.13  Elect  Director Franklin A. Thomas        For       For        Management
1.14  Elect  Director Sanford I. Weill          For       For        Management
1.15  Elect  Director Robert B. Willumstad      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
5     Prohibit Awards to Executives             Against   Against    Shareholder
6     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------



CLEAR CHANNEL COMMUNICATIONS, INC.

Ticker:       CCU            Security ID:  184502102
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alan D. Feld              For       Withhold   Management
1.2   Elect  Director Thomas O. Hicks           For       For        Management
1.3   Elect  Director Perry J. Lewis            For       For        Management
1.4   Elect  Director L. Lowry Mays             For       For        Management
1.5   Elect  Director Mark P. Mays              For       For        Management
1.6   Elect  Director Randall T. Mays           For       For        Management
1.7   Elect  Director B.J. Mccombs              For       For        Management
1.8   Elect  Director Phyllis B. Riggins        For       For        Management
1.9   Elect  Director Theordore H. Strauss      For       For        Management
1.10  Elect  Director J.C. Watts                For       For        Management
1.11  Elect  Director John H. Williams          For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

COMPUTER SCIENCES CORPORATION

Ticker:       CSC            Security ID:  205363104
Meeting Date: AUG 11, 2003   Meeting Type: Annual
Record Date:  JUN 13, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Irving W. Bailey, II       For       For        Management
1.2   Elect Director Stephen L. Baum            For       For        Management
1.3   Elect Director Rodney F. Chase            For       For        Management
1.4   Elect Director Van B. Honeycutt           For       For        Management
1.5   Elect Director William R. Hoover          For       For        Management
1.6   Elect Director Leon J. Level              For       For        Management
1.7   Elect Director Thomas A. McDonnell        For       For        Management
1.8   Elect Director F. Warren McFarlan         For       For        Management
1.9   Elect Director James R. Mellor            For       For        Management
1.10  Elect Director William P. Rutledge        For       For        Management


- --------------------------------------------------------------------------------

CONOCOPHILLIPS

Ticker:       COP            Security ID:  20825C104
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David L. Boren            For       For        Management
1.2   Elect  Director James E. Copeland, Jr.    For       For        Management
1.3   Elect  Director Kenneth M. Duberstein     For       For        Management
1.4   Elect  Director Ruth R. Harkin            For       For        Management
1.5   Elect  Director William R. Rhodes         For       For        Management
1.6   Elect  Director J. Stapleton Roy          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Limit Executive Compensation              Against   Against    Shareholder
5     Limit Executive Compensation              Against   Against    Shareholder
6     Report on Drilling in the Arctic National Against   Against    Shareholder
      Wildlife Refuge


- --------------------------------------------------------------------------------

CONSTELLATION ENERGY GROUP, INC.

Ticker:       CEG            Security ID:  210371100
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James T. Brady            For       For        Management
1.2   Elect  Director James R. Curtiss          For       For        Management
1.3   Elect  Director Edward J. Kelly, III      For       For        Management
1.4   Elect  Director Robert J. Lawless         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------



CVS CORPORATION

Ticker:       CVS            Security ID:  126650100
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W. Don Cornwell           For       For        Management
1.2   Elect  Director Thomas P. Gerrity         For       For        Management
1.3   Elect  Director Stanley P. Goldstein      For       For        Management
1.4   Elect  Director Marian L. Heard           For       For        Management
1.5   Elect  Director William H. Joyce          For       For        Management
1.6   Elect  Director Terry R. Lautenbach       For       For        Management
1.7   Elect  Director Terrence Murray           For       For        Management
1.8   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.9   Elect  Director Thomas M. Ryan            For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management
4     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

DELPHI CORP.

Ticker:       DPH            Security ID:  247126105
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Oscar de Paula Bernardes  For       For        Management
      Neto
1.2   Elect  Director Dr. Bernd Gottschalk      For       For        Management
1.3   Elect  Director John D. Opie              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Approve Omnibus Stock Plan                For       For        Management
5     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
6     Declassify the Board of Directors         Against   Against    Shareholder
7     Amend Workplace Code of Conduct           Against   Against    Shareholder


- --------------------------------------------------------------------------------

DOW CHEMICAL COMPANY, THE

Ticker:       DOW            Security ID:  260543103
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Arnold A. Allemang        For       For        Management
1.2   Elect  Director John C. Danforth          For       For        Management
1.3   Elect  Director Jeff M. Fettig            For       For        Management
1.4   Elect  Director Andrew N. Liveris         For       For        Management
1.5   Elect  Director James M. Ringler          For       For        Management
1.6   Elect  Director William S. Stavropoulos   For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Report on Social Initiatives in Bhopal    Against   Against    Shareholder


- --------------------------------------------------------------------------------

E.I. DU PONT DE NEMOURS & CO.

Ticker:       DD             Security ID:  263534109
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alain J. P. Belda         For       For        Management
1.2   Elect  Director Richard H. Brown          For       For        Management
1.3   Elect  Director Curtis J. Crawford        For       For        Management
1.4   Elect  Director John T. Dillon            For       For        Management
1.5   Elect  Director Louisa C. Duemling        For       For        Management
1.6   Elect  Director Charles O. Holliday, Jr.  For       For        Management
1.7   Elect  Director Deborah C. Hopkins        For       For        Management
1.8   Elect  Director Lois D. Juliber           For       For        Management
1.9   Elect  Director Masahisa Naitoh           For       For        Management
1.10  Elect  Director William K. Reilly         For       For        Management
1.11  Elect  Director H. Rodney Sharp, III      For       For        Management
1.12  Elect  Director Charles M. Vest           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Executive Ties to Government    Against   Against    Shareholder
4     Adopt and Report on a Code of Corporate   Against   Against    Shareholder
      Conduct
5     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------



EASTMAN KODAK CO.

Ticker:       EK             Security ID:  277461109
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William H. Hernandez      For       For        Management
1.2   Elect  Director Hector de J. Ruiz         For       For        Management
1.3   Elect  Director Laura D'Andrea Tyson      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Adopt Chemical Policy                     Against   Against    Shareholder
5     Prohibit Awards to Executives             Against   Against    Shareholder


- --------------------------------------------------------------------------------

EXELON CORP.

Ticker:       EXC            Security ID:  30161N101
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Nicholas DeBenedictis     For       For        Management
1.2   Elect  Director G. Fred Dibona, Jr.       For       For        Management
1.3   Elect  Director Sue L. Gin                For       For        Management
1.4   Elect  Director Edgar D. Jannotta         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


- --------------------------------------------------------------------------------

FANNIE MAE

Ticker:       FNM            Security ID:  313586109
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen B. Ashley         For       For        Management
1.2   Elect  Director Kenneth M. Duberstein     For       For        Management
1.3   Elect  Director Thomas P. Gerrity         For       For        Management
1.4   Elect  Director Timothy Howard            For       For        Management
1.5   Elect  Director Ann Korologos             For       For        Management
1.6   Elect  Director Frederic V. Malek         For       For        Management
1.7   Elect  Director Donald B. Marron          For       For        Management
1.8   Elect  Director Daniel H. Mudd            For       For        Management
1.9   Elect  Director Anne M. Mulcahy           For       For        Management
1.10  Elect  Director Joe K. Pickett            For       For        Management
1.11  Elect  Director Leslie Rahl               For       For        Management
1.12  Elect  Director Franklin D. Raines        For       For        Management
1.13  Elect  Director H. Patrick Swygert        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Provide for Cumulative Voting             Against   Against    Shareholder


- --------------------------------------------------------------------------------

FEDERATED DEPARTMENT STORES, INC.

Ticker:       FD             Security ID:  31410H101
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Sara Levinson             For       For        Management
1.2   Elect  Director Joseph Neubauer           For       For        Management
1.3   Elect  Director Joseph A. Pichler         For       For        Management
1.4   Elect  Director Karl M. von der Heyden    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Declassify the Board of Directors         Against   Against    Shareholder


- --------------------------------------------------------------------------------



FIRSTENERGY CORPORATION

Ticker:       FE             Security ID:  337932107
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Paul T. Addison           For       For        Management
1.2   Elect  Director Ernest J. Novak, Jr.      For       For        Management
1.3   Elect  Director John M. Pietruski         For       For        Management
1.4   Elect  Director Catherine A. Rein         For       For        Management
1.5   Elect  Director Robert C. Savage          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Reduce Supermajority Vote Requirement     For       For        Management
5     Approve Deferred Compensation Plan        For       For        Management
6     Approve Deferred Compensation Plan        For       For        Management
7     Expense Stock Options                     Against   For        Shareholder
8     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
9     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
10    Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote


- --------------------------------------------------------------------------------

FREDDIE MAC

Ticker:       FRE            Security ID:  313400301
Meeting Date: MAR 31, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joan E. Donoghue          For       For        Management
1.2   Elect  Director Michelle Engler           For       For        Management
1.3   Elect  Director Richard Karl Goeltz       For       For        Management
1.4   Elect  Director George D. Gould           For       For        Management
1.5   Elect  Director Henry Kaufman             For       For        Management
1.6   Elect  Director John B. Mccoy             For       For        Management
1.7   Elect  Director Shaun F. O'Malley         For       For        Management
1.8   Elect  Director Ronald F. Poe             For       For        Management
1.9   Elect  Director Stephen A. Ross           For       For        Management
1.10  Elect  Director Donald J. Schuenke        For       For        Management
1.11  Elect  Director Christina Seix            For       For        Management
1.12  Elect  Director Richard F. Syron          For       For        Management
1.13  Elect  Director William J. Turner         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GENERAL MOTORS CORP.

Ticker:       GM             Security ID:  370442105
Meeting Date: JUN 2, 2004    Meeting Type: Annual
Record Date:  APR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Percy N. Barnevik         For       For        Management
1.2   Elect  Director John H. Bryan             For       For        Management
1.3   Elect  Director Armando M. Codina         For       For        Management
1.4   Elect  Director George M.C. Fisher        For       For        Management
1.5   Elect  Director Karen Katen               For       For        Management
1.6   Elect  Director Kent Kresa                For       For        Management
1.7   Elect  Director Alan G. Lafley            For       For        Management
1.8   Elect  Director Philip A. Laskawy         For       For        Management
1.9   Elect  Director E.Stanley O'Neal          For       For        Management
1.10  Elect  Director Eckhard Pfeiffer          For       For        Management
1.11  Elect  Director G.Richard Wagoner, Jr.    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Prohibit Awards to Executives             Against   Against    Shareholder
4     Prohibit Awards to Executives             Against   Against    Shareholder
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Limit Composition of Committees to        Against   Against    Shareholder
      Independent Directors
7     Report on Greenhouse Gas Emissions        Against   Against    Shareholder
8     Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote
9     Establish Executive and Director Stock    Against   Against    Shareholder
      Ownership Guidelines


- --------------------------------------------------------------------------------



GEORGIA-PACIFIC CORP.

Ticker:       GP             Security ID:  373298108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Barbara L. Bowles         For       For        Management
1.2   Elect  Director Donald V. Fites           For       For        Management
1.3   Elect  Director David R. Goode            For       For        Management
1.4   Elect  Director Karen N. Horn             For       For        Management
1.5   Elect  Director William R. Johnson        For       For        Management
1.6   Elect  Director James B. Williams         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

GLAXOSMITHKLINE PLC (FORMERLY GLAXO WELLCOME PLC )

Ticker:       SBH            Security ID:  37733W105
Meeting Date: MAY 17, 2004   Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE AND ADOPT THE DIRECTORS        For       For        Management
      REPORT AND THE FINANCIAL STATEMENTS
      (ORDINARY RESOLUTION)
2     TO APPROVE THE REMUNERATION REPORT        For       For        Management
      (ORDINARY RESOLUTION)
3     TO ELECT MR H LAWRENCE CULP AS A DIRECTOR For       For        Management
      (ORDINARY RESOLUTION)
4     TO ELECT MR CRISPIN DAVIS AS A DIRECTOR   For       For        Management
      (ORDINARY RESOLUTION)
5     TO ELECT SIR ROBERT WILSON AS A DIRECTOR  For       For        Management
      (ORDINARY RESOLUTION)
6     TO ELECT DR TACHI YAMADA AS A DIRECTOR    For       For        Management
      (ORDINARY RESOLUTION)
7     TO RE-ELECT SIR CHRISTOPHER HOGG AS A     For       For        Management
      DIRECTOR (ORDINARY RESOLUTION)
8     Ratify Auditors                           For       For        Management
9     REMUNERATION OF AUDITORS (ORDINARY        For       For        Management
      RESOLUTION)
10    AUTHORISE THE COMPANY TO MAKE DONATIONS   For       For        Management
      TO EU POLITICAL ORGAN- ISATIONS AND INCUR
      EU POLITICAL EXPENDITURE (SPECIAL
      BUSINESS)
11    DISAPPLICATION OF PRE-EMPTION RIGHTS      For       For        Management
      (SPECIAL RESOLUTION)
12    AUTHORITY FOR THE COMPANY TO PURCHASE ITS For       For        Management
      OWN SHARES (SPECIAL RESOLUTION)


- --------------------------------------------------------------------------------

GLOBAL SANTA FE CORP.(FORMERLY SANTA FE INTERNATIONAL CORP)

Ticker:       GSF            Security ID:  G3930E101
Meeting Date: JUN 9, 2004    Meeting Type: Annual
Record Date:  APR 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ferdinand A. Berger       For       For        Management
1.2   Elect  Director Khaled R. Al-Haroon       For       For        Management
1.3   Elect  Director Edward R. Muller          For       For        Management
1.4   Elect  Director Paul J. Powers            For       For        Management
1.5   Elect  Director John L. Whitmire          For       For        Management
2     PROPOSAL TO APPROVE A SPECIAL RESOLUTION  For       For        Management
      TO AMEND THE COMPANY S AMENDED AND
      RESTATED ARTICLES OF ASSOCIATION TO
      PERMIT TELEPHONIC AND INTERNET VOTING BY
      RECORD SHAREHOLDERS.
3     PROPOSAL TO APPROVE A SPECIAL RESOLUTION  For       For        Management
      TO AMEND THE COMPANY S AMENDED AND
      RESTATED ARTICLES OF ASSOCIATION TO
      REMOVE THE LANGUAGE  NO SHARE OWNERSHIP
      QUALIFICATION FOR DIRECTORS SHALL BE
      REQUIRED.
4     PROPOSAL TO RATIFY THE APPOINTMENT OF     For       For        Management
      PRICEWATERHOUSECOOPERS LLP AS THE
      INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
      OF THE COMPANY AND ITS SUBSIDIARIES FOR
      THE YEAR ENDING DECEMBER 31, 2004.


- --------------------------------------------------------------------------------



GOLDMAN SACHS GROUP, INC., THE

Ticker:       GS             Security ID:  38141G104
Meeting Date: MAR 31, 2004   Meeting Type: Annual
Record Date:  FEB 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lloyd C. Blankfein        For       For        Management
1.2   Elect  Director Lord Browne Of Madingley  For       For        Management
1.3   Elect  Director Claes Dahlback            For       For        Management
1.4   Elect  Director James A. Johnson          For       For        Management
1.5   Elect  Director Lois D. Juliber           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   Against    Shareholder


- --------------------------------------------------------------------------------

HALLIBURTON CO.

Ticker:       HAL            Security ID:  406216101
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Crandall        For       For        Management
1.2   Elect  Director Kenneth T. Derr           For       For        Management
1.3   Elect  Director Charles J. DiBona         For       For        Management
1.4   Elect  Director W. R. Howell              For       For        Management
1.5   Elect  Director Ray L. Hunt               For       For        Management
1.6   Elect  Director David J. Lesar            For       For        Management
1.7   Elect  Director Aylwin B. Lewis           For       For        Management
1.8   Elect  Director J. Landis Martin          For       For        Management
1.9   Elect  Director Jay A. Precourt           For       For        Management
1.10  Elect  Director Debra L. Reed             For       For        Management
1.11  Elect  Director C. J. Silas               For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Review/Report on Operations in Iran       Against   Against    Shareholder
4     Require Affirmative Vote of a Majority of Against   Against    Shareholder
      the Shares to Elect Directors
5     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------

HEWLETT-PACKARD CO.

Ticker:       HPQ            Security ID:  428236103
Meeting Date: MAR 17, 2004   Meeting Type: Annual
Record Date:  JAN 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director L.T. Babbio, Jr.          For       For        Management
1.2   Elect  Director P.C. Dunn                 For       For        Management
1.3   Elect  Director C.S. Fiorina              For       For        Management
1.4   Elect  Director R.A. Hackborn             For       For        Management
1.5   Elect  Director G.A. Keyworth II          For       For        Management
1.6   Elect  Director R.E. Knowling, Jr.        For       For        Management
1.7   Elect  Director S.M. Litvack              For       Withhold   Management
1.8   Elect  Director R.L. Ryan                 For       For        Management
1.9   Elect  Director L.S. Salhany              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Expense Stock Options                     Against   For        Shareholder


- --------------------------------------------------------------------------------

INTEL CORP.

Ticker:       INTC           Security ID:  458140100
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Craig R. Barrett          For       For        Management
1.2   Elect  Director Charlene Barshefsky       For       For        Management
1.3   Elect  Director E. John P. Browne         For       For        Management
1.4   Elect  Director Andrew S. Grove           For       For        Management
1.5   Elect  Director D. James Guzy             For       For        Management
1.6   Elect  Director Reed E. Hundt             For       For        Management
1.7   Elect  Director Paul S. Otellini          For       For        Management
1.8   Elect  Director David S. Pottruck         For       For        Management
1.9   Elect  Director Jane E. Shaw              For       For        Management
1.10  Elect  Director John L. Thornton          For       For        Management
1.11  Elect  Director David B. Yoffie           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Expense Stock Options                     Against   For        Shareholder
5     Limit/Prohibit Awards to Executives       Against   Against    Shareholder
6     Performance- Based/Indexed Options        Against   Against    Shareholder


- --------------------------------------------------------------------------------



INTERNATIONAL BUSINESS MACHINES CORP.

Ticker:       IBM            Security ID:  459200101
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Cathleen Black            For       For        Management
1.2   Elect  Director Kenneth I. Chenault       For       For        Management
1.3   Elect  Director Carlos Ghosn              For       For        Management
1.4   Elect  Director Nannerl O. Keohane        For       For        Management
1.5   Elect  Director Charles F. Knight         For       For        Management
1.6   Elect  Director Lucio A. Noto             For       For        Management
1.7   Elect  Director Samuel J. Palmisano       For       For        Management
1.8   Elect  Director John B. Slaughter         For       For        Management
1.9   Elect  Director Joan E. Spero             For       For        Management
1.10  Elect  Director Sidney Taurel             For       For        Management
1.11  Elect  Director Charles M. Vest           For       For        Management
1.12  Elect  Director Lorenzo H. Zambrano       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Ratify Auditors for the Company's         For       For        Management
      Business Consulting Services Unit
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Provide for Cumulative Voting             Against   Against    Shareholder
6     Amend Pension and Retirement Medical      Against   Against    Shareholder
      Insurance Plans
7     Submit Executive Compensation to Vote     Against   Against    Shareholder
8     Expense Stock Options                     Against   Against    Shareholder
9     Limit Awards to Executives                Against   Against    Shareholder
10    China Principles                          Against   Against    Shareholder
11    Report on Political                       Against   Against    Shareholder
      Contributions/Activities
12    Report on Executive Compensation          Against   Against    Shareholder


- --------------------------------------------------------------------------------

INTERNATIONAL PAPER CO.

Ticker:       IP             Security ID:  460146103
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martha F. Brooks          For       For        Management
1.2   Elect  Director James A. Henderson        For       For        Management
1.3   Elect  Director Robert D. Kennedy         For       For        Management
1.4   Elect  Director W. Craig McClelland       For       Withhold   Management
1.5   Elect  Director Robert M. Amen            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

JONES APPAREL GROUP, INC.

Ticker:       JNY            Security ID:  480074103
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter Boneparth           For       For        Management
1.2   Elect  Director Sidney Kimmel             For       For        Management
1.3   Elect  Director Geraldine Stutz           For       For        Management
1.4   Elect  Director Howard Gittis             For       For        Management
1.5   Elect  Director Anthony F. Scarpa         For       For        Management
1.6   Elect  Director Matthew H. Kamens         For       For        Management
1.7   Elect  Director Michael L. Tarnopol       For       For        Management
1.8   Elect  Director J. Robert Kerrey          For       For        Management
1.9   Elect  Director Ann N. Reese              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


- --------------------------------------------------------------------------------



JPMORGAN CHASE & CO.

Ticker:       JPM            Security ID:  46625H100
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect  Director Hans W. Becherer          For       For        Management
2.2   Elect  Director Frank A. Bennack, Jr.     For       For        Management
2.3   Elect  Director John H. Biggs             For       For        Management
2.4   Elect  Director Lawrence A. Bossidy       For       For        Management
2.5   Elect  Director Ellen V. Futter           For       For        Management
2.6   Elect  Director William H. Gray, III      For       For        Management
2.7   Elect  Director William B. Harrison, Jr   For       For        Management
2.8   Elect  Director Helene L. Kaplan          For       For        Management
2.9   Elect  Director Lee R. Raymond            For       For        Management
2.10  Elect  Director John R. Stafford          For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Adjourn Meeting                           For       Against    Management
6     Establish Term Limits for Directors       Against   Against    Shareholder
7     Charitable Contributions                  Against   Against    Shareholder
8     Political Contributions                   Against   Against    Shareholder
9     Separate Chairman and CEO Positions       Against   Against    Shareholder
10    Provide Adequate Disclosure for over the  Against   Against    Shareholder
      counter Derivatives
11    Auditor Independence                      Against   Against    Shareholder
12    Submit Non-Employee Director Compensation Against   Against    Shareholder
      to Vote
13    Report on Pay Disparity                   Against   Against    Shareholder


- --------------------------------------------------------------------------------

KIMBERLY-CLARK CORP.

Ticker:       KMB            Security ID:  494368103
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Pastora San Juan Cafferty For       Withhold   Management
1.2   Elect  Director Claudio X. Gonzalez       For       Withhold   Management
1.3   Elect  Director Linda Johnson Rice        For       Withhold   Management
1.4   Elect  Director Marc J. Shapiro           For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


- --------------------------------------------------------------------------------

KRAFT FOODS INC

Ticker:       KFT            Security ID:  50075N104
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Louis C. Camilleri        For       Withhold   Management
1.2   Elect  Director Roger K. Deromedi         For       Withhold   Management
1.3   Elect  Director Dinyar S. Devitre         For       Withhold   Management
1.4   Elect  Director W. James Farrell          For       For        Management
1.5   Elect  Director Betsy D. Holden           For       Withhold   Management
1.6   Elect  Director John C. Pope              For       For        Management
1.7   Elect  Director Mary L. Schapiro          For       For        Management
1.8   Elect  Director Charles R. Wall           For       Withhold   Management
1.9   Elect  Director Deborah C. Wright         For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

KROGER CO., THE

Ticker:       KR             Security ID:  501044101
Meeting Date: JUN 24, 2004   Meeting Type: Annual
Record Date:  APR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John L. Clendenin         For       For        Management
1.2   Elect  Director David B. Dillon           For       For        Management
1.3   Elect  Director David B. Lewis            For       For        Management
1.4   Elect  Director Don W. McGeorge           For       For        Management
1.5   Elect  Director W. Rodney McMullen        For       For        Management
1.6   Elect  Director Susan M. Phillips         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   Against    Shareholder
4     Separate Chairman and CEO Positions       Against   Against    Shareholder
5     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote


- --------------------------------------------------------------------------------



LEXMARK INTERNATIONAL, INC.

Ticker:       LXK            Security ID:  529771107
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank T. Cary             For       For        Management
1.2   Elect  Director Paul J. Curlander         For       For        Management
1.3   Elect  Director Martin D. Walker          For       For        Management
1.4   Elect  Director James F. Hardymon         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

LIBERTY MEDIA CORP.

Ticker:       L              Security ID:  530718105
Meeting Date: JUN 9, 2004    Meeting Type: Annual
Record Date:  APR 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert R. Bennett         For       For        Management
1.2   Elect  Director Paul A. Gould             For       For        Management
1.3   Elect  Director John C. Malone            For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

MAY DEPARTMENT STORES CO., THE

Ticker:       MAY            Security ID:  577778103
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eugene S. Kahn            For       For        Management
1.2   Elect  Director Helene L. Kaplan          For       For        Management
1.3   Elect Director  James M. Kilts            For       For        Management
1.4   Elect Director Russell E. Palmer          For       For        Management
1.5   Elect Director William P. Stiritz         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Declassify the Board of Directors         Against   Against    Shareholder


- --------------------------------------------------------------------------------

MERCK & CO., INC.

Ticker:       MRK            Security ID:  589331107
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  FEB 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter C. Wendell          For       For        Management
1.2   Elect  Director William G. Bowen          For       For        Management
1.3   Elect  Director William M. Daley          For       For        Management
1.4   Elect  Director Thomas E. Shenk           For       For        Management
1.5   Elect  Director Wendell P. Weeks          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Prohibit Awards to Executives             Against   Against    Shareholder
5     Develop Ethical Criteria for Patent       Against   Against    Shareholder
      Extension
6     Link Executive Compensation to Social     Against   Against    Shareholder
      Issues
7     Report on Political Contributions         Against   Against    Shareholder
8     Report on Operational Impact of HIV/AIDS, Against   Against    Shareholder
      TB, and Malaria Pandemic


- --------------------------------------------------------------------------------

MERRILL LYNCH & CO., INC.

Ticker:       MER            Security ID:  590188108
Meeting Date: APR 23, 2004   Meeting Type: Annual
Record Date:  FEB 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David K. Newbigging       For       For        Management
1.2   Elect  Director Joseph W. Prueher         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
4     Separate Chairman and CEO Positions       Against   Against    Shareholder


- --------------------------------------------------------------------------------



METLIFE, INC

Ticker:       MET            Security ID:  59156R108
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Curtis H. Barnette        For       For        Management
1.2   Elect  Director John C. Danforth          For       Withhold   Management
1.3   Elect  Director Burton A. Dole, Jr.       For       For        Management
1.4   Elect  Director Harry P. Kamen            For       Withhold   Management
1.5   Elect  Director Charles M. Leighton       For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
5     Ratify Auditors                           For       For        Management
6     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

NISOURCE INC.

Ticker:       NI             Security ID:  65473P105
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Steven C. Beering         For       For        Management
1.2   Elect  Director Dennis E. Foster          For       For        Management
1.3   Elect  Director Richard L. Thompson       For       For        Management
1.4   Elect  Director Carolyn Y. Woo            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

NOKIA CORP.

Ticker:       NKCAF          Security ID:  654902204
Meeting Date: MAR 25, 2004   Meeting Type: Annual
Record Date:  JAN 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE INCOME STATEMENTS AND THE For       For        Management
      BALANCE SHEETS.
2     APPROVAL OF A DIVIDEND OF EUR 0.30 PER    For       For        Management
      SHARE.
3     APPROVAL OF THE DISCHARGE OF THE          For       For        Management
      CHAIRMAN, THE MEMBERS OF THE BOARD OF
      DIRECTORS AND THE PRESIDENT FROM
      LIABILITY.
4.1   Elect  Director Paul J. Collins           For       For        Management
4.2   Elect  Director Georg Ehrnrooth           For       For        Management
4.3   Elect  Director Bengt Holmstrom           For       For        Management
4.4   Elect  Director Per Karlsson              For       For        Management
4.5   Elect  Director Jorma Ollila              For       For        Management
4.6   Elect  Director Marjorie Scardino         For       For        Management
4.7   Elect  Director Vesa Vainio               For       For        Management
4.8   Elect  Director Arne Wessberg             For       For        Management
5     Ratify Auditors                           For       For        Management
6     APPROVAL OF THE PROPOSAL OF THE BOARD TO  For       For        Management
      REDUCE THE SHARE CAPITAL THROUGH
      CANCELLATION OF NOKIA SHARES HELD BY THE
      COMPANY
7     APPROVAL OF THE AUTHORIZATION TO THE      For       For        Management
      BOARD TO INCREASE THE SHARE CAPITAL OF
      THE COMPANY.
8     APPROVAL OF THE AUTHORIZATION TO THE      For       For        Management
      BOARD TO REPURCHASE NOKIA SHARES.
9     APPROVAL OF THE AUTHORIZATION TO THE      For       For        Management
      BOARD TO DISPOSE NOKIA SHARES HELD BY THE
      COMPANY.
10    APPROVAL OF THE PROPOSAL OF THE BOARD TO  For       For        Management
      INCREASE THE CAPITAL OF THE FOUNDATION OF
      NOKIA CORPORATION.
11    MARK THE  FOR  BOX IF YOU WISH TO         None      Against    Management
      INSTRUCT THE DEPOSITARY TO GIVE A PROXY
      TO ANY ONE OF MARIANNA UOTINEN-TARKOMA,
      ESA KAUNISTOLA, BOTH LEGAL COUNSELS OF
      NOKIA CORPORATION, TO AUTHORIZE ANY OF
      THEM (WITH FULL POWER OF SUBSTITUTION) TO
      VOTE, IN THEIR DISCR


- --------------------------------------------------------------------------------



NOVELLUS SYSTEMS, INC.

Ticker:       NVLS           Security ID:  670008101
Meeting Date: APR 16, 2004   Meeting Type: Annual
Record Date:  FEB 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard S. Hill           For       For        Management
1.2   Elect  Director Neil R. Bonke             For       For        Management
1.3   Elect  Director Youssef A. El-Mansy       For       For        Management
1.4   Elect  Director J. David Litster          For       For        Management
1.5   Elect  Director Yoshio Nishi              For       For        Management
1.6   Elect  Director Glen G. Possley           For       For        Management
1.7   Elect  Director Ann D. Rhoads             For       For        Management
1.8   Elect  Director William R. Spivey         For       For        Management
1.9   Elect  Director Delbert A. Whitaker       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provision of Non-Audit Services by        Against   Against    Shareholder
      Independent Auditors
4     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

PARKER-HANNIFIN CORP.

Ticker:       PH             Security ID:  701094104
Meeting Date: OCT 22, 2003   Meeting Type: Annual
Record Date:  AUG 29, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Duane E. Collins           For       For        Management
1.2   Elect Director Robert J. Kohlhepp         For       For        Management
1.3   Elect Director Giulio Mazzalupi           For       For        Management
1.4   Elect Director Klaus-Peter Muller         For       For        Management
1.5   Elect Director Allan L. Rayfield          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

PFIZER INC.

Ticker:       PFE            Security ID:  717081103
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael S. Brown          For       For        Management
1.2   Elect  Director M. Anthony Burns          For       For        Management
1.3   Elect  Director Robert N. Burt            For       For        Management
1.4   Elect  Director W. Don Cornwell           For       For        Management
1.5   Elect  Director William H. Gray III       For       For        Management
1.6   Elect  Director Constance J. Horner       For       For        Management
1.7   Elect  Director William R. Howell         For       For        Management
1.8   Elect  Director Stanley O. Ikenberry      For       For        Management
1.9   Elect  Director George A. Lorch           For       For        Management
1.10  Elect  Director Henry A. Mckinnell        For       For        Management
1.11  Elect  Director Dana G. Mead              For       For        Management
1.12  Elect  Director Franklin D. Raines        For       For        Management
1.13  Elect  Director Ruth J. Simmons           For       For        Management
1.14  Elect  Director William C. Steere, Jr.    For       For        Management
1.15  Elect  Director Jean-Paul Valles          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Report on Operational Impact of HIV/AIDS, Against   Against    Shareholder
      TB, and Malaria Pandemic
5     Cease Political Contributions/Activities  Against   Against    Shareholder
6     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
7     Establish Term Limits for Directors       Against   Against    Shareholder
8     Report on Drug Pricing                    Against   Against    Shareholder
9     Limit Awards to Executives                Against   Against    Shareholder
10    Amend Animal Testing Policy               Against   Against    Shareholder


- --------------------------------------------------------------------------------



PNC  FINANCIAL SERVICES GROUP, INC.

Ticker:       PNC            Security ID:  693475105
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Paul Chellgren            For       For        Management
1.2   Elect  Director Robert Clay               For       For        Management
1.3   Elect  Director J. Gary Cooper            For       For        Management
1.4   Elect  Director George Davidson, Jr.      For       For        Management
1.5   Elect  Director Richard Kelson            For       For        Management
1.6   Elect  Director Bruce Lindsay             For       For        Management
1.7   Elect  Director Anthony Massaro           For       For        Management
1.8   Elect  Director Thomas O'Brien            For       For        Management
1.9   Elect  Director Jane Pepper               For       For        Management
1.10  Elect  Director James Rohr                For       For        Management
1.11  Elect  Director Lorene Steffes            For       For        Management
1.12  Elect  Director Dennis Strigl             For       For        Management
1.13  Elect  Director Stephen Thieke            For       For        Management
1.14  Elect  Director Thomas Usher              For       For        Management
1.15  Elect  Director Milton Washington         For       For        Management
1.16  Elect  Director Helge Wehmeier            For       For        Management


- --------------------------------------------------------------------------------

PPG INDUSTRIES, INC.

Ticker:       PPG            Security ID:  693506107
Meeting Date: APR 15, 2004   Meeting Type: Annual
Record Date:  FEB 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James G. Berges           For       For        Management
1.2   Elect  Director Erroll B. Davis, Jr.      For       For        Management
1.3   Elect  Director Victoria F. Haynes        For       For        Management
1.4   Elect  Director Allen J. Krowe            For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

PUBLIC SERVICE ENTERPRISE GROUP INC.

Ticker:       PEG            Security ID:  744573106
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Albert R. Gamper, Jr.     For       For        Management
1.2   Elect  Director Ernest H. Drew            For       For        Management
1.3   Elect  Director William V. Hickey         For       For        Management
1.4   Elect  Director Richard J. Swift          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Require Two Candidates for Each Board     Against   Against    Shareholder
      Seat


- --------------------------------------------------------------------------------

ROHM AND HAAS CO.

Ticker:       ROH            Security ID:  775371107
Meeting Date: MAY 3, 2004    Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William J. Avery          For       For        Management
1.2   Elect  Director J. Michael Fitzpatrick    For       For        Management
1.3   Elect  Director Earl G. Graves, Sr.       For       For        Management
1.4   Elect  Director Raj L. Gupta              For       For        Management
1.5   Elect  Director David W. Haas             For       For        Management
1.6   Elect  Director Thomas W. Haas            For       For        Management
1.7   Elect  Director James A. Henderson        For       For        Management
1.8   Elect  Director Richard L. Keyser         For       For        Management
1.9   Elect  Director Jorge P. Montoya          For       For        Management
1.10  Elect  Director Sandra O. Moose           For       For        Management
1.11  Elect  Director Gilbert S. Omenn          For       For        Management
1.12  Elect  Director Gary L. Rogers            For       For        Management
1.13  Elect  Director Ronaldo H. Schmitz        For       For        Management
1.14  Elect  Director Marna C. Whittington      For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Ratify Auditors                           For       For        Management
6     Other Business                            For       Against    Management


- --------------------------------------------------------------------------------



ROYAL DUTCH PETROLEUM CO.

Ticker:       RD             Security ID:  780257804
Meeting Date: JUN 28, 2004   Meeting Type: Annual
Record Date:  MAY 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     FINALIZATION OF THE BALANCE SHEET AS AT   For       For        Management
      DECEMBER 31, 2003, THE PROFIT AND LOSS
      ACCOUNT FOR THE YEAR 2003 AND THE NOTES
      TO THE BALANCE SHEET AND THE PROFIT AND
      LOSS ACCOUNT.
2     DECLARATION OF THE TOTAL DIVIDEND FOR THE For       For        Management
      YEAR 2003.
3     DISCHARGE OF THE MANAGING DIRECTORS OF    For       Against    Management
      RESPONSIBILITY IN RESPECT OF THEIR
      MANAGEMENT FOR THE YEAR 2003.
4     DISCHARGE OF THE MEMBERS OF THE           For       Against    Management
      SUPERVISORY BOARD OF RESPONSIBILITY FOR
      THEIR SUPERVISION FOR THE YEAR 2003.
5     APPOINTMENT OF MS. L.Z. COOK AS A         For       For        Management
      MANAGING DIRECTOR OF THE COMPANY.*
6     APPOINTMENT OF MRS. CH. MORIN-POSTEL AS A For       For        Management
      MEMBER OF THE SUPERVISORY BOARD.*
7     APPOINTMENT OF MR. M.A. VAN DEN BERGH AS  For       For        Management
      A MEMBER OF THE SUPERVISORY BOARD OWING
      TO RETIREMENT BY ROTATION.*
8     REDUCTION OF THE ISSUED SHARE CAPITAL     For       For        Management
      WITH A VIEW TO CANCELLA- TION OF THE
      SHARES ACQUIRED BY THE COMPANY IN ITS OWN
      CAPITAL.
9     AUTHORIZATION OF THE BOARD OF MANAGEMENT, For       For        Management
      PURSUANT TO ARTICLE 98, BOOK 2 OF THE
      NETHERLANDS CIVIL CODE, AS THE COMPETENT
      BODY TO ACQUIRE SHARES IN THE CAPITAL OF
      THE COMPANY.


- --------------------------------------------------------------------------------

SBC COMMUNICATIONS INC.

Ticker:       SBC            Security ID:  78387G103
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James E. Barnes           For       For        Management
1.2   Elect  Director James A. Henderson        For       For        Management
1.3   Elect  Director John B. McCoy             For       For        Management
1.4   Elect  Director S. Donley Ritchey         For       For        Management
1.5   Elect  Director Joyce M. Roche            For       For        Management
1.6   Elect  Director Patricia P. Upton         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Bylaws                              For       For        Management
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
5     Change Size of Board of Directors         Against   Against    Shareholder


- --------------------------------------------------------------------------------

SCHERING-PLOUGH CORP.

Ticker:       SGP            Security ID:  806605101
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Fred Hassan               For       For        Management
1.2   Elect  Director Philip Leder, M.D.        For       For        Management
1.3   Elect  Director Eugene R. McGrath         For       For        Management
1.4   Elect  Director Richard de J. Osborne     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


- --------------------------------------------------------------------------------



SCHLUMBERGER LTD.

Ticker:       SLB            Security ID:  806857108
Meeting Date: APR 14, 2004   Meeting Type: Annual
Record Date:  FEB 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Deutch                 For       For        Management
1.2   Elect  Director J.S. Gorelick             For       For        Management
1.3   Elect  Director A. Gould                  For       For        Management
1.4   Elect  Director T. Isaac                  For       For        Management
1.5   Elect  Director A. Lajous                 For       For        Management
1.6   Elect  Director A. Levy-Lang              For       For        Management
1.7   Elect  Director D. Primat                 For       For        Management
1.8   Elect  Director T. Sandvold               For       For        Management
1.9   Elect  Director N. Seydoux                For       For        Management
1.10  Elect  Director L.G. Stuntz               For       For        Management
2     ADOPTION AND APPROVAL OF FINANCIALS AND   For       For        Management
      DIVIDENDS
3     APPROVAL OF ADOPTION OF THE 2004 STOCK    For       For        Management
      AND DEFERRAL PLAN FOR NON-EMPLOYEE
      DIRECTORS
4     APPROVAL OF AUDITORS                      For       For        Management


- --------------------------------------------------------------------------------

SCOTTISH POWER PLC

Ticker:       SPI            Security ID:  81013T705
Meeting Date: JUL 23, 2004   Meeting Type: Annual
Record Date:  JUN 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE THE ANNUAL REPORT AND ACCOUNTS For       For        Management
      FOR THE YEAR ENDED MARCH 31, 2004.
2     TO APPROVE THE REMUNERATION REPORT.       For       For        Management
3     TO ELECT VICKY BAILEY AS A DIRECTOR.      For       For        Management
4     TO ELECT PHILIP CARROLL AS A DIRECTOR.    For       For        Management
5     TO ELECT JUDI JOHANSEN AS A DIRECTOR.     For       For        Management
6     TO ELECT SIMON LOWTH AS A DIRECTOR.       For       For        Management
7     TO ELECT NANCY WILGENBUSCH AS A DIRECTOR. For       For        Management
8     TO RE-ELECT EUAN BAIRD AS A DIRECTOR.     For       For        Management
9     TO RE-ELECT IAN RUSSELL AS A DIRECTOR.    For       For        Management
10    Ratify Auditors                           For       For        Management
11    TO AUTHORIZE THE COMPANY TO MAKE          For       For        Management
      DONATIONS TO EU POLITICAL ORGANIZATIONS
      AND TO INCUR EU POLITICAL EXPENDITURE.
12    TO RENEW THE AUTHORITY OF THE DIRECTORS   For       For        Management
      TO DISAPPLY PRE-EMPTION RIGHTS.
13    TO RENEW THE AUTHORITY OF THE COMPANY TO  For       For        Management
      PURCHASE ITS OWN SHARES.
14    TO AMEND THE ARTICLES OF ASSOCIATION AS   For       For        Management
      DETAILED IN THE NOTICE OF MEETING.


- --------------------------------------------------------------------------------

SPRINT CORP.

Ticker:       FON            Security ID:  852061100
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gordon M. Bethune         For       For        Management
1.2   Elect  Director E. Linn Draper, Jr.       For       For        Management
1.3   Elect  Director Deborah A. Henretta       For       For        Management
1.4   Elect  Director Linda Koch Lorimer        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance- Based/Indexed Options        Against   Against    Shareholder
4     Limit Executive Compensation              Against   Against    Shareholder
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Report on Foreign Outsourcing             Against   Against    Shareholder


- --------------------------------------------------------------------------------



ST. PAUL TRAVELERS COMPANIES, INC., THE

Ticker:       STA            Security ID:  792860108
Meeting Date: JUL 28, 2004   Meeting Type: Annual
Record Date:  JUN 4, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Howard P. Berkowitz       For       For        Management
1.2   Elect  Director Kenneth J. Bialkin        For       For        Management
1.3   Elect  Director Carolyn H. Byrd           For       For        Management
1.4   Elect  Director John H. Dasburg           For       For        Management
1.5   Elect  Director Leslie B. Disharoon       For       For        Management
1.6   Elect  Director Janet M. Dolan            For       For        Management
1.7   Elect  Director Kenneth M. Duberstein     For       For        Management
1.8   Elect  Director Jay S. Fishman            For       For        Management
1.9   Elect  Director Lawrence G. Graev         For       For        Management
1.10  Elect  Director Meryl D. Hartzband        For       For        Management
1.11  Elect  Director Thomas R. Hodgson         For       For        Management
1.12  Elect  Director William H. Kling          For       For        Management
1.13  Elect  Director James A. Lawrence         For       For        Management
1.14  Elect  Director Robert I. Lipp            For       For        Management
1.15  Elect  Director Blythe J. McGarvie        For       For        Management
1.16  Elect  Director Glen D. Nelson, M.D.      For       For        Management
1.17  Elect  Director Clarence Otis, Jr.        For       For        Management
1.18  Elect  Director Jeffrey M. Peek           For       For        Management
1.19  Elect  Director Nancy A. Roseman          For       For        Management
1.20  Elect  Director Charles W. Scharf         For       For        Management
1.21  Elect  Director Gordon M. Sprenger        For       For        Management
1.22  Elect  Director Frank J. Tasco            For       For        Management
1.23  Elect  Director Laurie J. Thomsen         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

SUNGARD DATA SYSTEMS INC.

Ticker:       SDS            Security ID:  867363103
Meeting Date: MAY 14, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gregory S. Bentley        For       For        Management
1.2   Elect  Director Michael C. Brooks         For       For        Management
1.3   Elect  Director Cristobal Conde           For       For        Management
1.4   Elect  Director Ramon de Oliveira         For       For        Management
1.5   Elect  Director Henry C. Duques           For       For        Management
1.6   Elect  Director Albert A. Eisenstat       For       For        Management
1.7   Elect  Director Bernard Goldstein         For       For        Management
1.8   Elect  Director Janet Brutschea Haugen    For       For        Management
1.9   Elect  Director James L. Mann             For       For        Management
1.10  Elect  Director Malcolm I. Ruddock        For       For        Management
2     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

SUNTRUST BANKS, INC.

Ticker:       STI            Security ID:  867914103
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Hicks Lanier           For       For        Management
1.2   Elect  Director Larry L. Prince           For       For        Management
1.3   Elect  Director Frank S. Royal, M.D.      For       For        Management
1.4   Elect  Director Robert M. Beall, II       For       For        Management
1.5   Elect  Director Jeffrey C. Crowe          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


- --------------------------------------------------------------------------------

TORCHMARK CORP.

Ticker:       TMK            Security ID:  891027104
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles E. Adair          For       For        Management
1.2   Elect  Director Joseph M. Farley          For       For        Management
1.3   Elect  Director C. B. Hudson              For       For        Management
1.4   Elect  Director Joseph L. Lanier, Jr.     For       For        Management
1.5   Elect  Director R. K. Richey              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder
4     Divest Investments in Tobacco Companies   Against   Against    Shareholder


- --------------------------------------------------------------------------------



TOTAL S.A. (FORMERLY TOTAL FINA ELF  S.A )

Ticker:       TOT            Security ID:  89151E109
Meeting Date: MAY 14, 2004   Meeting Type: Annual
Record Date:  MAR 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF CERTAIN REPORTS AND OF THE    For       For        Management
      PARENT COMPANY S FINANCIAL STATEMENTS
2     APPROVAL OF CONSOLIDATED FINANCIAL        For       For        Management
      STATEMENTS
3     ALLOCATION OF INCOME, APPROVAL OF THE     For       For        Management
      DIVIDEND
4     AGREEMENTS MENTIONED IN ARTICLE L. 225-38 For       For        Management
      OF THE FRENCH COMMERCIAL CODE
5     AUTHORIZATION TO TRADE THE COMPANY S OWN  For       For        Management
      SHARES
6     AUTHORIZATION FOR THE BOARD OF DIRECTORS  For       For        Management
      TO ISSUE DEBT SECURITIES AND/OR PERPETUAL
      SUBORDINATED NOTES FOR A MAXIMUM NOMINAL
      AMOUNT OF 10 BILLION EUROS
7.1   Elect  Director Mr. Thierry Desmarest     For       For        Management
7.2   Elect  Director Mr. Thierry De Rudder     For       For        Management
7.3   Elect  Director Mr. Serge Tchuruk         For       For        Management
8     APPOINTMENT OF DANIEL BOEUF AS A DIRECTOR For       For        Management
      REPRESENTING EMPLOYEE SHAREHOLDERS IN
      APPLICATION OF ARTICLE 11 OF THE ARTICLES
      OF INCORPORATION
9     APPOINTMENT OF PHILIPPE MARCHANDISE AS A  Against   Against    Management
      DIRECTOR REPRESENTING EMPLOYEE
      SHAREHOLDERS IN APPLICATION OF ARTICLE 11
      OF THE ARTICLES OF INCORPORATION
10    APPOINTMENT OF CYRIL MOUCHE AS A DIRECTOR Against   Against    Management
      REPRESENTING EMPLOYEE SHAREHOLDERS IN
      APPLICATION OF ARTICLE 11 OF THE ARTICLES
      OF INCORPORATION
11    APPOINTMENT OF ALAN CRAMER AS A DIRECTOR  Against   Against    Management
      REPRESENTING EMPLOYEE SHAREHOLDERS IN
      APPLICATION OF ARTICLE 11 OF THE ARTICLES
      OF INCORPORATION
12    Ratify Auditors                           For       For        Management
13    RENEWAL OF STATUTORY AUDITORS             For       For        Management
14    Ratify Auditors                           For       For        Management
15    Ratify Auditors                           For       For        Management
16    DETERMINATION OF THE TOTAL AMOUNT OF      For       For        Management
      DIRECTORS  COMPENSATION
17    AUTHORIZATION TO AWARD OPTIONS TO         For       For        Management
      SUBSCRIBE FOR OR PURCHASE STOCK OF THE
      COMPANY IN FAVOUR OF THE MANAGEMENT AND
      KEY EMPLOYEES OF THE GROUP
18    AUTHORIZATION FOR ISSUING CONVERTIBLE OR  For       For        Management
      OTHER EQUITY SECURITIES
19    AUTHORIZATION TO USE THE ABOVE DELEGATION For       For        Management
      WITHOUT MAINTENANCE OF PREFERENTIAL
      SUBSCRIPTION RIGHTS, BUT WITH AN OPTION
      TO GRANT A PRIORITY PERIOD
20    CAPITAL INCREASE RESERVED FOR EMPLOYEES   For       For        Management


- --------------------------------------------------------------------------------

TRANSOCEAN INC.

Ticker:       RIG            Security ID:  G90078109
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Long            For       For        Management
1.2   Elect  Director Martin B. Mcnamara        For       For        Management
1.3   Elect  Director Robert M. Sprague         For       For        Management
1.4   Elect  Director J. Michael Talbert        For       For        Management
2     APPROVAL OF THE AMENDMENT OF OUR          For       For        Management
      LONG-TERM INCENTIVE PLAN AS DESCRIBED IN
      THE PROXY STATEMENT.
3     Ratify Auditors                           For       For        Management


- --------------------------------------------------------------------------------

TRAVELERS PROPERTY CASUALTY CORP.

Ticker:       TVCR           Security ID:  89420G109
Meeting Date: MAR 19, 2004   Meeting Type: Special
Record Date:  FEB 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


- --------------------------------------------------------------------------------



TXU CORP.

Ticker:       TXU            Security ID:  873168108
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Derek C. Bonham           For       For        Management
1.2   Elect  Director E. Gail de Planque        For       For        Management
1.3   Elect  Director William M. Griffin        For       For        Management
1.4   Elect  Director Kerney Laday              For       For        Management
1.5   Elect  Director Jack E. Little            For       For        Management
1.6   Elect  Director Erle Nye                  For       For        Management
1.7   Elect  Director J.E. Oesterreicher        For       For        Management
1.8   Elect  Director Michael W. Ranger         For       For        Management
1.9   Elect  Director Herbert H. Richardson     For       For        Management
1.10  Elect  Director C. John Wilder            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder


- --------------------------------------------------------------------------------

VERIZON COMMUNICATIONS

Ticker:       VZ             Security ID:  92343V104
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James R. Barker           For       For        Management
1.2   Elect  Director Richard L. Carrion        For       For        Management
1.3   Elect  Director Robert W. Lane            For       For        Management
1.4   Elect  Director Sandra O. Moose           For       For        Management
1.5   Elect  Director Joseph Neubauer           For       For        Management
1.6   Elect  Director Thomas H. O'Brien         For       For        Management
1.7   Elect  Director Hugh B. Price             For       For        Management
1.8   Elect  Director Ivan G. Seidenberg        For       For        Management
1.9   Elect  Director Walter V. Shipley         For       For        Management
1.10  Elect  Director John R. Stafford          For       For        Management
1.11  Elect  Director Robert D. Storey          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
4     Require Majority of Independent Directors Against   Against    Shareholder
      on Board
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote
7     Submit Executive Compensation to Vote     Against   Against    Shareholder
8     Prohibit Awards to Executives             Against   Against    Shareholder
9     Report on Stock Option Distribution by    Against   Against    Shareholder
      Race and Gender
10    Report on Political                       Against   Against    Shareholder
      Contributions/Activities
11    Cease Charitable Contributions            Against   Against    Shareholder


- --------------------------------------------------------------------------------

WALT DISNEY COMPANY, THE

Ticker:       DIS            Security ID:  254687106
Meeting Date: MAR 3, 2004    Meeting Type: Annual
Record Date:  JAN 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Bryson            For       Withhold   Management
1.2   Elect  Director John S. Chen              For       Withhold   Management
1.3   Elect  Director Michael D. Eisner         For       Withhold   Management
1.4   Elect  Director Judith L. Estrin          For       Withhold   Management
1.5   Elect  Director Robert A. Iger            For       Withhold   Management
1.6   Elect  Director Aylwin B. Lewis           For       Withhold   Management
1.7   Elect  Director Monica C. Lozano          For       Withhold   Management
1.8   Elect  Director Robert W. Matschullat     For       Withhold   Management
1.9   Elect  Director George J. Mitchell        For       Withhold   Management
1.10  Elect  Director Leo J. O'Donovan, S.J.    For       Withhold   Management
1.11  Elect  Director Gary L. Wilson            For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     China Principles                          Against   Against    Shareholder
4     Report on Supplier Labor Standards in     Against   For        Shareholder
      China
5     Report on Amusement Park Safety           Against   Against    Shareholder


- --------------------------------------------------------------------------------



WELLS FARGO & COMPANY

Ticker:       WFC            Security ID:  949746101
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J.A. Blanchard III        For       For        Management
1.2   Elect  Director Susan E. Engel            For       For        Management
1.3   Elect  Director Enrique Hernandez, Jr.    For       For        Management
1.4   Elect  Director Robert L. Joss            For       For        Management
1.5   Elect  Director Reatha Clark King         For       For        Management
1.6   Elect  Director Richard M. Kovacevich     For       For        Management
1.7   Elect  Director Richard D. McCormick      For       For        Management
1.8   Elect  Director Cynthia H. Milligan       For       For        Management
1.9   Elect  Director Philip J. Quigley         For       For        Management
1.10  Elect  Director Donald B. Rice            For       For        Management
1.11  Elect  Director Judith M. Runstad         For       For        Management
1.12  Elect  Director Stephen W. Sanger         For       For        Management
1.13  Elect  Director Susan G. Swenson          For       For        Management
1.14  Elect  Director Michael W. Wright         For       For        Management
2     Approve Retirement Plan                   For       For        Management
3     Ratify Auditors                           For       For        Management
4     Expense Stock Options                     Against   For        Shareholder
5     Limit Executive Compensation              Against   Against    Shareholder
6     Link Executive Compensation to Social     Against   Against    Shareholder
      Issues
7     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


- --------------------------------------------------------------------------------

WYETH

Ticker:       WYE            Security ID:  983024100
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Clifford L. Alexander,    For       For        Management
      Jr.
1.2   Elect  Director Frank A. Bennack, Jr.     For       For        Management
1.3   Elect  Director Richard L. Carrion        For       For        Management
1.4   Elect  Director Robert Essner             For       For        Management
1.5   Elect  Director John D. Feerick           For       For        Management
1.6   Elect  Director Robert Langer             For       For        Management
1.7   Elect  Director John P. Mascotte          For       For        Management
1.8   Elect  Director Mary Lake Polan           For       For        Management
1.9   Elect  Director Ivan G. Seidenberg        For       For        Management
1.10  Elect  Director Walter V. Shipley         For       For        Management
1.11  Elect  Director John R. Torell III        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Drug Pricing                    Against   Against    Shareholder
4     Amend Animal Testing Policy               Against   Against    Shareholder




                                   SIGNATURES

         Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

(Registrant)  Morgan Stanley Value Fund
             -------------------------------------------------------------------

By (Signature and Title)*

                                          /s/ Ronald E. Robison

                                       Principal Executive Officer
                         -------------------------------------------------------



Date  August 27, 2004
     ---------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.





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