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

               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                          MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number  811-10273
                                    --------------------------------------------

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


1221 Avenue of the Americas, New York, New York                       10020
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(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
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                     (Name and address of agent for service)


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

Date of fiscal year end:   8/31
                           --------------------

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: 811-10273
Reporting Period: 07/01/2003 - 06/30/2004
Morgan Stanley International Value Equity Fund









================ MORGAN STANLEY INTERNATIONAL VALUE EQUITY FUND ================


AKZO-NOBEL NV

Ticker:       AZKBF          Security ID:  NL0000009132
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2     Receive Report of Management Board        None      None       Management
3.1   Approve Financial Statements and          For       For        Management
      Statutory Reports
3.2   Approve Dividends                         For       For        Management
4.1   Approve Discharge of Management Board     For       For        Management
4.2   Approve Discharge of Supervisory Board    For       For        Management
5     Discussion about Company's Corporate      None      None       Management
      Governance Policy
6.1   Approve Stock Option Plan for Management  For       For        Management
      Board
6.2   Approve Restricted Stock Plan for         For       For        Management
      Management Board
6.3   Approve Executive Stock Option Plan       For       For        Management
6.4   Approve Maximum Number of Shares for LTIP For       For        Management
7     Elect Members of Management Board         For       For        Management
8.1   Fix Number of Members of Supervisory      For       For        Management
      Board
8.2   Elect Members of Supervisory Board        For       For        Management
9     Authorize Board to Prepare Financial      For       For        Management
      Statements in English
10    Grant Board Authority to Issue Authorized For       For        Management
      Yet Unissued Shares Restricting/Excluding
      Preemptive Rights
11    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
12    Other Business (Non-Voting)               None      None       Management



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ALLIED DOMECQ PLC

Ticker:       ALLYY          Security ID:  GB0007294571
Meeting Date: JAN 30, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 8.7 Pence Per   For       For        Management
      Share
3     Approve Remuneration Report               For       For        Management
4     Reelect Philip Bowman as Director         For       For        Management
5     Elect Bruno Angelici as Director          For       For        Management
6     Elect Paul Adams as Director              For       For        Management
7     Elect John Rishton as Director            For       For        Management
8     Approve KPMG Audit Plc as Auditors and    For       For        Management
      Authorize Board to Fix Their Remuneration
9     Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      GBP 92,214,192.75
10    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 13,832,128.75
11    Authorize 110,657,031 Shares for Share    For       For        Management
      Repurchase Program


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AMP LIMITED

Ticker:                      Security ID:  AU000000AMP6
Meeting Date: DEC 9, 2003    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve the Cancellation of the           For       For        Management
      Cancellation Number Scheme Shares and
      then Convert the Remaining Number Scheme
      Shares Equal to the Original Number
      Scheme Shares
1     Approve Cancellation of 11.5 Million RPS  For       For        Management
      Preference Shares


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AMP LIMITED

Ticker:                      Security ID:  AU000000AMP6
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory None      None       Management
      Reports
2a    Elect P Handley as Director               For       For        Management
2b    Elect P Mason as Director                 For       For        Management
2c    Elect N Scheinkestel as Director          For       For        Management
3     Approve Reduction in the Aggregate        For       For        Management
      Maximum Fees to AUD1.5 Million Plus
      Statutory Superannuation Guarantee
      Contributions



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ASATSU-DK INC.

Ticker:                      Security ID:  JP3109800007
Meeting Date: MAR 30, 2004   Meeting Type: Annual
Record Date:  DEC 31, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 9,
      Final JY 9, Special JY 0
2     Approve Reduction in Legal Reserves       For       For        Management
3     Amend Articles to: Reduce Directors Term  For       For        Management
      in Office - Authorize Share Repurchases
      at Board's Discretion - Streamline Board
      Structure
4.1   Elect Director                            For       For        Management
4.2   Elect Director                            For       For        Management
4.3   Elect Director                            For       For        Management
4.4   Elect Director                            For       For        Management
4.5   Elect Director                            For       For        Management
4.6   Elect Director                            For       For        Management
4.7   Elect Director                            For       For        Management
4.8   Elect Director                            For       For        Management
4.9   Elect Director                            For       For        Management
4.10  Elect Director                            For       For        Management
4.11  Elect Director                            For       For        Management
4.12  Elect Director                            For       For        Management
4.13  Elect Director                            For       For        Management
4.14  Elect Director                            For       For        Management
5     Approve Retirement Bonuses for Directors  For       For        Management


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AVENTIS SA (FORMERLY RHONE-POULENC )

Ticker:       AVE.X          Security ID:  FR0000130460
Meeting Date: JUN 1, 2004    Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements and          For       For        Management
      Statutory Reports
2     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
3     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 1.23 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
6     Ratify Yves Nicolas as Alternate Auditor  For       For        Management
7     Amend Article 7 to Reflect 2003 Legal     For       Against    Management
      Changes Re: Shareholding Disclosure
      Requirement
8     Amend Article 11 to Set Term of           For       For        Management
      Management Board Members at Three Years,
      Down From Five Years Previously
9     Amend Article 13 to Set Term of           For       For        Management
      Supervisory Board Members at Three Years,
      Down From Five Years Previously
10    Reelect Jean-Marc Bruel as Supervisory    For       For        Management
      Board Member
11    Reelect Martin Fruhauf as Supervisory     For       For        Management
      Board Member
12    Reelect Serge Kampf as Supervisory Board  For       For        Management
      Member
13    Reelect Hubert Markl as Supervisory Board For       For        Management
      Member
14    Reelect Gunter Metz as Supervisory Board  For       For        Management
      Member
15    Reelect Didier Pineau-Valencienne as      For       For        Management
      Supervisory Board Member
16    Reelect Seham Razzouqi as Supervisory     For       For        Management
      Board Member
17    Reelect Michel Renault as Supervisory     For       For        Management
      Board Member
18    Reelect Hans-Jurgen Schinzler as          For       For        Management
      Supervisory Board Member
19    Reelect Marc Vienot as Supervisory Board  For       For        Management
      Member
20    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities



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AVENTIS SA (FORMERLY RHONE-POULENC )

Ticker:       WS             Security ID:  FR0000130460
Meeting Date: MAY 11, 2004   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements and          For       For        Management
      Statutory Reports
2     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
3     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 1.23 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
6     Ratify Yves Nicolas as Alternate Auditor  For       For        Management
7     Amend Article 7 to Reflect 2003 Legal     For       For        Management
      Changes Re: Shareholding Disclosure
      Requirement
8     Amend Article 11 to Set Term of           For       For        Management
      Management Board Members at Three Years
9     Amend Article 13 to Set Term of           For       For        Management
      Supervisory Board Members at Three Years
10    Amend Article 16.5 to Introduce Voting    For       Against    Management
      Right Limitation of 15 Percent of Issued
      Capital
11    Adopt Shareholder Rights Plan (Poison     For       Against    Management
      Pill) Pursuant to Sanofi-Synthelabo
      Hostile Takeover Bid
12    Reelect Jean-Marc Bruel as Supervisory    For       For        Management
      Board Member
13    Reelect Martin Fruhauf as Supervisory     For       For        Management
      Board Member
14    Reelect Serge Kampf as Supervisory Board  For       For        Management
      Member
15    Reelect Hubert Markl as Supervisory Board For       For        Management
      Member
16    Reelect Gunter Metz as Supervisory Board  For       For        Management
      Member
17    Reelect Didier Pineau-Valencienne as      For       For        Management
      Supervisory Board Member
18    Reelect Seham Razzouqi as Supervisory     For       For        Management
      Board Member
19    Reelect Michel Renault as Supervisory     For       For        Management
      Board Member
20    Reelect Hans-Jurgen Schinzler as          For       For        Management
      Supervisory Board Member
21    Reelect Marc Vienot as Supervisory Board  For       For        Management
      Member
22    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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BAA PLC

Ticker:       BAAPY          Security ID:  GB0000673409
Meeting Date: JUL 27, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 13.4 Pence Per  For       For        Management
      Ordinary Share
4     Elect Tony Ball as Director               For       For        Management
5     Elect Robert Walker as Director           For       For        Management
6     Re-elect Mike Clasper as Director         For       For        Management
7     Re-elect Margaret Ewing as Director       For       For        Management
8     Re-elect Mike Toms as Director            For       For        Management
9     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors of the Company
10    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 53,552,000
12    Cancel the Special Rights Redeemable      For       For        Management
      Preference Share and Reduce Stated
      Capital from GBP 1,300,000,001 to GBP
      1,300,000,000
13    Amend Articles of Association Re: Special For       For        Management
      Share
14    Approve the BAA Performance Share Plan    For       For        Management
15    Authorise the Company to Make EU          Against   Against    Management
      Political Donations and Incur Political
      Expenditure up to Aggregate Nominal
      Amount of GBP 1,250,000



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

BAA PLC

Ticker:       BAAPY          Security ID:  GB0000673409
Meeting Date: JUL 18, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 12.7 Pence Per  For       For        Management
      Share
4     Elect Janis Kong as Director              For       For        Management
5     Reelect Brian Collie as Director          For       For        Management
6     Reelect John Hoerner as Director          For       For        Management
7     Reelect Tony Ward as Director             For       For        Management
8     Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors and Authorize Board to Fix Their
      Remuneration
9     Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      GBP 230,000,000
10    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 53,489,000
11    Approve Increase in Remuneration of       For       For        Management
      Non-executive Directors to GBP 450,000


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BARCLAYS PLC

Ticker:       BCS            Security ID:  GB0031348658
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Elect Sir Richard Broadbent as Director   For       For        Management
4     Elect Roger Davis as Director             For       For        Management
5     Elect Gary Hoffman as Director            For       For        Management
6     Elect Naguib Kheraj as Director           For       For        Management
7     Elect David Roberts as Director           For       For        Management
8     Re-elect Sir Peter Middleton as Director  For       For        Management
9     Re-elect Stephen Russell as Director      For       For        Management
10    Re-elect Christopher Lendrum as Director  For       For        Management
11    Re-elect Sir Brian Jenkins as Director    For       For        Management
12    Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors of the Company
13    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
14    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 82,053,000
15    Authorise 984,600,000 Ordinary Shares for For       For        Management
      Market Purchase



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

BHP BILLITON PLC (FORMERLY BILLITON PLC)

Ticker:                      Security ID:  GB0000566504
Meeting Date: OCT 24, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports for BHP Billiton Ltd.
2     Accept Financial Statements and Statutory For       For        Management
      Reports for BHP Billiton Plc
3     Reelect David Brink as Director of BHP    For       For        Management
      Billiton Ltd.
4     Reelect David Brink as Director of BHP    For       For        Management
      Billiton Plc
5     Reelect Michael Chaney as Director of BHP For       For        Management
      Billiton Ltd.
6     Reelect Michael Chaney as Director of BHP For       For        Management
      Billiton Plc
7     Reelect Robin Renwick as Director of BHP  For       For        Management
      Billiton Ltd.
8     Reelect Robin Renwick as Director of BHP  For       For        Management
      Billiton Plc
9     Elect Mike Salamon as Director of BHP     For       For        Management
      Billiton Ltd.
10    Elect Mike Salamon as Director of BHP     For       For        Management
      Billiton Plc
11    Elect John Buchanan as Director of BHP    For       For        Management
      Billiton Ltd.
12    Elect John Buchanan as Director of BHP    For       For        Management
      Billiton Plc
13    Approve KPMG Audit Plc and                For       For        Management
      PricewaterhouseCoopers LLP as Joint
      Auditors of BHP Billiton Plc and
      Authorize Board to Fix Their Remuneration
14    Authorize BHP Billiton Plc Issuance of    For       For        Management
      Equity or Equity-Linked Securities with
      Preemptive Rights up to Aggregate Nominal
      Amount of USD 265,926,499
15    Authorize BHP Billiton Plc Issuance of    For       For        Management
      Equity or Equity-Linked Securities
      without Preemptive Rights up to Aggregate
      Nominal Amount of USD 61,703,675
16    Authorize 246,814,700 Shares for BHP      For       For        Management
      Billiton Plc Share Repurchase Program
17    Approve Remuneration Report               For       For        Management
18    Approve Grant of Deferred Shares, Options For       For        Management
      and Performance Shares to Charles
      Goodyear under the BHP Billiton Ltd.
      Group Incentive Scheme
19    Approve Grant of Deferred Shares, Options For       For        Management
      and Performance Shares to Mike Salamon
      under the BHP Billiton Plc Group
      Incentive Scheme



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BNP PARIBAS SA (FM. BANQUE NATIONALE DE PARIS)

Ticker:                      Security ID:  FR0000131104
Meeting Date: MAY 13, 2004   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
2     Approve Financial Statements and          For       For        Management
      Statutory Reports
3     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 2.175 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Authorize Issuance of Bonds/Debentures in For       For        Management
      the Nominal Value of Up to EUR 30 Billion
6     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
7     Reelect Louis Schweitzer as Director      For       For        Management
8     Reelect Lindsay Owen-Jones as Director    For       For        Management
9     Confirm Expiration of Term of David Peake For       For        Management
      as Director
10    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities
11    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      EUR 1 Billion
12    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of EUR 340 Million
13    Authorize Capitalization of Reserves of   For       For        Management
      Up to EUR 1 Billion for Bonus Issue or
      Increase in Par Value
14    Allow Board to Issue Shares in the Event  For       For        Management
      of a Public Tender Offer or Share
      Exchange Offer, Subject to Certain
      Conditions
15    Amend Terms of Capital Increase Reserved  For       For        Management
      for Employees Participating in
      Savings-Related Share Purchase Plan
      Submitted to Shareholder Vote at May 14,
      2003, AGM/EGM
16    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
17    Amend Articles of Association Re: Role of For       For        Management
      Chairman, Access to Information, Internal
      Control Procedures, Convening of Board
      Meetings, and Signing of the Minutes of
      Board Meetings
18    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities



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BOC GROUP PLC

Ticker:       BOX            Security ID:  GB0001081206
Meeting Date: JAN 23, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Elect Andrew Bonfield as Director         For       For        Management
4     Reelect Christopher O'Donnell as Director For       For        Management
5     Reelect Julie Baddeley as Director        For       For        Management
6     Reelect John Walsh as Director            For       For        Management
7     Ratify PricewaterhouseCoopers LLP as      For       For        Management
      Auditors
8     Authorize Board to Fix Remuneration of    For       For        Management
      Auditors
9     Approve Dividend Policy                   For       For        Management
10    Authorize EU Political Donations up to    For       For        Management
      GBP 150,000
11    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      GBP 18,580,721
12    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 6,222,335
13    Authorize 49,778,680 Shares for Share     For       For        Management
      Repurchase Program
14    Amend Articles of Association Re:         For       For        Management
      Treasury Shares and Directors' Fees


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

BP PLC  (FORM. BP AMOCO PLC )

Ticker:       BP.PP          Security ID:  GB0007980591
Meeting Date: APR 15, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Re-elect The Lord Browne of Madingley as  For       For        Management
      Director
2     Re-elect Byron Grote as Director          For       For        Management
3     Re-elect Michael Miles as Director        For       For        Management
4     Re-elect Sir Robin Nicholson as Director  For       For        Management
5     Re-elect Dick Olver as Director           For       For        Management
6     Re-elect Sir Ian Prosser as Director      For       For        Management
7     Elect Antony Burgmans as Director         For       For        Management
8     Re-appoint Ernst and Young LLP as         For       For        Management
      Auditors and Authorise Board to Fix
      Remuneration of Auditors
9     Amend Articles of Association Re:         For       For        Management
      Treasury Shares and Annual Retirement of
      Directors
10    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      USD 1,820 Million
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of USD 273 Million
12    Authorise 2.2 Billion Shares for Market   For       For        Management
      Purchase
13    Authorise the Company to use Treasury     For       For        Management
      Shares for the Purpose of the Employee
      Share Schemes Operated by the Company
14    Approve Remuneration Report               For       For        Management
15    Approve Increase in Remuneration of       For       For        Management
      Non-Executive Directors from GBP 1.5
      Million to GBP 2.5 Million
16    Accept Financial Statements and Statutory For       For        Management
      Reports
17    Require the Company to Prepare a Report   Against   Against    Shareholder
      Re: Mitigating Risks to Shareholder Value
      when Operating in Protected and Sensitive
      Areas



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

BRITISH AMERICAN TOBACCO PLC

Ticker:                      Security ID:  GB0002875804
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 27 Pence Per    For       For        Management
      Ordinary Share
4     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors of the Company
5     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
6a    Elect Paul Adams as Director              For       For        Management
6b    Elect Antonio Monteiro de Castro as       For       For        Management
      Director
6c    Elect Jan du Plessis as Director          For       For        Management
6d    Re-elect Wong Kok Siew as Director        For       For        Management
7     Authorise 207.7 Million Shares for Market For       For        Management
      Purchase
8a    Amend Articles of Association Re:         For       For        Management
      Treasury Shares
8b    Amend Articles of Association Re:         For                  Management
      Directors' Fees


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

BUNZL PLC

Ticker:                      Security ID:  GB0001540045
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 8.25 Pence Per  For       For        Management
      Share
3     Elect Michael Roney as Director           For       For        Management
4     Re-elect Alexander Dyer as Director       For       For        Management
5     Re-elect Jeff Harris as Director          For       For        Management
6     Reappoint KPMG Audit Plc as Auditors and  For       For        Management
      Authorise Board to Fix Remuneration of
      Auditors
7     Approve Remuneration Report               For       For        Management
8     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 40,800,000
9     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 5,606,250
10    Authorise 44,850,000 Ordinary Shares for  For       For        Management
      Market Purchase
11    Approve Part A Long-Term Incentive Plan   For       For        Management
      2004 (Share Option Awards)
12    Approve Part B of the Long-Term Incentive For       For        Management
      Plan 2004 (Performance Share Awards)



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

CADBURY SCHWEPPES PLC

Ticker:       CSG            Security ID:  GB0006107006
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 8.35 Pence Per  For       For        Management
      Ordinary Share
3     Approve Remuneration Report               For       For        Management
4     Re-elect John Sunderland as Director      For       For        Management
5     Elect Ken Hanna as Director               For       For        Management
6     Re-elect Rick Braddock as Director        For       For        Management
7     Re-elect Roger Carr as Director           For       For        Management
8     Re-elect David Thompson as Director       For       For        Management
9     Re-appoint Deloitte and Touche LLP as     For       For        Management
      Auditors of the Company
10    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 85.27 Million
12    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 12.92 Million
13    Authorise 25.84 Million Ordinary Shares   For       For        Management
      for Market Purchase
14    Amend Cadbury Schweppes Share Option Plan For       For        Management
      1994
15    Amend Cadbury Schweppes plc 1997          For       For        Management
      Long-Term Incentive Plan
16    Approve Cadbury Schweppes Bonus Share     For       For        Management
      Retention Plan 2004
17    Amend Overseas Employee Share Schemes     For       For        Management
18    Authorise the Board to Establish Further  For       For        Management
      Employees Share Plan or Plans


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

CANON INC.

Ticker:       CAJ            Security ID:  JP3242800005
Meeting Date: MAR 30, 2004   Meeting Type: Annual
Record Date:  DEC 31, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 15,
      Final JY 35, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
3.10  Elect Director                            For       For        Management
3.11  Elect Director                            For       For        Management
3.12  Elect Director                            For       For        Management
3.13  Elect Director                            For       For        Management
3.14  Elect Director                            For       For        Management
3.15  Elect Director                            For       For        Management
3.16  Elect Director                            For       For        Management
3.17  Elect Director                            For       For        Management
3.18  Elect Director                            For       For        Management
3.19  Elect Director                            For       For        Management
3.20  Elect Director                            For       For        Management
3.21  Elect Director                            For       For        Management
3.22  Elect Director                            For       For        Management
3.23  Elect Director                            For       For        Management
3.24  Elect Director                            For       For        Management
3.25  Elect Director                            For       For        Management
3.26  Elect Director                            For       For        Management
3.27  Elect Director                            For       For        Management
4.1   Appoint Internal Statutory Auditor        For       For        Management
4.2   Appoint Internal Statutory Auditor        For       For        Management
4.3   Appoint Internal Statutory Auditor        For       For        Management
5     Appoint Additional External Auditor       For       For        Management
6     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditors
7     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Directors and
      Statutory Auditors



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

CENTRAL JAPAN RAILWAY CO.

Ticker:                      Security ID:  JP3566800003
Meeting Date: JUN 23, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 2500,
      Final JY 2500, Special JY 0
2.1   Elect Director                            For       For        Management
2.2   Elect Director                            For       For        Management
2.3   Elect Director                            For       For        Management
2.4   Elect Director                            For       For        Management
2.5   Elect Director                            For       For        Management
2.6   Elect Director                            For       For        Management
2.7   Elect Director                            For       For        Management
2.8   Elect Director                            For       For        Management
2.9   Elect Director                            For       For        Management
2.10  Elect Director                            For       For        Management
2.11  Elect Director                            For       For        Management
2.12  Elect Director                            For       For        Management
2.13  Elect Director                            For       For        Management
2.14  Elect Director                            For       For        Management
2.15  Elect Director                            For       For        Management
2.16  Elect Director                            For       For        Management
2.17  Elect Director                            For       For        Management
2.18  Elect Director                            For       For        Management
2.19  Elect Director                            For       For        Management
3     Appoint Internal Statutory Auditor        For       For        Management


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

CHUNGHWA TELECOM

Ticker:                      Security ID:  US17133Q2057
Meeting Date: JUN 25, 2004   Meeting Type: Annual
Record Date:  MAY 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     THE COMPANY S OPERATION REPORTS FOR 2003  For       None       Management
2     THE SUPERVISORS  AUDIT REPORTS ON THE     For       None       Management
      COMPANY S FINANCIAL STATEMENTS FOR 2003
3     THE COMPANY S FINANCIAL STATEMENTS FOR    For       None       Management
      2002 APPROVED BY THE MINISTRY OF AUDIT OF
      THE REPUBLIC OF CHINA
4     THE ENACTMENT OF THE COMPANY S RULES OF   For       None       Management
      PROCEDURE FOR BOARD MEETINGS
5     THE COMPANY S FINANCIAL STATEMENTS FOR    For       For        Management
      2003
6     THE COMPANY S DISTRIBUTION OF EARNINGS    For       For        Management
      FOR 2003
7     THE COMPANY S DRAFT PROCESS FOR           For       For        Management
      ACQUISITION AND DISPOSAL OF ASSETS
8     AMENDMENT OF ARTICLES 2 AND 22 OF THE     For       For        Management
      COMPANY S ARTICLES OF INCORPORATION
9     AMENDMENT OF THE COMPANY S PROCESS FOR    For       For        Management
      ENDORSEMENTS AND GUARANTEES
10    AMENDMENT OF THE COMPANY S RULES OF       For       For        Management
      PROCEDURE FOR SHAREHOLDERS MEETINGS
11    THE ELECTION OF THE COMPANY S DIRECTORS   For       For        Management
      AND SUPERVISORS
12    THE ELECTION OF THE COMPANY S 4TH-TERM    For       For        Management
      DIRECTORS AND SUPERVISORS (INCLUDING 15
      DIRECTORS AND 4 SUPERVISORS)
13    EXTEMPORARY MOTIONS                       For       None       Management



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

CIBA SPECIALTY CHEMICALS AG

Ticker:                      Security ID:  CH0005819724
Meeting Date: FEB 26, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 3.00 per Share
3     Approve Discharge of the Board and Senior For       For        Management
      Management
4     Approve CHF 7.8 Million Reduction in      For       For        Management
      Share Capital via Cancellation of Shares
5     Approve CHF 212.5 Million Reduction in    For       For        Management
      Share Capital via Repayment to
      Shareholders
6     Amend Articles Re: Submission of          For       For        Management
      Shareholder Proposals
7     Approve Creation of CHF 12 Million Pool   For       For        Management
      of Conditional Capital with Preemptive
      Rights
8     Reelect Gertrud Hoehler and Armin Meyer   For       For        Management
      as Directors
9     Ratify Ernst & Young AG, Zurich as        For       For        Management
      Auditors


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

CREDIT SUISSE GROUP (FORMERLY CS HOLDING)

Ticker:       CSR            Security ID:  CH0012138530
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Discharge of Board and Senior     For       For        Management
      Management
3.1   Approve Allocation of Income and Omission For       For        Management
      of Dividends
3.2   Approve CHF 597.5 Million Reduction in    For       For        Management
      Share Capital via Reduction in Par Value
      and Repayment to Shareholders
4.1   Reelect Thomas Bell and Aziz Syriani as   For       For        Management
      Directors; Elect Peter Weibel, Noreen
      Doyle, and David Syz as Directors
4.2   Reelect KPMG Klynveld Peat Marwick        For       For        Management
      Goerdeler SA as Auditors
4.3   Reelect BDO Sofirom as Special Auditors   For       For        Management
5.1   Amend Articles Re: Submission of          For       For        Management
      Shareholder Proposals
5.2   Amend Articles Re: Delete Provisions      For       For        Management
      Concerning Contributions In Kind


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

CSM NV (FORMERLY CENTRALE SUIKER MAATSCHAPPIJ NV)

Ticker:                      Security ID:  NL0000344265
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  APR 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2.1   Introduction by J. Vink                   None      None       Management
2.2   Receive Report of Management Board        None      None       Management
2.3   Receive Report of Supervisory Board       None      None       Management
3.1   Approve Financial Statements              For       For        Management
3.2   Approve Discharge of Management Board     For       For        Management
3.3   Approve Discharge of Supervisory Board    For       For        Management
3.4   Approve Dividends                         For       For        Management
4     Grant Board Authority to Issue Up to 20   For       For        Management
      Percent of Issued Shares
      Restricting/Excluding Preemptive Rights
5     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
6     Elect W. Spinner, M. de Raad and R.       For       For        Management
      Pieterse as New Members of the
      Supervisory Board; Accept Resignation of
      P. Bukman, F. Fentener van Vlissingen and
      G. van Loon as Members of the Supervisory
      Board
7     Approve Remuneration of Members of the    For       For        Management
      Audit Committee in the Amount of EUR
      6,000 for Chairman and EUR 4,500 for Each
      Other Member
8     Ratify Auditors                           For       For        Management
9     Other Business                            None      None       Management
10    Close Meeting                             None      None       Management



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

DAI NIPPON PRINTING CO. LTD.

Ticker:                      Security ID:  JP3493800001
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 9.5,
      Final JY 11.5, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3     Elect Director                            For       For        Management
4     Approve Retirement Bonuses for Directors  For       For        Management


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

DAIWA SECURITIES GROUP CO. LTD.

Ticker:                      Security ID:  JP3502200003
Meeting Date: JUN 23, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 0,
      Final JY 10, Special JY 0
2     Amend Articles to: Adopt U.S.-Style Board For       For        Management
      Structure - Reduce Maximum Board Size -
      Authorize Share Repurchases at Board's
      Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
3.10  Elect Director                            For       For        Management
3.11  Elect Director                            For       For        Management
3.12  Elect Director                            For       For        Management
3.13  Elect Director                            For       For        Management
4     Approve Retirement Bonuses for Director   For       For        Management
      and Statutory Auditors, and Special
      Payments to Continuing Directors in
      Connection with Abolition of Retirement
      Bonus System
5     Approve Executive Stock Option Plan       For       For        Management


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

DANISCO A/S

Ticker:                      Security ID:  DK0010207497
Meeting Date: AUG 28, 2003   Meeting Type: Annual
Record Date:  AUG 14, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Report of Board                   None      For        Management
2     Approve Financial Statements and          For       For        Management
      Discharge Directors
3     Approve Allocation of Income and          For       For        Management
      Dividends of DKK 6.25 Per Share
4     Reelect Anders Knutsen, Matti Vuoria, Bo  For       For        Management
      Berggren, Peter Hoejland, and Jon Krabbe
      as Directors
5     Ratify Deloitte & Touche and Ernst &      For       For        Management
      Young as Auditors
6.1   Extend Authorization to Create DKK 250    For       For        Management
      Million Pool of Conditional Capital
      without Preemptive Rights Until Aug. 28,
      2008
6.2   Extend Authorization to Issue Convertible For       For        Management
      Bonds without Preemptive Rights up to
      Aggregate Nominal Amount of DKK 250
      Million Until Aug. 28, 2008
6.3   Approve DKK 42.6 Million Reduction in     For       For        Management
      Share Capital via Share Cancellation;
      Approve DKK 512.3 Million Repayment to
      Shareholders
6.4   Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
7     Other Business (Non-Voting)               None      None       Management



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

DEUTSCHE TELEKOM

Ticker:       DT             Security ID:  DE0005557508
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAY 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports
2     Approve Allocation of Income and Omission For       For        Management
      of Dividends
3     Approve Discharge of Management Board     For       For        Management
4     Approve Discharge of Supervisory Board    For       For        Management
5     Ratify PwC Deutsche Revision AG and Ernst For       For        Management
      & Young AG as Auditors
6     Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares
7     Amend 2001 Stock Option Plan              For       For        Management
8     Approve Creation of EUR 2.5 Billion Pool  For       Against    Management
      of Conditional Capital without Preemptive
      Rights
9     Approve Affiliation Agreements with       For       For        Management
      Subsidiary (T-Punkt Vertriebsgesellschaft
      mbH)
10    Approve Affiliation Agreements with       For       For        Management
      Subsidiary (Traviata
      Telekommunikationsdienste GmbH)
11    Approve Affiliation Agreements with       For       For        Management
      Subsidiary (Norma
      Telekommunikationsdienste GmbH)
12    Approve Affiliation Agreements with       For       For        Management
      Subsidiary (Carmen
      Telekommunikationsdienste GmbH)
13    Amend Articles Re: Changes to the         For       For        Management
      Remuneration of the Supervisory Board
      Members and Amendment to the Articles
14    Amend Articles Re: Location of            For       For        Management
      Shareholder Meetings


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

E.ON AG (FORMERLY VEBA AG)

Ticker:       VEBA           Security ID:  DE0007614406
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 2.00 per Share
3     Approve Discharge of Management Board     For       For        Management
4     Approve Discharge of Supervisory Board    For       For        Management
5     Amend Articles Re: Allow for the Issuance For       For        Management
      of Dividends in Kind
6     Approve Affiliation Agreements with       For       For        Management
      Subsidiaries (E.ON Nordic Holding GmbH)
7     Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares
8     Ratify PwC Deutsche Revision AG as        For       For        Management
      Auditors


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

ENI SPA

Ticker:       E              Security ID:  IT0003132476
Meeting Date: MAY 25, 2004   Meeting Type: Annual/Special
Record Date:  MAY 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements, Consolidated For       Did Not    Management
      Accounts, and Statutory Reports                     Vote
2     Approve Allocation of Income              For       Did Not    Management
                                                          Vote
3     Authorize Share Repurchase Program        For       Did Not    Management
                                                          Vote
4     Elect External Auditors for the           For       Did Not    Management
      Three-Year Term 2004-2006 and Fix                   Vote
      Remuneration of Auditors
5     Amend Article 2 of the Set of Rules       For       Did Not    Management
      Governing General Meetings of Eni Spa               Vote
6     Approve Remuneration of Directors         For       Did Not    Management
                                                          Vote
1     Amend Articles To Reflect New Italian     For       Did Not    Management
      Company Law Regulations                             Vote
2     Amend Articles 17, 19, and 28 of the      For       Did Not    Management
      Company's Bylaws                                    Vote



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

FOERENINGSSPARBANKEN AB

Ticker:                      Security ID:  SE0000242455
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  APR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      Did Not    Management
                                                          Vote
2     Elect Chairman of Meeting                 For       Did Not    Management
                                                          Vote
3     Prepare and Approve List of Shareholders  For       Did Not    Management
                                                          Vote
4     Approve Agenda of Meeting                 For       Did Not    Management
                                                          Vote
5     Designate Inspector or Shareholder        For       Did Not    Management
      Representative(s) of Minutes of Meeting             Vote
6     Acknowledge Proper Convening of Meeting   For       Did Not    Management
                                                          Vote
7     Receive Financial Statements and          None      Did Not    Management
      Statutory Reports; Receive President's              Vote
      Report
8     Accept Financial Statements and Statutory For       Did Not    Management
      Reports                                             Vote
9     Approve Allocation of Income and          For       Did Not    Management
      Dividends of SEK 5.75 Per Share                     Vote
10    Approve Discharge of Board and President  For       Did Not    Management
                                                          Vote
11    Determine Number of Members (9) and       For       Did Not    Management
      Deputy Members (0) of Board                         Vote
12    Approve Remuneration of Directors in the  For       Did Not    Management
      Aggregate Amount of SEK 5.8 Million                 Vote
13    Reelect Bo Forslund, Ulrika Francke,      For       Did Not    Management
      Thomas Johansson, Goeran Johnsson,                  Vote
      Birgitta Klasen, Marianne Qvick Stoltz,
      Carl Eric Staalberg, Lennart Sunden, and
      Anders Sundstroem as Directors
14    Approve Remuneration of Auditors          For       Did Not    Management
                                                          Vote
15.1  Reelect Thomas Halvorsen, Lorentz         For       Did Not    Management
      Andersson, Bengt Eriksson, Eva Karin                Vote
      Hempel, and Per-Goeran Nyberg as Members
      of Nominating Committee; Elect Tomas
      Nicolin as New Member of Nominating
      Committee
15.2  Receive Remuneration Committee Report     None      Did Not    Management
                                                          Vote
15.3  Receive Audit Committee Report            None      Did Not    Management
                                                          Vote
16    Authorize Repurchase of up to Five        For       Did Not    Management
      Percent of Issued Share Capital for                 Vote
      Equity Trading Purposes
17    Authorize Repurchase of Up to Ten Percent For       Did Not    Management
      of Issued Share Capital for Purposes                Vote
      Other Than Equity Trading
18    Shareholder Proposal: Donate One to Two   None      Did Not    Shareholder
      Percent of Net Profit to Charitable                 Vote
      Organizations, Including Salvation Army
19    Other Business (Non-Voting)               None      Did Not    Management
                                                          Vote
20    Close Meeting                             None      Did Not    Management
                                                          Vote


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

FORTIS SA/NV (FRMLY FORTIS B (FORMERLY FORTIS AG ))

Ticker:                      Security ID:  BE0003801181
Meeting Date: MAY 4, 2004    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
2     Amend Articles of Association Re: General For       For        Management
      Matters



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

FORTIS SA/NV (FRMLY FORTIS B (FORMERLY FORTIS AG ))

Ticker:                      Security ID:  BE0003801181
Meeting Date: MAY 26, 2004   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              For       Did Not    Management
                                                          Vote
2.1   Accept Financial Statements               For       Did Not    Management
                                                          Vote
2.2   Approve Dividends in the Amount of EUR    For       Did Not    Management
      0.92 Per Share                                      Vote
2.3   Approve Discharge of Directors and        For       Did Not    Management
      Auditors                                            Vote
3     Discussion about Company's Corporate      None      Did Not    Management
      Governance Report                                   Vote
4.1   Reelect Anton van Rossum, Jan-Michiel     For       Did Not    Management
      Hessels, and Baron Piet Van Waeyenberge             Vote
      to Management Board
4.2   Elect Phlippe Bodson, Richard Delbridge,  For       Did Not    Management
      Jacques Manardo, Ronald Sandler, and Rana           Vote
      Talwar to Management Board
5     Authorize Repurchase of Up to Ten Percent For       Did Not    Management
      of Issued Share Capital                             Vote
6     Amend Articles Re: Composition and Powers For       Did Not    Management
      of Main Corporate Bodies; Compliance with           Vote
      Dutch Corporate Governance Code; Other
      Amendments
7     Close Meeting                             For       Did Not    Management
                                                          Vote


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

FRANCE TELECOM SA

Ticker:                      Security ID:  FR0000133308
Meeting Date: OCT 6, 2003    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Terms of Share Repurchase Plan      For       For        Management
      Submitted to Shareholder Vote at May 27,
      2003, AGM/EGM
2     Authorize Board to Issue Up to 100        For       For        Management
      Million Shares to Participants of
      Orange's Stock Option Plan, Share
      Purchase Plan, Orange Senior
      Discretionary Share Plan and Restricted
      Share Plan, As Well As Signatories of
      France Telecom Liquidity Agreement
3     Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan
4     Authorize Filing of Required              For       For        Management
      Documents/Other Formalities



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

FRANCE TELECOM SA

Ticker:                      Security ID:  FR0000133308
Meeting Date: APR 9, 2004    Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements and          For       For        Management
      Discharge Directors for Fiscal Year Ended
      Dec. 2003
2     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports for Fiscal Year
      Ended Dec. 2003
3     Approve Treatment of Losses and Dividends For       For        Management
      of EUR 0.25 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
6     Fix Issue Price of Previous Authority to  For       For        Management
      Issue Equity or Equity-Linked Securities
      without Preemptive Rights Submitted to
      Shareholder Vote at Feb. 25, 2003 EGM to
      Increase Capital by up to EUR 30 Billion
7     Amend Article 1, 2, and 7 to Reflect 2003 For       For        Management
      Legislative Changes, Postal Service and
      Telecommunication Code, and European
      Parliament Directives
8     Amend Articles to Reflect 2003            For       For        Management
      Legislative Changes; Remove French
      Government Obligation to Retain Majority
      Stake in Company and Amend Articles with
      Respect to Board Composition
9     Amend Articles to Reflect Potential       For       For        Management
      Change in Control with Respect to Powers
      of Chairman and Management
10    Amend Articles of Association to          For       For        Management
      Introduce Liquidation Provision
11    Authorize Board to Issue Up to 30 Million For       For        Management
      Shares to Participants of Wanadoo Stock
      Option Plan in Connection with France
      Telecom Liquidity Agreement
12    Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan
13    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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


FUJI PHOTO FILM CO. LTD.

Ticker:       FUJIY          Security ID:  JP3814000000
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       Did Not    Management
      the Following Dividends: Interim JY 12.5,           Vote
      Final JY 12.5, Special JY 0
2     Amend Articles to: Increase Board Size    For       Did Not    Management
      and Number of Internal Auditors -                   Vote
      Authorize Share Repurchases at Board's
      Discretion - Limit Directors' and
      Internal Auditors' Legal Liability
3.1   Elect Director                            For       Did Not    Management
                                                          Vote
3.2   Elect Director                            For       Did Not    Management
                                                          Vote
3.3   Elect Director                            For       Did Not    Management
                                                          Vote
3.4   Elect Director                            For       Did Not    Management
                                                          Vote
3.5   Elect Director                            For       Did Not    Management
                                                          Vote
3.6   Elect Director                            For       Did Not    Management
                                                          Vote
3.7   Elect Director                            For       Did Not    Management
                                                          Vote
3.8   Elect Director                            For       Did Not    Management
                                                          Vote
3.9   Elect Director                            For       Did Not    Management
                                                          Vote
3.10  Elect Director                            For       Did Not    Management
                                                          Vote
3.11  Elect Director                            For       Did Not    Management
                                                          Vote
3.12  Elect Director                            For       Did Not    Management
                                                          Vote
3.13  Elect Director                            For       Did Not    Management
                                                          Vote
3.14  Elect Director                            For       Did Not    Management
                                                          Vote
3.15  Elect Director                            For       Did Not    Management
                                                          Vote
3.16  Elect Director                            For       Did Not    Management
                                                          Vote
4     Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote
5     Approve Retirement Bonuses for Directors  For       Did Not    Management
                                                          Vote
6     Approve Adjustment to Aggregate           For       Did Not    Management
      Compensation Ceiling for Statutory                  Vote
      Auditors



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

FUJI TELEVISION NETWORK, INC.

Ticker:                      Security ID:  JP3819400007
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       Did Not    Management
      the Following Dividends: Interim JY 600,            Vote
      Final JY 600, Special JY 800
2     Amend Articles to: Authorize Share        For       Did Not    Management
      Repurchases at Board's Discretion - Lower           Vote
      Quorum Requirement for Special Business
3.1   Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote
3.2   Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote


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

GLAXOSMITHKLINE PLC (FORMERLY GLAXO WELLCOME PLC )

Ticker:       SBH            Security ID:  GB0009252882
Meeting Date: MAY 17, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Elect Lawrence Culp as Director           For       For        Management
4     Elect Crispin Davis as Director           For       For        Management
5     Elect Sir Robert Wilson as Director       For       For        Management
6     Elect Tachi Yamada as Director            For       For        Management
7     Re-elect Sir Christopher Hogg as Director For       For        Management
8     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors of the Company
9     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
10    Authorise EU Political Donations up to    For       For        Management
      Aggregate Nominal Amount of GBP 100,000
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 74,330,954
12    Authorise 594,647,632 Ordinary Shares for For       For        Management
      Market Purchase


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

GRANADA PLC (FRMRLY. GRANADA COMPASS)

Ticker:                      Security ID:  GB0008275660
Meeting Date: JAN 13, 2004   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     To Give Effect to the Scheme of           For       For        Management
      Arrangement Between the Company and
      Holders of its Scheme Shares
2     Approve ITV Approved Executive Share      For       For        Management
      Option Scheme
3     Approve ITV Unapproved Executive Share    For       For        Management
      Option Scheme
4     Approve ITV Commitment Scheme             For       For        Management
5     Approve ITV Savings-Related Share Option  For       For        Management
      Scheme
6     Approve ITV Share Incentive Plan          For       For        Management
7     Establish Plans for Oversea Employees of  For       For        Management
      ITV



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

GRANADA PLC (FRMRLY. GRANADA COMPASS)

Ticker:                      Security ID:  GB0008275660
Meeting Date: JAN 13, 2004   Meeting Type: Court
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     To Give Effect to the Scheme of           For       For        Management
      Arrangement Between the Company and
      Holders of Scheme Shares


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

GROUPE DANONE

Ticker:       DA             Security ID:  FR0000120644
Meeting Date: APR 6, 2004    Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
2     Approve Financial Statements, Statutory   For       For        Management
      Reports, and Consolidated Financial
      Statements
3     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 3.675 per Share
4     Ratify Changed Location of Registered     For       For        Management
      Office/Headquarters
5     Reelect Franck Riboud as Director         For       For        Management
6     Reelect Emmanuel Faber as Director        For       For        Management
7     Maintain Jerome Seydoux as Director       For       For        Management
8     Ratify Mazars & Guerard as Auditors       For       For        Management
9     Ratify PricewaterhouseCoopers Audit as    For       For        Management
      Auditors
10    Ratify Patrick de Cambourg as Alternate   For       For        Management
      Auditor
11    Ratify Anne Monteil as Alternate Auditor  For       For        Management
12    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
13    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      EUR 45 Million
14    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of EUR 45 Million
15    Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan
16    Adopt New Articles Pursuant to Amendments For       Against    Management
      to Reflect Financial Security
      legislation, and Amended Corporate
      Purpose
17    Approve 2-for-1 Stock Split               For       For        Management
18    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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

GUS PLC (FORMERLY GREAT UNIVERSAL STORES)

Ticker:                      Security ID:  GB0003847042
Meeting Date: JUL 21, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 19 Pence Per    For       For        Management
      Ordinary Share
4     Elect Andy Hornby as Director             For       For        Management
5     Re-elect Sir Victor Blank as Director     For       For        Management
6     Re-elect Sir Alan Rudge as Director       For       For        Management
7     Re-elect Alan Smart as Director           For       For        Management
8     Re-elect David Tyler as Director          For       For        Management
9     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors of the Company
10    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
11    Authorise 100 Million Ordinary Shares for For       For        Management
      Market Purchase
12    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 58,395,799
13    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 12,705,210



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

GUS PLC (FORMERLY GREAT UNIVERSAL STORES)

Ticker:                      Security ID:  GB0003847042
Meeting Date: JUL 23, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 16.4 Pence Per  For       For        Management
      Share
4     Elect Craig Smith as Director             For       For        Management
5     Reelect Philip Harris as Director         For       For        Management
6     Reelect Louise Patten as Director         For       For        Management
7     Reelect John Peace as Director            For       For        Management
8     Reelect Oliver Stocken as Director        For       For        Management
9     Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors and Authorize Board to Fix Their
      Remuneration
10    Authorize 100,000,000 Shares for Share    For       For        Management
      Repurchase Program
11    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      GBP 60,684,309
12    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 12,590,785
13    Approve Increase in Remuneration of       For       For        Management
      Non-executive Directors to GBP 500,000
14    Authorize Homebase Ltd. to Make EU        For       For        Management
      Political Donations up to GBP 25,000


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

HAYS PLC

Ticker:                      Security ID:  GB0004161021
Meeting Date: NOV 19, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 3.63 Pence Per  For       For        Management
      Share
3     Approve Remuneration Report               For       For        Management
4     Elect John Martin as Director             For       For        Management
5     Reelect Xavier Urbain as Director         For       For        Management
6     Reelect Brian Wallace as Director         For       For        Management
7     Reelect Denis Waxman as Director          For       For        Management
8     Ratify Deloitte and Touche LLP as         For       For        Management
      Auditors
9     Authorize Board to Fix Remuneration of    For       For        Management
      Auditors
10    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      GBP 5,783,762
11    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 867,564
12    Authorize 260,000,000 Shares for Share    For       For        Management
      Repurchase Program


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

HAYS PLC

Ticker:                      Security ID:  GB0004161021
Meeting Date: NOV 19, 2003   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Hays Long Term Co-Investment Plan For       For        Management
2     Adopt New Articles of Association         For       For        Management


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

HAYS PLC

Ticker:                      Security ID:  GB0004161021
Meeting Date: DEC 18, 2003   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Sale of the Trading Operations    For       For        Management
      and Certain Assets of the Logistics
      Division of Hays plc to Certain
      Purchasers Formed by Platinum Equity, LLC



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

HOLCIM LTD.  (FORMERLY HOLDERBANK FINANCIERE GLARUS)

Ticker:                      Security ID:  CH0012214059
Meeting Date: MAY 14, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Articles Re: Use of Electronic      For       For        Management
      Means at Shareholder Meetings
2     Accept Financial Statements and Statutory For       For        Management
      Reports
3     Approve Discharge of Board and Senior     For       For        Management
      Management
4     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 1.15 per Share
5     Approve Creation of CHF 57.5 Million Pool For       For        Management
      of Conditional Capital without Preemptive
      Rights
6     Amend Articles Re: Establish a Classified For       Against    Management
      Board
7.1.1 Elect Onno Ruding as Director             For       For        Management
7.1.2 Reelect Rolf Soiron, Markus Akermann, and For       For        Management
      Peter Kuepfer as Directors
7.2   Ratify Ernst & Young AG as Auditors       For       For        Management


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

IMPERIAL TOBACCO GROUP PLC

Ticker:       ITY            Security ID:  GB0004544929
Meeting Date: FEB 3, 2004    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 30 Pence Per    For       For        Management
      Share
4     Reelect Sipko Huismans as Director        For       For        Management
5     Reelect Iain Napier as Director           For       For        Management
6     Elect David Cresswell as Director         For       For        Management
7     Elect Frank Rogerson as Director          For       For        Management
8     Elect Bruce Davidson as Director          For       For        Management
9     Elect David Thursfield as Director        For       For        Management
10    Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors and Authorize Board to Fix Their
      Remuneration
11    Amend Articles of Association Re: Maximum For       For        Management
      Number of Directors
12.1  Authorize the Company to Make EU          For       For        Management
      Political Donations up to GBP 100,000
12.2  Authorize Imperial Tobacco Ltd. to Make   For       For        Management
      EU Political Donations up to GBP 100,000
12.3  Authorize Imperial Tobacco International  For       For        Management
      Ltd. to Make EU Political Donations up to
      GBP 100,000
12.4  Authorize Van Nelle Tabak Nederland B.V.  For       For        Management
      to Make EU Political Donations up to GBP
      100,000
12.5  Authorize John Player and Sons Ltd. to    For       For        Management
      Make EU Political Donations up to GBP
      100,000
12.6  Authorize Reemtsma Cigarettenfabriken     For       For        Management
      GmbH to Make EU Political Donations up to
      GBP 100,000
12.7  Authorize Compagnie Independante des      For       For        Management
      Tabacs S.A. to Make EU Political
      Donations up to GBP 100,000
13    Authorize the Board to Grant Options to   For       For        Management
      Employees Resident in France Under the
      Imperial Tobacco Group International
      Sharesave Plan for a Further 38 Months
14    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      GBP 24,300,000
15    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 3,645,000
16    Authorize 72,900,000 Shares for Share     For       For        Management
      Repurchase Program



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

ING GROEP NV

Ticker:       ING            Security ID:  NL0000303600
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  APR 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2.1   Receive Reports of Management and         None      None       Management
      Supervisory Boards
2.2   Receive Explanation of Reserves and       None      None       Management
      Dividend Policy
3.1   Approve Financial Statements of 2003      For       For        Management
3.2   Approve Dividends                         For       For        Management
4     Ratify Ernst & Young Accountants as       For       For        Management
      Auditors
5.1   Approve Discharge of Management Board     For       For        Management
5.2   Approve Discharge of Supervisory Board    For       For        Management
6     Discussion about Company's Corporate      None      None       Management
      Governance Report
7.1   Approve Remuneration Policy of Management For       For        Management
      Board
7.2   Approve Long-Term Incentive Plan (50      For       For        Management
      Percent Stock Options and 50 Percent
      Performance Shares)
8     Amend Articles Re: Binding Director       For       For        Management
      Nominations; Establish Profile on
      Expertise and Ethical Standards for
      Directors; Approve Remuneration Policy
      for Management Board; Threshold for
      Submitting Shareholder Proposals; Reduce
      Par Value of B Preference Share
9.1   Elect E. Boyer de la Giroday as New       For       For        Management
      Member of Management Board
9.2   Elect E. Leenaars as New Member of        For       For        Management
      Management Board
9.3   Elect H. Verkoren as New Member of        For       For        Management
      Management Board
10    Elect E. Bourdais de Charbonniere as New  For       For        Management
      Member of Supervisory Board
11    Grant Board Authority to Issue Ordinary   For       Against    Management
      Shares Restricting/Excluding Preemptive
      Rights Up to 20 Percent of Issued Capital
      and All Authorized Yet Unissued B
      Preference Shares Restricting/Excluding
      Preemptive Rights
12    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
13    Other Business                            None      None       Management


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

ITV PLC

Ticker:                      Security ID:  GB0033986497
Meeting Date: APR 19, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Sir Peter Burt as Director          For       For        Management
2     Elect David Chance as Director            For       For        Management
3     Elect James Crosby as Director            For       For        Management
4     Elect John McGrath as Director            For       For        Management
5     Elect Brian Pitman as Director            For       For        Management
6     Elect George Russell as Director          For       For        Management
7     Elect Etienne de Villiers as Director     For       For        Management
8     Elect Charles Allen as Director           For       For        Management
9     Elect Henry Staunton as Director          For       For        Management
10    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 140,000,000
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 21,000,000
12    Authorise EU Political Donations up to    For       For        Management
      Aggregate Nominal Amount of GBP 150,000
13    Authorize 408 Million Ordinary Shares and For       For        Management
      12 Million Convertible Shares for Market
      Purchase
14    Approve Performance Share Plan            For       For        Management



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

JAPAN TOBACCO INC

Ticker:                      Security ID:  JP3726800000
Meeting Date: JUN 24, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 5000,
      Final JY 5000, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditor


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

KANSAI ELECTRIC POWER CO. INC.

Ticker:                      Security ID:  JP3228600007
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 25,
      Final JY 25, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3     Appoint Internal Statutory Auditor        For       For        Management
4     Approve Retirement Bonus for Director and For       For        Management
      Special Bonus for Family of Deceased
      Statutory Auditor
5     Amend Articles to Restrict Board Size to  Against   Against    Shareholder
      15 Directors
6     Amend Articles to Require Appointment of  Against   Against    Shareholder
      an Environmental Group Representative as
      a Statutory Auditor
7     Amend Articles to Declare Company's       Against   Against    Shareholder
      Commitment to Fight Global Warming
8     Amend Articles to Declare Company's       Against   Against    Shareholder
      Commitment to Switching from Nuclear
      Power to Natural Energy
9     Amend Articles to Require Additional      Against   Against    Shareholder
      Disclosure of Company's Corporate Ethics
      Policies
10    Amend Articles to Require Company to      Against   Against    Shareholder
      Prioritize Retention of Skilled Employees
11    Amend Articles to Require Company to      Against   Against    Shareholder
      Refrain from Cutting Maintenance and
      Improvement Expenditures Due to Economic
      Downturns
12    Approve Alternate Income Allocation, with Against   Against    Shareholder
      Final Dividend of JY 35 per Share and
      Allocation of Funds to Reserve for
      Withdrawal from Nuclear Fuel Reprocessing
13    Remove Company Chairman from Board        Against   Against    Shareholder
14    Amend Articles to Restrict Board Size to  Against   Against    Shareholder
      15 Directors and Require One Director to
      Have Responsibility for Workers Injured
      by Nuclear Radiation - Cut Directors'
      Term to One Year
15    Amend Articles to Require Establishment   Against   Against    Shareholder
      of Compensation Committee Consisting
      Entirely of Outside Directors - Require
      Disclosure of Individual Director
      Compensation - Abolish Payment of
      Retirement Bonuses
16    Amend Articles to Require Establishment   Against   Against    Shareholder
      of Committee to Promote Abandonment of
      Nuclear Power Generation
17    Amend Articles to Require Establishment   Against   Against    Shareholder
      of Committee on Monetary Donations
18    Amend Articles to Require Establishment   Against   Against    Shareholder
      of Committee for Consultation with Local
      Residents on Abandonment of Major
      Projects
19    Amend Articles to Require Complete        Against   Against    Shareholder
      Abandonment of Nuclear Fuel Reprocessing
20    Amend Articles to Prohibit Creation, Use  Against   Against    Shareholder
      or Storage of Plutonium Fuels



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

KAO CORP.

Ticker:                      Security ID:  JP3205800000
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 16,
      Final JY 16, Special JY 0
2     Authorize Share Repurchase Program        For       For        Management
3     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
4.1   Elect Director                            For       For        Management
4.2   Elect Director                            For       For        Management
4.3   Elect Director                            For       For        Management
4.4   Elect Director                            For       For        Management
4.5   Elect Director                            For       For        Management
4.6   Elect Director                            For       For        Management
4.7   Elect Director                            For       For        Management
4.8   Elect Director                            For       For        Management
4.9   Elect Director                            For       For        Management
4.10  Elect Director                            For       For        Management
4.11  Elect Director                            For       For        Management
4.12  Elect Director                            For       For        Management
4.13  Elect Director                            For       For        Management
4.14  Elect Director                            For       For        Management
4.15  Elect Director                            For       For        Management
5     Appoint Internal Statutory Auditor        For       For        Management
6     Approve Executive Stock Option Plan       For       For        Management
7     Approve Retirement Bonuses for Directors  For       For        Management


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

KONICA MINOLTA HOLDINGS INC. (FORMERLY KONICA CORP.)

Ticker:                      Security ID:  JP3300600008
Meeting Date: JUN 25, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director                            For       For        Management
1.2   Elect Director                            For       For        Management
1.3   Elect Director                            For       For        Management
1.4   Elect Director                            For       For        Management
1.5   Elect Director                            For       For        Management
1.6   Elect Director                            For       For        Management
1.7   Elect Director                            For       For        Management
1.8   Elect Director                            For       For        Management
1.9   Elect Director                            For       For        Management
1.10  Elect Director                            For       For        Management
1.11  Elect Director                            For       For        Management
1.12  Elect Director                            For       For        Management
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion


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

LAWSON, INC.

Ticker:                      Security ID:  JP3982100004
Meeting Date: MAY 28, 2004   Meeting Type: Annual
Record Date:  FEB 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 20,
      Final JY 21, Special JY 0
2     Amend Articles to: Expand Business Lines  For       Against    Management
      - Authorize Share Repurchases at Board's
      Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
4.1   Appoint Internal Statutory Auditor        For       Against    Management
4.2   Appoint Internal Statutory Auditor        For       For        Management
5     Approve Executive Stock Option Plan       For       For        Management
6     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditor



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

LLOYDS TSB GROUP PLC (FORMERLY TSB GROUP)

Ticker:                      Security ID:  GB0008706128
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3a    Elect Peter Ayliffe as Director           For       For        Management
3b    Elect Wolfgang Berndt as Director         For       For        Management
3c    Elect Angela Knight as Director           For       For        Management
3d    Elect Helen Weir as Director              For       For        Management
4a    Re-elect Ewan Brown as Director           For       For        Management
4b    Re-elect Eric Daniels as Director         For       For        Management
4c    Re-elect David Pritchard as Director      For       For        Management
4d    Re-elect Maarten van den Bergh as         For       For        Management
      Director
5     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors of the Company
6     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
7     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 334,068,329; USD 40,000,000; EUR
      40,000,000 and JPY 1,250,000,000
8     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 70,913,582
9     Authorise 567 Million Ordinary Shares for For       For        Management
      Market Purchase
10    Adopt New Articles of Association         For       For        Management
11    Approve Lloyds TSB Performance Share Plan For       For        Management
      and Amend Lloyds TSB Group No 2 Executive
      Share Options Scheme 1997


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

MILLEA HOLDINGS INC.

Ticker:                      Security ID:  JP3910660004
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 0,
      Final JY 11,000, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
3.10  Elect Director                            For       For        Management
3.11  Elect Director                            For       For        Management
3.12  Elect Director                            For       For        Management
3.13  Elect Director                            For       For        Management
4.1   Appoint Internal Statutory Auditor        For       For        Management
4.2   Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Director   For       For        Management
      and Statutory Auditor



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

MITSUBISHI ESTATE CO. LTD.

Ticker:                      Security ID:  JP3899600005
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 4,
      Final JY 4, Special JY 0
2     Amend Articles to: Expand Business Lines  For       For        Management
      - Authorize Share Repurchases at Board's
      Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
4.1   Appoint Internal Statutory Auditor        For       For        Management
4.2   Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Director   For       For        Management
      and Statutory Auditor
6     Appoint External Auditors                 For       For        Management
7     Approve Executive Stock Option Plan       For       For        Management


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

MITSUI SUMITOMO INSURANCE CO. LTD

Ticker:                      Security ID:  JP3888200007
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 0,
      Final JY 8.5, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
3.10  Elect Director                            For       For        Management
3.11  Elect Director                            For       For        Management
3.12  Elect Director                            For       For        Management
4.1   Appoint Internal Statutory Auditor        For       For        Management
4.2   Appoint Internal Statutory Auditor        For       For        Management
4.3   Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditors


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

MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG

Ticker:                      Security ID:  DE0008430026
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 1.25 per Share
3     Approve Discharge of Management Board     For       For        Management
4     Approve Discharge of Supervisory Board    For       For        Management
5     Elect Ulrich Hartmann, Henning Kagermann, For       For        Management
      Hubert Merkl, Wolfgang Mayrhuber, Karel
      van Miert, Heinrich von Pierer, Bernd
      Pischetsrieder, Hans-Juergen Schinzler,
      Albrecht Schmidt, and Ron Sommer to the
      Supervisory Board
6     Authorize Repurchase of up to Ten Percent For       For        Management
      of Issued Share Capital
7     Approve Creation of EUR 280 Million Pool  For       For        Management
      of Conditional Capital with Preemptive
      Rights



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

NATIONAL AUSTRALIA BANK (NAB)

Ticker:       NAB            Security ID:  AU000000NAB4
Meeting Date: DEC 19, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Chairman's Address and Presentation by    None      None       Management
      the Managing Director and Chief Executive
      Officer
2     Receive Financial Statements and          None      None       Management
      Statutory Reports
3a    Elect Peter JB Duncan as Director         For       For        Management
3b    Elect Edward D Tweddell as Director       For       For        Management
3c    Elect Catherine M Walter as Director      For       For        Management
3d    Elect John M Stewart as Director          For       For        Management
3e    Elect John G Thorn as Director            For       For        Management
4     Approve Share, Option and Performance     For       For        Management
      Rights Plan Grants to John M Stewart
5     Approve Share, Option and Performance     For       For        Management
      Rights Plan Grants to FJ Cicutto,
      Managing Director and Chief Executive
      Officer
6     Approve Discontinuation of Non-Executive  None      None       Management
      Directors' Retirements Benefits Scheme
7     Approve Remuneration of Directors in the  None      None       Management
      Amount of AUD 3.5 Million
8     Approve Non-Executive Directors' Share    For       For        Management
      Plan
9     Authorize Share Repurchase Program        For       For        Management
      Relating to Preference Shares Associated
      With the Trust Units Exchangeable for
      Preference Shares (TrUEPrS)


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

NATIONAL GRID TRANSCO PLC (FORMERLY NATIONAL GRID GROUP PLC,

Ticker:       NGG            Security ID:  GB0031223877
Meeting Date: JUL 26, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 11.87 Pence Per For       For        Management
      Ordinary Share
3     Elect Mike Jesanis as Director            For       For        Management
4     Elect Maria Richter as Director           For       For        Management
5     Re-elect James Ross as Director           For       For        Management
6     Re-elect John Grant as Director           For       For        Management
7     Re-elect Edward Astle as Director         For       For        Management
8     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors and Authorise Board to Fix
      Remuneration of Auditors
9     Approve Remuneration Report               For       For        Management
10    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 102,929,251
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 15,439,387
12    Authorise 308,787,755 Ordinary Shares for For       For        Management
      Market Purchase
13    Amend Articles of Association Re:         For       For        Management
      Deletion of the Special Share Article
14    Approve the Cancellation of the Special   For       For        Management
      Rights Non-voting Redeemable Preference
      Share


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


NATIONAL GRID TRANSCO PLC (FORMERLY NATIONAL GRID GROUP PLC,

Ticker:       NGG            Security ID:  GB0031223877
Meeting Date: JUL 21, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 10.34 Pence Per For       For        Management
      Share
3     Elect Nick Winser as Director             For       For        Management
4     Elect John Parker as Director             For       For        Management
5     Elect Steve Lucas as Director             For       For        Management
6     Elect John Wybrew as Director             For       For        Management
7     Elect Kenneth Harvey as Director          For       For        Management
8     Elect Stephen Pettit as Director          For       For        Management
9     Elect George Rose as Director             For       For        Management
10    Reelect Steve Holliday as Director        For       For        Management
11    Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors and Authorize Board to Fix Their
      Remuneration
12    Approve Remuneration Report               For       For        Management
13    Authorize 307,722,000 Shares for Share    For       For        Management
      Repurchase Program



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

NESTLE SA

Ticker:       NSRGY          Security ID:  CH0012056047
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1a    Accept Financial Statements and Statutory For       For        Management
      Reports
1b    Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
2     Approve Discharge of Board and Senior     For       For        Management
      Management
3     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 7.20 per Share
4a    Elect Edward George as Directors          For       For        Management
4b    Elect Kaspar Villiger as Directors        For       For        Management
4c    Elect Rolf Haenggi as Directors           For       For        Management
4d    Elect Daniel Borel as Directors           For       For        Management
4e    Elect Carolina Mueller as Directors       For       For        Management


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

NINTENDO CO. LTD.

Ticker:       NTDOY          Security ID:  JP3756600007
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 70,
      Final JY 70, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
3.10  Elect Director                            For       For        Management
3.11  Elect Director                            For       For        Management
3.12  Elect Director                            For       For        Management
4.1   Appoint Internal Statutory Auditor        For       For        Management
4.2   Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Director   For       For        Management
      and Statutory Auditor


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

NIPPON TELEGRAPH & TELEPHONE CORP.

Ticker:                      Security ID:  JP3735400008
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 2500,
      Final JY 2500, Special JY 0
2     Authorize Share Repurchase Program        For       For        Management
3     Amend Articles to: Decrease Authorized    For       For        Management
      Capital from 62.212 Million to 61.93
      Million Shares to Reflect Share
      Repurchase
4.1   Elect Director                            For       For        Management
4.2   Elect Director                            For       For        Management
4.3   Elect Director                            For       For        Management
4.4   Elect Director                            For       For        Management
4.5   Elect Director                            For       For        Management
4.6   Elect Director                            For       For        Management
4.7   Elect Director                            For       For        Management
4.8   Elect Director                            For       For        Management
4.9   Elect Director                            For       For        Management
4.10  Elect Director                            For       For        Management
4.11  Elect Director                            For       For        Management
5     Appoint Internal Statutory Auditor        For       For        Management
6     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditor



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

NOKIA CORP.

Ticker:       NKCAF          Security ID:  FI0009000681
Meeting Date: MAR 25, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Receive Financial Statements              None      Did Not    Management
                                                          Vote
1.2   Receive Auditors' Report                  None      Did Not    Management
                                                          Vote
1.3   Accept Financial Statements and Statutory For       Did Not    Management
      Reports                                             Vote
1.4   Approve Discharge of Board and President  For       Did Not    Management
                                                          Vote
1.5   Fix Number of Directors at Eight (A       For       Did Not    Management
      Reduction from the Current Nine                     Vote
      Directors)
1.6   Approve Remuneration of Directors and     For       Did Not    Management
      Auditors                                            Vote
2     Approve Between EUR 5.7 Million and EUR   For       Did Not    Management
      8.8 Million Reduction in Share Capital              Vote
      via Cancellation of Between 94.5 Million
      and 146 Million Shares
3     Approve Issuance of Shares, Stock         For       Did Not    Management
      Options, or Convertible Bonds up to                 Vote
      Aggregate Nominal Value of EUR 55.5
      Million (Out of Which EUR 3 Million for
      Incentive Plans) without Preemptive
      Rights
4     Authorize Repurchase of Up to 230 Million For       Did Not    Management
      Nokia Shares                                        Vote
5     Authorize Reissuance of 230 Million       For       Did Not    Management
      Repurchased Shares                                  Vote
6     Approve Allocation of EUR 5 Million to    For       Did Not    Management
      Company Foundation to Support the                   Vote
      Scientific Development of the Information
      and Telecommunications Technologies and
      to Promote Education in the Sector
7     Approve Dividends of EUR 0.30 Per Share   For       Did Not    Management
                                                          Vote
8     Reelect Paul Collins, Georg Ehrnrooth,    For       Did Not    Management
      Bengt Holmstroem, Per Karlsson, Jorma               Vote
      Ollila, Marjorie Scardino, Vesa Vainio,
      and Arne Wessberg
9     Reelect PricewaterhouseCoopers as         For       Did Not    Management
      Auditors                                            Vote


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

NORDEA BANK AB (FORMERLY NORDEA AB)

Ticker:                      Security ID:  SE0000427361
Meeting Date: OCT 22, 2003   Meeting Type: Special
Record Date:  OCT 10, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Chairman of Meeting                 For       For        Management
2     Prepare and Approve List of Shareholders  For       For        Management
3     Approve Agenda of Meeting                 For       For        Management
4     Designate Inspector or Shareholder        For       For        Management
      Representative(s) of Minutes of Meeting
5     Acknowledge Proper Convening of Meeting   For       For        Management
6     Amend Articles Re: Change Company Name to For       For        Management
      Nordea Bank AB; Amend Corporate Purpose;
      Editorial Change
7     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital



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

NORDEA BANK AB (FORMERLY NORDEA AB)

Ticker:                      Security ID:  SE0000427361
Meeting Date: MAR 31, 2004   Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Chairman of Meeting                 For       Did Not    Management
                                                          Vote
2     Prepare and Approve List of Shareholders  For       Did Not    Management
                                                          Vote
3     Approve Agenda of Meeting                 For       Did Not    Management
                                                          Vote
4     Designate Inspector or Shareholder        For       Did Not    Management
      Representative(s) of Minutes of Meeting             Vote
5     Acknowledge Proper Convening of Meeting   For       Did Not    Management
                                                          Vote
6     Receive Financial Statements and          None      Did Not    Management
      Statutory Reports; Receive President's              Vote
      and Board Reports
7     Accept Financial Statements and Statutory For       Did Not    Management
      Reports                                             Vote
8     Approve Allocation of Income and          For       Did Not    Management
      Dividends of EUR 0.25 Per Share                     Vote
9     Approve Discharge of Board and President  For       Did Not    Management
                                                          Vote
10    Amend Articles Re: Reduce Directors' Term For       Did Not    Management
      of Office from Two Years to One Year                Vote
11    Determine Number of Members (11) and      For       Did Not    Management
      Deputy Members (0) of Board                         Vote
12    Approve Remuneration of Directors in the  For       Did Not    Management
      Aggregate Amount of EUR 950,000; Approve            Vote
      Remuneration of Auditors
13    Reelect Kjell Aamot, Hans Dahlberg, Bernt For       Did Not    Management
      Magnusson, Joergen Hoeg Pedersen, and               Vote
      Maija Torkko as Directors
14.1  Authorize Chairman of Board to Appoint    For       Did Not    Management
      Members of Nominating Committee                     Vote
14.2  Shareholder Proposal: Authorize General   Against   Did Not    Shareholder
      Meeting to Elect Members of Nominating              Vote
      Committee
15    Approve EUR 32.3 Million Reduction in     For       Did Not    Management
      Share Capital via Share Cancellation                Vote
16    Authorize Repurchase of Up to Ten Percent For       Did Not    Management
      of Issued Share Capital for Purposes                Vote
      Other Than Equity Trading
17    Authorize Repurchase of Up to Three       For       Did Not    Management
      Percent of Issued Share Capital for                 Vote
      Equity Trading Purposes


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

NOVARTIS AG

Ticker:       NVS            Security ID:  CH0012005267
Meeting Date: FEB 24, 2004   Meeting Type: Annual
Record Date:  FEB 4, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Discharge of the Board and Senior For       For        Management
      Management
3     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 1.00 per Share
4     Approve Transfer of CHF 360.9 Million     For       For        Management
      from General Reserves to Free Reserves
5     Approve CHF 12.1 Million Reduction in     For       For        Management
      Share Capital via Share Cancellation
6     Authorize Repurchase of up to Ten Percent For       For        Management
      of Issued Share Capital
7     Amend Articles Re: Reduce Board Terms     For       For        Management
      from Four to Three Years
8.1   Approve Resignation of Walter Frehner and For       For        Management
      Heini Lippuner
8.2   Elect Helmut Sihler, Hans-Joerg Rudloff   For       For        Management
      and Daniel Vasella as Directors
9     Ratify PricewaterhouseCoopers AG as       For       For        Management
      Auditors



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

ORIENTAL LAND CO

Ticker:                      Security ID:  JP3198900007
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       Did Not    Management
      the Following Dividends: Interim JY 14,             Vote
      Final JY 15, Special JY 0
2     Amend Articles to: Expand Business Lines  For       Did Not    Management
      - Authorize Share Repurchases at Board's            Vote
      Discretion
3.1   Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote
3.2   Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote
3.3   Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote
3.4   Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote


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

PRUDENTIAL PLC (FRM.PRUDENTIAL CORPORATION PLC )

Ticker:       PUK            Security ID:  GB0007099541
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Re-elect Jonathan Bloomer as Director     For       For        Management
4     Re-elect Philip Broadley as Director      For       For        Management
5     Re-elect Rob Rowley as Director           For       For        Management
6     Elect Kathleen O'Donovan as Director      For       For        Management
7     Elect Bridget Macaskill as Director       For       For        Management
8     Elect Mark Norbom as Director             For       For        Management
9     Re-appoint KPMG Audit Plc as Auditors and For       For        Management
      Authorise Board to Fix Remuneration of
      Auditors
10    Authorise the Company to Make EU          For       For        Management
      Political Donations up to Aggregate
      Nominal Amount of GBP 50,000
11    Authorise Egg plc to Make EU Political    For       For        Management
      Donations up to Aggregate Nominal Amount
      of GBP 25,000
12    Approve Increase in Authorised Capital    For       For        Management
      from GBP 150 Million to GBP 170 Million
      and USD 20 Million and EUR 20 Million; by
      the Creation of 2 Billion Sterling
      Preference Shares, 2 Billion Dollar
      Preference Shares and 2 Billion Euro
      Preference Shares
13    Authorise Issuance of Sterling Preference For       For        Management
      Shares with Pre-emptive Rights up to GBP
      20 Million; Dollar Preference Shares with
      Pre-emptive Rights up to USD 20 Million;
      and Euro Preference Shares with
      Pre-emptive Rights up to EUR 20 Million
14    Authorise Issuance of Ordinary Shares     For       For        Management
      with Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 33,480,000
15    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 5,000,000
16    Authorise 200 Million Ordinary Shares for For       For        Management
      Market Purchase
17    Amend Articles of Association Re:         For       For        Management
      Preference Shares and Final Dividend



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

RECKITT BENCKISER PLC (FORMERLY RECKITT & COLMAN PLC )

Ticker:                      Security ID:  GB0007278715
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 14 Pence Per    For       For        Management
      Ordinary Share
4     Re-elect George Greener as Director       For       For        Management
5     Re-elect Peter White as Director          For       For        Management
6     Re-elect Colin Day as Director            For       For        Management
7     Elect Judith Sprieser as Director         For       For        Management
8     Elect Kenneth Hydon as Director           For       For        Management
9     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors and Authorise Board to Fix
      Remuneration of Auditors
10    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 24,842,000
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 3,726,000
12    Authorise 70,800,000 Ordinary Shares for  For       For        Management
      Market Purchase


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

REED ELSEVIER PLC(FORMERLY REED INTERNATIONAL PLC)

Ticker:       RUK            Security ID:  GB0007308355
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1a    Accept Financial Statements and Statutory For       For        Management
      Reports
1b    Approve Remuneration Report               For       For        Management
2     Approve Final Dividend of 8.7 Pence Per   For       For        Management
      Ordinary Share
3a    Re-appoint Deloitte and Touche LLP as     For       For        Management
      Auditors of the Company
3b    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
4a    Re-elect Gerard van de Aast as Director   For       For        Management
4b    Re-elect Morris Tabaksblat as Director    For       For        Management
4c    Re-elect Rolf Stomberg as Director        For       For        Management
4d    Re-elect Lord Sharman Of Redlynch as      For       For        Management
      Director
5     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 25,000,000
6     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 7,900,000
7     Authorise 127 Million Shares for Market   For       For        Management
      Purchase



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

RENAULT

Ticker:                      Security ID:  FR0000131906
Meeting Date: APR 16, 2004   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
2     Approve Financial Statements and          For       For        Management
      Discharge Directors
3     Approve Allocation of Income and Net      For       For        Management
      Dividends of EUR 1.40 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Reelect Francois de Combret as Director   For       For        Management
6     Reelect Bernard Larrouturou as Director   For       For        Management
7     Elect Jean-Louis Girodolle as Director    For       For        Management
8     Elect Itaru Koeda as Director             For       For        Management
9     Elect Francois Pinault as Director        For       For        Management
10    Approve Discharge of Yoshikazu Hanawa     For       For        Management
11    Approve Discharge of Bruno Bezard         For       For        Management
12    Approve Discharge of Jeanne Seyvet        For       For        Management
13    Confirm Receipt of Special Auditors'      For       For        Management
      Report Regarding Remuneration of
      Participating Stock
14    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
15    Authorize Issuance of Bonds/Debentures in For       For        Management
      the Aggregate Amount of EUR 4 Billion
16    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
17    Maintain Authority to Issue Equity and    For       For        Management
      Equity-Linked Securities without
      Preemptive Rights Submitted to
      Shareholder Vote on April 29, 2003, to
      Increase Capital by Up to EUR 300 Million
18    Amend Articles of Association to Increase For       For        Management
      the Number of Directors to Be Elected by
      Shareholders
19    Amend Articles of Association to Reflect  For       For        Management
      Financial Security Legislation Re:
      Shareholding Disclosure Requirement
20    Elect Charles de Croisset as Director     For       For        Management
21    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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

RENTOKIL INITIAL PLC(FORMERLY RENTOKIL GROUP PLC )

Ticker:                      Security ID:  GB0007327124
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 4.35 Pence Per  For       For        Management
      Ordinary Share
4.1   Re-elect Edward Brown as Director         For       For        Management
4.2   Re-elect Ronald Spinney as Director       For       For        Management
4.3   Re-elect James Wilde as Director          For       For        Management
5     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors and Authorise Board to Fix
      Remuneration of Auditors
6     Authorise 235,420,780 Ordinary Shares for For       For        Management
      Market Purchase
7     Other Business (Non-Voting)               None      None       Management


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


RMC GROUP PLC

Ticker:                      Security ID:  GB0007266413
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 21.8 Pence Per  For       For        Management
      Ordinary Share
3     Elect David Munro as Director             For       For        Management
4     Re-elect Bill Alexander as Director       For       For        Management
5     Re-elect Alastair Robinson as Director    For       For        Management
6     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors and Authorise Board to Fix
      Remuneration of Auditors
7     Approve Remuneration Report               For       For        Management
8     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 22,177,997
9     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 3,327,032
10    Authorise 26,537,390 Ordinary Shares for  For       For        Management
      Market Purchase
11    Authorise EU Political Donations up to    For       For        Management
      Aggregate Nominal Amount of GBP 50,000



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

ROHM CO. LTD.

Ticker:                      Security ID:  JP3982800009
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 12.5,
      Final JY 42.5, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3.1   Appoint Internal Statutory Auditor        For       For        Management
3.2   Appoint Internal Statutory Auditor        For       For        Management
3.3   Appoint Internal Statutory Auditor        For       For        Management
3.4   Appoint Internal Statutory Auditor        For       For        Management
3.5   Appoint Internal Statutory Auditor        For       For        Management
4     Approve Retirement Bonus for Statutory    For       For        Management
      Auditor


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

ROLLS-ROYCE GROUP PLC ( FORMERLY ROLLS-ROYCE PLC)

Ticker:       RYCEY          Security ID:  3283648
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Re-elect Euan Baird as Director           For       For        Management
4     Elect Amy Bondurant as Director           For       For        Management
5     Re-elect Peter Byrom as Director          For       For        Management
6     Re-elect John Cheffins as Director        For       For        Management
7     Elect Carl-Peter Forster as Director      For       For        Management
8     Re-elect Colin Green as Director          For       For        Management
9     Re-elect James Guyette as Director        For       For        Management
10    Re-elect Michael Howse as Director        For       For        Management
11    Re-elect Lord Moore of Lower Marsh as     For       For        Management
      Director
12    Re-elect Sir Robin Nicholson as Director  For       For        Management
13    Re-elect Sir John Rose as Director        For       For        Management
14    Re-elect Andrew Shilston as Director      For       For        Management
15    Elect Ian Strachan as Director            For       For        Management
16    Re-elect Carl Symon as Director           For       For        Management
17    Re-elect Sir John Weston as Director      For       For        Management
18    Re-appoint KPMG Audit Plc as Auditors and For       For        Management
      Authorise Board to Fix Remuneration of
      Auditors
19    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 111,843,332
20    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 16,776,499
21    Authorise 167,764,998 Shares for Market   For       For        Management
      Purchase
22    Amend Articles of Association Re: Removal For       For        Management
      of Restrictions on the Company's
      Borrowing Power
23    Approve Rolls-Royce Group plc Performance For       For        Management
      Share Plan
24    Approve Increase in Authorised Capital    For       For        Management
      from GBP 500,050,000.60 to GBP
      1,500,050,000.60; Approve Issue of B
      Shares; and Amend Articles Re: B Shares
25    Approve Final Dividend of 5 Pence Per     For       For        Management
      Share If Resolution 24 is Not Passed
26    Approve Scrip Dividend If Resolution 24   For       For        Management
      is Not Passed



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

ROYAL BANK OF SCOTLAND GROUP PLC

Ticker:       RBS            Security ID:  GB0007547838
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 35.7 Pence Per  For       For        Management
      Share
4     Re-elect Emilio Botin as Director         For       For        Management
5     Re-elect Lawrence Fish as Director        For       For        Management
6     Re-elect Sir Angus Grossart as Director   For       For        Management
7     Re-elect Sir George Mathewson as Director For       For        Management
8     Re-elect Gordon Pell as Director          For       For        Management
9     Re-elect Iain Robertson as Director       For       For        Management
10    Re-elect Sir Iain Vallance as Director    For       For        Management
11    Re-appoint Deloitte and Touche LLP as     For       For        Management
      Auditors of the Company
12    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
13    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 247,120,127
14    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 37,068,019
15    Authorise 296,544,152 Ordinary Shares for For       For        Management
      Market Purchase
16    Approve Increase in Authorised Capital by For       For        Management
      Creation of 110 Million Category II
      Non-cumulative Dollar Preference Shares;
      Issue Equity with Pre-emptive Rights up
      to All the Existing Preference Shares
17    Amend Articles Re: Preference Shares      For       For        Management


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

ROYAL DUTCH PETROLEUM CO.

Ticker:       RD             Security ID:  NL0000009470
Meeting Date: JUN 28, 2004   Meeting Type: Annual
Record Date:  JUN 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Report of Management Board        None      None       Management
2.1   Approve Financial Statements and          For       For        Management
      Statutory Reports
2.2   Approve Total Dividend of EUR 1.76 Per    For       For        Management
      Share
2.3   Approve Discharge of Management Board     For       Against    Management
2.4   Approve Discharge of Supervisory Board    For       Against    Management
3     Elect L. Cook to Management Board         For       For        Management
4     Elect C. Morin-Postel to Supervisory      For       For        Management
      Board
5     Reelect van de Bergh to Supervisory Board For       For        Management
6     Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
7     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital



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

ROYAL KPN NV

Ticker:       KPN            Security ID:  NL0000009082
Meeting Date: APR 15, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2     Receive Report of Management Board        None      None       Management
3.1   Approve Financial Statements and          For       For        Management
      Statutory Reports
3.2   Receive Explanation of Reserves and       None      None       Management
      Dividend Policy
3.3   Approve Dividends                         For       For        Management
4.1   Approve Discharge of Management Board     For       For        Management
4.2   Approve Discharge of Supervisory Board    For       For        Management
5     Discussion about Company's Corporate      None      None       Management
      Governance Report
6     Approve Remuneration Policy               For       For        Management
7.1   Ratify PricewaterhouseCoopers Accountants For       For        Management
      N.V. as Auditors
7.2   Authorize Board to Prepare Annual Report  For       For        Management
      in English
8.1   Opportunity for General Meeting to Make   None      None       Management
      Recommendations for Appointment Member of
      Supervisory Board
8.2   Reelect D. Eustace to Supervisory Board   For       For        Management
8.3   Receive Announcement of Vacancy on        None      None       Management
      Supervisory Board
8.4   Elect E. Blok as New Member to Management For       For        Management
      Board
9.1   Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
9.2   Grant Board Authority to Issue Ordinary   For       Against    Management
      Shares Up to 20 Percent of Issued Capital
      and All Unissued but Authorized Class B
      Preference Shares
9.3   Grant Board Authority to Exclude          For       Against    Management
      Preemptive Rights from Issuance Under
      Item 9.2
10    Approve Proposal to Reduce Capital        For       For        Management
      Through Cancellation of Own Shares Up to
      10 Percent of Issued Share Capital
11    Other Business (Non-Voting)               None      None       Management


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

SAMSUNG ELECTRONICS CO. LTD.

Ticker:       SSNHY          Security ID:  US7960508882
Meeting Date: FEB 27, 2004   Meeting Type: Annual
Record Date:  DEC 31, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements and          For       For        Management
      Appropriation of Income, with Total
      Dividend of KRW 5500 Per Share
2.1   Elect Two Outside Directors               For       For        Management
2.2   Appoint One Member of Audit Committee     For       For        Management
2.3   Elect One Executive Director              For       For        Management
3     Approve Limit on Remuneration of          For       For        Management
      Directors



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

SANKYO CO. LTD.

Ticker:                      Security ID:  JP3326400003
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       Did Not    Management
      the Following Dividends: Interim JY 10,             Vote
      Interim Special JY 2.5, Final JY 10,
      Final Special JY 7.5
2     Amend Articles to: Decrease Authorized    For       Did Not    Management
      Capital to Reflect Share Repurchase from            Vote
      1.18 Billion to 1.17 Billion Shares -
      Authorize Share Repurchases at Board's
      Discretion
3.1   Elect Director                            For       Did Not    Management
                                                          Vote
3.2   Elect Director                            For       Did Not    Management
                                                          Vote
3.3   Elect Director                            For       Did Not    Management
                                                          Vote
3.4   Elect Director                            For       Did Not    Management
                                                          Vote
3.5   Elect Director                            For       Did Not    Management
                                                          Vote
3.6   Elect Director                            For       Did Not    Management
                                                          Vote
3.7   Elect Director                            For       Did Not    Management
                                                          Vote
3.8   Elect Director                            For       Did Not    Management
                                                          Vote
3.9   Elect Director                            For       Did Not    Management
                                                          Vote
4     Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote
5     Approve Executive Stock Option Plan       For       Did Not    Management
                                                          Vote


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

SEKISUI HOUSE LTD.

Ticker:                      Security ID:  JP3420600003
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  JAN 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 9,
      Final JY 9, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
3.10  Elect Director                            For       For        Management
3.11  Elect Director                            For       For        Management
3.12  Elect Director                            For       For        Management
3.13  Elect Director                            For       For        Management
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Directors  For       For        Management



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

SHIONOGI & CO. LTD.

Ticker:                      Security ID:  JP3347200002
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 4.25,
      Final JY 4.25, Special JY 0
2     Amend Articles to: Reduce Minimum Board   For       For        Management
      Size - Reduce Directors Term in Office -
      Authorize Share Repurchases at Board's
      Discretion - Expand Business Lines
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
4.1   Appoint Internal Statutory Auditor        For       For        Management
4.2   Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditor


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

SOCIETE GENERALE

Ticker:       SCGLY          Security ID:  FR0000130809
Meeting Date: APR 12, 2004   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements and          For       For        Management
      Statutory Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 3.75 per Share
3     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Ratify Appointment of Jean Azema as       For       For        Management
      Director
6     Reelect Philippe Citerne as Director      For       For        Management
7     Reelect Antoine Jeancourt Galignani as    For       For        Management
      Director
8     Reelect Euan Baird as Director            For       For        Management
9     Reelect Michel Cicurel as Director        For       For        Management
10    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
11    Amend Articles of Association to Reflect  For       For        Management
      2003 Legal Changes Re: Internal Control
      Measures and Role of Chairman
12    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      EUR 900 Million
13    Authorize Issuance of Equity or           For       Against    Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of EUR 300 Million
14    Allow Board to Issue Shares in the Event  For       Against    Management
      of a Public Tender Offer or Share
      Exchange Offer, Subject to Certain
      Conditions
15    Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan
16    Approve Stock Option Plan Grants          For       For        Management
17    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
18    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities



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

TELECOM CORP. OF NEW ZEALAND

Ticker:       NZT            Security ID:  NZTELE0001S4
Meeting Date: OCT 9, 2003    Meeting Type: Annual
Record Date:  OCT 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorize Board to the Auditors'          For       For        Management
      Remuneration
2     Elect Roderick Deane as Director          For       For        Management
3     Elect Paul Baines as Director             For       For        Management
4     Approve Remuneration of Directors in the  For       For        Management
      Amount of NZD 1.5 Million Per Annum for
      the Directors of the Company and Its
      Subsidiaries
5     Elect Lindsay Pyne as Director            For       For        Management
6     Approve Issuance by the Board to Theresa  For       For        Management
      Gattung, Chief Executive Officer and
      Managing Director, During the Period to
      Sept. 30, 2006 of Up to 500,000 Ordinary
      Shares in the Company Under the
      Performance Incentive Scheme
7     Approve Issuance by the Board to Theresa  For       For        Management
      Gattung, Chief Executive and Managing
      Director, During the Period to Sept. 30,
      2006 of Up to 1.5  Million Options in the
      Company Under the Performance Option
      Scheme


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

TELEFONICA  S.A. (FORMERLY TELEFONICA DE ESPANA, S.A.)

Ticker:       TEF            Security ID:  ES0178430E18
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements, Allocation  For       For        Management
      of Income, and Discharge Directors
2     Approve Dividend Per Share                For       For        Management
3     Approve Auditors                          For       For        Management
4     Authorize Repurchase of Shares            For       For        Management
5     Approve General Meeting Guidelines        For       For        Management
6     Authorize Board to Ratify and Execute     For       For        Management
      Approved Resolutions


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

TELEKOM AUSTRIA

Ticker:                      Security ID:  AT0000720008
Meeting Date: JUN 3, 2004    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports
2     Approve Allocation of Income              For       For        Management
3     Approve Discharge of Management and       For       For        Management
      Supervisory Boards
4     Approve Remuneration of Directors         For       For        Management
5     Ratify Auditors                           For       For        Management
6     Amend Articles Re: Management Board       For       Against    Management
      Structure
7     Approve Creation of EUR 109.1 Million     For       For        Management
      Pool of Conditional Capital without
      Preemptive Rights
8     Approve Issuance of Convertible Bonds     For       For        Management
      and/or Bonds with Warrants Attached
      without Preemptive Rights; Approve
      Creation of EUR 109.1 Million Pool of
      Conditional Capital to Guarantee
      Conversion Rights
9     Receive Report Regarding Share Repurchse  None      None       Management
      Scheme
10    Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares



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

TOKYO ELECTRIC POWER CO. LTD.

Ticker:                      Security ID:  JP3585800000
Meeting Date: JUN 25, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 30,
      Final JY 30, Special JY 0
2     Amend Articles to: Expand Business Lines  For       For        Management
      - Reduce Maximum Board Size - Authorize
      Share Repurchases at Board's Discretion
3.1   Appoint Internal Statutory Auditor        For       For        Management
3.2   Appoint Internal Statutory Auditor        For       For        Management
3.3   Appoint Internal Statutory Auditor        For       For        Management
3.4   Appoint Internal Statutory Auditor        For       For        Management
3.5   Appoint Internal Statutory Auditor        For       For        Management
3.6   Appoint Internal Statutory Auditor        For       For        Management
3.7   Appoint Internal Statutory Auditor        For       For        Management
4     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditors
5     Approve Alternate Allocation of Income    Against   Against    Shareholder
6     Amend Articles of Incorporation to Create Against   Against    Shareholder
      Investment Business Risk Assessment
      Committee
7     Amend Articles to Create Obligation to    Against   Against    Shareholder
      Meet Legal Targets for Power Volume
      Generated by Natural Energy
8     Amend Articles to Prohibit Diversion of   Against   Against    Shareholder
      Radioactive Substances for Military
      Purposes
9     Amend Articles to Require Phase Out of    Against   Against    Shareholder
      Nuclear Facilities


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

TOKYO GAS CO. LTD.

Ticker:                      Security ID:  JP3573000001
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       Did Not    Management
      the Following Dividends: Interim JY 3,              Vote
      Final JY 4, Special JY 0
2     Amend Articles to: Allow Appointment of   For       Did Not    Management
      Alternate Statutory Auditors - Authorize            Vote
      Share Repurchases at Board's Discretion
3     Authorize Share Repurchase Program        For       Did Not    Management
                                                          Vote
4.1   Elect Director                            For       Did Not    Management
                                                          Vote
4.2   Elect Director                            For       Did Not    Management
                                                          Vote
4.3   Elect Director                            For       Did Not    Management
                                                          Vote
4.4   Elect Director                            For       Did Not    Management
                                                          Vote
4.5   Elect Director                            For       Did Not    Management
                                                          Vote
4.6   Elect Director                            For       Did Not    Management
                                                          Vote
4.7   Elect Director                            For       Did Not    Management
                                                          Vote
4.8   Elect Director                            For       Did Not    Management
                                                          Vote
4.9   Elect Director                            For       Did Not    Management
                                                          Vote
4.10  Elect Director                            For       Did Not    Management
                                                          Vote
4.11  Elect Director                            For       Did Not    Management
                                                          Vote
4.12  Elect Director                            For       Did Not    Management
                                                          Vote
5     Appoint Internal Statutory Auditor        For       Did Not    Management
                                                          Vote
6     Approve Retirement Bonuses for Directors  For       Did Not    Management
      and Statutory Auditor                               Vote



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

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

Ticker:       TOT            Security ID:  FR0000120271
Meeting Date: APR 28, 2004   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements and          For       For        Management
      Statutory Reports
2     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
3     Approve Allocation of Income and Net      For       For        Management
      Dividends of EUR 4.70 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital and Reissuance of
      Repurchased Shares
6     Authorize Issuance of Bonds/Debentures    For       For        Management
7     Reelect Thierry Desmarest as Director     For       For        Management
8     Reelect Thierry de Rudder as Director     For       For        Management
9     Reelect Serge Tchuruk as Director         For       For        Management
10    Elect Daniel Boeuf as Representative of   For       For        Management
      Employee Shareholders to the Board
11    Elect Philippe Marchandise as             Against   Against    Management
      Representative of Employee Shareholders
      to the Board
12    Elect Cyril Mouche as Representative of   Against   Against    Management
      Employee Shareholders to the Board
13    Elect Alan Cramer as Representative of    Against   Against    Management
      Employee Shareholders to the Board
14    Ratify Ernst & Young Audit as Auditors    For       For        Management
15    Ratify KPMG Audit as Auditors             For       For        Management
16    Ratify Pierre Jouanne as Alternate        For       For        Management
      Auditor
17    Ratify Jean-Luc Decornoy as Alternate     For       For        Management
      Auditor
18    Approve Remuneration of Directors in the  For       For        Management
      Aggregate Amount of EUR 900,000
19    Approve Stock Option Plan Grants          For       For        Management
20    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      EUR 4 Billion
21    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of EUR 2 Billion
22    Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan


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

UBS AG

Ticker:                      Security ID:  CH0012032030
Meeting Date: APR 15, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 2.60 per Share
3     Approve Discharge of Board and Senior     For       For        Management
      Management
4.1   Reelect Peter Davis as Director           For       For        Management
4.2.1 Elect Stephan Haeringer as Director       For       For        Management
4.2.2 Elect Helmut Panke as Director            For       For        Management
4.2.3 Elect Peter Spuhler as Director           For       For        Management
4.3   Ratify Ernst and Young as Auditors        For       For        Management
5.1   Approve CHF 47.6 Million Reduction in     For       For        Management
      Share Capital via Cancellation of Shares
5.2   Authorize Repurchase of Issued Share      For       For        Management
      Capital


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

UNICREDITO ITALIANO SPA (FORM .CREDITO ITALIANO)

Ticker:                      Security ID:  IT0000064854
Meeting Date: JUN 25, 2004   Meeting Type: Special
Record Date:  JUN 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Articles To Reflect New Italian     For       Against    Management
      Company Law Regulations; Introduce One
      New Article in the Bylaws; Cancel Rules
      Governing General Meetings As Part of the
      Company's Bylaws
1     Approve Rules Governing General Meetings  For       For        Management



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

UNICREDITO ITALIANO SPA (FORM .CREDITO ITALIANO)

Ticker:                      Security ID:  IT0000064854
Meeting Date: APR 30, 2004   Meeting Type: Annual/Special
Record Date:  APR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Issuance of Maximum 60 Million    For       For        Management
      Shares Pursuant to Share Option Scheme In
      Favor of Managers/Directors of the Group
2     Approve Issuance of Maximum 104.85        For       For        Management
      Million Shares Pursuant to Share Option
      Scheme In Favor of Employees of the Group
1     Accept Financial Statements, Consolidated For       For        Management
      Accounts, and Statutory Reports
2     Authorize Share Repurchase Program        For       For        Management
3     Approve Allocation of Income              For       For        Management
4     Appoint Internal Statutory Auditors,      For       For        Management
      Chairman, and Two Alternate Auditors
5     Approve Annual Remuneration of Internal   For       For        Management
      Statutory Auditors
6     Elect External Auditors, KPMG Spa, and    For       For        Management
      Fix Remuneration of Auditors


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UNILEVER N.V.

Ticker:       UN             Security ID:  NL0000009348
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAY 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and Report   None      None       Management
      by Remuneration Committe
2     Approve Financial Statements and          For       For        Management
      Allocation of Income and Dividends
3     Approve Discharge of Board of Directors   For       For        Management
4     Discussion of Company's Corporate         For       For        Management
      Governance Report; Amend Articles Re:
      Adopt One-Tier Board Structure; Enable
      Shareholders to Override Binding
      Nominations for Appointment of Directors;
      Other Changes
5.1   Elect A. Burgmans as Executive Director   For       For        Management
5.2   Elect A. Butler as Executive Director     For       For        Management
5.3   Elect P. Cescau as Executive Director     For       For        Management
5.4   Elect K. Dadiseth as Executive Director   For       For        Management
5.5   Elect NWA Fitzgerald KBE as Executive     For       For        Management
      Director
5.6   Elect A. van Heemstra as Executive        For       For        Management
      Director
5.7   Elect R. Markham as Executive Director    For       For        Management
5.8   Elect C. van der Graaf as New Executive   For       For        Management
      Director
6.1   Elect Rt Hon The Lord of Brittan of       For       For        Management
      Spennithorne QC DL as Non-Executive
      Director
6.2   Elect Baroness Chalker of Wallasey as     For       For        Management
      Non-Executive Director
6.3   Elect B. Collomb as Non-Executive         For       For        Management
      Director
6.4   Elect W. Dik as Non-Executive Director    For       For        Management
6.5   Elect O. Fanjul as Non-Executive Director For       For        Management
6.6   Elect C. Gonzalez as Non-Executive        For       For        Management
      Director
6.7   Elect H. Kopper as Non-Executive Director For       For        Management
6.8   Elect Lord Simon of Highbury CBE as       For       For        Management
      Non-Executive Director
6.9   Elect van der Veer as Non-Executive       For       For        Management
      Director
7     Approve Remuneration of Non-Executive     For       For        Management
      Directors in an Aggregate Amount of EUR
      800,000
8     Ratify PricewaterhouseCoopers as Auditors For       For        Management
9     Grant Board Authority to Issue All        For       Against    Management
      Authorized Yet Unissued Shares
      Restricting/Excluding Preemptive Rights
10    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
11    Authorize Board to Set Record Date for a  For       For        Management
      Period of Five Years
12    Allow Questions                           None      None       Management



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VODAFONE GROUP PLC

Ticker:                      Security ID:  GB0007192106
Meeting Date: JUL 27, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Re-elect Peter Bamford as Director        For       For        Management
4     Re-elect Julian Horn-Smith as Director    For       For        Management
5     Re-elect Sir David Scholey as Director    For       For        Management
6     Elect Luc Vandevelde as Director          For       For        Management
7     Approve Final Dividend of 1.0780 Pence    For       For        Management
      Per Ordinary Share
8     Re-appoint Deloitte and Touche LLP as     For       For        Management
      Auditors of the Company
9     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
10    Authorise the Company and Any Company     For       For        Management
      Which is or Becomes a Subsidiary of the
      Company to Make EU Political Donations or
      Incur EU Political Expenditure up to
      Aggregate Nominal Amount of GBP 100,000
11    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      USD 900 Million
12    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of USD 330 Million
13    Authorise 6.6 Billion Ordinary Shares for For       For        Management
      Market Purchase
14    Authorise 660 Million Ordinary Shares for For       For        Management
      Market Purchase Pursuant to Contingent
      Purchase Contracts


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VODAFONE GROUP PLC

Ticker:                      Security ID:  GB0007192106
Meeting Date: JUL 30, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Reelect Lord MacLaurin of Knebworth as    For       For        Management
      Director
4     Reelect Kenneth Hydon as Director         For       For        Management
5     Reelect Thomas Geitner as Director        For       For        Management
6     Reelect Alec Broers as Director           For       For        Management
7     Reelect Juergen Schrempp as Director      For       For        Management
8     Elect John Buchanan as Director           For       For        Management
9     Approve Final Dividend of 0.8983 Pence    For       For        Management
      Per Share
10    Ratify Deloitte and Touche as Auditors    For       For        Management
11    Authorize Board to Fix Remuneration of    For       For        Management
      Auditors
12    Authorize EU Political Donations up to    For       For        Management
      GBP 100,000
13    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      USD 900,000,000
14    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of USD 340,000,000
15    Authorize 6,800,000,000 Shares for Share  For       For        Management
      Repurchase Program



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VODAFONE HOLDINGS K.K. (FRM. JAPAN TELECOM HOLDINGS CO., LTD

Ticker:                      Security ID:  JP3732000009
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement with Vodafone    For       For        Management
      k.k.
2.1   Elect Director                            For       For        Management
2.2   Elect Director                            For       For        Management
2.3   Elect Director                            For       For        Management
2.4   Elect Director                            For       For        Management
2.5   Elect Director                            For       For        Management
2.6   Elect Director                            For       For        Management
2.7   Elect Director                            For       For        Management
2.8   Elect Director                            For       For        Management
2.9   Elect Director                            For       For        Management
2.10  Elect Director                            For       For        Management


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WOLSELEY PLC

Ticker:                      Security ID:  GB0009764027
Meeting Date: NOV 21, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 15.6 Pence Per  For       For        Management
      Share
4     Elect Gareth Davis as Director            For       For        Management
5     Elect Gerard Legtmann as Director         For       For        Management
6     Reelect John Whybrow as Director          For       For        Management
7     Reelect Stephen Webster as Director       For       For        Management
8     Reelect Fenton Hord as Director           For       For        Management
9     Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors and Authorize Board to Fix Their
      Remuneration
10    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 7,259,465
11    Authorize 58,075,722 Shares for Share     For       For        Management
      Repurchase Program
12    Approve Wolesley Share Option Plan 2003   For       Against    Management
13    Authorize EU Political Donations up to    For       For        Management
      GBP 125,000


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YAMANOUCHI PHARMACEUTICAL CO. LTD.

Ticker:                      Security ID:  JP3942400007
Meeting Date: JUN 24, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 15,
      Final JY 16, Special JY 0
2     Amend Articles to: Authorize Share        For       For        Management
      Repurchases at Board's Discretion
3     Approve Merger Agreement with Fujisawa    For       For        Management
      Pharmaceutical Co.
4.1   Elect Director                            For       For        Management
4.2   Elect Director                            For       For        Management
4.3   Elect Director                            For       For        Management
5.1   Appoint Internal Statutory Auditor        For       For        Management
5.2   Appoint Internal Statutory Auditor        For       For        Management
6     Approve Executive Stock Option Plan       For       For        Management
7     Approve Retirement Bonuses for Directors  For       For        Management




                                   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 International Value Equity 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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