UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM N-PX


               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY


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


                 Morgan Stanley International Value Equity Fund
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               (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)


                                Amy Doberman Esq


                                Managing Director


                     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:    7/1/04 - 6/30/05
                          ----------------------





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

ICA File Number: 811-10273
Reporting Period: 07/01/2004 - 06/30/2005
Morgan Stanley International Value Equity Fund









======================= INTERNATIONAL VALUE EQUITY FUND ========================


ABN AMRO HOLDING NV

Ticker:       ABN            Security ID:  NL0000301109
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  APR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Report of Management Board        None      None       Management
2a    Approve Financial Statements and          For       For        Management
      Statutory Reports
2b    Presentation on Dividend and Reserve      For       For        Management
      Policy; Approve Dividend
2c    Approve Discharge of Management Board     For       For        Management
2d    Approve Discharge of Supervisory Board    For       For        Management
3     Approve Remuneration Report Containing    For       For        Management
      Remuneration Policy for Management Board
      Members
4a    Elect Robert van den Bergh to Supervisory For       For        Management
      Board
4b    Elect Anthony Ruys to Supervisory Board   For       For        Management
5a    Discussion about Company's Corporate      None      None       Management
      Governance Structure
5b    Amend Articles to Reflect Recommendations For       For        Management
      of Dutch Corporate Governance Code and
      Amendments to Book 2 of Dutch Civil Code
      on Two-tiered Company Regime
6     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
7a    Grant Board Authority to Issue Authorized For       For        Management
      Yet Unissued  Ordinary Shares,
      Convertible Preference Shares, and
      Preference Financing Shares Up to 20
      Percent of Issued Capital
7b    Authorize Board to Exclude Preemptive     For       For        Management
      Rights from Issuance Under Item 7a
8     Other Business (Non-Voting)               None      None       Management


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ABN AMRO HOLDING NV

Ticker:       ABN            Security ID:  NL0000301109
Meeting Date: AUG 25, 2004   Meeting Type: Special
Record Date:  AUG 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Articles to Reflect Changes in      For       For        Management
      Capital: Cancel Outstanding Preference
      Shares and Issuance of New Financing
      Preference Shares
2     Grant Board Authority to Issue Ordinary   For       For        Management
      Shares, Convertible Preference Shares,
      and Financing Preference Shares up to 20
      Percent of Issued Share Capital
      Restricting/Excluding Preemptive Rights
3     Authorize Delisting of ABN AMRO Holding   For       For        Management
      N.V. Securities from Singapore Exchange


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AKZO-NOBEL NV

Ticker:       AZKBF          Security ID:  NL0000009132
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  APR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2     Receive Report of Management Board        None      None       Management
3a    Approve Financial Statements and          For       For        Management
      Statutory Reports
3b    Receive Explanation of Company's Reserves None      None       Management
      and Dividend Policy
3c    Adoption of Dividend Proposal             For       For        Management
4a    Approve Discharge of Management Board     For       For        Management
4b    Approve Discharge of Supervisory Board    For       For        Management
5     Fix Number of Members of Management Board For       For        Management
      at 4
6     Elect M.A. van den Bergh and Reelect A.E. For       For        Management
      Cohen to Supervisory Board
7     Discussion of Corporate Governance        None      None       Management
8a    Approve Remuneration Report Containing    For       For        Management
      Remuneration Policy for Management Board
      Members
8b    Approve Performance Related Share Plan    For       For        Management
      for Executives
8c    Approve Revised Performance Related       For       For        Management
      Option Plan for Executives
9     Amend Articles to Reflect Recommendations For       For        Management
      of Dutch Corporate Governance Code and
      Amendments to Book 2 of Dutch Civil Code
      on Two-tiered Company Regime
10a   Grant Board Authority to Issue Authorized For       For        Management
      Yet Unissued Common and/or Preferred
      Shares Up to 10 Percent of Issued Share
      Capital (20 Percent in Connection with
      Merger or Acquisition)
10b   Authorize Board to Exclude Preemptive     For       For        Management
      Rights from Issuance Under Item 10a
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 28, 2005   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 9.67 Pence Per  For       For        Management
      Share
3     Approve Remuneration Report               For       For        Management
4     Re-elect Graham Hetherington as Director  For       For        Management
5     Re-elect David Scotland as Director       For       For        Management
6     Re-elect Richard Turner as Director       For       For        Management
7     Reappoint KPMG Audit Plc as Auditors of   For       For        Management
      the Company
8     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
9     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 92,214,192.75
10    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 13,832,128.75
11    Authorise 110,657,031 Shares for Market   For       For        Management
      Purchase
12    Authorise EU Political Donations up to    For       For        Management
      GBP 80,000 and to Incur EU Political
      Expenditure up to GBP 20,000
13    Approve Allied Domecq PLC Performance     For       For        Management
      Share Plan 2005
14    Amend Allied Domecq PLC Long Tern         For       For        Management
      Incentive Scheme 1999


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ASATSU-DK INC.

Ticker:                      Security ID:  JP3109800007
Meeting Date: MAR 30, 2005   Meeting Type: Annual
Record Date:  DEC 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 11, Special JY 0
2     Amend Articles to Allow Non-Shareholders  For       For        Management
      to Act as Proxies for Shareholders of the
      Company
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


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ASTELLAS PHARMA INC. (FRMLY. YAMANOUCHI PHARMACEUTICAL CO. LTD.)

Ticker:                      Security ID:  JP3942400007
Meeting Date: JUN 24, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     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
2.1   Elect Director                            For       For        Management
2.2   Elect Director                            For       For        Management
3     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditors, and Special
      Payments to Continuing Directors and
      Statutory Auditor in Connection with
      Abolition of Retirement Bonus System
4     Approve Deep Discount Stock Option Plan   For       For        Management
5     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Directors


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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


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BARCLAYS PLC

Ticker:       MVCI           Security ID:  GB0031348658
Meeting Date: APR 28, 2005   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 Sir Andrew Likierman as Director For       For        Management
4     Re-elect Richard Clifford as Director     For       For        Management
5     Re-elect Matthew Barrett as Director      For       For        Management
6     Re-elect John Varley as Director          For       For        Management
7     Re-elect David Arculus as Director        For       For        Management
8     Re-elect Sir Nigel Rudd as Director       For       For        Management
9     Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Company
10    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
11    Approve Barclays PLC Performance Share    For       For        Management
      Plan
12    Authorise the Directors to Establish      For       For        Management
      Supplements or Appendices to the
      Performance Share Plan
13    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 538,163,237
14    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 80,724,485
15    Authorise 968,600,000 Ordinary Shares for For       For        Management
      Market Purchase


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BAYER AG

Ticker:       BAY            Security ID:  DE0005752000
Meeting Date: APR 29, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          For       For        Management
      Statutory Reports; Allocation of Income
      and Dividends of EUR 0.55 per Share
2     Approve Discharge of Management Board for For       For        Management
      Fiscal Year 2004
3     Approve Discharge of Supervisory Board    For       For        Management
      for Fiscal Year 2004
4     Elect Klaus Kleinfeld and Ekkehard Schulz For       For        Management
      to the Supervisory Board; Elect Jochen
      Appell and Hans-Dirk Krekeler as
      Alternate Members to the Supervisory
      Board
5     Amend Articles Re: Supervisory Board      For       For        Management
      Remuneration
6     Amend Articles Re: Calling of and         For       For        Management
      Registration for Shareholder Meetings due
      to Proposed Changes in German Law
      (Company Integrity and Modernization of
      Shareholder Lawsuits Regulation)
7     Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares
8     Ratify PwC Deutsche Revision AG as        For       For        Management
      Auditors for Fiscal Year 2005


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BAYER AG

Ticker:       BAY            Security ID:  DE0005752000
Meeting Date: NOV 17, 2004   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Spin-Off of LANXESS Segment;      For       For        Management
      Approve Acquisition of LANXESS AG


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BAYERISCHE MOTOREN WERKE AG (BMW)

Ticker:                      Security ID:  DE0005190003
Meeting Date: MAY 12, 2005   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 0.62 per Common Share
      and EUR 0.64 per Preferred Share
3     Approve Discharge of Management Board for For       For        Management
      Fiscal 2004
4     Approve Discharge of Supervisory Board    For       For        Management
      for Fiscal 2004
5     Ratify KPMG Deutsche                      For       For        Management
      Treuhand-Gesellschaft as Auditors
6     Amend Articles Re: Calling of and         For       For        Management
      Registration for Shareholder Meetings due
      to Pending Changes in German Law (Law on
      Company Integrity and Modernization of
      Shareholder Lawsuits)
7     Authorize Share Repurchase Program and    For       For        Management
      Cancellation of Repurchased Shares


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BHP BILLITON PLC (FORMERLY BILLITON PLC)

Ticker:                      Security ID:  GB0000566504
Meeting Date: JUN 13, 2005   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorise Appropriation of Distributable  For       For        Management
      Profits of the Company for the Dividend
      Rectification
2     Approve Cancellation of Share Premium     For       For        Management
      Account


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BHP BILLITON PLC (FORMERLY BILLITON PLC)

Ticker:                      Security ID:  GB0000566504
Meeting Date: NOV 25, 2004   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     Re-elect Don Argus as Director of BHP     For       For        Management
      Billiton Ltd.
4     Re-elect Don Argus as Director of BHP     For       For        Management
      Billiton Plc
5     Re-elect David Crawford as Director of    For       For        Management
      BHP Billiton Ltd.
6     Re-elect David Crawford as Director of    For       For        Management
      BHP Billiton Plc
7     Re-elect Charles Goodyear as Director of  For       For        Management
      BHP Billiton Ltd.
8     Re-elect Charles Goodyear as Director of  For       For        Management
      BHP Billiton Plc
9     Re-elect John Schubert as Director of BHP For       For        Management
      Billiton Ltd.
10    Re-elect John Schubert as Director of BHP For       For        Management
      Billiton Plc.
11    Reappoint KPMG Audit Plc as Auditors of   For       For        Management
      BHP Billiton Plc and Authorise Board to
      Fix Remuneration of Auditors
12    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      USD 265,926,499
13    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of USD 61,703,675
14    Authorise 246,814,700 BHP Billiton Plc    For       For        Management
      Ordinary Shares for Market Purchase
15    Approve Remuneration Report               For       For        Management
16    Amend BHP Billiton Ltd. and BHP Billiton  For       For        Management
      Plc Group Incentive Scheme
17    Approve BHP Billiton Ltd. and BHP         For       For        Management
      Billiton Plc Long Term Incentive Plan
18    Approve Grant of Deferred Shares and      For       For        Management
      Options under the Amended BHP Billiton
      Ltd. Group Incentive Scheme and Grant of
      Performance Shares under the BHP Billiton
      Ltd. Long Term Incentive Plan to Charles
      Goodyear
19    Approve Grant of Deferred Shares and      For       For        Management
      Options under the Amended BHP Billiton
      Plc Group Incentive Scheme and Grant of
      Performance Shares under the BHP Billiton
      Plc Long Term Incentive Plan to Mike
      Salamon


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BNP PARIBAS SA (FM. BANQUE NATIONALE DE PARIS)

Ticker:                      Security ID:  FR0000131104
Meeting Date: MAY 18, 2005   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 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     Reelect Jean-Francois Lepetit as Director For       For        Management
7     Reelect Gerhard Cromme as Director        For       For        Management
8     Reelect Francois Grappotte as Director    For       For        Management
9     Reelect Helene Ploix as Director          For       For        Management
10    Reelect Baudoin Prot as Director          For       For        Management
11    Elect Loyola De Palacio Del               For       For        Management
      Valle-Lersundi as Director to Replace
      Jacques Friedmann
12    Approve Remuneration of Directors in the  For       For        Management
      Aggregate Amount of EUR 780,000
13    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities
14    Approve Stock Option Plan Grants          For       For        Management
15    Approve Restricted Stock Plan to          For       Against    Management
      Directors and Employees of Company and
      its Subsidiaries
16    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
17    Approve Change In Number Of Directors     For       For        Management
      Elected By Employees
18    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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BOC GROUP PLC, THE

Ticker:       BOX            Security ID:  GB0001081206
Meeting Date: JAN 14, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Dividend Policy                   For       For        Management
3     Elect Guy Dawson as Director              For       For        Management
4     Elect Anne Quinn as Director              For       For        Management
5     Elect Iain Napier as Director             For       For        Management
6     Re-elect Tony Issac as Director           For       For        Management
7     Re-elect Rob Margetts as Director         For       For        Management
8     Reelect Raj Rajagopal as Director         For       For        Management
9     Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Company
10    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
11    Approve Remuneration Report               For       For        Management
12    Approve The BOC Group UK Savings-Related  For       For        Management
      Share Option Scheme 2005
13    Approve The BOC Group Share Matching Plan For       For        Management
14    Amend The BOC Group Long-Term Incentive   For       For        Management
      Plan
15    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 18,580,720
16    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 6,235,319.25
17    Authorise 49,882,554 Shares for Market    For       For        Management
      Purchase


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BP PLC  (FORM. BP AMOCO PLC )

Ticker:       BP.            Security ID:  GB0007980591
Meeting Date: APR 14, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Re-elect David Allen as Director          For       For        Management
2     Re-elect Lord Browne of Madingley as      For       For        Management
      Director
3     Re-elect John Bryan as Director           For       For        Management
4     Re-elect Antony Burgmans as Director      For       For        Management
5     Elect Iain Conn as Director               For       For        Management
6     Re-elect Erroll Davis, Jr. as Director    For       For        Management
7     Elect Douglas Flint as Director           For       For        Management
8     Re-elect Byron Grote as Director          For       For        Management
9     Re-elect Tony Hayward as Director         For       For        Management
10    Re-elect DeAnne Julius as Director        For       For        Management
11    Elect Sir Tom McKillop as Director        For       For        Management
12    Re-elect John Manzoni as Director         For       For        Management
13    Re-elect Walter Massey as Director        For       For        Management
14    Re-elect Michael Miles as Director        For       For        Management
15    Re-elect Sir Ian Prosser as Director      For       For        Management
16    Re-elect Michael Wilson as Director       For       For        Management
17    Re-elect Peter Sutherland as Director     For       For        Management
18    Reappoint Ernst & Young LLP as Auditors   For       For        Management
      and Authorise the Board to Determine
      Their Remuneration
19    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      USD 1,770 Million
20    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of USD 256 Million
21    Authorise 2.1 Billion Ordinary Shares for For       For        Management
      Market Purchase
22    Approve Remuneration Report               For       For        Management
23    Approve Share Incentive Plan              For       For        Management
24    Accept Financial Statements and Statutory For       For        Management
      Reports


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BRITISH AMERICAN TOBACCO PLC

Ticker:                      Security ID:  GB0002875804
Meeting Date: APR 28, 2005   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 29.2 Pence Per  For       For        Management
      Ordinary Share
4     Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Company
5     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
6a    Re-elect Kenneth Clarke as Director       For       For        Management
6b    Re-elect Paul Rayner as Director          For       For        Management
6c    Re-elect Thys Visser as Director          For       For        Management
7a    Re-elect Piet Beyers as Director          For       For        Management
7b    Re-elect Robert Lerwill as Director       For       For        Management
7c    Re-elect Sir Nicholas Scheele as Director For       For        Management
8     Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 178,421,446
9     Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 26,763,216
10    Authorise 214.1 Million Ordinary Shares   For       For        Management
      for Market Purchase
11    Approve EU Political Donations up to GBP  For       For        Management
      1,000,000 and Incur EU Political
      Expenditure up to GBP 1,000,000
12    Amend British American Tobacco Long-Term  For       For        Management
      Incentive Plan


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BUNZL PLC

Ticker:       BUNZ           Security ID:  GB0001540045
Meeting Date: JUN 2, 2005    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Demerger of Filtrona Business     For       For        Management
2     Conditional Upon the Passing of           For       For        Management
      Resolution 1, Approve Consolidation of
      Every 9 Bunzl Ordinary Shares of 25 Pence
      Each into 7 Bunzl Ordinary Shares of 32
      1/7 Pence Each
3     Authorise Directors to Implement the      For       For        Management
      Demerger and the Bunzl Share
      Consolidation
4     Authorise 34,067,000 Bunzl Shares for     For       For        Management
      Market Purchase


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BUNZL PLC

Ticker:       BUNZ           Security ID:  GB0001540045
Meeting Date: MAY 18, 2005   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 9.15 Pence Per  For       For        Management
      Share
3     Elect Urich Wolters as Director           For       For        Management
4     Elect Christoph Sander as Director        For       For        Management
5     Elect Mark Harper as Director             For       For        Management
6     Elect Pat Larmon as Director              For       For        Management
7     Re-elect Pat Dyer as Director             For       For        Management
8     Re-elect Paul Heiden as Director          For       For        Management
9     Re-elect David Williams as Director       For       For        Management
10    Reappoint KPMG Audit Plc as Auditors and  For       For        Management
      Authorise the Board to Determine Their
      Remuneration
11    Approve Remuneration Report               For       For        Management
12    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 39,700,000
13    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 5,635,000
14    Authorise 43,785,000 Shares for Market    For       For        Management
      Purchase
15    Amend Articles of Association Re:         For       For        Management
      Director's Indemnities
16    Amend Articles of Association Re:         For       For        Management
      Electronic Voting
17    Amend Articles of Association Re:         For       For        Management
      Treasury Shares


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

CADBURY SCHWEPPES PLC

Ticker:       CSG            Security ID:  GB0006107006
Meeting Date: MAY 19, 2005   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
      Ordinary Share
3     Approve Remuneration Report               For       For        Management
4     Re-elect Wolfgang Berndt as Director      For       For        Management
5     Re-elect Bob Stack as Director            For       For        Management
6     Elect Rosemary Thorne as Director         For       For        Management
7     Re-elect Baroness Wilcox as Director      For       For        Management
8     Reappoint Deloitte & Touche LLP as        For       For        Management
      Auditors of the Company
9     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
10    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 85,680,000
11    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 12,980,000
12    Authorise 25,960,000 Ordinary Shares for  For       For        Management
      Market Purchase


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

CANON INC.

Ticker:       CAJ            Security ID:  JP3242800005
Meeting Date: MAR 30, 2005   Meeting Type: Annual
Record Date:  DEC 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 40, Special JY 0
2     Amend Articles to: Expand Business Lines  For       For        Management
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
4     Approve Retirement Bonuses for Directors  For       For        Management


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

CENTRAL JAPAN RAILWAY CO.

Ticker:                      Security ID:  JP3566800003
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 2500,
      Final JY 3000, Special JY 0
2     Amend Articles to: Authorize Share        For       Against    Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
4     Appoint Internal Statutory Auditor        For       For        Management


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

CHUNGHWA TELECOM

Ticker:                      Security ID:  US17133Q2057
Meeting Date: JUN 21, 2005   Meeting Type: Annual
Record Date:  MAY 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     THE COMPANY S OPERATION REPORTS FOR 2004  None      For        Management
2     THE SUPERVISORS  AUDIT REPORTS ON THE     None      For        Management
      COMPANY S FINANCIAL STATEMENTS FOR 2004
3     THE COMPANY S FINANCIAL STATEMENTS FOR    None      For        Management
      2003 APPROVED BY THE MINISTRY OF AUDIT OF
      THE REPUBLIC OF CHINA
4     THE COMPANY S PROCUREMENT OF LIABILITY    None      For        Management
      INSURANCE FOR ITS DIRECTORS AND
      SUPERVISORS
5     THE COMPANY S ENACTMENT OF CODE OF ETHICS None      For        Management
6     THE COMPANY S FINANCIAL STATEMENTS FOR    For       For        Management
      2004
7     THE COMPANY S DISTRIBUTION OF EARNINGS    For       For        Management
      FOR 2004
8     THE DISBURSEMENT OF REMUNERATION TO THE   For       For        Management
      COMPANY S DIRECTORS AND SUPERVISORS
9     EXTRAORDINARY MOTIONS                     For       Against    Management


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

CREDIT SUISSE GROUP (FORMERLY CS HOLDING)

Ticker:       CSR            Security ID:  CH0012138530
Meeting Date: APR 29, 2005   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     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 1.50 per Share
4     Authorize Repurchase of up to Ten Percent For       For        Management
      of Issued Share Capital
5.1   Reelect Peter Brabeck-Letmathe, Thomas    For       For        Management
      Bechtler, Robert Benmosche and Ernst
      Tanner as Directors; Elect Jean Lanier
      and Anton van Rossum as Directors
5.2   Ratify KPMG Klynveld Peat Marwick         For       For        Management
      Goerdeler SA as Auditors
5.3   Ratify BDO Visura as Special Auditors     For       For        Management
6     Extend Authorization Term for Creation of For       For        Management
      CHF 22.7 Million Conditional Capital


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

CSM NV (FORMERLY CENTRALE SUIKER MAATSCHAPPIJ NV)

Ticker:                      Security ID:  NL0000344265
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  APR 13, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2a    Receive Reports of Management and         None      None       Management
      Supervisory Board
2b    Discussion about Management Board Report  None      None       Management
2c    Discussion about Supervisory Board Report None      None       Management
3a    Receive Explanation of Company's Reserves None      None       Management
      and Dividend Policy
3b    Approve Dividend                          For       For        Management
3c    Approve Financial Statements and          For       For        Management
      Statutory Reports
4     Approve Discharge of Management Board     For       For        Management
5     Approve Discharge of Supervisory Board    For       For        Management
6     Discussion about Corporate Governance     None      None       Management
7a    Elect G.J. Hoetmer to Management Board    For       For        Management
7b    Elect M. Ververs to Management Board      Against   Against    Management
8a    Approve Remuneration Report Containing    For       Against    Management
      Remuneration Policy for Management Board
      Members
8b    Approve Long-Term Incentive Plan for      For       Against    Management
      Board of Management
9     Receive Announcement on Composition of    None      None       Management
      Supervisory Board
10    Approve Remuneration of Supervisory Board For       For        Management
      and Supervisory Board Committees
11    Amend Articles to Reflect Recommendations For       For        Management
      of Dutch Corporate Governance Code and
      Amendments to Book 2 of Dutch Civil Code
      on Two-tiered Company Regime
12    Grant Board Authority to Issue Authorized For       For        Management
      Yet Unissued Shares up to 10 Percent of
      Share Capital Restricting/Excluding
      Preemptive Rights (20 Percent in
      Connection with Merger or Acquisition)
13    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Ordinary Shares and Financing
      Preference Shares
14    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Share
15    Ratify PricewaterhouseCoopers Accountants For       For        Management
      N.V. as Auditors
16    Announcements and Other Business          None      None       Management
      (Non-Voting)
17    Close Meeting                             None      None       Management


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

DAI NIPPON PRINTING CO. LTD.

Ticker:                      Security ID:  JP3493800001
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY
      10.50, Final JY 13.50, Special JY 0
2     Amend Articles to: Increase Authorized    For       Against    Management
      Capital from 1.2 Billion to 1.5 Billion
      Shares - Cancel Year-End Closure of
      Shareholder Register - Reduce Maximum
      Board Size - Increase Maximum Number of
      Internal Auditors
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
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Statutory
      Auditors
6     Approve Retirement Bonuses for Directors  For       For        Management


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

DAIWA SECURITIES GROUP CO. LTD.

Ticker:                      Security ID:  JP3502200003
Meeting Date: JUN 24, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     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
1.13  Elect Director                            For       For        Management
2     Approve Executive Stock Option Plan and   For       For        Management
      Deep Discount Stock Option Plan


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

DEUTSCHE TELEKOM AG

Ticker:       DT             Security ID:  DE0005557508
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  APR 19, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      None       Management
      Statutory Reports for Fiscal Year 2004
2     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 0.62 per Share
3     Approve Discharge of Management Board for For       For        Management
      Fiscal Year 2004
4     Approve Discharge of Supervisory Board    For       For        Management
      for Fiscal Year 2004
5     Ratify PwC Deutsche Revision AG as        For       For        Management
      Auditors for Fiscal Year 2005
6     Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares
7     Elect Volker Halsch to the Supervisory    For       For        Management
      Board
8     Elect Wolfgang Reitzle to the Supervisory For       For        Management
      Board
9     Authorize Issuance of Convertible Bonds   For       For        Management
      without Preemptive Rights up to Sum of
      EUR 5 Billion; Approve Creation of EUR
      600 Million Pool of Conditional Capital
      without Preemptive Rights to Guarantee
      Conversion Rights
10    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (MagyarCom Holding GmbH)
11    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (DeTeFleetServices GmbH)
12    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (DFMG Holding GmbH)
13    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (DeTe Immobilien, Deutsche
      Telekom Immobilien und Service GmbH)
14    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (DeTeAssukuranz-Deutsche
      Telekom
      Assekuranz-Vermittlungsgesellschaft mbH)
15    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (T-Punkt Vertriebsgesellschaft
      mbH)
16    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (Deutsche Telekom Training
      GmbH)
17    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (T-Systems International GmbH)
18    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (DeTeMedien, Deutsche Telekom
      Medien GmbH)
19    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (Carmen
      Telekommunikationsdienste GmbH)
20    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (Norma
      Telekommunikationsdienste GmbH)
21    Approve Affiliation Agreement with        For       For        Management
      Subsidiary (Traviata
      Telekommunikationsdienste GmbH)
22    Approve Profit and Loss Transfer          For       For        Management
      Agreement with Subsidiary (MagyarCom
      Holding GmbH)
23    Amend Articles Re: Time Designation at    For       For        Management
      Shareholder Meetings due to Proposed
      Changes in German Law (Company Integrity
      and Modernization of Shareholder Lawsuits
      Regulation)


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

ENI SPA

Ticker:       E              Security ID:  IT0003132476
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAY 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements, Consolidated For       For        Management
      Accounts, and Statutory Reports
2     Approve Allocation of Income              For       For        Management
3     Authorize Share Repurchase Program        For       For        Management
4     Authorize Reissuance of Repurchased       For       For        Management
      Shares To Service Stock Option Plan in
      Favor of Group Management
5     Fix Number of Directors                   For       For        Management
6     Set Directors' Term of Office             For       For        Management
7.1   Elect Directors - Slate 1 Submitted by    None      Against    Management
      the Ministry of Economy and Finance
7.2   Elect Directors - Slate 2 Submitted by a  None      For        Management
      Group of Institutional Investors
      (Minority Slate)
8     Elect Chairman of the board of Directors  For       For        Management
9     Approve Remuneration of Chairman of the   For       For        Management
      Board and of Directors
10.1  Elect Internal Statutory Auditors - Slate None      Against    Management
      1 Submitted by the Ministry of Economy
      and Finance
10.2  Elect Internal Statutory Auditors - Slate None      For        Management
      1 Submitted by a Group of Institutional
      Investors (Minority Slate)
11    Appoint Chairman of the Internal          For       For        Management
      Statutory Auditors' Board
12    Approve Remuneration of Chairman of       For       For        Management
      Internal Statutory Auditors' Board and of
      Primary Internal Statutory Auditors


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

FORTIS SA/NV

Ticker:                      Security ID:  BE0003801181
Meeting Date: MAY 25, 2005   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      Did Not    Management
                                                          Vote
2.1   Discuss Statutory Reports (Non-Voting)    None      Did Not    Management
                                                          Vote
2.2   Discuss Consolidated Financial Statements None      Did Not    Management
                                                          Vote
2.3   Accept Financial Statements               For       Did Not    Management
                                                          Vote
2.4   Adopt Allocation of Income For Fiscal     For       Did Not    Management
      Year 2003                                           Vote
2.5   Discuss Dividend Policy                   None      Did Not    Management
                                                          Vote
2.6   Approve Dividends of EUR 1.04 Per Fortis  For       Did Not    Management
      Unit                                                Vote
2.7   Approve Discharge of Directors            For       Did Not    Management
                                                          Vote
2.8   Approve Discharge of Auditors             For       Did Not    Management
                                                          Vote
3     Discuss Implementation of Belgian         None      Did Not    Management
      Corporate Governance Code                           Vote
4.1   Reelect Maurice Lippens as Director       For       Did Not    Management
                                                          Vote
4.2   Reelect Baron Daniel Janssen as Director  For       Did Not    Management
                                                          Vote
4.3   Elect Jean-Paul Votron as Director        For       Did Not    Management
                                                          Vote
5     Authorize Share Repurchase Program and    For       Did Not    Management
      Cancellation of Repurchased Shares                  Vote
6     Close Meeting                             None      Did Not    Management
                                                          Vote


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

FORTIS SA/NV

Ticker:                      Security ID:  BE0003801181
Meeting Date: MAY 25, 2005   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      Did Not    Management
                                                          Vote
2     Authorize Share Repurchase Program and    For       Did Not    Management
      Cancellation of Repurchased Shares                  Vote
3     Close Meeting                             None      Did Not    Management
                                                          Vote


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

FORTIS SA/NV

Ticker:                      Security ID:  BE0003801181
Meeting Date: OCT 11, 2004   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2     Elect Jean-Paul Votron to Board of        For       For        Management
      Directors
3.1   Approve Remuneration Report               For       Against    Management
3.2   Approve Stock Option Plan and Restricted  For       Against    Management
      Share Plan for Executive Members of the
      Board
4     Close Meeting                             None      None       Management


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

FRANCE TELECOM SA

Ticker:                      Security ID:  FR0000133308
Meeting Date: APR 22, 2005   Meeting Type: Annual/Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Financial Statements and          For       For        Management
      Discharge Directors
2     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
3     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 0.48 per Share
4     Approve Accounting Transfers From         For       For        Management
      Long-Term Capital Gains Account to
      Ordinary Reserve
5     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
6     Elect Didier Lombard as Director          For       For        Management
7     Reelect Didier Lombard as Director        For       For        Management
8     Reelect Marcel Roulet as Director         For       For        Management
9     Reelect Stephane Richard as Director      For       For        Management
10    Reelect Arnaud Lagardere as Director      For       For        Management
11    Reelect Henri Martre as Director          For       For        Management
12    Reelect Bernard Dufau as Director         For       For        Management
13    Reelect Jean Simonin as Director          For       For        Management
14    Elect Jean-Yves Bassuel as Representative None      Against    Management
      of Employee Shareholders to the Board
15    Elect Bernard Gingreau as Representative  None      Against    Management
      of Employee Shareholders to the Board
16    Elect Stephane Tierce as Representative   None      Against    Management
      of Employee Shareholders to the Board
17    Approve Remuneration of Directors in the  For       For        Management
      Aggregate Amount of EUR 500,000
18    Confirm Name Change of Auditor to         For       For        Management
      Deloitte & Associes
19    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
20    Cancel Outstanding Authority to Issue     For       For        Management
      Bonds/Debentures
21    Amend Articles to Reflect August 2003 and For       Against    Management
      June 2004 Regulations
22    Amend Articles to Reflect the             For       For        Management
      Privatization of the Company
23    Amend Articles to Set Retirement Age of   For       Against    Management
      Chairman, CEO, and Other Executive
      Directors
24    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      EUR 4 Billion
25    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of EUR 4 Billion
26    Authorize Board to Set Issue Price for    For       Against    Management
      Ten Percent of Issued Capital Pursuant to
      Issue Authority without Preemptive Rights
27    Authorize Board to Increase Capital in    For       Against    Management
      the Event of Demand Exceeding Amounts
      Proposed in Items 24 and 25
28    Authorize Capital Increase of Up to EUR 4 For       For        Management
      Billion for Future Exchange Offers
29    Authorize Capital Increase of Up to Ten   For       Against    Management
      Percent of Issued Capital for Future
      Acquisitions
30    Authorize Issuance of Equity Upon         For       For        Management
      Conversion of a Subsidiary's
      Equity-Linked Securities
31    Authorize Capital Increase of Up to EUR   For       For        Management
      400 Million to Participants of Orange
      S.A. Stock Option Plan in Connection with
      France Telecom Liquidity Agreement
32    Approve Restricted Stock Plan for Orange  For       Against    Management
      S.A. Option Holders
33    Set Global Limit for Capital Increase to  For       For        Management
      Result from All Issuance Requests at EUR
      8 Billion
34    Approve Issuance of Securities            For       For        Management
      Convertible into Debt
35    Authorize Capitalization of Reserves of   For       For        Management
      Up to EUR 2 Billion for Bonus Issue or
      Increase in Par Value
36    Approve Capital Increase Reserved for     For       Against    Management
      Employees Participating in
      Savings-Related Share Purchase Plan
37    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
38    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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

FRANCE TELECOM SA

Ticker:                      Security ID:  FR0000133308
Meeting Date: SEP 1, 2004    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger by Absorption of Wholly    For       For        Management
      Owned Subsidiary Wanadoo; Approve
      Accounting Treatment of Merger
2     Authorize Assumption of 27.38 Million     For       For        Management
      Non-Exercised Wanadoo Stock Options
3     Approve Dissolution of Wanadoo Without    For       For        Management
      Liquidation
4     Authorize Board to Issue Up to 100        For       For        Management
      Million Shares to Signatories of
      Liquidity Agreement Pursuant to
      Conversion of Orange SA Stock Options
5     Approve Stock Option Plan Grants          For       Against    Management
6     Approve Capital Increase Reserved for     For       Against    Management
      Employees Participating in
      Savings-Related Share Purchase Plan
7     Amend Terms of Share Repurchase of Up to  For       For        Management
      Ten Percent of Issued Capital Submitted
      to Shareholder Vote at April 9, 2004,
      Shareholder Meeting
8     Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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

FUJI PHOTO FILM CO. LTD.

Ticker:       FUJIY          Security ID:  JP3814000000
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 12.5,
      Final JY 12.5, 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
3     Approve Retirement Bonuses for Directors  For       For        Management
4     Approve Retirement Bonus for Statutory    For       Against    Management
      Auditor


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

GLAXOSMITHKLINE PLC (FORMERLY GLAXO WELLCOME PLC )

Ticker:       GSK            Security ID:  GB0009252882
Meeting Date: MAY 25, 2005   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 Christopher Gent as Director    For       For        Management
4     Elect Sir Deryck Maughan as Director      For       For        Management
5     Elect Julian Heslop as Director           For       For        Management
6     Re-elect Jean-Pierre Garnier as Director  For       For        Management
7     Re-elect Sir Ian Prosser as Director      For       For        Management
8     Re-elect Ronaldo Schmitz as Director      For       For        Management
9     Re-elect Lucy Shapiro as Director         For       For        Management
10    Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Company
11    Authorise the Audit Committee to Fix      For       For        Management
      Remuneration of the Auditors
12    Approve EU Political Donations up to GBP  For       For        Management
      50,000 and Incur EU Political Expenditure
      up to GBP 50,000
13    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 73,301,955
14    Authorise 586,415,642 Ordinary Shares for For       For        Management
      Market Purchase
15    Amend Articles of Association Re:         For       For        Management
      Shareholder Resolutions
16    Amend Articles of Association Re:         For       For        Management
      Indemnification of Directors
17    Amend Articles of Association Re:         For       For        Management
      Participation of a Proxy in a Meeting


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

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


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

HAYS PLC

Ticker:                      Security ID:  GB0004161021
Meeting Date: NOV 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 Final Dividend of 2 Pence Per     For       For        Management
      Share
3     Approve Remuneration Report               For       For        Management
4     Re-elect Bob Lawson as Director           For       For        Management
5     Re-elect Lesley Knox as Director          For       For        Management
6     Reappoint Deloitte & Touche LLP as        For       For        Management
      Auditors of the Company
7     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
8     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 5,785,981
9     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 867,897
10    Authorise 260,369,178 Ordinary Shares for For       For        Management
      Market Purchase


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

HAYS PLC

Ticker:                      Security ID:  GB0004161021
Meeting Date: OCT 28, 2004   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Demerger Of the DX Mail Business  For       For        Management
      of Hays plc by Way of Dividend Specie;
      Approve Consolidation of DX Services
      plc's Share Capital; Approve Proposals
      with Respect to Options and Awards under
      the Hays Employee Share Scheme
2     Approve Reduction Of the Nominal Value of For       For        Management
      Each DX Services Share From 40 Pence to 5
      Pence
3     Approve DX Services Restricted Share Plan For       Against    Management
4     Approve DX Services Longer Term           For       Against    Management
      Co-Investment Plan
5     Approve Save-As-You-Earn Share Scheme     For       Against    Management


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

HOLCIM LTD.  (FORMERLY HOLDERBANK FINANCIERE GLARUS)

Ticker:                      Security ID:  CH0012214059
Meeting Date: MAY 3, 2005    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     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 1.25 per Share
4.1   Reelect Willy Kissling, Erich Hunziker,   For       For        Management
      Andreas von Planta, and Gilbert Probst as
      Directors; Elect Thomas Schmidheiny,
      Wolfgang Schuerer, and Dieter Spaelti as
      Directors
4.2   Ratify Ernst & Young Ltd. as Auditors     For       For        Management


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

IMPERIAL TOBACCO GROUP PLC

Ticker:       ITY            Security ID:  GB0004544929
Meeting Date: FEB 1, 2005    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 Pence Per    For       For        Management
      Share
4     Re-elect Anthony Alexander as Director    For       For        Management
5     Re-elect Derek Bonham as Director         For       For        Management
6     Re-elect Gareth Davis as Director         For       For        Management
7     Re-elect Robert Dyrbus as Director        For       For        Management
8     Elect Susan Murray as Director            For       For        Management
9     Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors of the Company
10    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
11.1  Authorise the Company to Make EU          For       For        Management
      Political Donations up to Aggregate
      Nominal Amount of GBP 25,000 and Incur EU
      Political Expenditure Not Exceeding GBP
      25,000
11.2  Authorise Imperial Tobacco Ltd. to Make   For       For        Management
      EU Political Donations up to Aggregate
      Nominal Amount of GBP 25,000 and Incur EU
      Political Expenditure Not Exceeding GBP
      25,000
11.3  Authorise Imperial Tobacco International  For       For        Management
      Ltd. to Make EU Political Donations up to
      Aggregate Nominal Amount of GBP 25,000
      and Incur EU Political Expenditure Not
      Exceeding GBP 25,000
11.4  Authorise Van Nelle Tabak Nederland B.V.  For       For        Management
      to Make EU Political Donations up to
      Aggregate Nominal Amount of GBP 25,000
      and Incur EU Political Expenditure Not
      Exceeding GBP 25,000
11.5  Authorise John Player & Sons Ltd. to Make For       For        Management
      EU Political Donations up to Aggregate
      Nominal Amount of GBP 25,000 and Incur EU
      Political Expenditure Not Exceeding GBP
      25,000
11.6  Authorise Reemtsma Cigarettenfabriken     For       For        Management
      GmbH to Make EU Political Donations up to
      Aggregate Nominal Amount of GBP 25,000
      and Incur EU Political Expenditure Not
      Exceeding GBP 25,000
11.7  Authorise Ets L. Lacroix Fils NV/SA to    For       For        Management
      Make EU Political Donations up to
      Aggregate Nominal Amount of GBP 25,000
      and Incur EU Political Expenditure Not
      Exceeding GBP 25,000
12    Approve Imperial Tobacco Group            For       For        Management
      International Sharesave Plan
13    Amend Imperial Tobacco Group Share        For       For        Management
      Matching Scheme
14    Amend Imperial Tobacco Group Long Term    For       For        Management
      Incentive Plan
15    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 24,300,000
16    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 3,645,000
17    Authorise 72,900,000 Shares for Market    For       For        Management
      Purchase


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

ING GROEP NV

Ticker:       ING            Security ID:  NL0000303600
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  APR 19, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2a    Receive Reports of Executive and          None      None       Management
      Supervisory Boards
2b    Discussion on Profit Retention and        None      None       Management
      Distribution Policy
3a    Approve Financial Statements and          For       For        Management
      Statutory Reports
3b    Approve Allocation of Income and Total    For       For        Management
      Dividends of EUR 1.07 Per Share
4a    Approve Discharge of Executive Board      For       For        Management
4b    Approve Discharge of Supervisory Board    For       For        Management
5a    Discuss and Approve Implementation of     For       For        Management
      Dutch Corporate Governance Code by
      Company
5b    Discuss Executive Board Profile           None      None       Management
5c    Discuss Supervisory Board Profile         None      None       Management
6a    Reelect Luella Gross Goldberg to          For       For        Management
      Supervisory Board
6b    Reelect Godfried van der Lugt to          For       For        Management
      Supervisory Board
6c    Elect Jan Hommen to Supervisory Board     For       For        Management
6d    Elect Christine Lagarde to Supervisory    For       For        Management
      Board
7     Approve Stock Option and Incentive Stock  For       For        Management
      Grants for Members of Executive Board
8a    Grant Board Authority to Issue 220        For       For        Management
      Million Ordinary Shares
      Restricting/Excluding Preemptive Rights
      (Plus 220 Million Ordinary Shares in
      Connection with Merger)
8b    Grant Board Authority to Issue 10 Million For       For        Management
      Preference B Shares in Connection with
      Conversion of ING Perpetuals III
9     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
10    Other Business (Non-Voting)               None      None       Management


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

INTERCONTINENTAL HOTELS GROUP PLC

Ticker:                      Security ID:  GB00B03NF665
Meeting Date: JUN 1, 2005    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Reduction and Increase of Share Cap.;     For       For        Management
      Issue of Equity with Pre-emp. Rights up
      to GBP 750,000,000; Amend Articles of
      Association; Reclassify Auth. but Uniss.
      Ord. Share into Def. Share of 112p;
      Reduction of Cap.; Change Name to
      InterContinental Hotels Plc


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

INTERCONTINENTAL HOTELS GROUP PLC

Ticker:                      Security ID:  GB00B03NF665
Meeting Date: JUN 1, 2005    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 10 Pence Per    For       For        Management
      Share
4a    Elect Andrew Cosslett as Director         For       For        Management
4b    Elect David Kappler as Director           For       For        Management
4c    Re-elect Robert Larson as Director        For       For        Management
4d    Re-elect Richard Hartman as Director      For       For        Management
4e    Re-elect Ralph Kugler as Director         For       For        Management
4f    Re-elect Richard Solomons as Director     For       For        Management
5     Reappoint Ernst & Young LLP as Auditors   For       For        Management
      of the Company
6     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
7     Approve EU Political Donations and        For       For        Management
      Expenditure up to GBP 100,000
8     Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 225,019,783
9     Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 33,752,967
10    Authorise 90,349,461 Shares for Market    For       For        Management
      Purchase


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

INTERCONTINENTAL HOTELS GROUP PLC

Ticker:                      Security ID:  GB00B03NF665
Meeting Date: JUN 1, 2005    Meeting Type: Court
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Scheme of Arrangement             For       For        Management


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

ITV PLC

Ticker:                      Security ID:  GB0033986497
Meeting Date: FEB 7, 2005    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Scheme of Arrangement Re:         For       For        Management
      Proposed Cancellation of Scheme Shares
      For the Purpose of Reorganisation of
      Share Capital
2     Conditionally Upon the Approval of Any    For       For        Management
      Variation of the Rights for Ordinary
      Shares and Convertible Shares in Separate
      Class Meetings, the New Articles of the
      Company be adopted to Replace Existing
      Articles


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

ITV PLC

Ticker:                      Security ID:  GB0033986497
Meeting Date: FEB 7, 2005    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Scheme of Arrangement Re:         For       For        Management
      Proposed Cancellation of Scheme Shares
      For the Purpose of Reorganisation of
      Share Capital


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

ITV PLC

Ticker:                      Security ID:  GB0033986497
Meeting Date: FEB 7, 2005    Meeting Type: Court
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Scheme of Arrangement Re:         For       Did Not    Management
      Proposed Cancellation of Scheme Shares              Vote
      For the Purpose of Reorganisation of
      Share Capital


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

ITV PLC

Ticker:                      Security ID:  GB0033986497
Meeting Date: MAY 26, 2005   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 1.3 Pence Per   For       For        Management
      Share
4     Re-elect Charles Allen as Director        For       For        Management
5     Re-elect David Chance as Director         For       For        Management
6     Re-elect James Crosby as Director         For       For        Management
7     Re-elect John McGrath as Director         For       For        Management
8     Elect Sir Robert Phillis as Director      For       For        Management
9     Elect Baroness Usha Prashar as Director   For       For        Management
10    Reappoint KPMG Audit Plc as Auditors of   For       For        Management
      the Company
11    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
12    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 138,000,000
13    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 21,000,000
14    Approve EU Political Donations and        For       For        Management
      Expenditure up to GBP 150,000
15    Authorise 409,000,000 Ordinary Shares and For       For        Management
      12,000,000 Convertible Shares for Market
      Purchase


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

JAPAN TOBACCO INC

Ticker:                      Security ID:  JP3726800000
Meeting Date: JUN 24, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 5000,
      Final JY 7000, Special JY 1000
2.1   Elect Director                            For       For        Management
2.2   Elect Director                            For       For        Management
3     Appoint Internal Statutory Auditor        For       For        Management
4     Approve Retirement Bonuses for Director   For       Against    Management
      and Statutory Auditor


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

KANSAI ELECTRIC POWER CO. INC.

Ticker:                      Security ID:  JP3228600007
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     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
2.1   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
2.20  Elect Director                            For       For        Management
2.21  Elect Director                            For       For        Management
2.22  Elect Director                            For       For        Management
2.23  Elect Director                            For       For        Management
2.24  Elect Director                            For       For        Management
2.25  Elect Director                            For       For        Management
2.26  Elect Director                            For       For        Management
3     Approve Retirement Bonuses for Directors  For       For        Management
4     Amend Articles to Cap Board Size at 12    Against   Against    Shareholder
5     Amend Articles to Limit Number of         Against   Against    Shareholder
      Statutory Auditors and Require One
      Auditor From Environmental NGO
6     Amend Articles to Require Efforts to      Against   Against    Shareholder
      Prevent Global Warming
7     Amend Articles to Declare Switch From     Against   Against    Shareholder
      Nuclear to Natural Energy
8     Amend Articles to Require All Employees   Against   Against    Shareholder
      to Re-Study Compliance Manual
9     Amend Articles to Require Prioritization  Against   Against    Shareholder
      of Skilled Employees
10    Amend Articles to Prevent Cuts in Repair  Against   Against    Shareholder
      and Maintenance Expenditures
11    Approve Alternate Income Allocation       Against   Against    Shareholder
      Proposal
12    Remove Two Directors from Office          Against   Against    Shareholder
13    Amend Articles to Limit Board Size and    Against   Against    Shareholder
      Require Appointment of Director to Be
      Responsible for Victims of Nuclear
      Accidents
14    Abolish Retirement Bonus System           Against   Against    Shareholder
15    Amend Articles to Require Appointment of  Against   Against    Shareholder
      Environmental Management Committee
16    Amend Articles to Require Appointment of  Against   Against    Shareholder
      Nuclear Power Earthquake Countermeasure
      Committee
17    Amend Articles to Prohibit Participation  Against   Against    Shareholder
      in Reprocessing Activities
18    Amend Articles to Prohibit Use of         Against   Against    Shareholder
      Plutonium


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

KAO CORP.

Ticker:                      Security ID:  JP3205800000
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 19,
      Final JY 19, Special JY 0
2     Authorize Share Repurchase Program        For       For        Management
3     Amend Articles to: Expand Business Lines  For       For        Management
      - Restore Previous Level of Authorized
      Capital Following Share Repurchase and
      Cancellation
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Executive Stock Option Plan       For       For        Management


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

KYOCERA CORP.

Ticker:       KYO            Security ID:  JP3249600002
Meeting Date: JUN 28, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 30,
      Final JY 50, Special JY 0
2     Amend Articles to: Reduce Maximum Board   For       For        Management
      Size - Authorize Public Announcements in
      Electronic Format
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 Bonus for Director     For       For        Management
6     Approve Retirement Bonus for Statutory    For       For        Management
      Auditor
7     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Directors
8     Approve Executive Stock Option Plan       For       For        Management


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

LAWSON, INC.

Ticker:                      Security ID:  JP3982100004
Meeting Date: MAY 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 35,
      Final JY 35, Special JY 0
2     Amend Articles to: Expand Business Lines  For       For        Management
      - Decrease Authorized Capital to Reflect
      Share Repurchase
3.1   Elect Director                            For       For        Management
3.2   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 Executive Stock Option Plan       For       For        Management
6     Approve Deep Discount Stock Option Plan   For       For        Management
7     Approve Retirement Bonuses for Directors  For       For        Management
      and Statutory Auditor, and Special
      Payments to Continuing Directors in
      Connection with Abolition of Retirement
      Bonus System


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

LINDE AG

Ticker:                      Security ID:  DE0006483001
Meeting Date: JUN 8, 2005    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       For        Management
      Fiscal Year 2004
4     Approve Discharge of Supervisory Board    For       For        Management
      for Fiscal Year 2004
5     Ratify KPMG Deutsche                      For       For        Management
      Treuhand-Gesellschaft as Auditors for
      Fiscal Year 2005
6     Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares
7     Approve Creation of EUR 80 Million Pool   For       For        Management
      of Conditional Capital with Preemptive
      Rights
8     Approve Creation of EUR 40 Million Pool   For       For        Management
      of Conditional Capital without Preemptive
      Rights
9     Approve Issuance of Convertible Bonds     For       For        Management
      and/or Bonds with Warrants Attached up to
      Aggregate Nominal Amount of EUR 1,000
      Million with Preemptive Rights; Approve
      Creation of EUR 50 Million Pool of
      Conditional Capital to Guarantee
      Conversion Rights
10    Amend Articles Re: Supervisory Board      For       For        Management
      Remuneration


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

MILLEA HOLDINGS INC.

Ticker:                      Security ID:  JP3910660004
Meeting Date: JUN 28, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 0,
      Final JY 11000, Special JY 0
2     Amend Articles to: Abolish Retirement     For       For        Management
      Bonus System - Decrease Authorized
      Capital to Reflect Share Repurchase
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
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       Against    Management
      and Statutory Auditors and Special
      Payments to Continuing Directors and
      Statutory Auditors in Connection with
      Abolition of Retirement Bonus System
6     Approve Deep Discount Stock Option Plan   For       For        Management
7     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Directors
8     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Statutory
      Auditors


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

MITSUBISHI ESTATE CO. LTD.

Ticker:                      Security ID:  JP3899600005
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     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: Reduce Maximum Board   For       For        Management
      Size
3.1   Elect Director                            For       Against    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       Against    Management
4.2   Appoint Internal Statutory Auditor        For       Against    Management


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

MITSUI SUMITOMO INSURANCE CO. LTD

Ticker:                      Security ID:  JP3888200007
Meeting Date: JUN 28, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     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 1
2     Amend Articles to: Reduce Maximum Board   For       For        Management
      Size - Streamline Board Structure -
      Abolish Retirement Bonus System - Limit
      Directors' Legal Liability
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 Directors  For       For        Management
      and Statutory Auditor and Special
      Payments to Continuing Directors and
      Auditors in Connection with Abolition of
      Retirement Bonus System
6     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceilings for Directors and
      Statutory Auditors


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

MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG

Ticker:                      Security ID:  DE0008430026
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  APR 21, 2005

#     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       For        Management
      Fiscal 2004
4     Approve Discharge of Supervisory Board    For       For        Management
      for Fiscal 2004
5     Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares
6     Approve Issuance of Convertible Bonds     For       For        Management
      and/or Bonds with Warrants Attached up to
      Aggregate Nominal Amount of EUR 3 Billion
      with Preemptive Rights; Approve Creation
      of EUR 100 Million Pool of Conditional
      Capital to Guarantee Conversion Rights
7     Amend Articles Re: Supervisory Board      For       For        Management
      Remuneration


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

NATIONAL AUSTRALIA BANK (NAB)

Ticker:       NAB            Security ID:  AU000000NAB4
Meeting Date: JAN 31, 2005   Meeting Type: Annual
Record Date:  JAN 29, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Chairman's Address, Presentation by the   None      None       Management
      Managing Director and Chief Executive
      Officer, and an Address by the Chairman
      of the Human Resources Committee
2     Receive Financial Statements and          None      None       Management
      Statutory Reports
3.1   Elect Graham Kraehe as Director           For       For        Management
3.2a  Elect Michael A. Chaney as Director       For       For        Management
3.2b  Elect Robert G. Elstone as Director       For       For        Management
3.2c  Elect Ahmed Fahour as Director            For       For        Management
3.2d  Elect Daniel T. Gilbert as Director       For       For        Management
3.2e  Elect Paul J. Rizzo as Director           For       For        Management
3.2f  Elect Jillian S. Segal as Director        For       For        Management
3.2g  Elect Michael J. Ullmer as Director       For       For        Management
3.2h  Elect G. Malcolm Williamson as Director   For       For        Management
4     Remove Geoffrey Tomlinson as a Director   Against   For        Shareholder
5     Approve Ernst & Young as Auditors and     For       For        Management
      Authorize Board to Fix Their Remuneration
6     Approve Grant of Options, Performance     For       For        Management
      Rights and Shares to John Stewart,
      Managing Director and Chief Executive
      Officer
7     Authorize Share Repurchase Program        For       For        Management


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

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


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

NEC CORP.

Ticker:       NIPNY          Security ID:  JP3733000008
Meeting Date: JUN 22, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 3,
      Final JY 3, Special JY 0
2     Amend Articles to: Increase Authorized    For       For        Management
      Capital from 3.2 Billion to 7.5 Billion
      Shares - Reduce Maximum Board Size -
      Clarify Director Authorities - Authorize
      Public Announcements in Electronic Format
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
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Executive Stock Option Plan       For       For        Management
6     Approve Retirement Bonus for Statutory    For       For        Management
      Auditor


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

NESTLE SA

Ticker:       NESAY          Security ID:  CH0012056047
Meeting Date: APR 14, 2005   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 8.00 per Share
4a    Amend Articles of Association to Separate Against   Against    Shareholder
      Position of CEO and Chairman of the Board
4b    Amend Articles of Association to Reduce   Against   For        Shareholder
      Board Terms from Five Years to Three
      Years; Approve Individual Election of
      Board Members
4c    Amend Articles of Association to Reduce   Against   Against    Shareholder
      Threshold for Submitting Shareholder
      Proposals From CHF 1 Million to CHF
      100,000
5     Elect Guenter Blobel as Director          For       For        Management
6     Ratify KPMG Klynveld Peat Marwick         For       For        Management
      Goerdeler SA as Auditors


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

NIPPON TELEGRAPH & TELEPHONE CORP.

Ticker:                      Security ID:  JP3735400008
Meeting Date: JUN 28, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 3000,
      Final JY 3000, Special JY 0
2     Authorize Share Repurchase Program        For       For        Management
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Directors  For       Against    Management
      and Statutory Auditor


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

NOKIA CORP.

Ticker:       NOK            Security ID:  FI0009000681
Meeting Date: APR 7, 2005    Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Presentation on Annual Accounts   None      Did Not    Management
                                                          Vote
2     Accept Financial Statements and Statutory For       Did Not    Management
      Reports                                             Vote
3     Approve Allocation of Income and          For       Did Not    Management
      Dividends of EUR 0.33 Per Share                     Vote
4     Approve Discharge of Board and President  For       Did Not    Management
                                                          Vote
5     Approve Remuneration of Directors         For       Did Not    Management
                                                          Vote
6     Increase Number of Directors from Eight   For       Did Not    Management
      to Ten                                              Vote
7     Reelect Paul Collins, Georg Ehrnrooth,    For       Did Not    Management
      Bengt Holmstroem, Per Karlsson, Jorma               Vote
      Ollila, Marjorie Scardino, Vesa Vainio,
      and Arne Wessberg; Elect Dan Hesse and
      Edouard Michelin as New Directors
8     Approve Remuneration of Auditors          For       Did Not    Management
                                                          Vote
9     Reelect PricewaterhouseCoopers as         For       Did Not    Management
      Auditors                                            Vote
10    Approve Stock Option Plan for Selected    For       Did Not    Management
      Personnel; Approve Creation of EUR 1.5              Vote
      Million Pool of Conditional Capital to
      Guarantee Conversion Rights
11    Approve Between EUR 10.56 Million and EUR For       Did Not    Management
      13.80 Million Reduction in Share Capital            Vote
      via Share Cancellation
12    Approve Creation of Maximum EUR 53.16     For       Did Not    Management
      Million Pool of Conditional Capital                 Vote
      without Preemptive Rights
13    Authorize Repurchase of Up to 221.60      For       Did Not    Management
      Million Shares (Up to 443.20 Million                Vote
      Shares Subject to Pending Legislation)
14    Authorize Reissuance of Repurchased       For       Did Not    Management
      Shares                                              Vote


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

NORDEA BANK AB (FORMERLY NORDEA AB)

Ticker:                      Security ID:  SE0000427361
Meeting Date: APR 8, 2005    Meeting Type: Annual
Record Date:  MAR 29, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Claes Beyer as 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 Report From              Vote
      Board and President
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 0.28 Per Share                     Vote
9     Approve Discharge of Board and President  For       Did Not    Management
                                                          Vote
10    Determine Number of Members (11) and      For       Did Not    Management
      Deputy Members (0) of Board                         Vote
11    Approve Remuneration of Directors in the  For       Did Not    Management
      Amount of EUR 220,000  for Chairman, EUR            Vote
      90,000 for Vice Chairman, and EUR 70,000
      for Other Directors Plus EUR 1,000 Per
      Extraordinary Board Meeting And Committee
      Meeting; Approve Remuneration of Auditors
12    Reelect Kjell Aamot, Harald Arnkvaern,    For       Did Not    Management
      Hans Dalborg, Gunnel Duveblad, Birgitta             Vote
      Kantola, Claus Madsen, Lars Nordstroem,
      Joergen Pedersen, Timo Peltola, and Maija
      Torkko as Directors; Elect Anne Lundholt
      as New Director
13    Authorize Chairman of Board and           For       Did Not    Management
      Representatives of Four of Company's                Vote
      Largest Shareholders to Serve on
      Nominating Committee
14    Amend Corporate Purpose                   For       Did Not    Management
                                                          Vote
15    Approve EUR 55.5 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 One Percent For       Did Not    Management
      of Issued Share Capital For Equity                  Vote
      Trading Purposes
18    Approve Remuneration Policy And Other     For       Did Not    Management
      Terms of Employment For Executive                   Vote
      Management


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

NOVARTIS AG

Ticker:       NVS            Security ID:  CH0012005267
Meeting Date: MAR 1, 2005    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     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 1.05 per Share
4     Approve CHF 19 Million Reduction in Share For       For        Management
      Capital via Share Cancellation
5     Authorize Repurchase of up to Ten Percent For       For        Management
      of Issued Share Capital
6.1   Reelect Birgit Breuel as Director         For       For        Management
6.2   Reelect Peter Burckhardt as Director      For       For        Management
6.3   Reelect Alexandre Jetzer as Director      For       For        Management
6.4   Reelect Pierre Landolt as Director        For       For        Management
6.5   Reelect Ulrich Lehner as Director         For       For        Management
7     Ratify PricewaterhouseCoopers AG as       For       For        Management
      Auditors


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

NTT DOCOMO INC.

Ticker:                      Security ID:  JP3165650007
Meeting Date: JUN 21, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 1000,
      Final JY 1000, Special JY 0
2     Authorize Share Repurchase Program        For       For        Management
3     Amend Articles to: Expand Business Lines  For       For        Management
      - Reduce Maximum Board Size - Decrease
      Authorized Capital to Reflect Share
      Repurchase - Authorize Public
      Announcements in Electronic Format
4.1   Elect Director                            For       For        Management
4.2   Elect Director                            For       For        Management
4.3   Elect Director                            For       For        Management
5     Appoint Internal Statutory Auditor        For       Against    Management
6     Approve Retirement Bonuses for Directors  For       Against    Management
      and Statutory Auditor
7     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Directors


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

ORIENTAL LAND CO

Ticker:                      Security ID:  JP3198900007
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 15,
      Final JY 20, Special JY 0
2     Amend Articles to: Amend Board Size -     For       For        Management
      Abolish Retirement Bonus System
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       Against    Management
      and Statutory Auditor, and Special
      Payments to Continuing Directors and
      Auditors in Connection with Abolition of
      Retirement Bonus System
6     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Statutory
      Auditors


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

OSAKA GAS CO. LTD.

Ticker:                      Security ID:  JP3180400008
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 3,
      Final JY 3, Special JY 0
2     Amend Articles to: Decrease Authorized    For       For        Management
      Capital to Reflect Share Repurchase
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
4     Appoint Internal Statutory Auditor        For       For        Management


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

RECKITT BENCKISER PLC (FORMERLY RECKITT & COLMAN PLC )

Ticker:                      Security ID:  GB0007278715
Meeting Date: MAY 5, 2005    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 18 Pence Per    For       For        Management
      Share
4     Re-elect Adrian Bellamy as Director       For       For        Management
5     Re-elect George Greener as Director       For       For        Management
6     Elect Graham Mackay as Director           For       For        Management
7     Reappoint PricewaterhouseCoopers LLP as   For       For        Management
      Auditors and Authorise the Board to
      Determine Their Remuneration
8     Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 25,438,000
9     Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 3,815,000
10    Authorise 72,500,000 Shares for Market    For       For        Management
      Purchase
11    Approve Reckitt Benckiser 2005            For       For        Management
      Savings-Related Share Option Plan
12    Approve Reckitt Benckiser 2005 Global     For       For        Management
      Stock Profit Plan
13    Approve Reckitt Benckiser 2005 USA        For       For        Management
      Savings-Related Share Option Plan
14    Amend Reckitt Benckiser Senior Executive  For       For        Management
      Share Ownership Policy Plan


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

REED ELSEVIER PLC(FORMERLY REED INTERNATIONAL PLC)

Ticker:                      Security ID:  GB0007308355
Meeting Date: APR 27, 2005   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Strauss Zelnick as Director         For       For        Management


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

REED ELSEVIER PLC(FORMERLY REED INTERNATIONAL PLC)

Ticker:                      Security ID:  GB0007308355
Meeting Date: APR 27, 2005   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       Against    Management
3     Approve Final Dividend of 9.6 Pence Per   For       For        Management
      Share
4     Reappoint Deloitte & Touche LLP as        For       For        Management
      Auditors of the Company
5     Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
6     Elect Jan Hommen as Director              For       For        Management
7     Elect Erik Engstrom as Director           For       For        Management
8     Re-elect Mark Armour as Director          For       Against    Management
9     Re-elect Sir Crispin Davis as Director    For       Against    Management
10    Re-elect Andrew Prozes as Director        For       For        Management
11    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 24,700,000
12    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 7,900,000
13    Authorise 127,000,000 Ordinary Shares for For       For        Management
      Market Purchase


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

ROHM CO. LTD.

Ticker:                      Security ID:  JP3982800009
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY
      42.50, Final JY 42.50, Special JY 0
2     Authorize Share Repurchase Program        For       For        Management
3     Amend Articles to: Increase Maximum Board For       For        Management
      Size - Authorize Public Announcements in
      Electronic Format
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
5     Approve Special Payments to Satutory      For       Against    Management
      Auditors in Connection with Abolition of
      Retirement Bonus System


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

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

Ticker:       RYCEY          Security ID:  GB0032836487
Meeting Date: MAY 4, 2005    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 Simon Robertson as Director      For       For        Management
4     Re-elect Iain Conn as Director            For       For        Management
5     Re-elect Sir John Taylor as Director      For       For        Management
6     Re-elect Amy Bondurant as Director        For       For        Management
7     Re-elect John Cheffins as Director        For       For        Management
8     Re-elect James Guyette as Director        For       For        Management
9     Re-elect Andrew Shilston as Director      For       For        Management
10    Reappoint KPMG Audit Plc as Auditors and  For       For        Management
      Authorise the Board to Determine Their
      Remuneration
11    Authorise Issue of B Shares with          For       For        Management
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 200,000,000
12    Approve Increase in Remuneration of       For       For        Management
      Non-Executive Directors to GBP 850,000
13    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 117,133,532
14    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 17,570,029
15    Authorise 173,313,853 Ordinary Shares for For       For        Management
      Market Purchase


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

ROYAL BANK OF CANADA

Ticker:       RY.            Security ID:  CA7800871021
Meeting Date: FEB 25, 2005   Meeting Type: Annual
Record Date:  JAN 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W.G. Beattie              For       For        Management
1.2   Elect Director G.A. Cohon                 For       For        Management
1.3   Elect Director D.T. Elix                  For       For        Management
1.4   Elect Director J.T. Ferguson              For       For        Management
1.5   Elect Director P. Gauthier                For       For        Management
1.6   Elect Director J. Lamarre                 For       For        Management
1.7   Elect Director B.C. Louie                 For       For        Management
1.8   Elect Director G.M. Nixon                 For       For        Management
1.9   Elect Director D.P. O'Brien               For       For        Management
1.10  Elect Director R.B. Peterson              For       For        Management
1.11  Elect Director J.P. Reinhard              For       For        Management
1.12  Elect Director C.W. Sewell, Jr.           For       For        Management
1.13  Elect Director K.P. Taylor                For       For        Management
1.14  Elect Director V.L. Young                 For       For        Management
2     Ratify Deloitte & Touche LLP as Auditors  For       For        Management
3     Close Bank Subsidiaries in Tax Havens     Against   Against    Shareholder
4     Fix a Maximum Wage Ceiling for Executives Against   Against    Shareholder
      Officers
5     Establish Term Limits for Directors       Against   Against    Shareholder
6     Provide for Cumulative Voting             Against   Against    Shareholder
7     Replace Executive Stock Option Plan With  Against   Against    Shareholder
      Restricted Share Plan
8     Require At Least 75 Percent Support for   Against   Against    Shareholder
      Director Candidates
9     Require the Resignation of Directors Who  Against   Against    Shareholder
      Change Their Principal Occupation


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

ROYAL BANK OF SCOTLAND GROUP PLC (THE)

Ticker:       RBSPRE         Security ID:  GB0007547838
Meeting Date: APR 20, 2005   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 41.2 Pence Per  For       For        Management
      Share
4     Re-elect Jim Currie as Director           For       For        Management
5     Re-elect Sir Fred Goodwin as Director     For       For        Management
6     Re-elect Sir Steve Robson as Director     For       For        Management
7     Elect Archie Hunter as Director           For       For        Management
8     Elect Charles Koch as Director            For       For        Management
9     Elect Joe MacHale as Director             For       For        Management
10    Reappoint Deloitte & Touche LLP as        For       For        Management
      Auditors of the Company
11    Authorise Board to Fix Remuneration of    For       For        Management
      the Auditors
12    Approve Increase in Authorised Share      For       For        Management
      Capital; Authorise Issue of Equity or
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 264,579,936
13    Authorise Issue of Equity or              For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 39,686,990
14    Authorise 317,495,924 Shares for Market   For       For        Management
      Purchase
15    Approve 71 M Category II Non-Cumulative   For       For        Management
      US$ Pref. Shares; Allot the Newly Created
      and 179.5 M Unissued Category II
      Non-Cumulative US$ Pref. Shares, the
      64.75 M Unissued Non-Cumulative Euro
      Pref. Shares and 300 M Unissued
      Non-Cumulative GBP Pref. Shares
16    Approve Citizens Financial Group, Inc.    For       For        Management
      Long Term Incentive Plan


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

ROYAL DUTCH SHELL PLC (FORMERLY ROYAL DUTCH PETROLEUM CO.)

Ticker:       RPETY          Security ID:  NL0000009470
Meeting Date: JUN 28, 2005   Meeting Type: Annual
Record Date:  JUN 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Annual Report                     None      None       Management
2     Approve Financial Statements and          For       For        Management
      Statutory Reports
3.A   Discuss Reserves and Dividend Policy      None      None       Management
3.B   Approve Dividends of EUR 1.79 Per Share   For       For        Management
4.A   Approve Discharge of Managing Directors   For       Against    Management
4.B   Approve Discharge of Supervisory Board    For       Against    Management
5     Reelect L.R. Ricciardi to Supervisory     For       For        Management
      Board
6     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
7     Approve Share Cancellation                For       For        Management
8     Discussion on Corporate Governance        None      None       Management
9.A   Discussion of Public Exchange Offer       None      None       Management
      Issued by Royal Dutch Shell plc for All
      Ordinary Shares in Capital of Company
      (non-voting)
9.B   Approve Implementation Agreement          For       For        Management
10    Approve Acquisition and Cancellation of   For       For        Management
      All 1,500 Priority Shares and Amend
      Articles to Change Board Structure into
      One-Tier Board
11.A  Elect A.G. Jacobs as Non-Executive Board  For       For        Management
      Member
11.B  Elect Ch. Morin-Postel as Non-Executive   For       For        Management
      Board Member
11.C  Elect A.A. Loudon as Non-Executive Board  For       For        Management
      Member
11.D  Elect L.R. Ricciardi as Non-Executive     For       For        Management
      Board Member
12    Approve Remuneration Policy for Board of  For       For        Management
      Directors
13    Approve Amended Long-Term Incentive Plan  For       For        Management
14    Approve Amended Restricted Share Plan     For       For        Management
15    Approve Amended Deferred Bonus Plan       For       For        Management


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

ROYAL KPN NV

Ticker:       KPN            Security ID:  NL0000009082
Meeting Date: APR 12, 2005   Meeting Type: Annual
Record Date:  APR 5, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2     Receive Report of Management Board        None      None       Management
3a    Approve Financial Statements and          For       For        Management
      Statutory Reports
3b    Receive Explanation of Company's Reserves None      None       Management
      and Dividend Policy Announcements
      (Non-Voting)
3c    Approve Allocation of Income and Total    For       For        Management
      Dividends of EUR 0.35 Per Share
4a    Approve Discharge of Management Board     For       For        Management
4b    Approve Discharge of Supervisory Board    For       For        Management
5a    Receive Report on Corporate Governance    None      None       Management
5b    Amend Articles to Reflect Amendments to   For       For        Management
      Book 2 of Dutch Civil Code on Two-tiered
      Company Regime
6     Appoint PricewaterhouseCoopers            For       For        Management
      Accountants N.V. as Auditors
7a    Discussion on Profile of Supervisory      None      None       Management
      Board
7b    Opportunity to Make Recommendations for   None      None       Management
      Appointment of Two Members of Supervisory
      Board
7ci   Elect A.H.J Risseeuw to Supervisory Board For       For        Management
7cII  Elect M.E van Lier Lels to Supervisory    For       For        Management
      Board
7d    Announcement on Vacancies Arising on      None      None       Management
      Supervisory Board in 2006
7e    Approve Remuneration of Supervisory Board For       For        Management
8a    Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
8b    Grant Board Authority to Issue Shares Up  For       Against    Management
      to 10% of Issued Share Capital (20% in
      Connection with Merger or Acquisition)
      and All Authorized Yet Unissued Class B
      Preferred Shares
8c    Authorize Board to Exclude Preemptive     For       For        Management
      Rights from Issuance Under Item 8b
8d    Approve Ten Percent Reduction in Share    For       For        Management
      Capital via Share Cancellation
9     Close Meeting                             None      None       Management


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

SAMSUNG ELECTRONICS CO. LTD.

Ticker:       SSNHY          Security ID:  US7960508882
Meeting Date: FEB 28, 2005   Meeting Type: Annual
Record Date:  DEC 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE BALANCE SHEET, INCOME     For       For        Management
      STATEMENT AND STATEMENT OF APPROPRIATION
      OF RETAINED EARNINGS (DRAFT) FOR THE 36TH
      FISCAL YEAR (FROM JANUARY 1, 2004 TO
      DECEMBER 31, 2004), AS SET FORTH IN THE
      COMPANY S NOTICE OF MEETING ENCLOSED
      HEREWITH.
2     APPROVAL OF THE APPOINTMENT OF IN-JOO KIM For       For        Management
      AS AN EXECUTIVE DIRECTOR, AS SET FORTH IN
      THE COMPANY S NOTICE OF MEETING ENCLOSED
      HEREWITH.
3     APPROVAL OF THE COMPENSATION CEILING FOR  For       For        Management
      THE DIRECTORS, AS SET FORTH IN THE
      COMPANY S NOTICE OF MEETING ENCLOSED
      HEREWITH.


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

SANOFI-AVENTIS (FORMERLY SANOFI-SYNTHELABO )

Ticker:                      Security ID:  FR0000120578
Meeting Date: DEC 13, 2004   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger by Absorption of Aventis   For       For        Management
      by Sanofi-Aventis; Authorize Issuance of
      19.1 Million Shares to Compensate Aventis
      Minority Shareholders
2     Approve Accounting Treatment of           For       For        Management
      Absorption
3     Assume Obligations of 257,248 Outstanding For       For        Management
      Aventis Warrants; Authorize Issuance of
      Up to 301,984 Sanofi-Aventis Shares to
      Satisfy Conversion of Aventis Warrants
4     Assume Obligations of 48.08 Million       For       For        Management
      Outstanding Aventis Stock Options;
      Authorize Issuance of Sanofi-Aventis
      Shares to Satisfy Conversion of Aventis
      Stock Options
5     Set Dec. 31, 2004, as Effective Date of   For       For        Management
      Merger and Related Capital Increase to
      Aventis Minority Shareholders
6     Amend Articles to Reflect Changes in      For       For        Management
      Capital
7     Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan
8     Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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

SANOFI-AVENTIS (FORMERLY SANOFI-SYNTHELABO )

Ticker:                      Security ID:  FR0000120578
Meeting Date: MAY 31, 2005   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 1.20 per Share
4     Approve Special Auditors' Report          For       For        Management
      Regarding Related-Party Transactions
5     Ratify PricewaterhouseCoopers Audit as    For       For        Management
      Auditor
6     Ratify Pierre Coll as Alternate Auditor   For       For        Management
7     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
8     Cancel Outstanding Debt Issuance          For       For        Management
      Authority
9     Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      EUR 1.4 Billion; Authorize Global Limit
      of EUR 1.6 Billion
10    Authorize Issuance of Equity or           For       Against    Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of EUR 840 Million
11    Authorize Capitalization of Reserves of   For       For        Management
      Up to EUR 500 Million for Bonus Issue or
      Increase in Par Value
12    Authorize Board to Increase Capital in    For       Against    Management
      the Event of Demand Exceeding Amounts
      Proposed in Issuance Authorities Above
13    Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan
14    Approve Stock Option Plan Grants          For       Against    Management
15    Authorize Up to 1 Percent of Issued       For       Against    Management
      Capital For Use in Restricted Stock Plan
16    Approve Reduction in Share Capital via    For       For        Management
      Cancellation of Repurchased Shares
17    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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

SIEMENS AG

Ticker:       SMAG40         Security ID:  DE0007236101
Meeting Date: JAN 27, 2005   Meeting Type: Annual
Record Date:  JAN 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Supervisory Board Report          None      None       Management
2     Receive Financial Statements and          None      None       Management
      Statutory Reports
3     Approve Allocation of Income and          For       For        Management
      Dividends of EUR 1.25 per Share
4     Approve Discharge of Management Board for For       For        Management
      Fiscal 2003/2004
5     Approve Discharge of Supervisory Board    For       For        Management
      for Fiscal 2003/2004
6     Ratify KPMG Deutsche                      For       For        Management
      Treuhand-Gesellschaft AG as Auditors
7     Elect Heinrich v. Pierer to the           For       For        Management
      Supervisory Board; Elect Michael Mirow as
      Alternate Supervisory Board Memeber
8     Authorize Share Repurchase Program and    For       For        Management
      Reissuance of Repurchased Shares
9     Approve Remuneration of Supervisory Board For       For        Management
      Members
10    Amend Articles Re: Designate Electronic   For       For        Management
      Publications for Meeting Announcements
      and Invitation to Shareholder Meetings


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

SKF AB

Ticker:       SKFRF          Security ID:  SE0000108227
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  APR 8, 2005

#     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 Committee                Vote
      Reports; Receive Information about
      Remuneration Policy for Company
      Management
8     Receive President's Report                None      Did Not    Management
                                                          Vote
9     Accept Financial Statements and Statutory For       Did Not    Management
      Reports                                             Vote
10    Approve Allocation of Income and          For       Did Not    Management
      Dividends of SEK 12 Per Share                       Vote
11    Approve Discharge of Board and President  For       Did Not    Management
                                                          Vote
12    Determine Number of Members (8) and       For       Did Not    Management
      Deputy Members (0) of Board                         Vote
13    Approve Remuneration of Directors in the  For       Did Not    Management
      Aggregate Amount of SEK 2.4 Million;                Vote
      Authorize Directors to Receive Cash Value
      Equivalent of Market Value of 300 Class B
      Shares Each (800 For Chairman); Approve
      Remuneration of SEK 300,000 for Committee
      Work
14    Reelect Anders Scharp, Soeren Gyll, Vito  For       Did Not    Management
      Baumgartner, Ulla Litzen, Clas Aake                 Vote
      Hedstroem, Tom Johnstone, and Winnie Kin
      Wah Fok as Directors; Elect Leif Oestling
      as New Director
15    Determine Number of Auditors (1) and      For       Did Not    Management
      Deputy Auditors (0)                                 Vote
16    Approve Remuneration of Auditors          For       Did Not    Management
                                                          Vote
17    Ratify KPMG as Auditor                    For       Did Not    Management
                                                          Vote
18.1  Amend Articles Re: Decrease Par value     For       Did Not    Management
      from SEK 12.50 to SEK 2.50; Set Range for           Vote
      Minimum (SEK 1.1 Billion) and Maximum
      (SEK 4.4 Billion) Issued Share Capital;
      Authorize a New Share Class (Class C
      Shares)
18.2  Approve SEK 284.6 Million Reduction in    For       Did Not    Management
      Share Capital via Share Cancellation and            Vote
      Repayment to Shareholders (SEK 25 Per
      Share)
18.3  Approve Creation of SEK 284.6 Million     For       Did Not    Management
      Pool of Conditional Capital via Issuance            Vote
      of Class C Shares to Facilitate Reduction
      in Share Capital (Item 18.2)
18.4  Approve SEK 284.6 Million Reduction in    For       Did Not    Management
      Share Capital via Cancellation of Class C           Vote
      Shares and Repayment to Shareholders
19    Authorize Chairman of Board and           For       Did Not    Management
      Representatives of Four of Company's                Vote
      Largest Shareholders to Serve on
      Nominating Committee


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

SOCIETE GENERALE

Ticker:       SCGLY          Security ID:  FR0000130809
Meeting Date: MAY 9, 2005    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 3.3 per Share
3     Accept Consolidated Financial Statements  For       For        Management
      and Statutory Reports
4     Approve Special Auditors' Report          For       For        Management
      Regarding Absence Related-Party
      Transactions
5     Reelect Jean Azema as Director            For       For        Management
6     Reelect Elisabeth Lulin as Director       For       For        Management
7     Reelect Patrick Ricard as Director        For       For        Management
8     Authorize Repurchase of Up to Ten Percent For       For        Management
      of Issued Share Capital
9     Reduce Range of Board Size from 15 to 13  For       For        Management
      Board Members; Reduce Number of
      Representatives of Employee Shareholders
      From 3 to 2, and Allow Use of Electronic
      Voting for Elections of Representatives
      of Employee Shareholders
10    Amend Articles to Increase Shareholding   For       For        Management
      Disclosure Threshold from 0.5 Percent to
      1.5 Percent
11    Authorize Up to One Percent of Issued     For       Against    Management
      Capital for Use in Restricted Stock Plan
12    Authorize Capital Increase of Up to Ten   For       Against    Management
      Percent Of Issued Capital for Future
      Acquisitions
A     Shareholder Proposal: Amend Articles of   Against   For        Shareholder
      Association to Remove Voting Right
      Limitation of 15 Percent
13    Authorize Filing of Required              For       For        Management
      Documents/Other Formalities


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

TELECOM CORP. OF NEW ZEALAND

Ticker:       NZT            Security ID:  NZTELE0001S4
Meeting Date: OCT 7, 2004    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorize Board to Fix Remuneration of    For       For        Management
      the Auditors
2     Elect Rod McGeoch as Director             For       For        Management
3     Elect Michael Tyler as Director           For       For        Management
4     Elect Wayne Boyd as Director              For       For        Management
5     Elect Rob McLeod as Director              For       For        Management
6     Amend Constitution Re: Incorporation of   For       For        Management
      NZX Listing Rules by Reference and
      Provide for Changes to the Companies Act
      1993


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

TELECOM ITALIA SPA.( FORMERLY OLIVETTI SPA )

Ticker:       TI             Security ID:  IT0003497176
Meeting Date: OCT 25, 2004   Meeting Type: Special
Record Date:  OCT 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Report Re: Utilization of Savings None      For        Management
      Shares' Special Reserve
2.1.A Reelect Current Board Representative for  None      For        Management
      Holders of Savings Shares, Carlo Pasteris
2.1.B Elect New Candidate Designated by Saving  None      Against    Management
      Shareholders as Board Representative for
      Holders of Savings Shares
2.2.A Fix Board Representative for Holders of   None      For        Management
      Savings Shares' Term in Office to Three
      Years
2.2.B Fix Board Representative of Holders of    None      Against    Management
      Savings Shares' Term in Office To the
      Newly Proposed Term Presented by Saving
      Shareholders
2.3.A Fix Board Representative for Holders of   None      For        Management
      Savings Shares' Remuneration at EUR
      36,152
2.3.B Fix Board Representative for Holders of   None      Against    Management
      Savings Shares' Remuneration To the Newly
      Proposed Amount Presented by Saving
      Shareholders


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

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

Ticker:       TEF            Security ID:  ES0178430E18
Meeting Date: MAY 30, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Individual and Consolidated       For       For        Management
      Financial Statements, Allocation of
      Income, and Discharge Directors
2     Approve Dividend                          For       For        Management
3     Approve Merger by Absorption of Terra     For       For        Management
      Networks
4     Elect Directors                           For       For        Management
5     Approve Auditors                          For       For        Management
6     Authorize Share Repurchase Program        For       For        Management
7     Approve Reduction in Stated Capital       For       For        Management
8     Authorize Board to Ratify and Execute     For       For        Management
      Approved Resolutions


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

TELEKOM AUSTRIA

Ticker:                      Security ID:  AT0000720008
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Receive Financial Statements and          None      Did Not    Management
      Statutory Reports                                   Vote
2     Approve Allocation of Income              For       Did Not    Management
                                                          Vote
3     Approve Discharge of Management and       For       Did Not    Management
      Supervisory Boards                                  Vote
4     Approve Remuneration of Supervisory Board For       Did Not    Management
      Members                                             Vote
5     Ratify Auditors                           For       Did Not    Management
                                                          Vote
6     Amend Articles to Change Size of          For       Did Not    Management
      Supervisory Board and Establish Mandatory           Vote
      Retirement Age of 65 Years
7     Elect Supervisory Board Members           For       Did Not    Management
                                                          Vote
8     Receive Report Regarding Share Repurchse  None      Did Not    Management
      Scheme                                              Vote
9     Authorize Share Repurchase Program and    For       Did Not    Management
      Reissuance of Repurchased Shares                    Vote


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

TELSTRA  CORP.

Ticker:                      Security ID:  AU000000TLS2
Meeting Date: OCT 28, 2004   Meeting Type: Annual
Record Date:  OCT 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Chairman and CEO Presentations            None      None       Management
2     Accept Financial Statements and Statutory None      None       Management
      Reports
3a    Elect Charles Macek as Director           For       For        Management
3b    Elect Leonard Cooper as Director          Against   Against    Shareholder
3c    Elect Paul Higgins as Director            Against   Against    Shareholder
3d    Elect Mervyn Vogt as Director             Against   Against    Shareholder
3e    Elect Megan Cornelius as Director         Against   Against    Shareholder
3f    Elect Ange Kenos as Director              Against   Against    Shareholder
3g    Elect Belinda Hutchinson as Director      For       For        Management


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

TOKYO GAS CO. LTD.

Ticker:                      Security ID:  JP3573000001
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 3.5,
      Final JY 3.5, Special JY 0
2     Amend Articles to: Authorize Public       For       For        Management
      Announcements in Electronic Format
3     Authorize Share Repurchase Program        For       For        Management
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
5.1   Appoint Internal Statutory Auditor        For       For        Management
5.2   Appoint Internal Statutory Auditor        For       For        Management
6     Approve Retirement Bonuses for Director   For       Against    Management
      and Statutory Auditors and Special
      Payments to Continuing Directors and
      Statutory Auditors in Connection with
      Abolition of Retirement Bonus System
7     Approve Adjustment to Aggregate           For       For        Management
      Compensation Ceiling for Directors


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

TOTAL SA (FORMERLY TOTAL FINA ELF  S.A )

Ticker:       TOT            Security ID:  FR0000120271
Meeting Date: MAY 17, 2005   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 5.40 per Share of which
      EUR 3.00 Remains to be Distributed
4     Approve Special Auditors' Report          For       Against    Management
      Regarding Related-Party Transactions
5     Authorize Repurchase of Up to 24.4        For       For        Management
      Million Shares
6     Reelect Paul Desmarais Jr as Director     For       For        Management
7     Reelect Bertrand Jacquillat as Director   For       For        Management
8     Reelect Maurice Lippens as Director       For       For        Management
9     Elect Lord Levene of Portsoken KBE as     For       For        Management
      Director
10    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Preemptive
      Rights up to Aggregate Nominal Amount of
      EUR 4 Billion
11    Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of EUR 1.8 Billion
12    Approve Capital Increase Reserved for     For       For        Management
      Employees Participating in
      Savings-Related Share Purchase Plan
13    Authorize Up to One Percent of Issued     For       Against    Management
      Capital for Use in Restricted Stock Plan
A     Shareholder Proposal: Authorize Up to One Against   Against    Shareholder
      Percent of Issued Capital for Use in
      Restricted Stock Plan


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

UBS AG

Ticker:                      Security ID:  CH0012032030
Meeting Date: APR 21, 2005   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 Board and Senior     For       For        Management
      Management
4.1.1 Reelect Marcel Ospel as Director          For       For        Management
4.1.2 Reelect Lawrence Weinbach as Director     For       For        Management
4.2.1 Elect Marco Suter as Director             For       For        Management
4.2.2 Elect Peter Voser as Director             For       For        Management
4.3   Ratify Ernst & Young Ltd. as Auditors     For       For        Management
5.1   Approve CHF 31.9 Million Reduction in     For       For        Management
      Share Capital via Cancellation of
      Repurchased Shares
5.2   Authorize Repurchase of Issued Share      For       For        Management
      Capital


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

UNICREDITO ITALIANO SPA (FORM .CREDITO ITALIANO)

Ticker:                      Security ID:  IT0000064854
Meeting Date: APR 30, 2005   Meeting Type: Annual/Special
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements, Consolidated For       For        Management
      Accounts, and Statutory Reports
2     Approve Allocation of Income              For       For        Management
3     Fix Number of Directors on the Board;     For       Against    Management
      Elect Directors for a Three-Year Term
      2005-2007
4     Approve Directors' and Executive Commitee For       For        Management
      Members' Annual Remuneration
5     Approve Adherence of the Company to the   For       Against    Management
      European Economic Interest Grouping
      (EEIG) named 'Global Development' (or
      'Sviluppo Globale')
6     Approve Company's Adoption of Costs       For       For        Management
      Relative to the Remuneration of the
      Saving Shareholders' Representative
1     Approve Acquisition of Banca dell'Umbria  For       For        Management
      1462 Spa and of Cassa di Risparmio Carpi
      Spa; Amend Bylaws Accordingly


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

UNILEVER N.V.

Ticker:       UN             Security ID:  NL0000009348
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAY 3, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Consideration of Annual Report and Report None      Did Not    Management
      of Remuneration Committee                           Vote
2     Approve Financial Statements and          For       Did Not    Management
      Statutory Reports; Approve Distribution             Vote
      of EUR 27.9 Million for Dividends on
      Preference Shares and EUR 1,041.8 Million
      for Dividends on Ordinary Shares
3     Approve Discharge of Executive Directors  For       Did Not    Management
                                                          Vote
4     Approve Discharge of Non-Executive        For       Did Not    Management
      Directors                                           Vote
5     Discussion about Company's Corporate      For       Did Not    Management
      Governance Structure; Amend Articles Re:            Vote
      Group Chief Executive; Remove Reference
      to NLG 0.10 Cumulative Preference Shares
      to Reflect Their Cancellation (Item 9);
      Adopt Indemnification Policy
6a    Relect P.J. Cescau as Executive Director  For       Did Not    Management
                                                          Vote
6b    Relect C.J. van der Graaf as Executive    For       Did Not    Management
      Director                                            Vote
6c    Relect R.H.P. Markham as Executive        For       Did Not    Management
      Director                                            Vote
6d    Elect R.D. Kugler as Executive Director   For       Did Not    Management
                                                          Vote
7a    Relect A. Burgmans as Non-Executive       For       Did Not    Management
      Director                                            Vote
7b    Relect Rt Hon The Lord of Brittan of      For       Did Not    Management
      Spennithorne QC DL as Non-Executive                 Vote
      Director
7c    Relect Rt Hon The Baroness Chalker of     For       Did Not    Management
      Wallasey as Non-Executive Director                  Vote
7d    Relect B. Collomb as Non-Executive        For       Did Not    Management
      Director                                            Vote
7e    Relect W. Dik as Non-Executive Director   For       Did Not    Management
                                                          Vote
7f    Relect O. Fanjul as Non-Executive         For       Did Not    Management
      Director                                            Vote
7g    Relect H. Kopper as Non-Executive         For       Did Not    Management
      Director                                            Vote
7h    Relect Lord Simon of Highbury CBE as      For       Did Not    Management
      Non-Executive Director                              Vote
7i    Relect J. van der Veer as Non-Executive   For       Did Not    Management
      Director                                            Vote
8     Approve Global Performance Share Plan     For       Did Not    Management
      2005; Amend Performance Criteria for                Vote
      Annual Bonus for Executive Directors; Set
      Annual Bonus for Group Chief Executive at
      Maximum of 150% of Base Salary from 2005
      Onwards
9     Discuss Policy Concerning NLG 0.10        For       Did Not    Management
      Cumulative Preference Shares; Approve EUR           Vote
      9.6 Million Reduction in Share Capital
      via Cancellation of NLG 0.10 Cumulative
      Preference Shares
10    Ratify PricewaterhouseCoopers N.V,        For       Did Not    Management
      Rotterdam, as Auditors                              Vote
11    Grant Board Authority to Issue Authorized For       Did Not    Management
      Yet Unissued Shares Restricting/Excluding           Vote
      Preemptive Rights Up to 10 Percent of
      Issued Share Capital (20 Percent in
      Connection with Merger or Acquisition)
12    Authorize Repurchase of Up to Ten Percent For       Did Not    Management
      of Issued Share Capital                             Vote
13    Allow Questions                           None      Did Not    Management
                                                          Vote


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

UNILEVER N.V.

Ticker:       UN             Security ID:  NL0000009348
Meeting Date: MAY 10, 2005   Meeting Type: Special
Record Date:  MAY 3, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Open Meeting                              None      None       Management
2     Approve Transfer of Administration of     For       For        Management
      Shares from Nedamtrust to a New
      Foundation, Stichting
      Administratiekantoor Unilever N.V.
3     Allow Questions                           None      None       Management
4     Close Meeting                             None      None       Management


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

UNITED OVERSEAS BANK

Ticker:       UOVEY          Security ID:  SG1M31001969
Meeting Date: APR 27, 2005   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Authorize Share Repurchase Program        For       For        Management


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

UNITED OVERSEAS BANK

Ticker:       UOVEY          Security ID:  SG1M31001969
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Adopt Financial Statements and Directors' For       For        Management
      and Auditors' Reports for the Year Ended
      December 31, 2004
2     Declare Final Dividend of SGD 0.40 Per    For       For        Management
      Share
3     Approve Directors' Fees SGD 600,000 for   For       For        Management
      2004 (2003: SGD 618,750)
4     Reappoint Ernst & Young as Auditors and   For       For        Management
      Authorize Board to Fix Their Remuneration
5     Reelect Wong Meng Meng as Director        For       For        Management
6     Reelect Tan Kok Quan as Director          For       For        Management
7     Reelect Ngiam Tong Dow as Director        For       For        Management
8     Reelect Wee Cho Yaw as Director           For       Against    Management
9     Approve Issuance of Shares and Grant of   For       Against    Management
      Options Pursuant to the UOB 1999 Share
      Option Scheme
10    Approve Issuance of Shares without        For       For        Management
      Preemptive Rights


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

UNITED OVERSEAS BANK

Ticker:       UOVEY          Security ID:  SG1M31001969
Meeting Date: JUN 24, 2005   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Distribution of Between a Minimum For       For        Management
      of 153.7 Million and a Maximum of 153.8
      Million Ordinary Shares in the Capital of
      United Overseas Land Ltd. Held by United
      Overseas Bank Ltd. by Way of a Dividend
      in Specie


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

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


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

WOLSELEY PLC

Ticker:                      Security ID:  GB0009764027
Meeting Date: NOV 18, 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       Against    Management
3     Approve Final Dividend of 16 Pence Per    For       For        Management
      Share
4     Elect Nigel Stein as Director             For       For        Management
5     Elect Andy Duff as Director               For       For        Management
6     Re-elect Charles Banks as Director        For       For        Management
7     Re-elect Chip Hornsby as Director         For       For        Management
8     Re-elect James Murray as Director         For       For        Management
9     Reappoint 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 with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 50,000,000
12    Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 7,313,728
13    Authorise 58,509,827 Shares for Market    For       For        Management
      Purchase
14    Amend Wolseley plc 2002 Long-Term         For       Against    Management
      Incentive Scheme
15    Authorise EU Political Donations up to    For       For        Management
      Aggregate Nominal Amount of GBP 125,000
16    Approve Increase in Remuneration of       For       For        Management
      Non-Executive Directors from GBP 500,000
      to GBP 750,000

========== END NPX REPORT





                                   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 - Office of the Funds
                   -------------------------------------------------------------


Date        August 25, 2005
      --------------------------------------------------------------------------



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