UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                    Washington, DC 20549

                                         FORM N-PX

      ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number:                     811-3864

Exact name of registrant as specified in charter:       Oppenheimer Balanced Fund

Address of principal executive offices:                 6803 South Tucson Way
                                                        Centennial, CO 80112

Name and address of agent for service:                  Two World Financial Center
                                                        225 Liberty Street
                                                        New York, NY 10281-1008

Registrant's telephone number, including area code:     303-768-3200

Date of fiscal year end:                                9/30

Date of reporting period:                               07/01/2003-06/30/2004

Item 1.           Proxy Voting Record


========================== OPPENHEIMER BALANCED FUND ===========================


AES CORP., THE

Ticker:       AES            Security ID:  00130H105
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard Darman            For       Withhold   Management
1.2   Elect  Director Alice F. Emerson          For       Withhold   Management
1.3   Elect  Director Paul T. Hanrahan          For       Withhold   Management
1.4   Elect  Director Kristina M. Johnson       For       Withhold   Management
1.5   Elect  Director John A. Koskinen          For       Withhold   Management
1.6   Elect  Director Philip Lader              For       Withhold   Management
1.7   Elect  Director John H. McArthur          For       Withhold   Management
1.8   Elect  Director Sandra O. Moose           For       Withhold   Management
1.9   Elect  Director Philip A. Odeen           For       Withhold   Management
1.10  Elect  Director Charles O. Rossotti       For       Withhold   Management
1.11  Elect  Director Sven Sandstrom            For       Withhold   Management
1.12  Elect  Director Roger W. Sant             For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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AETNA INC.

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

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


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ALTRIA GROUP, INC.

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

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


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AMC ENTERTAINMENT, INC.

Ticker:       AEN            Security ID:  001669100
Meeting Date: SEP 18, 2003   Meeting Type: Annual
Record Date:  AUG 11, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter C. Brown             For       Withhold   Management
1.2   Elect Director Charles J. Egan, Jr.       For       Withhold   Management
1.3   Elect Director Charles S. Sosland         For       Withhold   Management
1.4   Elect Director Paul E. Vardeman           For       Withhold   Management
1.5   Elect Director Michael N. Garin           For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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ANALOG DEVICES, INC.

Ticker:       ADI            Security ID:  032654105
Meeting Date: MAR 9, 2004    Meeting Type: Annual
Record Date:  JAN 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jerald G. Fishman         For       For        Management
1.2   Elect  Director F. Grant Saviers          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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AT&T CORP.

Ticker:       T              Security ID:  001957505
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Directors William F. Aldinger      For       Withhold   Management
1.2   Elect  Directors Kenneth T. Derr          For       Withhold   Management
1.3   Elect  Directors David W. Dorman          For       Withhold   Management
1.4   Elect  Directors M. Kathryn Eickhoff      For       Withhold   Management
1.5   Elect  Directors Herbet L. Henkel         For       Withhold   Management
1.6   Elect  Directors Frank C. Herringer       For       Withhold   Management
1.7   Elect  Directors Shirley Ann Jackson      For       Withhold   Management
1.8   Elect  Directors Jon C. Madonna           For       Withhold   Management
1.9   Elect  Directors Donald F. McHenry        For       Withhold   Management
1.10  Elect  Directors Tony L. White            For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Establish Term Limits for Directors       Against   Against    Shareholder
5     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Report on Executive Compensation          Against   Abstain    Shareholder


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BANK OF AMERICA CORP.

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

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


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BANK OF NEW YORK CO., INC., THE

Ticker:       BK             Security ID:  064057102
Meeting Date: APR 13, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank J. Biondi, Jr.      For       Withhold   Management
1.2   Elect  Director Nicholas M. Donofrio      For       Withhold   Management
1.3   Elect  Director Alan R. Griffith          For       Withhold   Management
1.4   Elect  Director Gerald L. Hassell         For       Withhold   Management
1.5   Elect  Director Richard J. Kogan          For       Withhold   Management
1.6   Elect  Director Michael J. Kowalski       For       Withhold   Management
1.7   Elect  Director John A. Luke, Jr.         For       Withhold   Management
1.8   Elect  Director John C. Malone            For       Withhold   Management
1.9   Elect  Director Paul Myners, CBE          For       Withhold   Management
1.10  Elect  Director Robert C. Pozen           For       Withhold   Management
1.11  Elect  Director Catherine A. Rein         For       Withhold   Management
1.12  Elect  Director Thomas A. Renyi           For       Withhold   Management
1.13  Elect  Director William C. Richardson     For       Withhold   Management
1.14  Elect  Director Brian L. Roberts          For       Withhold   Management
1.15  Elect  Director Samuel C. Scott III       For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Report on Political Contributions         Against   Abstain    Shareholder
5     Limit Executive Compensation              Against   Against    Shareholder
6     Limit Composition of Committee to         Against   Against    Shareholder
      Independent Directors
7     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


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BEA SYSTEMS, INC.

Ticker:       BEAS           Security ID:  073325102
Meeting Date: JUL 11, 2003   Meeting Type: Annual
Record Date:  MAY 27, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William T. Coleman III     For       For        Management
1.2   Elect Director Dale Crandall              For       For        Management
1.3   Elect Director William H. Janeway         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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BECKMAN COULTER, INC.

Ticker:       BEC            Security ID:  075811109
Meeting Date: APR 1, 2004    Meeting Type: Annual
Record Date:  FEB 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald W. Dollens         For       Withhold   Management
1.2   Elect  Director Charles A. Haggerty       For       For        Management
1.3   Elect  Director William N. Kelley, M.D.   For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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BOEING CO., THE

Ticker:       BA             Security ID:  097023105
Meeting Date: MAY 3, 2004    Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John H. Biggs             For       Withhold   Management
1.2   Elect  Director John E. Bryson            For       Withhold   Management
1.3   Elect  Director Linda Z. Cook             For       For        Management
1.4   Elect  Director Rozanne L. Ridgway        For       Withhold   Management
2     Reduce Supermajority Vote Requirement     For       For        Management
3     Ratify Auditors                           For       For        Management
4     Develop Ethical Criteria for Military     Against   Abstain    Shareholder
      Contracts
5     Adopt Amended Workplace Code of Conduct   Against   Abstain    Shareholder
6     Declassify the Board of Directors         Against   For        Shareholder
7     Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter
8     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote
9     Adopt a Policy that will Commit Executive Against   Abstain    Shareholder
      & Directors to Hold at least 75% of their
      Shares
10    Provide Employees Choice of Pension Plans Against   Abstain    Shareholder
      at Retirement or Termination


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BOISE CASCADE CORP.

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

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


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BOWATER INC.

Ticker:       BOW            Security ID:  102183100
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Arnold M. Nemirow         For       Withhold   Management
1.2   Elect  Director Arthur R. Sawchuk         For       Withhold   Management
1.3   Elect  Director Gordon D. Giffin          For       Withhold   Management
1.4   Elect  Director Douglas A. Pertz          For       Withhold   Management


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BP PLC  (FORM. BP AMOCO PLC )

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

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


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BRINKER INTERNATIONAL, INC.

Ticker:       EAT            Security ID:  109641100
Meeting Date: NOV 13, 2003   Meeting Type: Annual
Record Date:  SEP 15, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ronald A. McDougall        For       For        Management
1.2   Elect Director Douglas H. Brooks          For       For        Management
1.3   Elect Director Dan W. Cook, III           For       For        Management
1.4   Elect Director Robert M. Gates            For       For        Management
1.5   Elect Director Marvin J. Girouard         For       For        Management
1.6   Elect Director Ronald Kirk                For       For        Management
1.7   Elect Director George R. Mrkonic          For       For        Management
1.8   Elect Director Erle Nye                   For       For        Management
1.9   Elect Director James E. Oesterreicher     For       For        Management
1.10  Elect Director Cece Smith                 For       For        Management
1.11  Elect Director Roger T. Staubach          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on the Impact of Genetically       Against   Abstain    Shareholder
      Engineered Products


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BRINKS COMPANY, THE

Ticker:       BCO            Security ID:  109696104
Meeting Date: MAY 7, 2004    Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James R. Barker           For       Withhold   Management
1.2   Elect  Director James L. Broadhead        For       Withhold   Management
1.3   Elect  Director Gerald Grinstein          For       Withhold   Management
1.4   Elect  Director Ronald L. Turner          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Amend Retirement Plan                     For       For        Management


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BURLINGTON NORTHERN SANTA FE CORP.

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

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


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CANADIAN NATIONAL RAILWAY CO.

Ticker:       CNR.           Security ID:  136375102
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael R. Armellino      For       For        Management
1.2   Elect  Director A. Charles Baillie        For       For        Management
1.3   Elect  Director Hugh J. Bolton            For       For        Management
1.4   Elect  Director Purdy Crawford            For       For        Management
1.5   Elect  Director J.V. Raymond Cyr          For       For        Management
1.6   Elect  Director Gordon D. Giffin          For       For        Management
1.7   Elect  Director James K. Gray             For       For        Management
1.8   Elect  Director E. Hunter Harrison        For       For        Management
1.9   Elect  Director Edith E. Holiday          For       For        Management
1.10  Elect  Director V.M. Kempston Darkes      For       For        Management
1.11  Elect  Director Gilbert H. Lamphere       For       For        Management
1.12  Elect  Director Denis Losier              For       For        Management
1.13  Elect  Director Edward C. Lumley          For       For        Management
1.14  Elect  Director David G.A. Mclean         For       For        Management
1.15  Elect  Director Robert Pace               For       For        Management
2     Ratify Auditors                           For       For        Management


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CENDANT CORPORATION

Ticker:       CD             Security ID:  151313103
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director The Right Honourable      For       Withhold   Management
      Brian Mulroney
1.2   Elect  Director Ronald L. Nelson          For       Withhold   Management
1.3   Elect  Director Robert W. Pittman         For       Withhold   Management
1.4   Elect  Director Myra J. Biblowit          For       Withhold   Management
1.5   Elect  Director Sheli Z. Rosenberg        For       Withhold   Management
2     Declassify the Board of Directors         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Separate Chairman and CEO Positions       Against   Against    Shareholder
5     Limit Executive Compensation              Against   Against    Shareholder


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CHOICEPOINT INC.

Ticker:       CPS            Security ID:  170388102
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John B. Mccoy             For       For        Management
1.2   Elect  Director Thomas M. Coughlin        For       For        Management
1.3   Elect  Director Derek V. Smith            For       For        Management
2     Approve Deferred Compensation Plan        For       For        Management
3     Ratify Auditors                           For       For        Management


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CHUBB CORP., THE

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

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


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CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 11, 2003   Meeting Type: Annual
Record Date:  SEP 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Carol A. Bartz             For       For        Management
1.2   Elect Director Larry R. Carter            For       For        Management
1.3   Elect Director John T. Chambers           For       For        Management
1.4   Elect Director Dr. James F. Gibbons       For       For        Management
1.5   Elect Director Dr. John L. Hennessy       For       For        Management
1.6   Elect Director Roderick C. McGeary        For       For        Management
1.7   Elect Director James C. Morgan            For       For        Management
1.8   Elect Director John P. Morgridge          For       For        Management
1.9   Elect Director Donald T. Valentine        For       For        Management
1.10  Elect Director Steven M. West             For       For        Management
1.11  Elect Director Jerry Yang                 For       For        Management
2     Amend Employee Stock Purchase Plan        For       Against    Management
3     Ratify Auditors                           For       For        Management
4     Report on Company Products Used by the    Against   Abstain    Shareholder
      Government to Monitor the Internet
5     Report on Pay Disparity                   Against   Abstain    Shareholder


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CIT GROUP INC

Ticker:       CIT            Security ID:  125581108
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Albert R. Gamper, Jr.     For       For        Management
1.2   Elect  Director Gary C. Butler            For       For        Management
1.3   Elect  Director William A. Farlinger      For       For        Management
1.4   Elect  Director William M. Freeman        For       For        Management
1.5   Elect  Director Hon. Thomas H. Kean       For       For        Management
1.6   Elect  Director Edward J. Kelly, III      For       For        Management
1.7   Elect  Director Marianne Miller Parrs     For       For        Management
1.8   Elect  Director Jeffrey M. Peek           For       For        Management
1.9   Elect  Director John R. Ryan              For       For        Management
1.10  Elect  Director Peter J. Tobin            For       For        Management
1.11  Elect  Director Lois M. Van Deusen        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       Against    Management


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CITIGROUP INC.

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

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


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

COMPANHIA VALE DO RIO DOCE

Ticker:                      Security ID:  204412100
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPRECIATION OF THE MANAGEMENT S REPORT   For       For        Management
      AND ANALYSIS, DISCUSSION AND VOTE ON THE
      FINANCIAL STATEMENTS FOR THE FISCAL YEAR
      ENDING DECEMBER 31, 2003.
2     PROPOSAL FOR THE DESTINATION OF THE       For       For        Management
      PROFITS OF THE SAID FISCAL YEAR.
3     ESTABLISHMENT OF THE TOTAL AND ANNUAL     For       For        Management
      REMUNERATION OF THE MEMBERS OF THE
      COMPANY S MANAGEMENT.
4     ELECTION OF THE MEMBERS OF THE FISCAL     For       For        Management
      COUNCIL AND ESTABLISHMENT OF THEIR
      REMUNERATION.
5     PROPOSAL OF CAPITAL INCREASE, THROUGH THE For       For        Management
      CAPITALIZATION OF RESERVES, WITHOUT THE
      ISSUANCE OF SHARES, AND THE CONSEQUENT
      CHANGE OF THE HEAD SECTION OF ARTICLE 5
      OF THE COMPANY S BY-LAWS.


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

CONSTELLATION BRANDS, INC.

Ticker:       STZ.B          Security ID:  21036P108
Meeting Date: JUL 15, 2003   Meeting Type: Annual
Record Date:  MAY 20, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas C. McDermott as     For       For        Management
      Class A Stock Director
1.2   Elect Director Paul L. Smith as Class A   For       For        Management
      Stock Director
1.3   Elect Director George Bresler as Class B  For       For        Management
      Stock Director
1.4   Elect Director Jeananne K. Hauswald as    For       For        Management
      Class B Stock Director
1.5   Elect Director James A. Locke III as      For       For        Management
      Class B Stock Director
1.6   Elect Director Richard Sands, Ph.D. as    For       Withhold   Management
      Class B Stock Director
1.7   Elect Director Robert Sands as Class B    For       For        Management
      Stock Director
2     Ratify Auditors                           For       For        Management


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

COORS (ADOLPH) COMPANY

Ticker:       RKY            Security ID:  217016104
Meeting Date: OCT 3, 2003    Meeting Type: Special
Record Date:  AUG 25, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Change State of Incorporation from        For       For        Management
      Colorado to Delaware
2     Adjourn Meeting                           For       For        Management


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

CSG SYSTEMS INTERNATIONAL, INC.

Ticker:       CSGS           Security ID:  126349109
Meeting Date: MAY 28, 2004   Meeting Type: Annual
Record Date:  MAR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Janice I. Obuchowski      For       Withhold   Management
2     Amend Employee Stock Purchase Plan        For       For        Management


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

DEVELOPERS DIVERSIFIED REALTY CORP.

Ticker:       DDR            Security ID:  251591103
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dean S. Adler             For       For        Management
1.2   Elect  Director Terrance R. Ahern         For       For        Management
1.3   Elect  Director Mohsen Anvari             For       For        Management
1.4   Elect  Director Robert H. Gidel           For       For        Management
1.5   Elect  Director Victor B. MacFarlane      For       For        Management
1.6   Elect  Director Craig Macnab              For       For        Management
1.7   Elect  Director Scott D. Roulston         For       For        Management
1.8   Elect  Director Barry A. Sholem           For       For        Management
1.9   Elect  Director William B. Summers, Jr.   For       For        Management
1.10  Elect  Director Bert L. Wolstein          For       For        Management
1.11  Elect  Director Scott A. Wolstein         For       For        Management
2     Amend Shareholder Rights Plan (Poison     For       For        Management
      Pill)
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


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

DEVON ENERGY CORP.

Ticker:       DVN            Security ID:  25179M103
Meeting Date: JUN 8, 2004    Meeting Type: Annual
Record Date:  APR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas F. Ferguson        For       For        Management
1.2   Elect  Director Peter J. Fluor            For       For        Management
1.3   Elect  Director David M. Gavin            For       For        Management
1.4   Elect  Director Michael E. Gellert        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

DOMAN INDUSTRIES LTD.

Ticker:       DOM.A          Security ID:  257039AB3
Meeting Date: JUN 4, 2004    Meeting Type: Written Consent
Record Date:  MAY 4, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1      APPROVAL OF THE PLAN                     None      Did Not    Management
                                                          Vote
1     Approve Plan of Compromise and            For       Did Not    Management
      Arrangement                                         Vote


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

DOMAN INDUSTRIES LTD.

Ticker:       DOM.A          Security ID:  257039AB3
Meeting Date: JUN 4, 2004    Meeting Type: Written Consent
Record Date:  MAY 4, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1      APPROVAL OF THE PLAN                     None      Did Not    Management
                                                          Vote
1     Approve Plan of Compromise and            For       Did Not    Management
      Arrangement                                         Vote


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

DOW CHEMICAL COMPANY, THE

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

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


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

ECHOSTAR COMMUNICATIONS CORP.

Ticker:       DISH           Security ID:  278762109
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael T. Dugan          For       Withhold   Management
1.2   Elect  Director James Defranco            For       Withhold   Management
1.3   Elect  Director Cantey Ergen              For       Withhold   Management
1.4   Elect  Director Charles W. Ergen          For       Withhold   Management
1.5   Elect  Director Raymond L. Friedlob       For       Withhold   Management
1.6   Elect  Director Steven R. Goodbarn        For       Withhold   Management
1.7   Elect  Director David K. Moskowitz        For       Withhold   Management
1.8   Elect  Director C. Michael Schroeder      For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       Against    Management


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

EQUITABLE RESOURCES, INC.

Ticker:       EQT            Security ID:  294549100
Meeting Date: APR 14, 2004   Meeting Type: Annual
Record Date:  FEB 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lee T. Todd, Jr., Ph.D.   For       For        Management
1.2   Elect  Director Murry S. Gerber           For       For        Management
1.3   Elect  Director George L. Miles, Jr.      For       For        Management
1.4   Elect  Director James W. Whalen           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

ESTEE LAUDER COMPANIES INC., THE

Ticker:       EL             Security ID:  518439104
Meeting Date: NOV 5, 2003    Meeting Type: Annual
Record Date:  SEP 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Irvine O. Hockaday, Jr.    For       Withhold   Management
1.2   Elect Director Fred H. Langhammer         For       Withhold   Management
1.3   Elect Director Rose Marie Bravo           For       Withhold   Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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

FLEETBOSTON FINANCIAL CORP.

Ticker:       FLT            Security ID:  339030108
Meeting Date: MAR 17, 2004   Meeting Type: Special
Record Date:  JAN 26, 2004

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


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

FLEXTRONICS INTERNATIONAL LTD.

Ticker:       FLEX           Security ID:  Y2573F102
Meeting Date: SEP 30, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Reelect Richard Sharp as Director         For       For        Management
2a    Reelect James Davidson as Director        For       For        Management
2b    Reelect Lip-Bu Tan as Director            For       For        Management
3     Reelect Patrick Foley as Director         For       For        Management
4     Reappoint Deloitte & Touche as Auditors   For       For        Management
      and Authorize Board to Fix Their
      Remuneration
5     Amend 1997 Employee Share Purchase Plan   For       For        Management
6     Approve Issuance of Shares without        For       For        Management
      Preemptive Rights
7     Approve Nonexecutive Directors' Fees      For       For        Management
8     Authorize Share Repurchase Program        For       For        Management


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

GAP, INC., THE

Ticker:       GPS            Security ID:  364760108
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Howard Behar              For       Withhold   Management
1.2   Elect  Director Adrian D.P. Bellamy       For       Withhold   Management
1.3   Elect  Director Donald G. Fisher          For       Withhold   Management
1.4   Elect  Director Doris F. Fisher           For       Withhold   Management
1.5   Elect  Director Robert J. Fisher          For       Withhold   Management
1.6   Elect  Director Glenda A. Hatchett        For       Withhold   Management
1.7   Elect  Director Penelope L. Hughes        For       Withhold   Management
1.8   Elect  Director Bob L. Martin             For       Withhold   Management
1.9   Elect  Director Jorge P. Montoya          For       Withhold   Management
1.10  Elect  Director Paul S. Pressler          For       Withhold   Management
1.11  Elect  Director James M. Schneider        For       Withhold   Management
1.12  Elect  Director Mayo A. Shattuck III      For       Withhold   Management
1.13  Elect  Director Margaret C. Whitman       For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Limit Executive Compensation              Against   Abstain    Shareholder


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

GENERAL MOTORS CORP.

Ticker:       GM             Security ID:  370442832
Meeting Date: OCT 3, 2003    Meeting Type: Written Consent
Record Date:  AUG 1, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Articles                            For       For        Management
2     Amend Articles                            For       For        Management
3     Approve Hughes Split-Off                  For       For        Management
4     Approve GM/News Stock Sale                For       For        Management
5     Approve News Stock Acquisition            For       For        Management
6     Amend Articles                            For       For        Management


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

GLAXOSMITHKLINE PLC (FORMERLY GLAXO WELLCOME PLC )

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

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


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

GUIDANT CORP.

Ticker:       GDT            Security ID:  401698105
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Maurice A. Cox, Jr.       For       Withhold   Management
1.2   Elect  Director Nancy-Ann Min DeParle     For       Withhold   Management
1.3   Elect  Director Ronald W. Dollens         For       Withhold   Management
1.4   Elect  Director Enrique C. Falla          For       Withhold   Management
1.5   Elect  Director Kristina M. Johnson,      For       Withhold   Management
      Ph.D.
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   For        Shareholder


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

HALLIBURTON CO.

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

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


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

HEWLETT-PACKARD CO.

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

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


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

HOST MARRIOTT CORP.

Ticker:       HMT            Security ID:  44107P104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard E. Marriott       For       Withhold   Management
1.2   Elect  Director Christopher J. Nassetta   For       Withhold   Management
1.3   Elect  Director John B. Morse, Jr.        For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management


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

HOUSTON EXPLORATION CO., THE

Ticker:       THX            Security ID:  442120101
Meeting Date: JUN 3, 2004    Meeting Type: Annual
Record Date:  APR 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert B. Catell          For       Withhold   Management
1.2   Elect  Director John U. Clarke            For       For        Management
1.3   Elect  Director David G. Elkins           For       For        Management
1.4   Elect  Director Robert J. Fani            For       Withhold   Management
1.5   Elect  Director William G. Hargett        For       For        Management
1.6   Elect  Director Harold R. Logan, Jr.      For       For        Management
1.7   Elect  Director Gerald Luterman           For       For        Management
1.8   Elect  Director Stephen W. McKessy        For       For        Management
1.9   Elect  Director H. Neil Nichols           For       For        Management
1.10  Elect  Director Donald C. Vaughn          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

IDT CORP.

Ticker:       IDT.C          Security ID:  448947309
Meeting Date: DEC 15, 2003   Meeting Type: Annual
Record Date:  OCT 20, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Moshe Kaganoff             For       For        Management
1.2   Elect Director James S. Gilmore, III      For       For        Management
1.3   Elect Director Jack F. Kemp               For       Withhold   Management
1.4   Elect Director Admiral William A. Owens   For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Approve Employee Stock Purchase Plan      For       For        Management
4     Approve Stock Award to Executive          For       For        Management
5     Ratify Auditors                           For       For        Management


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

INFOSYS TECHNOLOGIES LTD

Ticker:                      Security ID:  456788108
Meeting Date: JUN 12, 2004   Meeting Type: Annual
Record Date:  MAY 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ADOPT THE BALANCE SHEET                   For       For        Management
2     TO DECLARE A FINAL DIVIDEND               For       For        Management
3     TO APPOINT A DIRECTOR IN PLACE OF MR.     For       For        Management
      DEEPAK M. SATWALEKAR
4     TO APPOINT A DIRECTOR IN PLACE OF PROF.   For       For        Management
      MARTI G. SUBRAHMANYAM
5     TO APPOINT A DIRECTOR IN PLACE OF MR. S.  For       For        Management
      GOPALAKRISNAN
6     TO APPOINT A DIRECTOR IN PLACE OF MR. S.  For       For        Management
      D. SHIBULAL
7     TO APPOINT A DIRECTOR IN PLACE OF MR.     For       For        Management
      T.V. MOHANDAS PAI
8     AUDITORS AND TO FIX THEIR REMUNERATION    For       For        Management
9     TO DELIST THE EQUITY SHARES OF THE        For       For        Management
      COMPANY FROM THE BANGALORE STOCK EXCHANGE
10    TO APPROVE PAYMENT OF REMUNERATION IN THE For       For        Management
      FORM OF COMMISSION TO NON-EXECUTIVE
      DIRECTORS
11    TO APPROVE REVISION OF REMUNERATION       For       For        Management
      PAYABLE TO MR. S. GOPALAKRISHNAN, MR.
      T.V. MOHANDAS PAI, MR. SRINATH BATNI AND
      MR. S.D. SHIBULAL
12    TO APPROVE REVISION OF REMUNERATION       For       For        Management
      PAYABLE TO MR. N.R. NARAYANA MURTHY, MR.
      NANDAN M. NILEKANI, MR. S.
      GOPALAKRISHNAN, MR. K. DINESH, MR. T.V.
      MOHANDAS PAI, MR. SRINATH BATNI AND MR.
      S.D. SHIBULAL
13    TO APPROVE THE REAPPOINTMENT OF MR. S.    For       For        Management
      GOLAPAKRISHNAN AS DEPUTY MANAGING
      DIRECTOR OF THE COMPANY
14    TO AMEND TEH CAPITAL CLAUSE IN THE        For       For        Management
      MEMORANDUM OF ASSOCIATION TO INCREASE THE
      AUTHORIZED CAPITAL OF THE COMPANY
15    TO AMEND THE CAPITAL CLAUSE IN THE        For       For        Management
      ARTICLES OF ASSOCIATION TO INCREASE THE
      AUTHORIZED CAPITAL OF THE COMPANY
16    TO ISSUE BONUS SHARES                     For       For        Management
17    TO FORM A NEW TRUST FOR THE WELFARE OF    For       For        Management
      THE EMPLOYEES


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

INTEL CORP.

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

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


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

INTERNATIONAL BUSINESS MACHINES CORP.

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

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


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

JPMORGAN CHASE & CO.

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

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


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

KINDER MORGAN, INC.

Ticker:       KMI            Security ID:  49455P101
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles W. Battey         For       For        Management
1.2   Elect  Director H. A. True, III           For       For        Management
1.3   Elect  Director Fayez Sarofim             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Prepare a Sustainability Report           Against   Abstain    Shareholder
5     Expense Stock Options                     Against   For        Shareholder


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

KLA-TENCOR CORP.

Ticker:       KLAC           Security ID:  482480100
Meeting Date: NOV 5, 2003    Meeting Type: Annual
Record Date:  SEP 15, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.a   Elect Director H. Raymond Bingham         For       For        Management
1.b   Elect Director Robert T. Bond             For       For        Management
1.c   Elect Director Richard J. Elkus, Jr.      For       For        Management
1.d   Elect Director Michael E. Marks           For       For        Management
2     Ratify Auditors                           For       For        Management


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

LIBERTY MEDIA CORP.

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

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


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

LINEAR TECHNOLOGY CORP.

Ticker:       LLTC           Security ID:  535678106
Meeting Date: NOV 5, 2003    Meeting Type: Annual
Record Date:  SEP 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert H. Swanson, Jr.     For       Withhold   Management
1.2   Elect Director David S. Lee               For       Withhold   Management
1.3   Elect Director Leo T. McCarthy            For       Withhold   Management
1.4   Elect Director Richard M. Moley           For       Withhold   Management
1.5   Elect Director Thomas S. Volpe            For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

LUKOIL OAO

Ticker:       LUKFY          Security ID:  677862104
Meeting Date: JUN 24, 2004   Meeting Type: Annual
Record Date:  MAY 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE ANNUAL REPORT 2003, OF    For       For        Management
      THE ANNUAL ACCOUNTS INCLUDING THE PROFIT
      AND LOSS STATEMENT
2     AMOUNT, PAYMENT DATE, AND FORM OF PAYMENT For       For        Management
      OF DIVIDENDS
3     ELECTION OF THE MEMBERS OF THE BOARD OF   For       Withhold   Management
      DIRECTORS.
4     ELECTION OF THE MEMBER OF THE AUDIT       For       For        Management
      COMMISSION: NIKITENKO, VLADIMIR
      NIKOLAYEVICH
5     ELECTION OF THE MEMBER OF THE AUDIT       For       For        Management
      COMMISSION: SKLYAROVA, TATIANA
      SERGUEYEVNA
6     ELECTION OF THE MEMBER OF THE AUDIT       For       For        Management
      COMMISSION: TANULYAK, NATALIA ILYINICHNA
7     ELECTION OF THE MEMBER OF THE AUDIT       For       For        Management
      COMMISSION: KONDRATIEV, PAVEL
      GENNADIEVICH
8     ELECTION OF THE MEMBER OF THE AUDIT       For       For        Management
      COMMISSION: BULAVINA, LYUDMILA
      MIKHAILOVNA
9     REMUNERATION AND COMPENSATION OF EXPENSES For       For        Management
      TO THE MEMBERS OF THE BOARD OF DIRECTORS
      AND AUDIT COMMISSION OF OAO LUKOIL
10    APPROVAL OF THE EXTERNAL AUDITOR OF THE   For       For        Management
      COMPANY
11    APPROVAL OF AMENDMENTS AND ADDENDA TO THE For       For        Management
      CHARTER OF OAO LUKOIL
12    APPROVAL OF AMENDMENTS AND ADDENDA TO THE For       For        Management
      REGULATIONS ON THE PROCEDURE FOR
      PREPARING AND HOLDING THE SHAREHOLDERS
      MEETING
13    APPROVAL OF AMENDMENTS AND ADDENDA TO THE For       For        Management
      REGULATIONS ON THE BOARD OF DIRECTORS OF
      LUKOIL
14    APPROVAL OF TRANSACTIONS INVOLVING        For       For        Management
      INTERESTED/RELATED PARTIES


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

MCDONALD'S CORP.

Ticker:       MCD            Security ID:  580135101
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward A. Brennan         For       Withhold   Management
1.2   Elect  Director Walter E. Massey          For       Withhold   Management
1.3   Elect  Director John W. Rogers, Jr.       For       Withhold   Management
1.4   Elect  Director Anne-Marie Slaughter      For       Withhold   Management
1.5   Elect  Director Roger W. Stone            For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Approve/Amend Executive Incentive Bonus   For       For        Management
      Plan


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

MEDIMMUNE, INC.

Ticker:       MEDI           Security ID:  584699102
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Wayne T. Hockmeyer        For       For        Management
1.2   Elect  Director David M. Mott             For       For        Management
1.3   Elect  Director David Baltimore           For       For        Management
1.4   Elect  Director M. James Barrett          For       For        Management
1.5   Elect  Director Melvin D. Booth           For       For        Management
1.6   Elect  Director James H. Cavanaugh        For       For        Management
1.7   Elect  Director Barbara Hackman Franklin  For       For        Management
1.8   Elect  Director Gordon S. Macklin         For       For        Management
1.9   Elect  Director Elizabeth H. S. Wyatt     For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

MERRILL LYNCH & CO., INC.

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

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


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

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 11, 2003   Meeting Type: Annual
Record Date:  SEP 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William H. Gates, III      For       Withhold   Management
1.2   Elect Director Steven A. Ballmer          For       Withhold   Management
1.3   Elect Director James I. Cash, Jr., Ph.D.  For       Withhold   Management
1.4   Elect Director Raymond V. Gilmartin       For       Withhold   Management
1.5   Elect Director Ann McLaughlin Korologos   For       Withhold   Management
1.6   Elect Director David F. Marquardt         For       Withhold   Management
1.7   Elect Director Charles H. Noski           For       Withhold   Management
1.8   Elect Director Dr. Helmut Panke           For       Withhold   Management
1.9   Elect Director Wm. G. Reed, Jr.           For       Withhold   Management
1.10  Elect Director Jon A. Shirley             For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       Against    Management
      Plan
4     Refrain from Giving Charitable            Against   Abstain    Shareholder
      Contributions


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

MONSANTO CO.

Ticker:       MON            Security ID:  61166W101
Meeting Date: JAN 29, 2004   Meeting Type: Annual
Record Date:  DEC 1, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank V. Atlee III         For       For        Management
1.2   Elect Director Gwendolyn S. King          For       For        Management
1.3   Elect Director Sharon R. Long, Ph.D.      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Report on Impact of Genetically           Against   Abstain    Shareholder
      Engineered Seed
5     Report on Export of Hazardous Pesticides  Against   Abstain    Shareholder
6     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


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

NIKE, INC.

Ticker:       NKE            Security ID:  654106103
Meeting Date: SEP 22, 2003   Meeting Type: Annual
Record Date:  JUL 25, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas E. Clarke as Class  For       For        Management
      A Director
1.2   Elect Director Ralph D. DeNunzio as Class For       For        Management
      A Director
1.3   Elect Director Richard K. Donahue as      For       For        Management
      Class A Director
1.4   Elect Director Delbert J. Hayes as Class  For       For        Management
      A Director
1.5   Elect Director Douglas G. Houser as Class For       For        Management
      A Director
1.6   Elect Director Jeanne P. Jackson as Class For       For        Management
      A Director
1.7   Elect Director Philip H. Knight as Class  For       For        Management
      A Director
1.8   Elect Director Charles W. Robinson as     For       For        Management
      Class A Director
1.9   Elect Director John R. Thompson, Jr. as   For       Withhold   Management
      Class A Director
1.10  Elect Director Jill K. Conway as Class B  For       For        Management
      Director
1.11  Elect Director Alan B. Graf, Jr. as Class For       For        Management
      B Director
1.12  Elect Director John E. Jaqua as Class B   For       For        Management
      Director
1.13  Elect Director A. Michael Spence as Class For       For        Management
      B Director
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management


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

NOVARTIS AG

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

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


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

NOVELLUS SYSTEMS, INC.

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

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


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

OFFICEMAX, INC.

Ticker:       OMX            Security ID:  67622M108
Meeting Date: DEC 9, 2003    Meeting Type: Special
Record Date:  NOV 3, 2003

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


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

ORBITAL SCIENCES CORP.

Ticker:       ORB            Security ID:  685564106
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward F. Crawley         For       Withhold   Management
1.2   Elect  Director Lennard A. Fisk           For       Withhold   Management
1.3   Elect  Director Garrett E. Pierce         For       Withhold   Management
1.4   Elect  Director David W. Thompson         For       Withhold   Management


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

PACIFICARE HEALTH SYSTEMS, INC.

Ticker:       PHS            Security ID:  695112102
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Aida Alvarez              For       Withhold   Management
1.2   Elect  Director Bradley C. Call           For       Withhold   Management
1.3   Elect  Director Terry O. Hartshorn        For       Withhold   Management
1.4   Elect  Director Dominic Ng                For       Withhold   Management
1.5   Elect  Director Howard G. Phanstiel       For       Withhold   Management
1.6   Elect  Director Warren E. Pinckert Ii     For       Withhold   Management
1.7   Elect  Director David A. Reed             For       Withhold   Management
1.8   Elect  Director Charles R. Rinehart       For       Withhold   Management
1.9   Elect  Director Linda Rosenstock          For       Withhold   Management
1.10  Elect  Director Lloyd E. Ross             For       Withhold   Management
2     Amend Employee Stock Purchase Plan        For       For        Management
3     Ratify Auditors                           For       For        Management


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

PFIZER INC.

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

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


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

PG&E CORP.

Ticker:       PCG            Security ID:  69331C108
Meeting Date: APR 21, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David R. Andrews          For       Withhold   Management
1.2   Elect  Director Leslie S. Biller          For       Withhold   Management
1.3   Elect  Director David A. Coulter          For       Withhold   Management
1.4   Elect  Director C. Lee Cox                For       Withhold   Management
1.5   Elect  Director Robert D. Glynn, Jr.      For       Withhold   Management
1.6   Elect  Director David M. Lawrence, MD     For       Withhold   Management
1.7   Elect  Director Mary S. Metz              For       Withhold   Management
1.8   Elect  Director Barry Lawson Williams     For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
4     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote
5     Require Directors be a Link-Free          Against   Against    Shareholder
      Directors
6     Adopt Radioactive Waste Policy            Against   Abstain    Shareholder
7     Separate Chairman and CEO Positions       Against   Against    Shareholder
8     Limit Executive Compensation              Against   Against    Shareholder


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

PIONEER NATURAL RESOURCES CO.

Ticker:       PXD            Security ID:  723787107
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director R. Hartwell Gardner       For       For        Management
1.2   Elect  Director James L. Houghton         For       For        Management
1.3   Elect  Director Linda K. Lawson           For       For        Management
2     Ratify Auditors                           For       For        Management


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

PLATINUM UNDERWRITERS HOLDINGS LTD

Ticker:       PTP            Security ID:  G7127P100
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  APR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director H. Furlong Baldwin        For       For        Management
1.2   Elect  Director Jonathan F. Bank          For       For        Management
1.3   Elect  Director Dan R. Carmichael         For       For        Management
1.4   Elect  Director Neill A. Currie           For       For        Management
1.5   Elect  Director Jay S. Fishman            For       For        Management
1.6   Elect  Director Gregory E.A. Morrison     For       For        Management
1.7   Elect  Director Steven H. Newman          For       For        Management
1.8   Elect  Director Peter T. Pruitt           For       For        Management
2     THE PROPOSAL TO ELECT GREGORY E.A.        For       For        Management
      MORRISON TO THE BOARD OF DIRECTORS OF
      PLATINUM UNDERWRITERS BERMUDA, LTD.
3     THE PROPOSAL TO ELECT MICHAEL D. PRICE TO For       For        Management
      THE BOARD OF DIRECTORS OF PLATINUM
      UNDERWRITERS BERMUDA, LTD.
4     THE PROPOSAL TO ELECT WILLIAM A. ROBBIE   For       For        Management
      TO THE BOARD OF DIRECTORS OF PLATINUM
      UNDERWRITERS BERMUDA, LTD.
5     THE PROPOSAL TO RATIFY THE APPOINTMENT OF For       For        Management
      WILLIAM A. ROBBIE TO THE BOARD OF
      DIRECTORS OF PLATINUM RE (UK) LIMITED.
6     THE PROPOSAL TO RATIFY THE APPOINTMENT OF For       For        Management
      RUSSELL WORSLEY TO THE BOARD OF DIRECTORS
      OF PLATINUM RE (UK) LIMITED.
7     THE PROPOSAL TO AMEND BYE-LAWS OF THE     For       For        Management
      COMPANY BY REMOVING SECTION 44(2), WHICH
      REQUIRES THE SHAREHOLDERS OF THE COMPANY
      TO CONSIDER MATTERS THAT ARE SUBMITTED TO
      THE SHAREHOLDERS OF THE COMPANY S
      NON-U.S. SUBSIDIARIES.
8     THE PROPOSAL TO APPROVE THE COMPANY S     For       For        Management
      2002 SHARE INCENTIVE PLAN.
9     Ratify Auditors                           For       For        Management


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

PRAXAIR, INC.

Ticker:       PX             Security ID:  74005P104
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alejandro Achaval         For       For        Management
1.2   Elect  Director Ronald L. Kuehn, Jr.      For       For        Management
1.3   Elect  Director H. Mitchell Watson, Jr.   For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Approve Stockholder Protection Rights     For       Abstain    Management
      Agreement


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

PROVINCE HEALTHCARE CO.

Ticker:       PRV            Security ID:  743977100
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin S. Rash            For       Withhold   Management
1.2   Elect  Director Joseph P. Nolan           For       Withhold   Management
1.3   Elect  Director Winfield C. Dunn          For       Withhold   Management
1.4   Elect  Director Paul J. Feldstein         For       Withhold   Management
1.5   Elect  Director David R. Klock            For       Withhold   Management
1.6   Elect  Director Michael P. Haley          For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

PRUDENTIAL FINANCIAL INC

Ticker:       PRU            Security ID:  744320102
Meeting Date: JUN 8, 2004    Meeting Type: Annual
Record Date:  APR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Arthur F. Ryan            For       For        Management
1.2   Elect  Director Gaston Caperton           For       For        Management
1.3   Elect  Director Gilbert F. Casellas       For       For        Management
1.4   Elect  Director Karl J. Krapek            For       For        Management
1.5   Elect  Director Ida F.S. Schmertz         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Cease Charitable Contributions            Against   Abstain    Shareholder
4     Declassify the Board of Directors         Against   For        Shareholder


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

QUALCOMM INC.

Ticker:       QCOM           Security ID:  747525103
Meeting Date: MAR 2, 2004    Meeting Type: Annual
Record Date:  JAN 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Adelia A. Coffman         For       For        Management
1.2   Elect  Director Raymond V. Dittamore      For       For        Management
1.3   Elect  Director Irwin Mark Jacobs         For       For        Management
1.4   Elect  Director Richard Sulpizio          For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Ratify Auditors                           For       For        Management
4     Declassify the Board of Directors         Against   For        Shareholder


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

QWEST COMMUNICATIONS INTERNATIONAL INC.

Ticker:       Q              Security ID:  749121109
Meeting Date: DEC 16, 2003   Meeting Type: Annual
Record Date:  OCT 27, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Philip F. Anschutz         For       Withhold   Management
1.2   Elect Director Richard C. Notebaert       For       Withhold   Management
1.3   Elect Director Frank F. Popoff            For       Withhold   Management
2     Amend Employee Stock Purchase Plan        For       Against    Management
3     Exclude Pension Credits from Net Income   For       For        Shareholder
      When Determining Executive Compensation
4     Declassify the Board of Directors         For       For        Shareholder
5     Submit Severance Agreement                For       Abstain    Shareholder
      (Change-in-Control) to Shareholder Vote
6     Require Majority of Independent Directors Against   For        Shareholder
      on Board
7     Performance- Based/Indexed Options        Against   Against    Shareholder
8     Performance- Based/Indexed Options        Against   For        Shareholder
9     Expense Stock Options                     Against   For        Shareholder


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

RAYTHEON CO.

Ticker:       RTN            Security ID:  755111507
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John M. Deutch            For       Withhold   Management
1.2   Elect  Director Michael C. Ruettgers      For       Withhold   Management
1.3   Elect  Director William R. Spivey         For       Withhold   Management
1.4   Elect  Director William H. Swanson        For       Withhold   Management
1.5   Elect  Director Linda G. Stuntz           For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Develop Ethical Criteria for Military     Against   Abstain    Shareholder
      Contracts
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
5     Declassify the Board of Directors         Against   For        Shareholder
6     Implement MacBride Principles             Against   Abstain    Shareholder
7     Expense Stock Options                     Against   For        Shareholder
8     Submit Executive Pension Benefit to Vote  Against   Against    Shareholder
9     Limit Executive Compensation              Against   Abstain    Shareholder


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

RED HAT, INC.

Ticker:       RHAT           Security ID:  756577102
Meeting Date: JUL 31, 2003   Meeting Type: Annual
Record Date:  JUN 2, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director F. Selby Wellman           For       For        Management
1.2   Elect Director Dr. Marye Anne Fox         For       Withhold   Management
1.3   Elect Director Dr. W. Steve Albrecht      For       For        Management
2     Ratify Auditors                           For       For        Management


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

REGAL ENTERTAINMENT GROUP

Ticker:       RGC            Security ID:  758766109
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  APR 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas D. Bell, Jr.       For       For        Management
1.2   Elect  Director Craig D. Slater           For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

SCHERING-PLOUGH CORP.

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

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


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

SEARS, ROEBUCK & CO.

Ticker:       S              Security ID:  812387108
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William L. Bax            For       Withhold   Management
1.2   Elect  Director Donald J. Carty           For       Withhold   Management
1.3   Elect  Director Alan J. Lacy              For       Withhold   Management
1.4   Elect  Director Hugh B. Price             For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
5     Establish Other Board Committee           Against   For        Shareholder


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SEMPRA ENERGY

Ticker:       SRE            Security ID:  816851109
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen L. Baum           For       For        Management
1.2   Elect  Director Wilford D. Godbold, Jr.   For       For        Management
1.3   Elect  Director Richard G. Newman         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Declassify the Board of Directors         Against   For        Shareholder
5     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
6     Prohibit Auditor from Providing Non-Audit Against   Against    Shareholder
      Services
7     Separate Chairman and CEO Positions       Against   Against    Shareholder


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SINGAPORE AIRLINES LIMITED

Ticker:                      Security ID:  SG1H95001506
Meeting Date: JUL 26, 2003   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Articles of Association             For       For        Management
2     Approve Issuance of Shares without        For       For        Management
      Preemptive Rights
3     Authorize Share Repurchase Program        For       For        Management
4     Amend Employee Share Option Plan          For       Against    Management
5     Approve Mandate for Transactions with     For       For        Management
      Related Parties


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SINGAPORE AIRLINES LIMITED

Ticker:                      Security ID:  SG1H95001506
Meeting Date: JUL 26, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Adopt Financial Statements and Directors' For       For        Management
      and Auditors' Reports
2     Declare Final Dividend of SGD 0.09 Per    For       For        Management
      Share
3     Elect Brian Pitman as Director            For       For        Management
4a    Reelect Fock Siew Wah as Director         For       For        Management
4b    Reelect Ho Kwon Ping as Director          For       For        Management
5     Reelect Chew Choon Seng as Director       For       For        Management
6     Reappoint Ernst & Young as Auditors and   For       For        Management
      Authorize Board to Fix Their Remuneration
7     Approve Directors' Fees of SGD 571,000    For       For        Management
      for the Year Ended Mar. 31, 2003
8     Other Business (Voting)                   For       For        Management


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STERLING CHEMICALS, INC.

Ticker:       SCHI           Security ID:  859166AA8
Meeting Date: APR 16, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard K. Crump          For       For        Management
1.2   Elect  Director Peter Ting Kai Wu         For       For        Management
2     Ratify Auditors                           For       For        Management


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SUNTRUST BANKS, INC.

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

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


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TAKE-TWO INTERACTIVE SOFTWARE, INC.

Ticker:       TTWO           Security ID:  874054109
Meeting Date: JUN 17, 2004   Meeting Type: Annual
Record Date:  MAY 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard W. Roedel         For       For        Management
1.2   Elect  Director Paul Eibeler              For       For        Management
1.3   Elect  Director Oliver R. Grace, Jr.      For       For        Management
1.4   Elect  Director Robert Flug               For       For        Management
1.5   Elect  Director Todd Emmel                For       For        Management
1.6   Elect  Director Mark Lewis                For       For        Management
1.7   Elect  Director Steven Tisch              For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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TALISMAN ENERGY INC.

Ticker:       TLM.           Security ID:  CA87425E1034
Meeting Date: MAY 4, 2004    Meeting Type: Annual/Special
Record Date:  MAR 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Douglas D. Baldwin, James W.        For       For        Management
      Buckee, Kevin S. Dunne, Al L. Flood, Dale
      G. Parker, Lawrence G. Tapp, Stella M.
      Thompson, Robert G. Welty, Charles W.
      Wilson as Directors
2     Ratify Auditors                           For       For        Management
3     Approve 3:1 Stock Split                   For       For        Management


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TENET HEALTHCARE CORP.

Ticker:       THC            Security ID:  88033G100
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Trevor Fetter             For       Withhold   Management
1.2   Elect  Director Van B. Honeycutt          For       Withhold   Management
1.3   Elect  Director John C. Kane              For       Withhold   Management
1.4   Elect  Director Edward A. Kangas          For       Withhold   Management
1.5   Elect  Director J. Robert Kerrey          For       Withhold   Management
1.6   Elect  Director Richard R. Pettingill     For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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TEVA PHARMACEUTICAL INDUSTRIES

Ticker:       TEVA           Security ID:  881624209
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  APR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE AND DISCUSS THE COMPANY S      For       For        Management
      CONSOLIDATED BALANCE SHEET AS OF DECEMBER
      31, 2003 AND THE CONSOLIDATED STATEMENTS.
2     TO APPROVE THE BOARD OF DIRECTORS         For       Against    Management
      RECOMMENDATION THAT THE CASH DIVIDEND FOR
      THE YEAR ENDED DECEMBER 31, 2003, WHICH
      WAS PAID IN FOUR INSTALLMENTS AND
      AGGREGATED NIS 1.44 (APPROXIMATELY
      US$0.322) PER ORDINARY SHARE, BE DECLARED
      FINAL.
3     TO ELECT ABRAHAM E. COHEN TO SERVE FOR A  For       For        Management
      THREE-YEAR TERM.
4     TO ELECT LESLIE DAN TO SERVE FOR A        For       For        Management
      THREE-YEAR TERM.
5     TO ELECT PROF. MEIR HETH TO SERVE FOR A   For       For        Management
      THREE-YEAR TERM.
6     TO ELECT PROF. MOSHE MANY TO SERVE FOR A  For       For        Management
      THREE-YEAR TERM.
7     TO ELECT DOV SHAFIR TO SERVE FOR A        For       For        Management
      THREE-YEAR TERM.
8     TO APPROVE THE PURCHASE OF DIRECTOR S AND For       For        Management
      OFFICER S LIABILITY INSURANCE FOR THE
      DIRECTORS AND OFFICERS OF THE COMPANY.
9     Ratify Auditors                           For       For        Management


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TITAN CORP., THE

Ticker:       TTN            Security ID:  888266103
Meeting Date: APR 12, 2004   Meeting Type: Special
Record Date:  FEB 9, 2004

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


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TOLL BROTHERS, INC.

Ticker:       TOL            Security ID:  889478103
Meeting Date: MAR 18, 2004   Meeting Type: Annual
Record Date:  JAN 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Zvi Barzilay               For       For        Management
1.2   Elect Director Edward G. Boehne           For       For        Management
1.3   Elect Director Richard J. Braemer         For       For        Management
1.4   Elect Director Carl B. Marbach            For       For        Management
2     Ratify Auditors                           For       For        Management


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

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

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


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

TYCO INTERNATIONAL LTD.

Ticker:       TYC            Security ID:  902124106
Meeting Date: MAR 25, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dennis C. Blair           For       For        Management
1.2   Elect  Director Edward D. Breen           For       For        Management
1.3   Elect  Director George W. Buckley         For       For        Management
1.4   Elect  Director Brian Duperreault         For       For        Management
1.5   Elect  Director Bruce S. Gordon           For       For        Management
1.6   Elect  Director John A. Krol              For       For        Management
1.7   Elect  Director Mackey J. Mcdonald        For       For        Management
1.8   Elect  Director H. Carl Mccall            For       For        Management
1.9   Elect  Director Brendan R. O'Neill        For       For        Management
1.10  Elect  Director Sandra S. Wijnberg        For       For        Management
1.11  Elect  Director Jerome B. York            For       For        Management
2     Ratify Auditors                           For       For        Management
3     ADOPTION OF THE AMENDED AND RESTATED      For       For        Management
      BYE-LAWS.
4     APPROVAL OF TYCO 2004 STOCK AND INCENTIVE For       For        Management
      PLAN.
5     SHAREHOLDER PROPOSAL REGARDING            For       For        Shareholder
      ENVIRONMENTAL REPORTING.
6     SHAREHOLDER PROPOSAL TO CHANGE TYCO S     Against   Against    Shareholder
      JURISDICTION OF INCORPORATION FROM
      BERMUDA TO A U.S. STATE.
7     SHAREHOLDER PROPOSAL ON  COMMON SENSE     Against   Against    Shareholder
      EXECUTIVE COMPENSATION.


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

TYSON FOODS, INC.

Ticker:       TSN            Security ID:  902494103
Meeting Date: FEB 6, 2004    Meeting Type: Annual
Record Date:  DEC 23, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Don Tyson                  For       Withhold   Management
1.2   Elect Director John Tyson                 For       Withhold   Management
1.3   Elect Director Leland E. Tollett          For       Withhold   Management
1.4   Elect Director Barbara A. Tyson           For       Withhold   Management
1.5   Elect Director Lloyd V. Hackley           For       Withhold   Management
1.6   Elect Director Jim Kever                  For       Withhold   Management
1.7   Elect Director David A. Jones             For       Withhold   Management
1.8   Elect Director Richard L. Bond            For       Withhold   Management
1.9   Elect Director Jo Ann R. Smith            For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Employee Stock Purchase Plan      For       Against    Management
4     Ratify Auditors                           For       For        Management
5     Remove Supervoting Rights for Class B     Against   For        Shareholder
      Common Stock
6     Separate Chairman and CEO Positions       Against   Against    Shareholder


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

U.S. BANCORP

Ticker:       USB            Security ID:  902973304
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Victoria Buyniski         For       Withhold   Management
      Gluckman
1.2   Elect  Director Arthur D. Collins, Jr.    For       Withhold   Management
1.3   Elect  Director Jerry W. Levin            For       Withhold   Management
1.4   Elect  Director Thomas E. Petry           For       Withhold   Management
1.5   Elect  Director Richard G. Reiten         For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder
4     Submit Executive Compensation to Vote     Against   For        Shareholder
5     Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter


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

UBS AG

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

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


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

UNILEVER N.V.

Ticker:       UN             Security ID:  904784709
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ADOPTION OF THE ANNUAL ACCOUNTS AND       For       For        Management
      APPROPRIATION OF THE PROFIT FOR THE 2003
      FINANCIAL YEAR.
2     DISCHARGE OF THE MEMBERS OF THE BOARD OF  For       For        Management
      DIRECTORS.
3     CORPORATE GOVERNANCE AND ALTERATIONS TO   For       For        Management
      THE ARTICLES OF ASSOCIATION.
4.1   Elect  Director A. Burgmans               For       For        Management
4.2   Elect  Director Ac Butler                 For       For        Management
4.3   Elect  Director Pj Cescau                 For       For        Management
4.4   Elect  Director Kb Dadiseth               For       For        Management
4.5   Elect  Director Nwa Fitzgerald Kbe        For       For        Management
4.6   Elect  Director Ar Baron Van Heemstra     For       For        Management
4.7   Elect  Director Rhp Markham               For       For        Management
4.8   Elect  Director Cj Van Der Graaf          For       For        Management
4.9   Elect  Director Lord Brittan*             For       For        Management
4.10  Elect  Director Baroness Chalker*         For       For        Management
4.11  Elect  Director B Collomb*                For       For        Management
4.12  Elect  Director Professor W Dik*          For       For        Management
4.13  Elect  Director O Fanjul*                 For       For        Management
4.14  Elect  Director Cx Gonzalez*              For       For        Management
4.15  Elect  Director H Kopper*                 For       For        Management
4.16  Elect  Director Lord Simon*               For       For        Management
4.17  Elect  Director J Van Der Veer*           For       For        Management
5     REMUNERATION OF NON-EXECUTIVE DIRECTORS.  For       For        Management
6     Ratify Auditors                           For       For        Management
7     DESIGNATION, IN ACCORDANCE WITH ARTICLES  For       Against    Management
      96 AND 96A OF BOOK 2 OF THE NETHERLANDS
      CIVIL CODE, OF THE BOARD OF DIRECTORS AS
      THE COMPANY BODY AUTHORIZED IN RESPECT OF
      THE ISSUE OF SHARES IN THE COMPANY.
8     AUTHORIZATION, IN ACCORDANCE WITH ARTICLE For       For        Management
      98 OF BOOK 2 OF THE NETHERLANDS CIVIL
      CODE, OF THE BOARD OF DIRECTORS TO
      PURCHASE SHARES IN THE COMPANY AND
      DEPOSITARY RECEIPTS THEREFOR.
9     AUTHORIZATION, IN ACCORDANCE WITH ARTICLE For       For        Management
      119 OF BOOK 2 OF THE NETHERLANDS CIVIL
      CODE, OF THE BOARD OF DIRECTORS TO
      DETERMINE A REGISTRATION TIME FOR THE
      EXERCISE OF THE RIGHTS TO ATTEND THE
      GENERAL MEETING AND TO VOTE THEREAT.


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UNITEDGLOBAL.COM INC

Ticker:       UCOMA          Security ID:  913247508
Meeting Date: SEP 30, 2003   Meeting Type: Annual
Record Date:  AUG 4, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John W. Dick               For       Withhold   Management
1.2   Elect Director Tina M. Wildes             For       Withhold   Management
2     Approve Omnibus Stock Plan                For       Against    Management


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

UNITEDGLOBAL.COM INC

Ticker:       UCOMA          Security ID:  913247508
Meeting Date: FEB 11, 2004   Meeting Type: Special
Record Date:  JAN 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Stock Option Plan                   For       Against    Management


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

UNITEDGLOBAL.COM INC

Ticker:       UCOMA          Security ID:  913247508
Meeting Date: DEC 17, 2003   Meeting Type: Special
Record Date:  NOV 14, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition
2     Amend Omnibus Stock Plan                  For       Against    Management


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

UNUMPROVIDENT CORPORATION

Ticker:       UNM            Security ID:  91529Y106
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald E. Goldsberry      For       Withhold   Management
1.2   Elect  Director Hugh O. Maclellan, Jr.    For       Withhold   Management
1.3   Elect  Director C. William Pollard        For       Withhold   Management
1.4   Elect  Director John W. Rowe              For       Withhold   Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Ratify Auditors                           For       For        Management
5     Require Affirmative Vote of the Majority  Against   Against    Shareholder
      of the Shares to Elect Directors
6     Establish Other Board Committee           Against   For        Shareholder


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

VIACOM INC.

Ticker:       VIA            Security ID:  925524308
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George S. Abrams          For       For        Management
1.2   Elect  Director David R. Andelman         For       For        Management
1.3   Elect  Director Joseph A. Califano, Jr.   For       For        Management
1.4   Elect  Director William S. Cohen          For       For        Management
1.5   Elect  Director Philippe P. Dauman        For       For        Management
1.6   Elect  Director Alan C. Greenberg         For       For        Management
1.7   Elect  Director Mel Karmazin              For       For        Management
1.8   Elect  Director Jan Leschly               For       For        Management
1.9   Elect  Director David T. McLaughlin       For       For        Management
1.10  Elect  Director Shari Redstone            For       Withhold   Management
1.11  Elect  Director Sumner M. Redstone        For       Withhold   Management
1.12  Elect  Director Frederic V. Salerno       For       For        Management
1.13  Elect  Director William Schwartz          For       For        Management
1.14  Elect  Director Patty Stonesifer          For       For        Management
1.15  Elect  Director Robert D. Walter          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Amend Non-Employee Director Stock Option  For       For        Management
      Plan


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

WATSON PHARMACEUTICALS, INC.

Ticker:       WPI            Security ID:  942683103
Meeting Date: MAY 17, 2004   Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Allen Chao, Ph.D.         For       Withhold   Management
1.2   Elect  Director Michel J. Feldman         For       Withhold   Management
1.3   Elect  Director Fred G. Weiss             For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Review Executive Compensation             Against   Abstain    Shareholder


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

WCI COMMUNITIES INC

Ticker:       WCI            Security ID:  92923C104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director F. Philip Handy           For       Withhold   Management
1.2   Elect  Director Jerry L. Starkey          For       For        Management
1.3   Elect  Director Kathleen M. Shanahan      For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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WELLS FARGO & COMPANY

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

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


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

WESTPORT RESOURCES CORP.

Ticker:       WRC            Security ID:  961418100
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  APR 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Laurence D. Belfer        For       For        Management
1.2   Elect  Director James M. Funk             For       For        Management
1.3   Elect  Director Michael Russell           For       For        Management
1.4   Elect  Director Randy Stein               For       For        Management
2     Ratify Auditors                           For       For        Management


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

WYETH

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

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


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XL CAPITAL LTD (FORMERLY EXEL LTD. )

Ticker:       XL             Security ID:  G98255105
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John Loudon               For       For        Management
1.2   Elect  Director Robert S. Parker          For       For        Management
1.3   Elect  Director Alan Z. Senter            For       For        Management
2     Ratify Auditors                           For       For        Management


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YUKOS OIL

Ticker:                      Security ID:  98849W108
Meeting Date: JUN 24, 2004   Meeting Type: Annual
Record Date:  MAY 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE ANNUAL REPORT OF YUKOS    For       For        Management
      OIL COMPANY FOR 2003.
2     APPROVAL OF THE ANNUAL ACCOUNTING         For       For        Management
      REPORTS, INCLUDING THE PROFIT AND LOSS
      ACCOUNT, OF YUKOS OIL COMPANY FOR FY
      2003.
3     APPROVAL OF DISTRIBUTION OF PROFIT OF     For       For        Management
      YUKOS OIL COMPANY FOR FY 2003, INCLUDING
      PAYMENT OF DIVIDEND ON COMMON SHARES OF
      YUKOS OIL COMPANY, AND OF LOSSES FOR FY
      2003.
4     ELECTION OF THE BOARD OF DIRECTORS OF     For       For        Management
      YUKOS OIL COMPANY.
5     ELECTION OF MURASHOVA ANTONINA B. TO THE  For       For        Management
      AUDITING COMMISSION OF YUKOS OIL COMPANY.
6     ELECTION OF BRITKOVA ELENA V. TO THE      For       For        Management
      AUDITING COMMISSION OF YUKOS OIL COMPANY.
7     ELECTION OF SERZHANOVA MARGARITA O. TO    For       For        Management
      THE AUDITING COMMISSION OF YUKOS OIL
      COMPANY.
8     APPROVAL OF THE AUDITOR OF YUKOS OIL      For       For        Management
      COMPANY FOR 2004.
9     APPROVAL OF THE TOTAL AMOUNT OF           For       For        Management
      REMUNERATION AND REIMBURSEMENTS OF
      DIRECTORS OF YUKOS OIL COMPANY FOR THE
      PERIOD 2004-2005.






                                         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):                   Oppenheimer Balanced Fund

By (Signature and Title)*:      /s/ John V. Murphy
                                ------------------
                                John V. Murphy, President

Date:                           August 26, 2004

*By:  /s/ Tane Tyler
      --------------
      Tane Tyler, Attorney in Fact