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



                                    FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

Investment Company Act file number  811-7243
                                    --------------------------------------------

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

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

                                 Barry Fink Esq.

                     Morgan Stanley Investment Advisors Inc.

                           1221 Avenue of the Americas

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

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

Date of fiscal year end:   1/31
                           ------------------

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

ITEM 1. PROXY VOTING RECORD.
         Disclose the following information for each matter relating to a
portfolio security considered at any shareholder meeting held during the period
covered by the report and with respect to which the registrant was entitled to
vote:

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

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

         (e)  A brief identification of the matter voted on;
              -----------------------------------------------------------------

         (f)  Whether the matter was proposed by the issuer or by a security
              holder;

         (g)  Whether the registrant cast its vote on the matter;
              -----------------------------------------------------------------

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

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

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                                 NPX_811-07243

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

ICA File Number: 811-07243
Reporting Period: 07/01/2003 - 06/30/2004
Morgan Stanley Balanced Income Fund









===================== MORGAN STANLEY BALANCED INCOME FUND ======================


A.G. EDWARDS, INC.

Ticker:       AGE            Security ID:  281760108
Meeting Date: JUN 24, 2004   Meeting Type: Annual
Record Date:  MAY 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Bagby           For       For        Management
1.2   Elect  Director Dr. E. Eugene Carter      For       For        Management
1.3   Elect  Director Peter B. Madoff           For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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

ALTRIA GROUP, INC.

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

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


                                     Page 1

                                 NPX_811-07243

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ASTRAZENECA PLC (FORMERLY ZENECA PLC)

Ticker:       ZEN            Security ID:  046353108
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE THE DIRECTORS  REPORT AND      For       For        Management
      ACCOUNTS FOR THE YEAR ENDED DECEMBER 31,
      2003
2     TO CONFIRM DIVIDENDS                      For       For        Management
3     Ratify Auditors                           For       For        Management
4     TO AUTHORIZE THE DIRECTORS TO AGREE THE   For       For        Management
      REMUNERATION OF THE AUDITOR
5.1   Elect  Director Percy Barnevik            For       For        Management
5.2   Elect  Director Hakan Mogren              For       For        Management
5.3   Elect  Director Sir Tom Mckillop          For       For        Management
5.4   Elect  Director Jonathan Symonds          For       For        Management
5.5   Elect  Director Sir Peter Bonfield        For       For        Management
5.6   Elect  Director John Buchanan             For       For        Management
5.7   Elect  Director Jane Henney               For       For        Management
5.8   Elect  Director Michele Hooper            For       For        Management
5.9   Elect  Director Joe Jimenez               For       For        Management
5.10  Elect  Director Erna Moller               For       For        Management
5.11  Elect  Director Dame Bridget Ogilvie      For       For        Management
5.12  Elect  Director Louis Schweitzer          For       For        Management
5.13  Elect  Director Marcus Wallenberg         For       For        Management
6     TO APPROVE THE DIRECTORS  REMUNERATION    For       For        Management
      REPORT FOR THE YEAR ENDED DECEMBER 31,
      2003
7     TO ADOPT NEW ARTICLES OF ASSOCIATION      For       For        Management
8     TO AUTHORIZE LIMITED EU POLITICAL         For       For        Management
      DONATIONS
9     TO AUTHORIZE THE DIRECTORS TO ALLOT       For       For        Management
      UNISSUED SHARES
10    TO AUTHORIZE THE DIRECTORS TO DISAPPLY    For       For        Management
      PRE-EMPTION RIGHTS
11    TO AUTHORIZE THE COMPANY TO PURCHASE ITS  For       For        Management
      OWN SHARES
12    TO AUTHORIZE INCREASE OF CAP ON           For       For        Management
      NON-EXECUTIVE DIRECTORS REMUNERATION


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

AT&T WIRELESS SERVICES, INC.

Ticker:       AWE            Security ID:  00209A106
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect  Director Nobuharu Ono              For       For        Management
2.2   Elect  Director Carolyn M. Ticknor        For       For        Management
2.3   Elect  Director John D. Zeglis            For       For        Management
3     Ratify Auditors                           For       For        Management
4     Limit Executive Compensation              Against   Against    Shareholder
5     Prohibit Awards to Executives             Against   Against    Shareholder
6     Require Affirmative Vote of a Majority of Against   Against    Shareholder
      the Shares to Elect Directors


                                     Page 2

                                 NPX_811-07243

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AUTOMATIC DATA PROCESSING, INC.

Ticker:       ADP            Security ID:  053015103
Meeting Date: NOV 11, 2003   Meeting Type: Annual
Record Date:  SEP 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gregory D. Brenneman       For       For        Management
1.2   Elect Director Leslie A. Brun             For       For        Management
1.3   Elect Director Gary C. Butler             For       For        Management
1.4   Elect Director Joseph A. Califano, Jr.    For       For        Management
1.5   Elect Director Leon G. Cooperman          For       For        Management
1.6   Elect Director Ann Dibble Jordan          For       For        Management
1.7   Elect Director Harvey M. Krueger          For       For        Management
1.8   Elect Director Frederic V. Malek          For       For        Management
1.9   Elect Director Henry Taub                 For       For        Management
1.10  Elect Director Arthur F. Weinbach         For       For        Management
1.11  Elect Director Josh S. Weston             For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Approve Outside Director Stock Awards in  For       For        Management
      Lieu of Cash
5     Ratify Auditors                           For       For        Management


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

BANK OF AMERICA CORP.

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

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


                                     Page 3

                                 NPX_811-07243

7     Adopt Standards Regarding Privacy and     Against   Against    Shareholder
      Information Security


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

BANK OF AMERICA CORP.

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

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


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

BANK ONE CORP.

Ticker:       ONE            Security ID:  06423A103
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 John H. Bryan             For       For        Management
2.2   Elect  Director Stephen B. Burke          For       For        Management
2.3   Elect  Director James S. Crown            For       For        Management
2.4   Elect  Director James Dimon               For       For        Management
2.5   Elect  Director Maureen A. Fay            For       For        Management
2.6   Elect  Director Laban P. Jackson, Jr.     For       For        Management
2.7   Elect  Director John W. Kessler           For       For        Management
2.8   Elect  Director Robert I. Lipp            For       For        Management
2.9   Elect  Director Richard A. Manoogian      For       For        Management
2.10  Elect  Director David C. Novak            For       For        Management
2.11  Elect  Director John W. Rogers, Jr.       For       For        Management
2.12  Elect  Director Frederick P. Stratton,    For       For        Management
      Jr.
3     Ratify Auditors                           For       For        Management


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

BAUSCH & LOMB INC.

Ticker:       BOL            Security ID:  071707103
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alan M. Bennett           For       For        Management
1.2   Elect  Director Domenico De Sole          For       For        Management
1.3   Elect  Director Kenneth L. Wolfe          For       For        Management
1.4   Elect  Director Ronald L. Zarrella        For       For        Management
2     Ratify Auditors                           For       For        Management


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

                                     Page 4

                                 NPX_811-07243

BAYER AG

Ticker:       BAY            Security ID:  072730302
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     SUBMISSION OF THE APPROVED FINANCIAL      For       For        Management
      STATEMENTS FOR BAYER AG AND CONSOLIDATED
      FINANCIAL STATEMENTS FOR THE BAYER GROUP,
      THE MANAGEMENT REPORTS OF BAYER AG AND
      THE BAYER GROUP, AND THE REPORT OF THE
      SUPERVISORY BOARD FOR FISCAL YEAR 2003;
      RESOLUTION ON DI
2     RATIFICATION OF THE ACTIONS OF THE        For       For        Management
      MEMBERS OF THE BOARD OF MANAGEMENT
3     RATIFICATION OF THE ACTIONS OF THE        For       For        Management
      MEMBERS OF THE SUPERVISORY BOARD
4     AUTHORIZATION TO ISSUE WARRANT BONDS AND  For       For        Management
      CONVERTIBLE BONDS AND TO EXCLUDE THE
      STOCKHOLDERS  SUBSCRIPTION RIGHTS
5     AUTHORIZATION TO PURCHASE COMPANY SHARES  For       For        Management
      AND TO SELL COMPANY SHARES SUBJECT TO
      EXCLUSION OF SUBSCRIPTION RIGHTS
6     CONSENT TO THE REALIGNMENT OF THE BAYER   For       For        Management
      GROUP
7     CONSENT TO THE PROFIT TRANSFER AGREEMENTS For       For        Management
      BETWEEN THE COMPANY AND EACH OF THE FOUR
      SUBSIDIARY COMPANIES
8     AMENDMENT OF SECTION 12 PARAGRAPH 1 OF    For       For        Management
      THE ARTICLES OF ASSOCIATION (SUPERVISORY
      BOARD COMPENSATION)
9     Ratify Auditors                           For       For        Management


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

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


                                     Page 5

                                 NPX_811-07243

      FOR EMPLOYEE SHARE SCHEMES
9     TO APPROVE THE DIRECTORS  REMUNERATION    For       For        Management
      REPORT
10    TO DETERMINE THE LIMIT FOR THE AGGREGATE  For       For        Management
      REMUNERATION OF THE NON-EXECUTIVE
      DIRECTORS
11    TO RECEIVE THE DIRECTORS  ANNUAL REPORT   For       For        Management
      AND THE ACCOUNTS
12    SPECIAL SHAREHOLDER RESOLUTION: TO        Against   Against    Shareholder
      INSTRUCT THE COMPANY TO PREPARE A REPORT
      MAKING CERTAIN DISCLOSURES ON MATTERS OF
      CONTROL AND RISK IN PROTECTED AND
      SENSITIVE AREAS


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

BRISTOL-MYERS SQUIBB CO.

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

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


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

CADBURY SCHWEPPES PLC

Ticker:       CSG            Security ID:  127209302
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  APR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     FINANCIAL STATEMENTS                      For       For        Management
2     DECLARATION OF FINAL DIVIDEND 2003        For       For        Management
3     DIRECTORS  REMUNERATION REPORT            For       For        Management
4.1   Elect  Director John Sunderland           For       For        Management
4.2   Elect  Director Ken Hanna                 For       For        Management
4.3   Elect  Director Rick Braddock             For       For        Management
4.4   Elect  Director Roger Carr                For       For        Management
4.5   Elect  Director David Thompson            For       For        Management
5     Ratify Auditors                           For       For        Management
6     REMUNERATION OF AUDITORS                  For       For        Management
7     AUTHORITY TO ALLOT RELEVANT SECURITIES    For       For        Management
8     AUTHORITY TO DISAPPLY PRE-EMPTION RIGHTS  For       For        Management
9     AUTHORITY TO PURCHASE OWN ORDINARY SHARES For       For        Management
10    AMEND RULES OF THE SHARE OPTION PLAN 1994 For       For        Management
11    AMEND RULES OF THE 1997 LONG TERM         For       For        Management
      INCENTIVE PLAN


                                     Page 6

                                 NPX_811-07243

12    APPROVAL OF THE BONUS SHARE RETENTION     For       For        Management
      PLAN 2004
13    AMEND RULES OF EIGHT NAMED SHARE          For       For        Management
      SCHEMES/PLANS
14    ESTABLISH FURTHER EMPLOYEE SHARE PLAN OR  For       For        Management
      PLANS


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

CHUBB CORP., THE

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

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


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

CIGNA CORP.

Ticker:       CI             Security ID:  125509109
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert H. Campbell        For       For        Management
1.2   Elect  Director Jane E. Henney, M.D.      For       For        Management
1.3   Elect  Director Charles R. Shoemate       For       For        Management
1.4   Elect  Director Louis W. Sullivan, M.D.   For       For        Management
2     Ratify Auditors                           For       For        Management


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

CITIGROUP INC.

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

                                     Page 7

                                 NPX_811-07243

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


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

CLEAR CHANNEL COMMUNICATIONS, INC.

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

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


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

COMPUTER SCIENCES CORPORATION

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

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Irving W. Bailey, II       For       For        Management
1.2   Elect Director Stephen L. Baum            For       For        Management
1.3   Elect Director Rodney F. Chase            For       For        Management
1.4   Elect Director Van B. Honeycutt           For       For        Management
1.5   Elect Director William R. Hoover          For       For        Management
1.6   Elect Director Leon J. Level              For       For        Management


                                     Page 8

                                 NPX_811-07243

1.7   Elect Director Thomas A. McDonnell        For       For        Management
1.8   Elect Director F. Warren McFarlan         For       For        Management
1.9   Elect Director James R. Mellor            For       For        Management
1.10  Elect Director William P. Rutledge        For       For        Management


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

CONOCOPHILLIPS

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

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


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

CONSOLIDATED EDISON, INC.

Ticker:       ED             Security ID:  209115104
Meeting Date: MAY 17, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Vincent A. Calarco        For       For        Management
1.2   Elect  Director George Campbell, Jr.      For       For        Management
1.3   Elect  Director Gordon J. Davis           For       For        Management
1.4   Elect  Director Michael J. Del Giudice    For       For        Management
1.5   Elect  Director Joan S. Freilich          For       For        Management
1.6   Elect  Director Ellen V. Futter           For       For        Management
1.7   Elect  Director Sally Hernandez-Pinero    For       For        Management
1.8   Elect  Director Peter W. Likins           For       For        Management
1.9   Elect  Director Eugene R. McGrath         For       For        Management
1.10  Elect  Director Frederic V. Salerno       For       For        Management
1.11  Elect  Director Stephen R. Volk           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Employee Stock Purchase Plan      For       For        Management
4     Increase Disclosure of Executive          Against   Against    Shareholder
      Compensation


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

DOW CHEMICAL COMPANY, THE

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

                                     Page 9

                                 NPX_811-07243

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


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

E.I. DU PONT DE NEMOURS & CO.

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

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


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

EDISON INTERNATIONAL

Ticker:       EIX            Security ID:  281020107
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Bryson            For       For        Management
1.2   Elect  Director France A. Cordova         For       For        Management
1.3   Elect  Director Bradford M. Freeman       For       For        Management
1.4   Elect  Director Bruce Karatz              For       For        Management
1.5   Elect  Director Luis G. Nogales           For       For        Management
1.6   Elect  Director Ronald L. Olson           For       For        Management
1.7   Elect  Director James M. Rosser           For       For        Management
1.8   Elect  Director Richard T. Schlosberg,    For       For        Management
      III
1.9   Elect  Director Robert H. Smith           For       For        Management
1.10  Elect  Director Thomas C. Sutton          For       For        Management
2     Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote

                                    Page 10

                                 NPX_811-07243


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

ENTERGY CORP.

Ticker:       ETR            Security ID:  29364G103
Meeting Date: MAY 14, 2004   Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Maureen Scannell Bateman  For       For        Management
1.2   Elect  Director W. Frank Blount           For       For        Management
1.3   Elect  Director Simon D. deBree           For       For        Management
1.4   Elect  Director Claiborne P. Deming       For       For        Management
1.5   Elect  Director Alexis M. Herman          For       For        Management
1.6   Elect  Director Donald C. Hintz           For       For        Management
1.7   Elect  Director J. Wayne Leonard          For       For        Management
1.8   Elect  Director Robert v.d. Luft          For       For        Management
1.9   Elect  Director Kathleen A. Murphy        For       For        Management
1.10  Elect  Director Paul W. Murrill           For       For        Management
1.11  Elect  Director James R. Nichols          For       For        Management
1.12  Elect  Director William A. Percy, II      For       For        Management
1.13  Elect  Director Dennis H. Reilley         For       For        Management
1.14  Elect  Director Wm. Clifford Smith        For       For        Management
1.15  Elect  Director Bismark A. Steinhagen     For       For        Management
1.16  Elect  Director Steven V. Wilkinson       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote
4     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
5     Prohibit Awards to Executives             Against   Against    Shareholder


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

EOG RESOURCES, INC.

Ticker:       EOG            Security ID:  26875P101
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George A. Alcorn          For       For        Management
1.2   Elect  Director Charles R. Crisp          For       For        Management
1.3   Elect  Director Mark G. Papa              For       For        Management
1.4   Elect  Director Edmund P. Segner, III     For       For        Management
1.5   Elect  Director Donald F. Textor          For       For        Management
1.6   Elect  Director Frank G. Wisner           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Other Business                            For       Against    Management


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

EQUIFAX INC.

Ticker:       EFX            Security ID:  294429105
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  FEB 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James E. Copeland, Jr     For       For        Management


                                    Page 11

                                 NPX_811-07243

1.2   Elect  Director Lee A. Ault III           For       For        Management
1.3   Elect  Director John L. Clendenin         For       For        Management
1.4   Elect  Director A. William Dahlberg       For       For        Management
1.5   Elect  Director L. Phillip Humann         For       For        Management


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

EXELON CORP.

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

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


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

EXXON MOBIL CORP.

Ticker:       XOM            Security ID:  30231G102
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  APR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael J. Boskin         For       For        Management
1.2   Elect  Director James R. Houghton         For       For        Management
1.3   Elect  Director William R. Howell         For       For        Management
1.4   Elect  Director Reatha Clark King         For       For        Management
1.5   Elect  Director Philip E. Lippincott      For       For        Management
1.6   Elect  Director Harry J. Longwell         For       For        Management
1.7   Elect  Director Henry A. McKinnell, Jr.   For       For        Management
1.8   Elect  Director Marilyn Carlson Nelson    For       For        Management
1.9   Elect  Director Lee R. Raymond            For       For        Management
1.10  Elect  Director Walter V. Shipley         For       For        Management
1.11  Elect  Director Rex W. Tillerson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
4     Affirm Political Nonpartisanship          Against   Against    Shareholder
5     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
6     Report on Equatorial Guinea               Against   Against    Shareholder
7     Separate Chairman and CEO Positions       Against   Against    Shareholder
8     Prohibit Awards to Executives             Against   Against    Shareholder
9     Report on Stock Option Distribution by    Against   Against    Shareholder
      Race and Gender
10    Amend EEO Statement to Include Reference  Against   For        Shareholder
      to Sexual Orientation
11    Report on Climate Change Research         Against   Against    Shareholder


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

FANNIE MAE

                                    Page 12

                                 NPX_811-07243

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

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


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

FIRST DATA CORP.

Ticker:       FDC            Security ID:  319963104
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Henry C. Duques           For       For        Management
1.2   Elect  Director Charles T. Fote           For       For        Management
1.3   Elect  Director Richard P. Kiphart        For       For        Management
1.4   Elect  Director Joan E. Spero             For       For        Management
2     Ratify Auditors                           For       For        Management


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

FIRSTENERGY CORPORATION

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

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


                                    Page 13

                                 NPX_811-07243

10    Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote


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

FREDDIE MAC

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

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


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

HARTFORD FINANCIAL SERVICES GROUP, INC., THE

Ticker:       HIG            Security ID:  416515104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ramani Ayer               For       For        Management
1.2   Elect  Director Ronald E. Ferguson        For       For        Management
1.3   Elect  Director Edward J. Kelly, III      For       For        Management
1.4   Elect  Director Paul G. Kirk, Jr.         For       For        Management
1.5   Elect  Director Thomas M. Marra           For       For        Management
1.6   Elect  Director Gail J. McGovern          For       For        Management
1.7   Elect  Director Robert W. Selander        For       For        Management
1.8   Elect  Director Charles B. Strauss        For       For        Management
1.9   Elect  Director H. Patrick Swygert        For       For        Management
1.10  Elect  Director Gordon I. Ulmer           For       For        Management
1.11  Elect  Director David K. Zwiener          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder


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

HEWLETT-PACKARD CO.

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

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director L.T. Babbio, Jr.          For       For        Management


                                    Page 14

                                 NPX_811-07243

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


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

HILTON HOTELS CORP.

Ticker:       HLT            Security ID:  432848109
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director A. Steven Crown           For       For        Management
1.2   Elect  Director David Michels             For       For        Management
1.3   Elect  Director John H. Myers             For       For        Management
1.4   Elect  Director Donna F. Tuttle           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Approve Incentive Bonus Plan              For       For        Management
5     Declassify the Board of Directors         Against   Against    Shareholder
6     Require Majority of Independent Directors Against   For        Shareholder
      on Board


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

HONDA MOTOR CO. LTD.

Ticker:       HMCL           Security ID:  438128308
Meeting Date: JUN 23, 2004   Meeting Type: Annual
Record Date:  MAY 28, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF PROPOSAL FOR APPROPRIATION OF For       For        Management
      RETAINED EARNINGS FOR THE 80TH FISCAL
      YEAR.
2     PARTIAL AMENDMENTS TO THE ARTICLES OF     For       For        Management
      INCORPORATION.
3.1   Elect  Director T. Fukui                  For       For        Management
3.2   Elect  Director K. Amemiya                For       For        Management
3.3   Elect  Director M. Hagino                 For       For        Management
3.4   Elect  Director M. Harada                 For       For        Management
3.5   Elect  Director M. Shiraishi              For       For        Management
3.6   Elect  Director S. Aoki                   For       For        Management
3.7   Elect  Director A. Hyogo                  For       For        Management
3.8   Elect  Director S. Dobashi                For       For        Management
3.9   Elect  Director S. Toshida                For       For        Management
3.10  Elect  Director K. Hirashima              For       For        Management
3.11  Elect  Director K. Kondo                  For       For        Management
3.12  Elect  Director Y. Ikenoya                For       For        Management
3.13  Elect  Director T. Onda                   For       For        Management
3.14  Elect  Director A. Takano                 For       For        Management
3.15  Elect  Director T. Ito                    For       For        Management


                                    Page 15

                                 NPX_811-07243

3.16  Elect  Director S. Kishi                  For       For        Management
3.17  Elect  Director H. Yoshino                For       For        Management
3.18  Elect  Director M. Yoshimi                For       For        Management
3.19  Elect  Director M. Kato                   For       For        Management
3.20  Elect  Director S. Takagi                 For       For        Management
3.21  Elect  Director H. Kuroda                 For       For        Management
3.22  Elect  Director A. Hamada                 For       For        Management
3.23  Elect  Director T. Kowashi                For       For        Management
3.24  Elect  Director T. Iwamura                For       For        Management
3.25  Elect  Director T. Yamamoto               For       For        Management
3.26  Elect  Director M. Takabayashi            For       For        Management
3.27  Elect  Director T. Oyamo                  For       For        Management
3.28  Elect  Director S. Kanazawa               For       For        Management
3.29  Elect  Director M. Nishimae               For       For        Management
3.30  Elect  Director F. Ike                    For       For        Management
3.31  Elect  Director M. Yamashita              For       For        Management
3.32  Elect  Director H. Kobayashi              For       For        Management
3.33  Elect  Director K. Sagawa*                For       For        Management
3.34  Elect  Director K. Iiyama*                For       For        Management
3.35  Elect  Director H. Oshima*                For       For        Management
3.36  Elect  Director S. Minekawa*              For       For        Management
4     ELECTION AS CORPORATE AUDITOR: KOJI       For       For        Management
      MIYAJIMA
5     ELECTION AS CORPORATE AUDITOR: HIROSHI    For       For        Management
      OKUBO
6     ELECTION AS CORPORATE AUDITOR: FUMIHIKO   For       For        Management
      SAITO
7     REVISION OF AMOUNT OF REMUNERATION        For       For        Management
      PAYABLE TO DIRECTORS.
8     PAYMENT OF BONUS TO DIRECTORS AND         For       For        Management
      CORPORATE AUDITORS FOR THE 80TH FISCAL
      YEAR.
9     PRESENTATION OF RETIREMENT ALLOWANCE TO   For       For        Management
      RETIRING DIRECTORS AND CORPORATE AUDITORS
      FOR THEIR RESPECTIVE SERVICES.


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

INGERSOLL-RAND COMPANY LIMITED

Ticker:       IR             Security ID:  G4776G101
Meeting Date: JUN 2, 2004    Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director P.C. Godsoe               For       For        Management
1.2   Elect  Director C.J. Horner               For       For        Management
1.3   Elect  Director O.R. Smith                For       For        Management
2     ADOPTION OF AMENDED AND RESTATED          For       For        Management
      INCENTIVE STOCK PLAN OF 1998.
3     APPROVAL OF AMENDED AND RESTATED          For       For        Management
      BYE-LAWS.
4     Ratify Auditors                           For       For        Management
5     SHAREHOLDER PROPOSAL TO DECLASSIFY THE    Against   Against    Shareholder
      BOARD OF DIRECTORS.
6     SHAREHOLDER PROPOSAL TO CHANGE THE        Against   Against    Shareholder
      COMPANY S JURISDICTION OF INCORPORATION.
7     SHAREHOLDER PROPOSAL TO REQUIRE THE       Against   Against    Shareholder
      SEPARATION OF THE CHIEF EXECUTIVE OFFICER
      AND THE CHAIR OF THE BOARD.

                                    Page 16

                                 NPX_811-07243


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

INTEL CORP.

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

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


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

INTERNATIONAL BUSINESS MACHINES CORP.

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

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


                                    Page 17

                                 NPX_811-07243

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

INTERPUBLIC GROUP OF COMPANIES, INC., THE

Ticker:       IPG            Security ID:  460690100
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David A. Bell              For       For        Management
1.2   Elect Director Frank J. Borell            For       For        Management
1.3   Elect Director Reginald K. Brack          For       For        Management
1.4   Elect Director Jill M. Considine          For       For        Management
1.5   Elect Director Christopher J. Coughlin    For       For        Management
1.6   Elect Director John J. Donner, Jr.        For       For        Management
1.7   Elect Director Richard A. Goldstein       For       For        Management
1.8   Elect Director H. John Greenlaus          For       For        Management
1.9   Elect Director Michael I. Roth            For       For        Management
1.10  Elect Director J. Phillip Samper          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     MacBride Principles                       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       For        Management
2.2   Elect  Director Frank A. Bennack, Jr.     For       For        Management
2.3   Elect  Director John H. Biggs             For       For        Management
2.4   Elect  Director Lawrence A. Bossidy       For       For        Management
2.5   Elect  Director Ellen V. Futter           For       For        Management
2.6   Elect  Director William H. Gray, III      For       For        Management
2.7   Elect  Director William B. Harrison, Jr   For       For        Management
2.8   Elect  Director Helene L. Kaplan          For       For        Management
2.9   Elect  Director Lee R. Raymond            For       For        Management
2.10  Elect  Director John R. Stafford          For       For        Management
3     Ratify Auditors                           For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management
5     Adjourn Meeting                           For       Against    Management
6     Establish Term Limits for Directors       Against   Against    Shareholder
7     Charitable Contributions                  Against   Against    Shareholder
8     Political Contributions                   Against   Against    Shareholder
9     Separate Chairman and CEO Positions       Against   Against    Shareholder
10    Provide Adequate Disclosure for over the  Against   Against    Shareholder
      counter Derivatives
11    Auditor Independence                      Against   Against    Shareholder
12    Submit Non-Employee Director Compensation Against   Against    Shareholder
      to Vote
13    Report on Pay Disparity                   Against   Against    Shareholder


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

                                    Page 18

                                 NPX_811-07243

KIMBERLY-CLARK CORP.

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

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


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

KOHL'S CORP.

Ticker:       KSS            Security ID:  500255104
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Wayne Embry               For       For        Management
1.2   Elect  Director John F. Herma             For       Withhold   Management
1.3   Elect  Director R. Lawrence Montgomery    For       Withhold   Management
1.4   Elect  Director Frank V. Sica             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance-Based Stock/Indexed Options   Against   Against    Shareholder
4     Separate Chairman and CEO Positions       Against   Against    Shareholder


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

KRAFT FOODS INC

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

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


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LEHMAN BROTHERS HOLDINGS INC.

Ticker:       LEH            Security ID:  524908100
Meeting Date: APR 2, 2004    Meeting Type: Annual


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                                 NPX_811-07243

Record Date:  FEB 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Roger S. Berlind          For       For        Management
1.2   Elect  Director Marsha Johnson Evans      For       For        Management
1.3   Elect  Director Sir Christopher Gent      For       For        Management
1.4   Elect  Director Dina Merrill              For       For        Management
2     Ratify Auditors                           For       For        Management


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MAGNA INTERNATIONAL INC.

Ticker:       MG.A           Security ID:  559222401
Meeting Date: AUG 19, 2003   Meeting Type: Special
Record Date:  JUL 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Spin-Off Agreement                For       For        Management
1     Approve Spin-Off Agreement                For       For        Management


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

MAGNA INTERNATIONAL INC.

Ticker:       MG.A           Security ID:  559222401
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William H. Fike           For       Abstain    Management
1.2   Elect  Director Manfred Gingl             For       Abstain    Management
1.3   Elect  Director Michael D. Harris         For       Abstain    Management
1.4   Elect  Director Edward C. Lumley          For       Abstain    Management
1.5   Elect  Director Klaus Mangold             For       Abstain    Management
1.6   Elect  Director Karlheinz Muhr            For       Abstain    Management
1.7   Elect  Director Gerhard Randa             For       Abstain    Management
1.8   Elect  Director Donald Resnick            For       Abstain    Management
1.9   Elect  Director Royden R. Richardson      For       Abstain    Management
1.10  Elect  Director Frank Stronach            For       Abstain    Management
1.11  Elect  Director Franz Vranitzky           For       Abstain    Management
1.12  Elect  Director Siegfried Wolf            For       Abstain    Management
2     Ratify Ernst & Young LLP as Auditors      For       Abstain    Management


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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       For        Management
1.2   Elect  Director Walter E. Massey          For       For        Management
1.3   Elect  Director John W. Rogers, Jr.       For       For        Management
1.4   Elect  Director Anne-Marie Slaughter      For       For        Management
1.5   Elect  Director Roger W. Stone            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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                                 NPX_811-07243

4     Approve/Amend Executive Incentive Bonus   For       For        Management
      Plan


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MERRILL LYNCH & CO., INC.

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

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


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

METLIFE, INC

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

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


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

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       For        Management
1.2   Elect Director Steven A. Ballmer          For       For        Management
1.3   Elect Director James I. Cash, Jr., Ph.D.  For       For        Management
1.4   Elect Director Raymond V. Gilmartin       For       For        Management
1.5   Elect Director Ann McLaughlin Korologos   For       For        Management
1.6   Elect Director David F. Marquardt         For       For        Management
1.7   Elect Director Charles H. Noski           For       For        Management
1.8   Elect Director Dr. Helmut Panke           For       For        Management
1.9   Elect Director Wm. G. Reed, Jr.           For       For        Management
1.10  Elect Director Jon A. Shirley             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management


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                                 NPX_811-07243

      Plan
4     Refrain from Giving Charitable            Against   Against    Shareholder
      Contributions


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

MYLAN LABORATORIES INC.

Ticker:       MYL            Security ID:  628530107
Meeting Date: JUL 25, 2003   Meeting Type: Annual
Record Date:  MAY 23, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Milan Puskar               For       For        Management
1.2   Elect Director Robert J. Coury            For       For        Management
1.3   Elect Director Wendy Cameron              For       For        Management
1.4   Elect Director Laurence S. DeLynn         For       For        Management
1.5   Elect Director John C. Gaisford, M.D.     For       For        Management
1.6   Elect Director Douglas J. Leech           For       Withhold   Management
1.7   Elect Director Joseph C. Maroon, M.D.     For       For        Management
1.8   Elect Director Patricia A. Sunseri        For       For        Management
1.9   Elect Director C.B. Todd                  For       For        Management
1.10  Elect Director Randall L. Vanderveen,     For       For        Management
      Ph.D.
1.11  Elect Director Stuart A. Williams, Esq.   For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

NEWMONT MINING CORP. (HOLDING COMPANY)

Ticker:       NEM            Security ID:  651639106
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Glen A. Barton            For       For        Management
1.2   Elect  Director Vincent A. Calarco        For       For        Management
1.3   Elect  Director Michael S. Hamson         For       For        Management
1.4   Elect  Director Leo I. Higdon, Jr.        For       For        Management
1.5   Elect  Director Pierre Lassonde           For       For        Management
1.6   Elect  Director Robert J. Miller          For       For        Management
1.7   Elect  Director Wayne W. Murdy            For       For        Management
1.8   Elect  Director Robin A. Plumbridge       For       For        Management
1.9   Elect  Director John B. Prescott          For       For        Management
1.10  Elect  Director Michael K. Reilly         For       For        Management
1.11  Elect  Director Seymour Schulich          For       For        Management
1.12  Elect  Director James V. Taranik          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


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

NOKIA CORP.

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

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                                 NPX_811-07243

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


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

NORFOLK SOUTHERN CORP.

Ticker:       NSC            Security ID:  655844108
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Alston D. Correll         For       For        Management
1.2   Elect  Director Landon Hilliard           For       For        Management
1.3   Elect  Director Burton M. Joyce           For       For        Management
1.4   Elect  Director Jane Margaret O'Brien     For       For        Management
2     Ratify Auditors                           For       For        Management


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

NORTHROP GRUMMAN CORP.

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                                 NPX_811-07243

Ticker:       NOC            Security ID:  666807102
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lewis W. Coleman          For       For        Management
1.2   Elect  Director J. Michael Cook           For       For        Management
1.3   Elect  Director Philip A. Odeen           For       For        Management
1.4   Elect  Director Aulana L. Peters          For       For        Management
1.5   Elect  Director Kevin W. Sharer           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Develop Ethical Criteria for Military     Against   Against    Shareholder
      Contracts
4     Declassify the Board of Directors         Against   Against    Shareholder


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

PARKER-HANNIFIN CORP.

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

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


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

PEPSICO, INC.

Ticker:       PEP            Security ID:  713448108
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John F. Akers             For       For        Management
1.2   Elect  Director Robert E. Allen           For       For        Management
1.3   Elect  Director Ray L. Hunt               For       For        Management
1.4   Elect  Director Arthur C. Martinez        For       For        Management
1.5   Elect  Director Indra K. Nooyi            For       For        Management
1.6   Elect  Director Franklin D. Raines        For       For        Management
1.7   Elect  Director Steven S. Reinemund       For       For        Management
1.8   Elect  Director Sharon Percy Rockefeller  For       For        Management
1.9   Elect  Director James J. Schiro           For       For        Management
1.10  Elect  Director Franklin A. Thomas        For       For        Management
1.11  Elect  Director Cynthia M. Trudell        For       For        Management
1.12  Elect  Director Solomon D. Trujillo       For       For        Management
1.13  Elect  Director Daniel Vasella            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
5     Report on Operational Impact of HIV/AIDS, Against   Against    Shareholder
      TB, and Malaria Pandemic

                                    Page 24

                                 NPX_811-07243


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

PHELPS DODGE CORP.

Ticker:       PD             Security ID:  717265102
Meeting Date: MAY 28, 2004   Meeting Type: Annual
Record Date:  APR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marie L. Knowles          For       For        Management
1.2   Elect  Director Jon C. Madonna            For       For        Management
1.3   Elect  Director Gordon R. Parker          For       For        Management
1.4   Elect  Director Robert D. Johnson         For       For        Management
2     Cease Charitable Contributions            Against   Against    Shareholder


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

PNC  FINANCIAL SERVICES GROUP, INC.

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

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


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

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 14, 2003   Meeting Type: Annual
Record Date:  AUG 1, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Norman R. Augustine        For       For        Management
1.2   Elect Director A.G. Lafley                For       For        Management
1.3   Elect Director Johnathan A. Rodgers       For       For        Management
1.4   Elect Director John F. Smith, Jr.         For       For        Management
1.5   Elect Director Margaret C. Whitman        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
4     Declassify the Board of Directors         Against   Against    Shareholder
5     Label Genetically Engineered Foods        Against   Against    Shareholder

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                                 NPX_811-07243


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

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


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

ROYAL DUTCH PETROLEUM CO.

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

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     FINALIZATION OF THE BALANCE SHEET AS AT   For       For        Management
      DECEMBER 31, 2003, THE PROFIT AND LOSS
      ACCOUNT FOR THE YEAR 2003 AND THE NOTES
      TO THE BALANCE SHEET AND THE PROFIT AND
      LOSS ACCOUNT.
2     DECLARATION OF THE TOTAL DIVIDEND FOR THE For       For        Management
      YEAR 2003.


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                                 NPX_811-07243

3     DISCHARGE OF THE MANAGING DIRECTORS OF    For       Against    Management
      RESPONSIBILITY IN RESPECT OF THEIR
      MANAGEMENT FOR THE YEAR 2003.
4     DISCHARGE OF THE MEMBERS OF THE           For       Against    Management
      SUPERVISORY BOARD OF RESPONSIBILITY FOR
      THEIR SUPERVISION FOR THE YEAR 2003.
5     APPOINTMENT OF MS. L.Z. COOK AS A         For       For        Management
      MANAGING DIRECTOR OF THE COMPANY.*
6     APPOINTMENT OF MRS. CH. MORIN-POSTEL AS A For       For        Management
      MEMBER OF THE SUPERVISORY BOARD.*
7     APPOINTMENT OF MR. M.A. VAN DEN BERGH AS  For       For        Management
      A MEMBER OF THE SUPERVISORY BOARD OWING
      TO RETIREMENT BY ROTATION.*
8     REDUCTION OF THE ISSUED SHARE CAPITAL     For       For        Management
      WITH A VIEW TO CANCELLA- TION OF THE
      SHARES ACQUIRED BY THE COMPANY IN ITS OWN
      CAPITAL.
9     AUTHORIZATION OF THE BOARD OF MANAGEMENT, For       For        Management
      PURSUANT TO ARTICLE 98, BOOK 2 OF THE
      NETHERLANDS CIVIL CODE, AS THE COMPETENT
      BODY TO ACQUIRE SHARES IN THE CAPITAL OF
      THE COMPANY.


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

SCHERING-PLOUGH CORP.

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

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


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

SCHLUMBERGER LTD.

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

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


                                    Page 27

                                 NPX_811-07243

      AND DEFERRAL PLAN FOR NON-EMPLOYEE
      DIRECTORS
4     APPROVAL OF AUDITORS                      For       For        Management


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

SPRINT CORP.

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

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


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

ST. PAUL TRAVELERS COMPANIES, INC., THE

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

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


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                                    Page 28

                                 NPX_811-07243

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Ticker:       HOT            Security ID:  85590A203
Meeting Date: MAY 7, 2004    Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eric Hippeau              For       For        Management
1.2   Elect  Director Daniel Yih                For       For        Management
1.3   Elect  Director Kneeland Youngblood       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Declassify the Board of Directors         For       For        Management


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

TARGET CORPORATION

Ticker:       TGT            Security ID:  87612E106
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Calvin Darden             For       For        Management
1.2   Elect  Director Michele J. Hooper         For       For        Management
1.3   Elect  Director Anne M. Mulcahy           For       For        Management
1.4   Elect  Director Stephen W. Sanger         For       For        Management
1.5   Elect  Director Warren R. Staley          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

TEMPLE-INLAND INC.

Ticker:       TIN            Security ID:  879868107
Meeting Date: MAY 7, 2004    Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Donald M. Carlton         For       For        Management
1.2   Elect  Director E. Linn Draper, Jr.       For       For        Management
1.3   Elect  Director Jeffrey M. Heller         For       For        Management
1.4   Elect  Director Kenneth M. Jastrow, II    For       For        Management
1.5   Elect  Director James A. Johnson          For       For        Management
2     Ratify Auditors                           For       For        Management


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TENET HEALTHCARE CORP.

Ticker:       THC            Security ID:  88033G100
Meeting Date: JUL 23, 2003   Meeting Type: Annual
Record Date:  JUN 2, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Lawrence Biondi, S.J.      For       For        Management
1.2   Elect Director Van B. Honeycutt           For       For        Management
1.3   Elect Director Edward A. Kangas           For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Require Majority of Independent Directors Against   Against    Shareholder
      on Board


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

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       For        Management
1.2   Elect  Director Van B. Honeycutt          For       For        Management
1.3   Elect  Director John C. Kane              For       For        Management
1.4   Elect  Director Edward A. Kangas          For       For        Management
1.5   Elect  Director J. Robert Kerrey          For       For        Management
1.6   Elect  Director Richard R. Pettingill     For       For        Management
2     Ratify Auditors                           For       For        Management

                                    Page 29

                                 NPX_811-07243


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TEXTRON INC.

Ticker:       TXT            Security ID:  883203101
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kathleen M. Bader         For       For        Management
1.2   Elect  Director R. Kerry Clark            For       For        Management
1.3   Elect  Director Ivor J. Evans             For       For        Management
1.4   Elect  Director Lord Powell of Bayswater  For       For        Management
      KCMG
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Stock-for-Salary/Bonus Plan       For       For        Management
4     Ratify Auditors                           For       For        Management
5     Report on Foreign Weapons Sales           Against   Against    Shareholder
6     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
7     Cease Charitable Contributions            Against   Against    Shareholder


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

TIME WARNER INC

Ticker:       TWX            Security ID:  887317105
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  MAR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James L. Barksdale        For       For        Management
1.2   Elect  Director Stephen F. Bollenbach     For       For        Management
1.3   Elect  Director Stephen M. Case           For       For        Management
1.4   Elect  Director Frank J. Caufield         For       For        Management
1.5   Elect  Director Robert C. Clark           For       For        Management
1.6   Elect  Director Miles R. Gilburne         For       For        Management
1.7   Elect  Director Carla A. Hills            For       For        Management
1.8   Elect  Director Reuben Mark               For       For        Management

                                    Page 30

                                 NPX_811-07243

1.9   Elect  Director Michael A. Miles          For       For        Management
1.10  Elect  Director Kenneth J. Novack         For       For        Management
1.11  Elect  Director Richard D. Parsons        For       For        Management
1.12  Elect  Director R. E. Turner              For       For        Management
1.13  Elect  Director Francis T. Vincent, Jr.   For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt China Principles                    Against   Against    Shareholder
4     Report on Pay Disparity                   Against   Against    Shareholder


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

TRAVELERS PROPERTY CASUALTY CORP.

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

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


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

UNION PACIFIC CORP.

Ticker:       UNP            Security ID:  907818108
Meeting Date: APR 16, 2004   Meeting Type: Annual
Record Date:  FEB 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director P.F. Anschutz             For       For        Management
1.2   Elect  Director R.K. Davidson             For       For        Management
1.3   Elect  Director T.J. Donohue              For       For        Management
1.4   Elect  Director A.W. Dunham               For       For        Management
1.5   Elect  Director S.F. Eccles               For       For        Management
1.6   Elect  Director I.J. Evans                For       For        Management
1.7   Elect  Director J.R. Hope                 For       For        Management
1.8   Elect  Director M.W. Mcconnell            For       For        Management
1.9   Elect  Director S.R. Rogel                For       For        Management
1.10  Elect  Director E. Zedillo                For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Limit Executive Compensation              Against   Against    Shareholder
5     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


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

VALERO ENERGY CORP.

Ticker:       VLO            Security ID:  91913Y100
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director E. Glenn Biggs            For       For        Management
1.2   Elect  Director Ruben M. Escobedo         For       For        Management
1.3   Elect  Director Bob Marbut                For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Greenhouse Gas Emissions        Against   Against    Shareholder

                                    Page 31

                                 NPX_811-07243


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

VERIZON COMMUNICATIONS

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

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


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

WACHOVIA CORP.

Ticker:       WB             Security ID:  929903102
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James S. Balloun          For       For        Management
1.2   Elect  Director John T. Casteen, III      For       For        Management
1.3   Elect  Director Joseph Neubauer           For       For        Management
1.4   Elect  Director Lanty L. Smith            For       For        Management
1.5   Elect  Director Dona Davis Young          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require Two Candidates for Each Board     Against   Against    Shareholder
      Seat
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
5     Separate Chairman and CEO Positions       Against   Against    Shareholder


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

WAL-MART STORES, INC.

                                    Page 32

                                 NPX_811-07243

Ticker:       WMT            Security ID:  931142103
Meeting Date: JUN 4, 2004    Meeting Type: Annual
Record Date:  APR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James W. Breyer           For       For        Management
1.2   Elect  Director M. Michele Burns          For       For        Management
1.3   Elect  Director Thomas M. Coughlin        For       For        Management
1.4   Elect  Director David D. Glass            For       For        Management
1.5   Elect  Director Roland A. Hernandez       For       For        Management
1.6   Elect  Director Dawn G. Lepore            For       For        Management
1.7   Elect  Director John D. Opie              For       For        Management
1.8   Elect  Director J. Paul Reason            For       For        Management
1.9   Elect  Director H. Lee Scott, Jr.         For       For        Management
1.10  Elect  Director Jack C. Shewmaker         For       For        Management
1.11  Elect  Director Jose H. Villarreal        For       For        Management
1.12  Elect  Director John T. Walton            For       For        Management
1.13  Elect  Director S. Robson Walton          For       For        Management
1.14  Elect  Director Christopher J. Williams   For       For        Management
2     Approve Stock Option Plan                 For       For        Management
3     Approve Stock Option Plan                 For       For        Management
4     Amend Employee Stock Purchase Plan        For       For        Management
5     Ratify Auditors                           For       For        Management
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Prepare Sustainability Report             Against   Against    Shareholder
8     Report on Stock Option Distribution by    Against   Against    Shareholder
      Race and Gender
9     Report on Genetically Modified Organisms  Against   Against    Shareholder
      (GMO)
10    Prepare Diversity Report                  Against   Against    Shareholder
11    Submit Executive Compensation to Vote     Against   Against    Shareholder


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

WALT DISNEY COMPANY, THE

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

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


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

WYETH

                                    Page 33

                                 NPX_811-07243

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

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


                                    Page 34




                                   SIGNATURES

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

(Registrant)     Morgan Stanley Balanced Income Fund
                 ---------------------------------------------------------------


                                             /s/ Ronald E. Robison

By  (Signature and Title)*                Principal Executive Officer
                               -------------------------------------------------



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

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



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