Federated Hermes Equity Income Fund (LEIFX) N-PX Annual report of proxy voting record

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-4743

Federated Equity Income Fund, Inc.
- -------------------------------------------------------------------------
  (Exact name of registrant as specified in charter)

5800 Corporate Drive
Pittsburgh, PA  15237-7000
- -------------------------------------------------------------------------
  (Address of principal executive offices)

John W. McGonigle, Esquire
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA  15222-3779
- -------------------------------------------------------------------------
  (Name and address of agent for service)


Registrant's telephone number, including area code: 412-288-1900

Date of Fiscal year-end: 11/30/2004

Date of reporting period: 7/1/2003 - 6/30/2004

Item 1. Proxy Voting Record

Account Number: Federated Equity Income Fund, Inc.

ISSUER NAME		TICKER	CUSIP	MTG DATE	MTG TYPE
				Proposal Type	Voted?	Vote	For/Agnst Mgmt
Abbott Laboratories		ABT	002824100	4/23/04	Annual
1.01	Elect Roxanne S. Austin			MGMT	YES	FOR	FOR
1.02	Elect H. Laurance Fuller			MGMT	YES	FOR	FOR
1.03	Elect Richard A. Gonzalez			MGMT	YES	FOR	FOR
1.04	Elect Jack M. Greenberg			MGMT	YES	FOR	FOR
1.05	Elect Jeffrey M. Leiden			MGMT	YES	FOR	FOR
1.06	Elect David Owen			MGMT	YES	FOR	FOR
1.07	Elect Boone Powell Jr.			MGMT	YES	FOR	FOR
1.08	Elect Addison Barry Rand			MGMT	YES	FOR	FOR
1.09	Elect W. Ann Reynolds			MGMT	YES	FOR	FOR
1.10	Elect Roy S. Roberts			MGMT	YES	FOR	FOR
1.11	Elect William D. Smithburg			MGMT	YES	FOR	FOR
1.12	Elect John R. Walter			MGMT	YES	FOR	FOR
1.13	Elect Miles D. White			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review Drug Pricing or Distribution			SHLDR	YES	AGNST	FOR
4.00	Review Political Spending			SHLDR	YES	AGNST	FOR
5.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
6.00	Review AIDS Pandemic's Impact on Company			SHLDR	YES	AGNST	FOR
Ace Ltd		ACE	G0070K103	5/27/04	Annual
1.01	Elect Brian Duperreault			MGMT	YES	FOR	FOR
1.02	Elect Robert M. Hernandez			MGMT	YES	FOR	FOR
1.03	Elect Peter Menikoff			MGMT	YES	FOR	FOR
1.04	Elect Robert Ripp			MGMT	YES	FOR	FOR
1.05	Elect Dermot F. Smurfit			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Albertson's Inc		ABS	013104104	6/10/04	Annual
1.01	Elect Pamela G. Bailey			MGMT	YES	FOR	FOR
1.02	Elect Teresa Beck			MGMT	YES	FOR	FOR
1.03	Elect Beth M. Pritchard			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Require Majority Vote to Elect Directors			SHLDR	YES	AGNST	FOR
5.00	Eliminate Supermajority Provision			SHLDR	YES	AGNST	FOR
6.00	Golden Parachutes			SHLDR	YES	AGNST	FOR
7.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
Alcoa		AA	013817101	4/30/04	Annual
1.01	Elect Alain J.P. Belda			MGMT	YES	FOR	FOR
1.02	Elect Carlos Ghosn			MGMT	YES	FOR	FOR
1.03	Elect Henry B. Schacht			MGMT	YES	FOR	FOR
1.04	Elect Franklin A. Thomas			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
3.01	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
3.02	Golden Parachutes			SHLDR	YES	AGNST	FOR
Allstate Corp		ALL	020002101	5/18/04	Annual
1.01	Elect F. Duane Ackerman			MGMT	YES	FOR	FOR
1.02	Elect James G. Andress			MGMT	YES	FOR	FOR
1.03	Elect Edward A. Brennan			MGMT	YES	FOR	FOR
1.04	Elect W. James Farrell			MGMT	YES	FOR	FOR
1.05	Elect Jack M. Greenberg			MGMT	YES	FOR	FOR
1.06	Elect Ronald T. LeMay			MGMT	YES	FOR	FOR
1.07	Elect Edward M. Liddy			MGMT	YES	FOR	FOR
1.08	Elect J. Christopher Reyes			MGMT	YES	FOR	FOR
1.09	Elect H. John Riley Jr.			MGMT	YES	FOR	FOR
1.10	Elect Joshua I. Smith			MGMT	YES	FOR	FOR
1.11	Elect Judith A. Sprieser			MGMT	YES	FOR	FOR
1.12	Elect Mary Alice Taylor			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Approve Annual Bonus Plan			MGMT	YES	FOR	FOR
4.00	Approve Long-Term Bonus Plan			MGMT	YES	FOR	FOR
5.00	Adopt Cumulative Voting			SHLDR	YES	AGNST	FOR
Altria Group		MO	02209S103	4/29/04	Annual
1.01	Elect Elizabeth E. Bailey			MGMT	YES	FOR	FOR
1.02	Elect Mathis Cabiallavetta			MGMT	YES	FOR	FOR
1.03	Elect Loius C. Camilleri			MGMT	YES	FOR	FOR
1.04	Elect Dudley Fishburn			MGMT	YES	FOR	FOR
1.05	Elect Robert E.R. Huntley			MGMT	YES	FOR	FOR
1.06	Elect Thomas W. Jones			MGMT	YES	FOR	FOR
1.07	Elect Lucio A. Noto			MGMT	YES	FOR	FOR
1.08	Elect John S. Reed			MGMT	YES	FOR	FOR
1.09	Elect Carlos Slim Helu			MGMT	YES	FOR	FOR
1.10	Elect Stephen M. Wolf			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review or Reduce Tobacco Harm to Health			SHLDR	YES	AGNST	FOR
4.00	Review or Reduce Tobacco Harm to Health			SHLDR	YES	AGNST	FOR
5.00	Review Political Spending			SHLDR	YES	AGNST	FOR
6.00	Review or Reduce Tobacco Harm to Health			SHLDR	YES	AGNST	FOR
7.00	Review or Reduce Tobacco Harm to Health			SHLDR	YES	AGNST	FOR
8.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
Anheuser-Busch		BUD	035229103	4/28/04	Annual
1.01	Elect August A. Busch III			MGMT	YES	FOR	FOR
1.02	Elect Carlos Fernandez G.			MGMT	YES	FOR	FOR
1.03	Elect James R. Jones			MGMT	YES	FOR	FOR
1.04	Elect Andrew C. Taylor			MGMT	YES	FOR	FOR
1.05	Elect Douglas A. Warner III			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Archer-Daniels-Midland		ADM	039483102	11/6/03	Annual
1.00	Elect Directors			MGMT	YES	FOR	FOR
AT&T Corp		T	001957505	5/19/04	Annual
1.01	Elect William F. Aldinger III			MGMT	YES	FOR	FOR
1.02	Elect Kenneth T. Derr			MGMT	YES	FOR	FOR
1.03	Elect David W. Dorman			MGMT	YES	FOR	FOR
1.04	Elect M. Kathryn Eickhoff			MGMT	YES	FOR	FOR
1.05	Elect Herbert L. Henkel			MGMT	YES	FOR	FOR
1.06	Elect Frank C. Herringer			MGMT	YES	FOR	FOR
1.07	Elect Shirley A. Jackson			MGMT	YES	FOR	FOR
1.08	Elect Jon C. Madonna			MGMT	YES	FOR	FOR
1.09	Elect Donald F. McHenry			MGMT	YES	FOR	FOR
1.10	Elect Tony L. White			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Director Tenure/Retirement Age			SHLDR	YES	AGNST	FOR
5.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
6.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
7.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
Avery Dennison		AVY	053611109	4/22/04	Annual
1.01	Elect Philip M. Neal			MGMT	YES	FOR	FOR
1.02	Elect Frank V. Cahouet			MGMT	YES	FOR	FOR
1.03	Elect Peter W. Mullin			MGMT	YES	FOR	FOR
1.04	Elect Bruce Karatz			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Reapprove Option/Bonus Plan for OBRA			MGMT	YES	FOR	FOR
4.00	Reapprove Option/Bonus Plan for OBRA			MGMT	YES	FOR	FOR
BAE Systems		BAESY	05523R107	5/5/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Approve Remuneration Policy			MGMT	YES	ABSTAIN	AGNST
3.00	Set Final Dividend at 5.50p			MGMT	YES	FOR	FOR
4.00	Elect Ulrich Cartellieri			MGMT	YES	FOR	FOR
5.00	Elect Rt. Honorable Lord Hesketh			MGMT	YES	FOR	FOR
6.00	Elect Steve Mogford			MGMT	YES	FOR	FOR
7.00	Elect George Rose			MGMT	YES	FOR	FOR
8.00	Elect Michael Hartnall			MGMT	YES	FOR	FOR
9.00	Appoint Outside Auditors			MGMT	YES	AGNST	AGNST
10.00	Set Auditors' Fees			MGMT	YES	AGNST	AGNST
11.00	Issue Stock w/ Preemptive Rights			MGMT	YES	AGNST	AGNST
12.00	Issue Stock w/o Preemptive Rights			MGMT	YES	FOR	FOR
13.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
14.00	Amend Articles Regarding Treasury Shares			MGMT	YES	AGNST	AGNST
Bank Of America		BAC	060505104	3/17/04	Special
1.00	Approve Merger/Acquisition			MGMT	YES	FOR	FOR
	Approve Common Stock Issuance
2.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Increase Authorized Common Stock			MGMT	YES	AGNST	AGNST
4.00	Adjourn Meeting			MGMT	YES	FOR	FOR
Bank of America Corp		BAC	060505104	5/26/04	Annual
1.01	Elect William Barnet III			MGMT	YES	FOR	FOR
1.02	Elect Charles W. Coker			MGMT	YES	FOR	FOR
1.03	Elect John T. Collins			MGMT	YES	FOR	FOR
1.04	Elect Gary L. Countryman			MGMT	YES	FOR	FOR
1.05	Elect Paul Fulton			MGMT	YES	FOR	FOR
1.06	Elect Charles K. Gifford			MGMT	YES	FOR	FOR
1.07	Elect Donald E. Guinn			MGMT	YES	FOR	FOR
1.08	Elect James H. Hance Jr.			MGMT	YES	FOR	FOR
1.09	Elect Kenneth D. Lewis			MGMT	YES	FOR	FOR
1.10	Elect Walter E. Massey			MGMT	YES	FOR	FOR
1.11	Elect J. Thomas May			MGMT	YES	FOR	FOR
1.12	Elect C. Steven McMillan			MGMT	YES	FOR	FOR
1.13	Elect Eugene M. McQuade			MGMT	YES	FOR	FOR
1.14	Elect Patricia E. Mitchell			MGMT	YES	FOR	FOR
1.15	Elect Edward L. Romero			MGMT	YES	FOR	FOR
1.16	Elect Thomas M. Ryan			MGMT	YES	FOR	FOR
1.17	Elect O. Temple Sloan Jr.			MGMT	YES	FOR	FOR
1.18	Elect Meredith R. Spangler			MGMT	YES	FOR	FOR
1.19	Elect Jackie M. Ward			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Change Annual Meeting Date			SHLDR	YES	AGNST	FOR
4.00	Double Board Nominees			SHLDR	YES	AGNST	FOR
5.00	Limit or End Charitable Giving			SHLDR	YES	AGNST	FOR
6.00	Mutual Funds Review Committee			SHLDR	YES	AGNST	FOR
7.00	Ensure Customer Privacy			SHLDR	YES	AGNST	FOR
Bank Of New York		BK	064057102	4/13/04	Annual
1.01	Elect Frank J. Biondi Jr.			MGMT	YES	FOR	FOR
1.02	Elect Nicholas M. Donofrio			MGMT	YES	FOR	FOR
1.03	Elect Alan R. Griffith			MGMT	YES	FOR	FOR
1.04	Elect Gerald L. Hassell			MGMT	YES	FOR	FOR
1.05	Elect Richard J. Kogan			MGMT	YES	FOR	FOR
1.06	Elect Michael J. Kowalski			MGMT	YES	FOR	FOR
1.07	Elect John A. Luke Jr.			MGMT	YES	FOR	FOR
1.08	Elect John C. Malone			MGMT	YES	FOR	FOR
1.09	Elect Paul Myners			MGMT	YES	FOR	FOR
1.10	Elect Robert C. Pozen			MGMT	YES	FOR	FOR
1.11	Elect Catherine A. Rein			MGMT	YES	FOR	FOR
1.12	Elect Thomas A. Renyi			MGMT	YES	FOR	FOR
1.13	Elect William C. Richardson			MGMT	YES	FOR	FOR
1.14	Elect Brian L. Roberts			MGMT	YES	FOR	FOR
1.15	Elect Samuel C. Scott III			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Amend Annual Bonus Plan			MGMT	YES	FOR	FOR
4.00	Review Political Spending			SHLDR	YES	AGNST	FOR
5.00	Implement Executive Compensation Plan			SHLDR	YES	AGNST	FOR
6.00	Increase Risk Committee Independence			SHLDR	YES	AGNST	FOR
7.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
Barclays				4/29/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Approve Remuneration Policy			MGMT	YES	ABSTAIN	AGNST
3.00	Elect Sir Richard Broadbent			MGMT	YES	FOR	FOR
4.00	Elect Roger William John Davis			MGMT	YES	FOR	FOR
5.00	Elect Gary Hoffman			MGMT	YES	FOR	FOR
6.00	Elect Naguib Kheraj			MGMT	YES	FOR	FOR
7.00	Elect David Lawton Roberts			MGMT	YES	FOR	FOR
8.00	Elect Sir Peter Middleton			MGMT	YES	FOR	FOR
9.00	Elect Stephen George Russell			MGMT	YES	FOR	FOR
10.00	Elect Christopher John Lendrum			MGMT	YES	FOR	FOR
11.00	Elect Brian Garton Jenkins			MGMT	YES	FOR	FOR
12.00	Appoint Outside Auditors			MGMT	YES	AGNST	AGNST
13.00	Set Auditors' Fees			MGMT	YES	AGNST	AGNST
14.00	Issue Stock w/o Preemptive Rights			MGMT	YES	FOR	FOR
15.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
Baxter International		BAX	071813109	5/4/04	Annual
1.01	Elect John D. Forsyth			MGMT	YES	FOR	FOR
1.02	Elect Gail D. Fosler			MGMT	YES	FOR	FOR
1.03	Elect Carole J. Uhrich			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
3.00	Adopt Cumulative Voting			SHLDR	YES	AGNST	FOR
BB&T		BBT	054937107	4/27/04	Annual
1.00	Repeal Classified Board			MGMT	YES	FOR	FOR
2.00	Approve Non-Technical Bylaw Amendments			MGMT	YES	AGNST	AGNST
	Repeal Classified Board
3.01	Elect John A. Allison IV			MGMT	YES	FOR	FOR
3.02	Elect Ronald E. Deal			MGMT	YES	FOR	FOR
3.03	Elect Tom D. Efird			MGMT	YES	FOR	FOR
3.04	Elect Albert O. McCauley			MGMT	YES	FOR	FOR
3.05	Elect Barry J. Fitzpatrick			MGMT	YES	FOR	FOR
3.06	Elect J. Holmes Morrison			MGMT	YES	FOR	FOR
3.07	Elect Jennifer S. Banner			MGMT	YES	FOR	FOR
3.08	Elect Albert F. Zettlemoyer			MGMT	YES	FOR	FOR
4.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
5.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
6.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
BCE Inc		BCE	05534B109	5/26/04	Annual
1.01	Elect Andre Berard			MGMT	YES	FOR	FOR
1.02	Elect Ronald A. Brenneman			MGMT	YES	FOR	FOR
1.03	Elect Richard J. Currie			MGMT	YES	FOR	FOR
1.04	Elect Anthony S. Fell			MGMT	YES	FOR	FOR
1.05	Elect Donna S. Kaufman			MGMT	YES	FOR	FOR
1.06	Elect Thomas Kierans			MGMT	YES	FOR	FOR
1.07	Elect Brian M. Levitt			MGMT	YES	FOR	FOR
1.08	Elect Edward C. Lumley			MGMT	YES	FOR	FOR
1.09	Elect Judith Maxwell			MGMT	YES	FOR	FOR
1.10	Elect John H. McArthur			MGMT	YES	FOR	FOR
1.11	Elect Thomas C. ONeill			MGMT	YES	FOR	FOR
1.12	Elect Robert C. Pozen			MGMT	YES	FOR	FOR
1.13	Elect Michael L. Sabia			MGMT	YES	FOR	FOR
1.14	Elect Paul M. Tellier			MGMT	YES	FOR	FOR
1.15	Elect Victor L. Young			MGMT	YES	FOR	FOR
2.00	Appoint Outside Auditors			MGMT	YES	AGNST	AGNST
3.00	Improve Disclosure			SHLDR	YES	AGNST	AGNST
4.00	Prohibit CEO Serving on Unrelated Boards			SHLDR	YES	AGNST	FOR
5.00	Improve Disclosure			SHLDR	YES	AGNST	FOR
6.00	Improve Disclosure			SHLDR	YES	AGNST	FOR
7.00	Prohibit Auditors Providing Non-Audit Services			SHLDR	YES	AGNST	FOR
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Black & Decker		BDK	091797100	4/27/04	Annual
1.01	Elect Nolan D. Archibald			MGMT	YES	FOR	FOR
1.02	Elect Norman R. Augustine			MGMT	YES	FOR	FOR
1.03	Elect Barbara L. Bowles			MGMT	YES	FOR	FOR
1.04	Elect M. Anthony Burns			MGMT	YES	FOR	FOR
1.05	Elect Kim B. Clark			MGMT	YES	FOR	FOR
1.06	Elect Manuel A. Fernandez			MGMT	YES	FOR	FOR
1.07	Elect Benjamin H. Griswold IV			MGMT	YES	FOR	FOR
1.08	Elect Anthony Luiso			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Award Plan			MGMT	YES	AGNST	AGNST
4.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
Blackrock		BLK	09247X101	5/11/04	Annual
1.01	Elect David H. Komansky			MGMT	YES	FOR	FOR
1.02	Elect James E. Rohr			MGMT	YES	FOR	FOR
1.03	Elect Ralph L. Schlosstein			MGMT	YES	FOR	FOR
1.04	Elect Lawrence M. Wagner			MGMT	YES	FOR	FOR
2.00	Amend Long-term Bonus Plan			MGMT	YES	FOR	FOR
BP		BP	055622104	4/15/04	Annual
1.00	Elect John Browne of Madingley			MGMT	YES	FOR	FOR
2.00	Elect Byron Grote			MGMT	YES	FOR	FOR
3.00	Elect H.M. Miles			MGMT	YES	FOR	FOR
4.00	Elect Robin Nicholson			MGMT	YES	FOR	FOR
5.00	Elect Richard Olver			MGMT	YES	FOR	FOR
6.00	Elect Ian Prosser			MGMT	YES	FOR	FOR
7.00	Elect Antony Burgmans			MGMT	YES	FOR	FOR
8.00	Appoint Auditors and Set Their Fees			MGMT	YES	AGNST	AGNST
9.00	Amend Board Election Rules			MGMT	YES	AGNST	AGNST
	Amend Articles Regarding Treasury Shares
10.00	Issue Stock w/ Preemptive Rights			MGMT	YES	AGNST	AGNST
11.00	Issue Stock w/o Preemptive Rights			MGMT	YES	FOR	FOR
12.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
13.00	Reissuance of Shares/Treasury Stock			MGMT	YES	AGNST	AGNST
14.00	Approve Remuneration Policy			MGMT	YES	AGNST	AGNST
15.00	Approve Directors' Fees			MGMT	YES	FOR	FOR
16.00	Approve Financial Statements			MGMT	YES	FOR	FOR
17.00	Report on Environmental Performance			SHLDR	YES	AGNST	FOR
Bristol-Myers Squibb		BMY	110122108	5/4/04	Annual
1.01	Elect Peter R. Dolan			MGMT	YES	FOR	FOR
1.02	Elect Louis V. Gerstner Jr.			MGMT	YES	FOR	FOR
1.03	Elect Leif Johansson			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review Political Spending			SHLDR	YES	AGNST	FOR
4.00	Limit or End Political Spending			SHLDR	YES	AGNST	FOR
5.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
6.00	Review AIDS Pandemic's Impact on Company			SHLDR	YES	AGNST	FOR
7.00	Require Majority Vote to Elect Directors			SHLDR	YES	AGNST	FOR
Cadbury Schweppes PLC		CSG	127209302	5/21/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Set Final Dividend at 8.35p			MGMT	YES	FOR	FOR
3.00	Approve Remuneration Policy			MGMT	YES	ABSTAIN	AGNST
4.00	Elect John M. Sunderland			MGMT	YES	FOR	FOR
5.00	Elect Kenneth George Hanna			MGMT	YES	FOR	FOR
6.00	Elect Richard S. Braddock			MGMT	YES	FOR	FOR
7.00	Elect Roger Martyn Carr			MGMT	YES	FOR	FOR
8.00	Elect David Anthony Thompson			MGMT	YES	FOR	FOR
9.00	Appoint Outside Auditors			MGMT	YES	FOR	FOR
10.00	Set Auditors' Fees			MGMT	YES	FOR	FOR
11.00	Issue Stock w/ Preemptive Rights			MGMT	YES	AGNST	AGNST
12.00	Issue Stock w/o Preemptive Rights			MGMT	YES	FOR	FOR
13.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
14.00	Amend Stock Option Plan			MGMT	YES	FOR	FOR
15.00	Amend Executive Profit Sharing/Bonus Plan			MGMT	YES	FOR	FOR
16.00	Approve Executive Profit Sharing/Bonus Plan			MGMT	YES	AGNST	AGNST
17.00	Amend Stock Purchase Plan/SAYE/AESOP			MGMT	YES	AGNST	AGNST
18.00	Approve Option/Purchase Plan - Overseas Employees			MGMT	YES	AGNST	AGNST
Cemex		CX	151290889	4/29/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
	Set Dividend/Allocate Profits
3.00	Approve Scrip Dividend/Dividend Reinvest			MGMT	YES	FOR	FOR
4.00	Election of Directors by Slate			MGMT	YES	FOR	FOR
	Elect Shareholder Representatives
5.00	Approve Shareholder Representative Fees			MGMT	YES	AGNST	AGNST
	Approve Directors' Fees
6.00	Authorize Legal Formalities			MGMT	YES	FOR	FOR
ChevronTexaco		CVX	166764100	4/28/04	Annual
1.01	Elect Samuel H. Armacost			MGMT	YES	FOR	FOR
1.02	Elect Robert E. Denham			MGMT	YES	FOR	FOR
1.03	Elect Robert J. Eaton			MGMT	YES	FOR	FOR
1.04	Elect Samuel L. Ginn			MGMT	YES	FOR	FOR
1.05	Elect Carla A. Hills			MGMT	YES	FOR	FOR
1.06	Elect Franklyn G. Jenifer			MGMT	YES	FOR	FOR
1.07	Elect J. Bennett Johnston			MGMT	YES	FOR	FOR
1.08	Elect Samuel A. Nunn Jr.			MGMT	YES	FOR	FOR
1.09	Elect David J. O'Reilly			MGMT	YES	FOR	FOR
1.10	Elect Peter J. Robertson			MGMT	YES	FOR	FOR
1.11	Elect Charles R. Shoemate			MGMT	YES	FOR	FOR
1.12	Elect Carl Ware			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Approve Poison Pill Policy			MGMT	YES	AGNST	AGNST
4.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
5.00	Review AIDS Pandemic's Impact on Company			SHLDR	YES	AGNST	FOR
6.00	Review Political Spending			SHLDR	YES	AGNST	FOR
7.00	Require Majority Vote to Elect Directors			SHLDR	YES	AGNST	FOR
8.00	Control Generation of Pollutants			SHLDR	YES	AGNST	FOR
9.00	Review Energy Efficiency & Renewables			SHLDR	YES	AGNST	FOR
China Mobile Hong Kong		00941		6/16/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Set Final Dividend at 20.00			MGMT	YES	FOR	FOR
3.01	Elect Xue Taohai			MGMT	YES	FOR	FOR
3.02	Elect Li Gang			MGMT	YES	FOR	FOR
3.03	Elect Xu Long			MGMT	YES	FOR	FOR
3.04	Elect Moses Cheng Mo Chi			MGMT	YES	FOR	FOR
3.05	Elect J. Brian Clark			MGMT	YES	FOR	FOR
4.00	Appoint Auditors and Set Their Fees			MGMT	YES	FOR	FOR
5.00	Approve Directors' Fees			MGMT	YES	FOR	FOR
6.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
7.00	Issue Stock w/o Preemptive Rights			MGMT	YES	AGNST	AGNST
8.00	Reissuance of Shares/Treasury Stock			MGMT	YES	FOR	FOR
9.00	Amend Meeting Procedures/Change Date			MGMT	YES	FOR	FOR
	Amend Board Powers/Procedures/Qualifications
	Amend Board Election Rules
	Amend Articles--Technical
China Mobile Hong Kong		00941		6/16/04	Special
1.00	Approve Merger/Acquisition			MGMT	YES	FOR	FOR
	Approve Related Party Transactions
Cigna		CI	125509109	4/28/04	Annual
1.01	Elect Robert H. Campbell			MGMT	YES	FOR	FOR
1.02	Elect Jane E. Henney			MGMT	YES	FOR	FOR
1.03	Elect Charles R. Shoemate			MGMT	YES	FOR	FOR
1.04	Elect Louis W. Sullivan			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Cincinnati Financial		CINF	172062101	4/24/04	Annual
1.01	Elect Michael Brown			MGMT	YES	FOR	FOR
1.02	Elect Dirk J. Debbink			MGMT	YES	FOR	FOR
1.03	Elect Robert C. Schiff			MGMT	YES	FOR	FOR
1.04	Elect John M. Shepherd			MGMT	YES	FOR	FOR
1.05	Elect Douglas S. Skidmore			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
Citigroup		C	172967101	4/20/04	Annual
1.01	Elect C. Michael Armstrong			MGMT	YES	FOR	FOR
1.02	Elect Alain J.P. Belda			MGMT	YES	FOR	FOR
1.03	Elect George David			MGMT	YES	FOR	FOR
1.04	Elect Kenneth T. Derr			MGMT	YES	FOR	FOR
1.05	Elect John M. Deutch			MGMT	YES	FOR	FOR
1.06	Elect Roberto H. Ramirez			MGMT	YES	FOR	FOR
1.07	Elect Ann Dibble Jordan			MGMT	YES	FOR	FOR
1.08	Elect Dudley C. Mecum II			MGMT	YES	FOR	FOR
1.09	Elect Richard D. Parsons			MGMT	YES	FOR	FOR
1.10	Elect Andrall E. Pearson			MGMT	YES	FOR	FOR
1.11	Elect Charles Prince			MGMT	YES	FOR	FOR
1.12	Elect Robert E. Rubin			MGMT	YES	FOR	FOR
1.13	Elect Franklin A. Thomas			MGMT	YES	FOR	FOR
1.14	Elect Sanford I. Weill			MGMT	YES	FOR	FOR
1.15	Elect Robert B. Willumstad			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
4.00	Review Political Spending			SHLDR	YES	AGNST	FOR
5.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
6.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
Clorox		CLX	189054109	11/19/03	Annual
1.00	Elect Directors			MGMT	YES	FOR	FOR
2.00	Adopt Deferred Compensation Plan			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Coca-Cola		KO	191216100	4/21/04	Annual
1.01	Elect Herbert A. Allen			MGMT	YES	FOR	FOR
1.02	Elect Ronald W. Allen			MGMT	YES	FOR	FOR
1.03	Elect Cathleen P. Black			MGMT	YES	FOR	FOR
1.04	Elect Warren E. Buffett			MGMT	YES	FOR	FOR
1.05	Elect Douglas N. Daft			MGMT	YES	FOR	FOR
1.06	Elect Barry Diller			MGMT	YES	FOR	FOR
1.07	Elect Donald R. Keough			MGMT	YES	FOR	FOR
1.08	Elect Susan B. King			MGMT	YES	FOR	FOR
1.09	Elect Maria Elena Lagomasino			MGMT	YES	FOR	FOR
1.10	Elect Donald F. McHenry			MGMT	YES	FOR	FOR
1.11	Elect Robert L. Nardelli			MGMT	YES	FOR	FOR
1.12	Elect Samuel A. Nunn Jr.			MGMT	YES	FOR	FOR
1.13	Elect J. Pedro Reinhard			MGMT	YES	FOR	FOR
1.14	Elect James D. Robinson III			MGMT	YES	FOR	FOR
1.15	Elect Peter V. Ueberroth			MGMT	YES	FOR	FOR
1.16	Elect James B. Williams			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review AIDS Pandemic's Impact on Company			SHLDR	YES	AGNST	AGNST
4.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
5.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
6.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
7.00	Shareholder Approval of Deferred Plan			SHLDR	YES	AGNST	FOR
8.00	China--Adopt Code of Conduct			SHLDR	YES	AGNST	FOR
9.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
Colgate-Palmolive		CL	194162103	5/7/04	Annual
1.01	Elect Jill K. Conway			MGMT	YES	FOR	FOR
1.02	Elect Ronald E. Ferguson			MGMT	YES	FOR	FOR
1.03	Elect Carlos M. Gutierrez			MGMT	YES	FOR	FOR
1.04	Elect Ellen M. Hancock			MGMT	YES	FOR	FOR
1.05	Elect David W. Johnson			MGMT	YES	FOR	FOR
1.06	Elect Richard J. Kogan			MGMT	YES	FOR	FOR
1.07	Elect Delano E. Lewis			MGMT	YES	FOR	FOR
1.08	Elect Reuben Mark			MGMT	YES	FOR	FOR
1.09	Elect Elizabeth A. Monrad			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Reapprove Option/Bonus Plan for OBRA			MGMT	YES	FOR	FOR
4.00	Golden Parachutes			SHLDR	YES	FOR	AGNST
5.00	Monitor/Adopt ILO Conventions			SHLDR	YES	AGNST	FOR
6.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
Commercial Federal		CFB	201647104	5/11/04	Annual
1.01	Elect Talton K. Anderson			MGMT	YES	FOR	FOR
1.02	Elect James P. O'Donnell			MGMT	YES	FOR	FOR
1.03	Elect Robert J. Hutchinson			MGMT	YES	FOR	FOR
1.04	Elect Jane E. Miller			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
ConAgra Foods		CAG	205887102	9/25/03	Annual
1.00	Elect Directors			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review or Curb Bioengineering			SHLDR	YES	AGNST	FOR
4.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
5.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
Curtiss-Wright		CW	231561101	4/23/04	Annual
1.01	Elect Martin R. Benante			MGMT	YES	FOR	FOR
1.02	Elect James B. Busey IV			MGMT	YES	FOR	FOR
1.03	Elect David Lasky			MGMT	YES	FOR	FOR
1.04	Elect Carl G. Miller			MGMT	YES	FOR	FOR
1.05	Elect William B. Mitchell			MGMT	YES	FOR	FOR
1.06	Elect John R. Myers			MGMT	YES	FOR	FOR
1.07	Elect William W. Sihler			MGMT	YES	FOR	FOR
1.08	Elect J. McLain Stewart			MGMT	YES	FOR	FOR
2.01	Elect S. Marce Fuller			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Delphi		DPH	247126105	5/6/04	Annual
1.01	Elect Oscar de Paula Bernardes Neto			MGMT	YES	FOR	FOR
1.02	Elect Bernd Gottschalk			MGMT	YES	FOR	FOR
1.03	Elect John D. Opie			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Approve Annual Bonus Plan			MGMT	YES	FOR	FOR
4.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
5.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
6.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
7.00	Review Global Labor Practices			SHLDR	YES	AGNST	FOR
Domtar		DTC	257561100	4/29/04	Annual
1.01	Elect Paul-Henri Couture			MGMT	YES	FOR	FOR
1.02	Elect Louis P. Gignac			MGMT	YES	FOR	FOR
1.03	Elect Claude R. Lamoreux			MGMT	YES	FOR	FOR
1.04	Elect Jacques Laurent			MGMT	YES	FOR	FOR
1.05	Elect Brian M. Levitt			MGMT	YES	FOR	FOR
1.06	Elect Gilles Ouimet			MGMT	YES	FOR	FOR
1.07	Elect Louise Roy			MGMT	YES	FOR	FOR
1.08	Elect Raymond Royer			MGMT	YES	FOR	FOR
1.09	Elect Edward J. Waters			MGMT	YES	FOR	FOR
2.00	Appoint Auditors and Set Their Fees			MGMT	YES	FOR	FOR
3.00	Amend Board Election Rules			MGMT	YES	FOR	FOR
Dover		DOV	260003108	4/20/04	Annual
1.01	Elect David H. Benson			MGMT	YES	FOR	FOR
1.02	Elect Jean-Pierre M. Ergas			MGMT	YES	FOR	FOR
1.03	Elect Kristiane C. Graham			MGMT	YES	FOR	FOR
1.04	Elect Ronald L. Hoffman			MGMT	YES	FOR	FOR
1.05	Elect James L. Koley			MGMT	YES	FOR	FOR
1.06	Elect Richard K. Lochridge			MGMT	YES	FOR	FOR
1.07	Elect Thomas L. Reece			MGMT	YES	FOR	FOR
1.08	Elect Bernard G. Rethore			MGMT	YES	FOR	FOR
1.09	Elect Gary L. Roubos			MGMT	YES	FOR	FOR
1.10	Elect Michael B. Stubbs			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Approve Other Business			MGMT	YES	AGNST	AGNST
Dow Jones		DJ	260561105	4/21/04	Annual
1.01	Elect Irvine O. Hockaday Jr.			MGMT	YES	FOR	FOR
1.02	Elect Vernon E. Jordan Jr.			MGMT	YES	FOR	FOR
1.03	Elect Lewis B. Campbell			MGMT	YES	FOR	FOR
1.04	Elect Dieter von Holtzbrinck			MGMT	YES	FOR	FOR
1.05	Elect Elizabeth Steele			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
3.00	Add Shares to Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
Du Pont (E.I.) de Nemours		DD	263534109	4/28/04	Annual
1.01	Elect Alain J.P. Belda			MGMT	YES	FOR	FOR
1.02	Elect Richard H. Brown			MGMT	YES	FOR	FOR
1.03	Elect Curtis J. Crawford			MGMT	YES	FOR	FOR
1.04	Elect John T. Dillon			MGMT	YES	FOR	FOR
1.05	Elect Louisa C. Duemling			MGMT	YES	FOR	FOR
1.06	Elect Charles O. Holliday Jr.			MGMT	YES	FOR	FOR
1.07	Elect Deborah C. Hopkins			MGMT	YES	FOR	FOR
1.08	Elect Lois D. Juliber			MGMT	YES	FOR	FOR
1.09	Elect Masahisa Naitoh			MGMT	YES	FOR	FOR
1.10	Elect William K. Reilly			MGMT	YES	FOR	FOR
1.11	Elect H. Rodney Sharp III			MGMT	YES	FOR	FOR
1.12	Elect Charles M. Vest			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Disclose Prior Government Service			SHLDR	YES	AGNST	FOR
4.00	Monitor/Adopt ILO Conventions			SHLDR	YES	AGNST	FOR
5.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
E.ON		EON	268780103	4/28/04	Annual
1.00	Set Dividend at 2.00			MGMT	NO	TAKE NO ACTION
2.00	Ratify Management Acts-Symbolic			MGMT	NO	TAKE NO ACTION
3.00	Ratify Board Acts-Symbolic			MGMT	NO	TAKE NO ACTION
4.00	Amend Dividend Distribution Rules			MGMT	NO	TAKE NO ACTION
5.00	Approve Intra-company Contracts			MGMT	NO	TAKE NO ACTION
6.00	Reissuance of Shares/Treasury Stock			MGMT	NO	TAKE NO ACTION
	Authorize Share Repurchase
7.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
Emerson Electric		EMR	291011104	2/3/04	Annual
1.01	Elect Carlos Fernandez G.			MGMT	YES	FOR	FOR
1.02	Elect Charles F. Knight			MGMT	YES	FOR	FOR
1.03	Elect G. A. Lodge			MGMT	YES	FOR	FOR
1.04	Elect Rozanne L. Ridgway			MGMT	YES	FOR	FOR
1.05	Elect Edward E. Whitacre Jr.			MGMT	YES	FOR	FOR
2.00	Reapprove Option/Bonus Plan for OBRA			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Equitable Resources		EQT	294549100	4/14/04	Annual
1.01	Elect Lee T. Todd, Jr.			MGMT	YES	FOR	FOR
1.02	Elect Murry S. Gerber			MGMT	YES	FOR	FOR
1.03	Elect George L. Miles Jr.			MGMT	YES	FOR	FOR
1.04	Elect James W. Whalen			MGMT	YES	FOR	FOR
2.00	Amend Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Equity Office Properties Trust		EOP	294741103	5/19/04	Annual
1.01	Elect Thomas E. Dobrowski			MGMT	YES	FOR	FOR
1.02	Elect William M. Goodyear			MGMT	YES	FOR	FOR
1.03	Elect James D. Harper, Jr.			MGMT	YES	FOR	FOR
1.04	Elect Richard D. Kincaid			MGMT	YES	FOR	FOR
1.05	Elect David K. McKown			MGMT	YES	FOR	FOR
1.06	Elect Sheli Z. Rosenberg			MGMT	YES	FOR	FOR
1.07	Elect Edwin N. Sidman			MGMT	YES	FOR	FOR
1.08	Elect Jan H.W.R. van der Vlist			MGMT	YES	FOR	FOR
1.09	Elect Samuel Zell			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Exelon		EXC	30161N101	4/27/04	Annual
1.01	Elect Nicholas DeBenedictis			MGMT	YES	FOR	FOR
1.02	Elect G. Fred DiBona Jr.			MGMT	YES	FOR	FOR
1.03	Elect Sue L. Gin			MGMT	YES	FOR	FOR
1.04	Elect Edgar D. Jannotta			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Approve Annual Bonus Plan			MGMT	YES	FOR	FOR
Exxon Mobil Corp				5/26/04	Annual
1.01	Elect Michael J. Boskin			MGMT	YES	FOR	FOR
1.02	Elect James R. Houghton			MGMT	YES	FOR	FOR
1.03	Elect William R. Howell			MGMT	YES	FOR	FOR
1.04	Elect Reatha Clark King			MGMT	YES	FOR	FOR
1.05	Elect Philip E. Lippincott			MGMT	YES	FOR	FOR
1.06	Elect Harry J. Longwell			MGMT	YES	FOR	FOR
1.07	Elect Henry A. McKinnell Jr.			MGMT	YES	FOR	FOR
1.08	Elect Marilyn Carlson Nelson			MGMT	YES	FOR	FOR
1.09	Elect Lee R. Raymond			MGMT	YES	FOR	FOR
1.10	Elect Walter V. Shipley			MGMT	YES	FOR	FOR
1.11	Elect Rex W. Tillerson			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Director Stock Award Plan			MGMT	YES	FOR	FOR
4.00	Affirm Political Nonpartisanship			SHLDR	YES	AGNST	FOR
5.00	Review Political Spending			SHLDR	YES	AGNST	FOR
6.00	Review Operations' Impact on Local Groups			SHLDR	YES	AGNST	FOR
7.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
8.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
9.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
10.00	Adopt Sexual Orientation Anti-Bias Policy			SHLDR	YES	AGNST	FOR
11.00	Report or Take Action on Climate Change			SHLDR	YES	AGNST	FOR
Fannie Mae		FNM	313586109	5/25/04	Annual
1.01	Elect Stephen B. Ashley			MGMT	YES	FOR	FOR
1.02	Elect Kenneth M. Duberstein			MGMT	YES	FOR	FOR
1.03	Elect Thomas P. Gerrity			MGMT	YES	FOR	FOR
1.04	Elect Timothy Howard			MGMT	YES	FOR	FOR
1.05	Elect Ann McLaughlin Korologos			MGMT	YES	FOR	FOR
1.06	Elect Frederic V. Malek			MGMT	YES	FOR	FOR
1.07	Elect Donald B. Marron			MGMT	YES	FOR	FOR
1.08	Elect Daniel H. Mudd			MGMT	YES	FOR	FOR
1.09	Elect Anne M. Mulcahy			MGMT	YES	FOR	FOR
1.10	Elect Joe K. Pickett			MGMT	YES	FOR	FOR
1.11	Elect Leslie Rahl			MGMT	YES	FOR	FOR
1.12	Elect Franklin D. Raines			MGMT	YES	FOR	FOR
1.13	Elect H. Patrick Swygert			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Add Shares to Employee Stock Purchase Plan			MGMT	YES	AGNST	AGNST
4.00	Adopt Cumulative Voting			SHLDR	YES	AGNST	FOR
Fifth Third Bancorp		FITB	316773100	3/23/04	Annual
1.01	Elect Darryl F. Allen			MGMT	YES	FOR	FOR
1.02	Elect Allen M. Hill			MGMT	YES	FOR	FOR
1.03	Elect Mitchel D. Livingston			MGMT	YES	FOR	FOR
1.04	Elect Hendrick G. Meijer			MGMT	YES	FOR	FOR
1.05	Elect James E. Rogers			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
4.00	Adopt Sexual Orientation Anti-Bias Policy			SHLDR	YES	AGNST	FOR
First Tennessee National		FTN	337162101	4/20/04	Annual
1.01	Elect Robert C. Blattberg			MGMT	YES	FOR	FOR
1.02	Elect J. Kenneth Glass			MGMT	YES	FOR	FOR
1.03	Elect Michael D. Rose			MGMT	YES	FOR	FOR
1.04	Elect Luke Yancy III			MGMT	YES	FOR	FOR
2.00	Approve Name Change			MGMT	YES	FOR	FOR
3.00	Amend Stock Option Plan			MGMT	YES	AGNST	AGNST
	Add Shares to Stock Option Plan
4.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
FleetBoston Financial		FBF	339030108	3/17/04	Special
1.00	Approve Merger/Acquisition			MGMT	YES	FOR	FOR
2.00	Adjourn Meeting			MGMT	YES	FOR	FOR
Freeport McMoRan Copper & Gold		FCX	35671D857	5/6/04	Annual
1.01	Elect Robert J. Allison Jr.			MGMT	YES	FOR	FOR
1.02	Elect R. Leigh Clifford			MGMT	YES	FOR	FOR
1.03	Elect James R. Moffett			MGMT	YES	FOR	FOR
1.04	Elect B. M. Rankin Jr.			MGMT	YES	FOR	FOR
1.05	Elect J. Taylor Wharton			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Director Stock Option Plan			MGMT	YES	FOR	FOR
4.00	Suspend Payments to Indonesian Military			SHLDR	YES	AGNST	FOR
Fresh Del Monte Produce		FDP	G36738105	4/28/04	Annual
1.01	Elect AMir Abu-Ghazaleh			MGMT	YES	FOR	FOR
1.02	Elect Edward L. Boykin			MGMT	YES	FOR	FOR
1.03	Elect Salvatore H. Alfiero			MGMT	YES	FOR	FOR
2.00	Approve Financial Statements			MGMT	YES	FOR	FOR
3.00	Appoint Outside Auditors			MGMT	YES	AGNST	AGNST
4.00	Set Final Dividend at 0.20			MGMT	YES	FOR	FOR
Frontline Limited				4/5/04	Special
1.00	Add or remove exchange listing			MGMT	YES	FOR	FOR
	Change Company Name
2.00	Amend Articles--Technical			MGMT	YES	FOR	FOR
3.00	Amend Repurchase of Unmarketable Parcels of Shares			MGMT	YES	FOR	FOR
4.00	Amend Articles--Technical			MGMT	YES	FOR	FOR
5.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
General Electric		GE	369604103	4/28/04	Annual
1.01	Elect James I. Cash Jr.			MGMT	YES	FOR	FOR
1.02	Elect Dennis D. Dammerman			MGMT	YES	FOR	FOR
1.03	Elect Ann M. Fudge			MGMT	YES	FOR	FOR
1.04	Elect Claudio X. Gonzalez Laporte			MGMT	YES	FOR	FOR
1.05	Elect Jeffrey R. Immelt			MGMT	YES	FOR	FOR
1.06	Elect Andrea Jung			MGMT	YES	FOR	FOR
1.07	Elect Alan G. Lafley			MGMT	YES	FOR	FOR
1.08	Elect Kenneth G. Langone			MGMT	YES	FOR	FOR
1.09	Elect Ralph S. Larsen			MGMT	YES	FOR	FOR
1.10	Elect Rochelle B. Lazarus			MGMT	YES	FOR	FOR
1.11	Elect Samuel A. Nunn Jr.			MGMT	YES	FOR	FOR
1.12	Elect Roger S. Penske			MGMT	YES	FOR	FOR
1.13	Elect Robert J. Swieringa			MGMT	YES	FOR	FOR
1.14	Elect Douglas A. Warner III			MGMT	YES	FOR	FOR
1.15	Elect Robert C. Wright			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Amend Long-term Bonus Plan			MGMT	YES	FOR	FOR
4.00	Adopt Cumulative Voting			SHLDR	YES	AGNST	FOR
5.00	Review or Promote Animal Welfare			SHLDR	YES	AGNST	FOR
6.00	Review Nuclear Facility/Waste			SHLDR	YES	AGNST	FOR
7.00	Report on Environmental Impact or Plans			SHLDR	YES	AGNST	FOR
8.00	Report on Risk to Image of Globalization Strate			SHLDR	YES	AGNST	FOR
9.00	Report on Sustainability			SHLDR	YES	AGNST	FOR
10.00	Increase Comp Committee Independence			SHLDR	YES	AGNST	FOR
11.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
12.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
13.00	Limit Number of Directorships			SHLDR	YES	AGNST	FOR
14.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
15.00	Study Sale or Spin-off			SHLDR	YES	AGNST	FOR
16.00	Require Option Shares to Be Held			SHLDR	YES	AGNST	FOR
17.00	Increase Board Independence			SHLDR	YES	AGNST	FOR
18.00	Review Political Spending			SHLDR	YES	AGNST	FOR
GlaxoSmithKline PLC				5/17/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Approve Remuneration Policy			MGMT	YES	ABSTAIN	AGNST
3.00	Elect H. Lawrence Culp Jr.			MGMT	YES	FOR	FOR
4.00	Elect Crispin H.L. Davis			MGMT	YES	FOR	FOR
5.00	Elect Robert Peter Wilson			MGMT	YES	FOR	FOR
6.00	Elect Tadataka (Tachi) Yamada			MGMT	YES	FOR	FOR
7.00	Elect Christopher A. Hogg			MGMT	YES	FOR	FOR
8.00	Appoint Outside Auditors			MGMT	YES	FOR	FOR
9.00	Set Auditors' Fees			MGMT	YES	FOR	FOR
10.00	Approve Political Donation			MGMT	YES	FOR	FOR
11.00	Issue Stock w/o Preemptive Rights			MGMT	YES	FOR	FOR
12.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
Halliburton Co		HAL	406216101	5/19/04	Annual
1.01	Elect Robert L. Crandall			MGMT	YES	FOR	FOR
1.02	Elect Kenneth T. Derr			MGMT	YES	FOR	FOR
1.03	Elect Charles J. DiBona			MGMT	YES	FOR	FOR
1.04	Elect William R. Howell			MGMT	YES	FOR	FOR
1.05	Elect Ray L. Hunt			MGMT	YES	FOR	FOR
1.06	Elect David J. Lesar			MGMT	YES	FOR	FOR
1.07	Elect Aylwin B. Lewis			MGMT	YES	FOR	FOR
1.08	Elect J. Landis Martin			MGMT	YES	FOR	FOR
1.09	Elect Jay A. Precourt			MGMT	YES	FOR	FOR
1.10	Elect Debra L. Reed			MGMT	YES	FOR	FOR
1.11	Elect C. J. Silas			MGMT	YES	FOR	FOR
2.00	Increase Authorized Common Stock			MGMT	YES	AGNST	AGNST
3.00	Report on Ties to State Sponsors of Terror			SHLDR	YES	AGNST	FOR
4.00	Require Majority Vote to Elect Directors			SHLDR	YES	AGNST	FOR
5.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
Harmony Gold Mining				9/1/03	Special
1.00	Increase Authorized Capital			MGMT	YES	FOR	FOR
2.00	Approve Merger/Acquisition			MGMT	YES	FOR	FOR
3.00	Issue Stock w/ or w/o Preemptive Rights			MGMT	YES	AGNST	AGNST
4.00	Issue Stock w/ Preemptive Rights			MGMT	YES	FOR	FOR
5.00	Authorize Legal Formalities			MGMT	YES	FOR	FOR
Hershey Foods		HSY	427866108	4/28/04	Annual
1.01	Elect Jon A. Boscia			MGMT	YES	FOR	FOR
1.02	Elect Robert H. Campbell			MGMT	YES	FOR	FOR
1.03	Elect Robert F. Cavanaugh			MGMT	YES	FOR	FOR
1.04	Elect Gary P. Coughlan			MGMT	YES	FOR	FOR
1.05	Elect Harriet Edelman			MGMT	YES	FOR	FOR
1.06	Elect Bonnie Guiton Hill			MGMT	YES	FOR	FOR
1.07	Elect Richard H. Lenny			MGMT	YES	FOR	FOR
1.08	Elect Mackey J. McDonald			MGMT	YES	FOR	FOR
1.09	Elect Marie J. Toulantis			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Hewlett-Packard		HPQ	428236103	3/17/04	Annual
1.01	Elect Lawrence T. Babbio Jr.			MGMT	YES	FOR	FOR
1.02	Elect Patricia C. Dunn			MGMT	YES	FOR	FOR
1.03	Elect Carleton S. Fiorina			MGMT	YES	FOR	FOR
1.04	Elect Richard A. Hackborn			MGMT	YES	FOR	FOR
1.05	Elect George A. Keyworth II			MGMT	YES	FOR	FOR
1.06	Elect Robert E. Knowling Jr.			MGMT	YES	FOR	FOR
1.07	Elect Sanford M. Litvack			MGMT	YES	FOR	FOR
1.08	Elect Robert L. Ryan			MGMT	YES	FOR	FOR
1.09	Elect Lucille S. Salhany			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Expense Stock Options			SHLDR	YES	AGNST	FOR
Honeywell International		HON	438516106	4/26/04	Annual
1.01	Elect James J. Howard			MGMT	YES	FOR	FOR
1.02	Elect Bruce Karatz			MGMT	YES	FOR	FOR
1.03	Elect Russell E. Palmer			MGMT	YES	FOR	FOR
1.04	Elect Ivan G. Seidenberg			MGMT	YES	FOR	FOR
1.05	Elect Eric K. Shinseki			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
4.00	Eliminate Supermajority Provision			SHLDR	YES	AGNST	FOR
5.00	Golden Parachutes			SHLDR	YES	AGNST	FOR
6.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
7.00	Adopt Cumulative Voting			SHLDR	YES	AGNST	FOR
J P Morgan Chase & Co		JPM	46625H100	5/25/04	Annual
1.00	Approve Merger/Acquisition			MGMT	YES	FOR	FOR
	Approve Common Stock Issuance
2.01	Elect Hans W. Becherer			MGMT	YES	FOR	FOR
2.02	Elect Frank A. Bennack Jr.			MGMT	YES	FOR	FOR
2.03	Elect John H. Biggs			MGMT	YES	FOR	FOR
2.04	Elect Lawrence A. Bossidy			MGMT	YES	FOR	FOR
2.05	Elect Ellen V. Futter			MGMT	YES	FOR	FOR
2.06	Elect William H. Gray III			MGMT	YES	FOR	FOR
2.07	Elect William B. Harrison Jr.			MGMT	YES	FOR	FOR
2.08	Elect Helene L. Kaplan			MGMT	YES	FOR	FOR
2.09	Elect Lee R. Raymond			MGMT	YES	FOR	FOR
2.10	Elect John R. Stafford			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
4.00	Reapprove Option/Bonus Plan for OBRA			MGMT	YES	FOR	FOR
5.00	Adjourn Meeting			MGMT	YES	FOR	FOR
6.00	Director Tenure/Retirement Age			SHLDR	YES	AGNST	FOR
7.00	Limit or End Charitable Giving			SHLDR	YES	AGNST	FOR
8.00	Review Political Spending			SHLDR	YES	AGNST	FOR
9.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
10.00	Failure to Disclose Derivatives			SHLDR	YES	AGNST	FOR
11.00	Limit Consulting by Auditors			SHLDR	YES	AGNST	FOR
12.00	Restrict Director Compensation			SHLDR	YES	AGNST	FOR
13.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
Jefferson-Pilot		JP	475070108	5/3/04	Annual
1.01	Elect Dennis R. Glass			MGMT	YES	FOR	FOR
1.02	Elect George W. Henderson III			MGMT	YES	FOR	FOR
1.03	Elect Patrick S. Pittard			MGMT	YES	FOR	FOR
2.01	Elect Robert G. Greer			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
4.00	Adopt Director Stock Option Plan			MGMT	YES	FOR	FOR
Johnson & Johnson		JNJ	478160104	4/22/04	Annual
1.01	Elect Gerard N. Burrow			MGMT	YES	FOR	FOR
1.02	Elect Mary S. Coleman			MGMT	YES	FOR	FOR
1.03	Elect James G. Cullen			MGMT	YES	FOR	FOR
1.04	Elect Robert J. Darretta			MGMT	YES	FOR	FOR
1.05	Elect M. Judah Folkman			MGMT	YES	FOR	FOR
1.06	Elect Ann Dibble Jordan			MGMT	YES	FOR	FOR
1.07	Elect Arnold G. Langbo			MGMT	YES	FOR	FOR
1.08	Elect Susan L. Lindquist			MGMT	YES	FOR	FOR
1.09	Elect Leo F. Mullin			MGMT	YES	FOR	FOR
1.10	Elect Steven S. Reinemund			MGMT	YES	FOR	FOR
1.11	Elect David Satcher			MGMT	YES	FOR	FOR
1.12	Elect Henry B. Schacht			MGMT	YES	FOR	FOR
1.13	Elect William C. Weldon			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
3.00	Limit or End Charitable Giving			SHLDR	YES	AGNST	FOR
Kimberly-Clark		KMB	494368103	4/29/04	Annual
1.01	Elect Pastora San Juan Cafferty			MGMT	YES	FOR	FOR
1.02	Elect Claudio X. Gonzalez Laporte			MGMT	YES	FOR	FOR
1.03	Elect Linda Johnson Rice			MGMT	YES	FOR	FOR
1.04	Elect Marc J. Shapiro			MGMT	YES	FOR	FOR
2.00	Add Shares to Stock Option Plan			MGMT	YES	AGNST	AGNST
	Amend Stock Option Plan
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
4.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
Korea Electric Power (Kepco)		KEP	500631106	3/19/04	Annual
1.00	Set Dividend/Allocate Profits			MGMT	YES	FOR	FOR
	Approve Financial Statements
2.00	Election of Directors by Nominee			MGMT	YES	FOR	FOR
Kraft Foods		KFT	50075N104	4/27/04	Annual
1.01	Elect Loius C. Camilleri			MGMT	YES	FOR	FOR
1.02	Elect Roger K. Deromedi			MGMT	YES	FOR	FOR
1.03	Elect Dinyar S. Devitre			MGMT	YES	FOR	FOR
1.04	Elect W. James Farrell			MGMT	YES	FOR	FOR
1.05	Elect Betsy D. Holden			MGMT	YES	FOR	FOR
1.06	Elect John C. Pope			MGMT	YES	FOR	FOR
1.07	Elect Mary L. Shapiro			MGMT	YES	FOR	FOR
1.08	Elect Charles R. Wall			MGMT	YES	FOR	FOR
1.09	Elect Deborah C. Wright			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Leggett & Platt		LEG	524660107	5/5/04	Annual
1.01	Elect Raymond F. Bentele			MGMT	YES	FOR	FOR
1.02	Elect Ralph W. Clark			MGMT	YES	FOR	FOR
1.03	Elect Harry M. Cornell Jr.			MGMT	YES	FOR	FOR
1.04	Elect Robert Ted Enloe III			MGMT	YES	FOR	FOR
1.05	Elect Richard T. Fisher			MGMT	YES	FOR	FOR
1.06	Elect Karl G. Glassman			MGMT	YES	FOR	FOR
1.07	Elect David S. Haffner			MGMT	YES	FOR	FOR
1.08	Elect Judy C. Odom			MGMT	YES	FOR	FOR
1.09	Elect Maurice E. Purnell Jr.			MGMT	YES	FOR	FOR
1.10	Elect Felix E. Wright			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Add Shares to Employee Stock Purchase Plan			MGMT	YES	AGNST	AGNST
4.00	Approve Annual Bonus Plan			MGMT	YES	FOR	FOR
Limited Brands Inc		LTD	532716107	5/17/04	Annual
1.01	Elect Eugene M. Freedman			MGMT	YES	FOR	FOR
1.02	Elect V. Ann Hailey			MGMT	YES	FOR	FOR
1.03	Elect David T. Kollat			MGMT	YES	FOR	FOR
1.04	Elect Leslie H. Wexner			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	FOR	FOR
Lincoln National Corp		LNC	534187109	5/13/04	Annual
1.01	Elect William J. Avery			MGMT	YES	FOR	FOR
1.02	Elect Jon A. Boscia			MGMT	YES	FOR	FOR
1.03	Elect Eric G. Johnson			MGMT	YES	FOR	FOR
1.04	Elect Glenn F. Tilton			MGMT	YES	FOR	FOR
2.00	Adopt Deferred Compensation Plan			MGMT	YES	FOR	FOR
Lloyds TSB Group PLC		LYG	539439109	5/21/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Approve Remuneration Policy			MGMT	YES	ABSTAIN	AGNST
3.01	Elect Peter G. Ayliffe			MGMT	YES	FOR	FOR
3.02	Elect Wolfgang C.G. Berndt			MGMT	YES	FOR	FOR
3.03	Elect Angela A. Knight			MGMT	YES	FOR	FOR
3.04	Elect Helen A. Weir			MGMT	YES	FOR	FOR
4.01	Elect Ewan Brown			MGMT	YES	FOR	FOR
4.02	Elect J. Eric Daniels			MGMT	YES	FOR	FOR
4.03	Elect David P. Pritchard			MGMT	YES	FOR	FOR
4.04	Elect Maarten A. van den Bergh			MGMT	YES	FOR	FOR
5.00	Appoint Outside Auditors			MGMT	YES	FOR	FOR
6.00	Set Auditors' Fees			MGMT	YES	FOR	FOR
7.00	Issue Stock w/ Preemptive Rights			MGMT	YES	AGNST	AGNST
8.00	Issue Stock w/o Preemptive Rights			MGMT	YES	FOR	FOR
9.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
10.00	Amend Articles--Technical			MGMT	YES	AGNST	AGNST
	Amend Articles Regarding Treasury Shares
11.00	Approve Executive Profit Sharing/Bonus Plan			MGMT	YES	FOR	FOR
	Amend Stock Option Plan
Lockheed Martin		LMT	539830109	4/22/04	Annual
1.01	Elect E.C. Aldridge, Jr.			MGMT	YES	FOR	FOR
1.02	Elect Nolan D. Archibald			MGMT	YES	FOR	FOR
1.03	Elect Norman R. Augustine			MGMT	YES	FOR	FOR
1.04	Elect Marcus C. Bennett			MGMT	YES	FOR	FOR
1.05	Elect Vance D. Coffman			MGMT	YES	FOR	FOR
1.06	Elect Gwendolyn S. King			MGMT	YES	FOR	FOR
1.07	Elect Douglas H. McCorkindale			MGMT	YES	FOR	FOR
1.08	Elect Eugene F. Murphy			MGMT	YES	FOR	FOR
1.09	Elect Joseph W. Ralston			MGMT	YES	FOR	FOR
1.10	Elect Frank Savage			MGMT	YES	FOR	FOR
1.11	Elect Anne Stevens			MGMT	YES	FOR	FOR
1.12	Elect Robert J. Stevens			MGMT	YES	FOR	FOR
1.13	Elect James R. Ukropina			MGMT	YES	FOR	FOR
1.14	Elect Douglas C. Yearley			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Disclose Prior Government Service			SHLDR	YES	AGNST	FOR
4.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
5.00	Limit Consulting by Auditors			SHLDR	YES	AGNST	FOR
6.00	Review Military Contracting Criteria			SHLDR	YES	AGNST	FOR
Manor Care		HCR	564055101	5/5/04	Annual
1.01	Elect Virgis W. Colbert			MGMT	YES	FOR	FOR
1.02	Elect William H. Longfield			MGMT	YES	FOR	FOR
1.03	Elect Paul A. Ormond			MGMT	YES	FOR	FOR
2.00	Add Shares to Stock Option Plan			MGMT	YES	AGNST	AGNST
	Amend Stock Option Plan
3.00	Repeal Classified Board			MGMT	YES	FOR	FOR
4.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
5.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
Martin Marietta Materials		MLM	573284106	5/25/04	Annual
1.01	Elect Marcus C. Bennett			MGMT	YES	FOR	FOR
1.02	Elect Dennis L. Rediker			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Mattel Inc		MAT	577081102	5/13/04	Annual
1.01	Elect Eugene P. Beard			MGMT	YES	FOR	FOR
1.02	Elect Michael J. Dolan			MGMT	YES	FOR	FOR
1.03	Elect Robert A. Eckert			MGMT	YES	FOR	FOR
1.04	Elect Tully M. Friedman			MGMT	YES	FOR	FOR
1.05	Elect Ronald M. Loeb			MGMT	YES	FOR	FOR
1.06	Elect Andrea L. Rich			MGMT	YES	FOR	FOR
1.07	Elect Ronald L. Sargent			MGMT	YES	FOR	FOR
1.08	Elect Christopher A. Sinclair			MGMT	YES	FOR	FOR
1.09	Elect G. Craig Sullivan			MGMT	YES	FOR	FOR
1.10	Elect John L. Vogelstein			MGMT	YES	FOR	FOR
1.11	Elect Kathy Brittain White			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
4.00	Limit Consulting by Auditors			SHLDR	YES	AGNST	FOR
May Department Stores Co		MAY	577778103	5/21/04	Annual
1.01	Elect Eugene S. Kahn			MGMT	YES	FOR	FOR
1.02	Elect Helene L. Kaplan			MGMT	YES	FOR	FOR
1.03	Elect James M. Kilts			MGMT	YES	FOR	FOR
1.04	Elect Russell E. Palmer			MGMT	YES	FOR	FOR
1.05	Elect William P. Stiritz			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Amend Annual Bonus Plan			MGMT	YES	FOR	FOR
4.00	Reapprove Option/Bonus Plan for OBRA			MGMT	YES	FOR	FOR
5.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
Maytag Corp		MYG	578592107	5/13/04	Annual
1.01	Elect Wayland R. Hicks			MGMT	YES	FOR	FOR
1.02	Elect James A. McCaslin			MGMT	YES	FOR	FOR
1.03	Elect W. Ann Reynolds			MGMT	YES	FOR	FOR
1.04	Elect Fred G. Steingraber			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Employee Stock Purchase Plan			MGMT	YES	AGNST	AGNST
4.00	Eliminate Supermajority Requirement			MGMT	YES	FOR	FOR
5.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
6.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
MBNA		KRB	55262L100	5/3/04	Annual
1.01	Elect James H. Berick			MGMT	YES	FOR	FOR
1.02	Elect Benjamin R. Civiletti			MGMT	YES	FOR	FOR
1.03	Elect Bruce L. Hammonds			MGMT	YES	FOR	FOR
1.04	Elect William L. Jews			MGMT	YES	FOR	FOR
1.05	Elect Randolph D. Lerner			MGMT	YES	FOR	FOR
1.06	Elect Stuart L. Markowitz			MGMT	YES	FOR	FOR
1.07	Elect William B. Milstead			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Expense Stock Options			SHLDR	YES	AGNST	FOR
4.00	Increase Board Independence			SHLDR	YES	AGNST	FOR
McDonald's Corp		MCD	580135101	5/20/04	Annual
1.01	Elect Edward A. Brennan			MGMT	YES	FOR	FOR
1.02	Elect Walter E. Massey			MGMT	YES	FOR	FOR
1.03	Elect John W. Rogers Jr.			MGMT	YES	FOR	FOR
1.04	Elect Anne-Marie Slaughter			MGMT	YES	FOR	FOR
1.05	Elect Roger W. Stone			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Add Shares to Stock Option Plan			MGMT	YES	AGNST	AGNST
	Amend Stock Option Plan
4.00	Approve Long-Term Bonus Plan			MGMT	YES	FOR	FOR
	Approve Annual Bonus Plan
Merck		MRK	589331107	4/27/04	Annual
1.01	Elect Peter C. Wendell			MGMT	YES	FOR	FOR
1.02	Elect William G. Bowen			MGMT	YES	FOR	FOR
1.03	Elect William M. Daley			MGMT	YES	FOR	FOR
1.04	Elect Thomas E. Shenk			MGMT	YES	FOR	FOR
1.05	Elect Wendell P. Weeks			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Repeal Classified Board			MGMT	YES	FOR	FOR
4.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
5.00	Develop Ethical Criteria for Patent Extension			SHLDR	YES	AGNST	FOR
6.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
7.00	Review Political Spending			SHLDR	YES	AGNST	FOR
8.00	Review AIDS Pandemic's Impact on Company			SHLDR	YES	AGNST	FOR
Microsoft		MSFT	594918104	11/11/03	Annual
1.00	Elect Directors			MGMT	YES	FOR	FOR
2.00	Amend Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Amend Director Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Limit or End Charitable Giving			SHLDR	YES	AGNST	FOR
Monsanto		MON	61166W101	1/29/04	Annual
1.01	Elect Frank V. Atlee III			MGMT	YES	FOR	FOR
1.02	Elect Gwendolyn S. King			MGMT	YES	FOR	FOR
1.03	Elect Sharon R. Long			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Amend Stock Option Plan			MGMT	YES	FOR	FOR
4.00	Report On Gene-engineered Plants			SHLDR	YES	AGNST	FOR
5.00	Report On Pesticides Banned In U.s.			SHLDR	YES	AGNST	FOR
6.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
Morgan Stanley		MWD	617446448	4/20/04	Annual
1.01	Elect John W. Madigan			MGMT	YES	FOR	FOR
1.02	Elect Klaus Zumwinkel			MGMT	YES	FOR	FOR
1.03	Elect Howard Davies			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
4.00	Golden Parachutes			SHLDR	YES	AGNST	FOR
5.00	Review Political Spending			SHLDR	YES	AGNST	FOR
National Commerce Financial		NCF	63545P104	4/28/04	Annual
1.01	Elect Blake P. Garrett			MGMT	YES	FOR	FOR
1.02	Elect Thomas M. Garrott			MGMT	YES	FOR	FOR
1.03	Elect C. Dan Joyner			MGMT	YES	FOR	FOR
1.04	Elect W. Neely Mallory Jr.			MGMT	YES	FOR	FOR
1.05	Elect Eric B. Munson			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
National Fuel Gas		NFG	636180101	2/19/04	Annual
1.01	Elect Philip C. Ackerman			MGMT	YES	FOR	FOR
1.02	Elect Bernard S. Lee			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
3.00	Cap Executive Pay			SHLDR	YES	AGNST	FOR
Nationwide Financial Services		NFS	638612101	5/5/04	Annual
1.01	Elect James G. Brocksmith Jr.			MGMT	YES	FOR	FOR
1.02	Elect Keith W. Eckel			MGMT	YES	FOR	FOR
1.03	Elect James F. Patterson			MGMT	YES	FOR	FOR
1.04	Elect Gerald D. Prothro			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Amend Stock Option Plan			MGMT	YES	FOR	FOR
4.00	Adopt Director Stock Award Plan			MGMT	YES	FOR	FOR
Nestle		3NSRGY	641069406	4/22/04	Annual
1.01	Approve Financial Statements			MGMT	NO	TAKE NO ACTION
1.02	Approve Financial Statements			MGMT	NO	TAKE NO ACTION
2.00	Ratify Board Acts-Legal			MGMT	NO	TAKE NO ACTION
3.00	Set Dividend/Allocate Profits			MGMT	NO	TAKE NO ACTION
4.01	Elect Edward George			MGMT	NO	TAKE NO ACTION
4.02	Elect Kaspar Villiger			MGMT	NO	TAKE NO ACTION
4.03	Elect Rolf Hanggi			MGMT	NO	TAKE NO ACTION
4.04	Elect Baniel Borel			MGMT	NO	TAKE NO ACTION
4.05	Elect Carolina Muller			MGMT	NO	TAKE NO ACTION
Newell Rubbermaid Inc		NWL	651229106	5/12/04	Annual
1.01	Elect Scott S. Cowen			MGMT	YES	FOR	FOR
1.02	Elect Cynthia A. Montgomery			MGMT	YES	FOR	FOR
1.03	Elect Allan P. Newell			MGMT	YES	FOR	FOR
1.04	Elect Gordon R. Sullivan			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Northeast Utilities		NU	664397106	5/11/04	Annual
1.01	Elect Richard H. Booth			MGMT	YES	FOR	FOR
1.02	Elect Cotton Mather Cleveland			MGMT	YES	FOR	FOR
1.03	Elect Sanford Cloud Jr.			MGMT	YES	FOR	FOR
1.04	Elect James F. Cordes			MGMT	YES	FOR	FOR
1.05	Elect E. Gail De Planque			MGMT	YES	FOR	FOR
1.06	Elect John H. Forsgren			MGMT	YES	FOR	FOR
1.07	Elect John G. Graham			MGMT	YES	FOR	FOR
1.08	Elect Elizabeth T. Kennan			MGMT	YES	FOR	FOR
1.09	Elect Robert E. Patricelli			MGMT	YES	FOR	FOR
1.10	Elect Charles W. Shivery			MGMT	YES	FOR	FOR
1.11	Elect John F. Swope			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Northern Trust		NTRS	665859104	4/20/04	Annual
1.01	Elect Duane L. Burnham			MGMT	YES	FOR	FOR
1.02	Elect Dolores E. Cross			MGMT	YES	FOR	FOR
1.03	Elect Susan Crown			MGMT	YES	FOR	FOR
1.04	Elect Robert S. Hamada			MGMT	YES	FOR	FOR
1.05	Elect Robert A. Helman			MGMT	YES	FOR	FOR
1.06	Elect Dipak C. Jain			MGMT	YES	FOR	FOR
1.07	Elect Arthur L. Kelly			MGMT	YES	FOR	FOR
1.08	Elect Robert C. McCormack			MGMT	YES	FOR	FOR
1.09	Elect Edward J. Mooney			MGMT	YES	FOR	FOR
1.10	Elect William A. Osborn			MGMT	YES	FOR	FOR
1.11	Elect John W. Rowe			MGMT	YES	FOR	FOR
1.12	Elect Harold B. Smith			MGMT	YES	FOR	FOR
1.13	Elect William D. Smithburg			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Old National Bancorp		ONB	680033107	4/29/04	Annual
1.01	Elect David E. Eckerle			MGMT	YES	FOR	FOR
1.02	Elect Niel C. Ellerbrook			MGMT	YES	FOR	FOR
1.03	Elect Kelly N. Stanley			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Packaging Corp. Of America		PKG	695156109	5/4/04	Annual
1.01	Elect Henry F. Frigon			MGMT	YES	FOR	FOR
1.02	Elect Louis A. Holland			MGMT	YES	FOR	FOR
1.03	Elect Justin S. Huscher			MGMT	YES	FOR	FOR
1.04	Elect Samuel M. Mencoff			MGMT	YES	FOR	FOR
1.05	Elect Thomas S. Souleles			MGMT	YES	FOR	FOR
1.06	Elect Paul T. Stecko			MGMT	YES	FOR	FOR
1.07	Elect Rayford K. Williamson			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Pearson			705015105	4/30/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Set Final Dividend at 14.80p			MGMT	YES	FOR	FOR
3.00	Elect Dennis Stevenson			MGMT	YES	FOR	FOR
4.00	Elect John C. Makinson			MGMT	YES	FOR	FOR
5.00	Elect Reuben Mark			MGMT	YES	FOR	FOR
6.00	Elect Vernon Sankey			MGMT	YES	FOR	FOR
7.00	Approve Remuneration Policy			MGMT	YES	ABSTAIN	AGNST
8.00	Appoint Outside Auditors			MGMT	YES	FOR	FOR
9.00	Set Auditors' Fees			MGMT	YES	FOR	FOR
10.00	Issue Stock w/ Preemptive Rights			MGMT	YES	AGNST	AGNST
11.00	Increase Authorized Capital			MGMT	YES	FOR	FOR
12.00	Issue Stock w/o Preemptive Rights			MGMT	YES	FOR	FOR
13.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
14.00	Amend Articles Regarding Treasury Shares			MGMT	YES	AGNST	AGNST
	Amend Articles--Technical
	Amend Board Powers/Procedures/Qualifications
	Amend Meeting Procedures/Change Date
15.00	Amend Stock Purchase Plan/SAYE/AESOP			MGMT	YES	FOR	FOR
Pfizer		PFE	717081103	4/22/04	Annual
1.01	Elect Michael S. Brown			MGMT	YES	FOR	FOR
1.02	Elect M. Anthony Burns			MGMT	YES	FOR	FOR
1.03	Elect Robert N. Burt			MGMT	YES	FOR	FOR
1.04	Elect W. Don Cornwell			MGMT	YES	FOR	FOR
1.05	Elect William H. Gray III			MGMT	YES	FOR	FOR
1.06	Elect Constance J. Horner			MGMT	YES	FOR	FOR
1.07	Elect William R. Howell			MGMT	YES	FOR	FOR
1.08	Elect Stanley O. Ikenberry			MGMT	YES	FOR	FOR
1.09	Elect George A. Lorch			MGMT	YES	FOR	FOR
1.10	Elect Henry A. McKinnell Jr.			MGMT	YES	FOR	FOR
1.11	Elect Dana G. Mead			MGMT	YES	FOR	FOR
1.12	Elect Franklin D. Raines			MGMT	YES	FOR	FOR
1.13	Elect Ruth J. Simmons			MGMT	YES	FOR	FOR
1.14	Elect William C. Steere Jr.			MGMT	YES	FOR	FOR
1.15	Elect Jean-Paul Valles			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Option Plan			MGMT	YES	FOR	FOR
4.00	Review AIDS Pandemic's Impact on Company			SHLDR	YES	AGNST	FOR
5.00	Limit or End Political Spending			SHLDR	YES	AGNST	FOR
6.00	Review Political Spending			SHLDR	YES	AGNST	FOR
7.00	Director Tenure/Retirement Age			SHLDR	YES	AGNST	FOR
8.00	Review Drug Pricing or Distribution			SHLDR	YES	AGNST	FOR
9.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
10.00	Review or Promote Animal Welfare			SHLDR	YES	AGNST	FOR
Pier 1 Imports Inc		PIR	720279108	6/25/04	Annual
1.01	Elect Marvin J. Girouard			MGMT	YES	FOR	FOR
1.02	Elect James M. Hoak Jr.			MGMT	YES	FOR	FOR
1.03	Elect Tom M. Thomas			MGMT	YES	FOR	FOR
1.04	Elect John H. Burgoyne			MGMT	YES	FOR	FOR
1.05	Elect Michael R. Ferrari			MGMT	YES	FOR	FOR
1.06	Elect Karen W. Katz			MGMT	YES	FOR	FOR
1.07	Elect Terry E. London			MGMT	YES	FOR	FOR
2.00	Add Shares to Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Adopt Employee Stock Purchase Plan			MGMT	YES	AGNST	AGNST
Pinnacle West Capital		PNW	723484101	5/19/04	Annual
1.01	Elect Roy A. Herberger, Jr.			MGMT	YES	FOR	FOR
1.02	Elect Humberto S. Lopez			MGMT	YES	FOR	FOR
1.03	Elect Kathryn L. Munro			MGMT	YES	FOR	FOR
1.04	Elect William L. Stewart			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review Nuclear Facility/Waste			SHLDR	YES	AGNST	FOR
Pitney Bowes		PBI	724479100	5/10/04	Annual
1.01	Elect Linda G. Alvarado			MGMT	YES	FOR	FOR
1.02	Elect Ernest Green			MGMT	YES	FOR	FOR
1.03	Elect John S. McFarlane			MGMT	YES	FOR	FOR
1.04	Elect Eduardo R. Menasce			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review Political Spending			SHLDR	YES	AGNST	FOR
Placer Dome		PDG	725906101	5/5/04	Annual
1.01	Elect G. Bernard Coulombe			MGMT	YES	FOR	FOR
1.02	Elect John W. Crow			MGMT	YES	FOR	FOR
1.03	Elect Graham Farquharson			MGMT	YES	FOR	FOR
1.04	Elect Robert M. Franklin			MGMT	YES	FOR	FOR
1.05	Elect David S. Karpin			MGMT	YES	FOR	FOR
1.06	Elect Alan R. McFarland			MGMT	YES	FOR	FOR
1.07	Elect E.A. Parkinson-Marcoux			MGMT	YES	FOR	FOR
1.08	Elect Jay K. Taylor			MGMT	YES	FOR	FOR
1.09	Elect Vernon F. Taylor III			MGMT	YES	FOR	FOR
1.10	Elect William G. Wilson			MGMT	YES	FOR	FOR
1.11	Elect Clifford L. Michel			MGMT	YES	FOR	FOR
2.00	Appoint Auditors and Set Their Fees			MGMT	YES	FOR	FOR
3.00	Adopt Poison-Pill-Style Defense			MGMT	YES	AGNST	AGNST
Portugal Telecom				4/2/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Approve Financial Statements			MGMT	YES	FOR	FOR
3.00	Set Dividend/Allocate Profits			MGMT	YES	FOR	FOR
4.00	Ratify Management Acts-Symbolic			MGMT	YES	FOR	FOR
5.00	Authorize Legal Formalities			MGMT	YES	FOR	FOR
6.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
7.00	Reduce Authorized Capital			MGMT	YES	FOR	FOR
8.00	Issue Convertible Debt Instruments			MGMT	YES	AGNST	AGNST
9.00	Issue Convertible Debt Instruments			MGMT	YES	AGNST	AGNST
10.00	Issue Debt Instruments			MGMT	YES	FOR	FOR
11.00	Authorize Share Repurchase			MGMT	YES	FOR	FOR
POSCO		PKX	693483109	3/12/04	Annual
1.00	Set Dividend/Allocate Profits			MGMT	YES	FOR	FOR
2.01	Amend Articles to Adopt Cumulative Voting			MGMT	YES	AGNST	AGNST
2.02	Establish Board Committees			MGMT	YES	AGNST	AGNST
	Amend Board/Supervisory Board Size
	Amend Meeting Procedures/Change Date
	Amend Board Powers/Procedures/Qualifications
	Amend Authorized Preferred Stock
3.01	Elect Young-Ju Park			MGMT	YES	FOR	FOR
3.02	Elect Kwang-Woo Jun			MGMT	YES	FOR	FOR
3.03	Elect Won-Soo Park			MGMT	YES	FOR	FOR
3.04	Elect Samuel F. Chevalier			MGMT	YES	FOR	FOR
3.05	Elect Board Committee			MGMT	YES	FOR	FOR
3.06	Elect Board Committee			MGMT	YES	FOR	FOR
3.07	Elect Ku-Taek Lee			MGMT	YES	FOR	FOR
3.08	Elect Chang-Oh Kang			MGMT	YES	FOR	FOR
3.09	Elect Kyeong-Ryul Ryoo			MGMT	YES	FOR	FOR
3.10	Elect Seok-Man Yoon			MGMT	YES	FOR	FOR
3.11	Elect Joon-Yang Chung			MGMT	YES	FOR	FOR
4.00	Approve Directors' Fees			MGMT	YES	FOR	FOR
Protective Life		PL	743674103	5/3/04	Annual
1.01	Elect John J. McMahon Jr.			MGMT	YES	FOR	FOR
1.02	Elect James S.M. French			MGMT	YES	FOR	FOR
1.03	Elect John D. Johns			MGMT	YES	FOR	FOR
1.04	Elect Donald M. James			MGMT	YES	FOR	FOR
1.05	Elect J. Gary Cooper			MGMT	YES	FOR	FOR
1.06	Elect H. Corbin Day			MGMT	YES	FOR	FOR
1.07	Elect William Michael Warren Jr.			MGMT	YES	FOR	FOR
1.08	Elect Malcolm Portera			MGMT	YES	FOR	FOR
1.09	Elect Thomas L. Hamby			MGMT	YES	FOR	FOR
1.10	Elect Vanessa Leonard			MGMT	YES	FOR	FOR
1.11	Elect William A. Terry			MGMT	YES	FOR	FOR
2.00	Adopt Director Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Quebecor		QBR	748193208	5/6/04	Annual
1.01	Elect Francoise Bertrand			MGMT	YES	FOR	FOR
1.02	Elect Jean La Couture			MGMT	YES	FOR	FOR
1.03	Elect Pierre Parent			MGMT	YES	FOR	FOR
2.00	Appoint Auditors and Set Their Fees			MGMT	YES	FOR	FOR
Sara Lee		SLE	803111103	10/30/03	Annual
1.00	Elect Directors			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review Charitable Giving Policy			SHLDR	YES	AGNST	FOR
4.00	Monitor/Adopt ILO Conventions			SHLDR	YES	AGNST	FOR
SBC Communications		SBC	78387G103	4/30/04	Annual
1.01	Elect James E. Barnes			MGMT	YES	FOR	FOR
1.02	Elect James A. Henderson			MGMT	YES	FOR	FOR
1.03	Elect John B. McCoy			MGMT	YES	FOR	FOR
1.04	Elect S. Donley Ritchey			MGMT	YES	FOR	FOR
1.05	Elect Joyce M. Roche			MGMT	YES	FOR	FOR
1.06	Elect Patricia P. Upton			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Repeal Classified Board			MGMT	YES	FOR	FOR
4.00	Review Political Spending			SHLDR	YES	AGNST	FOR
5.00	Reduce Board Size			SHLDR	YES	AGNST	FOR
Sears, Roebuck & Co		S	812387108	5/13/04	Annual
1.01	Elect William L. Bax			MGMT	YES	FOR	FOR
1.02	Elect Donald J. Carty			MGMT	YES	FOR	FOR
1.03	Elect Alan J. Lacy			MGMT	YES	FOR	FOR
1.04	Elect Hugh B. Price			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
4.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
5.00	Majority Vote Shareholder Committee			SHLDR	YES	AGNST	FOR
Sprint		FON	852061100	4/20/04	Annual
1.01	Elect Gordon M. Bethune			MGMT	YES	FOR	FOR
1.02	Elect E. Linn Draper Jr.			MGMT	YES	FOR	FOR
1.03	Elect Deborah A. Henretta			MGMT	YES	FOR	FOR
1.04	Elect Linda Koch Lorimer			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Award Performance-based Stock Options			SHLDR	YES	AGNST	FOR
4.00	Cap Executive Pay			SHLDR	YES	AGNST	FOR
5.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
6.00	Report on Risk to Image of Globalization Strate			SHLDR	YES	AGNST	FOR
Stanley Works		SWK	854616109	4/23/04	Annual
1.01	Elect John G. Breen			MGMT	YES	FOR	FOR
1.02	Elect Virgis W. Colbert			MGMT	YES	FOR	FOR
1.03	Elect John F. Lundgren			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
3.00	Repeal Classified Board			SHLDR	YES	AGNST	FOR
Starwood Hotels & Resorts Worldwide		HOT	85590A203	5/7/04	Annual
1.01	Elect Eric Hippeau			MGMT	YES	FOR	FOR
1.02	Elect Daniel W. Yih			MGMT	YES	FOR	FOR
1.03	Elect Kneeland C. Youngblood			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Repeal Classified Board			MGMT	YES	FOR	FOR
Stora Enso		SEO	86210M106	3/18/04	Annual
1.00	Approve Financial Statements			MGMT	NO	TAKE NO ACTION
2.00	Set Dividend/Allocate Profits			MGMT	NO	TAKE NO ACTION
3.00	Ratify Board Acts-Legal			MGMT	NO	TAKE NO ACTION
	Ratify Management Acts-Legal
4.00	Set Board/Supervisory Board Size Limits			MGMT	NO	TAKE NO ACTION
5.00	Set Number of Auditors			MGMT	NO	TAKE NO ACTION
6.00	Set Auditors' Fees			MGMT	NO	TAKE NO ACTION
	Approve Directors' Fees
7.00	Election of Directors by Slate			MGMT	NO	TAKE NO ACTION
8.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
9.00	Cancel Authorized Stock			MGMT	NO	TAKE NO ACTION
	Reduce Authorized Capital
10.00	Authorize Share Repurchase			MGMT	NO	TAKE NO ACTION
11.00	Authorize Trade in Company Stock			MGMT	NO	TAKE NO ACTION
Sun Life Financial Services				5/19/04	Annual
1.00	Amend Board Election Rules			MGMT	YES	FOR	FOR
2.00	Approve Directors' Fees			MGMT	YES	FOR	FOR
3.01	Elect Robert M. Astley			MGMT	YES	FOR	FOR
3.02	Elect Germaine Gibara			MGMT	YES	FOR	FOR
3.03	Elect William R. Fatt			MGMT	YES	FOR	FOR
3.04	Elect Stanley H. Hartt			MGMT	YES	FOR	FOR
3.05	Elect Ronald W. Osborne			MGMT	YES	FOR	FOR
3.06	Elect Madeleine Paquin			MGMT	YES	FOR	FOR
3.07	Elect C. James Prieur			MGMT	YES	FOR	FOR
3.08	Elect Donald A. Stewart			MGMT	YES	FOR	FOR
3.09	Elect William W. Stinson			MGMT	YES	FOR	FOR
3.10	Elect W. Vickery Stoughton			MGMT	YES	FOR	FOR
4.00	Appoint Outside Auditors			MGMT	YES	FOR	FOR
Taiwan Semiconductor Manufacturing				5/11/04	Annual
1.01	Approve Financial Statements			MGMT	YES	FOR	FOR
1.02	Set Final Dividend at 0.60			MGMT	YES	FOR	FOR
1.03	Approve Bonus Dividend/Bonus Share Issue			MGMT	YES	AGNST	AGNST
	Issue Stock w/o Preemptive Rights
TDC			879242105	3/29/04	Annual
1.00	Approve Financial Statements			MGMT	NO	TAKE NO ACTION
2.00	Ratify Management Acts-Legal			MGMT	NO	TAKE NO ACTION
	Ratify Board Acts-Legal
3.00	Set Dividend/Allocate Profits			MGMT	NO	TAKE NO ACTION
4.00	Elect Supervisory Board/Corporate Assembly			MGMT	NO	TAKE NO ACTION
5.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
6.00	Increase Authorized Capital			MGMT	NO	TAKE NO ACTION
	Issue Stock w/o Preemptive Rights
7.00	Authorize Share Repurchase			MGMT	NO	TAKE NO ACTION
Telekomunikasi Indonesia				3/10/04	Special
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Approve Financial Statements			MGMT	YES	FOR	FOR
3.00	Approve Financial Statements			MGMT	YES	FOR	FOR
4.00	Approve Financial Statements			MGMT	YES	FOR	FOR
5.00	Election of Directors by Slate			MGMT	YES	FOR	FOR
Telstra				11/14/03	Annual
1.10	Election of Directors by Nominee			MGMT	YES	FOR	FOR
1.20	Election of Directors by Nominee			MGMT	YES	FOR	FOR
1.30	Election of Directors by Nominee			MGMT	YES	FOR	AGNST
1.40	Election of Directors by Nominee			MGMT	YES	FOR	FOR
1.50	Election of Directors by Nominee			MGMT	YES	FOR	FOR
1.60	Election of Directors by Nominee			MGMT	YES	FOR	AGNST
1.70	Election of Directors by Nominee			MGMT	YES	FOR	AGNST
2.00	Approve Directors' Fees			MGMT	YES	FOR	FOR
3.00	Amend Board Powers/Procedures/Qualifications			MGMT	YES	FOR	FOR
Tenaris SA		TS	88031M109	5/26/04	Annual
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Approve Financial Statements			MGMT	YES	FOR	FOR
3.00	Set Dividend at 0.11			MGMT	YES	FOR	FOR
4.00	Ratify Board Acts-Legal			MGMT	YES	AGNST	AGNST
5.00	Election of Directors by Slate			MGMT	YES	FOR	FOR
6.00	Authorize Legal Formalities			MGMT	YES	FOR	FOR
7.00	Approve Directors' Fees			MGMT	YES	FOR	FOR
8.00	Appoint Auditors and Set Their Fees			MGMT	YES	FOR	FOR
Texas Genco Holdings		TGN	882443104	5/13/04	Annual
1.01	Elect J. Evans Attwell			MGMT	YES	WHOLD	AGNST
1.02	Elect Donald R. Campbell			MGMT	YES	WHOLD	AGNST
1.03	Elect Robert J. Cruikshank			MGMT	YES	WHOLD	AGNST
1.04	Elect Patricia A. Hemingway Hall			MGMT	YES	WHOLD	AGNST
1.05	Elect David M. McClanahan			MGMT	YES	WHOLD	AGNST
1.06	Elect Scott E. Rozzell			MGMT	YES	WHOLD	AGNST
1.07	Elect David G. Tees			MGMT	YES	WHOLD	AGNST
1.08	Elect Gary L. Whitlock			MGMT	YES	WHOLD	AGNST
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
Total SA		TOT	89151E109	5/14/04	Annual
1.00	Approve Financial Statements			MGMT	NO	TAKE NO ACTION
2.00	Approve Financial Statements			MGMT	NO	TAKE NO ACTION
3.00	Set Dividend/Allocate Profits			MGMT	NO	TAKE NO ACTION
4.00	Approve Related Party Transactions			MGMT	NO	TAKE NO ACTION
5.00	Authorize Trade in Company Stock			MGMT	NO	TAKE NO ACTION
6.00	Issue Debt Instruments			MGMT	NO	TAKE NO ACTION
7.00	Elect Thierry Demarest			MGMT	NO	TAKE NO ACTION
8.00	Elect Thierry de Rudder			MGMT	NO	TAKE NO ACTION
9.00	Elect Serge Tchuruk			MGMT	NO	TAKE NO ACTION
10.00	Elect Shareholder Representative Daniel Boeuf			MGMT	NO	TAKE NO ACTION
11.00	Elect Shareholder Representative P. Marchandise			MGMT	NO	TAKE NO ACTION
12.00	Elect Shareholder Representative Cyril Mouche			MGMT	NO	TAKE NO ACTION
13.00	Elect Shareholder Representative Alan Cramer			MGMT	NO	TAKE NO ACTION
14.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
15.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
16.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
17.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
18.00	Approve Directors' Fees			MGMT	NO	TAKE NO ACTION
19.00	Approve Stock Option Grants			MGMT	NO	TAKE NO ACTION
20.00	Increase Authorized Capital			MGMT	NO	TAKE NO ACTION
	Issue Stock w/ Preemptive Rights
21.00	Increase Authorized Capital			MGMT	NO	TAKE NO ACTION
	Issue Stock w/o Preemptive Rights
22.00	Increase Authorized Capital			MGMT	NO	TAKE NO ACTION
	Issue Stock w/o Preemptive Rights
Travelers Property Casualty		TAP	89420G406	3/19/04	Special
1.00	Approve Merger/Acquisition			MGMT	YES	FOR	FOR
Trizec Properties Inc		TRZ	89687P107	5/20/04	Annual
1.01	Elect Peter Munk			MGMT	YES	FOR	FOR
1.02	Elect Timothy H. Callahan			MGMT	YES	FOR	FOR
1.03	Elect L. Jay Cross			MGMT	YES	FOR	FOR
1.04	Elect M. Brian Mulroney			MGMT	YES	FOR	FOR
1.05	Elect James J. O'Connor			MGMT	YES	FOR	FOR
1.06	Elect Glenn J. Rufrano			MGMT	YES	FOR	FOR
1.07	Elect Richard M. Thomson			MGMT	YES	FOR	FOR
1.08	Elect Polyvios C. Vintiadis			MGMT	YES	FOR	FOR
1.09	Elect Stephen R. Volk			MGMT	YES	FOR	FOR
1.10	Elect Casey R. Wold			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Cancel Series of Preferred Stock			MGMT	YES	AGNST	AGNST
	Authorize Preferred Stock
U.S. Bancorp		USB	902973304	4/20/04	Annual
1.01	Elect Victoria B. Gluckman			MGMT	YES	FOR	FOR
1.02	Elect Arthur D. Collins Jr.			MGMT	YES	FOR	FOR
1.03	Elect Jerry W. Levin			MGMT	YES	FOR	FOR
1.04	Elect Thomas E. Petry			MGMT	YES	FOR	FOR
1.05	Elect Richard G. Reiten			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
3.00	Implement Executive Compensation Plan			SHLDR	YES	AGNST	FOR
4.00	Approve Extra Benefits Under Serps			SHLDR	YES	AGNST	FOR
5.00	Eliminate Supermajority Provision			SHLDR	YES	AGNST	FOR
Unilever NV				5/12/04	Annual
1.00	Set Dividend at 1.74			MGMT	NO	TAKE NO ACTION
	Approve Financial Statements
2.00	Ratify Management Acts-Legal			MGMT	NO	TAKE NO ACTION
	Ratify Board Acts-Legal
3.01	Elect Antony Burgmans			MGMT	NO	TAKE NO ACTION
3.02	Elect A. Clive Butler			MGMT	NO	TAKE NO ACTION
3.03	Elect Patrick Cescau			MGMT	NO	TAKE NO ACTION
3.04	Elect Keki Dadiseth			MGMT	NO	TAKE NO ACTION
3.05	Elect Niall FitzGerald			MGMT	NO	TAKE NO ACTION
3.06	Elect Andre Rene baron van Heemstra			MGMT	NO	TAKE NO ACTION
3.07	Elect Rudy Markham			MGMT	NO	TAKE NO ACTION
3.08	Elect CJ van der Graaf			MGMT	NO	TAKE NO ACTION
4.01	Elect Rt. Honorable Lord Brittan of Spennithorne			MGMT	NO	TAKE NO ACTION
4.02	Elect Baroness Chalker of Wallasey			MGMT	NO	TAKE NO ACTION
4.03	Elect Bertrand P. Collomb			MGMT	NO	TAKE NO ACTION
4.04	Elect Wim Dik			MGMT	NO	TAKE NO ACTION
4.05	Elect Oscar Fanjul			MGMT	NO	TAKE NO ACTION
4.06	Elect Claudio X. Gonzalez Lopez			MGMT	NO	TAKE NO ACTION
4.07	Elect Hilmar Kopper			MGMT	NO	TAKE NO ACTION
4.08	Elect Lord Simon of Highbury			MGMT	NO	TAKE NO ACTION
4.09	Elect Jaroen Van Der Veer			MGMT	NO	TAKE NO ACTION
5.00	Approve Directors' Fees			MGMT	NO	TAKE NO ACTION
6.00	Appoint Outside Auditors			MGMT	NO	TAKE NO ACTION
7.00	Issue Stock w/ or w/o Preemptive Rights			MGMT	NO	TAKE NO ACTION
8.00	Authorize Share Repurchase			MGMT	NO	TAKE NO ACTION
9.00	Amend Meeting Procedures/Change Date			MGMT	NO	TAKE NO ACTION
Union Pacific		UNP	907818108	4/16/04	Annual
1.01	Elect Phillip F. Anschutz			MGMT	YES	FOR	FOR
1.02	Elect Richard K. Davidson			MGMT	YES	FOR	FOR
1.03	Elect Thomas J. Donohue			MGMT	YES	FOR	FOR
1.04	Elect Archie W. Dunham			MGMT	YES	FOR	FOR
1.05	Elect Spencer F. Eccles			MGMT	YES	FOR	FOR
1.06	Elect Ivor J. Evans			MGMT	YES	FOR	FOR
1.07	Elect Judith R. Hope			MGMT	YES	FOR	FOR
1.08	Elect Michael W. McConnell			MGMT	YES	FOR	FOR
1.09	Elect Steven R. Rogel			MGMT	YES	FOR	FOR
1.10	Elect Ernesto Zedillo			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
4.00	Performance/Time-Based Restricted Shares			SHLDR	YES	AGNST	FOR
5.00	Report on Political Donations and Policy			SHLDR	YES	AGNST	FOR
United Parcel Service		UPS	911312106	5/6/04	Annual
1.01	Elect Calvin Darden			MGMT	YES	FOR	FOR
1.02	Elect Michael L. Eskew			MGMT	YES	FOR	FOR
1.03	Elect James P. Kelly			MGMT	YES	FOR	FOR
1.04	Elect Ann M. Livermore			MGMT	YES	FOR	FOR
1.05	Elect Gary E. MacDougal			MGMT	YES	FOR	FOR
1.06	Elect Victor A. Pelson			MGMT	YES	FOR	FOR
1.07	Elect Lea N. Soupata			MGMT	YES	FOR	FOR
1.08	Elect Robert M. Teeter			MGMT	YES	FOR	FOR
1.09	Elect John W. Thompson			MGMT	YES	FOR	FOR
1.10	Elect Carol B. Tome			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
United Technologies		UTX	913017109	4/14/04	Annual
1.01	Elect Betsy J. Bernard			MGMT	YES	FOR	FOR
1.02	Elect George David			MGMT	YES	FOR	FOR
1.03	Elect Jean-Pierre Garnier			MGMT	YES	FOR	FOR
1.04	Elect Jamie S. Gorelick			MGMT	YES	FOR	FOR
1.05	Elect Charles R. Lee			MGMT	YES	FOR	FOR
1.06	Elect Richard D. McCormick			MGMT	YES	FOR	FOR
1.07	Elect Harold W. McGraw III			MGMT	YES	FOR	FOR
1.08	Elect Frank P. Popoff			MGMT	YES	FOR	FOR
1.09	Elect H. Patrick Swygert			MGMT	YES	FOR	FOR
1.10	Elect Andre Villeneuve			MGMT	YES	FOR	FOR
1.11	Elect Harold A. Wagner			MGMT	YES	FOR	FOR
1.12	Elect Christine Todd Whitman			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Disclose Executive Compensation			SHLDR	YES	AGNST	FOR
4.00	Develop Military Contracting Criteria			SHLDR	YES	AGNST	FOR
5.00	Award Performance-based Stock Options			SHLDR	YES	AGNST	FOR
6.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
Verizon Communications		VZ	92343V104	4/28/04	Annual
1.01	Elect James R. Barker			MGMT	YES	FOR	FOR
1.02	Elect Richard L. Carrion			MGMT	YES	FOR	FOR
1.03	Elect Robert W. Lane			MGMT	YES	FOR	FOR
1.04	Elect Sandra O. Moose			MGMT	YES	FOR	FOR
1.05	Elect Joseph Neubauer			MGMT	YES	FOR	FOR
1.06	Elect Thomas H. O'Brien			MGMT	YES	FOR	FOR
1.07	Elect Hugh B. Price			MGMT	YES	FOR	FOR
1.08	Elect Ivan G. Seidenberg			MGMT	YES	FOR	FOR
1.09	Elect Walter V. Shipley			MGMT	YES	FOR	FOR
1.10	Elect John R. Stafford			MGMT	YES	FOR	FOR
1.11	Elect Robert D. Storey			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Cumulative Voting			SHLDR	YES	AGNST	FOR
4.00	Increase Board Independence			SHLDR	YES	AGNST	FOR
5.00	Independent Board Chairman			SHLDR	YES	AGNST	FOR
6.00	Redeem or Vote on Poison Pill			SHLDR	YES	FOR	AGNST
7.00	Approve Extra Benefits Under Serps			SHLDR	YES	AGNST	FOR
8.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
9.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
10.00	Review Political Spending			SHLDR	YES	AGNST	FOR
11.00	Collecting Service Fees			SHLDR	YES	AGNST	FOR
Washington Mutual		WM	939322103	4/20/04	Annual
1.01	Elect Anne V. Farrell			MGMT	YES	FOR	FOR
1.02	Elect Stephen E. Frank			MGMT	YES	FOR	FOR
1.03	Elect Margaret G. Osmer-McQuade			MGMT	YES	FOR	FOR
1.04	Elect William D. Schulte			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	AGNST	AGNST
3.00	Implement Executive Compensation Plan			SHLDR	YES	AGNST	FOR
Waste Management Inc		WMI	94106L109	5/14/04	Annual
1.01	Elect Pastora San Juan Cafferty			MGMT	YES	FOR	FOR
1.02	Elect Frank M. Clark Jr.			MGMT	YES	FOR	FOR
1.03	Elect Robert Stevens Miller Jr.			MGMT	YES	FOR	FOR
1.04	Elect A. Maurice Myers			MGMT	YES	FOR	FOR
1.05	Elect John C. Pope			MGMT	YES	FOR	FOR
1.06	Elect W. Robert Reum			MGMT	YES	FOR	FOR
1.07	Elect Steven G. Rothmeier			MGMT	YES	FOR	FOR
1.08	Elect David P. Steiner			MGMT	YES	FOR	FOR
1.09	Elect Carl W. Vogt			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Approve Annual Bonus Plan			MGMT	YES	FOR	FOR
Wells Fargo		WFC	949746101	4/27/04	Annual
1.01	Elect John A. Blanchard III			MGMT	YES	FOR	FOR
1.02	Elect Susan E. Engel			MGMT	YES	FOR	FOR
1.03	Elect Enrique Hernandez Jr.			MGMT	YES	FOR	FOR
1.04	Elect Robert L. Joss			MGMT	YES	FOR	FOR
1.05	Elect Reatha Clark King			MGMT	YES	FOR	FOR
1.06	Elect Richard M. Kovacevich			MGMT	YES	FOR	FOR
1.07	Elect Richard D. McCormick			MGMT	YES	FOR	FOR
1.08	Elect Cynthia H. Milligan			MGMT	YES	FOR	FOR
1.09	Elect Philip J. Quigley			MGMT	YES	FOR	FOR
1.10	Elect Donald B. Rice			MGMT	YES	FOR	FOR
1.11	Elect Judith M. Runstad			MGMT	YES	FOR	FOR
1.12	Elect Stephen W. Sanger			MGMT	YES	FOR	FOR
1.13	Elect Susan G. Swenson			MGMT	YES	FOR	FOR
1.14	Elect Michael W. Wright			MGMT	YES	FOR	FOR
2.00	Approve Savings Plan			MGMT	YES	FOR	FOR
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
4.00	Expense Stock Options			SHLDR	YES	AGNST	FOR
5.00	Restrict Executive Compensation			SHLDR	YES	AGNST	FOR
6.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR
7.00	Review Political Spending			SHLDR	YES	AGNST	FOR
Willis Group		WSH	G96655108	5/7/04	Annual
1.01	Elect William W. Bradley			MGMT	YES	FOR	FOR
1.02	Elect Joseph A. Califano Jr.			MGMT	YES	FOR	FOR
1.03	Elect James R. Fisher			MGMT	YES	FOR	FOR
1.04	Elect Perry Golkin			MGMT	YES	FOR	FOR
1.05	Elect Paul M. Hazen			MGMT	YES	FOR	FOR
1.06	Elect Wendy E. Lane			MGMT	YES	FOR	FOR
1.07	Elect James F. McCann			MGMT	YES	FOR	FOR
1.08	Elect Scott C. Nuttall			MGMT	YES	FOR	FOR
1.09	Elect Joseph Plumeri			MGMT	YES	FOR	FOR
1.10	Elect Douglas B. Roberts			MGMT	YES	FOR	FOR
2.00	Appoint Auditors and Set Their Fees			MGMT	YES	FOR	FOR
Wyeth		WYE	983024100	4/22/04	Annual
1.01	Elect Clifford L. Alexander Jr.			MGMT	YES	FOR	FOR
1.02	Elect Frank A. Bennack Jr.			MGMT	YES	FOR	FOR
1.03	Elect Richard L. Carrion			MGMT	YES	FOR	FOR
1.04	Elect Robert Essner			MGMT	YES	FOR	FOR
1.05	Elect John D. Feerick			MGMT	YES	FOR	FOR
1.06	Elect Robert S. Langer			MGMT	YES	FOR	FOR
1.07	Elect John P. Mascotte			MGMT	YES	FOR	FOR
1.08	Elect Mary Lake Polan			MGMT	YES	FOR	FOR
1.09	Elect Ivan G. Seidenberg			MGMT	YES	FOR	FOR
1.10	Elect Walter V. Shipley			MGMT	YES	FOR	FOR
1.11	Elect John R. Torell III			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Review Drug Pricing or Distribution			SHLDR	YES	AGNST	FOR
4.00	Review or Promote Animal Welfare			SHLDR	YES	AGNST	FOR
Zions Bancorporation		ZION	989701107	4/30/04	Annual
1.01	Elect Roger B. Porter			MGMT	YES	FOR	FOR
1.02	Elect L. E. Simmons			MGMT	YES	FOR	FOR
1.03	Elect Steven C. Wheelwright			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

Any ballot marked 'Abstain' is considered to have been voted. Ballots marked 'Abstain' are considered to be have been voted against management's recommendation, regardless of whether the recommendation is 'For' or 'Against,' except where management has made no recommendation or has recommended that shareholders 'Abstain.'

Where management has recommended that shareholders 'Abstain' from voting on a ballot item: 1) a ballot market 'Abstain' is considered to have been voted for management's recommendation to 'Abstain' and 2) a ballot voted 'For" or 'Against' is considered to have been voted against management's recommendation to 'Abstain.'

Where management has made no recommendation on a ballot item, the abbreviation "N/A" is used to denote that there is no applicable recommendation compared to which a vote may be 'For' or 'Against' the recommendation of management.




SIGNATURES:

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

(Registrant)	Federated Equity Income Fund, Inc.
By (Signature and Title)	/s/ J. Christopher Donahue President - Principal Executive Officer

Insert printed name and title of signing officer    J. Christopher Donahue, President - Principal Executive Officer

Date   August 26, 2004