UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    FORM N-PX
                     ANNUAL REPORT OF PROXY VOTING RECORD OF
                      Scudder Focus Value Plus Growth Fund

Investment Company Act file number  811-7331

                      Scudder Focus Value Plus Growth Fund
               (Exact name of registrant as specified in charter)


                            222 South Riverside Plaza
                                Chicago, IL 60606
               (Address of principal executive offices) (Zip code)

                                  John Millette
                                    Secretary
                             Two International Place
                                Boston, MA 02110
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 617-295-1000

Date of fiscal year end:  11/30
                          -------

Date of reporting period:  7/1/03-6/30/04
                         ----------------

Form N-PX is to be used by a registered management investment company, other
than a small business investment company registered on Form N-5 (ss.ss. 239.24
and 274.5 of this chapter), to file reports with the Commission, not later than
August 31 of each year, containing the registrant's proxy voting record for the
most recent twelve-month period ended June 30, pursuant to section 30 of the
Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4).
The Commission may use the information provided on Form N-PX in its regulatory,
disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-PX unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.




ProxyEdge -  Investment Company Report                   Report Date: 08/03/2004
Meeting Date Range: 07/01/2003 to 06/30/2004
Selected Accounts: Scudder Focus Value + Growth



- ------------------------------------------------------------------------------------------------------------------------------------
DELL COMPUTER CORPORATION                                                       DELL                 Annual Meeting Date: 07/18/2003
Issuer: 247025                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------
                         

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     DECLASSIFY BOARD                                                      Management            For               No

   03     APPROVE COMPANY NAME CHANGE                                           Management            For               No

   04     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
XILINX, INC.                                                                    XLNX                 Annual Meeting Date: 08/07/2003
Issuer: 983919                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
KLA-TENCOR CORPORATION                                                          KLAC                 Annual Meeting Date: 11/05/2003
Issuer: 482480                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
CISCO SYSTEMS, INC.                                                             CSCO                 Annual Meeting Date: 11/11/2003
Issuer: 17275R                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     AMEND STOCK PURCHASE PLAN TO INCREASE SHARES                          Management            For               No

   03     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   04     S/H PROPOSAL - BUSINESS/INVESTMENT                                    Shareholder         Against             No

   05     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
MICROSOFT CORPORATION                                                           MSFT                 Annual Meeting Date: 11/11/2003
Issuer: 594918                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     AMEND OMNIBUS STOCK OPTION PLAN                                       Management          Against             Yes

   03     AMEND NON-EMPLOYEE DIRECTOR PLAN                                      Management          Against             Yes

   04     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
BJ SERVICES COMPANY                                                             BJS                  Annual Meeting Date: 01/22/2004
Issuer: 055482                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     ADOPT INCENTIVE STOCK OPTION PLAN                                     Management            For               No

   03     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL RECTIFIER CORPORATION                                             IRF                 Special Meeting Date: 01/26/2004
Issuer: 460254                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     APPROVE AUTHORIZED COMMON STOCK INCREASE                              Shareholder         Against             Yes



- ------------------------------------------------------------------------------------------------------------------------------------
BECTON, DICKINSON AND COMPANY                                                   BDX                  Annual Meeting Date: 02/11/2004
Issuer: 075887                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No

   04     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
AGILENT TECHNOLOGIES, INC.                                                      A                    Annual Meeting Date: 03/02/2004
Issuer: 00846U                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
FLEETBOSTON FINANCIAL CORPORATION                                               FBF                 Special Meeting Date: 03/17/2004
Issuer: 339030                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     APPROVE MERGER AGREEMENT                                              Management

   02     APPROVE MOTION TO ADJOURN MEETING                                     Management



- ------------------------------------------------------------------------------------------------------------------------------------
TYCO INTERNATIONAL LTD.                                                         TYC                  Annual Meeting Date: 03/25/2004
Issuer: 902124                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     AMEND ARTICLES/BYLAW/CHARTER-ORGANIZATION RELATED                     Management            For               No

   04     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No

   05     S/H PROPOSAL - REQUIRE ENVIRONMENTAL REPORTING                        Shareholder           For               No

   06     S/H PROPOSAL - REINCORPORATE IN OTHER STATE                           Shareholder         Against             No

   07     S/H PROPOSAL - CHANGE COMPENSATION STRUCTURE                          Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
STARBUCKS CORPORATION                                                           SBUX                 Annual Meeting Date: 03/30/2004
Issuer: 855244                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORPORATI                                            FRE                  Annual Meeting Date: 03/31/2004
Issuer: 313400                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS INSTRUMENTS INCORPORATED                                                  TXN                  Annual Meeting Date: 04/15/2004
Issuer: 882508                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE                    Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
GENENTECH, INC.                                                                 DNA                 Consent Meeting Date: 04/16/2004
Issuer: 368710                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     APPROVE CHARTER AMENDMENT                                             Management          Against             Yes

   02     ELECTION OF DIRECTORS                                                 Management            For               No

   2B1    CHANGE STOCK EXCHANGE LISTING                                         Management          Abstain

   2B2    CHANGE STOCK EXCHANGE LISTING                                         Management          Abstain

   2B3    CHANGE STOCK EXCHANGE LISTING                                         Management          Abstain

   03     APPROVE AUTHORIZED COMMON STOCK INCREASE                              Shareholder           For               No

   04     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management          Against             Yes

   05     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
CITIGROUP INC.                                                                  C                    Annual Meeting Date: 04/20/2004
Issuer: 172967                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - LIMIT COMPENSATION                                     Shareholder         Against             No

   04     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No

   05     S/H PROPOSAL - DECLASSIFY BOARD                                       Shareholder         Against             No

   06     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
U.S. BANCORP                                                                    USB                  Annual Meeting Date: 04/20/2004
Issuer: 902973                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder         Against             No

   04     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder         Against             No

   05     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL, INC.                                                         WM                   Annual Meeting Date: 04/20/2004
Issuer: 939322                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
MEDCO HEALTH SOLUTIONS, INC.                                                    MHS                  Annual Meeting Date: 04/21/2004
Issuer: 58405U                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
STATE STREET CORPORATION                                                        STT                  Annual Meeting Date: 04/21/2004
Issuer: 857477                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
PFIZER INC.                                                                     PFE                  Annual Meeting Date: 04/22/2004
Issuer: 717081                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     ADOPT STOCK OPTION PLAN                                               Management            For               No

   04     S/H PROPOSAL - HEALTH ISSUES                                          Shareholder         Against             No

   05     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No

   06     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No

   07     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No

   08     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   09     S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE                    Shareholder         Against             No

   10     S/H PROPOSAL - HEALTH ISSUES                                          Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
SOVEREIGN BANCORP, INC.                                                         SOV                  Annual Meeting Date: 04/22/2004
Issuer: 845905                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     APPROVE AUTHORIZED COMMON STOCK INCREASE                              Shareholder           For               No

   04     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No

   05     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH & CO., INC.                                                       MER                  Annual Meeting Date: 04/23/2004
Issuer: 590188                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - ADOPT CUMULATIVE VOTING                                Shareholder         Against             No

   04     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN EXPRESS COMPANY                                                        AXP                  Annual Meeting Date: 04/26/2004
Issuer: 025816                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No

   04     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO., INC.                                                               MRK                  Annual Meeting Date: 04/27/2004
Issuer: 589331                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     DECLASSIFY BOARD                                                      Management            For               No

   04     S/H PROPOSAL - LIMIT COMPENSATION                                     Shareholder         Against             No

   05     S/H PROPOSAL - HEALTH ISSUES                                          Shareholder         Against             No

   06     S/H PROPOSAL - REQUIRE SHAREHOLDER APPROVAL OF                        Shareholder         Against             No
          BUSINESS COMBINATION

   07     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No

   08     S/H PROPOSAL - HEALTH ISSUES                                          Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
SCHERING-PLOUGH CORPORATION                                                     SGP                  Annual Meeting Date: 04/27/2004
Issuer: 806605                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     ADOPT INCENTIVE STOCK OPTION PLAN                                     Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
THE PNC FINANCIAL SERVICES GROUP, IN                                            PNC                  Annual Meeting Date: 04/27/2004
Issuer: 693475                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC COMPANY                                                        GE                   Annual Meeting Date: 04/28/2004
Issuer: 369604                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   0A     ELECTION OF DIRECTORS                                                 Management            For               No

   0B     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   0C     ADOPT/AMEND EXECUTIVE INCENTIVE BONUS PLAN                            Management            For               No

   01     S/H PROPOSAL - ADOPT CUMULATIVE VOTING                                Shareholder           For               Yes

   02     S/H PROPOSAL - ANIMAL RIGHTS                                          Shareholder         Against             No

   03     S/H PROPOSAL - OPT OUT OF ANTI-TAKEOVER STATUTE                       Shareholder         Against             No

   04     S/H PROPOSAL - HEALTH ISSUES                                          Shareholder         Against             No

   05     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   06     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   07     S/H PROPOSAL - ELIMINATE CUMULATIVE VOTING                            Shareholder           For               Yes

   08     S/H PROPOSAL - RESCIND OR ALLOW SHAREHOLDER TO                        Shareholder         Against             No
          RATIFY POISON PILL

   09     S/H PROPOSAL - LIMIT COMPENSATION                                     Shareholder         Against             No

   10     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   11     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder           For               Yes

   12     S/H PROPOSAL - ENHANCE STOCK VALUE VIA MERGER/SALE                    Shareholder         Against             No

   13     S/H PROPOSAL - OVERRIDE CSA VOTE RESTRICTIONS                         Shareholder         Against             No

   14     S/H PROPOSAL - REQUIRE MAJORITY OF DIRECTORS                          Shareholder         Against             No
          TO BE INDEPENDENT

   15     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
PIPER JAFFRAY COMPANIES                                                                              Annual Meeting Date: 04/28/2004
Issuer: 724078                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     AMEND LONG TERM INCENTIVE PLAN                                        Management          Against             Yes

   03     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP, INC.                                                              MO                   Annual Meeting Date: 04/29/2004
Issuer: 02209S                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - TOBACCO                                                Shareholder         Against             No

   04     S/H PROPOSAL - TOBACCO                                                Shareholder         Against             No

   05     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No

   06     S/H PROPOSAL - TOBACCO                                                Shareholder         Against             No

   07     S/H PROPOSAL - TOBACCO                                                Shareholder         Against             No

   08     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
BRISTOL-MYERS SQUIBB COMPANY                                                    BMY                  Annual Meeting Date: 05/04/2004
Issuer: 110122                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No

   04     S/H PROPOSAL - POLITICAL/GOVERNMENT                                   Shareholder         Against             No

   05     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder           For               Yes

   06     S/H PROPOSAL - HEALTH ISSUES                                          Shareholder         Against             No

   07     S/H PROPOSAL - PROXY PROCESS/STATEMENT                                Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
QUEST DIAGNOSTICS INCORPORATED                                                  DGX                  Annual Meeting Date: 05/04/2004
Issuer: 74834L                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
UST INC.                                                                        UST                  Annual Meeting Date: 05/04/2004
Issuer: 902911                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     CHANGE STOCK EXCHANGE LISTING                                         Management            For

   04     S/H PROPOSAL - TOBACCO                                                Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORPORATION                                                          KMG                  Annual Meeting Date: 05/11/2004
Issuer: 492386                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
LABORATORY CORP. OF AMERICA HOLDINGS                                            LH                   Annual Meeting Date: 05/12/2004
Issuer: 50540R                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     AMEND STOCK PURCHASE PLAN                                             Management            For               No

   03     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
UNIVISION COMMUNICATIONS INC.                                                   UVN                  Annual Meeting Date: 05/12/2004
Issuer: 914906                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN INTERNATIONAL GROUP, INC.                                              AIG                  Annual Meeting Date: 05/19/2004
Issuer: 026874                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No

   03     ADOPT DIRECTOR STOCK OPTION PLAN                                      Management            For               No

   04     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   05     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   06     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   07     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
INTEL CORPORATION                                                               INTC                 Annual Meeting Date: 05/19/2004
Issuer: 458140                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     ADOPT INCENTIVE STOCK OPTION PLAN                                     Management            For               No

   04     S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE                    Shareholder           For               Yes

   05     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder         Against             No

   06     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
BORDERS GROUP, INC.                                                             BGP                  Annual Meeting Date: 05/20/2004
Issuer: 099709                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management          Against             Yes

   03     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
TIFFANY & CO.                                                                   TIF                  Annual Meeting Date: 05/20/2004
Issuer: 886547                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRONIC DATA SYSTEMS CORPORATION                                             EDS                  Annual Meeting Date: 05/25/2004
Issuer: 285661                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes

   04     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes

   05     S/H PROPOSAL - PROXY PROCESS/STATEMENT                                Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
FANNIE MAE                                                                      FNM                  Annual Meeting Date: 05/25/2004
Issuer: 313586                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     AMEND STOCK PURCHASE PLAN                                             Management            For               No

   04     S/H PROPOSAL - ADOPT CUMULATIVE VOTING                                Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
GILEAD SCIENCES, INC.                                                           GILD                 Annual Meeting Date: 05/25/2004
Issuer: 375558                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     ADOPT INCENTIVE STOCK OPTION PLAN                                     Management            For               No

   04     APPROVE AUTHORIZED COMMON STOCK INCREASE                              Shareholder         Against             Yes



- ------------------------------------------------------------------------------------------------------------------------------------
J.P. MORGAN CHASE & CO.                                                         JPM                  Annual Meeting Date: 05/25/2004
Issuer: 46625H                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     APPROVE MERGER AGREEMENT                                              Management            For               No

   02     ELECTION OF DIRECTORS                                                 Management            For               No

   03     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   04     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No

   05     APPROVE MOTION TO ADJOURN MEETING                                     Management          Against             Yes

   06     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No

   07     S/H PROPOSAL - ESTABLISH NOMINATING COMMITTEE                         Shareholder         Against             No

   08     S/H PROPOSAL - REPORT ON CHARITABLE DONATIONS                         Shareholder         Against             No

   09     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder           For               Yes

   10     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   11     S/H PROPOSAL - RESTORE PREEMPTIVE RIGHTS                              Shareholder         Against             No

   12     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder         Against             No

   13     S/H PROPOSAL - ELIMINATE PREEMPTIVE RIGHTS                            Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA CORPORATION                                                     BAC                  Annual Meeting Date: 05/26/2004
Issuer: 060505                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   04     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No

   05     S/H PROPOSAL - ESTABLISH NOMINATING COMMITTEE                         Shareholder         Against             No

   06     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No

   07     MISCELLANEOUS SHAREHOLDER PROPOSAL                                    Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
HCA INC.                                                                        HCA                  Annual Meeting Date: 05/27/2004
Issuer: 404119                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     AMEND STOCK PURCHASE PLAN                                             Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
THE HOME DEPOT, INC.                                                            HD                   Annual Meeting Date: 05/27/2004
Issuer: 437076                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No

   04     S/H PROPOSAL - RESCIND OR ALLOW SHAREHOLDER TO                        Shareholder           For               Yes
          RATIFY POISON PILL

   05     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder         Against             No

   06     S/H PROPOSAL - HUMAN RIGHTS RELATED                                   Shareholder         Against             No

   07     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes

   08     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
DEVON ENERGY CORPORATION                                                        DVN                  Annual Meeting Date: 06/08/2004
Issuer: 25179M                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     S/H PROPOSAL - BOARD OF DIRECTORS                                     Shareholder         Against             No



- ------------------------------------------------------------------------------------------------------------------------------------
STAPLES, INC.                                                                   SPLS                 Annual Meeting Date: 06/17/2004
Issuer: 855030                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: MUTUAL FUNDS

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     INCENTIVE STOCK OPTIONS                                               Management          Against             Yes

   03     AMEND STOCK PURCHASE PLAN                                             Management            For               No

   04     AMEND STOCK PURCHASE PLAN                                             Management            For               No

   05     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   06     S/H PROPOSAL - CORPORATE GOVERNANCE                                   Shareholder           For               Yes

   07     S/H PROPOSAL - RESCIND OR ALLOW SHAREHOLDER TO                        Shareholder           For               Yes
          RATIFY POISON PILL

   08     S/H PROPOSAL - REINCORPORATE OUT OF DELAWARE                          Shareholder         Against             No

   09     S/H PROPOSAL - RESTORE PREEMPTIVE RIGHTS                              Shareholder         Abstain             Yes



- ------------------------------------------------------------------------------------------------------------------------------------
BEST BUY CO., INC.                                                              BBY                  Annual Meeting Date: 06/24/2004
Issuer: 086516                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   03     ADOPT OMNIBUS STOCK OPTION PLAN                                       Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
EBAY INC.                                                                       EBAY                 Annual Meeting Date: 06/24/2004
Issuer: 278642                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     ELECTION OF DIRECTORS                                                 Management            For               No

   02     AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE                         Management          Against             Yes
          SHARES

   03     AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE                         Management          Against             Yes
          SHARES

   04     APPROVE AUTHORIZED COMMON STOCK INCREASE                              Shareholder           For               No

   05     RATIFY APPOINTMENT OF INDEPENDENT AUDITORS                            Management            For               No

   06     S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE                    Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORPORATION                                                          KMG                 Special Meeting Date: 06/25/2004
Issuer: 492386                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     APPROVE MERGER AGREEMENT                                              Management            For               No




                                   SIGNATURES

                           [See General Instruction F]

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)      Scudder Focus Value Plus Growth Fund



By (Signature and Title)* /s/Julian Sluyters
                          -----------------------------------------------
                           Julian Sluyters, Chief Executive Officer

Date    8/18/04
       ---------
* Print the name and title of each signing officer under his or her signature.