UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    FORM N-PX
                     ANNUAL REPORT OF PROXY VOTING RECORD OF
                            Global Biotechnology Fund
                              Japanese Equity Fund
                                 Top 50 US Fund
                 Each a Series of Scudder Investors Funds, Inc.

Investment Company Act file number  811-08227

                          Scudder Investors Funds, Inc.
               (Exact name of registrant as specified in charter)


                                One South Street
                               Baltimore, MD 21202
               (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:  08/31
                          -----

Date of reporting period:  7/1/04-6/30/05
                          ----------------

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: 08/06/2005
Meeting Date Range: 07/01/2004 to 06/30/2005
Selected Accounts: Scudder Inv Funds Inc. Global Biotechnology Fund





- ------------------------------------------------------------------------------------------------------------------------------
MYLAN LABORATORIES INC.                                                   MYL                  Annual Meeting Date: 07/30/2004
Issuer: 628530                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No



- ------------------------------------------------------------------------------------------------------------------------------
CYPRESS BIOSCIENCE, INC.                                                  CYPB                 Annual Meeting Date: 08/17/2004
Issuer: 232674                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No

02       TO RATIFY THE SELECTION OF ERNST & YOUNG LLP                  Management        For             No
         BY THE AUDIT COMMITTEE OF THE COMPANY S BOARD
         OF DIRECTORS AS THE INDEPENDENT REGISTERED PUBLIC
         ACCOUNTING FIRM OF THE COMPANY FOR THE FISCAL
         YEAR ENDING DECEMBER 31, 2004.



- ------------------------------------------------------------------------------------------------------------------------------
ALKERMES, INC.                                                            ALKS                 Annual Meeting Date: 09/23/2004
Issuer: 01642T                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No

02       TO APPROVE AN AMENDMENT TO THE 1999 STOCK OPTION              Management      Against          Yes
         PLAN TO INCREASE TO 16,900,000 THE NUMBER OF
         SHARES ISSUABLE UPON EXERCISE OF OPTIONS GRANTED
         THEREUNDER, AN INCREASE OF 2,500,000 SHARES.



- ------------------------------------------------------------------------------------------------------------------------------
ARRAY BIOPHARMA INC.                                                      ARRY                Annual Meeting Date: 10/28/2004
Issuer: 04269X                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No



- ------------------------------------------------------------------------------------------------------------------------------
VICURON PHARMACEUTICALS, INC.                                             MICU                 Annual Meeting Date: 10/28/2004
Issuer: 926471                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No

02       RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS              Management        For             No
         LLP AS INDEPENDENT ACCOUNTANTS.



- ------------------------------------------------------------------------------------------------------------------------------
QLT INC.                                                                  QLTI                Special Meeting Date: 11/19/2004
Issuer: 746927                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       TO APPROVE THE ISSUANCE OF THE COMPANY S COMMON               Management        For             No
         SHARES PURSUANT TO THE AGREEMENT AND PLAN OF
         MERGER, DATED AS OF JUNE 14, 2004, BY AND AMONG
         THE COMPANY, ASPEN ACQUISITION CORP., WHICH IS
         A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY, AND
         ATRIX LABORATORIES, INC.



- ------------------------------------------------------------------------------------------------------------------------------
ENZON PHARMACEUTICALS, INC.                                               ENZN                 Annual Meeting Date: 12/07/2004
Issuer: 293904                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No

02       RATIFICATION OF THE SELECTION OF KPMG LLP TO                  Management        For             No
         AUDIT THE CONSOLIDATED FINANCIAL STATEMENTS OF
         THE COMPANY FOR THE FISCAL YEAR ENDING JUNE 30,
         2005.



- ------------------------------------------------------------------------------------------------------------------------------
ALEXION PHARMACEUTICALS, INC.                                             ALXN                 Annual Meeting Date: 12/10/2004
Issuer: 015351                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No

02       APPROVAL OF THE COMPANY S 2004 INCENTIVE PLAN.                Management      Against          Yes

03       APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS                  Management        For             No
         THE COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
         FIRM.



- ------------------------------------------------------------------------------------------------------------------------------
AMERICAN PHARMACEUTICAL PARTNERS, IN                                      APPX                 Annual Meeting Date: 12/13/2004
Issuer: 02886P                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No

02       RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS.          Management        For             No
         TO RATIFY THE APPOINTMENT OF ERNST & YOUNG LLP
         AS THE INDEPENDENT AUDITORS OF THE COMPANY FOR
         THE FISCAL YEAR ENDING DECEMBER 31, 2004.



- ------------------------------------------------------------------------------------------------------------------------------
BIOENVISION, INC.                                                         BIVN                 Annual Meeting Date: 12/17/2004
Issuer: 09059N                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       AMENDMENT TO 2003 STOCK INCENTIVE PLAN: TO APPROVE            Management      Against          Yes
         AND ADOPT AN AMENDMENT TO OUR 2003 STOCK INCENTIVE
         PLAN TO INCREASE THE NUMBER OF SHARES THAT MAY
         BE GRANTED UNDER THE PLAN FROM 3,000,000 TO 4,500,000.

02       DIRECTOR                                                      Management        For             No



- ------------------------------------------------------------------------------------------------------------------------------
PHARMACYCLICS, INC.                                                       PCYC                 Annual Meeting Date: 12/17/2004
Issuer: 716933                          ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                      Management        For             No

02       TO APPROVE COMPANY S 2004 EQUITY INCENTIVE AWARD              Management      Against          Yes
         PLAN.

03       TO RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS           Management        For             No
         LLP AS THE COMPANY S INDEPENDENT REGISTERED PUBLIC
         ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING JUNE
         30, 2005.



                                                                                                Vote Summary Report (Long)

                                                                                                      07/01/04 to 06/30/05





QLT Inc.                                                   Shares Voted      1,000         Security        CA7469271026
Meeting Date                               11/19/2004                                    Meeting Type           EGM

Ballot Issues                                                              Proponent         Mgmt              Vote
                                                                                              Rec              Cast
1                                        Approve Merger Agreement            Mgmt             For               For



Prior to 8/20/2004, the Japanese Equity Fund, a series of Scudder Investors
Funds, Inc., was a feeder in a master/feeder structure. Accordingly, Japanese
Equity Fund held only securities of its master fund, Japanese Eqity Portfolio, a
series of Scudder Investors Portfolios Trust. On 8/20/2004, the master/feeder
structure collapsed and the feeder fund acquired the securities of the master
fund. Included in this filing is the proxy voting record for the Japanese Equity
Portfolio through 8/19/2004 and the Japanese Equity Fund thereafter.

ProxyEdge - Investment Company Report
Meeting Date Range:  07/01/2004 to 06/30/05
Selected Accounts:  Scudder Japanese Equity Portfolio

                                                                                                          Vote Summary Report (Long)

                                                                                                                07/01/04 to 06/30/05





                  Fast Retailing                                   Shares Voted          7,000         Security        JP3802300008
                    Meeting Date                 11/25/2004                                       Meeting Type                 AGM

Ballot Issues                                                                 Proponent      Mgmt             Vote
                                                                                             Rec              Cast
               Approve Allocation of Income, Including the Following
1              Dividends: Interim JY 50, Final JY 65, Special JY 0            Mgmt           For              For
2.1            Elect Director                                                 Mgmt           For              For
2.2            Elect Director                                                 Mgmt           For              For
2.3            Elect Director                                                 Mgmt           For              For
2.4            Elect Director                                                 Mgmt           For              For
2.5            Elect Director                                                 Mgmt           For              For
2.6            Elect Director                                                 Mgmt           For              For
2.7            Elect Director                                                 Mgmt           For              For
2.8            Elect Director                                                 Mgmt           For              For
3.1            Appoint Internal Statutory Auditor                             Mgmt           For              For
3.2            Appoint Internal Statutory Auditor                             Mgmt           For              For
3.3            Appoint Internal Statutory Auditor                             Mgmt           For              For




ProxyEdge -  Investment Company Report                   Report Date: 08/12/2005
Meeting Date Range: 07/01/2004 to 06/30/2005
Selected Accounts: Scudder Japanese Equity Fund



- ------------------------------------------------------------------------------------------------------------------------------
SEGA SAMMY HOLDINGS INC, TOKYO                                                                    EGM Meeting Date: 02/15/2005
Issuer: J7028D104                       ISIN: JP3419050004
SEDOL:  B02RK08
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

1        APPROVE TO REDUCE THE COMPANY S CAPITAL RESERVE               Management        For
         TO JPY 10,000,000,000 FROM THE PRESENT JPY 276,062,754,138



- ------------------------------------------------------------------------------------------------------------------------------
CANON INC                                                                                         AGM Meeting Date: 03/30/2005
Issuer: J05124144                       ISIN: JP3242800005
SEDOL:  5485271, 6172323, B021CR1
- ------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

1        APPROVE THE PROFIT APPROPRIATION FOR NO. 104                  Management        For
         TERM: DIVIDENDS FOR THE CURRENT T ERM HAS BEEN
         PROPOSED AS JYP40 PER SHARE  JYP65 ON A YEARLY
         BASIS

2        AMEND THE COMPANY S ARTICLES OF INCORPORATION                 Management      Against

3.1      ELECT MR. FUJIO MITARAI AS A DIRECTOR                         Management        For

3.2      ELECT MR. YUKIO YAMASHITA AS A DIRECTOR                       Management        For

3.3      ELECT MR. TOSHIZOU TANAKA AS A DIRECTOR                       Management        For

3.4      ELECT MR. TSUNEJI UCHIDA AS A DIRECTOR                        Management        For

3.5      ELECT MR. YUUSUKE EMURA AS A DIRECTOR                         Management        For

3.6      ELECT MR. NOBUYOSHI TANAKA AS A DIRECTOR                      Management        For

3.7      ELECT MR. JUNJI ICHIKAWA AS A DIRECTOR                        Management        For

3.8      ELECT MR. HAJIME TSURUOKA AS A DIRECTOR                       Management        For

3.9      ELECT MR. AKIYOSHI MOROE AS A DIRECTOR                        Management        For

3.10     ELECT MR. KUNIO WATANABE AS A DIRECTOR                        Management        For

3.11     ELECT MR. HIRONORI YAMAMOTO AS A DIRECTOR                     Management        For

3.12     ELECT MR. YOUROKU ADACHI AS A DIRECTOR                        Management        For

3.13     ELECT MR. YASUO MITSUHASHI AS A DIRECTOR                      Management        For

3.14     ELECT MR. KATSUICHI SHIMIZU AS A DIRECTOR                     Management        For

3.15     ELECT MR. RYOUICHI BAMBA AS A DIRECTOR                        Management        For

3.16     ELECT MR. TOMONORI IWASHITA AS A DIRECTOR                     Management        For

3.17     ELECT MR. TOSHIO HOMMA AS A DIRECTOR                          Management        For

3.18     ELECT MR. SHIGERU IMAIIDA AS A DIRECTOR                       Management        For

3.19     ELECT MR. MASSAHIRO OOSAWA AS A DIRECTOR                      Management        For

3.20     ELECT MR. KEIJIROU YAMSZAKI AS A DIRECTOR                     Management        For

3.21     ELECT MR. SHUNICHI UZAWA AS A DIRECTOR                        Management        For

3.22     ELECT MR. MASAKI NAKAOKA AS A DIRECTOR                        Management        For

3.23     ELECT MR. TOSHIYUKI KOMATSU AS A DIRECTOR                     Management        For

3.24     ELECT MR. SHIGEYUKI MATSUMOTO AS A DIRECTOR                   Management        For

3.25     ELECT MR. HARUHISA HONDA AS A DIRECTOR                        Management        For

4        GRANT RETIREMENT ALLOWANCES TO THE RETIRING DIRECTORS:        Management        For
         MR. KINYA UCHIDA AND MR . IKUO SOUMA ACCORDING
         TO THE COMPANY RULE



                                                                                                          Vote Summary Report (Long)

                                                                                                                07/01/04 to 06/30/05





Nitori Co.                                                                  Shares Voted        0           Security
Meeting Date                            5/12/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
                         Dividends: Interim JY 7, Final JY 10, Special JY 0                   Mgmt             For
                         Amend Articles to: Expand Business Lines - Limit Legal
2                        Liability of Directors and Statutory Auditors                        Mgmt             For
3.1                      Elect Director                                                       Mgmt             For
3.2                      Elect Director                                                       Mgmt             For
3.3                      Elect Director                                                       Mgmt             For
3.4                      Elect Director                                                       Mgmt             For
3.5                      Elect Director                                                       Mgmt             For
3.6                      Elect Director                                                       Mgmt             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For
4.3                      Appoint Internal Statutory Auditor                                   Mgmt             For
                         Approve Adjustment to Aggregate Compensation Ceiling for
5                        Directors and Statutory Auditors                                     Mgmt             For


AEON MALL CO. LTD.                                                          Shares Voted     12,000         Security
Meeting Date                            5/13/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 30, Special JY 0                   Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
2.5                      Elect Director                                                       Mgmt             For             For
2.6                      Elect Director                                                       Mgmt             For             For
2.7                      Elect Director                                                       Mgmt             For             For
2.8                      Elect Director                                                       Mgmt             For             For
2.9                      Elect Director                                                       Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.11                     Elect Director                                                       Mgmt             For             For
2.12                     Elect Director                                                       Mgmt             For             For
2.13                     Elect Director                                                       Mgmt             For             For
3.1                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
3.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
3.3                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4                        Approve Retirement Bonuses for Statutory Auditors                    Mgmt             For           Against


Hoya Corp.                                                                  Shares Voted     15,300         Security       J22848105
Meeting Date                            6/17/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Amend Articles to: Decrease Authorized Capital to Reflect
1                        Share Repurchase and Cancellation                                    Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
2.5                      Elect Director                                                       Mgmt             For             For
2.6                      Elect Director                                                       Mgmt             For             For
2.7                      Elect Director                                                       Mgmt             For             For
2.8                      Elect Director                                                       Mgmt             For             For
3                        Approve Executive Stock Option Plan                                  Mgmt             For             For
4                        Appoint External Audit Firm                                          Mgmt             For             For


JSR Corp.                                                                   Shares Voted     221,600        Security       J2856K106
Meeting Date                            6/17/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 7, Final JY 7, Special JY 0                    Mgmt             For             For
2                        Amend Articles to: Reduce Maximum Board Size                         Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
5                        Approve Deep Discount Stock Option Plan                              Mgmt             For           Against
                         Approve Adjustment to Aggregate Compensation Ceiling for
6                        Statutory Auditors                                                   Mgmt             For             For
                         Approve Retirement Bonuses for Directors and Statutory
                         Auditors and Special Payments to Continuing Directors and
                         Statutory Auditors in Connection with Abolition of Retirement
7                        Bonus System                                                         Mgmt             For           Against


Nissan Motor Co. Ltd.                                                       Shares Voted     313,000        Security       J57160129
Meeting Date                            6/21/2005                                                         Meeting Type        AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 12, Final JY 12, Special JY 0                  Mgmt             For             For
                         Amend Articles to Delete Language Specifying Term in Office of
2                        Statutory Auditors in Office on or Before March 31, 2003             Mgmt             For             For
3                        Approve Executive Stock Option Plan                                  Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
4.8                      Elect Director                                                       Mgmt             For             For
4.9                      Elect Director                                                       Mgmt             For             For
5                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
6                        Approve Retirement Bonuses for Directors and Statutory Auditors      Mgmt             For             For
                         Approve Adjustment to Aggregate Compensation Ceilings for
7                        Directors and Statutory Auditors                                     Mgmt             For             For


Japan Associated Finance Co. Ltd.                                             Shares Voted                    Security
(JAFCO)                                                                       21,700                         J25832106
Meeting Date                                           6/22/2005                          Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 25, Special JY 0                   Mgmt             For             For
2                        Approve Executive Stock Option Plan                                  Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4.3                      Appoint Internal Statutory Auditor                                   Mgmt             For             For


Nippon Shokubai Co. Ltd.                                                    Shares Voted     336,000        Security       J55806103
Meeting Date                            6/22/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 5, Final JY 6, Special JY 2                    Mgmt             For             For
2                        Amend Articles to: Abolish Retirement Bonus System                   Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
3.14                     Elect Director                                                       Mgmt             For             For
3.15                     Elect Director                                                       Mgmt             For             For
3.16                     Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
                         Approve Retirement Bonuses for Directors and Statutory
                         Auditors and Special Payments to Continuing Directors and
                         Auditors in Connection with Abolition of Retirement Bonus
5                        System                                                               Mgmt             For           Against
                         Approve Adjustment to Aggregate Compensation Ceilings for
6                        Directors and Statutory Auditors                                     Mgmt             For             For


Denso Corp.                                                                 Shares Voted     49,300         Security       J12075107
Meeting Date                            6/22/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 13, Final JY 19, Special JY 0                  Mgmt             For             For
2                        Authorize Share Repurchase Program                                   Mgmt             For             For
                         Amend Articles to: Authorize Public Announcements in
3                        Electronic Format                                                    Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
4.8                      Elect Director                                                       Mgmt             For             For
4.9                      Elect Director                                                       Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.11                     Elect Director                                                       Mgmt             For             For
4.12                     Elect Director                                                       Mgmt             For             For
4.13                     Elect Director                                                       Mgmt             For             For
5.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
6                        Approve Executive Stock Option Plan                                  Mgmt             For             For
7                        Approve Retirement Bonuses for Directors and Statutory Auditor       Mgmt             For           Against


Nidec Corp.                                                                 Shares Voted     16,300         Security       J52968104
Meeting Date                            6/23/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 20, Final JY 25, Special JY 0                  Mgmt             For             For
                         Amend Articles to: Abolish Retirement Bonus System - Create
                         Post of Chairman - Authorize Public Announcements in
2                        Electronic Format                                                    Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
4                        Approve Retirement Bonuses for Directors                             Mgmt             For             For
                         Approve Adjustment to Aggregate Compensation Ceiling for
5                        Directors and Statutory Auditors                                     Mgmt             For             For


Honda Motor Co. Ltd.                                                        Shares Voted     13,900         Security       J22302111
Meeting Date                            6/23/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 28, Final JY 37, Special JY 0                  Mgmt             For             For
                         Amend Articles to: Reduce Maximum Board Size - Decrease
2                        Authorized Capital to Reflect Share Repurchase                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
3.14                     Elect Director                                                       Mgmt             For             For
3.15                     Elect Director                                                       Mgmt             For             For
3.16                     Elect Director                                                       Mgmt             For             For
3.17                     Elect Director                                                       Mgmt             For             For
3.18                     Elect Director                                                       Mgmt             For             For
3.19                     Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.21                     Elect Director                                                       Mgmt             For             For
4                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
5                        Appoint External Auditors                                            Mgmt             For             For
                         Approve Reduction in Aggregate Compensation Ceiling for
6                        Directors                                                            Mgmt             For             For
                         Approve Payment of Annual Bonuses to Directors and Statutory
7                        Auditors                                                             Mgmt             For             For
8                        Approve Retirement Bonuses for Directors                             Mgmt             For             For


Omron Corp.                                                                 Shares Voted     38,800         Security       J61374120
Meeting Date                            6/23/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 10, Final JY 14, Special JY 0                  Mgmt             For             For
                         Amend Articles to: Authorize Public Announcements in
2                        Electronic Format                                                    Mgmt             For             For
3                        Authorize Share Repurchase Program                                   Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
5.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
6                        Approve Executive Stock Option Plan                                  Mgmt             For             For


East Japan Railway Co                                                       Shares Voted       753          Security       J1257M109
Meeting Date                            6/23/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 3000, Final JY 3500, Special JY 0              Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
3.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
3.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against


NOMURA RESEARCH INSTITUTE                                                   Shares Voted     17,400         Security       J5900F106
Meeting Date                            6/23/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 20, Final JY 80, Special JY 0                  Mgmt             For             For
                         Approve Payment of Annual Bonuses to Directors and Statutory
2                        Auditors                                                             Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
                         Approve Special Payments to Continuing Directors and Statutory
                         Auditors in Connection with Abolition of Retirement Bonus
5                        System                                                               Mgmt             For           Against
                         Approve Adjustment to Aggregate Compensation Ceilings for
6                        Directors and Statutory Auditors                                     Mgmt             For             For
                         Approve Executive Stock Option Plan and Deep Discount Stock
7                        Option Plan                                                          Mgmt             For           Against


Toyota Motor Corp.                                                          Shares Voted     105,900        Security       J92676113
Meeting Date                            6/23/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Management Proposals
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 25, Final JY 40, Special JY 0                  Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
2.5                      Elect Director                                                       Mgmt             For             For
2.6                      Elect Director                                                       Mgmt             For             For
2.7                      Elect Director                                                       Mgmt             For             For
2.8                      Elect Director                                                       Mgmt             For             For
2.9                      Elect Director                                                       Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.11                     Elect Director                                                       Mgmt             For             For
2.12                     Elect Director                                                       Mgmt             For             For
2.13                     Elect Director                                                       Mgmt             For             For
2.14                     Elect Director                                                       Mgmt             For             For
2.15                     Elect Director                                                       Mgmt             For             For
2.16                     Elect Director                                                       Mgmt             For             For
2.17                     Elect Director                                                       Mgmt             For             For
2.18                     Elect Director                                                       Mgmt             For             For
2.19                     Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.21                     Elect Director                                                       Mgmt             For             For
2.22                     Elect Director                                                       Mgmt             For             For
2.23                     Elect Director                                                       Mgmt             For             For
2.24                     Elect Director                                                       Mgmt             For             For
2.25                     Elect Director                                                       Mgmt             For             For
2.26                     Elect Director                                                       Mgmt             For             For
3                        Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4                        Approve Executive Stock Option Plan                                  Mgmt             For             For
5                        Authorize Share Repurchase Program                                   Mgmt             For             For
6                        Approve Retirement Bonuses for Directors                             Mgmt             For             For
                         Shareholder Proposals
                         Amend Articles of Incorporation to Require Disclosure of
                         Individual Compensation Levels of Directors and Statutory
7                        Auditors                                                           ShrHoldr         Against           For
                         Amend Articles of Incorporation to Require Reporting of
                         Contributions to Political Parties and Political Fundraising
8                        Organizations                                                      ShrHoldr         Against         Against


West Japan Railway Co                                                       Shares Voted       678          Security       J95094108
Meeting Date                            6/23/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 2500, Final JY 3500, Special JY 0              Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
3                        Appoint Internal Statutory Auditor                                   Mgmt             For           Against


TIS Inc. (frm. Toyo Information                                                            Shares Voted                    Security
Systems)                                                                                     15,200                        J8362E104
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 10, Final JY 17, Special JY 0                  Mgmt             For             For
2                        Elect Director                                                       Mgmt             For             For
3                        Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4                        Approve Retirement Bonuses for Director and Statutory Auditor        Mgmt             For             For
5                        Approve Executive Stock Option Plan                                  Mgmt             For             For


KDDI Corporation                                                            Shares Voted       423          Security       J31843105
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
                         Dividends: Interim JY 2400, Interim Special JY 1000, Final JY
1                        3500                                                                 Mgmt             For             For
                         Amend Articles to: Reduce Directors' Term in Office -
2                        Authorize Public Announcements in Electronic Format                  Mgmt             For             For
3                        Approve Executive Stock Option Plan                                  Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
4.8                      Elect Director                                                       Mgmt             For             For
4.9                      Elect Director                                                       Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.11                     Elect Director                                                       Mgmt             For             For
5                        Appoint Internal Statutory Auditor                                   Mgmt             For           Against


Mitsubishi Corp.                                                            Shares Voted     182,000        Security       J43830116
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 6, Final JY 12, Special JY 0                   Mgmt             For             For
2                        Amend Articles to: Amend Business Objectives Clause                  Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
3.14                     Elect Director                                                       Mgmt             For             For
3.15                     Elect Director                                                       Mgmt             For             For
3.16                     Elect Director                                                       Mgmt             For             For
3.17                     Elect Director                                                       Mgmt             For             For
4                        Approve Executive Stock Option Plan                                  Mgmt             For             For
5                        Approve Deep Discount Stock Option Plan                              Mgmt             For             For
                         Approve Retirement Bonuses for Directors and Special Payments
                         to Continuing Directors and Statutory Auditors in Connection
6                        with Abolition of Retirement Bonus System for Outsiders              Mgmt             For           Against


Astellas Pharma Inc. (frmly.                                                   Shares Voted                    Security
Yamanouchi Pharmaceutical Co. L                                                 46,900                         J03393105
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 15, Final JY 16, Special JY 0                  Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
                         Approve Retirement Bonuses for Directors and Statutory
                         Auditors, and Special Payments to Continuing Directors and
                         Statutory Auditor in Connection with Abolition of Retirement
3                        Bonus System                                                         Mgmt             For             For
4                        Approve Deep Discount Stock Option Plan                              Mgmt             For             For
                         Approve Adjustment to Aggregate Compensation Ceiling for
5                        Directors                                                            Mgmt             For             For


Mitsui & Co.                                                                Shares Voted     325,000        Security       J44690139
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 5, Final JY 10, Special JY 0                   Mgmt             For             For
                         Amend Articles to: Expand Business Lines - Authorize Public
                         Announcements in Electronic Format - Clarify Board's Authority
2                        to Vary Record Date for AGM - Clarify Director Authorities           Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against


Benesse Corp.                                                               Shares Voted     28,400         Security       J0429N102
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 25, Final JY 35, Special JY 0                  Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
3                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
4                        Approve Executive Stock Option Plan                                  Mgmt             For             For


Komatsu Ltd.                                                                Shares Voted     259,000        Security       J35759125
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 5, Final JY 6, Special JY 0                    Mgmt             For             For
                         Amend Articles to: Authorize Public Announcements in
                         Electronic Format - Reduce Maximum Board Size - Streamline
2                        Board Structure                                                      Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5                        Approve Executive Stock Option Plan                                  Mgmt             For             For
6                        Approve Retirement Bonuses for Directors                             Mgmt             For             For


Kubota Corp.                                                                Shares Voted     141,000        Security       J36662138
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 3, Final JY 5, Special JY 0                    Mgmt             For             For
                         Amend Articles to: Reduce Maximum Board Size - Increase Number
                         of Internal Auditors - Decrease Authorized Capital to Reflect
2                        Share Repurchase                                                     Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
3.14                     Elect Director                                                       Mgmt             For             For
3.15                     Elect Director                                                       Mgmt             For             For
3.16                     Elect Director                                                       Mgmt             For             For
3.17                     Elect Director                                                       Mgmt             For             For
3.18                     Elect Director                                                       Mgmt             For             For
3.19                     Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
                         Apoprove Retirement Bonuses for Directors and Statutory
                         Auditor and Special Payments to Continuing Directors and
                         Statutory Auditors in Connection with Abolition of Retirement
5                        Bonus System                                                         Mgmt             For           Against
                         Approve Adjustment to Aggregate Compensation Ceiling for
6                        Statutory Auditors                                                   Mgmt             For             For


Mazda Motor Corp.                                                           Shares Voted     173,000        Security       J41551102
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 3, Special JY 0                    Mgmt             For             For
2                        Approve Reduction in Legal Reserves                                  Mgmt             For             For
3                        Approve Executive Stock Option Plan                                  Mgmt             For             For
4                        Authorize Share Repurchase Program                                   Mgmt             For             For
5.1                      Elect Director                                                       Mgmt             For             For
5.2                      Elect Director                                                       Mgmt             For             For
5.3                      Elect Director                                                       Mgmt             For             For
5.4                      Elect Director                                                       Mgmt             For             For
6.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
6.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
6.3                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
6.4                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
7                        Approve Retirement Bonuses for Director and Statutory Auditors       Mgmt             For             For


SEGA SAMMY HOLDINGS INC.                                                    Shares Voted     17,400         Security       J7028D104
Meeting Date                            6/24/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 40, Special JY 20                  Mgmt             For             For
                         Amend Articles to: Authorize Public Announcements in
2                        Electronic Format                                                    Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4.3                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4.4                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
5                        Appoint Alternate Internal Statutory Auditor                         Mgmt             For           Against
6                        Approve Executive Stock Option Plan                                  Mgmt             For             For


Sundrug Co. Ltd.                                                            Shares Voted     32,200         Security       J78089109
Meeting Date                            6/25/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 20, Final JY 25, Special JY 0                  Mgmt             For             For


Fuji Soft ABC Inc.                                                          Shares Voted     29,400         Security       J15257108
Meeting Date                            6/27/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 11, Final JY 9, Special JY 0                   Mgmt             For             For
2                        Amend Articles to: Expand Business Lines                             Mgmt             For             For
3                        Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.3                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5                        Approve Retirement Bonuses for Directors and Statutory Auditors      Mgmt             For             For


Nomura Holdings Inc.                                                       Shares Voted     151,300        Security        J59009159
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Meeting for Holders of ADR's
1                        AMENDMENTS TO THE ARTICLES OF INCORPORATION                          Mgmt             For             For
2                        ISSUANCE OF STOCK ACQUISITION RIGHTS A STOCK OPTIONS                 Mgmt             For             For
3                        ELECTION OF DIRECTOR: JUNICHI UJIIE                                  Mgmt             For             For
4                        ELECTION OF DIRECTOR: NOBUYUKI KOGA                                  Mgmt             For             For
5                        ELECTION OF DIRECTOR: HIROSHI TODA                                   Mgmt             For             For
6                        ELECTION OF DIRECTOR: KAZUTOSHI INANO                                Mgmt             For             For
7                        ELECTION OF DIRECTOR: NOBUYUKI SHIGEMUNE                             Mgmt             For             For
8                        ELECTION OF DIRECTOR: MASAHARU SHIBATA                               Mgmt             For             For
9                        ELECTION OF DIRECTOR: HIDEAKI KUBORI                                 Mgmt             For             For
10                       ELECTION OF DIRECTOR: HARUO TSUJI                                    Mgmt             For             For
11                       ELECTION OF DIRECTOR: FUMIHIDE NOMURA                                Mgmt             For             For
12                       ELECTION OF DIRECTOR: KOJI TAJIKA                                    Mgmt             For             For
13                       ELECTION OF DIRECTOR: YUKIO SUZUKI                                   Mgmt             For             For


Hitachi Chemical Co. Ltd.                                                   Shares Voted     124,200        Security       J20160107
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Amend Articles to: Authorize Public Announcements in
                         Electronic Format - Clarify Board's Authority to Vary Record
1                        Date for AGM                                                         Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
2.5                      Elect Director                                                       Mgmt             For             For
2.6                      Elect Director                                                       Mgmt             For           Against
2.7                      Elect Director                                                       Mgmt             For           Against
2.8                      Elect Director                                                       Mgmt             For           Against
3                        Approve Executive Stock Option Plan                                  Mgmt             For             For


NIPPON MINING HOLDINGS INC.                                                Shares Voted     345,500        Security        J54824107
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 10, Special JY 0                   Mgmt             For             For
                         Amend Articles to: Authorize Public Announcements in
2                        Electronic Format                                                    Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
4                        Approve Deep Discount Stock Option Plan                              Mgmt             For             For
                         Approve Retirement Bonus for Director and Special Payments to
                         Continuing Directors in Connection with Abolition of
5                        Retirement Bonus System                                              Mgmt             For             For


Nippon Steel Corp.                                                          Shares Voted    1,496,000       Security       J55999122
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 5, Special JY 0                    Mgmt             For             For
                         Approve Payment of Annual Bonuses to Directors and Statutory
2                        Auditors                                                             Mgmt             For             For
                         Amend Articles to: Authorize Public Announcements in
3                        Electronic Format                                                    Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
4.8                      Elect Director                                                       Mgmt             For             For
4.9                      Elect Director                                                       Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.11                     Elect Director                                                       Mgmt             For             For
4.12                     Elect Director                                                       Mgmt             For             For
4.13                     Elect Director                                                       Mgmt             For             For
4.14                     Elect Director                                                       Mgmt             For             For
4.15                     Elect Director                                                       Mgmt             For             For
4.16                     Elect Director                                                       Mgmt             For             For
4.17                     Elect Director                                                       Mgmt             For             For
4.18                     Elect Director                                                       Mgmt             For             For
4.19                     Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.21                     Elect Director                                                       Mgmt             For             For
4.22                     Elect Director                                                       Mgmt             For             For
4.23                     Elect Director                                                       Mgmt             For             For
4.24                     Elect Director                                                       Mgmt             For             For
4.25                     Elect Director                                                       Mgmt             For             For
4.26                     Elect Director                                                       Mgmt             For             For
4.27                     Elect Director                                                       Mgmt             For             For
4.28                     Elect Director                                                       Mgmt             For             For
4.29                     Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.31                     Elect Director                                                       Mgmt             For             For
4.32                     Elect Director                                                       Mgmt             For             For
4.33                     Elect Director                                                       Mgmt             For             For
4.34                     Elect Director                                                       Mgmt             For             For
4.35                     Elect Director                                                       Mgmt             For             For
4.36                     Elect Director                                                       Mgmt             For             For
4.37                     Elect Director                                                       Mgmt             For             For
5.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5.3                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
                         Approve Special Bonus for Family of Deceased Satutory Auditor
6                        and Retirement Bounuses for Directors and Statutory Auditor          Mgmt             For           Against


Ricoh Co. Ltd.                                                             Shares Voted     84,000         Security        J64683105
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 10, Final JY 10, Special JY 0                  Mgmt             For             For
                         Amend Articles to: Increase Authorized Capital from 993
                         Million to 1.5 Billion Shares - Reduce Maximum Board Size -
2                        Clarify Director Authorities                                         Mgmt             For           Against
3                        Elect Director                                                       Mgmt             For             For
4                        Approve Retirement Bonuses for Directors and Statutory Auditor       Mgmt             For             For


USS Co., Ltd.                                                               Shares Voted     22,720         Security       J9446Z105
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 30, Final JY 35, Special JY 0                  Mgmt             For             For
                         Amend Articles to: Expand Business Lines - Increase Authorized
                         Capital from 100 Million Shares to 120 Million Shares -
2                        Decrease Maximum Board Size                                          Mgmt             For           Against
3.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
3.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
3.3                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4                        Approve Retirement Bonuses for Statutory Auditors                    Mgmt             For           Against
5                        Approve Executive Stock Option Plan                                  Mgmt             For           Against


MIZUHO FINANCIAL GROUP INC.                                                Shares Voted       435          Security        J4599L102
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Management Proposals
                         Approve Allocation of Income, Including the Following
                         Dividends on Ordinary Shares: Interim JY 0, Final JY 3500,
1                        Special JY 0                                                         Mgmt             For             For
2                        Authorize Repurchase of Preferred Shares                             Mgmt             For             For
                         Amend Articles to: Decrease Authorized Capital to Reflect
3                        Preferred Share Cancellation                                         Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
5.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
6                        Approve Retirement Bonuses for Director and Statutory Auditors       Mgmt             For             For
                         Shareholder Proposals
                         Amend Articles to Require Disclosure of Individual
7                        Compensation of Directors and Statutory Auditors                   ShrHoldr         Against           For
                         Approve Alternate Income Allocation Proposal, with a Dividend
8                        of JY 7000 Per Share                                               ShrHoldr         Against         Against


Citizen Electronics                                                         Shares Voted      9,200        Security        J0792R102
Meeting Date                            6/28/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 14, Final JY 16.5, Special JY 0                Mgmt             For             For
2                        Amend Articles to: Change Company Name in Japanese Only              Mgmt             For             For
3                        Approve Merger Agreement with Citizen Watch Co.                      Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
4.8                      Elect Director                                                       Mgmt             For             For
4.9                      Elect Director                                                       Mgmt             For             For


TDK Corp.                                                                   Shares Voted     23,000         Security       J82141136
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 30, Final JY 40, Special JY 0                  Mgmt             For             For
2                        Approve Deep Discount Stock Option Plan                              Mgmt             For             For
3                        Approve Executive Stock Option Plan                                  Mgmt             For           Against
4                        Authorize Share Repurchase Program                                   Mgmt             For             For
5.1                      Elect Director                                                       Mgmt             For             For
5.2                      Elect Director                                                       Mgmt             For             For
5.3                      Elect Director                                                       Mgmt             For             For
5.4                      Elect Director                                                       Mgmt             For             For
5.5                      Elect Director                                                       Mgmt             For             For
5.6                      Elect Director                                                       Mgmt             For             For
5.7                      Elect Director                                                       Mgmt             For             For


Tokyo Gas Co. Ltd.                                                          Shares Voted     470,000        Security       J87000105
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 3.5, Final JY 3.5, Special JY 0                Mgmt             For             For
                         Amend Articles to: Authorize Public Announcements in
2                        Electronic Format                                                    Mgmt             For             For
3                        Authorize Share Repurchase Program                                   Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
4.8                      Elect Director                                                       Mgmt             For             For
4.9                      Elect Director                                                       Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.11                     Elect Director                                                       Mgmt             For             For
4.12                     Elect Director                                                       Mgmt             For             For
5.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
                         Approve Retirement Bonuses for Director and Statutory Auditors
                         and Special Payments to Continuing Directors and Statutory
                         Auditors in Connection with Abolition of Retirement Bonus
6                        System                                                               Mgmt             For           Against
                         Approve Adjustment to Aggregate Compensation Ceiling for
7                        Directors                                                            Mgmt             For             For


Aoyama Trading Co. Ltd.                                                     Shares Voted     27,900         Security       J01722107
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 40, Special JY 0                   Mgmt             For             For
                         Amend Articles to: Reduce Maximum Board Size - Authorize
                         Public Announcements in Electronic Format - Expand Board
2                        Eligibility                                                          Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
4                        Approve Retirement Bonuses for Directors                             Mgmt             For             For
5                        Appoint External Auditors                                            Mgmt             For             For
6                        Approve Executive Stock Option Plan                                  Mgmt             For             For


Matsushita Electric Industrial Co.                                                         Shares Voted                    Security
Ltd.                                                                                         128,000                       J41121104
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 7.5, Final JY 7.5, Special JY 0                Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
2.5                      Elect Director                                                       Mgmt             For             For
2.6                      Elect Director                                                       Mgmt             For             For
2.7                      Elect Director                                                       Mgmt             For             For
2.8                      Elect Director                                                       Mgmt             For             For
2.9                      Elect Director                                                       Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.11                     Elect Director                                                       Mgmt             For             For
2.12                     Elect Director                                                       Mgmt             For             For
2.13                     Elect Director                                                       Mgmt             For             For
2.14                     Elect Director                                                       Mgmt             For             For
2.15                     Elect Director                                                       Mgmt             For             For
2.16                     Elect Director                                                       Mgmt             For             For
2.17                     Elect Director                                                       Mgmt             For             For
2.18                     Elect Director                                                       Mgmt             For             For
2.19                     Elect Director                                                       Mgmt             For             For
                         Approve Special Bonus for Family of Deceased Director and
3                        Retirement Bonuses for Directors                                     Mgmt             For           Against


Asahi Kasei Corp. (frm. Asahi                                                              Shares Voted                    Security
Chemical Industry)                                                                         173,000                        J0242P110
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 4, Final JY 4, Special JY 0                    Mgmt             For             For
2                        Amend Articles to: Reduce Maximum Board Size                         Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
4                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
5                        Approve Retirement Bonuses for Director and Statutory Auditor        Mgmt             For             For


Mitsui Fudosan Co. Ltd.                                                     Shares Voted     157,000        Security       J4509L101
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 3.50, Final JY 3.50, Special JY 0              Mgmt             For             For
                         Amend Articles to: Increase Authorized Capital from 1.77
2                        Billion to 3.29 Billion Shares - Reduce Maximum Board Size           Mgmt             For           Against
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
4                        Appoint Internal Statutory Auditor                                   Mgmt             For           Against
5                        Approve Retirement Bonuses for Director and Statutory Auditor        Mgmt             For           Against


Mitsubishi Estate Co. Ltd.                                                 Shares Voted     156,000        Security        J43916113
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 4, Final JY 4, Special JY 0                    Mgmt             For             For
2                        Amend Articles to: Reduce Maximum Board Size                         Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For           Against
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against


Casio Computer Co. Ltd.                                                     Shares Voted     35,300         Security       J05250139
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 17, Special JY 0                   Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
2.5                      Elect Director                                                       Mgmt             For             For
2.6                      Elect Director                                                       Mgmt             For             For
2.7                      Elect Director                                                       Mgmt             For             For
2.8                      Elect Director                                                       Mgmt             For             For
2.9                      Elect Director                                                       Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.11                     Elect Director                                                       Mgmt             For             For
2.12                     Elect Director                                                       Mgmt             For             For
2.13                     Elect Director                                                       Mgmt             For             For
3                        Approve Retirement Bonus for Director                                Mgmt             For             For


Hankyu Holdings Inc. ( frmrly Hankyu                                                       Shares Voted                    Security
Corp.)                                                                                     108,000                        J18439109
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 3, Special JY 0                    Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
3.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
3.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
3.3                      Appoint Internal Statutory Auditor                                   Mgmt             For             For


NGK Insulators Ltd.                                                         Shares Voted     106,000        Security       J49076110
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 5, Final JY 6, Special JY 0                    Mgmt             For             For
                         Amend Articles to: Reduce Maximum Board Size - Abolish
                         Retirement Bonus System - Reduce Directors Term in Office -
2                        Streamline Board Structure                                           Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
4                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
                         Approve Retirement Bonuses for Directors and Statutory Auditor
                         and Special Payments to Continuing Directors and Statutory
                         Auditors in Connection with Abolition of Retirement Bonus
5                        System                                                               Mgmt             For           Against
6                        Approve Deep Discount Stock Option Plan                              Mgmt             For             For
                         Approve Adjustment to Aggregate Compensation Ceiling for
7                        Statutory Auditors                                                   Mgmt             For             For


Rohm Co. Ltd.                                                               Shares Voted     17,000         Security       J65328122
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 42.50, Final JY 42.50, Special JY 0            Mgmt             For             For
2                        Authorize Share Repurchase Program                                   Mgmt             For             For
                         Amend Articles to: Increase Maximum Board Size - Authorize
3                        Public Announcements in Electronic Format                            Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
4.5                      Elect Director                                                       Mgmt             For             For
4.6                      Elect Director                                                       Mgmt             For             For
4.7                      Elect Director                                                       Mgmt             For             For
4.8                      Elect Director                                                       Mgmt             For             For
                         Approve Special Payments to Satutory Auditors in Connection
5                        with Abolition of Retirement Bonus System                            Mgmt             For           Against


Shimizu Corp.                                                               Shares Voted     179,000        Security       J72445117
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 2.50, Final JY 2.50, Special JY 0              Mgmt             For             For
                         Amend Articles to: Provide for Sale of Supplemental Shares to
2                        Odd-Lot Holders                                                      Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
4                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
5                        Approve Retirement Bonuses for Directors and Statutory Auditor       Mgmt             For             For


Mitsubishi Tokyo Financial Group Inc                                       Shares Voted       389          Security        J44497105
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
                         Dividends on Ordinary Shares: Interim JY 0, Final JY 6000,
1                        Special JY 0                                                         Mgmt             For             For
                         Amend Articles to: Increase Authorized Preferred Share Capital
                         - Delete References to Cancelled Preferred Shares and Add
2                        References to New Classes of Preferred Shares                        Mgmt             For             For
3                        Approve Merger Agreement with UFJ Holdings Inc.                      Mgmt             For             For
4.1                      Elect Director                                                       Mgmt             For             For
4.2                      Elect Director                                                       Mgmt             For             For
4.3                      Elect Director                                                       Mgmt             For             For
4.4                      Elect Director                                                       Mgmt             For             For
5.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
5.2                      Appoint Internal Statutory Auditor                                   Mgmt             For           Against
6                        Approve Retirement Bonuses for Directors and Statutory Auditors      Mgmt             For           Against


Daiwa House Industry Co. Ltd.                                              Shares Voted     43,000         Security        J11508124
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 17, Special JY 0                   Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.3                      Elect Director                                                       Mgmt             For             For
2.4                      Elect Director                                                       Mgmt             For             For
2.5                      Elect Director                                                       Mgmt             For             For
2.6                      Elect Director                                                       Mgmt             For             For
2.7                      Elect Director                                                       Mgmt             For             For
2.8                      Elect Director                                                       Mgmt             For             For
2.9                      Elect Director                                                       Mgmt             For             For
2.1                      Elect Director                                                       Mgmt             For             For
2.11                     Elect Director                                                       Mgmt             For             For
2.12                     Elect Director                                                       Mgmt             For             For
2.13                     Elect Director                                                       Mgmt             For             For
2.14                     Elect Director                                                       Mgmt             For             For
2.15                     Elect Director                                                       Mgmt             For             For
2.16                     Elect Director                                                       Mgmt             For             For
2.17                     Elect Director                                                       Mgmt             For             For
2.18                     Elect Director                                                       Mgmt             For             For
2.19                     Elect Director                                                       Mgmt             For             For
2.2                      Elect Director                                                       Mgmt             For             For
2.21                     Elect Director                                                       Mgmt             For             For
3.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
3.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
3.3                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
3.4                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
                         Approve Retirement Bonuses for Directors and Statutory
                         Auditors and Special Payments to Continuing Directors and
                         Auditors in Connection with Abolition of Retirement Bonus
4                        System                                                               Mgmt             For           Against
                         Approve Adjustment to Aggregate Compensation Ceiling for
5                        Statutory Auditors                                                   Mgmt             For             For


NHK Spring Co.                                                              Shares Voted     141,000        Security       J49162126
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 3, Final JY 3, Special JY 0                    Mgmt             For             For
                         Amend Articles to: Introduce Exective Officer System - Reduce
2                        Maximum Board Size - Streamline Board Structure                      Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
4                        Approve Retirement Bonuses for Directors                             Mgmt             For           Against


Sumitomo Trust & Banking Co. Ltd.                                         Shares Voted     320,000        Security        J77970101
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 12, Special JY 0                   Mgmt             For             For
                         Amend Articles to: Decrease Authorized Capital to Reflect
                         Preferred Share Repurchase - Clarify Director Authorities -
                         Clarify Board's Authority to Vary AGM Record Date - Require
2                        Supermajority Vote to Remove Director                                Mgmt             For           Against
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
4.1                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
4.2                      Appoint Internal Statutory Auditor                                   Mgmt             For             For
                         Approve Special Payments to Continuing Directors and Statutory
                         Auditors in Connection with Abolition of Retirement Bonus
5                        System                                                               Mgmt             For           Against


Kamigumi Co. Ltd.                                                           Shares Voted     223,000        Security       J29438116
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 0, Final JY 8.50, Special JY 0                 Mgmt             For             For
                         Amend Articles to: Clarify Director Authorities - Expand Board
2                        Eligibility                                                          Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
3.14                     Elect Director                                                       Mgmt             For             For
3.15                     Elect Director                                                       Mgmt             For             For
4                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
5                        Approve Retirement Bonuses for Directors and Statutory Auditor       Mgmt             For           Against


Dai Nippon Printing Co. Ltd.                                              Shares Voted     29,000         Security        J10584100
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 10.50, Final JY 13.50, Special JY 0            Mgmt             For             For
                         Amend Articles to: Increase Authorized Capital from 1.2
                         Billion to 1.5 Billion Shares - Cancel Year-End Closure of
                         Shareholder Register - Reduce Maximum Board Size - Increase
2                        Maximum Number of Internal Auditors                                  Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
3.12                     Elect Director                                                       Mgmt             For             For
3.13                     Elect Director                                                       Mgmt             For             For
3.14                     Elect Director                                                       Mgmt             For             For
3.15                     Elect Director                                                       Mgmt             For             For
3.16                     Elect Director                                                       Mgmt             For             For
3.17                     Elect Director                                                       Mgmt             For             For
3.18                     Elect Director                                                       Mgmt             For             For
3.19                     Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.21                     Elect Director                                                       Mgmt             For             For
3.22                     Elect Director                                                       Mgmt             For             For
3.23                     Elect Director                                                       Mgmt             For             For
3.24                     Elect Director                                                       Mgmt             For             For
3.25                     Elect Director                                                       Mgmt             For             For
3.26                     Elect Director                                                       Mgmt             For             For
4                        Appoint Internal Statutory Auditor                                   Mgmt             For             For
                         Approve Adjustment to Aggregate Compensation Ceiling for
5                        Statutory Auditors                                                   Mgmt             For             For
6                        Approve Retirement Bonuses for Directors                             Mgmt             For             For


Obayashi Corp.                                                              Shares Voted     276,000        Security       J59826107
Meeting Date                            6/29/2005                                                         Meeting Type         AGM

Ballot Issues                                                                               Proponent         Mgmt            Vote
                                                                                                               Rec            Cast
                         Approve Allocation of Income, Including the Following
1                        Dividends: Interim JY 4, Final JY 4, Special JY 0                    Mgmt             For             For
                         Amend Articles to: Expand Business Lines - Reduce Maximum
                         Board Size - Authorize Public Announcements in Electronic
2                        Format - Introduce Executive Officer System                          Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.2                      Elect Director                                                       Mgmt             For             For
3.3                      Elect Director                                                       Mgmt             For             For
3.4                      Elect Director                                                       Mgmt             For             For
3.5                      Elect Director                                                       Mgmt             For             For
3.6                      Elect Director                                                       Mgmt             For             For
3.7                      Elect Director                                                       Mgmt             For             For
3.8                      Elect Director                                                       Mgmt             For             For
3.9                      Elect Director                                                       Mgmt             For             For
3.1                      Elect Director                                                       Mgmt             For             For
3.11                     Elect Director                                                       Mgmt             For             For
                         Approve Retirement Bonuses for Directors and Special Payments
                         to Continuing Directorsand Statutory Auditors in Connection
4                        with Abolition of Retirement Bounu System                            Mgmt             For           Against
                         Approve Adjustment to Aggregate Compensation Ceiling for
5                        Statutory Auditors                                                   Mgmt             For             For





ProxyEdge -  Investment Company Report                   Report Date: 08/03/2005
Meeting Date Range: 07/01/2004 to 06/30/2005
Selected Accounts: Scuder Investors Funds - Top 50 US Fund

Scudder Top 50 US Fund, a series of Scudder  Investors Funds,  Inc., is a feeder
in a  master/feeder  structure.  Accordingly,  Scudder Top 50 US Fund holds only
securities of its master fund, Top 50 Portfolio,  a series of Scudder  Investors
Porfolios Trust.  Included in this filing is the proxy voting record for the Top
50 Portfolio.


ProxyEdge -  Investment Company Report                   Report Date: 08/10/2005
Meeting Date Range: 07/01/2004 to 06/30/2005
Selected Accounts: Scudder Inv Portfolio Trust Inc. Top 50 US Portfolio





- ----------------------------------------------------------------------------------------------------------------------------
BED BATH & BEYOND INC.                                                  BBBY                 Annual Meeting Date: 07/01/2004
Issuer: 075896                          ISIN:
SEDOL:
- ----------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                    Management        For             No

02       RATIFICATION OF THE APPOINTMENT OF KPMG LLP.                Management        For             No

03       RATIFICATION OF THE ADOPTION OF THE 2004 INCENTIVE          Management        For             No
         COMPENSATION PLAN.

04       SHAREHOLDER PROPOSAL; GLASS CEILING REPORT.                Shareholder      Against           No

05       SHAREHOLDER PROPOSAL; EXECUTIVE STOCK HOLDINGS.            Shareholder      Against           No



- ----------------------------------------------------------------------------------------------------------------------------
ELECTRONIC ARTS INC.                                                    ERTS                 Annual Meeting Date: 07/29/2004
Issuer: 285512                          ISIN:
SEDOL:
- ----------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                    Management        For             No

02       AMENDMENTS TO THE 2000 EQUITY INCENTIVE PLAN                Management      Against          Yes

03       AMENDMENT TO THE 2000 EMPLOYEE STOCK PURCHASE               Management        For             No
         PLAN

04       AMENDMENT OF THE CERTIFICATE OF INCORPORATION              Shareholder        For             No
         TO CONSOLIDATE COMMON STOCK

05       AMENDMENT OF THE CERTIFICATE OF INCORPORATION              Shareholder      Against          Yes
         TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF
         COMMON STOCK

06       RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS         Management        For             No



- ----------------------------------------------------------------------------------------------------------------------------
FOREST LABORATORIES, INC.                                               FRX                  Annual Meeting Date: 08/11/2004
Issuer: 345838                          ISIN:
SEDOL:
- ----------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                    Management        For             No

02       RATIFICATION OF AMENDMENT OF THE COMPANY S CERTIFICATE     Shareholder        For             No
         OF INCORPORATION TO AUTHORIZE ADDITIONAL SHARES
         OF THE COMPANY S COMMON STOCK.

03       RATIFICATION OF 2004 STOCK OPTION PLAN.                     Management        For             No

04       RATIFICATION OF BDO SEIDMAN, LLP AS INDEPENDENT             Management        For             No
         AUDITORS.



- ----------------------------------------------------------------------------------------------------------------------------
VERITAS SOFTWARE CORPORATION                                           VRTSE                 Annual Meeting Date: 08/25/2004
Issuer: 923436                          ISIN:
SEDOL:
- ----------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                    Management        For             No

02       APPROVAL OF AMENDED AND RESTATED 2003 STOCK INCENTIVE       Management      Against          Yes
         PLAN

03       RATIFICATION OF KPMG LLP AS INDEPENDENT ACCOUNTANTS         Management        For             No
         FOR CURRENT FISCAL YEAR



- ----------------------------------------------------------------------------------------------------------------------------
THE PROCTER & GAMBLE COMPANY                                             PG                  Annual Meeting Date: 10/12/2004
Issuer: 742718                          ISIN:
SEDOL:
- ----------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

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

01       DIRECTOR                                                    Management        For             No

02       RATIFY APPOINTMENT OF THE INDEPENDENT REGISTERED            Management        For             No
         PUBLIC ACCOUNTING FIRM

03       APPROVE AMENDMENT TO AMENDED ARTICLES OF INCORPORATION     Shareholder      Against          Yes
         TO INCREASE THE AUTHORIZED NUMBER OF SHARES OF
         COMMON STOCK

04       APPROVE AMENDMENT TO CODE OF REGULATIONS TO PROVIDE         Management        For            Yes
         FOR THE ANNUAL ELECTION OF DIRECTORS

05       SHAREHOLDER PROPOSAL NO. 1 IN-HOME FOOD STUDIES            Shareholder      Against           No
         FOR PET NUTRITION







                                   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 Investors Funds, Inc.



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

Date    8/15/05
       ---------
* Print the name and title of each signing officer under his or her signature.