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

ICA File Number: 811-06673
Reporting Period: 07/01/2003 - 06/30/2004
The Parnassus Income Trust









========================= PARNASSUS EQUITY INCOME FUND =========================


AGL RESOURCES INC.

Ticker:       ATG            Security ID:  001204106
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas D. Bell, Jr.       For       For        Management
1.2   Elect  Director Michael J. Durham         For       For        Management
1.3   Elect  Director D. Raymond Riddle         For       For        Management
1.4   Elect  Director Felker W. Ward, Jr.       For       For        Management
1.5   Elect  Director Henry C. Wolf             For       For        Management


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AIR PRODUCTS & CHEMICALS, INC.

Ticker:       APD            Security ID:  009158106
Meeting Date: JAN 22, 2004   Meeting Type: Annual
Record Date:  NOV 28, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director W. Douglas Ford            For       For        Management
1.2   Elect Director James F. Hardymon          For       For        Management
1.3   Elect Director Paula G. Rosput            For       For        Management
1.4   Elect Director Lawrason D. Thomas         For       For        Management
2     Ratify Auditors                           For       For        Management


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AMBAC FINANCIAL GROUP, INC.

Ticker:       ABK            Security ID:  023139108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Phillip B. Lassiter       For       For        Management
1.2   Elect  Director Michael A. Callen         For       For        Management
1.3   Elect  Director Renso L. Caporali         For       For        Management
1.4   Elect  Director Jill M. Considine         For       For        Management
1.5   Elect  Director Richard Dulude            For       For        Management
1.6   Elect  Director Robert J. Genader         For       For        Management
1.7   Elect  Director W. Grant Gregory          For       For        Management
1.8   Elect  Director Laura S. Unger            For       For        Management
1.9   Elect  Director Henry D. G. Wallace       For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


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AMERICAN INTERNATIONAL GROUP, INC.

Ticker:       AIG            Security ID:  026874107
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director M. Bernard Aidinoff       For       For        Management
1.2   Elect  Director Pei-Yuan Chia             For       For        Management
1.3   Elect  Director Marshall A. Cohen         For       For        Management
1.4   Elect  Director Willaim S. Cohen          For       For        Management
1.5   Elect  Director Martin S. Feldstein       For       For        Management
1.6   Elect  Director Ellen V. Futter           For       For        Management
1.7   Elect  Director Maurice R. Greenberg      For       For        Management
1.8   Elect  Director Carla A. Hills            For       For        Management
1.9   Elect  Director Frank J. Hoenemeyer       For       For        Management
1.10  Elect  Director Richard C. Holbrooke      For       For        Management
1.11  Elect  Director Donald P. Kanak           For       For        Management
1.12  Elect  Director Howard I. Smith           For       For        Management
1.13  Elect  Director Martin J. Sullivan        For       For        Management
1.14  Elect  Director Edmund S.W. Tse           For       For        Management
1.15  Elect  Director Frank G. Zarb             For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Approve Non-Employee Director Stock       For       For        Management
      Option Plan
4     Ratify Auditors                           For       For        Management
5     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
6     Divest from Tobacco Equities              Against   For        Shareholder
7     Link Executive Compensation to Predatory  Against   For        Shareholder
      Lending


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AMSOUTH BANCORPORATION

Ticker:       ASO            Security ID:  032165102
Meeting Date: APR 15, 2004   Meeting Type: Annual
Record Date:  FEB 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Claude B. Nielsen         For       For        Management
1.2   Elect  Director Cleophus Thomas, Jr.      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Employee Stock Purchase Plan      For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Approve Non-Employee Director Stock       For       For        Management
      Option Plan
6     Political Contributions                   Against   Against    Shareholder


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ARTHUR J. GALLAGHER & CO.

Ticker:       AJG            Security ID:  363576109
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director T. Kimball Brooker        For       For        Management
1.2   Elect  Director Robert E. Gallagher       For       For        Management
1.3   Elect  Director David S. Johnson          For       For        Management
2     Ratify Auditors                           For       For        Management


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ATMOS ENERGY CORP.

Ticker:       ATO            Security ID:  049560105
Meeting Date: FEB 11, 2004   Meeting Type: Annual
Record Date:  DEC 15, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert W. Best             For       For        Management
1.2   Elect Director Thomas J. Garland          For       For        Management
1.3   Elect Director Phillip E. Nichol          For       For        Management
1.4   Elect Director Charles K. Vaughan         For       For        Management


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BALDOR ELECTRIC CO.

Ticker:       BEZ            Security ID:  057741100
Meeting Date: APR 24, 2004   Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director R. S. Boreham, Jr.        For       For        Management
1.2   Elect  Director R. L. Qualls              For       For        Management
1.3   Elect  Director Barry K. Rogstad          For       For        Management


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BANK ONE CORP.

Ticker:       ONE            Security ID:  06423A103
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect  Director John H. Bryan             For       For        Management
2.2   Elect  Director Stephen B. Burke          For       For        Management
2.3   Elect  Director James S. Crown            For       For        Management
2.4   Elect  Director James Dimon               For       For        Management
2.5   Elect  Director Maureen A. Fay            For       For        Management
2.6   Elect  Director Laban P. Jackson, Jr.     For       For        Management
2.7   Elect  Director John W. Kessler           For       For        Management
2.8   Elect  Director Robert I. Lipp            For       For        Management
2.9   Elect  Director Richard A. Manoogian      For       For        Management
2.10  Elect  Director David C. Novak            For       For        Management
2.11  Elect  Director John W. Rogers, Jr.       For       For        Management
2.12  Elect  Director Frederick P. Stratton,    For       For        Management
      Jr.
3     Ratify Auditors                           For       For        Management


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BANTA CORP.

Ticker:       BN             Security ID:  066821109
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jameson A. Baxter         For       For        Management
1.2   Elect  Director John F. Bergstrom         For       For        Management
1.3   Elect  Director Henry T. DeNero           For       For        Management
1.4   Elect  Director Paul C. Reyelts           For       For        Management
1.5   Elect  Director Ray C. Richelsen          For       For        Management
1.6   Elect  Director Stephanie A. Streeter     For       For        Management
1.7   Elect  Director Michael J. Winkler        For       For        Management
2     Ratify Auditors                           For       For        Management


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BECTON, DICKINSON AND COMPANY

Ticker:       BDX            Security ID:  075887109
Meeting Date: FEB 11, 2004   Meeting Type: Annual
Record Date:  DEC 15, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Henry P. Becton, Jr.       For       For        Management
1.2   Elect Director Edward F. DeGraan          For       For        Management
1.3   Elect Director James F. Orr               For       For        Management
1.4   Elect Director Margaretha af Ugglas       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Provide for Cumulative Voting             Against   Against    Shareholder


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BOB EVANS FARMS, INC.

Ticker:       BOBE           Security ID:  096761101
Meeting Date: SEP 8, 2003    Meeting Type: Annual
Record Date:  JUL 18, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Larry C. Corbin            For       For        Management
1.2   Elect Director Stewart K. Owens           For       For        Management
1.3   Elect Director Robert E.H. Rabold         For       Withhold   Management


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CALGON CARBON CORP.

Ticker:       CCC            Security ID:  129603106
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert W. Cruickshank     For       For        Management
1.2   Elect  Director Thomas A. McConomy        For       Withhold   Management
1.3   Elect  Director Julie S. Roberts          For       For        Management
1.4   Elect  Director John S. Stanik            For       For        Management
2     Ratify Auditors                           For       Against    Management


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CISCO SYSTEMS, INC.

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

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


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CREDENCE SYSTEMS CORP.

Ticker:       CMOS           Security ID:  225302108
Meeting Date: MAY 27, 2004   Meeting Type: Special
Record Date:  APR 15, 2004

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


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DEERE & CO.

Ticker:       DE             Security ID:  244199105
Meeting Date: FEB 25, 2004   Meeting Type: Annual
Record Date:  DEC 31, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert W. Lane            For       For        Management
1.2   Elect  Director Antonio Madero B.         For       For        Management
1.3   Elect  Director Aulana L. Peters          For       For        Management
1.4   Elect  Director John R. Walter            For       For        Management


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ENERGEN CORP.

Ticker:       EGN            Security ID:  29265N108
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen D. Ban            For       For        Management
1.2   Elect  Director Julian W. Banton          For       For        Management
1.3   Elect  Director T. Michael Goodrich       For       For        Management
1.4   Elect  Director Wm. Michael Warren Jr.    For       For        Management
1.5   Elect  Director David W. Wilson           For       For        Management


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ENNIS BUSINESS FORMS, INC.

Ticker:       EBF            Security ID:  293389102
Meeting Date: JUN 17, 2004   Meeting Type: Annual
Record Date:  APR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Harold W. Hartley         For       For        Management
1.2   Elect  Director Kenneth G. Pritchett      For       For        Management
1.3   Elect  Director James C. Taylor           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Change Company Name                       For       For        Management
4     Other Business                            For       Against    Management


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EQUITY OFFICE PROPERTIES TRUST

Ticker:       EOP            Security ID:  294741103
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas E. Dobrowski       For       For        Management
1.2   Elect  Director William M. Goodyear       For       For        Management
1.3   Elect  Director James D. Harper, Jr.      For       For        Management
1.4   Elect  Director Richard D. Kincaid        For       For        Management
1.5   Elect  Director David K. Mckown           For       For        Management
1.6   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.7   Elect  Director Edwin N. Sidman           For       For        Management
1.8   Elect  Director J. H.W.R. Van Der Vlist   For       For        Management
1.9   Elect  Director Samuel Zell               For       For        Management
2     Ratify Auditors                           For       For        Management


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ETHAN ALLEN INTERIORS INC.

Ticker:       ETH            Security ID:  297602104
Meeting Date: NOV 17, 2003   Meeting Type: Annual
Record Date:  SEP 26, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Frank G. Wisner            For       For        Management
2     Ratify Auditors                           For       For        Management


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FIRST DATA CORP.

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

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


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FIRST HEALTH GROUP CORP.

Ticker:       FHCC           Security ID:  320960107
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael J. Boskin, Phd    For       For        Management
1.2   Elect  Director Daniel S. Brunner         For       For        Management
1.3   Elect  Director Raul Cesan                For       For        Management
1.4   Elect  Director Ronald H. Galowich        For       Withhold   Management
1.5   Elect  Director Harold S. Handelsman      For       For        Management
1.6   Elect  Director Don Logan                 For       For        Management
1.7   Elect  Director William Mayer             For       For        Management
1.8   Elect  Director David E. Simon            For       For        Management
1.9   Elect  Director James C. Smith            For       For        Management
1.10  Elect  Director Edward L. Wristen         For       For        Management
2     Ratify Auditors                           For       For        Management


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FOOT LOCKER INC

Ticker:       FL             Security ID:  344849104
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James E. Preston          For       For        Management
1.2   Elect  Director Matthew D. Serra          For       For        Management
1.3   Elect  Director Christopher A. Sinclair   For       For        Management
1.4   Elect  Director Dona D. Young             For       For        Management
2     Ratify Auditors                           For       For        Management


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GANNETT CO., INC.

Ticker:       GCI            Security ID:  364730101
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James A. Johnson          For       For        Management
1.2   Elect  Director Douglas H. McCorkindale   For       For        Management
1.3   Elect  Director Stephen P. Munn           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management
4     Limit Executive Compensation              Against   Against    Shareholder


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GENUINE PARTS CO.

Ticker:       GPC            Security ID:  372460105
Meeting Date: APR 19, 2004   Meeting Type: Annual
Record Date:  FEB 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jean Douville             For       For        Management
1.2   Elect  Director Michael M.E. Johns, M.D.  For       For        Management
1.3   Elect  Director J. Hicks Lanier           For       For        Management
1.4   Elect  Director Wendy B. Needham          For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
5     Company-Specific -- Shareholder           Against   For        Shareholder
      Miscellaneous


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GOLDEN WEST FINANCIAL CORP.

Ticker:       GDW            Security ID:  381317106
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Patricia A. King          For       For        Management
1.2   Elect  Director Marion O. Sandler         For       For        Management
1.3   Elect  Director Leslie Tang Schilling     For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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HCC INSURANCE HOLDINGS, INC.

Ticker:       HCC            Security ID:  404132102
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  APR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank J. Bramanti         For       For        Management
1.2   Elect  Director Patrick B. Collins        For       For        Management
1.3   Elect  Director James R. Crane            For       For        Management
1.4   Elect  Director J. Robert Dickerson       For       For        Management
1.5   Elect  Director Edward H. Ellis, Jr.      For       For        Management
1.6   Elect  Director James C. Flagg            For       For        Management
1.7   Elect  Director Allan W. Fulkerson        For       For        Management
1.8   Elect  Director Walter J. Lack            For       For        Management
1.9   Elect  Director Michael A.F. Roberts      For       For        Management
1.10  Elect  Director Stephen L. Way            For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management


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HOME DEPOT, INC. (THE)

Ticker:       HD             Security ID:  437076102
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gregory D. Brenneman      For       For        Management
1.2   Elect  Director Richard H. Brown          For       For        Management
1.3   Elect  Director John L. Clendenin         For       For        Management
1.4   Elect  Director Berry R. Cox              For       For        Management
1.5   Elect  Director Claudio X. Gonzalez       For       For        Management
1.6   Elect  Director Milledge A. Hart, III     For       For        Management
1.7   Elect  Director Bonnie G. Hill            For       For        Management
1.8   Elect  Director Kenneth G. Langone        For       For        Management
1.9   Elect  Director Robert L. Nardelli        For       For        Management
1.10  Elect  Director Roger S. Penske           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Establish Term Limits for Directors       Against   Against    Shareholder
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
5     Performance- Based/Indexed Options        Against   For        Shareholder
6     Adopt ILO Based Code of Conduct           Against   For        Shareholder
7     Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote
8     Require Affirmative Vote of the Majority  Against   Against    Shareholder
      of the Shares to Elect Directors


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J. M. SMUCKER CO., THE

Ticker:       SJM            Security ID:  832696405
Meeting Date: JUN 17, 2004   Meeting Type: Special
Record Date:  MAY 3, 2004

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


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JOHNSON & JOHNSON

Ticker:       JNJ            Security ID:  478160104
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  FEB 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gerard N. Burrow          For       For        Management
1.2   Elect  Director Mary S. Coleman           For       For        Management
1.3   Elect  Director James G. Cullen           For       For        Management
1.4   Elect  Director Robert J. Darretta        For       For        Management
1.5   Elect  Director M. Judah Folkman          For       For        Management
1.6   Elect  Director Ann D. Jordan             For       For        Management
1.7   Elect  Director Arnold G. Langbo          For       For        Management
1.8   Elect  Director Susan L. Lindquist        For       For        Management
1.9   Elect  Director Leo F. Mullin             For       For        Management
1.10  Elect  Director Steven S Reinemund        For       For        Management
1.11  Elect  Director David Satcher             For       For        Management
1.12  Elect  Director Henry B. Schacht          For       For        Management
1.13  Elect  Director William C. Weldon         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Cease Charitable Contributions            Against   Against    Shareholder


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KINDER MORGAN, INC.

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

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


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LABORATORY CORPORATION OF AMERICA HOLDINGS

Ticker:       LH             Security ID:  50540R409
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas P. Mac Mahon       For       For        Management
1.2   Elect  Director Jean-Luc Belingard        For       Withhold   Management
1.3   Elect  Director Wendy E. Lane             For       For        Management
1.4   Elect  Director R.E. Mittelstaedt, Jr.    For       For        Management
1.5   Elect  Director Andrew G. Wallace, M.D.   For       Withhold   Management
1.6   Elect  Director M. Keith Weikel           For       Withhold   Management
1.7   Elect  Director Craig M. Watson           For       For        Management
2     Amend Employee Stock Purchase Plan        For       For        Management
3     Ratify Auditors                           For       For        Management


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LEE ENTERPRISES, INC.

Ticker:       LEE            Security ID:  523768109
Meeting Date: JAN 21, 2004   Meeting Type: Annual
Record Date:  DEC 1, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mary E. Junck              For       For        Management
1.2   Elect Director Andrew E. Newman           For       For        Management
1.3   Elect Director Gordon D. Prichett         For       For        Management
2     Approve/Amend Executive Incentive Bonus   For       For        Management
      Plan
3     Other Business                            For       Against    Management


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LINCOLN NATIONAL CORP.

Ticker:       LNC            Security ID:  534187109
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  FEB 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William J. Avery          For       For        Management
1.2   Elect  Director Jon A. Boscia             For       For        Management
1.3   Elect  Director Eric G. Johnson           For       For        Management
1.4   Elect  Director Glenn F. Tilton           For       For        Management
2     Approve Deferred Compensation Plan        For       Against    Management


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LIZ CLAIBORNE, INC.

Ticker:       LIZ            Security ID:  539320101
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Raul J. Fernandez         For       For        Management
1.2   Elect  Director Mary Kay Haben            For       For        Management
1.3   Elect  Director Kenneth P. Kopelman       For       For        Management
1.4   Elect  Director Arthur C. Martinez        For       For        Management
2     Ratify Auditors                           For       For        Management


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MCGRAW-HILL COMPANIES, INC., THE

Ticker:       MHP            Security ID:  580645109
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Pedro Aspe                For       For        Management
1.2   Elect  Director Robert P. McGraw          For       For        Management
1.3   Elect  Director Hilda Ochoa-Brillembourg  For       For        Management
1.4   Elect  Director Edward B. Rust, Jr.       For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


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MDU RESOURCES GROUP, INC.

Ticker:       MDU            Security ID:  552690109
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dennis W. Johnson         For       For        Management
1.2   Elect  Director John L. Olson             For       For        Management
1.3   Elect  Director Martin A. White           For       For        Management
1.4   Elect  Director John K. Wilson            For       For        Management
2     Amend Non-Employee Director Omnibus Stock For       Against    Management
      Plan


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

MERCK & CO., INC.

Ticker:       MRK            Security ID:  589331107
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  FEB 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter C. Wendell          For       For        Management
1.2   Elect  Director William G. Bowen          For       For        Management
1.3   Elect  Director William M. Daley          For       For        Management
1.4   Elect  Director Thomas E. Shenk           For       For        Management
1.5   Elect  Director Wendell P. Weeks          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Prohibit Awards to Executives             Against   Against    Shareholder
5     Develop Ethical Criteria for Patent       Against   For        Shareholder
      Extension
6     Link Executive Compensation to Social     Against   Abstain    Shareholder
      Issues
7     Report on Political Contributions         Against   Against    Shareholder
8     Report on Operational Impact of HIV/AIDS, Against   For        Shareholder
      TB, and Malaria Pandemic


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

NATIONAL FUEL GAS CO.

Ticker:       NFG            Security ID:  636180101
Meeting Date: FEB 19, 2004   Meeting Type: Annual
Record Date:  DEC 22, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Philip C. Ackerman        For       For        Management
1.2   Elect Director Bernard S. Lee             For       For        Management
2     Ratify Auditors                           For       Against    Management
3     Limit Awards to Executives                Against   Against    Shareholder


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

NATIONWIDE FINANCIAL SERVICES, INC.

Ticker:       NFS            Security ID:  638612101
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James G. Brocksmith, Jr.  For       For        Management
1.2   Elect  Director Keith W. Eckel            For       For        Management
1.3   Elect  Director James F. Patterson        For       For        Management
1.4   Elect  Director Gerald D. Prothro         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management
4     Approve Outside Director Stock            For       For        Management
      Awards/Options in Lieu of Cash


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

NEW JERSEY RESOURCES CORP.

Ticker:       NJR            Security ID:  646025106
Meeting Date: JAN 21, 2004   Meeting Type: Annual
Record Date:  DEC 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Lawrence R. Codey          For       For        Management
1.2   Elect Director Laurence M. Downes         For       For        Management
1.3   Elect Director R. Barbara Gotenstein      For       For        Management
1.4   Elect Director Alfred C. Koeppe           For       For        Management
1.5   Elect Director William H. Turner          For       For        Management
2     Ratify Auditors                           For       For        Management


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

NISOURCE INC.

Ticker:       NI             Security ID:  65473P105
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Steven C. Beering         For       For        Management
1.2   Elect  Director Dennis E. Foster          For       For        Management
1.3   Elect  Director Richard L. Thompson       For       For        Management
1.4   Elect  Director Carolyn Y. Woo            For       For        Management
2     Ratify Auditors                           For       For        Management


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

NORTHWEST NATURAL GAS CO.

Ticker:       NWN            Security ID:  667655104
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  APR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Tod R. Hamachek           For       For        Management
1.2   Elect  Director Melody C. Teppola         For       For        Management
1.3   Elect  Director Russell F. Tromley        For       For        Management


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

ONEOK, INC.

Ticker:       OKE            Security ID:  682680103
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William M. Bell           For       For        Management
1.2   Elect  Director Julie H. Edwards          For       For        Management
1.3   Elect  Director Pattye L. Moore           For       For        Management
1.4   Elect  Director J.D. Scott                For       For        Management
1.5   Elect  Director James C. Day              For       For        Management
2     Ratify Auditors                           For       For        Management


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

PAR PHARMACEUTICAL COS INC

Ticker:       PRX            Security ID:  717125108
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  APR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter W. Williams         For       Withhold   Management
1.2   Elect  Director Mark Auerbach             For       For        Management
1.3   Elect  Director John D. Abernathy         For       Withhold   Management
2     Change Company Name                       For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Amend Non-Employee Director Stock Option  For       Against    Management
      Plan
5     Approve Executive Incentive Bonus Plan    For       For        Management


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

PATTERSON DENTAL CO.

Ticker:       PDCO           Security ID:  703412106
Meeting Date: SEP 8, 2003    Meeting Type: Annual
Record Date:  JUL 14, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Harold C. Slavkin          For       Withhold   Management
1.2   Elect Director James W. Wiltz             For       Withhold   Management
2     Ratify Auditors                           For       Against    Management


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

PEOPLES ENERGY CORP.

Ticker:       PGL            Security ID:  711030106
Meeting Date: FEB 27, 2004   Meeting Type: Annual
Record Date:  DEC 31, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J.R. Boris                For       For        Management
1.2   Elect Director W.J. Brodsky               For       For        Management
1.3   Elect Director P. Cafferty                For       For        Management
1.4   Elect Director J.W. Higgins               For       For        Management
1.5   Elect Director D.C. Jain                  For       For        Management
1.6   Elect Director M.E. Lavin                 For       For        Management
1.7   Elect Director H.J. Livingston, Jr.       For       For        Management
1.8   Elect Director T.M. Patrick               For       For        Management
1.9   Elect Director R.P. Toft                  For       For        Management
1.10  Elect Director A.R. Valasquez             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

PFIZER INC.

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

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


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

PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.

Ticker:       PPDI           Security ID:  717124101
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stuart Bondurant, M.D.    For       For        Management
1.2   Elect  Director Frederick Frank           For       For        Management
1.3   Elect  Director Terry Magnuson, Ph.D.     For       For        Management
1.4   Elect  Director Fredric N. Eshelman       For       For        Management
1.5   Elect  Director David L. Grange           For       For        Management
1.6   Elect  Director Ernest Mario, Ph.D.       For       For        Management
1.7   Elect  Director Marye Anne Fox            For       For        Management
1.8   Elect  Director Catherine M. Klema        For       For        Management
1.9   Elect  Director John A. McNeill, Jr.      For       For        Management
2     Other Business                            For       Against    Management


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

PITNEY BOWES INC.

Ticker:       PBI            Security ID:  724479100
Meeting Date: MAY 10, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Linda G. Alvarado         For       For        Management
1.2   Elect  Director Ernie Green               For       For        Management
1.3   Elect  Director John S. McFarlane         For       For        Management
1.4   Elect  Director Eduardo R. Menasce        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


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

PROVINCE HEALTHCARE CO.

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

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


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

QUEST DIAGNOSTICS, INCORPORATED

Ticker:       DGX            Security ID:  74834L100
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William R. Grant          For       For        Management
1.2   Elect  Director Surya N. Mohapatra        For       For        Management
1.3   Elect  Director John C. Baldwin           For       For        Management
2     Ratify Auditors                           For       For        Management


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

RADISYS CORP.

Ticker:       RSYS           Security ID:  750459109
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Scott Gibson           For       For        Management
1.2   Elect  Director Scott C. Grout            For       For        Management
1.3   Elect  Director Ken J. Bradley            For       For        Management
1.4   Elect  Director Richard J. Faubert        For       Withhold   Management
1.5   Elect  Director Dr. William W. Lattin     For       Withhold   Management
1.6   Elect  Director Kevin C. Melia            For       For        Management
1.7   Elect  Director Carl W. Neun              For       For        Management
1.8   Elect  Director Jean-Pierre D. Patkay     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management


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

RENAISSANCERE HOLDINGS LTD.

Ticker:       RNR            Security ID:  G7496G103
Meeting Date: MAY 28, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William F. Hecht          For       For        Management
1.2   Elect  Director William I. Riker          For       For        Management
1.3   Elect  Director Nicholas L. Trivisonno    For       For        Management
2     Ratify Auditors                           For       For        Management


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

SBC COMMUNICATIONS INC.

Ticker:       SBC            Security ID:  78387G103
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James E. Barnes           For       For        Management
1.2   Elect  Director James A. Henderson        For       For        Management
1.3   Elect  Director John B. McCoy             For       For        Management
1.4   Elect  Director S. Donley Ritchey         For       For        Management
1.5   Elect  Director Joyce M. Roche            For       For        Management
1.6   Elect  Director Patricia P. Upton         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Bylaws                              For       For        Management
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
5     Change Size of Board of Directors         Against   Against    Shareholder


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

SELECT MEDICAL CORP.

Ticker:       SEM            Security ID:  816196109
Meeting Date: MAY 10, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Russell L. Carson         For       Withhold   Management
1.2   Elect  Director Rocco A. Ortenzio         For       For        Management
1.3   Elect  Director Leopold Swergold          For       For        Management
2     Ratify Auditors                           For       For        Management


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

SLM CORP.

Ticker:       SLM            Security ID:  78442P106
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles L. Daley          For       For        Management
1.2   Elect  Director William M. Diefenderfer,  For       For        Management
      III
1.3   Elect  Director Thomas J. Fitzpatrick     For       For        Management
1.4   Elect  Director Edward A. Fox             For       For        Management
1.5   Elect  Director Diane Suitt Gilleland     For       For        Management
1.6   Elect  Director Earl A. Goode             For       For        Management
1.7   Elect  Director Ann Torre Grant           For       For        Management
1.8   Elect  Director Ronald F. Hunt            For       For        Management
1.9   Elect  Director Benjamin J. Lambert, III  For       For        Management
1.10  Elect  Director Albert L. Lord            For       For        Management
1.11  Elect  Director Barry A. Munitz           For       For        Management
1.12  Elect  Director A. Alexander Porter, Jr.  For       For        Management
1.13  Elect  Director Wolfgang Schoellkopf      For       For        Management
1.14  Elect  Director Steven L. Shapiro         For       For        Management
1.15  Elect  Director Barry L. Williams         For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Ratify Auditors                           For       For        Management


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

SNAP-ON INCORPORATED

Ticker:       SNA            Security ID:  833034101
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  FEB 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John F. Fiedler           For       For        Management
1.2   Elect  Director W. Dudley Lehman          For       For        Management
1.3   Elect  Director Frank S. Ptak             For       For        Management
1.4   Elect  Director Edward H. Rensi           For       For        Management
2     Ratify Auditors                           For       For        Management


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

ST. PAUL TRAVELERS COMPANIES, INC., THE

Ticker:       STA            Security ID:  792860108
Meeting Date: MAR 19, 2004   Meeting Type: Special
Record Date:  FEB 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with a Merger  For       For        Management
      Agreement
2     Amend Bylaws                              For       For        Management
3     Amend Articles                            For       For        Management
4     Reduce Supermajority Vote Requirement     For       For        Management


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

SYBRON DENTAL SPECIALTIES, INC.

Ticker:       SYD            Security ID:  871142105
Meeting Date: FEB 6, 2004    Meeting Type: Annual
Record Date:  DEC 17, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James R. Parks             For       For        Management
1.2   Elect Director Floyd W. Pickrell, Jr.     For       For        Management
1.3   Elect Director William E. B. Siart        For       For        Management


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

TARGET CORPORATION

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

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


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

TRAVELERS PROPERTY CASUALTY CORP.

Ticker:       TVCR           Security ID:  89420G406
Meeting Date: MAR 19, 2004   Meeting Type: Special
Record Date:  FEB 6, 2004

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


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

TRIQUINT SEMICONDUCTOR, INC.

Ticker:       TQNT           Security ID:  89674K103
Meeting Date: MAY 14, 2004   Meeting Type: Annual
Record Date:  MAR 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Francisco Alvarez         For       For        Management
1.2   Elect  Director Dr. Paul A. Gary          For       For        Management
1.3   Elect  Director Charles Scott Gibson      For       For        Management
1.4   Elect  Director Nicolas Kauser            For       For        Management
1.5   Elect  Director Ralph G. Quinsey          For       For        Management
1.6   Elect  Director Dr. Walden C. Rhines      For       For        Management
1.7   Elect  Director Steven J. Sharp           For       For        Management
1.8   Elect  Director Edward F. Tuck            For       For        Management
1.9   Elect  Director Willis C. Young           For       For        Management
2     Amend Stock Option Plan                   For       Against    Management
3     Ratify Auditors                           For       For        Management


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

UGI CORP.

Ticker:       UGI            Security ID:  902681105
Meeting Date: FEB 24, 2004   Meeting Type: Annual
Record Date:  DEC 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James W. Stratton          For       For        Management
1.2   Elect Director Stephen D. Ban             For       For        Management
1.3   Elect Director Richard C. Gozon           For       For        Management
1.4   Elect Director Lon R. Greenberg           For       For        Management
1.5   Elect Director Thomas F. Donovan          For       For        Management
1.6   Elect Director Marvin O. Schlanger        For       For        Management
1.7   Elect Director Anne Pol                   For       For        Management
1.8   Elect Director Ernest E. Jones            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


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

UNITEDHEALTH GROUP INCORPORATED

Ticker:       UNH            Security ID:  91324P102
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William C. Ballard, Jr.   For       For        Management
1.2   Elect  Director Richard T. Burke          For       For        Management
1.3   Elect  Director Stephen J. Hemsley        For       For        Management
1.4   Elect  Director Donna E. Shalala          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   For        Shareholder
4     Limit Awards to Executives                Against   For        Shareholder


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

VECTREN CORP.

Ticker:       VVC            Security ID:  92240G101
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John D. Engelbrecht       For       For        Management
1.2   Elect  Director William G. Mays           For       Withhold   Management
1.3   Elect  Director J. Timothy Mcginley       For       Withhold   Management
1.4   Elect  Director Richard P. Rechter        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   For        Shareholder


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

VERIZON COMMUNICATIONS

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

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


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

WD-40 COMPANY

Ticker:       WDFC           Security ID:  929236107
Meeting Date: DEC 16, 2003   Meeting Type: Annual
Record Date:  OCT 17, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John C. Adams, Jr.         For       For        Management
1.2   Elect Director Giles H. Bateman           For       For        Management
1.3   Elect Director Richard A. Collato         For       For        Management
1.4   Elect Director Mario L. Crivello          For       For        Management
1.5   Elect Director Daniel W. Derbes           For       For        Management
1.6   Elect Director Gary L. Luick              For       For        Management
1.7   Elect Director Kenneth E. Olson           For       For        Management
1.8   Elect Director Garry O. Ridge             For       For        Management
1.9   Elect Director Gerald C. Schleif          For       For        Management
1.10  Elect Director Neal E. Schmale            For       For        Management
1.11  Elect Director Edward J. Walsh            For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Approve Non-Employee Director Restricted  For       For        Management
      Stock Plan
4     Ratify Auditors                           For       For        Management


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

WELLS FARGO & COMPANY

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

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