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title Special meeting of Shareholders:}{\author jbooker}
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{Special meeting of Shareholders:
\par
\par A special meeting of shareholders of the Institutional Investors
\par Capital Appreciation Fund, Inc. was held on April 19, 2000.
\par At the meeting shareholders voted on the approval of the
\par Following proposals:
\par
\par 1. To elect five directors
\par
\par Ralph F. Brouty: 337,036 (54.36%)
\par Harry P. Doherty: 337,036 (54.36%)
\par Stephen J. Kelly: 337,036 (54.36%)
\par William A. McKenna: 337,036 (54.36%)
\par Vincent F. Palagiano: 337,036 (54.36%)
\par
\par 2. To ratify the selection of Arthur Anderson LLP as
\par independent auditors for the Funds fiscal year ending December 31, 2000.
\par
\par For Against Abstain
\par 337,036 (54.36%) 0 0
\par }}
