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SIGNATURE TANYA LODEN
TITLE CONTROLLER
<TABLE> <S> <C>
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<NAME> MOSHER,INC.
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EXPENSE RATIO IS ANNUALIZED
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<PAGE> 1
MOSHER, INC.
Annual Meeting of Directors
June 2, 1995
The annual meeting of the Board of Directors of Mosher, Inc.
("Mosher") was held in the 46th Floor Conference Room, Transco Tower, 2800 Post
Oak Boulevard, Houston, Texas, on June 2, 1995, following the annual meeting of
shareholders, beginning at approximately 11:00 a.m. Milton E. Eliot acted as
Chairman of the meeting and Arthur H. Rogers acted as Secretary of the
meeting. All Directors of Mosher were present at the meeting. Robert Peck,
Steve Wlodarski, Dennis McDonald and J. David Wise of Van Kampen American
Capital Asset Management, Inc. ("VKAC") and Russell Stein of Oppenheimer & Co.
were also present at the invitation of the Board.
At the Chairman's request, Charles C. Ryrie offered a prayer to open
the meeting.
As its first order of business, the Board approved the minutes of its
meeting held February 17, 1995.
At the Chairman's request, Mr. McDonald reported on the combined VKAC
operations including the $40 billion in funds under management. Mr. Peck then
reported on the economic outlook and the bond market. Mr. Wlodarski reported on
Mosher's portfolio, including bonds in the portfolio to be called for
redemption. It was noted that VKAC has reduced its fee to Mosher to 35 basis
points.
As the next order of business, the Board received the report of VKAC
as to all securities transactions by VKAC, as Mosher's investment adviser, for
Mosher's portfolio during the period from February 6, 1995 through May 12,
1995.
The next matter for consideration was the payment of dividends for
July, August and September 1995. Upon motion duly made, seconded and
unanimously carried, it was:
RESOLVED, that the following cash dividends on the issued and
outstanding shares of Common Stock, $1 par value, of Mosher, Inc. are
hereby declared:
Dividend
Per Share Record Date Payment Date
--------- --------------- ------------------
$.10 June 30, 1995 July 10, 1995
$.10 July 28, 1995 August 10, 1995
$-10 August 25, 1995 September 11, 1995
RESOLVED, that the officers of Mosher, Inc. are hereby fully
authorized and empowered to take such action as may be necessary and
appropriate in order to effect the payment of the dividends declared
hereby.
<PAGE> 2
The Chairman announced that the next order of business was the
election of officers of Mosher for the ensuing year. Upon motion duly made,
seconded and unanimously carried, the following persons were elected to serve,
at the pleasure of the Board of Directors, in the offices set forth opposite
their names below:
Name Office
-------------------- ---------------------
Milton E. Eliot Chairman of the Board
Christopher T. Jones President
Charles C. Ryrie Vice President and
Treasurer
Arthur H. Rogers Secretary
The next order of business was the election of the Audit Committee for
the ensuing year. Upon motion duly made, seconded and unanimously carried, the
following persons were elected as the Audit Committee of Mosher to serve until
the next annual meeting of the Board or until their successors are duly elected
and qualify:
Robert Stewart, Jr., Chairman
Robert C. McNair
John H. Lindsey
The Board next discussed the decline in Mosher's income, and therefore
funds available for distribution to shareholders, as a result of bonds being
called for redemption and declining interest rates. After a full discussion and
upon motion duly made, seconded and unanimously carried, the Board increased
the portion of Mosher's portfolio that can be invested in non-rated bonds to
25% based on cost, subject to the same quality limitations as are currently in
effect with respect to such bonds.
At the Chairman's request, Mr. Jones reported that Russell Stein has
moved from Merrill Lynch to Oppenheimer & Co. Mr. Jones recommended that Mosher
cancel its consulting arrangements with Merrill Lynch and enter into new
consulting arrangements with Oppenheimer at an annual fee of $4,200. Upon
motion duly made, seconded and unanimously carried, the recommendation was
approved.
The Chairman then reminded the Board that the remaining regular
meetings of 1995 will be held on September 22 and November 17, at 11:00 a.m.
at the offices of VKAC on the 46th Floor of the Transco Tower, 2800 Post Oak
Boulevard, Houston, Texas.
There being no further business to come before the meeting, upon
motion duly made and seconded, the meeting was adjourned.
__________________________
Secretary
-2-
