UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08465

Camco Investors Fund

(Exact name of registrant as specified in charter)

30 East Main Street

Berryville, VA 22611

(Address of principal executive offices)

 (Zip code)

Dennis Connor

30 East Main Street

Berryville, VA 22611

(Name and address of agent for service)

Registrant's telephone number, including area code: 703-709-7008

Date of fiscal year end: December 31

Date of reporting period: June 30, 2005

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 (Sections 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 notes.

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. Section 3507.

ITEM 1. PROXY VOTING RECORD:

Disclose the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the registrant was entitled to vote:

(a).

The name of the issuer of the portfolio security;

(b).

The exchange ticker symbol of the portfolio security;

(c).

The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

(d).

The shareholder meeting date;

(e).

A brief identification of the matter voted on;

(f).

Whether the matter was proposed by the issuer or by a security holder;

(g).

Whether the Registrant cast its vote on the matter;

(h).

How the Registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

(i).

Whether the Registrant cast its vote for or against management.

Camco Investors Fund

A.G. EDWARDS

Ticker Symbol:AGE	Cusip Number: 281760108
Record Date: 5/2/2005	Meeting Date: 6/23/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 AMEND 1988 INCENTIVE STOCK PLAN FOR ISSUER FOR WITH

3 APPROVE AMENDMENT TO 2002 EMPOYEE STOCK PLAN FOR ISSUER FOR WITH

4 APPROVE NON-EMPLOYEE DIRECTORS STOCK PLAN FOR ISSUER FOR WITH

5 RATIFY DELOITTE & TOUCHE AS AUDITOR FOR ISSUER FOR WITH

ALLIED CAPITAL

Ticker Symbol:ALD	Cusip Number: 01903Q108
Record Date: 2/25/2005	Meeting Date: 5/17/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY KPMG AS AUDITORS FOR ISSUER FOR WITH

ANDREW CORPORATION

Ticker Symbol:ANDW	Cusip Number: 034425108
Record Date: 12/10/2004	Meeting Date: 2/8/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 APPROVE NEW MANAGEMENT INCENTIVE PLAN FOR ISSUER FOR WITH

3 APPROVE NEW LONG TERM INCENTIVE PLAN FOR ISSUER FOR WITH

4 RATIFY ERNST & YOUNG AS AUDITOR FOR ISSUER FOR WITH

5 PROXIES ARE AUTHORIZED TO VOTE ON OTHER BUSINESS FOR ISSUER FOR WITH

AUTOMATIC DATA PROCESSING

Ticker Symbol:ADP	Cusip Number: 053015103
Record Date: 9/10/2004	Meeting Date: 11/9/2004

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 RE-ELCT BOARD OF DIRECTORS FOR ISSUER FOR WITH

2 APPOINTMENT OF DELOITTE & TOUCHE LLP FOR ISSUER FOR WITH

CABOT MICROELECTRONICS

Ticker Symbol:CCMP	Cusip Number: 12709P103
Record Date: 1/18/2005	Meeting Date: 3/8/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY PRICEWATERHOUSECOOPERS AS AUDITORS FOR ISSUER FOR WITH

CARMAX

Ticker Symbol:KMX	Cusip Number: 143130102
Record Date: 4/29/2005	Meeting Date: 6/21/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY KPMG AS AUDITOR FOR ISSUER FOR WITH

3 AMEND 2005 STOCK INCENTIVE PLAN FOR ISSUER FOR WITH

4 AMEND 2002 NON-EMPLOYEE STOCK INCENTIVE PLAN FOR ISSUER FOR WITH

CHESAPEAKE ENERGY CORP

Ticker Symbol:CHK	Cusip Number: 165167107
Record Date: 4/26/2005	Meeting Date: 6/10/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 ADOPT LONG TERM INCENTIVE PLAN ABSTAINED ISSUER FOR N/A

3 APPROVE FOUNDER WELL PROGRAM FOR ISSUER FOR WITH

CLAIRE'S STORES

Ticker Symbol:CLE	Cusip Number: 179584107
Record Date: 5/2/2005	Meeting Date: 6/28/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 APPROVE 2005 INCENTIVE PLAN FOR ISSUER FOR WITH

3 APPROVE PROPOSAL REGARDING BUSINESS IN N. IRELAND AGAINST STOCKHOLDER AGAINST WITH

COCA-COLA COMPANY

Ticker Symbol:KO	Cusip Number: 191216100
Record Date: 2/22/2005	Meeting Date: 4/19/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY ERNST & YOUNG AS AUDITORS FOR ISSUER FOR WITH

3 INDEPENDENT DELEGATION TO COLOMBIA AGAINST STOCKHOLDER AGAINST WITH

4 REGARDING RESTRICTED STOCK AGAINST STOCKHOLDER AGAINST WITH

5 REGARDING SEVERANCE AGREEMENTS AGAINST STOCKHOLDER AGAINST WITH

COMMERCE BANCORP

Ticker Symbol:CBH	Cusip Number: 200519106
Record Date: 4/1/2005	Meeting Date: 5/17/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY AUDITORS FOR ISSUER FOR WITH

CRESENT REAL ESTATE EQUITIES

Ticker Symbol:CEI	Cusip Number: 225756105
Record Date: 4/28/2005	Meeting Date: 6/13/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 APPROVE ERNST & YOUNG FOR ISSUER FOR WITH

EQUITY ONE

Ticker Symbol:EQY	Cusip Number: 294752100
Record Date: 4/5/2005	Meeting Date: 5/19/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

FLAGSTAR BANCORP

Ticker Symbol:FBC	Cusip Number: 337930101
Record Date: 3/28/2005	Meeting Date: 5/27/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 INCREASE AMOUNT OF CAPITAL SHARES FOR ISSUER FOR WITH

3 INCREASE AMOUNT OF DIRECTORS FOR ISSUER FOR WITH

4 AMEND OPTION PLAN TO INCREASE SHARES FOR ISSUER FOR WITH

5 INCREASE NUMBER OF INCENTIVE OPTION SHARES FOR ISSUER FOR WITH

6 AMEND STOCK INCENTIVE PLAN FOR ISSUER FOR WITH

7 RATIFY INCENTIVE COMPENSATION PLAN FOR ISSUER FOR WITH

KB HOME

Ticker Symbol:KBH	Cusip Number: 48666K109
Record Date: 2/14/2005	Meeting Date: 4/7/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 APPROVE INCREASE SHARES FROM 100M TO 300M FOR ISSUER FOR WITH

3 RATIFY ERNST & YOUNG AS AUDITOR FOR ISSUER FOR WITH

KEYCORP

Ticker Symbol:KEY	Cusip Number: 493267108
Record Date: 3/8/2005	Meeting Date: 5/5/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY INDEPENDENT AUDITORS FOR ISSUER FOR WITH

L-3

Ticker Symbol:LLL	Cusip Number: 502424104
Record Date: 3/18/2005	Meeting Date: 4/26/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 APPOINTMENT OF PRICEWATERHOUSECOOPERS AS AUDITOR FOR ISSUER FOR WITH

LOWES

Ticker Symbol:LOW	Cusip Number: 548661107
Record Date: 4/1/2005	Meeting Date: 5/27/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 AMEDMENT TO DIRECTORS STOCK OPTION PLAN FOR ISSUER FOR WITH

3 RATIFY DELOITTE & TOUCHE AUDITORS FOR ISSUER FOR WITH

NBTY INC

Ticker Symbol:NTY	Cusip Number: 628782104
Record Date: 1/4/2005	Meeting Date: 2/7/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 RE-ELECT BOARD OF DIRECTORS FOR ISSUER FOR WITH

NOVELL, INC

Ticker Symbol:NOVL	Cusip Number: 670006105
Record Date: 2/15/2005	Meeting Date: 4/14/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY PRICEWATERHOUSECOPPERS AS AUDITORS FOR ISSUER FOR WITH

3 50% OF EQUITY COMPENSATION SHALL BE PERFORMACE-BASED AGAINST STOCKHOLDER AGAINST WITH

OMINCELL INC.

Ticker Symbol:OMCL	Cusip Number: 68213N109
Record Date: 4/1/2005	Meeting Date: 5/24/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY ERNST & YOUNG AUDITORS FOR ISSUER FOR WITH

PAR PHARMACEUTICAL COMPANY

Ticker Symbol:PRX	Cusip Number: 69888P106
Record Date: 4/6/2005	Meeting Date: 5/24/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 AMEND 2004 EQUITY INCENTIVE PLAN FOR ISSUER FOR WITH

PEPBOYS AUTO

Ticker Symbol:PBY	Cusip Number: 713278109
Record Date: 4/8/2005	Meeting Date: 6/8/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 RE-ELECT DIRECTORS FOR ISSUER FOR WITH

2 APPOINT DELOITTE & TOUCHE AUDITORS FOR ISSUER FOR WITH

3 SHAREHOLDER RIGHTS PLAN AGAINST ISSUER AGAINST WITH

RAYTHEON

Ticker Symbol:RTN	Cusip Number: 755111507
Record Date: 3/9/2005	Meeting Date: 4/4/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY INDEPENDENT AUDITORS FOR ISSUER FOR WITH

3 AMEND CERTIFICATE OF INCORPORATION TO DECLASSIFY BOARD OF DIRECTORS FOR ISSUER FOR WITH

4 AMEND 2001 STOCK PLAN FOR ISSUER FOR WITH

5 AMEND 1997 NON-EMPLOYEE RESTRICTED STOCK PLAN FOR ISSUER FOR WITH

6 MACBRIDE PRINCIPLES AGAINST STOCKHOLDER AGAINST WITH

7 MAJORITY VOTING FOR DIRECTORS AGAINST STOCKHOLDER AGAINST WITH

8 ELECT RETIREE AS DIRECTOR AGAINST STOCKHOLDER AGAINST WITH

SARA LEE

Ticker Symbol:SLE	Cusip Number: 803111103
Record Date: 9/1/2005	Meeting Date: 10/28/2004

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY PRICEWATERHOUSECOPPERS AS AUDITOR FOR ISSUER FOR WITH

3 PROPOSAL REGARDING CHARITABLE CONTRBUTIONS AGAINST STOCKHOLDER AGAINST WITH

SAUL CENTERS

Ticker Symbol:BFS	Cusip Number: 804395101
Record Date: 3/11/2005	Meeting Date: 5/6/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY ERNST & YOUNG AS AUDITOR FOR ISSUER FOR WITH

3 TRANSACT OTHER BUSINESS FOR ISSUER FOR WITH

SELECT COMFORT

Ticker Symbol:SCSS	Cusip Number: 81616X103
Record Date: 4/4/2005	Meeting Date: 5/11/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 AMEND 1999 EMPLOYEE STOCK PURCHASE PLAN FOR ISSUER FOR WITH

3 RATIFY KPMG AS AUDITORS FOR ISSUER FOR WITH

SENSIENT TECNOLOGIES CORP

Ticker Symbol:SXT	Cusip Number: 81725T100
Record Date: 3/1/2005	Meeting Date: 4/21/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 PROPOSAL TO AMEND AND RESTATE ARTICLES OF INCORPORATION TO ELIMINATE CLASSIFICATION OF THE COMPANIES BOARD OF DIRECTORS FOR ISSUER FOR WITH

3 RATIFY DELOITTE & TOUCHE AS AUDITORS FOR ISSUER FOR WITH

THORNBURG MORTGAGE

Ticker Symbol:TMA	Cusip Number: 885218107
Record Date: 3/9/2005	Meeting Date: 4/19/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

TRINITY BIOTECH PLC

Ticker Symbol:TRIB	Cusip Number: 896438108
Record Date: 5/5/2005	Meeting Date: 6/13/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 APPROVE 2004 FINANCIAL STATEMENTS FOR ISSUER FOR WITH

2 RE-ELECT P. COYNE AS DIRECTOR FOR ISSUER FOR WITH

3 APPROVE BOARD TO FIX AUDITORS REMUNERATION FOR ISSUER FOR WITH

4 MAKE MARKET PURCHASES FOR ISSUER FOR WITH

5 IF PROPOSAL 4 IS APPROVED, THEN A TREASURED SHARE MAY BE RE-ISSUED OFF MARKET FOR ISSUER FOR WITH

TSAKOS ENERGY

Ticker Symbol:TNP	Cusip Number: G9108L108
Record Date: 4/13/2005	Meeting Date: 5/25/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 APPROVE AUDIT REPORT FOR ISSUER FOR WITH

3 RATIFY ERNST & YOUNG AUDITORS FOR ISSUER FOR WITH

4 AUTHORIZE INCREASE IN CAPITAL SHARES FOR ISSUER FOR WITH

5 AUTHORIZE REMUNERATION OF DIRECTORS FOR ISSUER FOR WITH

UTSTARCOM

Ticker Symbol:UTSI	Cusip Number: 918076100
Record Date: 3/14/2005	Meeting Date: 5/13/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 ADOPT 2005 EQUITY INCENTIVE PLAN FOR ISSUER FOR WITH

3 RATIFY PRICEWATERHOUSECOOPERS AS AUDITORS FOR ISSUER FOR WITH

WILD OATS MARKETS

Ticker Symbol:OATS	Cusip Number: 96808B107
Record Date: 3/18/2005	Meeting Date: 5/17/2005

Proposal # Proposal Vote Author MRV* vs. Mgmt

1 ELECT DIRECTORS FOR ISSUER FOR WITH

2 RATIFY ERNST & YOUNG AS AUDITORS FOR ISSUER FOR WITH

* Management Recommended Vote

SIGNATURES

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.

Camco Investors Fund

By Dennis Connor

* Dennis Connor

President

By Paul Berghaus

* Paul Berghaus

Treasurer

Date: August 25, 2005

*Print the name and title of each signing officer under his or her signature.