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:                     811-3105

Exact name of registrant as specified in charter:       Oppenheimer Capital
                                                        Appreciation Fund

Address of principal executive offices:                 6803 South Tucson Way
                                                        Centennial, CO 80112

Name and address of agent for service:                  Two World Financial Center
                                                        225 Liberty Street
                                                        New York, NY 10281-1008

Registrant's telephone number, including area code:     303-768-3200

Date of fiscal year end:                                8/31

Date of reporting period:                               07/01/2004-06/30/2005

Item 1.           Proxy Voting Record




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

ICA File Number: 811-03105
Reporting Period: 07/01/2004 - 06/30/2005
Oppenheimer Capital Appreciation Fund









==================== OPPENHEIMER CAPITAL APPRECIATION FUND =====================


3M CO

Ticker:       MMM            Security ID:  88579Y101
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Vance D. Coffman           For       For        Management
1.2   Elect Director Rozanne L. Ridgway         For       For        Management
1.3   Elect Director Louis W. Sullivan          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Eliminate Animal Testing                  Against   Abstain    Shareholder
5     Implement China Principles                Against   Abstain    Shareholder


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ABBOTT LABORATORIES

Ticker:       ABT            Security ID:  002824100
Meeting Date: APR 22, 2005   Meeting Type: Annual
Record Date:  FEB 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director R.S. Austin                For       For        Management
1.2   Elect Director W.S. Daley                 For       For        Management
1.3   Elect Director H.L. Fuller                For       For        Management
1.4   Elect Director R.A. Gonzalez              For       For        Management
1.5   Elect Director J.M. Greenberg             For       For        Management
1.6   Elect Director J.M. Leiden                For       For        Management
1.7   Elect Director D.A.L. Owen                For       For        Management
1.8   Elect Director B. Powell Jr.              For       For        Management
1.9   Elect Director A.B. Rand                  For       For        Management
1.10  Elect Director W.A. Reynolds              For       For        Management
1.11  Elect Director R.S. Roberts               For       For        Management
1.12  Elect Director W.D. Smithburg             For       For        Management
1.13  Elect Director J.R. Walter                For       For        Management
1.14  Elect Director M.D. White                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Link Executive Compensation to Government Against   Against    Shareholder
      Fines
4     Performance- Based/Indexed Options        Against   For        Shareholder
5     Eliminate Animal Testing                  Against   Abstain    Shareholder
6     Report on Political Contributions         Against   Abstain    Shareholder
7     Report on Operational Imact of HIV/AIDS,  Against   Abstain    Shareholder
      TB, and Malaria Pandemic
8     Separate Chairman and CEO Positions       Against   Against    Shareholder


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ACCENTURE LTD BERMUDA

Ticker:       ACN            Security ID:  G1150G111
Meeting Date: FEB 2, 2005    Meeting Type: Annual
Record Date:  DEC 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joe W. Forehand           For       For        Management
1.2   Elect  Director Blythe J. Mcgarvie        For       For        Management
1.3   Elect  Director Sir Mark Moody-Stuart     For       For        Management
2     APPROVAL OF BYE-LAW AMENDMENTS TO         For       For        Management
      RELOCATE INTO THE BYE-LAWS EXISTING
      CONTRACTUAL RESTRICTIONS APPLICABLE TO
      CLASS A COMMON SHARES OF PARTNERS AND
      FORMER PARTNERS BENEFICIALLY OWNED BY
      THEM PRIOR TO ACCENTURE S INITIAL PUBLIC
      OFFERING.
3     Ratify Auditors                           For       For        Management


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ADOBE SYSTEMS INC.

Ticker:       ADBE           Security ID:  00724F101
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carol Mills               For       For        Management
1.2   Elect  Director Colleen M. Pouliot        For       For        Management
1.3   Elect  Director Robert Sedgewick          For       For        Management
1.4   Elect  Director John E. Warnock           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Expense Stock Options                     Against   For        Shareholder
5     Review/Limit Executive Compensation       Against   Against    Shareholder
6     Ratify Auditors                           For       For        Management


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AGILENT TECHNOLOGIES INC.

Ticker:       A              Security ID:  00846U101
Meeting Date: MAR 1, 2005    Meeting Type: Annual
Record Date:  JAN 3, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Heidi Kunz                For       For        Management
1.2   Elect  Director David M. Lawrence, M.D.   For       For        Management
1.3   Elect  Director A. Barry Rand             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management


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AIR PRODUCTS & CHEMICALS, INC.

Ticker:       APD            Security ID:  009158106
Meeting Date: JAN 27, 2005   Meeting Type: Annual
Record Date:  NOV 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael J. Donahue        For       Withhold   Management
1.2   Elect  Director Ursula F. Fairbairn       For       Withhold   Management
1.3   Elect  Director John P. Jones III         For       Withhold   Management
1.4   Elect  Director Lawrence S. Smith         For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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ALCAN INC.

Ticker:       AL.            Security ID:  013716105
Meeting Date: DEC 22, 2004   Meeting Type: Special
Record Date:  NOV 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Arrangement Resolution for the    For       For        Management
      Reoganisation.


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ALTERA CORP.

Ticker:       ALTR           Security ID:  021441100
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John P. Daane             For       Withhold   Management
1.2   Elect  Director Robert W. Reed            For       Withhold   Management
1.3   Elect  Director Charles M. Clough         For       Withhold   Management
1.4   Elect  Director Robert J. Finocchio, Jr   For       Withhold   Management
1.5   Elect  Director Kevin McGarity            For       Withhold   Management
1.6   Elect  Director Paul Newhagen             For       Withhold   Management
1.7   Elect  Director William E. Terry          For       Withhold   Management
1.8   Elect  Director Susan Wang                For       Withhold   Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Stock Option Plan                   For       Against    Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management
6     Expense Stock Options                     Against   For        Shareholder
7     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


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AMERADA HESS CORP.

Ticker:       AHC            Security ID:  023551104
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edith E. Holiday           For       Withhold   Management
1.2   Elect Director John  J. O' Connor         For       Withhold   Management
1.3   Elect Director F. Borden Walker           For       Withhold   Management
1.4   Elect Director Robert N. Wilson           For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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AMERICAN EXPRESS CO.

Ticker:       AXP            Security ID:  025816109
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel F. Akerson         For       Withhold   Management
1.2   Elect  Director Charlene  Barshefsky      For       Withhold   Management
1.3   Elect  Director William G. Bowen          For       Withhold   Management
1.4   Elect  Director Ursula M. Burns           For       Withhold   Management
1.5   Elect  Director Kenneth I. Chenault       For       Withhold   Management
1.6   Elect  Director Peter R. Dolan            For       Withhold   Management
1.7   Elect  Director Vernon E. Jordan, Jr.     For       Withhold   Management
1.8   Elect  Director Jan  Leschly              For       Withhold   Management
1.9   Elect  Director Richard A. McGinn         For       Withhold   Management
1.10  Elect  Director Edward D. Miller          For       Withhold   Management
1.11  Elect  Director Frank P. Popoff           For       Withhold   Management
1.12  Elect  Director Robert D. Walter          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Company-Specific--Compensation-Related    Against   Against    Shareholder
4     Report on Political Contributions         Against   Abstain    Shareholder


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AMGEN, INC.

Ticker:       AMGN           Security ID:  031162100
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dr. David Baltimore       For       Withhold   Management
1.2   Elect  Director Ms. Judith C. Pelham      For       Withhold   Management
1.3   Elect  Director Mr. Kevin W. Sharer       For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Eliminate Animal Testing                  Against   Abstain    Shareholder
4     Review/Limit Executive Compensation       Against   Against    Shareholder
5     Adopt Retention Ratio for Executives      Against   For        Shareholder


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ANALOG DEVICES, INC.

Ticker:       ADI            Security ID:  032654105
Meeting Date: MAR 8, 2005    Meeting Type: Annual
Record Date:  JAN 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John L. Doyle             For       For        Management
1.2   Elect  Director Christine King            For       For        Management
1.3   Elect  Director Ray Stata                 For       For        Management
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   For        Shareholder


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ANHEUSER-BUSCH COMPANIES, INC.

Ticker:       BUD            Security ID:  035229103
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Jacob             For       Withhold   Management
1.2   Elect  Director Charles F. Knight         For       Withhold   Management
1.3   Elect  Director Joyce M. Roche            For       Withhold   Management
1.4   Elect  Director Henry Hugh Shelton        For       Withhold   Management
1.5   Elect  Director Patrick T. Stokes         For       Withhold   Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Amend Stock Option Plan                   For       For        Management
4     Ratify Auditors                           For       For        Management


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APPLERA CORP

Ticker:       CRA            Security ID:  038020103
Meeting Date: OCT 21, 2004   Meeting Type: Annual
Record Date:  AUG 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard H. Ayers          For       Withhold   Management
1.2   Elect  Director Jean-Luc Belingard        For       Withhold   Management
1.3   Elect  Director Robert H. Hayes           For       Withhold   Management
1.4   Elect  Director Arnold J. Levine          For       Withhold   Management
1.5   Elect  Director William H. Longfield      For       Withhold   Management
1.6   Elect  Director Theodore E. Martin        For       Withhold   Management
1.7   Elect  Director Carolyn W. Slayman        For       Withhold   Management
1.8   Elect  Director Orin R. Smith             For       Withhold   Management
1.9   Elect  Director James R. Tobin            For       Withhold   Management
1.10  Elect  Director Tony L. White             For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Employee Stock Purchase Plan        For       Against    Management
4     Amend Omnibus Stock Plan                  For       For        Management
5     Amend Omnibus Stock Plan                  For       For        Management


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AUTODESK, INC.

Ticker:       ADSK           Security ID:  052769106
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  MAY 2, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carol A. Bartz            For       For        Management
1.2   Elect  Director Mark A. Bertelsen         For       For        Management
1.3   Elect  Director Crawford W. Beveridge     For       For        Management
1.4   Elect  Director J. Hallam Dawson          For       For        Management
1.5   Elect  Director Michael J. Fister         For       For        Management
1.6   Elect  Director Per-Kristian Halvorsen    For       For        Management
1.7   Elect  Director Steven L. Scheid          For       For        Management
1.8   Elect  Director Mary Alice Taylor         For       For        Management
1.9   Elect  Director Larry W. Wangberg         For       For        Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Approve Increase in Common Stock and a    For       For        Management
      Stock Split
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Ratify Auditors                           For       For        Management


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BANK OF AMERICA CORP.

Ticker:       BAC            Security ID:  060505104
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William Barnet, III       For       For        Management
1.2   Elect  Director Charles W. Coker          For       For        Management
1.3   Elect  Director John T. Collins           For       For        Management
1.4   Elect  Director Gary L. Countryman        For       For        Management
1.5   Elect  Director Paul Fulton               For       For        Management
1.6   Elect  Director Charles K. Gifford        For       For        Management
1.7   Elect  Director W. Steven Jones           For       For        Management
1.8   Elect  Director Kenneth D. Lewis          For       For        Management
1.9   Elect  Director Walter E. Massey          For       For        Management
1.10  Elect  Director Thomas J. May             For       For        Management
1.11  Elect  Director Patricia E. Mitchell      For       For        Management
1.12  Elect  Director Edward L. Romero          For       For        Management
1.13  Elect  Director Thomas M. Ryan            For       For        Management
1.14  Elect  Director O. Temple Sloan, Jr.      For       For        Management
1.15  Elect  Director Meredith R. Spangler      For       For        Management
1.16  Elect  Director Robert L. Tillman         For       For        Management
1.17  Elect  Director Jackie M. Ward            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political Contributions         Against   Abstain    Shareholder
4     Director Nominee Amendment                Against   Against    Shareholder


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BEAR STEARNS COMPANIES INC., THE

Ticker:       BSC            Security ID:  073902108
Meeting Date: APR 7, 2005    Meeting Type: Annual
Record Date:  FEB 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James E. Cayne             For       For        Management
1.2   Elect Director Henry S. Bienen            For       For        Management
1.3   Elect Director Carl D. Glickman           For       For        Management
1.4   Elect Director Alan C. Greenberg          For       For        Management
1.5   Elect Director Donald J. Harrington       For       For        Management
1.6   Elect Director Frank T. Nickell           For       For        Management
1.7   Elect Director Paul A. Novelly            For       For        Management
1.8   Elect Director Frederic V. Salerno        For       For        Management
1.9   Elect Director Alan D. Schwartz           For       For        Management
1.10  Elect Director Warren J. Spector          For       For        Management
1.11  Elect Director Vincent Tese               For       For        Management
1.12  Elect Director Wesley S. Williams Jr.     For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


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BEST BUY CO., INC.

Ticker:       BBY            Security ID:  086516101
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald James              For       For        Management
1.2   Elect  Director Elliot S. Kaplan          For       For        Management
1.3   Elect  Director Matthew H. Paull          For       For        Management
1.4   Elect  Director Richard M. Schulze        For       For        Management
1.5   Elect  Director Mary A. Tolan             For       For        Management
1.6   Elect  Director Hatim A. Tyabji           For       For        Management
2     Ratify Auditors                           For       For        Management


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BROADCOM CORP.

Ticker:       BRCM           Security ID:  111320107
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director George L. Farinsky        For       Withhold   Management
1.2   Elect  Director John Major                For       Withhold   Management
1.3   Elect  Director Scott A. McGregor         For       For        Management
1.4   Elect  Director Alan E. Ross              For       For        Management
1.5   Elect  Director Henry Samueli, Ph.D.      For       For        Management
1.6   Elect  Director Robert E. Switz           For       Withhold   Management
1.7   Elect  Director Werner F. Wolfen          For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management
4     Link Executive Compensation to Social and Against   For        Shareholder
      Financial Issues


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BURLINGTON RESOURCES INC.

Ticker:       BR             Security ID:  122014103
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director B.T. Alexander             For       For        Management
1.2   Elect Director R.V. Anderson              For       For        Management
1.3   Elect Director L.I. Grant                 For       For        Management
1.4   Elect Director R.J. Harding               For       For        Management
1.5   Elect Director J.T. LaMacchia             For       For        Management
1.6   Elect Director R.L. Limbacher             For       For        Management
1.7   Elect Director J.F. McDonald              For       For        Management
1.8   Elect Director K.W. Orce                  For       For        Management
1.9   Elect Director D.M. Roberts               For       For        Management
1.10  Elect Director J.A. Runde                 For       For        Management
1.11  Elect Director J.F. Schwarz               For       For        Management
1.12  Elect Director W. Scott, Jr.              For       For        Management
1.13  Elect Director B.S. Shackouls             For       For        Management
1.14  Elect Director S.J. Shapiro               For       For        Management
1.15  Elect Director W.E. Wade, Jr              For       For        Management
2     Ratify Auditors                           For       For        Management


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CADENCE DESIGN SYSTEMS, INC.

Ticker:       CDN            Security ID:  127387108
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director H. Raymond Bingham        For       Withhold   Management
1.2   Elect  Director Michael J. Fister         For       Withhold   Management
1.3   Elect  Director Donald L. Lucas           For       Withhold   Management
1.4   Elect  Director Alberto                   For       Withhold   Management
      Sangiovanni-Vincentelli
1.5   Elect  Director George M. Scalise         For       Withhold   Management
1.6   Elect  Director John B. Shoven            For       Withhold   Management
1.7   Elect  Director Roger S. Siboni           For       Withhold   Management
1.8   Elect  Director Lip-Bu Tan                For       Withhold   Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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CARNIVAL CORP.

Ticker:       CCL            Security ID:  143658300
Meeting Date: APR 13, 2005   Meeting Type: Annual
Record Date:  FEB 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Micky Arison              For       For        Management
1.2   Elect  Director Amb Richard G. Capen Jr   For       For        Management
1.3   Elect  Director Robert H. Dickinson       For       For        Management
1.4   Elect  Director Arnold W. Donald          For       For        Management
1.5   Elect  Director Pier Luigi Foschi         For       For        Management
1.6   Elect  Director Howard S. Frank           For       For        Management
1.7   Elect  Director Richard J. Glasier        For       For        Management
1.8   Elect  Director Baroness Hogg             For       For        Management
1.9   Elect  Director A. Kirk Lanterman         For       For        Management
1.10  Elect  Director Modesto A. Maidique       For       For        Management
1.11  Elect  Director John P. Mcnulty           For       For        Management
1.12  Elect  Director Sir John Parker           For       For        Management
1.13  Elect  Director Peter G. Ratcliffe        For       For        Management
1.14  Elect  Director Stuart Subotnick          For       For        Management
1.15  Elect  Director Uzi Zucker                For       For        Management
2     TO APPROVE THE AMENDED AND RESTATED       For       For        Management
      CARNIVAL CORPORATION 2001 OUTSIDE
      DIRECTOR STOCK PLAN.
3     TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE For       For        Management
      SHARE PLAN.
4     TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE For       For        Management
      STOCK PURCHASE PLAN.
5     Ratify Auditors                           For       For        Management
6     TO AUTHORIZE THE AUDIT COMMITTEE OF       For       For        Management
      CARNIVAL PLC TO AGREE THE REMUNERATION OF
      THE INDEPENDENT AUDITORS.
7     TO RECEIVE THE ACCOUNTS AND REPORTS FOR   For       For        Management
      CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED
      NOVEMBER 30, 2004.
8     TO APPROVE THE DIRECTORS  REMUNERATION    For       For        Management
      REPORT OF CARNIVAL PLC.
9     TO APPROVE LIMITS ON THE AUTHORITY TO     For       For        Management
      ALLOT SHARES BY CARNIVAL PLC.
10    TO APPROVE THE DISAPPLICATION OF          For       For        Management
      PRE-EMPTION RIGHTS FOR CARNIVAL PLC.
11    TO APPROVE A GENERAL AUTHORITY FOR        For       For        Management
      CARNIVAL PLC TO BUY BACK CARNIVAL PLC
      ORDINARY SHARES IN THE OPEN MARKET.


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CISCO SYSTEMS, INC.

Ticker:       CSCO           Security ID:  17275R102
Meeting Date: NOV 18, 2004   Meeting Type: Annual
Record Date:  SEP 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Carol A. Bartz            For       Withhold   Management
1.2   Elect  Director M. Michele Burns          For       Withhold   Management
1.3   Elect  Director Larry R. Carter           For       Withhold   Management
1.4   Elect  Director John T. Chambers          For       Withhold   Management
1.5   Elect  Director Dr. James F. Gibbons      For       Withhold   Management
1.6   Elect  Director Dr. John L. Hennessy      For       Withhold   Management
1.7   Elect  Director Roderick C. McGeary       For       Withhold   Management
1.8   Elect  Director James C. Morgan           For       Withhold   Management
1.9   Elect  Director John P. Morgridge         For       Withhold   Management
1.10  Elect  Director Donald T. Valentine       For       Withhold   Management
1.11  Elect  Director Steven M. West            For       Withhold   Management
1.12  Elect  Director Jerry Yang                For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Report on Pay Disparity                   Against   Abstain    Shareholder


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CITIGROUP INC.

Ticker:       C              Security ID:  172967101
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Michael Armstrong      For       For        Management
1.2   Elect  Director Alain J.P. Belda          For       For        Management
1.3   Elect  Director George David              For       For        Management
1.4   Elect  Director Kenneth T. Derr           For       For        Management
1.5   Elect  Director John M. Deutch            For       For        Management
1.6   Elect  Director Roberto Hernandez Ramirez For       For        Management
1.7   Elect  Director Ann Dibble Jordan         For       For        Management
1.8   Elect  Director Klaus Kleinfeld           For       For        Management
1.9   Elect  Director Dudley C. Mecum           For       For        Management
1.10  Elect  Director Anne Mulcahy              For       For        Management
1.11  Elect  Director Richard D. Parsons        For       For        Management
1.12  Elect  Director Charles Prince            For       For        Management
1.13  Elect  Director Judith Rodin              For       For        Management
1.14  Elect  Director Robert E. Rubin           For       For        Management
1.15  Elect  Director Franklin A. Thomas        For       For        Management
1.16  Elect  Director Sanford I. Weill          For       For        Management
1.17  Elect  Director Robert B. Willumstad      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Limit/Prohibit Awards to Executives       Against   Against    Shareholder
5     Report on Political Contributions         Against   Against    Shareholder
6     Prohibit Chairman From Management Duties, Against   Against    Shareholder
      Titles or Responsibilities
7     Limit Executive Compensation              Against   Against    Shareholder
8     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors
9     Review/Limit Executive Compensation       Against   Against    Shareholder
10    Adopt Simple Majority Vote                Against   For        Shareholder


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CITRIX SYSTEMS, INC.

Ticker:       CTXS           Security ID:  177376100
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Murray J. Demo             For       Withhold   Management
1.2   Elect Director John W. White              For       Withhold   Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Approve Qualified Employee Stock Purchase For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


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CLEAR CHANNEL COMMUNICATIONS, INC.

Ticker:       CCU            Security ID:  184502102
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alan D. Feld               For       Withhold   Management
1.2   Elect Director Perry J. Lewis             For       Withhold   Management
1.3   Elect Director L. Lowry Mays              For       Withhold   Management
1.4   Elect Director Mark P. Mays               For       Withhold   Management
1.5   Elect Director Randall T. Mays            For       Withhold   Management
1.6   Elect Director B.J. McCombs               For       Withhold   Management
1.7   Elect Director Phyllis B. Riggins         For       Withhold   Management
1.8   Elect Director Theodore H. Strauss        For       Withhold   Management
1.9   Elect Director J.C. Watts                 For       Withhold   Management
1.10  Elect Director John H. Williams           For       Withhold   Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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

CLOROX COMPANY, THE

Ticker:       CLX            Security ID:  189054109
Meeting Date: NOV 17, 2004   Meeting Type: Annual
Record Date:  SEP 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel Boggan, Jr.        For       Withhold   Management
1.2   Elect  Director Tully M. Friedman         For       Withhold   Management
1.3   Elect  Director Christoph Henkel          For       Withhold   Management
1.4   Elect  Director William R. Johnson        For       Withhold   Management
1.5   Elect  Director Gerald E. Johnston        For       Withhold   Management
1.6   Elect  Director Robert W. Matschullat     For       Withhold   Management
1.7   Elect  Director Gary G. Michael           For       Withhold   Management
1.8   Elect  Director Klaus Morwind             For       Withhold   Management
1.9   Elect  Director Jan L. Murley             For       Withhold   Management
1.10  Elect  Director Lary R. Scott             For       Withhold   Management
1.11  Elect  Director Michael E. Shannon        For       Withhold   Management
2     Approve Outside Director Stock            For       For        Management
      Awards/Options in Lieu of Cash
3     Ratify Auditors                           For       For        Management


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

COSTCO WHOLESALE CORPORATION

Ticker:       COST           Security ID:  22160K105
Meeting Date: JAN 27, 2005   Meeting Type: Annual
Record Date:  DEC 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard D. Dicerchio      For       Withhold   Management
1.2   Elect  Director Richard M. Libenson       For       Withhold   Management
1.3   Elect  Director John W. Meisenbach        For       Withhold   Management
1.4   Elect  Director Charles T. Munger         For       Withhold   Management
1.5   Elect  Director Susan L. Decker           For       Withhold   Management
2     Amend Stock Option Plan                   For       For        Management
3     Adopt Vendor Standards                    Against   Abstain    Shareholder
4     Develop Land Procurement Policy           Against   Abstain    Shareholder
5     Ratify Auditors                           For       For        Management


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

DELL INC.

Ticker:       DELL           Security ID:  24702R101
Meeting Date: JUL 16, 2004   Meeting Type: Annual
Record Date:  MAY 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Donald J. Carty           For       For        Management
1.2   Elect  Director Michael S. Dell           For       For        Management
1.3   Elect  Director William H. Gray, III      For       For        Management
1.4   Elect  Director Judy C. Lewent            For       For        Management
1.5   Elect  Director Thomas W. Luce, III       For       For        Management
1.6   Elect  Director Klaus S. Luft             For       For        Management
1.7   Elect  Director Alex J. Mandl             For       For        Management
1.8   Elect  Director Michael A. Miles          For       For        Management
1.9   Elect  Director Samuel A. Nunn, Jr.       For       For        Management
1.10  Elect  Director Kevin B. Rollins          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   Against    Shareholder


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

DEVON ENERGY CORP.

Ticker:       DVN            Security ID:  25179M103
Meeting Date: JUN 8, 2005    Meeting Type: Annual
Record Date:  APR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John A. Hill               For       For        Management
1.2   Elect Director William J. Johnson         For       For        Management
1.3   Elect Director Robert A. Mosbacher Jr.    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

DIGENE CORP.

Ticker:       DIGE           Security ID:  253752109
Meeting Date: OCT 27, 2004   Meeting Type: Annual
Record Date:  SEP 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles M. Fleischman     For       For        Management
1.2   Elect  Director Joseph M. Migliara        For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

E.I. DU PONT DE NEMOURS & CO.

Ticker:       DD             Security ID:  263534109
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Alain J.P. Belda           For       For        Management
1.2   Elect Director Richard H. Brown           For       For        Management
1.3   Elect Director Curtis J. Crawford         For       For        Management
1.4   Elect Director John T. Dillon             For       For        Management
1.5   Elect Director Louisa C. Duemling         For       For        Management
1.6   Elect Director Charles O. Holliday, Jr.   For       For        Management
1.7   Elect Director Lois D. Juliber            For       For        Management
1.8   Elect Director Masahisa Naitoh            For       For        Management
1.9   Elect Director William K. Reilly          For       For        Management
1.10  Elect Director H. Rodney Sharp, III       For       For        Management
1.11  Elect Director Charles M. Vest            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Government Service of Employees Against   Against    Shareholder
4     Implement ILO Code of Conduct             Against   Against    Shareholder
5     Executive Compensation                    Against   Against    Shareholder
6     Eliminate Animal Testing                  Against   Against    Shareholder
7     Report on Genetically Modified Organisms  Against   Against    Shareholder
8     Performance- Based/Indexed Options        Against   Against    Shareholder
9     Report on PFOA Chemical Remediation       Against   Against    Shareholder


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

EBAY INC.

Ticker:       EBAY           Security ID:  278642103
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Fred D. Anderson          For       For        Management
1.2   Elect  Director Edward W. Barnholt        For       For        Management
1.3   Elect  Director Scott D. Cook             For       For        Management
1.4   Elect  Director Robert C. Kagle           For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Ratify Auditors                           For       For        Management
5     Performance- Based/Indexed Options        Against   For        Shareholder
6     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

ELI LILLY AND CO.

Ticker:       LLY            Security ID:  532457108
Meeting Date: APR 18, 2005   Meeting Type: Annual
Record Date:  FEB 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director G.M.C. Fisher             For       Withhold   Management
1.2   Elect  Director A.G. Gilman               For       Withhold   Management
1.3   Elect  Director K.N. Horn                 For       Withhold   Management
1.4   Elect  Director J. Rose                   For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   Against    Shareholder
4     Review and Report on Drug Reimportation   Against   Abstain    Shareholder
      Policy
5     Report on Product Availability in Canada  Against   Abstain    Shareholder
6     Report on Political Contributions         Against   Abstain    Shareholder
7     Adopt Policy on Performance-based Stock   Against   Against    Shareholder
      Option Grants
8     Eliminate Animal Testing                  Against   Abstain    Shareholder


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

EMC CORP.

Ticker:       EMC            Security ID:  268648102
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael J. Cronin          For       Withhold   Management
1.2   Elect Director W. Paul Fitzgerald         For       For        Management
1.3   Elect Director Joseph M. Tucci            For       Withhold   Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Performance- Based/Indexed Options        Against   Against    Shareholder
5     Creation of an Independent Audit          Against   Against    Shareholder
      Committee


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

ESTEE LAUDER COMPANIES INC., THE

Ticker:       EL             Security ID:  518439104
Meeting Date: NOV 5, 2004    Meeting Type: Annual
Record Date:  SEP 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Aerin Lauder               For       Withhold   Management
1.2   Elect Director William P. Lauder          For       Withhold   Management
1.3   Elect Director Richard D. Parsons         For       Withhold   Management
1.4   Elect Director Lynn F. De Rothschild      For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

Ticker:       EXPD           Security ID:  302130109
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter J. Rose             For       For        Management
1.2   Elect  Director James L.K. Wang           For       For        Management
1.3   Elect  Director R. Jordan Gates           For       For        Management
1.4   Elect  Director James J. Casey            For       For        Management
1.5   Elect  Director Dan P. Kourkoumelis       For       For        Management
1.6   Elect  Director Michael J. Malone         For       For        Management
1.7   Elect  Director John W. Meisenbach        For       For        Management
2     Approve Stock Option Plan                 For       For        Management
3     Ratification of Auditors be Submitted to  Against   For        Shareholder
      Shareholders


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

EXXON MOBIL CORP.

Ticker:       XOM            Security ID:  30231G102
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  APR 6, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael J. Boskin         For       For        Management
1.2   Elect  Director William W. George         For       For        Management
1.3   Elect  Director James R. Houghton         For       For        Management
1.4   Elect  Director William R. Howell         For       For        Management
1.5   Elect  Director Reatha Clark King         For       For        Management
1.6   Elect  Director Philip E. Lippincott      For       For        Management
1.7   Elect  Director Henry A. McKinnell, Jr.   For       For        Management
1.8   Elect  Director Marilyn Carlson Nelson    For       For        Management
1.9   Elect  Director Lee R. Raymond            For       For        Management
1.10  Elect  Director Walter V. Shipley         For       For        Management
1.11  Elect  Director Rex W. Tillerson          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Political Contributions/Activities        Against   Against    Shareholder
4     Review/Limit Executive Compensation       Against   Against    Shareholder
5     Nominate Independent Directors with       Against   Against    Shareholder
      Industry Experience
6     Report on Payments to Indonesian Military Against   Against    Shareholder
7     Adopt Policy Prohibiting Discrimination   Against   Against    Shareholder
      based on Sexual Orientation
8     Report on Potential Damage of Drilling in Against   Against    Shareholder
      Protected Regions
9     Disclose Information Supporting the       Against   Against    Shareholder
      Company Position on Climate Change
10    Report on Company Policies for Compliance Against   Against    Shareholder
      with the Kyoto Protocol


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

FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.

Ticker:       FCS            Security ID:  303726103
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kirk P. Pond              For       Withhold   Management
1.2   Elect  Director Joseph R. Martin          For       Withhold   Management
1.3   Elect  Director Charles P. Carinalli      For       Withhold   Management
1.4   Elect  Director Charles M. Clough         For       Withhold   Management
1.5   Elect  Director Robert F. Friel           For       Withhold   Management
1.6   Elect  Director Thomas L. Magnanti        For       Withhold   Management
1.7   Elect  Director Bryan R. Roub             For       Withhold   Management
1.8   Elect  Director Ronald W. Shelly          For       Withhold   Management
1.9   Elect  Director William N. Stout          For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

FEDEX CORPORATION

Ticker:       FDX            Security ID:  31428X106
Meeting Date: SEP 27, 2004   Meeting Type: Annual
Record Date:  AUG 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles T. Manatt         For       For        Management
1.2   Elect  Director Judith L. Estrin          For       For        Management
1.3   Elect  Director Philip Greer              For       For        Management
1.4   Elect  Director J.R. Hyde, III            For       For        Management
1.5   Elect  Director Shirley A. Jackson        For       For        Management
1.6   Elect  Director Frederick W. Smith        For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


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

GAP, INC., THE

Ticker:       GPS            Security ID:  364760108
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Howard P. Behar            For       Withhold   Management
1.2   Elect Director Adrian D. P. Bellamy       For       Withhold   Management
1.3   Elect Director Domenico De Sole           For       Withhold   Management
1.4   Elect Director Donald G. Fisher           For       Withhold   Management
1.5   Elect Director Doris F. Fisher            For       Withhold   Management
1.6   Elect Director Robert J. Fisher           For       Withhold   Management
1.7   Elect Director Penelope L. Hughes         For       Withhold   Management
1.8   Elect Director Bob L. Martin              For       Withhold   Management
1.9   Elect Director Jorge P. Montoya           For       Withhold   Management
1.10  Elect Director Paul S. Pressler           For       Withhold   Management
1.11  Elect Director James M. Schneider         For       Withhold   Management
1.12  Elect Director Mayo A. Shattuck III       For       Withhold   Management
1.13  Elect Director Margaret C. Whitman        For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management


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

GENENTECH, INC.

Ticker:       DNA            Security ID:  368710406
Meeting Date: APR 14, 2005   Meeting Type: Annual
Record Date:  FEB 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Herbert W. Boyer          For       For        Management
1.2   Elect  Director William M. Burns          For       Withhold   Management
1.3   Elect  Director Erich Hunziker            For       Withhold   Management
1.4   Elect  Director Jonathan K.C. Knowles     For       Withhold   Management
1.5   Elect  Director Arthur D. Levinson        For       For        Management
1.6   Elect  Director Charles A. Sanders        For       For        Management
2     Ratify Auditors                           For       For        Management


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

GENERAL ELECTRIC CO.

Ticker:       GE             Security ID:  369604103
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James I. Cash, Jr.        For       For        Management
1.2   Elect  Director William M. Castell        For       For        Management
1.3   Elect  Director Dennis D. Dammerman       For       For        Management
1.4   Elect  Director Ann M. Fudge              For       For        Management
1.5   Elect  Director Claudio X. Gonzalez       For       For        Management
1.6   Elect  Director Jeffrey R. Immelt         For       For        Management
1.7   Elect  Director Andrea Jung               For       For        Management
1.8   Elect  Director Alan G. Lafley            For       For        Management
1.9   Elect  Director Ralph S. Larsen           For       For        Management
1.10  Elect  Director Rochelle B. Lazarus       For       For        Management
1.11  Elect  Director Sam Nunn                  For       For        Management
1.12  Elect  Director Roger S. Penske           For       For        Management
1.13  Elect  Director Robert J. Swieringa       For       For        Management
1.14  Elect  Director Douglas A. Warner III     For       For        Management
1.15  Elect  Director Robert C. Wright          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   Against    Shareholder
4     Report on Nuclear Fuel Storage Risks      Against   Against    Shareholder
5     Report on PCB Clean-up Costs              Against   Against    Shareholder
6     Adopt Policy on Overboarded Directors     Against   Against    Shareholder
7     Prepare a Sustainability Report           Against   Against    Shareholder
8     Political Contributions/Activities        Against   Against    Shareholder
9     Eliminate Animal Testing                  Against   Against    Shareholder


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

GILEAD SCIENCES, INC.

Ticker:       GILD           Security ID:  375558103
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Paul Berg                  For       For        Management
1.2   Elect Director Etienne F. Davignon        For       For        Management
1.3   Elect Director James M. Denny             For       For        Management
1.4   Elect Director John C. Martin             For       For        Management
1.5   Elect Director Gordon E. Moore            For       For        Management
1.6   Elect Director Nicholas G. Moore          For       For        Management
1.7   Elect Director George P. Shultz           For       For        Management
1.8   Elect Director Gayle E. Wilson            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Report on Impact of HIV/AIDS, TB, and     Against   Abstain    Shareholder
      Malaria Pandemics


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

GOLDMAN SACHS GROUP, INC., THE

Ticker:       GS             Security ID:  38141G104
Meeting Date: APR 6, 2005    Meeting Type: Annual
Record Date:  FEB 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John H. Bryan             For       For        Management
1.2   Elect  Director Stephen Friedman          For       For        Management
1.3   Elect  Director William W. George         For       For        Management
1.4   Elect  Director Henry M. Paulson, Jr.     For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Ratify Auditors                           For       For        Management


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

HOME DEPOT, INC. (THE)

Ticker:       HD             Security ID:  437076102
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gregory D. Brenneman      For       Withhold   Management
1.2   Elect  Director Richard H. Brown          For       Withhold   Management
1.3   Elect  Director John L. Clendenin         For       Withhold   Management
1.4   Elect  Director Berry R. Cox              For       Withhold   Management
1.5   Elect  Director Claudio X. Gonzalez       For       Withhold   Management
1.6   Elect  Director Milledge A. Hart, III     For       Withhold   Management
1.7   Elect  Director Bonnie G. Hill            For       Withhold   Management
1.8   Elect  Director Laban P. Jackson, Jr.     For       Withhold   Management
1.9   Elect  Director Lawrence R. Johnston      For       Withhold   Management
1.10  Elect  Director Kenneth G. Langone        For       Withhold   Management
1.11  Elect  Director Robert L. Nardelli        For       Withhold   Management
1.12  Elect  Director Thomas J. Ridge           For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Nomination Procedures for the Board For       Against    Management
4     Approve Omnibus Stock Plan                For       For        Management
5     Prepare Diversity Report                  Against   Abstain    Shareholder
6     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors
7     Limit Executive Compensation              Against   Against    Shareholder
8     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote
9     Performance- Based/Indexed Options        Against   Against    Shareholder
10    Performance- Based/Indexed Options        Against   For        Shareholder
11    Affirm Political Nonpartisanship          Against   Abstain    Shareholder


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

HONEYWELL INTERNATIONAL, INC.

Ticker:       HON            Security ID:  438516106
Meeting Date: APR 25, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marshall N. Carter        For       For        Management
1.2   Elect  Director David M. Cote             For       For        Management
1.3   Elect  Director Bradley T. Sheares        For       For        Management
1.4   Elect  Director John R. Stafford          For       For        Management
1.5   Elect  Director Michael W. Wright         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Amend the Certificate of Incorporation    For       For        Management
      and By-laws
5     Establish Other Board Committee           Against   For        Shareholder
6     Separate Chairman and CEO Positions       Against   For        Shareholder
7     Report on Pay Disparity                   Against   Against    Shareholder
8     Performance- Based/Indexed Options        Against   Against    Shareholder
9     Approve Commonsense Executive             Against   Against    Shareholder
      Compensation Framework


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

INGERSOLL-RAND COMPANY LIMITED

Ticker:       IR             Security ID:  G4776G101
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director A.C. Berzin               For       For        Management
1.2   Elect  Director H.L. Henkel               For       For        Management
1.3   Elect  Director H.W. Lichtenberger        For       For        Management
1.4   Elect  Director T.L. White                For       For        Management
2     APPROVAL OF AMENDMENT TO BYE-LAW 10 OF    For       For        Management
      THE BYE-LAWS TO ELIMINATE THE
      CLASSIFICATION OF THE BOARD OF DIRECTORS.
3     APPROVAL OF AMENDMENT TO BYE-LAW 10 OF    For       For        Management
      THE BYE-LAWS TO ELIMINATE CUMULATIVE
      VOTING IN THE ELECTION OF DIRECTORS.
4     Ratify Auditors                           For       For        Management


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

INGRAM MICRO, INC.

Ticker:       IM             Security ID:  457153104
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kent B. Foster            For       For        Management
1.2   Elect  Director Howard I. Atkins          For       For        Management
1.3   Elect  Director Martha R. Ingram          For       For        Management
1.4   Elect  Director Linda Fayne Levinson      For       For        Management
1.5   Elect  Director Kevin M. Murai            For       For        Management
1.6   Elect  Director G.M.E. Spierkel           For       For        Management


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

INTEL CORP.

Ticker:       INTC           Security ID:  458140100
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Craig R. Barrett           For       For        Management
1.2   Elect Director Charlene Barshefsky        For       For        Management
1.3   Elect Director E. John P. Browne          For       For        Management
1.4   Elect Director D. James Guzy              For       For        Management
1.5   Elect Director Reed E. Hundt              For       For        Management
1.6   Elect Director Paul S. Otellini           For       For        Management
1.7   Elect Director David S. Pottruck          For       For        Management
1.8   Elect Director Jane E. Shaw               For       For        Management
1.9   Elect Director John L. Thornton           For       For        Management
1.10  Elect Director David B. Yoffie            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Executive Incentive Bonus Plan      For       For        Management


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

INTERNATIONAL BUSINESS MACHINES CORP.

Ticker:       IBM            Security ID:  459200101
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Cathleen Black             For       Did Not    Management
                                                          Vote
1.2   Elect Director Kenneth I. Chenault        For       Did Not    Management
                                                          Vote
1.3   Elect Director Juergen Dormann            For       Did Not    Management
                                                          Vote
1.4   Elect Director Michael L. Eskew           For       Did Not    Management
                                                          Vote
1.5   Elect Director Carlos Ghosn               For       Did Not    Management
                                                          Vote
1.6   Elect Director Charles F. Knight          For       Did Not    Management
                                                          Vote
1.7   Elect Director Minoru Makihara            For       Did Not    Management
                                                          Vote
1.8   Elect Director Lucio A. Noto              For       Did Not    Management
                                                          Vote
1.9   Elect Director Samuel J. Palmisano        For       Did Not    Management
                                                          Vote
1.10  Elect Director Joan E. Spero              For       Did Not    Management
                                                          Vote
1.11  Elect Director Sidney Taurel              For       Did Not    Management
                                                          Vote
1.12  Elect Director Charles M. Vest            For       Did Not    Management
                                                          Vote
1.13  Elect Director Lorenzo H. Zambrano        For       Did Not    Management
                                                          Vote
2     Ratify Auditors                           For       Did Not    Management
                                                          Vote
3     Restore or Provide for Cumulative Voting  Against   Did Not    Shareholder
                                                          Vote
4     Eliminate Age Discrimination in           Against   Did Not    Shareholder
      Retirement Benefits                                 Vote
5     Calculate Executive Salary Without Regard Against   Did Not    Shareholder
      to Pension Income                                   Vote
6     Expense Stock Options                     Against   Did Not    Shareholder
                                                          Vote
7     Report on Executive Compensation          Against   Did Not    Shareholder
                                                          Vote
8     Report on Outsourcing                     Against   Did Not    Shareholder
                                                          Vote


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

J. C. PENNEY CO., INC (HLDG CO)

Ticker:       JCP            Security ID:  708160106
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas J. Engibous        For       For        Management
1.2   Elect  Director Kent B. Foster            For       For        Management
1.3   Elect  Director Leonard H. Roberts        For       For        Management
1.4   Elect  Director Myron E. Ullman, III      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Declassify the Board of Directors         Against   For        Shareholder


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

JOHNSON & JOHNSON

Ticker:       JNJ            Security ID:  478160104
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mary Sue Coleman          For       For        Management
1.2   Elect  Director James G. Cullen           For       For        Management
1.3   Elect  Director Robert J. Darretta        For       For        Management
1.4   Elect  Director Michael M. E. Johns       For       For        Management
1.5   Elect  Director Ann Dibble Jordan         For       For        Management
1.6   Elect  Director Arnold G. Langbo          For       For        Management
1.7   Elect  Director Susan L. Lindquist        For       For        Management
1.8   Elect  Director Leo F. Mullin             For       For        Management
1.9   Elect  Director Christine A. Poon         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 William C. Weldon         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

JPMORGAN CHASE & CO.

Ticker:       JPM            Security ID:  46625H100
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Director Hans W. Becherer For       Withhold   Management
1.2   Elect  Director Director John H. Biggs    For       Withhold   Management
1.3   Elect  Director Director Lawrence A.      For       Withhold   Management
      Bossidy
1.4   Elect  Director Director Stephen B. Burke For       Withhold   Management
1.5   Elect  Director Director James S. Crown   For       Withhold   Management
1.6   Elect  Director Director James Dimon      For       Withhold   Management
1.7   Elect  Director Director Ellen V. Futter  For       Withhold   Management
1.8   Elect  Director Director William H. Gray, For       Withhold   Management
      III
1.9   Elect  Director Director William B.       For       Withhold   Management
      Harrison, Jr
1.10  Elect  Director Director Laban P.         For       Withhold   Management
      Jackson, Jr.
1.11  Elect  Director Director John W. Kessler  For       Withhold   Management
1.12  Elect  Director Director Robert I. Lipp   For       Withhold   Management
1.13  Elect  Director Director Richard A.       For       Withhold   Management
      Manoogian
1.14  Elect  Director Director David C. Novak   For       Withhold   Management
1.15  Elect  Director Director Lee R. Raymond   For       Withhold   Management
1.16  Elect  Director Director William C.       For       Withhold   Management
      Weldon
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Establish Term Limits for Directors       Against   Against    Shareholder
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Limit Executive Compensation              Against   Against    Shareholder
7     Adopt Executive Benefit Policy            Against   For        Shareholder


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

L-3 COMMUNICATIONS HOLDINGS, INC.

Ticker:       LLL            Security ID:  502424104
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank C. Lanza             For       For        Management
1.2   Elect Director John M. Shalikashvili      For       For        Management
1.3   Elect Director John White                 For       For        Management
2     Ratify Auditors                           For       For        Management


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

LABORATORY CORPORATION OF AMERICA HOLDINGS

Ticker:       LH             Security ID:  50540R409
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     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       For        Management
1.3   Elect  Director Wendy E. Lane             For       For        Management
1.4   Elect  Director Robert E. Mittelstaedt,   For       For        Management
      Jr.
1.5   Elect  Director Arthur H. Rubenstein,     For       For        Management
      MBBCh
1.6   Elect  Director Andrew G. Wallace, M.D.   For       For        Management
1.7   Elect  Director M. Keith Weikel, Ph.D.    For       For        Management
2     Ratify Auditors                           For       For        Management


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

LOCKHEED MARTIN CORP.

Ticker:       LMT            Security ID:  539830109
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director E.C. 'Pete' Aldridge, Jr.  For       For        Management
1.2   Elect Director Nolan D. Archibald         For       For        Management
1.3   Elect Director Marcus C. Bennett          For       For        Management
1.4   Elect Director James O. Ellis, Jr.        For       For        Management
1.5   Elect Director Gwendolyn S. King          For       For        Management
1.6   Elect Director Douglas H. McCorkindale    For       For        Management
1.7   Elect Director Eugene F. Murphy           For       For        Management
1.8   Elect Director Joseph W. Ralston          For       For        Management
1.9   Elect Director Frank Savage               For       For        Management
1.10  Elect Director Anne Stevens               For       For        Management
1.11  Elect Director Robert J. Stevens          For       For        Management
1.12  Elect Director James R. Ukropina          For       For        Management
1.13  Elect Director Douglas C. Yearley         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Performance-Based/Indexed Options         Against   Against    Shareholder
5     Adopt Simple Majority Vote Requirement    Against   For        Shareholder
      for All Issues
6     Report on Pay Disparity                   Against   Against    Shareholder
7     and amend its code of conduct and         Against   Abstain    Shareholder
      policies related to bidding  Review Code
      of Conduct on Military Contracts


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

LOWE'S COMPANIES, INC.

Ticker:       LOW            Security ID:  548661107
Meeting Date: MAY 27, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert A. Ingram           For       For        Management
1.2   Elect Director Richard K. Lochridge       For       For        Management
1.3   Elect Director Robert L. Johnson          For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

LUCENT TECHNOLOGIES INC.

Ticker:       LU             Security ID:  549463107
Meeting Date: FEB 16, 2005   Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert E. Denham           For       Withhold   Management
1.2   Elect Director Daniel S. Goldin           For       Withhold   Management
1.3   Elect Director Edward E. Hagen Locker     For       Withhold   Management
1.4   Elect Director Carla A. Hills             For       Withhold   Management
1.5   Elect Director Karl J. Krapek             For       Withhold   Management
1.6   Elect Director Richard C. Levin           For       Withhold   Management
1.7   Elect Director Patricia F. Russo          For       Withhold   Management
1.8   Elect Director Henry B. Schact            For       Withhold   Management
1.9   Elect Director Franklin A. Thomas         For       Withhold   Management
1.10  Elect Director Ronald A. Williams         For       Withhold   Management
2     Approve Reverse Stock Split               For       For        Management
3     Report on Political Contributions         Against   Abstain    Shareholder
4     Performance- Based/Indexed Options        Against   Abstain    Shareholder
5     Prohibit Auditor from Providing Non-Audit Against   Abstain    Shareholder
      Services
6     Approve Future Golden Parachute Provision Against   Against    Shareholder


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

MANPOWER INC.

Ticker:       MAN            Security ID:  56418H100
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Thomas Bouchard        For       Withhold   Management
1.2   Elect  Director Rozanne L. Ridgway        For       Withhold   Management
1.3   Elect  Director Edward J. Zore            For       Withhold   Management
2     Amend Qualified Employee Stock Purchase   For       Against    Management
      Plan
3     Amend Omnibus Stock Plan                  For       For        Management


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

MBNA CORP.

Ticker:       KRB            Security ID:  55262L100
Meeting Date: MAY 2, 2005    Meeting Type: Annual
Record Date:  FEB 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James H. Berick           For       For        Management
1.2   Elect  Director Mary M. Boies             For       For        Management
1.3   Elect  Director Benjamin R. Civiletti     For       For        Management
1.4   Elect  Director Bruce L. Hammonds         For       For        Management
1.5   Elect  Director William L. Jews           For       For        Management
1.6   Elect  Director Randolph D. Lerner        For       For        Management
1.7   Elect  Director Stuart L. Markowitz, M.D. For       For        Management
1.8   Elect  Director William B. Milstead       For       For        Management
1.9   Elect  Director Thomas G. Murdough, Jr.   For       For        Management
1.10  Elect  Director Laura S. Unger            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Expense Stock Options                     Against   Against    Shareholder
4     Performance- Based/Indexed Options        Against   Against    Shareholder


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

MCDONALD'S CORP.

Ticker:       MCD            Security ID:  580135101
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Hall Adams, Jr.            For       Withhold   Management
1.2   Elect Director Cary D. McMillan           For       Withhold   Management
1.3   Elect Director Michael J. Roberts         For       Withhold   Management
1.4   Elect Director James A. Skinner           For       Withhold   Management
1.5   Elect Director Anne-Marie Slaughter       For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Report on Genetically Modified Organisms  Against   Abstain    Shareholder


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

MEDCO HEALTH SOLUTIONS INC

Ticker:       MHS            Security ID:  58405U102
Meeting Date: MAY 31, 2005   Meeting Type: Annual
Record Date:  APR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John L. Cassis             For       For        Management
1.2   Elect Director Michael Goldstein          For       For        Management
1.3   Elect Director Blenda J. Wilson           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Approve Qualified Employee Stock Purchase For       For        Management
      Plan
5     Approve Executive Incentive Bonus Plan    For       For        Management


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

MEDTRONIC, INC.

Ticker:       MDT            Security ID:  585055106
Meeting Date: AUG 26, 2004   Meeting Type: Annual
Record Date:  JUL 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William R. Brody, M.D.,   For       Withhold   Management
      Ph.D.
1.2   Elect  Director Arthur D. Collins, Jr.    For       Withhold   Management
1.3   Elect  Director Antonio M. Gotto, Jr.,    For       Withhold   Management
      M.D., D. Phil.
2     Ratify Auditors                           For       For        Management
3     Charitable Contributions                  Against   Abstain    Shareholder


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

MERCK & CO., INC.

Ticker:       MRK            Security ID:  589331107
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Rochelle B. Lazarus       For       Withhold   Management
1.2   Elect  Director William G. Bowen          For       Withhold   Management
1.3   Elect  Director Raymond V. Gilmartin      For       Withhold   Management
1.4   Elect  Director Thomas E. Shenk           For       Withhold   Management
1.5   Elect  Director Anne M. Tatlock           For       Withhold   Management
1.6   Elect  Director Samuel O. Thier           For       Withhold   Management
1.7   Elect  Director Wendell P. Weeks          For       Withhold   Management
1.8   Elect  Director Peter C. Wendell          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Prohibit Awards to Executives             Against   Against    Shareholder
4     Limit Executive Compensation              Against   Against    Shareholder
5     Eliminate Animal Testing                  Against   Abstain    Shareholder
6     Separate Chairman and CEO Positions       Against   Against    Shareholder
7     Report on Product Availability in Canada  Against   Abstain    Shareholder
8     Report on Political Contributions         Against   Abstain    Shareholder
9     Report on Operational Impact of HIV/AIDS, Against   Abstain    Shareholder
      TB, and Malaria Pandemic


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

MERCURY INTERACTIVE CORP.

Ticker:       MERQE          Security ID:  589405109
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Amnon Landan              For       Withhold   Management
1.2   Elect  Director Brad Boston               For       Withhold   Management
1.3   Elect  Director Igal Kohavi               For       Withhold   Management
1.4   Elect  Director Clyde Ostler              For       Withhold   Management
1.5   Elect  Director Yair Shamir               For       Withhold   Management
1.6   Elect  Director Giora Yaron               For       Withhold   Management
1.7   Elect  Director Anthony Zingale           For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 9, 2004    Meeting Type: Annual
Record Date:  SEP 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William H. Gates III      For       Withhold   Management
1.2   Elect  Director Steven A. Ballmer         For       Withhold   Management
1.3   Elect  Director James I. Cash Jr., Ph.D.  For       Withhold   Management
1.4   Elect  Director Raymond V. Gilmartin      For       Withhold   Management
1.5   Elect  Director Ann McLaughlin Korologos  For       Withhold   Management
1.6   Elect  Director David F. Marquardt        For       Withhold   Management
1.7   Elect  Director Charles H. Noski          For       Withhold   Management
1.8   Elect  Director Dr. Helmut Panke          For       Withhold   Management
1.9   Elect  Director Jon A. Shirley            For       Withhold   Management
2     Amend Bundled Compensation Plans          For       For        Management
3     Amend Bundled Compensation Plans          For       For        Management
4     Amend Stock Option Plan                   For       For        Management
5     Ratify Auditors                           For       For        Management


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

MILLIPORE CORP.

Ticker:       MIL            Security ID:  601073109
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Melvin D. Booth            For       Withhold   Management
1.2   Elect Director Maureen A. Hendricks       For       Withhold   Management
1.3   Elect Director Martin D. Madaus           For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management


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

MORGAN STANLEY

Ticker:       MWD            Security ID:  617446448
Meeting Date: MAR 15, 2005   Meeting Type: Annual
Record Date:  JAN 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Jacob             For       Withhold   Management
1.2   Elect  Director Charles F. Knight         For       Withhold   Management
1.3   Elect  Director Miles L. Marsh            For       Withhold   Management
1.4   Elect  Director Laura D'Andrea Tyson      For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Limit Executive Compensation              Against   Against    Shareholder


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

MOTOROLA, INC.

Ticker:       MOT            Security ID:  620076109
Meeting Date: MAY 2, 2005    Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director E. Zander                  For       Withhold   Management
1.2   Elect Director H. L. Fuller               For       Withhold   Management
1.3   Elect Director J. Lewant                  For       Withhold   Management
1.4   Elect Director W. Massey                  For       Withhold   Management
1.5   Elect Director T. Meredith                For       Withhold   Management
1.6   Elect Director N. Negroponte              For       Withhold   Management
1.7   Elect Director I. Nooyi                   For       Withhold   Management
1.8   Elect Director S. Scott III               For       Withhold   Management
1.9   Elect Director R. Sommer                  For       Withhold   Management
1.10  Elect Director J. Stengel                 For       Withhold   Management
1.11  Elect Director D. Warner III              For       Withhold   Management
1.12  Elect Director J. White                   For       Withhold   Management
2     Limit Executive Compensation              Against   Against    Shareholder
3     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


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

MURPHY OIL CORP.

Ticker:       MUR            Security ID:  626717102
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank W. Blue             For       For        Management
1.2   Elect  Director George S. Dembroski       For       For        Management
1.3   Elect  Director Claiborne P. Deming       For       For        Management
1.4   Elect  Director Robert A. Hermes          For       For        Management
1.5   Elect  Director R. Madison Murphy         For       For        Management
1.6   Elect  Director William C. Nolan, Jr.     For       For        Management
1.7   Elect  Director Ivar B. Ramberg           For       For        Management
1.8   Elect  Director Neal E. Schmale           For       For        Management
1.9   Elect  Director David J.H. Smith          For       For        Management
1.10  Elect  Director Caroline G. Theus         For       For        Management
2     Increase Authorized Common Stock          For       Against    Management
3     Ratify Auditors                           For       For        Management


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

NEWS CORPORATION

Ticker:       NWS            Security ID:  65248E203
Meeting Date: JUN 30, 2005   Meeting Type: Special
Record Date:  MAY 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Omnibus Stock Plan                For       For        Management


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

NEWS CORPORATION

Ticker:       NWS            Security ID:  652487703
Meeting Date: OCT 26, 2004   Meeting Type: Annual
Record Date:  SEP 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RE-ELECTION OF MR. KE COWLEY, AS          For       For        Management
      DIRECTOR.
2     RE-ELECTION OF MR. DF DEVOE, AS DIRECTOR. For       For        Management
3     ELECTION OF MR. V DINH, AS DIRECTOR.      For       For        Management
4     ELECTION OF MR. PL BARNES, AS DIRECTOR.   For       For        Management
5     ELECTION OF MR. JL THORNTON, AS DIRECTOR. For       For        Management
6     SHARE SCHEME MEETING OF ORDINARY          For       For        Management
      SHAREHOLDERS. APPROVAL OF THE SHARE
      SCHEME DESCRIBED IN THE INFORMATION
      MEMORANDUM.
7     CAPITAL REDUCTION MEETING. APPROVAL OF    For       For        Management
      THE CAPITAL REDUCTION BY CANCELLATION OF
      ALL SHARES IN THE COMPANY.
8     IF YOU MARK THE AGAINST BOX, YOU WILL NOT For       For        Management
      VOTE AS REGISTERED LEGAL OWNER OF
      NEWSCORP SHARES AND YOUR VOTE WILL NOT BE
      COUNTED IN DETERMINING WHETHER THE SHARE
      SCHEME IS APPROVED BY A MAJORITY IN
      NUMBER OF SHAREHOLDERS VOTING AT THE
      MEETINGS.


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

NOKIA CORP.

Ticker:       NKCAF          Security ID:  654902204
Meeting Date: APR 7, 2005    Meeting Type: Annual
Record Date:  FEB 2, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
2     APPROVAL OF THE INCOME STATEMENTS AND THE For       For        Management
      BALANCE SHEET.
3     APPROVAL OF A PROPOSAL TO THE ANNUAL      For       For        Management
      GENERAL MEETING OF A DIVIDEND OF EUR 0.33
      PER SHARE.
4     DISCHARGE OF THE CHAIRMAN, THE MEMBERS OF For       For        Management
      THE BOARD OF DIRECTORS, AND THE
      PRESIDENT, FROM LIABILITY.
6     PROPOSAL ON THE COMPOSITION OF THE BOARD  For       For        Management
      AS PROPOSED BY THE CORPORATE GOVERNANCE
      AND NOMINATION COMMITTEE.
7.1   Elect  Directors Paul J. Collins          For       For        Management
7.2   Elect  Directors Georg Ehrnrooth          For       For        Management
7.3   Elect  Directors Bengt Holmstrom          For       For        Management
7.4   Elect  Directors Per Karlsson             For       For        Management
7.5   Elect  Directors Jorma Ollila             For       For        Management
7.6   Elect  Directors Marjorie Scardino        For       For        Management
7.7   Elect  Directors Vesa Vainio              For       For        Management
7.8   Elect  Directors Arne Wessberg            For       For        Management
7.9   Elect  Directors Dan Hesse                For       For        Management
7.10  Elect  Directors Edouard Michelin         For       For        Management
8     APPROVAL OF THE REMUNERATION TO BE PAID   For       For        Management
      TO THE AUDITOR.
9     APPROVAL OF THE RE-ELECTION OF            For       For        Management
      PRICEWATERHOUSECOOPERS OY AS THE AUDITORS
      FOR FISCAL YEAR 2005.
10    APPROVAL OF THE PROPOSAL TO GRANT STOCK   For       For        Management
      OPTIONS TO SELECTED PERSONNEL OF THE
      COMPANY.
11    APPROVAL OF THE PROPOSAL OF THE BOARD TO  For       For        Management
      REDUCE THE SHARE CAPITAL THROUGH
      CANCELLATION OF NOKIA SHARES HELD BY
      COMPANY.
12    AUTHORIZATION TO THE BOARD TO INCREASE    For       For        Management
      THE SHARE CAPITAL OF THE COMPANY.
13    AUTHORIZATION TO THE BOARD TO REPURCHASE  For       For        Management
      NOKIA SHARES.
14    AUTHORIZATION TO THE BOARD TO DISPOSE     For       For        Management
      NOKIA SHARES HELD BY THE COMPANY.
15    MARK THE FOR BOX IF YOU WISH TO INSTRUCT  For       Against    Management
      NOKIA S LEGAL COUNSELS TO VOTE IN THEIR
      DISCRETION ON YOUR BEHALF ONLY UPON ITEM
      15.


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

NORTHROP GRUMMAN CORP.

Ticker:       NOC            Security ID:  666807102
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Phillip Frost              For       For        Management
1.2   Elect Director John B. Slaughter          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Amend Nonemployee Director Plan (Stock    For       For        Management
      Awards in Lieu of Cash)
5     Adopt Simply Majority Vote Requirement    Against   For        Shareholder


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

NOVARTIS AG

Ticker:       NVS            Security ID:  CH0012005267
Meeting Date: MAR 1, 2005    Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Discharge of Board and Senior     For       For        Management
      Management
3     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 1.05 per Share
4     Approve CHF 19 Million Reduction in Share For       For        Management
      Capital via Share Cancellation
5     Authorize Repurchase of up to Ten Percent For       For        Management
      of Issued Share Capital
6.1   Reelect Birgit Breuel as Director         For       For        Management
6.2   Reelect Peter Burckhardt as Director      For       For        Management
6.3   Reelect Alexandre Jetzer as Director      For       For        Management
6.4   Reelect Pierre Landolt as Director        For       For        Management
6.5   Reelect Ulrich Lehner as Director         For       For        Management
7     Ratify PricewaterhouseCoopers AG as       For       For        Management
      Auditors


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

NOVELL, INC.

Ticker:       NOVL           Security ID:  670006105
Meeting Date: APR 14, 2005   Meeting Type: Annual
Record Date:  FEB 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Albert Aiello              For       Did Not    Management
                                                          Vote
1.2   Elect Director Fred Corrado               For       Did Not    Management
                                                          Vote
1.3   Elect Director Richard L. Crandall        For       Did Not    Management
                                                          Vote
1.4   Elect Director Wayne Mackie               For       Did Not    Management
                                                          Vote
1.5   Elect Director Claudine B. Malone         For       Did Not    Management
                                                          Vote
1.6   Elect Director Jack L. Messman            For       Did Not    Management
                                                          Vote
1.7   Elect Director Richard L. Nolan           For       Did Not    Management
                                                          Vote
1.8   Elect Director Thomas G. Plaskett         For       Did Not    Management
                                                          Vote
1.9   Elect Director John W. Poduska, Sr.       For       Did Not    Management
                                                          Vote
1.10  Elect Director John D. Robinson, III      For       Did Not    Management
                                                          Vote
1.11  Elect Director Kathy Brittain White       For       Did Not    Management
                                                          Vote
2     Ratify Auditors                           For       Did Not    Management
                                                          Vote
3     Amend By-Laws for Performance-Based       Against   Did Not    Shareholder
      Equity Compensation                                 Vote


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

PEPSICO, INC.

Ticker:       PEP            Security ID:  713448108
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John F. Akers             For       Withhold   Management
1.2   Elect  Director Robert E. Allen           For       Withhold   Management
1.3   Elect  Director Ray L. Hunt               For       Withhold   Management
1.4   Elect  Director Arthur C. Martinez        For       Withhold   Management
1.5   Elect  Director Indra K. Nooyi            For       Withhold   Management
1.6   Elect  Director Steven S Reinemund        For       Withhold   Management
1.7   Elect  Director Sharon P. Rockefeller     For       Withhold   Management
1.8   Elect  Director James J. Schiro           For       Withhold   Management
1.9   Elect  Director Franklin A. Thomas        For       Withhold   Management
1.10  Elect  Director Cynthia M. Trudell        For       Withhold   Management
1.11  Elect  Director Solomon D. Trujillo       For       Withhold   Management
1.12  Elect  Director Daniel Vasella            For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Report on Corporate Political             Against   Abstain    Shareholder
      Contributions


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

PERKINELMER INC.

Ticker:       PKI            Security ID:  714046109
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Tamara J. Erickson         For       Withhold   Management
1.2   Elect Director Nicholas A. Lopardo        For       Withhold   Management
1.3   Elect Director Alexis P. Michas           For       Withhold   Management
1.4   Elect Director James C. Mullen            For       Withhold   Management
1.5   Elect Director Vicki L. Sato              For       Withhold   Management
1.6   Elect Director Gabriel Schmergel          For       Withhold   Management
1.7   Elect Director Kenton J. Sicchitano       For       Withhold   Management
1.8   Elect Director Gregory L. Summe           For       Withhold   Management
1.9   Elect Director G. Robert Tod              For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

PFIZER INC.

Ticker:       PFE            Security ID:  717081103
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 2, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael S. Brown           For       Withhold   Management
1.2   Elect Director M. Anthony Burns           For       Withhold   Management
1.3   Elect Director Robert N. Burt             For       Withhold   Management
1.4   Elect Director W. Don Cornwell            For       Withhold   Management
1.5   Elect Director William H. Gray III        For       Withhold   Management
1.6   Elect Director Constance J. Horner        For       Withhold   Management
1.7   Elect Director William R. Howell          For       Withhold   Management
1.8   Elect Director Stanley O. Ikenberry       For       Withhold   Management
1.9   Elect Director George A. Lorch            For       Withhold   Management
1.10  Elect Director Henry A. McKinnell         For       Withhold   Management
1.11  Elect Director Dana G. Mead               For       Withhold   Management
1.12  Elect Director Ruth J. Simmons            For       Withhold   Management
1.13  Elect Director William C. Steere, Jr.     For       Withhold   Management
1.14  Elect Director Jean-Paul Valles           For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Establish Term Limits for Directors       Against   Against    Shareholder
4     Report on Pharmaceutical Price Restraint  Against   Abstain    Shareholder
5     Review and Report on Drug Reimportation   Against   Abstain    Shareholder
      Policy
6     Report on Political Contributions         Against   Abstain    Shareholder
7     Report on Product Availability in Canada  Against   Abstain    Shareholder
8     Separate Chairman and CEO Positions       Against   Against    Shareholder


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

PRAXAIR, INC.

Ticker:       PX             Security ID:  74005P104
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jose Alves                For       For        Management
1.2   Elect  Director Ira D. Hall               For       For        Management
1.3   Elect  Director Raymond W. Leboeuf        For       For        Management
1.4   Elect  Director Wayne T. Smith            For       For        Management
1.5   Elect  Director Robert L. Wood            For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

PRIDE INTERNATIONAL, INC.

Ticker:       PDE            Security ID:  74153Q102
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Barbanell       For       Withhold   Management
1.2   Elect  Director Paul A. Bragg             For       Withhold   Management
1.3   Elect  Director David A.B. Brown          For       Withhold   Management
1.4   Elect  Director J.C. Burton               For       Withhold   Management
1.5   Elect  Director Archie W. Dunham          For       Withhold   Management
1.6   Elect  Director Ralph D. McBride          For       Withhold   Management
1.7   Elect  Director David B. Robson           For       Withhold   Management
2     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan


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

PROCTER & GAMBLE COMPANY, THE

Ticker:       PG             Security ID:  742718109
Meeting Date: OCT 12, 2004   Meeting Type: Annual
Record Date:  JUL 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director R. Kerry Clark            For       For        Management
1.2   Elect  Director Joseph T. Gorman          For       For        Management
1.3   Elect  Director Lynn M. Martin            For       For        Management
1.4   Elect  Director Ralph Snyderman, M.D.     For       For        Management
1.5   Elect  Director Robert D. Storey          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Declassify the Board of Directors         Against   Against    Management
5     Implement/ Report on Animal Welfare       Against   Against    Shareholder
      Standards


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

PRUDENTIAL FINANCIAL INC

Ticker:       PRU            Security ID:  744320102
Meeting Date: JUN 7, 2005    Meeting Type: Annual
Record Date:  APR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James G. Cullen            For       For        Management
1.2   Elect Director James A. Unruh             For       For        Management
1.3   Elect Director Gordon M. Bethune          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Approve Qualified Employee Stock Purchase For       Against    Management
      Plan


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

QUEST DIAGNOSTICS, INCORPORATED

Ticker:       DGX            Security ID:  74834L100
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William F. Beuhler         For       For        Management
1.2   Elect Director Rosanne Haggerty           For       For        Management
1.3   Elect Director Gary M. Pfeiffer           For       For        Management
1.4   Elect Director Daniel C. Stanzione        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Non-Employee Director Stock Option  For       For        Management
      Plan


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

ROCKWELL AUTOMATION INC

Ticker:       ROK            Security ID:  773903109
Meeting Date: FEB 2, 2005    Meeting Type: Annual
Record Date:  DEC 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bruce M. Rockwell         For       For        Management
1.2   Elect  Director Joseph F. Toot, Jr.       For       For        Management
1.3   Elect  Director Kenneth F. Yontz          For       For        Management
2     Ratify Auditors                           For       For        Management


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

ROCKWELL COLLINS, INC.

Ticker:       COL            Security ID:  774341101
Meeting Date: FEB 15, 2005   Meeting Type: Annual
Record Date:  DEC 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director M.P.C. Carns              For       For        Management
1.2   Elect  Director C.A. Davis                For       For        Management
1.3   Elect  Director J.F. Toot, Jr.            For       For        Management
2     Ratify Auditors                           For       For        Management


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

ROYAL CARIBBEAN CRUISES  LTD.

Ticker:       RCL            Security ID:  V7780T103
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Laura Laviada             For       For        Management
1.2   Elect  Director Eyal Ofer                 For       For        Management
1.3   Elect  Director William K. Reilly         For       For        Management
1.4   Elect  Director Arne A. Wilhelmsen        For       For        Management
2     RATIFICATION OF APPOINTMENT OF            For       For        Management
      PRICEWATERHOUSECOOPERS LLP AS THE COMPANY
      S INDEPENDENT REGISTERED ACCOUNTING FIRM
      FOR 2005.


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

SAP AG

Ticker:       SAPQY          Security ID:  803054204
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RESOLUTION ON THE APPROPRIATION OF THE    For       For        Management
      RETAINED EARNINGS OF THE FISCAL YEAR 2004
2     RESOLUTION ON THE FORMAL APPROVAL OF THE  For       For        Management
      ACTS OF THE EXECUTIVE BOARD IN THE FISCAL
      YEAR 2004
3     RESOLUTION ON THE FORMAL APPROVAL OF THE  For       For        Management
      ACTS OF THE SUPERVISORY BOARD IN THE
      FISCAL YEAR 2004
4     Ratify Auditors                           For       For        Management
5     ELECTION OF MEMBERS OF THE SUPERVISORY    For       For        Management
      BOARD
6     RESOLUTION ON THE ADJUSTMENT OF THE       For       For        Management
      AMOUNTS AND FIGURES STATED IN SECTION 4
      (1) OF THE ARTICLES OF ASSOCIATION
      (CAPITAL STOCK)
7     RESOLUTION ON THE CANCELLATION OF         For       For        Management
      CONTINGENT CAPITAL IIA AND ON THE
      DELETION OF SECTION 4 (5) OF THE ARTICLES
      OF ASSOCIATION
8     REDUCTION OF CONTINGENT CAPITAL IIIA AND  For       For        Management
      ADJUSTMENT OF THE AMOUNTS AND FIGURES
      STATED IN SECTION 4 (7) OF THE ARTICLES
9     RESOLUTION ON THE AMENDMENT OF SECTION 1  For       For        Management
      (1) OF THE ARTICLES OF ASSOCIATION
      (CORPORATE NAME)
10    RESOLUTION ON THE ADJUSTMENT OF THE       For       For        Management
      ARTICLES OF ASSOCIATION TO REFLECT THE
      PROVISIONS OF THE GERMAN ACT
11    CANCELLATION OF AUTHORIZED CAPITAL I AND  For       For        Management
      CREATION OF A NEW AUTHORIZED CAPITAL I
12    CANCELLATION OF AUTHORIZED CAPITAL II AND For       For        Management
      CREATION OF A NEW AUTHORIZED CAPITAL II
13    RESOLUTION ON THE AUTHORIZATION TO        For       For        Management
      ACQUIRE AND USE TREASURY SHARES PURSUANT
      TO THE GERMAN STOCK CORPORATION ACT
14    RESOLUTION ON THE AUTHORIZATION TO USE    For       Against    Management
      EQUITY DERIVATIVES IN CONNECTION WITH THE
      ACQUISITION OF TREASURY SHARES


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

SCHLUMBERGER LTD.

Ticker:       SLB            Security ID:  806857108
Meeting Date: APR 13, 2005   Meeting Type: Annual
Record Date:  MAR 2, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J. Deutch                 For       For        Management
1.2   Elect  Director J.S. Gorelick             For       For        Management
1.3   Elect  Director A. Gould                  For       For        Management
1.4   Elect  Director T. Isaac                  For       For        Management
1.5   Elect  Director A. Lajous                 For       For        Management
1.6   Elect  Director A. Levy-Lang              For       For        Management
1.7   Elect  Director M.E. Marks                For       For        Management
1.8   Elect  Director D. Primat                 For       For        Management
1.9   Elect  Director T.I. Sandvold             For       For        Management
1.10  Elect  Director N. Seydoux                For       For        Management
1.11  Elect  Director L.G. Stuntz               For       For        Management
1.12  Elect  Director R. Talwar                 For       For        Management
2     ADOPTION AND APPROVAL OF FINANCIALS AND   For       For        Management
      DIVIDENDS
3     ADOPTION OF MANDATORY AMENDMENTS TO THE   For       For        Management
      ARTICLES OF INCORPORATION
4     ADOPTION OF VOLUNTARY AMENDMENTS TO THE   For       For        Management
      ARTICLES OF INCORPORATION
5     APPROVAL OF ADOPTION OF THE SCHLUMBERGER  For       For        Management
      2005 OPTION PLAN
6     APPROVAL OF ADOPTION OF AN AMENDMENT TO   For       For        Management
      THE SCHLUMBERGER DISCOUNTED STOCK
      PURCHASE PLAN
7     APPROVAL OF INDEPENDENT REGISTERED PUBLIC For       For        Management
      ACCOUNTING FIRM


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

SCIENTIFIC GAMES CORPORATION

Ticker:       SGMS           Security ID:  80874P109
Meeting Date: SEP 28, 2004   Meeting Type: Annual
Record Date:  SEP 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director A. Lorne Weil             For       For        Management
1.2   Elect  Director Peter A. Cohen            For       For        Management
1.3   Elect  Director Colin J. O'Brien          For       For        Management
1.4   Elect  Director Ronald O. Perelman        For       For        Management
1.5   Elect  Director Howard Gittis             For       For        Management
1.6   Elect  Director Barry F. Schwartz         For       For        Management
1.7   Elect  Director Eric M. Turner            For       For        Management
1.8   Elect  Director Sir Brian G. Wolfson      For       For        Management
1.9   Elect  Director Joseph R. Wright, Jr.     For       For        Management
2     Ratify Auditors                           For       For        Management


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

STRYKER CORP.

Ticker:       SYK            Security ID:  863667101
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John W. Brown             For       For        Management
1.2   Elect  Director Howard E. Cox, Jr.        For       For        Management
1.3   Elect  Director Donald M. Engelman, Ph.D. For       For        Management
1.4   Elect  Director Jerome H. Grossman, M.D.  For       For        Management
1.5   Elect  Director Stephen P. MacMillan      For       For        Management
1.6   Elect  Director William U. Parfet         For       For        Management
1.7   Elect  Director Ronda E. Stryker          For       For        Management


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

TARGET CORPORATION

Ticker:       TGT            Security ID:  87612E106
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Roxanne S. Austin         For       Withhold   Management
1.2   Elect  Director James A. Johnson          For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

TEKTRONIX, INC.

Ticker:       TEK            Security ID:  879131100
Meeting Date: SEP 23, 2004   Meeting Type: Annual
Record Date:  JUL 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David N. Campbell         For       For        Management
1.2   Elect  Director Merrill A. Mcpeak         For       For        Management
1.3   Elect  Director Richard H. Wills          For       For        Management


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

TEXAS INSTRUMENTS INC.

Ticker:       TXN            Security ID:  882508104
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James R. Adams            For       Withhold   Management
1.2   Elect  Director David L. Boren            For       Withhold   Management
1.3   Elect  Director Daniel A. Carp            For       Withhold   Management
1.4   Elect  Director Carrie S. Cox             For       Withhold   Management
1.5   Elect  Director Thomas J. Engibous        For       Withhold   Management
1.6   Elect  Director Gerald W. Fronterhouse    For       Withhold   Management
1.7   Elect  Director David R. Goode            For       Withhold   Management
1.8   Elect  Director Pamela H. Patsley         For       Withhold   Management
1.9   Elect  Director Wayne R. Sanders          For       Withhold   Management
1.10  Elect  Director Ruth J. Simmons           For       Withhold   Management
1.11  Elect  Director Richard K. Templeton      For       Withhold   Management
1.12  Elect  Director Christine T. Whitman      For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Qualified Employee Stock Purchase For       Against    Management
      Plan
4     Amend Stock Option Plan                   For       For        Management


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

TIME WARNER INC

Ticker:       TWX            Security ID:  887317105
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James L. Barksdale         For       For        Management
1.2   Elect Director Stephen F. Bollenbach      For       For        Management
1.3   Elect Director Stephen M. Case            For       For        Management
1.4   Elect Director Frank J. Caufield          For       For        Management
1.5   Elect Director Robert C. Clark            For       For        Management
1.6   Elect Director Jessica P. Einhorn         For       For        Management
1.7   Elect Director Miles R. Gilburne          For       For        Management
1.8   Elect Director Carla A. Hills             For       For        Management
1.9   Elect Director Reuben Mark                For       For        Management
1.10  Elect Director Michael A. Miles           For       For        Management
1.11  Elect Director Kenneth J. Novack          For       For        Management
1.12  Elect Director Richard D. Parsons         For       For        Management
1.13  Elect Director R. E. Turner               For       For        Management
1.14  Elect Director Francis T. Vincent, Jr     For       For        Management
1.15  Elect Director Deborah C. Wright          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Pay Disparity                   Against   Against    Shareholder


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

TYCO INTERNATIONAL LTD.

Ticker:       TYC            Security ID:  902124106
Meeting Date: MAR 10, 2005   Meeting Type: Annual
Record Date:  JAN 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dennis C. Blair           For       For        Management
1.2   Elect  Director Edward D. Breen           For       For        Management
1.3   Elect  Director George W. Buckley         For       For        Management
1.4   Elect  Director Brian Duperreault         For       For        Management
1.5   Elect  Director Bruce S. Gordon           For       For        Management
1.6   Elect  Director Rajiv L. Gupta            For       For        Management
1.7   Elect  Director John A. Krol              For       For        Management
1.8   Elect  Director Mackey J. Mcdonald        For       Withhold   Management
1.9   Elect  Director H. Carl Mccall            For       For        Management
1.10  Elect  Director Brendan R. O'Neill        For       For        Management
1.11  Elect  Director Sandra S. Wijnberg        For       For        Management
1.12  Elect  Director Jerome B. York            For       For        Management
2     Ratify Auditors                           For       For        Management


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

UNITED PARCEL SERVICE, INC.

Ticker:       UPS            Security ID:  911312106
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John J. Beystehner        For       Withhold   Management
1.2   Elect  Director Michael L. Eskew          For       Withhold   Management
1.3   Elect  Director James P. Kelly            For       Withhold   Management
1.4   Elect  Director Ann M. Livermore          For       Withhold   Management
1.5   Elect  Director Gary E. Macdougal         For       Withhold   Management
1.6   Elect  Director Victor A. Pelson          For       Withhold   Management
1.7   Elect  Director Lea N. Soupata            For       Withhold   Management
1.8   Elect  Director John W. Thompson          For       Withhold   Management
1.9   Elect  Director Carol B. Tome             For       Withhold   Management
1.10  Elect  Director Ben Verwaayen             For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

UNITED TECHNOLOGIES CORP.

Ticker:       UTX            Security ID:  913017109
Meeting Date: APR 13, 2005   Meeting Type: Annual
Record Date:  FEB 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director George David               For       For        Management
1.2   Elect Director Jean-Pierre Garnier        For       For        Management
1.3   Elect Director Jamie S. Gorelick          For       For        Management
1.4   Elect Director Charles R. Lee             For       For        Management
1.5   Elect Director Richard D. McCormick       For       For        Management
1.6   Elect Director Harold McGraw III          For       For        Management
1.7   Elect Director Frank P. Popoff            For       For        Management
1.8   Elect Director H. Patrick Swygert         For       For        Management
1.9   Elect Director Andre Villeneuve           For       For        Management
1.10  Elect Director H. A. Wagner               For       For        Management
1.11  Elect Director Christine Todd Whitman     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Increase Disclosure of Executive          Against   Against    Shareholder
      Compensation
5     Adopt Ethical Criteria for Military       Against   Abstain    Shareholder
      Contracts
6     Limit Executive Compensation              Against   Against    Shareholder


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

UNIVISION COMMUNICATIONS INC.

Ticker:       UVN            Security ID:  914906102
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director A. Jerrold Perenchio       For       Withhold   Management
1.2   Elect Director Anthony Cassara            For       Withhold   Management
1.3   Elect Director Harold Gaba                For       Withhold   Management
1.4   Elect Director Alan F. Horn               For       Withhold   Management
1.5   Elect Director John G. Perenchio          For       Withhold   Management
1.6   Elect Director Ray Rodriguez              For       Withhold   Management
1.7   Elect Director Mchenry T. Tichenor, Jr.   For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Adopt Recapitalization Plan Regarding     Against   For        Shareholder
      Votes Per Share


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

VARIAN MEDICAL SYSTEMS INC

Ticker:       VAR            Security ID:  92220P105
Meeting Date: FEB 17, 2005   Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Susan L. Bostrom          For       For        Management
1.2   Elect  Director Richard M. Levy           For       For        Management
1.3   Elect  Director Allen S. Lichter, M.D.    For       For        Management
1.4   Elect  Director R. Andrew Eckert          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

VERISIGN INC

Ticker:       VRSN           Security ID:  92343E102
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Scott G. Kriens           For       Withhold   Management
1.2   Elect  Director Len J. Lauer              For       Withhold   Management
1.3   Elect  Director Stratton D. Sclavos       For       Withhold   Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

VERITAS SOFTWARE CORP.

Ticker:       VRTS           Security ID:  923436109
Meeting Date: AUG 25, 2004   Meeting Type: Annual
Record Date:  JUN 28, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael Brown             For       For        Management
1.2   Elect  Director Kurt J. Lauk              For       For        Management
1.3   Elect  Director Fred van den Bosch        For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Ratify Auditors                           For       For        Management


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

WAL-MART STORES, INC.

Ticker:       WMT            Security ID:  931142103
Meeting Date: JUN 3, 2005    Meeting Type: Annual
Record Date:  APR 5, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James W. Breyer           For       For        Management
1.2   Elect  Director M. Michele Burns          For       For        Management
1.3   Elect  Director Douglas N. Daft           For       For        Management
1.4   Elect  Director David D. Glass            For       For        Management
1.5   Elect  Director Roland A. Hernandez       For       For        Management
1.6   Elect  Director John D. Opie              For       For        Management
1.7   Elect  Director J. Paul Reason            For       For        Management
1.8   Elect  Director H. Lee Scott, Jr.         For       For        Management
1.9   Elect  Director Jack C. Shewmaker         For       For        Management
1.10  Elect  Director Jose H. Villarreal        For       For        Management
1.11  Elect  Director John T. Walton            For       For        Management
1.12  Elect  Director S. Robson Walton          For       For        Management
1.13  Elect  Director Christopher J. Williams   For       For        Management
1.14  Elect  Director Linda S. Wolf             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management
4     Report on Executive Compensation          Against   For        Shareholder
5     Prepare Sustainability Report             Against   Abstain    Shareholder
6     Report on Stock Option Distribution by    Against   Abstain    Shareholder
      Race and Gender
7     Report on Political Contributions         Against   Abstain    Shareholder
8     Prepare Equal Opportunity Report          Against   Abstain    Shareholder
9     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors
10    Require Majority of Independent Directors Against   Against    Shareholder
      on Board
11    Performance- Based/Indexed Options        Against   Against    Shareholder


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

WALGREEN CO.

Ticker:       WAG            Security ID:  931422109
Meeting Date: JAN 12, 2005   Meeting Type: Annual
Record Date:  NOV 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David W. Bernauer         For       For        Management
1.2   Elect  Director William C. Foote          For       For        Management
1.3   Elect  Director James J. Howard           For       For        Management
1.4   Elect  Director Alan G. McNally           For       For        Management
1.5   Elect  Director Cordell Reed              For       For        Management
1.6   Elect  Director Jeffrey A. Rein           For       For        Management
1.7   Elect  Director David Y. Schwartz         For       For        Management
1.8   Elect  Director John B. Schwemm           For       For        Management
1.9   Elect  Director Marilou M. Von Ferstel    For       For        Management
1.10  Elect  Director Charles R. Walgreen III   For       For        Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   Against    Shareholder


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

WALT DISNEY COMPANY, THE

Ticker:       DIS            Security ID:  254687106
Meeting Date: FEB 11, 2005   Meeting Type: Annual
Record Date:  DEC 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Bryson            For       Withhold   Management
1.2   Elect  Director John S. Chen              For       Withhold   Management
1.3   Elect  Director Michael D. Eisner         For       Withhold   Management
1.4   Elect  Director Judith L. Estrin          For       Withhold   Management
1.5   Elect  Director Robert A. Iger            For       Withhold   Management
1.6   Elect  Director Fred H. Langhammer        For       Withhold   Management
1.7   Elect  Director Aylwin B. Lewis           For       Withhold   Management
1.8   Elect  Director Monica C. Lozano          For       Withhold   Management
1.9   Elect  Director Robert W. Matschullat     For       Withhold   Management
1.10  Elect  Director George J. Mitchell        For       Withhold   Management
1.11  Elect  Director Leo J. O'Donovan, S.J.    For       Withhold   Management
1.12  Elect  Director Gary L. Wilson            For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Prohibit Greenmail Payments               Against   For        Shareholder
5     Report on Vendor Standards in China       Against   Abstain    Shareholder


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

WASTE MANAGEMENT, INC.

Ticker:       WMI            Security ID:  94106L109
Meeting Date: MAY 13, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Pastora San Juan Cafferty For       Withhold   Management
1.2   Elect  Director Frank M. Clark, Jr.       For       Withhold   Management
1.3   Elect  Director Robert S. Miller          For       Withhold   Management
1.4   Elect  Director John C. Pope              For       Withhold   Management
1.5   Elect  Director W. Robert Reum            For       Withhold   Management
1.6   Elect  Director Steven G. Rothmeier       For       Withhold   Management
1.7   Elect  Director David P. Steiner          For       Withhold   Management
1.8   Elect  Director Thomas H. Weidemeyer      For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Report on Privatization                   Against   Abstain    Shareholder
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors
5     Report on Political Contributions         Against   Abstain    Shareholder
6     Submit Severance Agreement                Against   Against    Shareholder
      (Change-in-Control) to Shareholder Vote


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

WATERS CORP.

Ticker:       WAT            Security ID:  941848103
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Joshua Bekenstein          For       Withhold   Management
1.2   Elect Director Michael J. Berendt, Ph. D. For       Withhold   Management
1.3   Elect Director Douglas A. Berthiaume      For       Withhold   Management
1.4   Elect Director Edward Conard              For       Withhold   Management
1.5   Elect Director Laurie H. Glimcher         For       Withhold   Management
1.6   Elect Director William J. Miller          For       Withhold   Management
1.7   Elect Director Thomas P. Salice           For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Other Business                            For       Against    Management


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

WILLIAMS-SONOMA, INC.

Ticker:       WSM            Security ID:  969904101
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director W. Howard Lester          For       For        Management
1.2   Elect  Director Edward A. Mueller         For       For        Management
1.3   Elect  Director Sanjiv Ahuja              For       For        Management
1.4   Elect  Director Adrian D.P. Bellamy       For       For        Management
1.5   Elect  Director Patrick J. Connolly       For       For        Management
1.6   Elect  Director Adrian T. Dillon          For       For        Management
1.7   Elect  Director Jeanne P. Jackson         For       For        Management
1.8   Elect  Director Michael R. Lynch          For       For        Management
1.9   Elect  Director Richard T. Robertson      For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


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

YAHOO!, INC.

Ticker:       YHOO           Security ID:  984332106
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Terry S. Semel             For       Withhold   Management
1.2   Elect Director Jerry Yang                 For       Withhold   Management
1.3   Elect Director Roy J. Bostock             For       Withhold   Management
1.4   Elect Director Ronald W. Burkle           For       Withhold   Management
1.5   Elect Director Eric Hippeau               For       Withhold   Management
1.6   Elect Director Arthur H. Kern             For       Withhold   Management
1.7   Elect Director Robert A. Kotick           For       Withhold   Management
1.8   Elect Director Edward R. Kozel            For       Withhold   Management
1.9   Elect Director Gary L. Wilson             For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management

========== END NPX REPORT



                                         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.

(Registrant):                 Oppenheimer Capital Appreciation Fund

By (Signature and Title)*:      /s/ John V. Murphy
                                ------------------
                                John V. Murphy, President

Date:                   August 26, 2005

*By:  /s/ Randy Legg
      --------------
      Randy Legg, Attorney in Fact