FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER: 811-03114

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: Fidelity Select Portfolios

Fund Name: Select Paper and Forest Products Portfolio

82 DEVONSHIRE STREET, BOSTON, MA 02109
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

ERIC D. ROITER, SECRETARY, 82 DEVONSHIRE STREET, BOSTON, MA 02109
(NAME AND ADDRESS OF AGENT FOR SERVICE)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 617-563-7000

DATE OF FISCAL YEAR END: FEBRUARY 28

DATE OF REPORTING PERIOD: 06/30/2005

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, THERE UNTO DULY AUTHORIZED.

Fidelity Select Portfolios

BY:  /s/ CHRISTINE REYNOLDS
-----------------------------------------------------
CHRISTINE REYNOLDS, TREASURER, FIDELITY MANAGEMENT & RESEARCH COMPANY
DATE: 08/09/2005 09:24:17 AM

EXHIBIT A

VOTE SUMMARY REPORT
Select Paper and Forest Products Portfolio
07/01/2004 - 06/30/2005

Note: The Security ID will be the CUSIP (Committee on Uniform Securities Identification Procedures) when available. When CUSIP is not available, an alternate identifier, e.g., CINS, will be provided.

ISSUER NAME: ABITIBI-CONSOLIDATED INC MEETING DATE: 04/27/2005
TICKER: --     SECURITY ID: 003924107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY AND ITS SUBSIDIARIES FOR THE YE 31 DEC 2004 AND THE AUDITORS REPORT THEREON	N/A	N/A	N/A
2	ELECT MESSRS. HANS P. BLACK, JACQUES BOUGIE, MARLENE DAVIDGE, WILLIAM E. DAVIS, RICHARD DROUIN, LISE LACHAPELLE, GARY J. LUKASSEN, JOHN A. TORY, DAVID A. WARD AND JOHN W. WEAVER AS THE DIRECTORS FOR ENSUING YEAR	Management	Unknown	For
3	APPOINT PRICEWATERHOUSECOOPERS LLP AS THE AUDITORS OF THE COMPANY UNTIL THE CONCLUSION OF NEXT AGM AND AUTHORIZE THE DIRECTORS TO FIX THEIR REMUNERATION	Management	Unknown	For
4	TRANSACT ANY OTHER BUSINESS	N/A	N/A	N/A

ISSUER NAME: ABITIBI-CONSOLIDATED INC. MEETING DATE: 04/27/2005
TICKER: ABY     SECURITY ID: 003924107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	ELECTION OF DIRECTORS AS NAMED IN THE MANAGEMENT PROXY CIRCULAR	Management	For	For
2	APPOINTMENT OF AUDITORS AS NAMED IN THE MANAGEMENT PROXY CIRCULAR	Management	For	For

ISSUER NAME: ALBANY INTERNATIONAL CORP. MEETING DATE: 05/12/2005
TICKER: AIN     SECURITY ID: 012348108
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT FRANK R. SCHMELER AS A DIRECTOR	Management	For	For
1.2	ELECT THOMAS R. BEECHER, JR. AS A DIRECTOR	Management	For	For
1.3	ELECT FRANCIS L. MCKONE AS A DIRECTOR	Management	For	For
1.4	ELECT JOSEPH G. MORONE AS A DIRECTOR	Management	For	For
1.5	ELECT CHRISTINE L. STANDISH AS A DIRECTOR	Management	For	For
1.6	ELECT ERLAND E. KAILBOURNE AS A DIRECTOR	Management	For	For
1.7	ELECT JOHN C. STANDISH AS A DIRECTOR	Management	For	For
1.8	ELECT JUHANI PAKKALA AS A DIRECTOR	Management	For	For
1.9	ELECT PAULA H.J CHOLMONDELEY AS A DIRECTOR	Management	For	For
2	APPROVAL OF THE ALBANY INTERNATIONAL CORP. 2005 INCENTIVE PLAN	Management	For	Against

ISSUER NAME: BEMIS COMPANY, INC. MEETING DATE: 05/05/2005
TICKER: BMS     SECURITY ID: 081437105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT EDWARD N. PERRY AS A DIRECTOR	Management	For	For
1.2	ELECT WILLIAM J. SCHOLLE AS A DIRECTOR	Management	For	For
1.3	ELECT TIMOTHY M. MANGANELLO AS A DIRECTOR	Management	For	For
1.4	ELECT PHILIP G. WEAVER AS A DIRECTOR	Management	For	For
2	TO ACT UPON A PROPOSAL TO AMEND AND REAPPROVE THE 1997 EXECUTIVE OFFICER PERFORMANCE PLAN.	Management	For	For
3	TO VOTE UPON RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP, AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF THE COMPANY.	Management	For	For

ISSUER NAME: BLUELINX HOLDINGS INC MEETING DATE: 05/11/2005
TICKER: BXC     SECURITY ID: 09624H109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JOEL A. ASEN AS A DIRECTOR	Management	For	For
1.2	ELECT JEFFREY J. FENTON AS A DIRECTOR	Management	For	For
1.3	ELECT STEPHEN E. MACADAM AS A DIRECTOR	Management	For	For
1.4	ELECT RICHARD B. MARCHESE AS A DIRECTOR	Management	For	For
1.5	ELECT STEVEN F. MAYER AS A DIRECTOR	Management	For	For
1.6	ELECT CHARLES H. MCELREA AS A DIRECTOR	Management	For	For
1.7	ELECT ALAN H. SCHUMACHER AS A DIRECTOR	Management	For	For
1.8	ELECT MARK A. SUWYN AS A DIRECTOR	Management	For	For
1.9	ELECT LENARD B. TESSLER AS A DIRECTOR	Management	For	For
1.10	ELECT ROBERT G. WARDEN AS A DIRECTOR	Management	For	For
2	PROPOSAL TO RATIFY THE APPOINTMENT OF ERNST & YOUNG LLP AS THE COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2005.1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: BOWATER INCORPORATED MEETING DATE: 05/11/2005
TICKER: BOW     SECURITY ID: 102183100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT FRANCIS J. AGUILAR AS A DIRECTOR	Management	For	For
1.2	ELECT JOHN A. ROLLS AS A DIRECTOR	Management	For	For
1.3	ELECT L. JACQUES MENARD AS A DIRECTOR	Management	For	For
2	PROPOSAL TO RATIFY THE APPOINTMENT OF KPMG LLP AS THE INDEPENDENT AUDITOR FOR THE 2005 FISCAL YEAR.	Management	For	For

ISSUER NAME: BUCKEYE TECHNOLOGIES INC. MEETING DATE: 10/28/2004
TICKER: BKI     SECURITY ID: 118255108
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT ROBERT E. CANNON AS A DIRECTOR	Management	For	For
1.2	ELECT HENRY F. FRIGON AS A DIRECTOR	Management	For	For
1.3	ELECT SAMUEL M. MENCOFF AS A DIRECTOR	Management	For	For
2	RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS	Management	For	For

ISSUER NAME: CANFOR CORP MEETING DATE: 04/29/2005
TICKER: --     SECURITY ID: 137902102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE THE REPORT OF THE DIRECTORS, THE CONSOLIDATED FINANCIAL STATEMENTS OFTHE COMPANY AND ITS SUBSIDIARIES FOR THE FYE 31 DEC 2004 AND THE REPORT OF THE AUDITORS THEREON	N/A	N/A	N/A
2	APPROVE TO FIX THE NUMBER OF DIRECTORS AT 11	Management	Unknown	For
3	ELECT MR. PETER J. G. BENTLEY AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
4	ELECT MR. RONALD L. CLIFF AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
5	ELECT MR. STEPHEN A. JARISLOWSKY AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
6	ELECT MR. MICHAEL J. KORENBERG AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
7	ELECT MR. BRANDT C. LOUIE AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
8	ELECT MR. PETER A. LUSZTIG AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
9	ELECT MR. ERIC P. NEWELL AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
10	ELECT MR. JAMES A. PATTISON AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
11	ELECT MR. MICHAEL E. J. PHELPS AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
12	ELECT MR. DONALD C. SELMAN AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
13	ELECT MR. JAMES A. SHEPHERD AS A DIRECTOR FOR THE ENSUING YEAR	Management	Unknown	For
14	RE-APPOINT PRICEWATERHOUSECOOPERS LLP, CHARTERED ACCOUNTANTS, AS THE AUDITORSOF THE COMPANY TO HOLD THE OFFICE UNTIL THE NEXT AGM	Management	Unknown	For
15	AUTHORIZE THE DIRECTORS TO FIX THE REMUNERATION OF THE AUDITORS	Management	Unknown	For
16	AUTHORIZE THE COMPANY TO ALTER THE NOTICE OF ARTICLES OF THE COMPANY TO REMOVE THE APPLICATION TO THE COMPANY OF THE PRE-EXISTING COMPANY PROVISIONS BEING THOSE PROVISIONS AS SPECIFIED IN THE BUSINESS CORPORATIONS REGULATION UNDER THE BUSINESS CORPORATIONS ACT ; THE EXISTING ARTICLES OF THE COMPANY, INCLUDING PART 26 THEREOF CONTAINING THE EXISTING SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE PREFERRED SHARES OF THE COMPANY, BE DELETED AND CANCELLED, AND THAT THE FORM OF ARTICLES PRESENTED T...	Management	Unknown	For
17	TRANSACT SUCH OTHER BUSINESS	N/A	N/A	N/A

ISSUER NAME: CANFOR CORP MEETING DATE: 06/17/2005
TICKER: --     SECURITY ID: 137902102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE THE REPORT OF THE DIRECTORS, THE CONSOLIDATED FINANCIAL STATEMENTS OFTHE COMPANY AND ITS SUBSIDIARIES FOR THE FYE 31 DEC 2004 AND THE REPORT OF THE AUDITOR S THEREON	N/A	N/A	N/A
2	APPROVE TO FIX THE NUMBER OF DIRECTORS AT 11	Management	Unknown	For
3	ELECT MR. PETER J. G. BENTLEY AS A DIRECTOR	Management	Unknown	For
4	ELECT MR. RONALD L. CLIFF AS A DIRECTOR	Management	Unknown	For
5	ELECT MR. STEPHEN A. JARISLOWSKY AS A DIRECTOR	Management	Unknown	For
6	ELECT MR. MICHAEL J. KORENBERG AS A DIRECTOR	Management	Unknown	For
7	ELECT MR. BRANDT C. LOUIE AS A DIRECTOR	Management	Unknown	For
8	ELECT MR. PETER A. LUSZTIG AS A DIRECTOR	Management	Unknown	For
9	ELECT MR. ERIC P. NEWELL AS A DIRECTOR	Management	Unknown	For
10	ELECT MR. JAMES A. PATTISON AS A DIRECTOR	Management	Unknown	For
11	ELECT MR. MICHAEL E. J. PHELPS AS A DIRECTOR	Management	Unknown	For
12	ELECT MR. DONALD C. SELMAN AS A DIRECTOR	Management	Unknown	For
13	ELECT MR. JAMES A. SHEPHERD AS A DIRECTOR	Management	Unknown	For
14	RE-APPOINT OF PRICEWATERHOUSECOOPERS LLP, CHARTERED ACCOUNTANTS, AS THE AUDITORS OF THE COMPANY UNTIL THE NEXT AGM	Management	Unknown	For
15	AUTHORIZE THE DIRECTORS OF THE COMPANY TO FIX THEIR REMUNERATION	Management	Unknown	For
16	AUTHORIZE THE COMPANY TO ALTER THE NOTICE OF ARTICLES OF THE COMPANY TO REMOVE THE APPLICATION TO THE COMPANY OF THE PRE-EXISTING COMPANY PROVISIONS BEING THOSE PROVISIONS SET OUT IN TABLE 3 OF THE BUSINESS CORPORATIONS REGULATION UNDER THE BUSINESS CORPORATIONS ACT	Management	Unknown	For
17	AUTHORIZE THE COMPANY TO AMEND THE EXISTING ARTICLES OF THE COMPANY, INCLUDING PART 26 THEREOF CONTAINING THE EXISTING SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE PREFERRED SHARES OF THE COMPANY, BY DELETING AND CANCELING, AND THAT THE FORM OF ARTICLES PRESENTED TO THE MEETING, INCLUDING PART 25 THEREOF CONTAINING THE NEW SPECIAL RIGHTS AND RESTRICTIONS WHICH ARE HEREBY ATTACHED TO THE PREFERRED SHARES OF THE COMPANY, BE CREATED AND ADOPTED AS THE ARTICLES OF THE COMPANY IN SUBSTITUTION FOR ...	Management	Unknown	For
18	APPROVE THE MAXIMUM NUMBERS OF PREFERRED SHARES AND OF COMMON SHARES OF THE COMPANY TO ISSUE BE ELIMINATED, SO THAT, AUTHORIZE THE COMPANY TO ISSUE AN UNLIMITED NUMBER OF COMMON SHARES AND AN UNLIMITED NUMBER OF PREFERRED SHARES AND THE NOTICE OF ARTICLES OF THE COMPANY BE ALTERED ACCORDINGLY	Management	Unknown	For
19	TRANSACT ANY OTHER BUSINESS	N/A	N/A	N/A

ISSUER NAME: CARAUSTAR INDUSTRIES, INC. MEETING DATE: 05/18/2005
TICKER: CSAR     SECURITY ID: 140909102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT L. CELESTE BOTTORFF* AS A DIRECTOR1	Management	For	For
1.2	ELECT DENNIS M. LOVE* AS A DIRECTOR1	Management	For	For
1.3	ELECT ERIC R. ZARNIKOW* AS A DIRECTOR1	Management	For	For
1.4	ELECT C.H. GREINER, JR.** AS A DIRECTOR1	Management	For	For
2	PROPOSAL TO APPROVE AMENDMENT OF THE COMPANY S LONG TERM EQUITY INCENTIVE PLAN TO ALLOW DIRECTOR PARTICIPATION.	Management	For	For
3	PROPOSAL TO RATIFY THE SELECTION OF DELOITTE & TOUCHE LLP AS THE COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS.1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: CASCADES INC MEETING DATE: 05/05/2005
TICKER: --     SECURITY ID: 146900105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE YE 31 DEC 2004 AND THE AUDITORS REPORT THEREON	N/A	N/A	N/A
2	ELECT MESSRS. BERNARD LEMAIRE, LAURENT LEMAIRE, ALAIN LEMAIRE, MARTIN P. PELLETIER, PAUL R. BANNERMAN, ANDRE DESAULNIERS, LOUIS GARNEAU, SYLVIE LEMAIRE, MICHEL DESBIENS, LAURENT VERREAULT, ROBERT CHEVRIER, DAVID MCAUSLAND, JAMES B.C. DOAK AS THE DIRECTORS OF THE COMPANY FOR THE ENSUING YEAR	Management	Unknown	For
3	APPOINT PRICEWATERHOUSECOOPERS LLP AS THE AUDITORS OF THE COMPANY, TO HOLD THE OFFICE UNTIL THE NEXT AGM OF SHAREHOLDERS AND AUTHORIZE THE BOARD OF DIRECTORS TO DETERMINE THEIR REMUNERATION	Management	Unknown	For
4	TRANSACT SUCH OTHER BUSINESS	N/A	N/A	N/A

ISSUER NAME: DOMTAR INC MEETING DATE: 04/28/2005
TICKER: --     SECURITY ID: 257561100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE AND APPROVE THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE CORPORATION FOR THE YE 31 DEC 2004 AND THE AUDITORS REPORT THEREON	N/A	N/A	N/A
2	ELECT MR. JACK C. BINGLEMAN AS A DIRECTOR	Management	Unknown	For
3	ELECT MR. RAYMON CHRETIEN AS A DIRECTOR	Management	Unknown	For
4	ELECT MR. PAUL HENRI COUTURE AS A DIRECTOR	Management	Unknown	For
5	ELECT MR. LOUIS P. GIGNAC AS A DIRECTOR	Management	Unknown	For
6	ELECT MR. CLAUDE R. LAMOUREUX AS A DIRECTOR	Management	Unknown	For
7	ELECT MR. JACQUES LAURENT AS A DIRECTOR	Management	Unknown	For
8	ELECT MR. BRIAN M. LEVITT AS A DIRECTOR	Management	Unknown	For
9	ELECT MR. GILLES OUIMET AS A DIRECTOR	Management	Unknown	For
10	ELECT MR. LOUISE ROY AS A DIRECTOR	Management	Unknown	For
11	ELECT MR. RAYMOND ROYER AS A DIRECTOR	Management	Unknown	For
12	ELECT MR. ROBERT J. STEACY AS A DIRECTOR	Management	Unknown	For
13	ELECT MR. GENE R. TYNDALL AS A DIRECTOR	Management	Unknown	For
14	ELECT MR. EDWARD J. WATERS AS A DIRECTOR	Management	Unknown	For
15	RE-APPOINT PRICEWATERHOUSECOOPERS LLP AS THE AUDITORS FOR THE ENSUING YEAR	Management	Unknown	For
16	ANY OTHER BUSINESS	N/A	N/A	N/A

ISSUER NAME: GEORGIA-PACIFIC CORPORATION MEETING DATE: 05/03/2005
TICKER: GP     SECURITY ID: 373298108
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JAMES S. BALLOUN AS A DIRECTOR	Management	For	For
1.2	ELECT THOMAS D. BELL, JR. AS A DIRECTOR	Management	For	For
1.3	ELECT JON A. BOSCIA AS A DIRECTOR	Management	For	For
1.4	ELECT ALSTON D. CORRELL AS A DIRECTOR	Management	For	For
1.5	ELECT JOHN D. ZEGLIS AS A DIRECTOR	Management	For	For
2	PROPOSAL TO APPROVE THE GEORGIA-PACIFIC CORPORATION 2005 LONG-TERM INCENTIVE PLAN.	Management	For	For
3	PROPOSAL TO RATIFY THE APPOINTMENT OF OUR INDEPENDENT AUDITORS, ERNST & YOUNG LLP, AS AUDITORS FOR OUR 2005 FISCAL YEAR.1	Management	For	For
4	PROPOSAL TO AMEND OUR BYLAWS TO ELIMINATE OUR CLASSIFIED BOARD STRUCTURE.	Shareholder	Against	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: INTERNATIONAL PAPER COMPANY MEETING DATE: 05/10/2005
TICKER: IP     SECURITY ID: 460146103
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT ROBERT M. AMEN* AS A DIRECTOR1	Management	For	Withhold
1.2	ELECT SAMIR G. GIBARA* AS A DIRECTOR1	Management	For	Withhold
1.3	ELECT CHARLES R. SHOEMATE* AS A DIRECTOR1	Management	For	Withhold
1.4	ELECT WILLIAM G. WALTER** AS A DIRECTOR1	Management	For	Withhold
2	RATIFICATION OF DELOITTE & TOUCHE LLP AS THE COMPANY S INDEPENDENT AUDITOR FOR 2005.1	Management	For	For
3	PROPOSAL RELATING TO LIMITING COMPENSATION OF CHIEF EXECUTIVE OFFICER.	Shareholder	Against	Against
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: KEWEENAW LAND ASSOCIATION, LIMITED MEETING DATE: 06/13/2005
TICKER: KEWL     SECURITY ID: 493026108
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	THE ELECTION OF NOMINEE DAVID AYER TO A THREE-YEAR TERM TO THE BOARD OF DIRECTORS OF KEWEENAW LAND ASSOCIATION, LIMITED.	Management	For	For
2	ELECTION OF NOMINEE DONALD J. HOFFMAN TO A THREE-YEAR TERM TO THE BOARD OF DIRECTORS OF KEWEENAW LAND ASSOCIATION, LIMITED.	Management	For	For

ISSUER NAME: KIMBERLY-CLARK CORPORATION MEETING DATE: 04/28/2005
TICKER: KMB     SECURITY ID: 494368103
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JOHN F. BERGSTROM AS A DIRECTOR	Management	For	For
1.2	ELECT ROBERT W. DECHERD AS A DIRECTOR	Management	For	For
1.3	ELECT G. CRAIG SULLIVAN AS A DIRECTOR	Management	For	For
2	APPROVAL OF AUDITORS	Management	For	For
3	STOCKHOLDER PROPOSAL REGARDING ADOPTION OF GLOBAL HUMAN RIGHTS STANDARDS BASED ON INTERNATIONAL LABOR ORGANIZATION CONVENTIONS	Shareholder	Against	Against

ISSUER NAME: LONGVIEW FIBRE COMPANY MEETING DATE: 03/15/2005
TICKER: LFB     SECURITY ID: 543213102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT LISA J. MCLAUGHLIN AS A DIRECTOR	Management	For	For
1.2	ELECT M. ALEXIS DOW, CPA AS A DIRECTOR	Management	For	For
1.3	ELECT MICHAEL C. HENDERSON AS A DIRECTOR	Management	For	For

ISSUER NAME: LOUISIANA-PACIFIC CORPORATION MEETING DATE: 05/02/2005
TICKER: LPX     SECURITY ID: 546347105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT E. GARY COOK AS A DIRECTOR	Management	For	For
1.2	ELECT PAUL W. HANSEN AS A DIRECTOR	Management	For	For
2	RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS.	Management	For	For

ISSUER NAME: MEADWESTVACO CORPORATION MEETING DATE: 04/26/2005
TICKER: MWV     SECURITY ID: 583334107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT MICHAEL E. CAMPBELL AS A DIRECTOR	Management	For	For
1.2	ELECT DR. THOMAS W. COLE, JR. AS A DIRECTOR	Management	For	For
1.3	ELECT DUANE E. COLLINS AS A DIRECTOR	Management	For	For
1.4	ELECT SUSAN J. KROPF AS A DIRECTOR	Management	For	For
1.5	ELECT J. LAWRENCE WILSON AS A DIRECTOR	Management	For	For
2	APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2005.	Management	For	For
3	APPROVAL OF THE MEADWESTVACO CORPORATION 2005 PERFORMANCE INCENTIVE PLAN.	Management	For	Against
4	APPROVAL OF THE STOCKHOLDER PROPOSAL.	Shareholder	Against	Against

ISSUER NAME: MERCER INTERNATIONAL INC. MEETING DATE: 06/14/2005
TICKER: MERCS     SECURITY ID: 588056101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JIMMY S.H. LEE AS A DIRECTOR	Management	For	For
1.2	ELECT WILLIAM D. MCCARTNEY AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: OFFICEMAX INC MEETING DATE: 05/09/2005
TICKER: OMX     SECURITY ID: 67622P101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT WARREN F. BRYANT AS A DIRECTOR	Management	For	Withhold
1.2	ELECT F. RUIZ DE LUZURIAGA AS A DIRECTOR	Management	For	Withhold
1.3	ELECT DAVID M. SZYMANSKI AS A DIRECTOR	Management	For	Withhold
1.4	ELECT CAROLYN M. TICKNOR AS A DIRECTOR	Management	For	Withhold
1.5	ELECT WARD W. WOODS AS A DIRECTOR	Management	For	Withhold
2	APPOINTMENT OF KPMG LLP AS INDEPENDENT ACCOUNTANTS FOR 2005.	Management	For	For
3	SHAREHOLDER PROPOSAL REGARDING DECLASSIFICATION OF OUR BOARD OF DIRECTORS.	Shareholder	Against	For

ISSUER NAME: OWENS-ILLINOIS, INC. MEETING DATE: 05/11/2005
TICKER: OI     SECURITY ID: 690768403
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT ANASTASIA D. KELLY AS A DIRECTOR	Management	For	For
1.2	ELECT STEVEN R. MCCRACKEN AS A DIRECTOR	Management	For	For
1.3	ELECT JOHN J. MCMACKIN, JR. AS A DIRECTOR	Management	For	For
2	APPROVAL OF THE 2005 INCENTIVE AWARD PLAN OF OWENS-ILLINOIS, INC.	Management	For	For

ISSUER NAME: PACKAGING CORPORATION OF AMERICA MEETING DATE: 05/04/2005
TICKER: PKG     SECURITY ID: 695156109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT HENRY F. FRIGON AS A DIRECTOR	Management	For	For
1.2	ELECT LOUIS A. HOLLAND AS A DIRECTOR	Management	For	For
1.3	ELECT SAMUEL M. MENCOFF AS A DIRECTOR	Management	For	For
1.4	ELECT ROGER B. PORTER AS A DIRECTOR	Management	For	For
1.5	ELECT THOMAS S. SOULELES AS A DIRECTOR	Management	For	For
1.6	ELECT PAUL T. STECKO AS A DIRECTOR	Management	For	For
1.7	ELECT RAYFORD K. WILLIAMSON AS A DIRECTOR	Management	For	For
2	PROPOSAL TO RATIFY APPOINTMENT OF ERNST & YOUNG LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.1	Management	For	For
3	PROPOSAL TO APPROVE THE AMENDED AND RESTATED 1999 LONG-TERM EQUITY INCENTIVE PLAN.	Management	For	Against
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: PACTIV CORP. MEETING DATE: 05/20/2005
TICKER: PTV     SECURITY ID: 695257105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT LARRY D. BRADY AS A DIRECTOR	Management	For	For
1.2	ELECT K. DANE BROOKSHER AS A DIRECTOR	Management	For	For
1.3	ELECT ROBERT J. DARNALL AS A DIRECTOR	Management	For	For
1.4	ELECT MARY R (NINA) HENDERSON AS A DIRECTOR1	Management	For	For
1.5	ELECT ROGER B. PORTER AS A DIRECTOR	Management	For	For
1.6	ELECT RICHARD L. WAMBOLD AS A DIRECTOR	Management	For	For
1.7	ELECT NORMAN H. WESLEY AS A DIRECTOR	Management	For	For
2	RATIFY THE SELECTION OF ERNST & YOUNG LLP AS INDEPENDENT PUBLIC ACCOUNTANTS1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: PLUM CREEK TIMBER COMPANY, INC. MEETING DATE: 05/11/2005
TICKER: PCL     SECURITY ID: 729251108
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT RICK R. HOLLEY AS A DIRECTOR	Management	For	For
1.2	ELECT IAN B. DAVIDSON AS A DIRECTOR	Management	For	For
1.3	ELECT ROBIN JOSEPHS AS A DIRECTOR	Management	For	For
1.4	ELECT JOHN G. MCDONALD AS A DIRECTOR	Management	For	For
1.5	ELECT ROBERT B. MCLEOD AS A DIRECTOR	Management	For	For
1.6	ELECT HAMID R. MOGHADAM AS A DIRECTOR	Management	For	For
1.7	ELECT JOHN H. SCULLY AS A DIRECTOR	Management	For	For
1.8	ELECT STEPHEN C. TOBIAS AS A DIRECTOR	Management	For	For
1.9	ELECT CARL B. WEBB AS A DIRECTOR	Management	For	For
2	PROPOSAL TO RATIFY APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS.1	Management	For	For
3	TO CONSIDER AND ACT UPON A STOCKHOLDER PROPOSAL, IF IT IS PROPERLY PRESENTED AT THE MEETING, TO INCREASE THE VOTING THRESHOLD BY WHICH INDIVIDUALS ARE ELECTED TO THE BOARD OF DIRECTORS.	Shareholder	Against	Against
4	TO CONSIDER AND ACT UPON A STOCKHOLDER PROPOSAL, IF IT IS PROPERLY PRESENTED AT THE MEETING, TO REQUIRE THE COMPENSATION COMMITTEE TO ADOPT A POLICY PROVIDING THAT A SIGNIFICANT AMOUNT OF FUTURE STOCK OPTION GRANTS BE PREMIUM PRICED OR MARKET INDEX PRICED STOCK OPTIONS, OR STOCK OPTIONS WITH PERFORMANCE BASED VESTING TERMS.	Shareholder	Against	Against
5	TO CONSIDER AND ACT UPON A STOCKHOLDER PROPOSAL, IF IT IS PROPERLY PRESENTED AT THE MEETING, TO REQUIRE THE COMPANY TO ANNUALLY SUBMIT TO STOCKHOLDERS A REPORT RELATING TO THE COMPANY S POLITICAL CONTRIBUTIONS.	Shareholder	Against	Against
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: POPE & TALBOT, INC. MEETING DATE: 05/05/2005
TICKER: POP     SECURITY ID: 732827100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT LIONEL G. DODD AS A DIRECTOR	Management	For	For
1.2	ELECT KENNETH G. HANNA AS A DIRECTOR	Management	For	For
2	THE PROPOSAL TO AMEND THE COMPANY S RESTATED CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK FROM 20 MILLION TO 30 MILLION.	Management	For	For
3	THE PROPOSAL TO APPROVE AMENDMENTS TO THE COMPANY S EMPLOYEE STOCK OPTION PLAN TO AUTHORIZE 750,000 ADDITIONAL SHARES OF COMMON STOCK FOR ISSUANCE UNDER THE PLAN, TO RE-NAME THE PLAN, AND TO MAKE CERTAIN OTHER AMENDMENTS TO THE PLAN.	Management	For	For
4	THE PROPOSAL TO RATIFY THE SELECTION OF KPMG LLP TO CONTINUE AS THE COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR 2005.	Management	For	For

ISSUER NAME: POTLATCH CORPORATION MEETING DATE: 05/02/2005
TICKER: PCH     SECURITY ID: 737628107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JEROME C. KNOLL AS A DIRECTOR	Management	For	For
1.2	ELECT LAWRENCE S. PEIROS AS A DIRECTOR	Management	For	For
1.3	ELECT WILLIAM T. WEYERHAEUSER AS A DIRECTOR	Management	For	For
2	AMENDMENT OF RESTATED CERTIFICATE OF INCORPORATION TO ELIMINATE TIME PHASED VOTING.	Management	For	For
3	APPROVAL OF 2005 STOCK INCENTIVE PLAN.	Management	For	Against
4	RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITOR.	Management	For	For
5	STOCKHOLDER PROPOSAL URGING PREPARATION OF A DIVIDEND POLICY REPORT.	Shareholder	Against	Against

ISSUER NAME: RAYONIER INC. MEETING DATE: 05/19/2005
TICKER: RYN     SECURITY ID: 754907103
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JAMES H. HANCE, JR.* AS A DIRECTOR1	Management	For	For
1.2	ELECT PAUL G. KIRK, JR.* AS A DIRECTOR1	Management	For	For
1.3	ELECT CARL S. SLOANE* AS A DIRECTOR1	Management	For	For
1.4	ELECT RICHARD D. KINCAID** AS A DIRECTOR1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: SAPPI LIMITED MEETING DATE: 03/07/2005
TICKER: SPP     SECURITY ID: 803069202
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	CONFIRMATION OF APPOINTMENT OF DIRECTOR APPOINTED SINCE THE LAST ANNUAL GENERAL MEETING: MR JE HEALEY	Management	Unknown	For
2	CONFIRMATION OF APPOINTMENT OF DIRECTOR APPOINTED SINCE THE LAST ANNUAL GENERAL MEETING: MS B RADEBE	Management	Unknown	For
3	RE-ELECTION OF RETIRING DIRECTOR: MR DC BRINK	Management	Unknown	For
4	RE-ELECTION OF RETIRING DIRECTOR: PROF M FELDBERG	Management	Unknown	For
5	RE-ELECTION OF RETIRING DIRECTOR: MR W PFARL	Management	Unknown	For
6	RE-ELECTION OF RETIRING DIRECTOR: DR FA SONN	Management	Unknown	For
7	A GENERAL APPROVAL FOR SAPPI AND ITS SUBSIDIARIES TO ACQUIRE SAPPI LIMITED SHARES	Management	Unknown	For
8	ADOPTION OF THE SAPPI LIMITED PERFORMANCE SHARE INCENTIVE PLAN	Management	Unknown	Abstain
9	SPECIFIC APPROVAL TO UTILISE TREASURY SHARES FOR THE SAPPI SHARE INCENTIVE SCHEME	Management	Unknown	Abstain
10	PLACING 24,000,000 OF THE UNISSUED ORDINARY SHARES IN THE AUTHORISED SHARE CAPITAL OF SAPPI	Management	Unknown	For
11	INCREASE IN DIRECTORS FEES	Management	Unknown	For
12	AUTHORITY FOR DIRECTORS TO SIGN ALL DOCUMENTS AND DO ALL SUCH THINGS NECESSARY TO IMPLEMENT THE ABOVE RESOLUTIONS	Management	Unknown	For

ISSUER NAME: SEALED AIR CORPORATION MEETING DATE: 05/20/2005
TICKER: SEE     SECURITY ID: 81211K100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT HANK BROWN AS A DIRECTOR	Management	For	For
1.2	ELECT MICHAEL CHU AS A DIRECTOR	Management	For	For
1.3	ELECT LAWRENCE R. CODEY AS A DIRECTOR	Management	For	For
1.4	ELECT T.J. DERMOT DUNPHY AS A DIRECTOR	Management	For	For
1.5	ELECT CHARLES F. FARRELL, JR. AS A DIRECTOR	Management	For	For
1.6	ELECT WILLIAM V. HICKEY AS A DIRECTOR	Management	For	For
1.7	ELECT JACQUELINE B. KOSECOFF AS A DIRECTOR	Management	For	For
1.8	ELECT KENNETH P. MANNING AS A DIRECTOR	Management	For	For
1.9	ELECT WILLIAM J. MARINO AS A DIRECTOR	Management	For	For
2	APPROVAL OF THE 2005 CONTINGENT STOCK PLAN OF SEALED AIR CORPORATION	Management	For	For
3	APPROVAL OF THE PERFORMANCE-BASED COMPENSATION PROGRAM OF SEALED AIR CORPORATION AS AMENDED	Management	For	For
4	RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS THE INDEPENDENT AUDITOR FOR THE YEAR ENDING DECEMBER 31, 2005.	Management	For	For

ISSUER NAME: SINO FST CORP MEETING DATE: 05/16/2005
TICKER: --     SECURITY ID: 82934H101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE CORPORATION FOR THE FYE 31 DEC 2004, TOGETHER WITH THE REPORT OF THE AUDITOR THEREON	N/A	N/A	N/A
2	ELECT MR. ALLEN T.Y. CHAN AS A DIRECTOR OF THE CORPORATION	Management	Unknown	For
3	ELECT MR. KAI KIT POON AS A DIRECTOR OF THE CORPORATION	Management	Unknown	For
4	ELECT MR. EDMUND MAK AS A DIRECTOR OF THE CORPORATION	Management	Unknown	For
5	ELECT MR. KEE Y. WONG AS A DIRECTOR OF THE CORPORATION	Management	Unknown	For
6	ELECT MR. R. JOHN (JACK) LAWRENCE AS A DIRECTOR OF THE CORPORATION1	Management	Unknown	For
7	ELECT MR. SIMON MURRAY AS A DIRECTOR OF THE CORPORATION	Management	Unknown	For
8	ELECT MR. DAVID J. HORSLEY AS A DIRECTOR OF THE CORPORATION	Management	Unknown	For
9	ELECT MR. JAMES M.E. HYDE AS A DIRECTOR OF THE CORPORATION	Management	Unknown	For
10	APPOINT BDO MCCABE LO & COMPANY AS AN AUDITOR OF THE CORPORATION FOR THE ENSUING YEAR AND AUTHORIZE THE DIRECTORS TO FIX THEIR REMUNERATION1	Management	Unknown	For
11	TRANSACT SUCH OTHER BUSINESS	N/A	N/A	N/A
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: SMURFIT-STONE CONTAINER CORPORATION MEETING DATE: 05/11/2005
TICKER: SSCC     SECURITY ID: 832727101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JAMES R. BORIS AS A DIRECTOR	Management	For	For
1.2	ELECT CONNIE K. DUCKWORTH AS A DIRECTOR	Management	For	For
1.3	ELECT ALAN E. GOLDBERG AS A DIRECTOR	Management	For	For
1.4	ELECT WILLIAM T. LYNCH, JR. AS A DIRECTOR	Management	For	For
1.5	ELECT PATRICK J. MOORE AS A DIRECTOR	Management	For	For
1.6	ELECT JAMES J. O'CONNOR AS A DIRECTOR	Management	For	For
1.7	ELECT JERRY K. PEARLMAN AS A DIRECTOR	Management	For	For
1.8	ELECT THOMAS A. REYNOLDS, III AS A DIRECTOR	Management	For	For
1.9	ELECT EUGENE C. SIT AS A DIRECTOR	Management	For	For
1.10	ELECT WILLIAM D. SMITHBURG AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE COMPANY FOR 2005.1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: SONOCO PRODUCTS COMPANY MEETING DATE: 04/20/2005
TICKER: SON     SECURITY ID: 835495102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT C.J. BRADSHAW* AS A DIRECTOR1	Management	For	For
1.2	ELECT R.J. BROWN* AS A DIRECTOR1	Management	For	For
1.3	ELECT J.L. COKER* AS A DIRECTOR1	Management	For	For
1.4	ELECT PAUL FULTON* AS A DIRECTOR1	Management	For	For
1.5	ELECT P.S. LEWIS** AS A DIRECTOR1	Management	For	For
1.6	ELECT J.E. LINVILLE** AS A DIRECTOR1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: TEMBEC INC MEETING DATE: 01/20/2005
TICKER: --     SECURITY ID: 879920106
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FYE 25 SEP 2004 TOGETHER WITH THE REPORT OF THE AUDITORS THEREON	N/A	N/A	N/A
2	ELECT MR. NORMAN M. BETTS AS A DIRECTOR	Management	Unknown	For
3	ELECT MR. CLAUDE BOIVIN AS A DIRECTOR	Management	Unknown	For
4	ELECT MR. FRANCOIS BUJON DE L ESTANG AS A DIRECTOR	Management	Unknown	For
5	ELECT MR. JAMES E. BRUMM AS A DIRECTOR	Management	Unknown	For
6	ELECT MR. FRANK A. DOTTORI AS A DIRECTOR	Management	Unknown	For
7	ELECT MR. GUY G. DUFRESNE AS A DIRECTOR	Management	Unknown	For
8	ELECT MR. PIERRE GOYETTE AS A DIRECTOR	Management	Unknown	For
9	ELECT MR. PETER JANSON AS A DIRECTOR	Management	Unknown	For
10	ELECT MR. GORDON S. LACKENBAUER AS A DIRECTOR	Management	Unknown	For
11	ELECT MS. MARY THERESA MCLEOD AS A DIRECTOR	Management	Unknown	For
12	ELECT MR. ROBERT K. RAE AS A DIRECTOR	Management	Unknown	For
13	ELECT MR. LUC ROSSIGNOL AS A DIRECTOR	Management	Unknown	For
14	ELECT MS. GUYLAINE SAUCIER AS A DIRECTOR	Management	Unknown	For
15	ELECT MR. FRANCOIS TREMBLAY AS A DIRECTOR	Management	Unknown	For
16	APPOINT KPMG, CHARTERED ACCOUNTANTS AS THE AUDITORS OF THE COMPANY AND AUTHORIZE THE DIRECTORS TO FIX THEIR REMUNERATION	Management	Unknown	For
17	TRANSACT ANY OTHER BUSINESS	N/A	N/A	N/A

ISSUER NAME: TEMBEC INC. MEETING DATE: 01/20/2005
TICKER: TMBAF     SECURITY ID: 879920106
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	DIRECTORS	Management	For	For
2	AUDITORS AND REMUNERATION	Management	For	For

ISSUER NAME: TEMPLE-INLAND INC. MEETING DATE: 05/06/2005
TICKER: TIN     SECURITY ID: 879868107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT AFSANEH M. BESCHLOSS AS A DIRECTOR	Management	For	For
1.2	ELECT JEFFREY M. HELLER AS A DIRECTOR	Management	For	For
1.3	ELECT W. ALLEN REED AS A DIRECTOR	Management	For	For
2	PROPOSAL TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM OF TEMPLE-INLAND INC. FOR THE FISCAL YEAR ENDING DECEMBER 31, 2005.1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: TREX COMPANY, INC. MEETING DATE: 04/21/2005
TICKER: TWP     SECURITY ID: 89531P105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT WILLIAM H. MARTIN, III AS A DIRECTOR	Management	For	For
1.2	ELECT ROBERT G. MATHENY AS A DIRECTOR	Management	For	For
2	TO APPROVE THE TREX COMPANY, INC. 2005 STOCK INCENTIVE PLAN.	Management	For	For
2	TO APPROVE THE TREX COMPANY, INC. 2005 STOCK INCENTIVE PLAN.	Management	For	For
3	TO APPROVE THE MATERIAL TERMS FOR PAYMENT OF ANNUAL EXECUTIVE COMPENSATION TO PERMIT THE COMPENSATION PAID PURSUANT TO SUCH MATERIAL TERMS TO QUALIFY AS PERFORMANCE-BASED COMPENSATION UNDER SECTION 162(M) OF THE INTERNAL REVENUE CODE.1	Management	For	For
4	TO RATIFY THE APPOINTMENT OF ERNST & YOUNG LLP AS TREX COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE 2005 FISCAL YEAR.1	Management	For	For
1. Fidelity displays agenda items and descriptions, including the use of characters (such as page numbers, percentage and pound signs, ampersands and, in particular, asterisks and other footnote designations) as they are provided by the issuer and the vote processing agent. Generally, asterisks refer to the class of director or stock or indicate notice of voting instructions.

ISSUER NAME: UNIVERSAL FOREST PRODUCTS, INC. MEETING DATE: 04/20/2005
TICKER: UFPI     SECURITY ID: 913543104
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT GARY F. GOODE AS A DIRECTOR	Management	For	For
1.2	ELECT MARK A. MURRAY AS A DIRECTOR	Management	For	For
1.3	ELECT LOUIS A. SMITH AS A DIRECTOR	Management	For	For

ISSUER NAME: WAUSAU-MOSINEE PAPER CORPORATION MEETING DATE: 04/21/2005
TICKER: WPP     SECURITY ID: 943315101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT GARY W. FREELS AS A DIRECTOR	Management	For	For
1.2	ELECT THOMAS J. HOWATT AS A DIRECTOR	Management	For	For
1.3	ELECT MICHAEL M. KNETTER AS A DIRECTOR	Management	For	For
2	AMENDMENT TO RESTATED ARTICLES OF INCORPORATION TO CHANGE NAME TO WAUSAU PAPER CORP.	Management	For	For

ISSUER NAME: WEST FRASER TIMBER LTD MEETING DATE: 04/28/2005
TICKER: --     SECURITY ID: 952845105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	RECEIVE THE REPORT OF THE DIRECTORS OF THE COMPANY	N/A	N/A	N/A
2	RECEIVE THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FYE 31 DEC 2004, TOGETHER WITH THE AUDITOR S REPORT THEREON	N/A	N/A	N/A
3	ELECT MR. HENRY H. KETCHAM AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
4	ELECT MR. CLARK S. BINKLEY AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
5	ELECT MR. J. DUNCAN GIBSON AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
6	ELECT MR. WILLIAM H. KETCHAM AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
7	ELECT MR. WILLIAM P. KETCHAM AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
8	ELECT MR. HARALD H. LUDWIG AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
9	ELECT MR. BRIAN F. MACNEILL AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
10	ELECT MR. ROBERT L. PHILLIPS AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
11	ELECT MS. JANICE G. RENNIE AS A DIRECTOR OF THE COMPANY TO HOLD THE OFFICE UNTIL THE CLOSE OF THE NEXT ANNUAL MEETING	Management	Unknown	For
12	APPOINT PRICEWATERHOUSECOOPERS LLP, CHARTERED ACCOUNTANTS, AS THE AUDITOR OF THE COMPANY TO HOLD OFFICE UNTIL THE CLOSE OF THE NEXT AGM AND AUTHORIZE THE BOARD OF DIRECTORS TO FIX THEIR AUDITOR S REMUNERATION	Management	Unknown	For
13	APPROVE TO CONSIDER ANY AMENDMENT TO OR VARIATION OF ANY MATTER	N/A	N/A	N/A
14	TRANSACT ANY OTHER BUSINESS	N/A	N/A	N/A

ISSUER NAME: WEYERHAEUSER COMPANY MEETING DATE: 04/21/2005
TICKER: WY     SECURITY ID: 962166104
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT D. MICHAEL STEUERT AS A DIRECTOR	Management	For	For
1.2	ELECT MARTHA R. INGRAM AS A DIRECTOR	Management	For	For
1.3	ELECT JOHN I. KIECKHEFER AS A DIRECTOR	Management	For	For
1.4	ELECT ARNOLD G. LANGBO AS A DIRECTOR	Management	For	For
1.5	ELECT CHARLES R. WILLIAMSON AS A DIRECTOR	Management	For	For
2	SHAREHOLDER PROPOSAL ON EXPENSING STOCK OPTIONS	Shareholder	Against	Against
3	SHAREHOLDER PROPOSAL ON A CLASSIFIED BOARD	Shareholder	Against	For
4	SHAREHOLDER PROPOSAL ON PERFORMANCE-BASED OPTIONS	Shareholder	Against	Against
5	SHAREHOLDER PROPOSAL ON NATIONAL FOREST TIMBER PURCHASES	Shareholder	Against	Against
6	APPROVAL, ON AN ADVISORY BASIS OF THE APPOINTMENT OF AUDITORS	Management	For	For