UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM N-PX

               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                          MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number      811-3639
                                      ------------------------------------------

                Morgan Stanley Developing Growth Securities Trust
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               (Exact name of registrant as specified in charter)
                                                                     10020
     1221 Avenue of the Americas, New York, New York
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  (Address of principal executive offices)                         (Zip code)

                                Amy Doberman Esq

                                Managing Director

                     Morgan Stanley Investment Advisors Inc.

                           1221 Avenue of the Americas

                            New York, New York 10020
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                     (Name and address of agent for service)

Registrant's telephone number, including area code: 800-869-6397
                                                  ------------------------------

Date of fiscal year end:    9/30
                            --------------------

Date of reporting period:     7/1/04 - 6/30/05
                              ------------------


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

ICA File Number: 811-03639
Reporting Period: 07/01/2004 - 06/30/2005
Morgan Stanley Developing Growth Securities Trust









====================== DEVELOPING GROWTH SECURITIES TRUST ======================


ACTIVISION, INC.

Ticker:       ATVI           Security ID:  004930202
Meeting Date: APR 4, 2005    Meeting Type: Special
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Increase Authorized Common Stock          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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AKAMAI TECHNOLOGIES, INC.

Ticker:       AKAM           Security ID:  00971T101
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William A. Halter         For       For        Management
1.2   Elect  Director Peter J. Kight            For       For        Management
1.3   Elect  Director Frederic V. Salerno       For       For        Management
2     Ratify Auditors                           For       For        Management


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AMAZON.COM, INC.

Ticker:       AMZN           Security ID:  023135106
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jeffrey P. Bezos          For       For        Management
1.2   Elect  Director Tom A. Alberg             For       For        Management
1.3   Elect  Director John Seely Brown          For       For        Management
1.4   Elect  Director L. John Doerr             For       For        Management
1.5   Elect  Director William B. Gordon         For       For        Management
1.6   Elect  Director Myrtle S. Potter          For       For        Management
1.7   Elect  Director Thomas O. Ryder           For       For        Management
1.8   Elect  Director Patricia Q. Stonesifer    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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AMERITRADE HOLDINGS CORP.

Ticker:       AMTD           Security ID:  03074K100
Meeting Date: FEB 16, 2005   Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director J. Joe  Ricketts           For       For        Management
1.2   Elect Director Dan W. Cook III            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Other Business                            For       Against    Management


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ANDREW CORP.

Ticker:       ANDW           Security ID:  034425108
Meeting Date: FEB 8, 2005    Meeting Type: Annual
Record Date:  DEC 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director T.A. Donahoe              For       For        Management
1.2   Elect  Director R.E. Faison               For       For        Management
1.3   Elect  Director J.D. Fluno                For       For        Management
1.4   Elect  Director W.O. Hunt                 For       For        Management
1.5   Elect  Director C.R. Nicholas             For       For        Management
1.6   Elect  Director R.G. Paul                 For       For        Management
1.7   Elect  Director G.A. Poch                 For       For        Management
1.8   Elect  Director A.F. Pollack              For       For        Management
1.9   Elect  Director G.O. Toney                For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management
5     Other Business                            For       Against    Management


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APOGENT TECHNOLOGIES INC.

Ticker:       AOT            Security ID:  03760A101
Meeting Date: AUG 2, 2004    Meeting Type: Special
Record Date:  MAY 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       Against    Management


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APPLE COMPUTER, INC.

Ticker:       AAPL           Security ID:  037833100
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Fred D. Anderson          For       For        Management
1.2   Elect  Director William V. Campbell       For       For        Management
1.3   Elect  Director Millard S. Drexler        For       For        Management
1.4   Elect  Director Albert A. Gore, Jr.       For       For        Management
1.5   Elect  Director Steven P. Jobs            For       For        Management
1.6   Elect  Director Arthur D. Levinson        For       For        Management
1.7   Elect  Director Jerome B. York            For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Ratify Auditors                           For       For        Management
6     Performance- Based/Indexed Options        Against   Against    Shareholder


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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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AVAYA INC

Ticker:       AV             Security ID:  053499109
Meeting Date: FEB 15, 2005   Meeting Type: Annual
Record Date:  DEC 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Philip A. Odeen           For       For        Management
1.2   Elect  Director Hellene S. Runtagh        For       For        Management
1.3   Elect  Director Paula Stern               For       For        Management
1.4   Elect  Director Richard F. Wallman        For       For        Management


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BOYD GAMING CORP.

Ticker:       BYD            Security ID:  103304101
Meeting Date: MAY 12, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William R. Boyd           For       For        Management
1.2   Elect  Director Michael O. Maffie         For       For        Management
1.3   Elect  Director Keith E. Smith            For       For        Management
1.4   Elect  Director Veronica J. Wilson        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management


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BRASCAN CORP (FORMERLY EDPERBRASCAN CORP.)

Ticker:       BNN.LV.A       Security ID:  10549P606
Meeting Date: APR 29, 2005   Meeting Type: Annual/Special
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Decrease in Size of Board         For       For        Management
2.1   Elect Director William A. Dimma           For       For        Management
2.2   Elect Director Lance Liebman              For       For        Management
2.3   Elect Director Philip B. Lind             For       For        Management
2.4   Elect Director Roy MacLaren               For       For        Management
2.5   Elect Director G. Wallace F. McCain       For       For        Management
2.6   Elect Director Jack M. Mintz              For       For        Management
2.7   Elect Director George S. Taylor           For       For        Management
3     Approve Deloitte & Touche as Auditors and For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors


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C. R. BARD, INC.

Ticker:       BCR            Security ID:  067383109
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director T. Kevin Dunnigan          For       For        Management
1.2   Elect Director Gail K. Naughton, Ph.D.    For       For        Management
1.3   Elect Director John H. Weiland            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Adopt ILO based Code of Conduct           Against   Against    Shareholder


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C.H. ROBINSON WORLDWIDE, INC.

Ticker:       CHRW           Security ID:  12541W100
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert Ezrilov            For       For        Management
1.2   Elect  Director Wayne M. Fortun           For       For        Management
1.3   Elect  Director Brian P. Short            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management


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CALAMOS ASSET MGMT INC

Ticker:       CLMS           Security ID:  12811R104
Meeting Date: JUN 7, 2005    Meeting Type: Annual
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Arthur L. Knight          For       For        Management
1.2   Elect  Director G. Bradford Bulkley       For       For        Management
1.3   Elect  Director Richard W. Gilbert        For       For        Management
2     Ratify Auditors                           For       For        Management


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CAMECO CORP.

Ticker:       CCO.           Security ID:  13321L108
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John S. Auston             For       For        Management
1.2   Elect Director Joe F. Colvin              For       For        Management
1.3   Elect Director Harry D. Cook              For       For        Management
1.4   Elect Director James R. Curtiss           For       For        Management
1.5   Elect Director George S. Dembroski        For       For        Management
1.6   Elect Director Gerald W. Grandey          For       For        Management
1.7   Elect Director Nancy E. Hopkins           For       For        Management
1.8   Elect Director Oyvind Hushovd             For       For        Management
1.9   Elect Director J.W. George Ivany          For       For        Management
1.10  Elect Director A. Neil McMillan           For       For        Management
1.11  Elect Director Robert W. Peterson         For       For        Management
1.12  Elect Director Victor J. Zaleschuk        For       For        Management
2     Ratify KPMG LLP as Auditors               For       For        Management
3     The Undersigned Holder of Record of       None      Abstain    Management
      Shares Declares that all Shares are Held,
      Beneficially owned or Controlled by One
      or More Canadian Residents (Residents
      mark the FOR Box; One or more
      Non-Residents mark the ABSTAIN box)
4     The Undersigned Holder of Shares Declares None      Abstain    Management
      that the Undersigned is a Canadian
      Resident (Residents mark the FOR Box;
      Non-Residents mark the ABSTAIN  Box)


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CAREER EDUCATION CORP.

Ticker:       CECO           Security ID:  141665109
Meeting Date: MAY 20, 2005   Meeting Type: Proxy Contest
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Dennis H. Chookaszian      For       Abstain    Management
1.2   Elect Director Robert E. Dowdell          For       Abstain    Management
1.3   Elect Director Patrick K. Pesch           For       Abstain    Management
2     Ratify Auditors                           For       Abstain    Management
1.1   Elect Director Dennis H. Chookaszian      Withhold  Withhold   Management
1.2   Elect Director Robert E. Dowdell          Withhold  Withhold   Management
1.3   Elect Director Patrick K. Pesch           Withhold  Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         For       For        Shareholder
4     Amend Articles/Bylaws/Charter -- Call     For       For        Shareholder
      Special Meetings
5     Amend Terms of Existing Poison Pill       For       For        Shareholder


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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

Ticker:       CRL            Security ID:  159864107
Meeting Date: OCT 20, 2004   Meeting Type: Special
Record Date:  SEP 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       Against    Management


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CHEESECAKE FACTORY, INC., THE

Ticker:       CAKE           Security ID:  163072101
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  APR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David Overton             For       For        Management
1.2   Elect  Director Karl L. Matthies          For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Increase Authorized Common Stock          For       For        Management


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CHICAGO MERCANTILE EXCHANGE HOLDINGS, INC.

Ticker:       CME            Security ID:  167760107
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Craig S. Donohue          For       For        Management
1.2   Elect  Director Terrence A. Duffy         For       For        Management
1.3   Elect  Director Daniel R. Glickman        For       For        Management
1.4   Elect  Director William P. Miller, II     For       For        Management
1.5   Elect  Director James E. Oliff            For       For        Management
1.6   Elect  Director John F. Sandner           For       For        Management
1.7   Elect  Director Terry L. Savage           For       For        Management
2     Approve Non-Employee Director Stock       For       For        Management
      Option Plan
3     Approve Qualified Employee Stock Purchase For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


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CHICO

Ticker:       CHS            Security ID:  168615102
Meeting Date: JUN 21, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Marvin J. Gralnick        For       Withhold   Management
1.2   Elect  Director John W. Burden, III       For       Withhold   Management
1.3   Elect  Director Stewart P. Mitchell       For       For        Management
1.4   Elect  Director David F. Walker           For       For        Management
2     Ratify Auditors                           For       For        Management


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CHOICEPOINT INC.

Ticker:       CPS            Security ID:  170388102
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ray M. Robinson           For       For        Management
1.2   Elect  Director John J. Hamre             For       For        Management
1.3   Elect  Director John B. McCoy             For       For        Management
1.4   Elect  Director Terrence Murray           For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management


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COACH, INC.

Ticker:       COH            Security ID:  189754104
Meeting Date: NOV 3, 2004    Meeting Type: Annual
Record Date:  SEP 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joseph Ellis              For       For        Management
1.2   Elect  Director Lew Frankfort             For       For        Management
1.3   Elect  Director Sally Frame Kasaks        For       For        Management
1.4   Elect  Director Gary Loveman              For       For        Management
1.5   Elect  Director Irene Miller              For       For        Management
1.6   Elect  Director Keith Monda               For       For        Management
1.7   Elect  Director Michael Murphy            For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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COGNIZANT TECHNOLOGY SOLUTIONS CORP.

Ticker:       CTSH           Security ID:  192446102
Meeting Date: JUN 14, 2005   Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert W. Howe            For       For        Management
1.2   Elect  Director Robert E. Weissman        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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CONSECO, INC.

Ticker:       CNO            Security ID:  208464883
Meeting Date: AUG 24, 2004   Meeting Type: Annual
Record Date:  JUL 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Debra J. Perry            For       For        Management
1.2   Elect  Director Philip R. Roberts         For       For        Management
1.3   Elect  Director William J. Shea           For       For        Management
1.4   Elect  Director Michael T. Tokarz         For       For        Management
2     Ratify Auditors                           For       For        Management


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COOPER COMPANIES, INC., THE

Ticker:       COO            Security ID:  216648402
Meeting Date: MAR 22, 2005   Meeting Type: Annual
Record Date:  FEB 3, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director A. Thomas Bender          For       For        Management
1.2   Elect  Director Edgar J. Cummins          For       For        Management
1.3   Elect  Director John D. Fruth             For       For        Management
1.4   Elect  Director Michael H. Kalkstein      For       For        Management
1.5   Elect  Director Moses Marx                For       For        Management
1.6   Elect  Director Donald Press              For       For        Management
1.7   Elect  Director Steven Rosenberg          For       For        Management
1.8   Elect  Director Allan E Rubenstein M.D.   For       For        Management
1.9   Elect  Director Robert S. Weiss           For       For        Management
1.10  Elect  Director Stanley Zinberg, M.D.     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management


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CORPORATE EXECUTIVE BOARD CO. (THE)

Ticker:       EXBD           Security ID:  21988R102
Meeting Date: JUL 28, 2004   Meeting Type: Annual
Record Date:  JUN 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James J. Mcgonigle        For       For        Management
1.2   Elect  Director Robert C. Hall            For       For        Management
1.3   Elect  Director Nancy J. Karch            For       For        Management
1.4   Elect  Director David W. Kenny            For       For        Management
1.5   Elect  Director Daniel O. Leemon          For       For        Management
1.6   Elect  Director Thomas L. Monahan III     For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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CROWN CASTLE INTERNATIONAL CORP.

Ticker:       CCI            Security ID:  228227104
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dale N. Hatfield          For       For        Management
1.2   Elect  Director Lee W. Hogan              For       For        Management
1.3   Elect  Director Robert F. McKenzie        For       For        Management
1.4   Elect  Director Robert E. Garrison, II    For       For        Management
2     Ratify Auditors                           For       For        Management


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DADE BEHRING HLDGS INC

Ticker:       DADE           Security ID:  23342J206
Meeting Date: MAY 23, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard W. Roedel         For       For        Management
1.2   Elect  Director Samuel K. Skinner         For       For        Management
2     Increase Authorized Preferred and Common  For       For        Management
      Stock


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DREAMWORKS ANIMATION SKG, INC.

Ticker:       DWA            Security ID:  26153C103
Meeting Date: JUN 22, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jeffrey Katzenberg        For       Withhold   Management
1.2   Elect  Director Roger A. Enrico           For       For        Management
1.3   Elect  Director Paul G. Allen             For       Withhold   Management
1.4   Elect  Director Lewis W. Coleman          For       For        Management
1.5   Elect  Director David Geffen              For       Withhold   Management
1.6   Elect  Director Mellody Hobson            For       For        Management
1.7   Elect  Director Nathan Myhrvold           For       For        Management
1.8   Elect  Director Howard Schultz            For       For        Management
1.9   Elect  Director Margaret C. Whitman       For       For        Management
2     Ratify Auditors                           For       For        Management


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ELECTRONIC ARTS INC.

Ticker:       ERTS           Security ID:  285512109
Meeting Date: JUL 29, 2004   Meeting Type: Annual
Record Date:  JUN 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director M. Richard Asher          For       For        Management
1.2   Elect  Director William J. Byron          For       For        Management
1.3   Elect  Director Leonard S. Coleman        For       For        Management
1.4   Elect  Director Gary M. Kusin             For       For        Management
1.5   Elect  Director Gregory B. Maffei         For       For        Management
1.6   Elect  Director Timothy Mott              For       For        Management
1.7   Elect  Director Robert W. Pittman         For       For        Management
1.8   Elect  Director Lawrence F. Probst III    For       For        Management
1.9   Elect  Director Linda J. Srere            For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Amend Articles to Consolidate Common      For       For        Management
      Stock
5     Increase Authorized Common Stock          For       For        Management
6     Ratify Auditors                           For       For        Management


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EVERGREEN RESOURCES, INC.

Ticker:                      Security ID:  299900308
Meeting Date: SEP 28, 2004   Meeting Type: Special
Record Date:  JUL 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Adjourn Meeting                           For       Against    Management


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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


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

FASTENAL CO.

Ticker:       FAST           Security ID:  311900104
Meeting Date: APR 19, 2005   Meeting Type: Annual
Record Date:  FEB 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert A. Kierlin         For       Withhold   Management
1.2   Elect  Director Stephen M. Slaggie        For       Withhold   Management
1.3   Elect  Director Michael M. Gostomski      For       For        Management
1.4   Elect  Director John D. Remick            For       For        Management
1.5   Elect  Director Henry K. McConnon         For       For        Management
1.6   Elect  Director Robert A. Hansen          For       For        Management
1.7   Elect  Director Willard D. Oberton        For       Withhold   Management
1.8   Elect  Director Michael J. Dolan          For       For        Management
1.9   Elect  Director Reyne K. Wisecup          For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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FISHER SCIENTIFIC INTERNATIONAL INC.

Ticker:       FSH            Security ID:  338032204
Meeting Date: AUG 2, 2004    Meeting Type: Annual
Record Date:  MAY 14, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Issue Shares in Connection with an        For       For        Management
      Acquisition
2.1   Elect  Director Michael D. Dingman        For       For        Management
2.2   Elect  Director Charles A. Sanders M.D.   For       For        Management
3     Ratify Auditors                           For       For        Management
4     Adjourn Meeting                           For       Against    Management


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

FISHER SCIENTIFIC INTERNATIONAL INC.

Ticker:       FSH            Security ID:  338032204
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Rosanne F. Coppola         For       For        Management
1.2   Elect Director Bruce L. Koepfgen          For       For        Management
1.3   Elect Director Paul M. Meister            For       For        Management
1.4   Elect Director W. Clayton Stephens        For       For        Management
1.5   Elect Director Richard W. Vieser          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

FLIR SYSTEMS, INC.

Ticker:       FLIR           Security ID:  302445101
Meeting Date: APR 20, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John C. Hart              For       Withhold   Management
1.2   Elect  Director Angus L. Macdonald        For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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

GEN-PROBE, INC.

Ticker:       GPRO           Security ID:  36866T103
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Raymond V. Dittamore      For       For        Management
1.2   Elect  Director Abraham D. Sofaer         For       For        Management
1.3   Elect  Director Phillip M. Schneider      For       For        Management
2     Ratify Auditors                           For       For        Management


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

GENZYME CORP.

Ticker:       GENZ           Security ID:  372917104
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert J. Carpenter       For       For        Management
1.2   Elect  Director Charles L. Cooney         For       For        Management
2     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
3     Amend Stock Option Plan                   For       For        Management
4     Ratify Auditors                           For       For        Management
5     Declassify the Board of Directors         Against   Against    Shareholder


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

GETTY IMAGES, INC.

Ticker:       GYI            Security ID:  374276103
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Christopher H. Sporborg   For       For        Management
1.2   Elect  Director Mark H. Getty             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

GLOBAL PAYMENTS, INC.

Ticker:       GPN            Security ID:  37940X102
Meeting Date: SEP 21, 2004   Meeting Type: Annual
Record Date:  AUG 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Charles G. Betty          For       For        Management
1.2   Elect  Director Edwin H. Burba, Jr.       For       For        Management
1.3   Elect  Director Raymond L. Killian        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


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

GRACO INC.

Ticker:       GGG            Security ID:  384109104
Meeting Date: APR 22, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lee R. Mitau              For       For        Management
1.2   Elect  Director James H. Moar             For       For        Management
1.3   Elect  Director Martha A. Morfitt         For       For        Management
1.4   Elect  Director David A. Roberts          For       For        Management
2     Ratify Auditors                           For       For        Management


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

GTECH HOLDINGS CORP.

Ticker:       GTK            Security ID:  400518106
Meeting Date: AUG 2, 2004    Meeting Type: Annual
Record Date:  JUN 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Christine M. Cournoyer    For       For        Management
1.2   Elect  Director Robert M. Dewey, Jr.      For       For        Management
1.3   Elect  Director Philip R. Lochner, Jr.    For       For        Management
2     Approve Employee Stock Purchase Plan      For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Ratify Auditors                           For       For        Management


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

HARMAN INTERNATIONAL INDUSTRIES, INC.

Ticker:       HAR            Security ID:  413086109
Meeting Date: NOV 10, 2004   Meeting Type: Annual
Record Date:  SEP 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bernard A. Girod          For       For        Management
1.2   Elect  Director Ann Korologos             For       For        Management


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

IDEXX LABORATORIES, INC.

Ticker:       IDXX           Security ID:  45168D104
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas Craig              For       For        Management
1.2   Elect  Director Errol B. De Souza, Ph.D.  For       For        Management
1.3   Elect  Director Rebecca M Henderson,      For       For        Management
      Ph.D.
2     Ratify Auditors                           For       For        Management


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

INTERACTIVE DATA CORPORATION

Ticker:       IDC            Security ID:  45840J107
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stuart J. Clark           For       Withhold   Management
1.2   Elect  Director William T. Ethridge       For       Withhold   Management
1.3   Elect  Director John Fallon               For       Withhold   Management
1.4   Elect  Director Olivier Fleurot           For       Withhold   Management
1.5   Elect  Director Donald P. Greenberg       For       For        Management
1.6   Elect  Director Alan J. Hirschfield       For       For        Management
1.7   Elect  Director Philip J. Hoffman         For       Withhold   Management
1.8   Elect  Director John C. Makinson          For       For        Management
1.9   Elect  Director Carl Spielvogel           For       For        Management
1.10  Elect  Director Allan R. Tessler          For       For        Management
2     Approve/Amend Executive Incentive Bonus   For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

INTERNATIONAL GAME TECHNOLOGY

Ticker:       IGT            Security ID:  459902102
Meeting Date: MAR 1, 2005    Meeting Type: Annual
Record Date:  JAN 6, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Neil Barsky               For       For        Management
1.2   Elect  Director Robert A. Bittman         For       For        Management
1.3   Elect  Director Richard R. Burt           For       For        Management
1.4   Elect  Director Leslie S. Heisz           For       For        Management
1.5   Elect  Director Robert A. Mathewson       For       For        Management
1.6   Elect  Director Thomas J. Matthews        For       For        Management
1.7   Elect  Director Robert Miller             For       Withhold   Management
1.8   Elect  Director Frederick B. Rentschler   For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

ITT EDUCATIONAL SERVICES, INC.

Ticker:       ESI            Security ID:  45068B109
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Dean              For       For        Management
1.2   Elect  Director James D. Fowler, Jr.      For       For        Management
1.3   Elect  Director Vin Weber                 For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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

JUNIPER NETWORKS, INC.

Ticker:       JNPR           Security ID:  48203R104
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William R. Hearst III     For       For        Management
1.2   Elect  Director Kenneth Goldman           For       For        Management
1.3   Elect  Director Frank Marshall            For       For        Management
2     Ratify Auditors                           For       For        Management


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

KINETIC CONCEPTS, INC.

Ticker:       KCI            Security ID:  49460W208
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  APR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James R. Leininger, M.D.  For       For        Management
1.2   Elect  Director Dennert O. Ware           For       For        Management
2     Ratify Auditors                           For       For        Management


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

KLA-TENCOR CORP.

Ticker:       KLAC           Security ID:  482480100
Meeting Date: OCT 18, 2004   Meeting Type: Annual
Record Date:  AUG 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward W. Barnholt        For       For        Management
1.2   Elect  Director Stephen P. Kaufman        For       For        Management
1.3   Elect  Director Kenneth L. Schroeder      For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

LAMAR ADVERTISING COMPANY

Ticker:       LAMR           Security ID:  512815101
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  APR 6, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Anna Reilly Cullinan      For       For        Management
1.2   Elect  Director John Maxwell Hamilton     For       For        Management
1.3   Elect  Director Robert M. Jelenic         For       For        Management
1.4   Elect  Director Stephen P. Mumblow        For       For        Management
1.5   Elect  Director Thomas V. Reifenheiser    For       For        Management
1.6   Elect  Director Kevin P. Reilly, Jr.      For       For        Management
1.7   Elect  Director Wendell Reilly            For       For        Management


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

LAUREATE EDUCATION INC.

Ticker:       LAUR           Security ID:  518613104
Meeting Date: JUN 21, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director R.C. Hoehn-Saric          For       For        Management
1.2   Elect  Director John A. Miller            For       For        Management
1.3   Elect  Director David A. Wilson           For       For        Management
1.4   Elect  Director Isabel Aguilera           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

LEGG MASON, INC.

Ticker:       LM             Security ID:  524901105
Meeting Date: JUL 20, 2004   Meeting Type: Annual
Record Date:  MAY 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Harold L. Adams           For       Withhold   Management
1.2   Elect  Director James W. Brinkley         For       For        Management
1.3   Elect  Director Raymond A. Mason          For       For        Management
1.4   Elect  Director Margaret Milner           For       For        Management
      Richardson
1.5   Elect  Director Kurt L. Schmoke           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan


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

LINEAR TECHNOLOGY CORP.

Ticker:       LLTC           Security ID:  535678106
Meeting Date: NOV 3, 2004    Meeting Type: Annual
Record Date:  SEP 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert H. Swanson, Jr.    For       For        Management
1.2   Elect  Director David S. Lee              For       For        Management
1.3   Elect  Director Leo T. McCarthy           For       For        Management
1.4   Elect  Director Richard M. Moley          For       For        Management
1.5   Elect  Director Thomas S. Volpe           For       For        Management
2     Ratify Auditors                           For       For        Management


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

MARVELL TECHNOLOGY GROUP LTD

Ticker:       MRVL           Security ID:  G5876H105
Meeting Date: JUN 10, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kuo Wei 'Herbert' Chang   For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

MERCURY INTERACTIVE CORP.

Ticker:       MERQ           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       For        Management
1.2   Elect  Director Brad Boston               For       For        Management
1.3   Elect  Director Igal Kohavi               For       For        Management
1.4   Elect  Director Clyde Ostler              For       For        Management
1.5   Elect  Director Yair Shamir               For       For        Management
1.6   Elect  Director Giora Yaron               For       For        Management
1.7   Elect  Director Anthony Zingale           For       For        Management
2     Ratify Auditors                           For       For        Management


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

MOHAWK INDUSTRIES, INC.

Ticker:       MHK            Security ID:  608190104
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John F. Fiedler           For       For        Management
1.2   Elect  Director Jeffrey S. Lorberbaum     For       For        Management
1.3   Elect  Director Robert N. Pokelwaldt      For       For        Management


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

MONSTER WORLDWIDE, INC.

Ticker:       MNST           Security ID:  611742107
Meeting Date: JUN 16, 2005   Meeting Type: Annual
Record Date:  MAY 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Andrew J. McKelvey         For       For        Management
1.2   Elect Director George R. Eisele           For       For        Management
1.3   Elect Director John Gaulding              For       For        Management
1.4   Elect Director Michael Kaufman            For       For        Management
1.5   Elect Director Ronald J. Kramer           For       For        Management
1.6   Elect Director David A. Stein             For       For        Management
1.7   Elect Director John Swann                 For       For        Management
2     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan


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

MOODY'S CORPORATION

Ticker:       MCO            Security ID:  615369105
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert R. Glauber          For       For        Management
1.2   Elect Director Connie Mack                For       For        Management
1.3   Elect Director Nancy S. Newcomb           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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

NATIONAL SEMICONDUCTOR CORP.

Ticker:       NSM            Security ID:  637640103
Meeting Date: OCT 1, 2004    Meeting Type: Annual
Record Date:  AUG 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Brian L. Halla            For       For        Management
1.2   Elect  Director Steven R. Appleton        For       For        Management
1.3   Elect  Director Gary P. Arnold            For       For        Management
1.4   Elect  Director Richard J. Danzig         For       For        Management
1.5   Elect  Director Robert J. Frankenberg     For       For        Management
1.6   Elect  Director E. Floyd Kvamme           For       For        Management
1.7   Elect  Director Modesto A. Maidique       For       For        Management
1.8   Elect  Director Edward R. Mccracken       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Approve Executive Stock Option Plan       For       For        Management


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

NETEASE COM INC

Ticker:       NTES           Security ID:  64110W102
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       Against    Management
      WILLIAM DING
2     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       Against    Management
      TED SUN
3     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       Against    Management
      DENNY LEE
4     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       Against    Management
      MICHAEL TONG
5     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       For        Management
      DONGHUA DING
6     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       For        Management
      RONALD LEE
7     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       For        Management
      MICHAEL LEUNG
8     RE-ELECT TO SERVE FOR THE ENSUING YEAR:   For       For        Management
      JOSEPH TONG
9     Ratify Auditors                           For       For        Management


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

NETWORK APPLIANCE, INC.

Ticker:       NTAP           Security ID:  64120L104
Meeting Date: SEP 2, 2004    Meeting Type: Annual
Record Date:  JUL 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel J. Warmenhoven     For       For        Management
1.2   Elect  Director Donald T. Valentine       For       For        Management
1.3   Elect  Director Carol A. Bartz            For       For        Management
1.4   Elect  Director Mark Leslie               For       For        Management
1.5   Elect  Director Nicholas G. Moore         For       For        Management
1.6   Elect  Director Sachio Semmoto            For       For        Management
1.7   Elect  Director George T. Shaheen         For       For        Management
1.8   Elect  Director Robert T. Wall            For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Ratify Auditors                           For       For        Management


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

NII HOLDINGS, INC.

Ticker:       NIHD           Security ID:  62913F201
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Neal P. Goldman           For       For        Management
1.2   Elect  Director Charles M. Herington      For       For        Management
1.3   Elect  Director John W. Risner            For       For        Management
2     Ratify Auditors                           For       For        Management


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

NVR, INC.

Ticker:       NVR            Security ID:  62944T105
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dwight C. Schar           For       For        Management
1.2   Elect  Director Robert C. Butler          For       For        Management
1.3   Elect  Director George E. Slye            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Stock Option Plan                 For       For        Management


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

OVERSTOCK.COM, INC.

Ticker:       OSTK           Security ID:  690370101
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect  Director Allison H. Abraham        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

P.F. CHANG

Ticker:       PFCB           Security ID:  69333Y108
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard L. Federico       For       For        Management
1.2   Elect  Director R. Michael Welborn        For       For        Management
1.3   Elect  Director James G. Shennan, Jr.     For       For        Management
1.4   Elect  Director F. Lane Cardwell, Jr.     For       For        Management
1.5   Elect  Director Kenneth J. Wessels        For       For        Management
1.6   Elect  Director M. Ann Rhoades            For       For        Management
1.7   Elect  Director Lesley H. Howe            For       For        Management
2     Ratify Auditors                           For       For        Management


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

PATTERSON  COS INC.

Ticker:       PDCO           Security ID:  703395103
Meeting Date: SEP 13, 2004   Meeting Type: Annual
Record Date:  JUL 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ellen A. Rudnick          For       For        Management
1.2   Elect  Director Peter L. Frechette        For       For        Management
1.3   Elect  Director David K. Beecken          For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

PEABODY ENERGY CORP.

Ticker:       BTU            Security ID:  704549104
Meeting Date: MAY 6, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director B.R. Brown                For       For        Management
1.2   Elect  Director Henry Givens, Jr., Ph.D.  For       For        Management
1.3   Elect  Director James R. Schlesinger      For       For        Management
1.4   Elect  Director Sandra Van Trease         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management
4     Require Two Thirds Majority of            Against   Against    Shareholder
      Independent Directors on the Board.
5     Declassify the Board of Directors         Against   Against    Shareholder
6     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

PENN NATIONAL GAMING, INC.

Ticker:       PENN           Security ID:  707569109
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter M. Carlino          For       Withhold   Management
1.2   Elect  Director Harold Cramer             For       Withhold   Management


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

PETSMART

Ticker:       PETM           Security ID:  716768106
Meeting Date: JUN 23, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director L.A. Del Santo            For       For        Management
1.2   Elect  Director P.L. Francis              For       For        Management
1.3   Elect  Director G.P. Josefowicz           For       For        Management
1.4   Elect  Director R.K. Lochridge            For       For        Management
1.5   Elect  Director A.I. Khalifa              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management


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

PLUM CREEK TIMBER COMPANY, INC.

Ticker:       PCL            Security ID:  729251108
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Rick R. Holley            For       For        Management
1.2   Elect  Director Ian B. Davidson           For       For        Management
1.3   Elect  Director Robin Josephs             For       For        Management
1.4   Elect  Director John G. McDonald          For       For        Management
1.5   Elect  Director Robert B. McLeod          For       For        Management
1.6   Elect  Director Hamid R. Moghadam         For       For        Management
1.7   Elect  Director John H. Scully            For       For        Management
1.8   Elect  Director Stephen C. Tobias         For       For        Management
1.9   Elect  Director Carl B. Webb              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors
4     Performance- Based/Indexed Options        Against   Against    Shareholder
5     Political Contributions/Activities        Against   Against    Shareholder


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

QUESTAR CORP.

Ticker:       STR            Security ID:  748356102
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Phillips S. Baker, Jr.    For       For        Management
1.2   Elect  Director L. Richard Flury          For       For        Management
1.3   Elect  Director James A. Harmon           For       For        Management
1.4   Elect  Director M.W. Scoggins             For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management


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

RED HAT, INC.

Ticker:       RHAT           Security ID:  756577102
Meeting Date: SEP 21, 2004   Meeting Type: Annual
Record Date:  JUL 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gen. H. Hugh Shelton      For       For        Management
1.2   Elect  Director Eugene J. Mcdonald        For       For        Management
1.3   Elect  Director Matthew J. Szulik         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

RINKER GROUP LTD

Ticker:                      Security ID:  76687M101
Meeting Date: JUL 20, 2004   Meeting Type: Annual
Record Date:  JUN 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE AND CONSIDER THE FINANCIAL     For       For        Management
      REPORT AND OTHER REPORTS.
2     TO ADOPT THE REMUNERATION REPORT.         For       For        Management
3     TO RE-ELECT MR JOHN MORSCHEL AS A         For       For        Management
      DIRECTOR.
4     TO ELECT MR JOHN INGRAM AS A DIRECTOR.    For       For        Management
5     TO INCREASE THE MAXIMUM AGGREGATE         For       For        Management
      REMUNERATION OF NON-EXECUTIVE DIRECTORS.


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

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.


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

SCP POOL CORP.

Ticker:       POOL           Security ID:  784028102
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Wilson B. Sexton          For       For        Management
1.2   Elect  Director Andrew W. Code            For       For        Management
1.3   Elect  Director James J. Gaffney          For       For        Management
1.4   Elect  Director George T. Haymaker, Jr.   For       For        Management
1.5   Elect  Director Manuel J. Perez De La     For       For        Management
      Mesa
1.6   Elect  Director Harlan F. Seymour         For       For        Management
1.7   Elect  Director Robert C. Sledd           For       For        Management
1.8   Elect  Director John E. Stokely           For       For        Management
2     Ratify Auditors                           For       For        Management


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

SEALED AIR CORP.

Ticker:       SEE            Security ID:  81211K100
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Hank Brown                 For       For        Management
1.2   Elect Director Michael Chu                For       For        Management
1.3   Elect Director Lawrence R. Codey          For       For        Management
1.4   Elect Director T. J. Dermot Dunphy        For       For        Management
1.5   Elect Director Charles F. Farrell, Jr.    For       For        Management
1.6   Elect Director William V. Hickey          For       For        Management
1.7   Elect Director Jacqueline B. Kosecoff     For       For        Management
1.8   Elect Director Kenneth P. Manning         For       For        Management
1.9   Elect Director William J. Marino          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Executive Incentive Bonus Plan      For       For        Management
4     Ratify Auditors                           For       For        Management


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

SEARS HOLDINGS CORP

Ticker:       SHLD           Security ID:  498780105
Meeting Date: MAR 24, 2005   Meeting Type: Annual
Record Date:  JAN 26, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2     Exclusion of Bankruptcy-Related Charter   For       For        Management
      Provision
3     Exclude Rights of Designated Stockholders For       For        Management
      to Designate Directors to the Board of
      Directors
4     Approve Equity Grants to Aylwin B. Lewis  For       For        Management


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

SONIC CORP.

Ticker:       SONC           Security ID:  835451105
Meeting Date: JAN 20, 2005   Meeting Type: Annual
Record Date:  NOV 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Leonard Lieberman         For       For        Management
1.2   Elect  Director H.E. (Gene) Rainbolt      For       For        Management
2     Other Business                            For       For        Management


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

ST. JOE COMPANY, THE

Ticker:       JOE            Security ID:  790148100
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael L. Ainslie        For       For        Management
1.2   Elect  Director John S. Lord              For       Withhold   Management
1.3   Elect  Director Hugh M. Durden            For       For        Management
1.4   Elect  Director Walter L. Revell          For       For        Management
1.5   Elect  Director Thomas A. Fanning         For       For        Management
1.6   Elect  Director Peter S. Rummell          For       For        Management
1.7   Elect  Director Adam W. Herbert, Jr.      For       For        Management
1.8   Elect  Director William H. Walton, III    For       For        Management
1.9   Elect  Director Delores M. Kesler         For       For        Management
2     Ratify Auditors                           For       For        Management


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

STATION CASINOS, INC.

Ticker:       STN            Security ID:  857689103
Meeting Date: MAY 18, 2005   Meeting Type: Proxy Contest
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Frank J. Fertitta III      For       None       Management
1.2   Elect Director Lee S. Isgur               For       None       Management
2     Approve Omnibus Stock Plan                For       None       Management
3     Ratify Auditors                           For       None       Management
4     Reduce Supermajority Vote Requirement     Against   None       Shareholder
5     Declassify the Board of Directors         Against   None       Shareholder
6     Submit Shareholder Rights Plan (Poison    Against   None       Shareholder
      Pill) to Shareholder Vote
1.1   Elect Directors Frank J. Fertitta III     None      For        Management
1.2   Elect Director Lee S. Isgur               None      For        Management
2     Approve Omnibus Stock Plan                None      For        Management
3     Ratify Auditors                           None      For        Management
4     Reduce Supermajority Vote Requirement     For       For        Shareholder
5     Declassify the Board of Directors         For       For        Shareholder
6     Submit Shareholder Rights Plan (Poison    For       For        Shareholder
      Pill) to Shareholder Vote


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

STERICYCLE, INC.

Ticker:       SRCL           Security ID:  858912108
Meeting Date: APR 27, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jack W. Schuler           For       Withhold   Management
1.2   Elect  Director Mark C. Miller            For       For        Management
1.3   Elect  Director Rod F. Dammeyer           For       For        Management
1.4   Elect  Director Patrick F. Graham         For       For        Management
1.5   Elect  Director Jonathan T. Lord, M.D.    For       For        Management
1.6   Elect  Director John Patience             For       For        Management
1.7   Elect  Director Thomas R. Reusche         For       For        Management
1.8   Elect  Director Peter Vardy               For       For        Management
1.9   Elect  Director L. John Wilkerson, Ph.D.  For       For        Management
2     Approve Stock Option Plan                 For       For        Management
3     Ratify Auditors                           For       For        Management
4     Report on Waste Incineration              Against   Against    Shareholder


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

STRAYER EDUCATION, INC.

Ticker:       STRA           Security ID:  863236105
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert S. Silberman       For       For        Management
1.2   Elect  Director Dr. Charlotte F. Beason   For       For        Management
1.3   Elect  Director William E. Brock          For       For        Management
1.4   Elect  Director David A. Coulter          For       For        Management
1.5   Elect  Director Gary Gensler              For       For        Management
1.6   Elect  Director Robert R. Grusky          For       For        Management
1.7   Elect  Director Robert L. Johnson         For       For        Management
1.8   Elect  Director Steven B. Klinsky         For       For        Management
1.9   Elect  Director Todd A. Milano            For       For        Management
1.10  Elect  Director G. Thomas Waite, III      For       For        Management
1.11  Elect  Director J. David Wargo            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

SYMANTEC CORP.

Ticker:       SYMC           Security ID:  871503108
Meeting Date: SEP 15, 2004   Meeting Type: Annual
Record Date:  JUL 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Tania Amochaev            For       For        Management
1.2   Elect  Director William T. Coleman        For       For        Management
1.3   Elect  Director Franciscus Lion           For       For        Management
1.4   Elect  Director David Mahoney             For       For        Management
1.5   Elect  Director Robert S. Miller          For       For        Management
1.6   Elect  Director George Reyes              For       For        Management
1.7   Elect  Director Daniel H. Schulman        For       For        Management
1.8   Elect  Director John W. Thompson          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Amend Outside Director Stock in Lieu of   For       For        Management
      Cash Plan
5     Ratify Auditors                           For       For        Management


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

TESSERA TECHNOLOGIES, INC.

Ticker:       TSRA           Security ID:  88164L100
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  APR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert J. Boehlke         For       For        Management
1.2   Elect  Director E. Borje Ekholm           For       For        Management
1.3   Elect  Director John B. Goodrich          For       For        Management
1.4   Elect  Director Al S. Joseph, Ph.D.       For       For        Management
1.5   Elect  Director Bruce M. McWilliams,      For       For        Management
      Ph.D.
1.6   Elect  Director David C. Nagel, Ph.D.     For       For        Management
1.7   Elect  Director Henry R. Nothhaft         For       For        Management
1.8   Elect  Director Robert A. Young, Ph.D.    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management


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

UCBH HOLDINGS, INC.

Ticker:       UCBH           Security ID:  90262T308
Meeting Date: SEP 24, 2004   Meeting Type: Special
Record Date:  AUG 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Stock Option Plan                   For       For        Management


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

ULTRA PETROLEUM CORP.

Ticker:       UPL            Security ID:  903914109
Meeting Date: APR 29, 2005   Meeting Type: Annual/Special
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Michael D. Watford         For       For        Management
2     Elect Director William C. Helton          For       For        Management
3     Elect Director James E. Nielson           For       For        Management
4     Elect Director Robert E. Rigney           For       For        Management
5     Elect Director James C. Roe               For       For        Management
6     Approve KPMG LLP as Auditors and          For       For        Management
      Authorize Board to Fix Remuneration of
      Auditors
7     Approve 2:1 Stock Split                   For       For        Management
8     Approve 2005 Stock Incentive Plan         For       Against    Management
9     Other Business                            For       Against    Management


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

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       For        Management
1.4   Elect Director Alan F. Horn               For       For        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   Against    Shareholder
      Votes Per Share


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

URBAN OUTFITTERS, INC.

Ticker:       URBN           Security ID:  917047102
Meeting Date: MAY 24, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard A. Hayne          For       For        Management
1.2   Elect  Director Scott A. Belair           For       Withhold   Management
1.3   Elect  Director Harry S. Cherken, Jr.     For       Withhold   Management
1.4   Elect  Director Joel S. Lawson III        For       For        Management
1.5   Elect  Director Glen T. Senk              For       For        Management
1.6   Elect  Director Robert H. Strouse         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


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

VCA ANTECH INC

Ticker:       WOOF           Security ID:  918194101
Meeting Date: JUL 12, 2004   Meeting Type: Annual
Record Date:  MAY 13, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Antin           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


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

VCA ANTECH INC

Ticker:       WOOF           Security ID:  918194101
Meeting Date: JUN 6, 2005    Meeting Type: Annual
Record Date:  MAY 6, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John B. Chickering, Jr.   For       For        Management
1.2   Elect  Director John Heil                 For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

WHITE MOUNTAINS INSURANCE GROUP LTD

Ticker:       WTM            Security ID:  G9618E107
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John J. Byrne(1)          For       For        Management
1.2   Elect  Director George Gillespie III(1)   For       For        Management
1.3   Elect  Director John D. Gillespie(1)      For       For        Management
1.4   Elect  Director Frank A. Olson(1)         For       For        Management
1.5   Elect  Director Steven E. Fass(2)         For       For        Management
1.6   Elect  Director Gert Lindberg(2)          For       For        Management
1.7   Elect  Director Michael E. Maloney(2)     For       For        Management
1.8   Elect  Director Jan Silverudd(2)          For       For        Management
1.9   Elect  Director Goran Thorstensson(2)     For       For        Management
1.10  Elect  Director Michael E. Tyburski(2)    For       For        Management
1.11  Elect  Director Steven E. Fass(3)         For       For        Management
1.12  Elect  Director John D. Liberator(3)      For       For        Management
1.13  Elect  Director Goran Thorstensson(3)     For       For        Management
1.14  Elect  Director Steven E. Fass(4)         For       For        Management
1.15  Elect  Director Anders Henriksson(4)      For       For        Management
1.16  Elect  Director Mark Kaplen(4)            For       For        Management
1.17  Elect  Director Michael E. Maloney(4)     For       For        Management
1.18  Elect  Director Goran Thorstensson(4)     For       For        Management
1.19  Elect  Director Michael E. Tyburski(4)    For       For        Management
1.20  Elect  Director Raymond Barrette(5)       For       For        Management
1.21  Elect  Director Steven E. Fass(5)         For       For        Management
2     APPROVAL OF THE AMENDMENTS TO THE         For       For        Management
      LONG-TERM INCENTIVE PLAN AND APPROVAL OF
      PERFORMANCE CRITERIA.
3     APPROVAL OF THE APPOINTMENT OF            For       For        Management
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING
      FIRM.


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

WHITE MOUNTAINS INSURANCE GROUP LTD

Ticker:       WTM            Security ID:  G9618E107
Meeting Date: OCT 21, 2004   Meeting Type: Annual
Record Date:  AUG 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bruce R. Berkowitz*       For       For        Management
1.2   Elect  Director Steven E. Fass*           For       For        Management
1.3   Elect  Director Edith E. Holiday*         For       For        Management
1.4   Elect  Director Lowndes A. Smith*         For       For        Management
1.5   Elect  Director Joseph S. Steinberg*      For       For        Management
1.6   Elect  Director Steven E. Fass**          For       For        Management
1.7   Elect  Director Laks Ek**                 For       For        Management
1.8   Elect  Director Gert Lindberg**           For       For        Management
1.9   Elect  Director Goran Thorstensson**      For       For        Management
1.10  Elect  Director Steven E. Fass***         For       For        Management
1.11  Elect  Director Anders Henriksson***      For       For        Management
1.12  Elect  Director Mark Kaplen***            For       For        Management
1.13  Elect  Director Michael E. Maloney***     For       For        Management
1.14  Elect  Director Goran Thorstensson***     For       For        Management
1.15  Elect  Director Michael E. Tyburski***    For       For        Management
1.16  Elect  Director Raymond Barrette****      For       For        Management
1.17  Elect  Director Steven E. Fass****        For       For        Management
2     APPOINTMENT OF INDEPENDENT REGISTERED     For       For        Management
      PUBLIC ACCOUNTING FIRM


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

WYNN RESORTS LTD

Ticker:       WYNN           Security ID:  983134107
Meeting Date: MAY 2, 2005    Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Kazuo Okada                For       For        Management
1.2   Elect Director Robert J. Miller           For       For        Management
1.3   Elect Director Kiril Sokoloff             For       For        Management
1.4   Elect Director Allan Zeman                For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


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

XTO ENERGY INC

Ticker:       XTO            Security ID:  98385X106
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Herbert D. Simons          For       For        Management
1.2   Elect Director William A. Adams, III      For       For        Management
1.3   Elect Director Keith A. Hutton            For       For        Management
1.4   Elect Director Jack P. Randall            For       For        Management


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

XTO ENERGY INC

Ticker:       XTO            Security ID:  98385X106
Meeting Date: NOV 16, 2004   Meeting Type: Special
Record Date:  SEP 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Omnibus Stock Plan                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):        Morgan Stanley Developing Growth Securities Trust
                     -----------------------------------------------------------

By  (Signature and Title):
                                          /s/ Ronald E. Robison

                            Principal Executive Officer - Office of the Funds
                    ------------------------------------------------------------



Date          August 25, 2005
              ------------------------------------------------------------------



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