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   811-6683
                                     -------------------------------------------

                      Morgan Stanley Health Sciences Trust
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               (Exact name of registrant as specified in charter)

         1221 Avenue of the Americas, New York, New York           10020
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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:   7/31
                           --------------------

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





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

ICA File Number: 811-06683
Reporting Period: 07/01/2004 - 06/30/2005
Morgan Stanley Health Sciences Trust









============================ HEALTH SCIENCES TRUST =============================


ALIGN TECHNOLOGY, INC.

Ticker:       ALGN           Security ID:  016255101
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director H. Kent Bowen             For       For        Management
1.2   Elect  Director David E. Collins          For       For        Management
1.3   Elect  Director Brian Dovey               For       For        Management
1.4   Elect  Director Joseph Lacob              For       For        Management
1.5   Elect  Director C. Raymond Larkin, Jr.    For       For        Management
1.6   Elect  Director Thomas M. Prescott        For       For        Management
1.7   Elect  Director Greg J. Santora           For       For        Management
1.8   Elect  Director Kelsey Wirth              For       For        Management
1.9   Elect  Director Warren S. Thaler          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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ALLERGAN, INC.

Ticker:       AGN            Security ID:  018490102
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Trevor M. Jones            For       For        Management
1.2   Elect Director Karen R. Oscar             For       For        Management
1.3   Elect Director Leonard D. Schaeffer       For       For        Management


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ALNYLAM PHARMACEUTICALS INC

Ticker:       ALNY           Security ID:  02043Q107
Meeting Date: JUN 8, 2005    Meeting Type: Annual
Record Date:  APR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John M. Maraganore, Ph.D. For       For        Management
1.2   Elect  Director Paul R. Schimmel, Ph.D.   For       Withhold   Management
1.3   Elect  Director Phillip A. Sharp, Ph.D.   For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Ratify Auditors                           For       For        Management


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AMGEN, INC.

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

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


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AMYLIN PHARMACEUTICALS, INC.

Ticker:       AMLN           Security ID:  032346108
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Vaughn D. Bryson          For       For        Management
1.2   Elect  Director Joseph C. Cook, Jr.       For       For        Management
1.3   Elect  Director Ginger L. Graham          For       For        Management
1.4   Elect  Director Howard E. Greene, Jr.     For       For        Management
1.5   Elect  Director Terrance H. Gregg         For       For        Management
1.6   Elect  Director Jay S. Skyler             For       For        Management
1.7   Elect  Director Joseph P. Sullivan        For       For        Management
1.8   Elect  Director Thomas R. Testman         For       For        Management
1.9   Elect  Director James N. Wilson           For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        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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APPLERA CORP

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

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


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ARRAY BIOPHARMA INC.

Ticker:       ARRY           Security ID:  04269X105
Meeting Date: OCT 28, 2004   Meeting Type: Annual
Record Date:  SEP 20, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director David L. Snitman, Ph.D     For       For        Management
1.2   Elect Director Gil J. Van Lunsen          For       For        Management
1.3   Elect Director John L. Zabriskie, Ph.D    For       For        Management


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BAXTER INTERNATIONAL INC.

Ticker:       BAX            Security ID:  071813109
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Blake E. Devitt            For       For        Management
1.2   Elect Director Joseph B. Martin, M.D.,    For       For        Management
      Ph. D.
1.3   Elect Director Robert L. Parkinson, Jr.   For       For        Management
1.4   Elect Director Thomas T. Stallkamp        For       For        Management
1.5   Elect Director Albert P.L. Stroucken      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restore or Provide for Cumulative Voting  Against   Against    Shareholder
4     Prohibit Auditor from Providing Non-Audit Against   Against    Shareholder
      Services
5     Declassify the Board of Directors         None      Abstain    Shareholder


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BOSTON SCIENTIFIC CORP.

Ticker:       BSX            Security ID:  101137107
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ray J. Groves              For       For        Management
1.2   Elect Director Peter M. Nicholas          For       For        Management
1.3   Elect Director Warren B. Rudman           For       For        Management
1.4   Elect Director James R. Tobin             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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BRISTOL-MYERS SQUIBB CO.

Ticker:       BMY            Security ID:  110122108
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director V.D. Coffman               For       For        Management
1.2   Elect Director J.M. Cornelius             For       For        Management
1.3   Elect Director P.R. Dolan                 For       For        Management
1.4   Elect Director E.V. Futter                For       For        Management
1.5   Elect Director L.V. Gershtner, Jr.        For       For        Management
1.6   Elect Director L. Johansson               For       For        Management
1.7   Elect Director L.W. Sullivan              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Articles to Eliminate Certain       For       For        Management
      Supermajority Vote Requirements
4     Report on Political Contributions         Against   Against    Shareholder
5     Report on Operational Impact of HIV/AIDS, Against   Against    Shareholder
      TB, and Malaria Pandemic
6     Eliminate Animal Testing                  Against   Against    Shareholder
7     Separate Chairman and CEO Positions       Against   Against    Shareholder
8     Proposal Regarding Restatement Situations Against   Against    Shareholder
9     Limit/Prohibit Awards to Executives       Against   Against    Shareholder
10    Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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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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CAREMARK RX, INC.

Ticker:       CMX            Security ID:  141705103
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 29, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edwin M. Crawford          For       For        Management
1.2   Elect Director Kristen Gibney Williams    For       For        Management
1.3   Elect Director Edward L. Hardin           For       For        Management
2     Report on Political Contributions         Against   Against    Shareholder


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CELGENE CORP.

Ticker:       CELG           Security ID:  151020104
Meeting Date: JUN 15, 2005   Meeting Type: Annual
Record Date:  APR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John W. Jackson           For       For        Management
1.2   Elect  Director Sol J. Barer, Ph.D.       For       For        Management
1.3   Elect  Director Robert J. Hugin           For       For        Management
1.4   Elect  Director Jack L. Bowman            For       For        Management
1.5   Elect  Director Frank T. Cary             For       For        Management
1.6   Elect  Director Michael D. Casey          For       For        Management
1.7   Elect  Director Arthur Hull Hayes, Jr.,   For       For        Management
      M.D.
1.8   Elect  Director Gilla Kaplan, Ph.D.       For       For        Management
1.9   Elect  Director Richard C.E. Morgan       For       For        Management
1.10  Elect  Director Walter L. Robb, Ph.D.     For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


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CEPHALON, INC.

Ticker:       CEPH           Security ID:  156708109
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank Baldino, Jr., Ph.D. For       For        Management
1.2   Elect  Director William P. Egan           For       For        Management
1.3   Elect  Director Martyn D. Greenacre       For       Withhold   Management
1.4   Elect  Director Vaughn M. Kailian         For       For        Management
1.5   Elect  Director Charles A. Sanders, M.D.  For       For        Management
1.6   Elect  Director Gail R. Wilensky, Ph.D.   For       For        Management
1.7   Elect  Director Dennis L. Winger          For       For        Management
1.8   Elect  Director Horst Witzel, Dr.-Ing     For       For        Management
2     Ratify Auditors                           For       For        Management


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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

Ticker:       CRL            Security ID:  159864107
Meeting Date: MAY 9, 2005    Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James C. Foster           For       For        Management
1.2   Elect  Director Stephen D. Chubb          For       For        Management
1.3   Elect  Director George E. Massaro         For       For        Management
1.4   Elect  Director Linda McGoldrick          For       For        Management
1.5   Elect  Director George M. Milne, Jr.      For       For        Management
1.6   Elect  Director Douglas E. Rogers         For       For        Management
1.7   Elect  Director Samuel O. Thier           For       For        Management
1.8   Elect  Director William H. Waltrip        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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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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CONJUCHEM INC

Ticker:       CJC            Security ID:  207349101
Meeting Date: APR 14, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Felix J. Baker, Randal Chase,       For       Did Not    Management
      Jacques R. Lapointe, Nancy Lurker, Steve            Vote
      Perrone, Philippe Pouletty, and Craig
      Saxton as Directors
2     Amend Stock Option Plan                   For       Did Not    Management
                                                          Vote
3     Appoint Ernst & Young LLP as Auditors and For       Did Not    Management
      Authorize Board to Fix Their Remuneration           Vote


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CURAGEN CORP.

Ticker:       CRGN           Security ID:  23126R101
Meeting Date: MAY 4, 2005    Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John H. Forsgren          For       For        Management
1.2   Elect  Director Robert E. Patricelli,     For       For        Management
      J.D.


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CV THERAPEUTICS INC.

Ticker:       CVTX           Security ID:  126667104
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Santo J. Costa            For       For        Management
1.2   Elect  Director John Groom                For       For        Management
1.3   Elect  Director Barbara J. McNeil, M.D.,  For       For        Management
      Ph.D.
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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CYPRESS BIOSCIENCE, INC.

Ticker:       CYPB           Security ID:  232674507
Meeting Date: AUG 17, 2004   Meeting Type: Annual
Record Date:  JUN 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Samuel D. Anderson        For       For        Management
1.2   Elect  Director Jack H. Vaughn            For       For        Management
2     Ratify Auditors                           For       For        Management


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CYTOKINETICS INC

Ticker:       CYTK           Security ID:  23282W100
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 30, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director A. Grant Heidrich         For       For        Management
1.2   Elect  Director James H. Sabry            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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ELI LILLY AND CO.

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

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


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ENCYSIVE PHARMACEUTICALS, INC.

Ticker:       ENCY           Security ID:  29256X107
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 29, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John M. Pietruski         For       For        Management
1.2   Elect  Director Ron J. Anderson           For       For        Management
1.3   Elect  Director J. Kevin Buchi            For       For        Management
1.4   Elect  Director Frank C. Carlucci         For       For        Management
1.5   Elect  Director Robert J. Cruikshank      For       For        Management
1.6   Elect  Director John H. Dillon, II        For       For        Management
1.7   Elect  Director Richard A.F. Dixon        For       For        Management
1.8   Elect  Director Bruce D. Given            For       For        Management
1.9   Elect  Director Suzanne Oparil            For       For        Management
1.10  Elect  Director James A. Thomson          For       For        Management
1.11  Elect  Director James T. Willerson        For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management


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EXELIXIS, INC

Ticker:       EXEL           Security ID:  30161Q104
Meeting Date: APR 22, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stelios Papadopoulos,     For       Withhold   Management
      Ph.D
1.2   Elect  Director George A. Scangos, Ph.D.  For       Withhold   Management
1.3   Elect  Director Frank McCormick, Ph.D     For       Withhold   Management
1.4   Elect  Director Lance Willsey, M.D        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan


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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


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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


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FOREST LABORATORIES, INC.

Ticker:       FRX            Security ID:  345838106
Meeting Date: AUG 11, 2004   Meeting Type: Annual
Record Date:  JUN 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Howard Solomon            For       For        Management
1.2   Elect  Director William J. Candee, III    For       For        Management
1.3   Elect  Director George S. Cohan           For       For        Management
1.4   Elect  Director Dan L. Goldwasser         For       For        Management
1.5   Elect  Director Lester B. Salans          For       For        Management
1.6   Elect  Director Kenneth E. Goodman        For       For        Management
1.7   Elect  Director Phillip M. Satow          For       Withhold   Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Stock Option Plan                 For       For        Management
4     Ratify Auditors                           For       For        Management


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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


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GENENTECH, INC.

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

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


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

GILEAD SCIENCES, INC.

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

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


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

GLAXOSMITHKLINE PLC (FORMERLY GLAXO WELLCOME PLC )

Ticker:       GSK            Security ID:  37733W105
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     DIRECTORS  REPORT AND FINANCIAL           For       For        Management
      STATEMENTS
2     REMUNERATION REPORT                       For       For        Management
3     TO ELECT SIR CHRISTOPHER GENT AS A        For       For        Management
      DIRECTOR
4     TO ELECT SIR DERYCK MAUGHAN AS A DIRECTOR For       For        Management
5     TO ELECT MR JULIAN HESLOP AS A DIRECTOR   For       For        Management
6     TO RE-ELECT DR JEAN-PIERRE GARNIER AS A   For       For        Management
      DIRECTOR
7     TO RE-ELECT SIR IAN PROSSER AS A DIRECTOR For       For        Management
8     TO RE-ELECT DR RONALDO SCHMITZ AS A       For       For        Management
      DIRECTOR
9     TO RE-ELECT DR LUCY SHAPIRO AS A DIRECTOR For       For        Management
10    Ratify Auditors                           For       For        Management
11    REMUNERATION OF AUDITORS                  For       For        Management
12    TO AUTHORISE THE COMPANY TO MAKE          For       For        Management
      DONATIONS TO EU POLITICAL ORGANISATIONS
      AND INCUR EU POLITICAL EXPENDITURE
13    DISAPPLICATION OF PRE-EMPTION RIGHTS      For       For        Management
14    AUTHORITY FOR THE COMPANY TO PURCHASE ITS For       For        Management
      OWN SHARES
15    INSERTION OF NEW ARTICLE 48A INTO         For       For        Management
      ARTICLES OF ASSOCIATION
16    DELETION OF ARTICLE 154.2 OF ARTICLES OF  For       For        Management
      ASSOCIATION
17    AMENDMENT OF ARTICLE 81 OF ARTICLES OF    For       For        Management
      ASSOCIATION


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

GTX INC DEL

Ticker:       GTXI           Security ID:  40052B108
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Andrew M. Clarkson        For       For        Management
1.2   Elect  Director Rosemary Mazanet, M.D.,   For       For        Management
      Ph.D.
2     Ratify Auditors                           For       For        Management


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

GUIDANT CORP.

Ticker:       GDT            Security ID:  401698105
Meeting Date: APR 27, 2005   Meeting Type: Special
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


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

HCA, INC.

Ticker:       HCA            Security ID:  404119109
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Michael Armstrong      For       For        Management
1.2   Elect  Director Magdalena H. Averhoff,    For       For        Management
      M.D.
1.3   Elect  Director Jack O. Bovender, Jr.     For       For        Management
1.4   Elect  Director Richard M. Bracken        For       For        Management
1.5   Elect  Director Martin Feldstein          For       For        Management
1.6   Elect  Director Thomas F. Frist, Jr.,     For       For        Management
      M.D.
1.7   Elect  Director Frederick W. Gluck        For       For        Management
1.8   Elect  Director Glenda A. Hatchett        For       For        Management
1.9   Elect  Director Charles O. Holliday, Jr.  For       For        Management
1.10  Elect  Director T. Michael Long           For       For        Management
1.11  Elect  Director John H. McArthur          For       For        Management
1.12  Elect  Director Kent C. Nelson            For       For        Management
1.13  Elect  Director Frank S. Royal, M.D.      For       For        Management
1.14  Elect  Director Harold T. Shapiro         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

IMCLONE SYSTEMS INC.

Ticker:       IMCL           Security ID:  45245W109
Meeting Date: JUN 15, 2005   Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Andrew G. Bodnar, M.D.,   For       For        Management
      J.D.
1.2   Elect  Director William W. Crouse         For       For        Management
1.3   Elect  Director Vincent T. DeVita, Jr.,   For       For        Management
      M.D.
1.4   Elect  Director John A. Fazio             For       For        Management
1.5   Elect  Director Joseph L. Fischer         For       For        Management
1.6   Elect  Director David M. Kies             For       For        Management
1.7   Elect  Director Daniel S. Lynch           For       For        Management
1.8   Elect  Director William R. Miller         For       For        Management
1.9   Elect  Director David Sidransky, M.D.     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management


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

INCYTE CORP.

Ticker:       INCY           Security ID:  45337C102
Meeting Date: JUN 1, 2005    Meeting Type: Annual
Record Date:  APR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard U. De Schutter    For       For        Management
1.2   Elect  Director Barry M. Ariko            For       For        Management
1.3   Elect  Director Julian C. Baker           For       For        Management
1.4   Elect  Director Paul A. Brooke            For       For        Management
1.5   Elect  Director Frederick B. Craves       For       For        Management
1.6   Elect  Director Paul A. Friedman          For       For        Management
1.7   Elect  Director Roy A. Whitfield          For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Ratify Auditors                           For       For        Management


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

LABORATORY CORPORATION OF AMERICA HOLDINGS

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

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas P. Mac Mahon       For       For        Management
1.2   Elect  Director Jean-Luc Belingard        For       For        Management
1.3   Elect  Director Wendy E. Lane             For       For        Management
1.4   Elect  Director Robert E. Mittelstaedt,   For       For        Management
      Jr.
1.5   Elect  Director Arthur H. Rubenstein,     For       For        Management
      MBBCh
1.6   Elect  Director Andrew G. Wallace, M.D.   For       For        Management
1.7   Elect  Director M. Keith Weikel, Ph.D.    For       For        Management
2     Ratify Auditors                           For       For        Management


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

MARTEK BIOSCIENCES CORP.

Ticker:       MATK           Security ID:  572901106
Meeting Date: MAR 17, 2005   Meeting Type: Annual
Record Date:  JAN 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Henry Linsert, Jr.        For       For        Management
1.2   Elect  Director Sandra Panem, Ph.D.       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


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

MCKESSON CORP.

Ticker:       MCK            Security ID:  58155Q103
Meeting Date: JUL 28, 2004   Meeting Type: Annual
Record Date:  JUN 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John H. Hammergren        For       For        Management
1.2   Elect  Director Robert W. Matschullat     For       For        Management
1.3   Elect  Director M. Christine Jacobs       For       For        Management
2     Ratify Auditors                           For       For        Management


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

MEDAREX, INC.

Ticker:       MEDX           Security ID:  583916101
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mr. Michael A. Appelbaum  For       For        Management
1.2   Elect  Director Dr. Patricia M. Danzon    For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

MEDIMMUNE, INC.

Ticker:       MEDI           Security ID:  584699102
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Wayne T. Hockmeyer, Ph.D.  For       For        Management
1.2   Elect Director David M. Mott              For       For        Management
1.3   Elect Director David Baltimore, Ph.D.     For       For        Management
1.4   Elect Director M. James Barrett, Ph.D.    For       For        Management
1.5   Elect Director James H. Cavanaugh, Ph.D.  For       For        Management
1.6   Elect Director Barbara Hackman Franklin   For       For        Management
1.7   Elect Director Gordon S. Macklin          For       For        Management
1.8   Elect Director George M. Miline, Jr.,     For       For        Management
      Ph.D.
1.9   Elect Director Elizabeth H.S. Wyatt       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


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

MEDTRONIC, INC.

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

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


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

MERCK & CO., INC.

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

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


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

NEOSE TECHNOLOGIES, INC.

Ticker:       NTEC           Security ID:  640522108
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Boyd Clarke            For       For        Management
1.2   Elect  Director Brian H. Dovey            For       For        Management
1.3   Elect  Director L. Patrick Gage           For       For        Management
1.4   Elect  Director William F. Hamilton       For       For        Management
1.5   Elect  Director Douglas J. MacMaster, Jr. For       For        Management
1.6   Elect  Director H. Stewart Parker         For       For        Management
1.7   Elect  Director Mark H. Rachesky          For       For        Management
1.8   Elect  Director Lowell E. Sears           For       For        Management
1.9   Elect  Director Elizabeth H.S. Wyatt      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

NEUROCRINE BIOSCIENCES, INC.

Ticker:       NBIX           Security ID:  64125C109
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect  Director Gary A. Lyons             For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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

NOBEL BIOCARE HOLDING AG

Ticker:                      Security ID:  H5783Q106
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 2.65 per Share
3     Approve Standard Accounting Transfers     For       For        Management
4     Approve Discharge of Board and Senior     For       For        Management
      Management
5.1   Reelect Jane Royston, Rolf Soiron, Michel For       For        Management
      Orsinger, and Ernst Zaengerle as
      Directors
5.2   Elect Antoine Firmenich and Robert Lilja  For       For        Management
      as Directors
5.3   Ratify KPMG Fides Peat as Auditors        For       For        Management
6.1   Change Location of Registered Office to   For       For        Management
      Kloten, Switzerland
6.2   Amend Articles Re: Submission of          For       For        Management
      Shareholder Proposals


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

PFIZER INC.

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

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


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

PROTEIN DESIGN LABS, INC.

Ticker:       PDLI           Security ID:  74369L103
Meeting Date: JUN 8, 2005    Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jon S. Saxe, Esq.         For       Withhold   Management
1.2   Elect  Director L. Patrick Gage, Ph.D.    For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Change Company Name                       For       For        Management
5     Ratify Auditors                           For       For        Management
6     Adjourn Meeting                           For       Against    Management


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

REGENERON PHARMACEUTICALS, INC.

Ticker:       REGN           Security ID:  75886F107
Meeting Date: DEC 17, 2004   Meeting Type: Special
Record Date:  NOV 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Option Exchange Program             For       Against    Management


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

REGENERON PHARMACEUTICALS, INC.

Ticker:       REGN           Security ID:  75886F107
Meeting Date: JUN 10, 2005   Meeting Type: Annual
Record Date:  APR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director A.G. Gilman, M.D, Ph.D.   For       Withhold   Management
1.2   Elect  Director J.L. Goldstein, M.D.      For       For        Management
1.3   Elect  Director P. Roy Vagelos, M.D.      For       For        Management
2     Ratify Auditors                           For       For        Management


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

ROCHE HOLDING AG

Ticker:       ROCH20         Security ID:  7110388
Meeting Date: FEB 28, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
1     Accept Financial Statements and Statutory For       Did Not    Management
      Reports                                             Vote
2     Approve Discharge of Board and Senior     For       For        Management
      Management
2     Approve Discharge of Board and Senior     For       Did Not    Management
      Management                                          Vote
3     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 2.00 per Share
3     Approve Allocation of Income and          For       Did Not    Management
      Dividends of CHF 2.00 per Share                     Vote
4.1   Reelect John Bell as Director             For       For        Management
4.1   Reelect John Bell as Director             For       Did Not    Management
                                                          Vote
4.2   Reelect Andre Hoffmann as Director        For       For        Management
4.2   Reelect Andre Hoffmann as Director        For       Did Not    Management
                                                          Vote
4.3   Reelect Franz Humer as Director           For       For        Management
4.3   Reelect Franz Humer as Director           For       Did Not    Management
                                                          Vote
5     Ratify KPMG Klynveld Peat Marwick         For       For        Management
      Goerdeler SA as Auditors
5     Ratify KPMG Klynveld Peat Marwick         For       Did Not    Management
      Goerdeler SA as Auditors                            Vote


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

ROCHE HOLDING AG

Ticker:       ROCH20         Security ID:  H69293217
Meeting Date: FEB 28, 2005   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
1     Accept Financial Statements and Statutory For       Did Not    Management
      Reports                                             Vote
2     Approve Discharge of Board and Senior     For       For        Management
      Management
2     Approve Discharge of Board and Senior     For       Did Not    Management
      Management                                          Vote
3     Approve Allocation of Income and          For       For        Management
      Dividends of CHF 2.00 per Share
3     Approve Allocation of Income and          For       Did Not    Management
      Dividends of CHF 2.00 per Share                     Vote
4.1   Reelect John Bell as Director             For       For        Management
4.1   Reelect John Bell as Director             For       Did Not    Management
                                                          Vote
4.2   Reelect Andre Hoffmann as Director        For       For        Management
4.2   Reelect Andre Hoffmann as Director        For       Did Not    Management
                                                          Vote
4.3   Reelect Franz Humer as Director           For       For        Management
4.3   Reelect Franz Humer as Director           For       Did Not    Management
                                                          Vote
5     Ratify KPMG Klynveld Peat Marwick         For       For        Management
      Goerdeler SA as Auditors
5     Ratify KPMG Klynveld Peat Marwick         For       Did Not    Management
      Goerdeler SA as Auditors                            Vote


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

SANOFI-AVENTIS (FORMERLY SANOFI-SYNTHELABO )

Ticker:                      Security ID:  80105N105
Meeting Date: MAY 31, 2005   Meeting Type: Annual
Record Date:  APR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE INDIVIDUAL COMPANY        For       For        Management
      FINANCIAL STATEMENTS
2     APPROVAL OF THE CONSOLIDATED FINANCIAL    For       For        Management
      STATEMENTS
3     APPROPRIATION OF PROFITS; DECLARATION OF  For       For        Management
      DIVIDEND
4     APPROVAL OF TRANSACTIONS COVERED BY THE   For       For        Management
      STATUTORY AUDITORS SPECIAL REPORT
5     Ratify Auditors                           For       For        Management
6     Ratify Auditors                           For       For        Management
7     AUTHORIZATION TO THE BOARD OF DIRECTORS   For       For        Management
      TO CARRY OUT TRANSACTIONS IN SHARES
      ISSUED BY THE COMPANY
8     TERMINATION OF THE AUTHORITY TO ISSUE     For       For        Management
      BONDS
9     TO CARRY OUT INCREASES IN THE SHARE       For       For        Management
      CAPITAL BY ISSUANCE, WITH PREEMPTIVE
      RIGHTS MAINTAINED
10    TO CARRY OUT INCREASES IN THE SHARE       For       Against    Management
      CAPITAL BY ISSUANCE, WITHOUT PREEMPTIVE
      RIGHTS
11    TO CARRY OUT INCREASES IN THE SHARE       For       For        Management
      CAPITAL BY INCORPORATION OF SHARE
      PREMIUM, RESERVES, PROFITS OR OTHER ITEMS
12    TO INCREASE THE NUMBER OF SHARES TO BE    For       Against    Management
      ISSUED IN THE EVENT OF A CAPITAL INCREASE
      WITH OR WITHOUT PREEMPTIVE RIGHTS
13    TO CARRY OUT INCREASES IN THE SHARE       For       For        Management
      CAPITAL BY ISSUANCE OF SHARES RESERVED
      FOR EMPLOYEES WITH WAIVER OF PREEMPTIVE
      RIGHTS
14    DELEGATION TO THE BOARD OF DIRECTORS OF   For       Against    Management
      AUTHORITY TO GRANT OPTIONS TO SUBSCRIBE
      FOR OR PURCHASE SHARES
15    DELEGATION TO THE BOARD TO ALLOT EXISTING For       Against    Management
      OR NEW SHARES FREE OF CHARGE TO ALL OR
      SOME SALARIED EMPLOYEES OF THE GROUP
16    DELEGATION TO THE BOARD OF DIRECTORS OF   For       For        Management
      POWERS TO REDUCE THE SHARE CAPITAL BY
      CANCELLATION OF TREASURY SHARES
17    POWERS FOR THE ACCOMPLISHMENT OF          For       For        Management
      FORMALITIES


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

SERONO SA (FORMERLY ARES-SERONO SA)

Ticker:                      Security ID:  81752M101
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF SERONO S.A. S ANNUAL REPORT,  For       For        Management
      ACCOUNTS AND CONSOLIDATED ACCOUNTS OF THE
      SERONO GROUP
2     PROPOSED APPROPRIATION OF AVAILABLE       For       Against    Management
      EARNINGS IN THE 2004 BALANCE SHEET AND
      DIVIDEND PROPOSAL
3     REDUCTION OF SHARE CAPITAL                For       For        Management
4     DISCHARGE TO THE BOARD OF DIRECTORS AND   For       For        Management
      THE MANAGEMENT
5.1   Elect  Director Ernesto Bertarelli        For       For        Management
5.2   Elect  Director Pierre E. Douaze          For       For        Management
5.3   Elect  Director Patrick Gage              For       For        Management
5.4   Elect  Director Bernard Mach              For       For        Management
5.5   Elect  Director Sergio Marchionne         For       For        Management
5.6   Elect  Director Georges Muller            For       For        Management
5.7   Elect  Director Jacques Theurillat        For       For        Management
5.8   Elect  Director Alberto Togni             For       For        Management
6     AUDITORS                                  For       For        Management
7     SPECIAL AUDITORS                          For       For        Management


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

SONOSITE INC.

Ticker:       SONO           Security ID:  83568G104
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 8, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kirby L. Cramer           For       For        Management
1.2   Elect  Director Kevin M. Goodwin          For       For        Management
1.3   Elect  Director Edward V. Fritzky         For       For        Management
1.4   Elect  Director Steven R. Goldstein, M.D  For       For        Management
1.5   Elect  Director Robert G. Hauser, M.D.    For       For        Management
1.6   Elect  Director William G. Parzybok, Jr.  For       For        Management
1.7   Elect  Director Jeffrey Pfeffer, Ph.D.    For       For        Management
1.8   Elect  Director Richard S. Schneider,     For       For        Management
      Ph.D.
1.9   Elect  Director Jacques Souquet, Ph.D.    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Approve Qualified Employee Stock Purchase For       For        Management
      Plan


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

TAKEDA PHARMACEUTICAL CO. LTD.

Ticker:                      Security ID:  J8129E108
Meeting Date: JUN 29, 2005   Meeting Type: Annual
Record Date:  MAR 31, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 44,
      Final JY 44, Special JY 0
2     Amend Articles to: Increase Authorized    For       For        Management
      Capital from 2.4 Billion to 3.5 Billion
      Shares - Set Maximum Number of Internal
      Auditors - Clarify Board's Authority to
      Vary AGM Record Date - Set Maximum Board
      Size
3.1   Elect Director                            For       For        Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Director   For       Against    Management
      and Statutory Auditor


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

TELIK, INC.

Ticker:       TELK           Security ID:  87959M109
Meeting Date: MAY 26, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward W. Cantrall, Ph.D. For       For        Management
1.2   Elect  Director Steven R. Goldring, M.D.  For       For        Management
2     Ratify Auditors                           For       For        Management


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

THERMO ELECTRON CORP.

Ticker:       TMO            Security ID:  883556102
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John L. LaMattina          For       For        Management
1.2   Elect Director Michael E. Porter          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Require a Majority Vote for the Election  Against   Against    Shareholder
      of Directors


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

TRINITY BIOTECH PLC

Ticker:       TRIB           Security ID:  896438108
Meeting Date: JUN 13, 2005   Meeting Type: Annual
Record Date:  MAY 5, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO RECEIVE AND CONSIDER THE FINANCIAL     For       For        Management
      STATEMENTS FOR THE YEAR ENDED DECEMBER
      31, 2004 TOGETHER WITH THE REPORTS OF THE
      DIRECTORS AND AUDITORS THEREIN.
2     TO RE-ELECT MR. PETER COYNE AS A DIRECTOR For       For        Management
      WHO RETIRES BY ROTATION AND BEING
      ELIGIBLE OFFERS HIMSELF FOR RE-ELECTION.
3     TO AUTHORIZE THE BOARD OF DIRECTORS TO    For       For        Management
      FIX THE AUDITOR S REMUNERATION.
4     THAT THE COMPANY AND/OR SUBSIDIARY OF THE For       For        Management
      COMPANY BE GENERALLY AUTHORISED TO MAKE
      ONE OR MORE MARKET PURCHASES (WITHIN THE
      MEANING OF SECTION 212 OF THE COMPANIES
      ACT, 1990), AS DESCRIBED IN THE NOTICE.
5     THAT SUBJECT TO THE PASSING OF RESOLUTION For       For        Management
      4 ABOVE AND TO THE PROVISIONS OF THE
      COMPANIES ACT 1990 FOR THE PURPOSES OF
      SECTION 209 OF THE COMPANIES ACT, 1990,
      THE RE-ISSUE PRICE RANGE AT WHICH A
      TREASURY SHARE MAY BE RE-ISSUED OFF
      MARKET, AS MORE FULLY DE


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

TULARIK, INC.

Ticker:       TLRK           Security ID:  899165104
Meeting Date: AUG 12, 2004   Meeting Type: Special
Record Date:  JUN 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


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

UNITEDHEALTH GROUP INCORPORATED

Ticker:       UNH            Security ID:  91324P102
Meeting Date: MAY 3, 2005    Meeting Type: Annual
Record Date:  MAR 7, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas H. Kean            For       For        Management
1.2   Elect  Director Robert L. Ryan            For       For        Management
1.3   Elect  Director William G. Spears         For       For        Management
1.4   Elect  Director Gail R. Wilensky, Ph.D.   For       For        Management
2     Ratify Auditors                           For       For        Management
3     Performance- Based/Indexed Options        Against   Against    Shareholder
4     Performance- Based/Indexed Options        Against   Against    Shareholder


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

VARIAN MEDICAL SYSTEMS INC

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

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


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

VERTEX PHARMACEUTICALS INC.

Ticker:       VRTX           Security ID:  92532F100
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 14, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Roger W. Brimblecombe     For       For        Management
1.2   Elect  Director Stuart J.M. Collinson,    For       For        Management
      Ph.D.
1.3   Elect  Director Matthew W. Emmens         For       For        Management
2     Approve Increase in Size of Board         For       For        Management


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

WEBMD CORPORATION

Ticker:       HLTH           Security ID:  94769M105
Meeting Date: SEP 23, 2004   Meeting Type: Annual
Record Date:  AUG 6, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mark J. Adler, M.D.       For       For        Management
1.2   Elect  Director Herman Sarkowsky          For       For        Management
2     Amend Charter                             For       For        Management
3     Reduce Authorized Preferred Stock         For       For        Management
4     Authorize New Class of Preferred Stock    For       For        Management


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

WELLCHOICE INC

Ticker:       WC             Security ID:  949475107
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John F. McGillicuddy      For       For        Management
1.2   Elect  Director Frederick O. Terrell      For       For        Management
1.3   Elect  Director John R. Gunn              For       For        Management
1.4   Elect  Director Hermes L. Ames, III       For       For        Management
1.5   Elect  Director Louis R. Tomson           For       For        Management
2     Ratify Auditors                           For       For        Management


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

WYETH

Ticker:       WYE            Security ID:  983024100
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard L. Carrion        For       For        Management
1.2   Elect  Director Robert Essner             For       For        Management
1.3   Elect  Director John D. Feerick           For       For        Management
1.4   Elect  Director Frances D. Fergusson      For       For        Management
1.5   Elect  Director Robert Langer             For       For        Management
1.6   Elect  Director John P. Mascotte          For       For        Management
1.7   Elect  Director Mary Lake Polan           For       For        Management
1.8   Elect  Director Ivan G. Seidenberg        For       For        Management
1.9   Elect  Director Walter V. Shipley         For       For        Management
1.10  Elect  Director John R. Torell III        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Review and Report on Drug Reimportation   Against   Against    Shareholder
      Policy
5     Separate Chairman and CEO Positions       Against   Against    Shareholder
6     Report on Political Contributions         Against   Against    Shareholder
7     Discontinue Promotion of Premarin and     Against   Against    Shareholder
      Report on Animal Testing

========== 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 Health Sciences Trust
                ----------------------------------------------------------------
By  (Signature and Title):
                                            /s/ Ronald E. Robison

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


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


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