Putnam Capital Appreciation Fund NPX Annual report of proxy voting record

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-7061

Putnam Capital Appreciation Fund
- -------------------------------------------------------------------------
  (Exact name of registrant as specified in charter)

One Post Office Square, Boston, Massachusetts 02109
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  (Address of principal executive offices)

Beth S. Mazor, Vice President

Putnam Capital Appreciation Fund

One Post Office Square

Boston, Massachusetts 02109



Copy to:

John W. Gerstmayr, Esq.

Ropes & Gray LLP

One International Place

Boston, Massachusetts 02110
- -------------------------------------------------------------------------
  (Name and address of agent for service)


Registrant's telephone number, including area code: (617) 292-1000

Date of Fiscal year-end: 5/31

Date of reporting period: 7/1/2004 - 6/30/2005

Item 1. Proxy Voting Record

Account Number: Putnam Capital Appreciation Fund

ISSUER NAME		TICKER	CUSIP	MTG DATE	MTG TYPE
				Proposal Type	Voted	Vote	For/Agnst Mgmt
*Accredited Home Lenders Holding Co*		*LEND*	*00437P107*	*5/26/05*	*Annual*
1.01	Elect Ray W. McKewon			MGMT	YES	FOR	FOR
1.02	Elect James H. Berglund			MGMT	YES	FOR	FOR
1.03	Elect Joseph J. Lydon			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Acxiom Corp*		*ACXM*	*005125109*	*8/4/04*	*Annual*
1.01	Elect Mary L. Good			MGMT	YES	WHOLD	AGNST
1.02	Elect Rodger S. Kline			MGMT	YES	WHOLD	AGNST
1.03	Elect Stephen M. Patterson			MGMT	YES	WHOLD	AGNST
1.04	Elect James T. Womble			MGMT	YES	WHOLD	AGNST
2.00	Add Shares to Stock Option Plan			MGMT	YES	AGNST	AGNST

*Administaff Inc*		*ASF*	*007094105*	*5/5/05*	*Annual*
1.01	Elect Michael W. Brown			MGMT	YES	WHOLD	AGNST
1.02	Elect Eli Jones			MGMT	YES	FOR	FOR
1.03	Elect Gregory E. Petsch			MGMT	YES	FOR	FOR
2.00	Add Shares to Stock Incentive Plan			MGMT	YES	AGNST	AGNST
	Amend Stock Incentive Plan
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Affiliated Managers Group*		*AMG*	*008252108*	*6/1/05*	*Annual*
1.01	Elect Richard E. Floor			MGMT	YES	WHOLD	AGNST
1.02	Elect Sean M. Healey			MGMT	YES	WHOLD	AGNST
1.03	Elect Harold J. Meyerman			MGMT	YES	WHOLD	AGNST
1.04	Elect William J. Nutt			MGMT	YES	WHOLD	AGNST
1.05	Elect Robert C. Puff Jr			MGMT	YES	WHOLD	AGNST
1.06	Elect Rita M. Rodriguez			MGMT	YES	WHOLD	AGNST
2.00	Amend annual bonus plan			MGMT	YES	AGNST	AGNST
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Albany International Corp*		*AIN*	*012348108*	*5/12/05*	*Annual*
1.01	Elect Frank R. Schmeler			MGMT	YES	WHOLD	AGNST
1.02	Elect Thomas R. Beecher Jr.			MGMT	YES	WHOLD	AGNST
1.03	Elect Francis L. McKone			MGMT	YES	WHOLD	AGNST
1.04	Elect Joseph G. Morone			MGMT	YES	WHOLD	AGNST
1.05	Elect Christine L. Standish			MGMT	YES	WHOLD	AGNST
1.06	Elect Erland E. Kailbourne			MGMT	YES	WHOLD	AGNST
1.07	Elect John Standish			MGMT	YES	WHOLD	AGNST
1.08	Elect Juhani Pakkala			MGMT	YES	WHOLD	AGNST
1.09	Elect Paula H. Cholmondeley			MGMT	YES	WHOLD	AGNST
2.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST

*Alliant Energy Corp*		*LNT*	*018802108*	*5/19/05*	*Annual*
1.01	Elect William D. Harvey			MGMT	YES	FOR	FOR
1.02	Elect Singleton B. McAllister			MGMT	YES	FOR	FOR
1.03	Elect Anthony R. Weiler			MGMT	YES	FOR	FOR

*Altria Group Inc*		MO	*02209S103*	*4/28/05*	*Annual*
1.01	Elect Elizabeth E. Bailey			MGMT	YES	FOR	FOR
1.02	Elect Harold Brown			MGMT	YES	FOR	FOR
1.03	Elect Mathis Cabiallavetta			MGMT	YES	FOR	FOR
1.04	Elect Loius C. Camilleri			MGMT	YES	FOR	FOR
1.05	Elect Dudley Fishburn			MGMT	YES	FOR	FOR
1.06	Elect Robert E.R. Huntley			MGMT	YES	FOR	FOR
1.07	Elect Thomas W. Jones			MGMT	YES	FOR	FOR
1.08	Elect George Munoz			MGMT	YES	FOR	FOR
1.09	Elect Lucio A. Noto			MGMT	YES	FOR	FOR
1.10	Elect John S. Reed			MGMT	YES	FOR	FOR
1.11	Elect Carlos Slim Helu			MGMT	YES	FOR	FOR
1.12	Elect Stephen M. Wolf			MGMT	YES	FOR	FOR
2.00	Adopt the 2005 Performance Incentive Plan			MGMT	YES	FOR	FOR
3.00	Adopt the 2005 Stock Compensation Plan for Non-Employee Directors			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
5.00	Review or promote animal welfare			SHLDR	YES	AGNST	FOR
6.00	Review or reduce tobacco harm to health			SHLDR	YES	AGNST	FOR
7.00	Review or reduce tobacco harm to health			SHLDR	YES	AGNST	FOR
8.00	Review or reduce tobacco harm to health			SHLDR	YES	AGNST	FOR

*Amerada Hess Corp*		*AHC*	*023551104*	*5/4/05*	*Annual*
1.01	Elect Edith E. Holiday			MGMT	YES	FOR	FOR
1.02	Elect John J. O'Connor			MGMT	YES	FOR	FOR
1.03	Elect F. Borden Walker			MGMT	YES	FOR	FOR
1.04	Elect Robert N. Wilson			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*American Axle & Manufacturing Holdings*		*AXL*	*024061103*	*4/28/05*	*Annual*
1.01	Elect Elizabeth A. Chappell			MGMT	YES	FOR	FOR
1.02	Elect Richard E. Dauch			MGMT	YES	FOR	FOR
1.03	Elect William P. Miller II			MGMT	YES	FOR	FOR
1.04	Elect Larry K. Switzer			MGMT	YES	FOR	FOR

*American Capital Strategies Ltd*		*ACAS*	*024937104*	*6/20/05*	*Annual*
1.01	Elect Neil M. Hahl			MGMT	YES	FOR	FOR
1.02	Elect Stan Lundine			MGMT	YES	FOR	FOR
2.00	Adopt the 2005 Employee Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Approve non-technical charter amendments			MGMT	YES	AGNST	AGNST
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*American Medical Systems Holdings*		*AMMD*	*02744M108*	*3/4/05*	*Special*
1.00	Increase authorized common stock			MGMT	YES	FOR	FOR
2.00	Approve other business			MGMT	YES	AGNST	AGNST

*American Medical Systems Holdings*		*AMMD*	*02744M108*	*5/5/05*	*Annual*
1.01	Elect Martin J. Emerson			MGMT	YES	FOR	FOR
1.02	Elect Richard B. Emmitt			MGMT	YES	FOR	FOR
1.03	Elect Christopher H. Porter			MGMT	YES	FOR	FOR
2.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Add shares to employee stock purchase plan			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Amgen Inc*		*AMGN*	*031162100*	*5/11/05*	*Annual*
1.01	Elect David Baltimore			MGMT	YES	FOR	FOR
1.02	Elect Judith C. Pelham			MGMT	YES	FOR	FOR
1.03	Elect Kevin W. Sharer			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.01	Review or promote animal welfare			SHLDR	YES	AGNST	FOR
3.02	Link executive pay to social criteria			SHLDR	YES	AGNST	FOR
3.03	SP - Require option shares to be held			SHLDR	YES	AGNST	FOR

*Aspect Communications Corp*		*ASPT*	*04523Q102*	*5/19/05*	*Annual*
1.01	Elect Barry M. Ariko			MGMT	YES	WHOLD	AGNST
1.02	Elect Gary E. Barnett			MGMT	YES	WHOLD	AGNST
1.03	Elect Thomas Weatherford			MGMT	YES	WHOLD	AGNST
1.04	Elect David B. Wright			MGMT	YES	WHOLD	AGNST
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Atmos Energy Corp*		*ATO*	*049560105*	*2/9/05*	*Annual*
1.01	Elect Travis W. Bain II			MGMT	YES	WHOLD	AGNST
1.02	Elect Dan Busbee			MGMT	YES	WHOLD	AGNST
1.03	Elect Richard K. Gordon			MGMT	YES	WHOLD	AGNST
1.04	Elect Gene C. Koonce			MGMT	YES	WHOLD	AGNST
1.05	Elect Nancy K. Quinn			MGMT	YES	WHOLD	AGNST
2.00	Increase authorized common stock			MGMT	YES	AGNST	AGNST

*Autoliv Inc*		*ALV*	*052800109*	*4/26/05*	*Annual*
1.01	Elect Sune Carlsson			MGMT	YES	FOR	FOR
1.02	Elect S. Jay Stewart			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Belden Inc*		*BWC*	*077459105*	*7/15/04*	*Annual*
1.00	Approve Merger/Acquisition			MGMT	YES	FOR	FOR
2.01	Elect Lorne D. Bain			MGMT	YES	FOR	FOR
2.02	Elect Bernard G. Rethore			MGMT	YES	FOR	FOR
2.03	Elect Arnold W. Donald			MGMT	YES	FOR	FOR
3.00	Adjourn Meeting			MGMT	YES	FOR	FOR

*Berkley (W R) Corp*		*BER*	*084423102*	*5/10/05*	*Annual*
1.01	Elect Rodney A. Hawes Jr.			MGMT	YES	FOR	FOR
1.02	Elect Jack H. Nusbaum			MGMT	YES	FOR	FOR
1.03	Elect Mark L. Shapiro			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Best Buy Co Inc*		*BBY*	*086516101*	*6/23/05*	*Annual*
1.01	Elect Ronald James			MGMT	YES	FOR	FOR
1.02	Elect Elliot S. Kaplan			MGMT	YES	FOR	FOR
1.03	Elect Mathew H. Paull			MGMT	YES	FOR	FOR
1.04	Elect Richard M. Schulze			MGMT	YES	FOR	FOR
1.05	Elect Mary A. Tolan			MGMT	YES	FOR	FOR
1.06	Elect Hatim A. Tyabji			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*BMC Software Inc*		*BMC*	*055921100*	*8/24/04*	*Annual*
1.01	Elect B. Garland Cupp			MGMT	YES	FOR	FOR
1.02	Elect Robert E. Beauchamp			MGMT	YES	FOR	FOR
1.03	Elect Jon E. Barfield			MGMT	YES	FOR	FOR
1.04	Elect John W. Barter			MGMT	YES	FOR	FOR
1.05	Elect Meldon K. Gafner			MGMT	YES	FOR	FOR
1.06	Elect L. W. Gray			MGMT	YES	FOR	FOR
1.07	Elect Kathleen A. O'Neil			MGMT	YES	FOR	FOR
1.08	Elect George F. Raymond			MGMT	YES	FOR	FOR
1.09	Elect Tom C. Tinsley			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

*Boeing Co*		BA	*097023105*	*5/2/05*	*Annual*
1.01	Elect Kenneth M. Duberstein			MGMT	YES	WHOLD	AGNST
1.02	Elect W. James McNerney Jr.			MGMT	YES	WHOLD	AGNST
1.03	Elect Lewis E. Platt			MGMT	YES	WHOLD	AGNST
1.04	Elect Mike S. Zafirovski			MGMT	YES	WHOLD	AGNST
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Develop/report on human rights policy			SHLDR	YES	AGNST	FOR
4.00	Review military contracting criteria			SHLDR	YES	AGNST	FOR
5.00	Review political spending or lobbying			SHLDR	YES	AGNST	FOR
6.00	Repeal classified board			SHLDR	YES	FOR	AGNST
7.00	Eliminate supermajority provision			SHLDR	YES	FOR	AGNST
8.00	Majority vote shareholder committee			SHLDR	YES	AGNST	FOR
9.00	Independent board chairman			SHLDR	YES	AGNST	FOR

*Brink's Co*		*BCO*	*109696104*	*5/6/05*	*Annual*
1.01	Elect Ronald M. Gross			MGMT	YES	FOR	FOR
1.02	Elect Marc C. Breslawsky			MGMT	YES	FOR	FOR
1.03	Elect John S. Brinzo			MGMT	YES	FOR	FOR
1.04	Elect Michael T. Dan			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Reapprove option/bonus plan for OBRA			MGMT	YES	FOR	FOR
4.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST

*Cabot Oil & Gas Corp*		*COG*	*127097103*	*4/28/05*	*Annual*
1.01	Elect Dan O. Dinges			MGMT	YES	FOR	FOR
1.02	Elect C. Wayne Nance			MGMT	YES	FOR	FOR
1.03	Elect William P. Vititoe			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Capital One Financial Corp*		*COF*	*14040H105*	*4/28/05*	*Annual*
1.01	Elect Patrick W. Gross			MGMT	YES	FOR	FOR
1.02	Elect Ann Fritz Hackett			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Majority vote to elect directors			SHLDR	YES	AGNST	FOR
4.00	Restrict executive compensation			SHLDR	YES	AGNST	FOR

*Cardinal Health Inc*		*CAH*	*14149Y108*	*12/8/04*	*Annual*
1.01	Elect George H. Conrades			MGMT	YES	WHOLD	AGNST
1.02	Elect Robert L. Gerbig			MGMT	YES	WHOLD	AGNST
1.03	Elect Richard C. Notebaert			MGMT	YES	WHOLD	AGNST
2.00	Amend Annual Bonus Plan			MGMT	YES	FOR	FOR
3.00	Repeal Classified Board			SHLDR	YES	FOR	AGNST

*Carpenter Technology Corp*		*CRS*	*144285103*	*10/25/04*	*Annual*
1.01	Elect I. Martin Inglis			MGMT	YES	FOR	FOR
1.02	Elect Peter N. Stephans			MGMT	YES	FOR	FOR
1.03	Elect Kathryn C. Turner			MGMT	YES	FOR	FOR
1.04	Elect Stephen M. Ward Jr.			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

*Catalina Marketing Corp*		*POS*	*148867104*	*8/19/04*	*Annual*
1.01	Elect Peter T. Tattle			MGMT	YES	FOR	FOR
1.02	Elect Edward S. Dunn Jr.			MGMT	YES	FOR	FOR
1.03	Elect Eugene P. Beard			MGMT	YES	FOR	FOR
2.00	Amend Stock Option Plan			MGMT	YES	FOR	FOR
3.00	Amend Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Adopt Employee Stock Purchase Plan			MGMT	YES	FOR	FOR
5.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

*CBL & Associates Properties Inc*			*124830506*	*5/9/05*	*Annual*
1.01	Elect Charles B. Lebovitz			MGMT	YES	FOR	FOR
1.02	Elect Claude M. Ballard			MGMT	YES	FOR	FOR
1.03	Elect Gary L. Bryenton			MGMT	YES	FOR	FOR
1.04	Elect Leo Fields			MGMT	YES	FOR	FOR
2.00	Increase authorized common stock			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Cerner Corp*		*CERN*	*156782104*	*5/27/05*	*Annual*
1.01	Elect John C. Danforth			MGMT	YES	WHOLD	AGNST
1.02	Elect Neal L. Patterson			MGMT	YES	WHOLD	AGNST
1.03	Elect William D. Zollars			MGMT	YES	WHOLD	AGNST
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Charles River Laboratories International Inc*		*CRL*	*159864107*	*5/9/05*	*Annual*
1.01	Elect James C. Foster			MGMT	YES	FOR	FOR
1.02	Elect Stephen D. Chubb			MGMT	YES	FOR	FOR
1.03	Elect George E. Massaro			MGMT	YES	FOR	FOR
1.04	Elect Linda McGoldrick			MGMT	YES	FOR	FOR
1.05	Elect George M. Milne			MGMT	YES	FOR	FOR
1.06	Elect Douglas E. Rogers			MGMT	YES	FOR	FOR
1.07	Elect Samuel O. Thier			MGMT	YES	FOR	FOR
1.08	Elect William H. Waltrip			MGMT	YES	FOR	FOR
2.00	Add Shares to Stock Incentive Plan			MGMT	YES	AGNST	AGNST
	Amend Stock Incentive Plan
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Checkpoint Systems Inc*		*CKP*	*162825103*	*6/8/05*	*Annual*
1.01	Elect David W. Clark Jr.			MGMT	YES	FOR	FOR
1.02	Elect Harald Einsmann			MGMT	YES	FOR	FOR
1.03	Elect Jack W. Partridge			MGMT	YES	FOR	FOR

*Cisco Systems Inc*		*CSCO*	*17275R102*	*11/18/04*	*Annual*
1.01	Elect Carol A. Bartz			MGMT	YES	FOR	FOR
1.02	Elect M. Michele Burns			MGMT	YES	FOR	FOR
1.03	Elect Larry R. Carter			MGMT	YES	FOR	FOR
1.04	Elect John T. Chambers			MGMT	YES	FOR	FOR
1.05	Elect James F. Gibbons			MGMT	YES	FOR	FOR
1.06	Elect John L. Hennessy			MGMT	YES	FOR	FOR
1.07	Elect Roderick C. McGeary			MGMT	YES	FOR	FOR
1.08	Elect James C. Morgan			MGMT	YES	FOR	FOR
1.09	Elect John P. Morgridge			MGMT	YES	FOR	FOR
1.10	Elect Donald T. Valentine			MGMT	YES	FOR	FOR
1.11	Elect Steven M. West			MGMT	YES	FOR	FOR
1.12	Elect Jerry Yang			MGMT	YES	WHOLD	AGNST
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Link Executive Pay to Social Criteria			SHLDR	YES	AGNST	FOR

*Citrix Systems Inc*		*CTXS*	*177376100*	*5/5/05*	*Annual*
1.01	Elect Murray J. Demo			MGMT	YES	FOR	FOR
1.02	Elect John W. White			MGMT	YES	FOR	FOR
2.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Adopt employee stock purchase plan			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Commerce Bancorp Inc*		*CBH*	*200519106*	*5/17/05*	*Annual*
1.01	Elect Vernon W. Hill II			MGMT	YES	FOR	FOR
1.02	Elect Jack R. Bershad			MGMT	YES	FOR	FOR
1.03	Elect Joseph E. Buckelew			MGMT	YES	FOR	FOR
1.04	Elect Donald T. DiFrancesco			MGMT	YES	FOR	FOR
1.05	Elect Morton N. Kerr			MGMT	YES	FOR	FOR
1.06	Elect Steven M. Lewis			MGMT	YES	FOR	FOR
1.07	Elect John K Lloyd			MGMT	YES	FOR	FOR
1.08	Elect George E. Norcross III			MGMT	YES	FOR	FOR
1.09	Elect Daniel J. Ragone			MGMT	YES	FOR	FOR
1.10	Elect William A. Schwartz Jr.			MGMT	YES	FOR	FOR
1.11	Elect Joseph T. Tarquini Jr.			MGMT	YES	FOR	FOR
1.12	Elect Joseph S. Vassalluzzo			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Commonwealth Telephone Enterprises*		*CTCO*	*203349105*	*5/12/05*	*Annual*
1.01	Elect James Q. Crowe			MGMT	YES	FOR	FOR
1.02	Elect Richard R. Jaros			MGMT	YES	FOR	FOR
1.03	Elect Eugene Roth			MGMT	YES	FOR	FOR

*Compass Bancshares Inc*		*CBSS*	*20449H109*	*4/18/05*	*Annual*
1.01	Elect James H. Click Jr.			MGMT	YES	FOR	FOR
1.02	Elect Tranum Fitzpatrick			MGMT	YES	FOR	FOR
1.03	Elect John S. Stein			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*CompuCredit*		*CCRT*	*20478N100*	*5/5/05*	*Annual*
1.01	Elect David G. Hanna			MGMT	YES	FOR	FOR
1.02	Elect Richard W. Gilbert			MGMT	YES	FOR	FOR
1.03	Elect Frank J. Hanna III			MGMT	YES	FOR	FOR
1.04	Elect Richard R. House Jr.			MGMT	YES	FOR	FOR
1.05	Elect Gregory J. Corona			MGMT	YES	FOR	FOR
1.06	Elect Deal W. Hudson			MGMT	YES	FOR	FOR
1.07	Elect Mack F. Mattingly			MGMT	YES	FOR	FOR
1.08	Elect Nicholas B. Paumgarten			MGMT	YES	FOR	FOR
1.09	Elect Thomas G. Rosencrants			MGMT	YES	FOR	FOR
2.00	Approve bonus pay for OBRA			MGMT	YES	FOR	FOR

*Connetics Corp*		*CNCT*	*208192104*	*4/22/05*	*Annual*
1.01	Elect Alexander E. Barkas			MGMT	YES	WHOLD	AGNST
1.02	Elect Eugene A. Bauer			MGMT	YES	WHOLD	AGNST
1.03	Elect R. Andrew Eckert			MGMT	YES	FOR	FOR
1.04	Elect Denise M. Gilbert			MGMT	YES	FOR	FOR
1.05	Elect John C. Kane			MGMT	YES	FOR	FOR
1.06	Elect Thomas D. Kiley			MGMT	YES	FOR	FOR
1.07	Elect Leon E. Panetta			MGMT	YES	WHOLD	AGNST
1.08	Elect G. Kirk Raab			MGMT	YES	WHOLD	AGNST
1.09	Elect Thomas G. Wiggans			MGMT	YES	FOR	FOR
2.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Increase authorized common stock			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Cooper Tire & Rubber*		*CTB*	*216831107*	*5/3/05*	*Annual*
1.01	Elect Laurie B. Breininger			MGMT	YES	FOR	FOR
1.02	Elect Dennis J. Gormley			MGMT	YES	FOR	FOR
1.03	Elect Richard L. Wambold			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Report on sustainability			SHLDR	YES	AGNST	FOR

*Countrywide Financial Corp*		*CFC*	*222372104*	*6/15/05*	*Annual*
1.01	Elect Angelo R. Mozilo			MGMT	YES	FOR	FOR
1.02	Elect Stanford L. Kurland			MGMT	YES	FOR	FOR
1.03	Elect Oscar P. Robertson			MGMT	YES	FOR	FOR
1.04	Elect Keith P. Russell			MGMT	YES	FOR	FOR
2.00	Amend annual bonus plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Delphi Financial Group*		*DFG*	*247131105*	*5/24/05*	*Annual*
1.01	Elect Donald A. Sherman			MGMT	YES	FOR	FOR
1.02	Elect Robert Rosenkranz			MGMT	YES	FOR	FOR
1.03	Elect Robert M. Smith Jr.			MGMT	YES	FOR	FOR
1.04	Elect Kevin R. Brine			MGMT	YES	FOR	FOR
1.05	Elect Lawrence E. Daurelle			MGMT	YES	FOR	FOR
1.06	Elect Edward A. Fox			MGMT	YES	FOR	FOR
1.07	Elect Harold F. Ilg			MGMT	YES	FOR	FOR
1.08	Elect James N. Meehan			MGMT	YES	FOR	FOR
1.09	Elect Philip R. O'Connor			MGMT	YES	FOR	FOR
2.00	Increase authorized common stock			MGMT	YES	FOR	FOR
3.00	Increase authorized preferred stock			MGMT	YES	AGNST	AGNST
4.00	Approve other business			MGMT	YES	AGNST	AGNST

*Denbury Resources*		*DNR*	*247916208*	*5/11/05*	*Annual*
1.01	Elect Ronald G. Greene			MGMT	YES	FOR	FOR
1.02	Elect David I. Heather			MGMT	YES	FOR	FOR
1.03	Elect Greg McMichael			MGMT	YES	FOR	FOR
1.04	Elect Gareth Roberts			MGMT	YES	FOR	FOR
1.05	Elect Randy Stein			MGMT	YES	FOR	FOR
1.06	Elect Wieland F. Wettstein			MGMT	YES	FOR	FOR
1.07	Elect Donald D. Wolf			MGMT	YES	FOR	FOR
2.00	Amend employee stock purchase plan			MGMT	YES	FOR	FOR

*Doral Financial Corp*		*DRL*	*25811P100*	*4/20/05*	*Annual*
1.01	Elect Richard F. Bonini			MGMT	YES	FOR	FOR
1.02	Elect Edgar M. Cullman Jr.			MGMT	YES	WHOLD	AGNST
1.03	Elect John L. Ernst			MGMT	YES	FOR	FOR
1.04	Elect Peter A. Hoffman			MGMT	YES	FOR	FOR
1.05	Elect Efraim Kier			MGMT	YES	FOR	FOR
1.06	Elect Salomon Levis			MGMT	YES	FOR	FOR
1.07	Elect Zoila Levis			MGMT	YES	FOR	FOR
1.08	Elect Harold D. Vicente			MGMT	YES	FOR	FOR
1.09	Elect John B. Hughes			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Eagle Materials Inc*		*EXP*	*26969P108*	*7/27/04*	*Annual*
1.01	Elect Robert L. Clarke			MGMT	YES	FOR	FOR
1.02	Elect Frank W. Maresh			MGMT	YES	FOR	FOR
1.03	Elect Steven R. Rowley			MGMT	YES	FOR	FOR
1.04	Elect F. William Barnett			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

*Earthlink Inc*		*ELNK*	*270321102*	*5/3/05*	*Annual*
1.01	Elect Charles G. Betty			MGMT	YES	FOR	FOR
1.02	Elect Sky D. Dayton			MGMT	YES	FOR	FOR
1.03	Elect William H. Harris Jr.			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Ebay Inc*		*EBAY*	*278642103*	*6/23/05*	*Annual*
1.01	Elect Fred D. Anderson			MGMT	YES	FOR	FOR
1.02	Elect Edward W. Barnholt			MGMT	YES	FOR	FOR
1.03	Elect Scott D. Cook			MGMT	YES	FOR	FOR
1.04	Elect Robert C. Kagle			MGMT	YES	FOR	FOR
2.00	Reapprove option/bonus plan for OBRA			MGMT	YES	FOR	FOR
3.00	Increase authorized common stock			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
5.00	Restrict executive compensation			SHLDR	YES	AGNST	FOR
6.00	Majority vote to elect directors			SHLDR	YES	AGNST	FOR

*Energen Corp*		*EGN*	*29265N108*	*4/27/05*	*Annual*
1.01	Elect J. Mason Davis Jr.			MGMT	YES	FOR	FOR
1.02	Elect James S.M. French			MGMT	YES	FOR	FOR
1.03	Elect David W. Wilson			MGMT	YES	FOR	FOR
2.00	Increase authorized common stock			MGMT	YES	FOR	FOR

*EPIX Pharmaceuticals Inc*		*EPIX*	*26881Q101*	*6/2/05*	*Annual*
1.01	Elect Christopher F.O. Gabrieli			MGMT	YES	FOR	FOR
1.02	Elect Michael D. Webb			MGMT	YES	FOR	FOR
2.00	Adopt the Amended and Restated 1992 Equity Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Adopt the Director Stock Option Plan			MGMT	YES	AGNST	AGNST
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Everest Re Group Ltd*		RE	*G3223R108*	*5/25/05*	*Annual*
1.01	Elect Thomas J. Gallagher			MGMT	YES	FOR	FOR
1.02	Elect William F. Galtney Jr.			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Amend Director Stock Incentive Plan			MGMT	YES	FOR	FOR
4.00	Amend annual bonus plan			MGMT	YES	FOR	FOR

*Express Scripts Inc*		*ESRX*	*302182100*	*5/25/05*	*Annual*
1.01	Elect Gary G Benanav			MGMT	YES	FOR	FOR
1.02	Elect Frank J. Borelli			MGMT	YES	FOR	FOR
1.03	Elect Maura C Breen			MGMT	YES	FOR	FOR
1.04	Elect Nicholas J. LaHowchic			MGMT	YES	FOR	FOR
1.05	Elect Thomas P. Mac Mahon			MGMT	YES	FOR	FOR
1.06	Elect John O. Parker Jr.			MGMT	YES	FOR	FOR
1.07	Elect George Paz			MGMT	YES	FOR	FOR
1.08	Elect Samuel K. Skinner			MGMT	YES	WHOLD	AGNST
1.09	Elect Seymour Sternberg			MGMT	YES	FOR	FOR
1.10	Elect Barrett A. Toan			MGMT	YES	FOR	FOR
1.11	Elect Howard L. Waltman			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*ExpressJet Holdings Inc*		*XJT*	*30218U108*	*5/11/05*	*Annual*
1.01	Elect James B. Ream			MGMT	YES	FOR	FOR
1.02	Elect Richard Reitz			MGMT	YES	FOR	FOR
1.03	Elect Thomas E. Schick			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Misc. management			MGMT	YES	FOR	FOR

*Family Dollar Stores*		*FDO*	*307000109*	*1/20/05*	*Annual*
1.01	Elect Mark R. Bernstein			MGMT	YES	FOR	FOR
1.02	Elect Sharon Allred Decker			MGMT	YES	FOR	FOR
1.03	Elect Edward C. Dolby			MGMT	YES	FOR	FOR
1.04	Elect Glenn A. Eisenberg			MGMT	YES	FOR	FOR
1.05	Elect Howard R. Levine			MGMT	YES	FOR	FOR
1.06	Elect George R. Mahoney Jr.			MGMT	YES	FOR	FOR
1.07	Elect James G. Martin			MGMT	YES	FOR	FOR
2.00	Amend Stock Incentive Plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*FirstFed Financial Corp*		*FED*	*337907109*	*4/20/05*	*Annual*
1.01	Elect William G. Ouchi			MGMT	YES	FOR	FOR
1.02	Elect William P. Rutledge			MGMT	YES	FOR	FOR
1.03	Elect Charles F. Smith			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Flagstar Bancorp Inc*		*FBC*	*337930101*	*5/27/05*	*Annual*
1.01	Elect Mark T. Hammond			MGMT	YES	WHOLD	AGNST
1.02	Elect Richard S. Elsea			MGMT	YES	WHOLD	AGNST
1.03	Elect Michael W. Carrie			MGMT	YES	WHOLD	AGNST
1.04	Elect James D. Coleman			MGMT	YES	WHOLD	AGNST
1.05	Elect Robert O. Rondeau			MGMT	YES	WHOLD	AGNST
2.00	Increase authorized common stock			MGMT	YES	FOR	FOR
	Increase authorized preferred stock
3.00	Approve board size			MGMT	YES	FOR	FOR
4.00	Add shares to the 1997 Stock Option plan			MGMT	YES	AGNST	AGNST
5.00	Amend Stock Incentive Plan			MGMT	YES	AGNST	AGNST
6.00	Add shares to the 2000 Stock Incentive Plan			MGMT	YES	AGNST	AGNST
7.00	Reapprove option/bonus plan for OBRA			MGMT	YES	FOR	FOR

*Freescale Semiconductor Inc*		*FSL*	*35687M107*	*4/29/05*	*Annual*
1.01	Elect H. Raymond Bingham			MGMT	YES	WHOLD	AGNST
1.02	Elect Stephen P. Kaufman			MGMT	YES	WHOLD	AGNST
2.00	Approve technical amendments			MGMT	YES	FOR	FOR
	Approve non-technical charter amendments
3.00	Approve technical amendments			MGMT	YES	FOR	FOR
	Approve non-technical bylaw amendments
4.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
5.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Georgia Gulf Corp*		*GGC*	*373200203*	*5/17/05*	*Annual*
1.01	Elect John E. Akitt			MGMT	YES	FOR	FOR
1.02	Elect Charles L. Henry			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Giant Industries*		GI	*374508109*	*4/27/05*	*Annual*
1.01	Elect Anthony J. Bernitsky			MGMT	YES	FOR	FOR
1.02	Elect George M. Rapport			MGMT	YES	FOR	FOR
1.03	Elect Donald Wilkinson			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Handleman Co*		*HDL*	*410252100*	*9/8/04*	*Annual*
1.01	Elect Ralph J. Szygenda			MGMT	YES	FOR	FOR
1.02	Elect Elizabeth A. Chappell			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	FOR	FOR

*Harley-Davidson Inc*		*HDI*	*412822108*	*4/30/05*	*Annual*
1.01	Elect George H. Conrades			MGMT	YES	FOR	FOR
1.02	Elect Sara L. Levinson			MGMT	YES	FOR	FOR
1.03	Elect George L. Miles Jr.			MGMT	YES	FOR	FOR
2.00	Approve annual bonus plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Hasbro Inc*		*HAS*	*418056107*	*5/19/05*	*Annual*
1.01	Elect Basil L. Anderson			MGMT	YES	FOR	FOR
1.02	Elect Alan R. Batkin			MGMT	YES	FOR	FOR
1.03	Elect Frank J. Biondi Jr.			MGMT	YES	FOR	FOR
1.04	Elect John M. Connors Jr.			MGMT	YES	FOR	FOR
1.05	Elect E. Gordon Gee			MGMT	YES	FOR	FOR
1.06	Elect Jack M. Greenberg			MGMT	YES	FOR	FOR
1.07	Elect Alan G. Hassenfeld			MGMT	YES	FOR	FOR
1.08	Elect Claudine B. Malone			MGMT	YES	FOR	FOR
1.09	Elect Edward M. Philip			MGMT	YES	FOR	FOR
1.10	Elect Eli J. Segal			MGMT	YES	FOR	FOR
1.11	Elect Paula Stern			MGMT	YES	FOR	FOR
1.12	Elect Alfred J. Verrecchia			MGMT	YES	FOR	FOR
2.00	Add shares to the 2003 Incentive Plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
4.00	Monitor/adopt ILO conventions			SHLDR	YES	AGNST	FOR

*HCA Inc*		*HCA*	*404119109*	*5/26/05*	*Annual*
1.01	Elect C. Michael Armstrong			MGMT	YES	FOR	FOR
1.02	Elect Magdalena H. Averhoff			MGMT	YES	FOR	FOR
1.03	Elect Jack O. Bovender Jr.			MGMT	YES	FOR	FOR
1.04	Elect Richard M. Bracken			MGMT	YES	FOR	FOR
1.05	Elect Martin S. Feldstein			MGMT	YES	FOR	FOR
1.06	Elect Thomas F. Frist Jr.			MGMT	YES	FOR	FOR
1.07	Elect Frederick W. Gluck			MGMT	YES	FOR	FOR
1.08	Elect Glenda A. Hatchett			MGMT	YES	FOR	FOR
1.09	Elect Charles O. Holliday Jr.			MGMT	YES	FOR	FOR
1.10	Elect T. Michael Long			MGMT	YES	FOR	FOR
1.11	Elect John H. McArthur			MGMT	YES	FOR	FOR
1.12	Elect Kent C. Nelson			MGMT	YES	FOR	FOR
1.13	Elect Frank S. Royal			MGMT	YES	WHOLD	AGNST
1.14	Elect Harold T. Shapiro			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt the 2005 Equity Incentive Plan			MGMT	YES	AGNST	AGNST

*Health Net Inc*		*HNT*	*42222G108*	*5/12/05*	*Annual*
1.01	Elect Theodore F. Craver Jr.			MGMT	NO
1.02	Elect Thomas T. Farley			MGMT	NO
1.03	Elect Gale S. Fitzgerald			MGMT	NO
1.04	Elect Patrick Foley			MGMT	NO
1.05	Elect Jay M. Gellert			MGMT	NO
1.06	Elect Roger F. Greaves			MGMT	NO
1.07	Elect Bruce G. Willison			MGMT	NO
1.08	Elect Frederick C. Yeager			MGMT	NO
2.00	Approve annual bonus plan			MGMT	NO
3.00	Adopt Stock Incentive Plan			MGMT	NO
4.00	Ratify selection of auditors			MGMT	NO

*IndyMac Bancorp Inc*		*NDE*	*456607100*	*4/27/05*	*Annual*
1.01	Elect Michael W. Perry			MGMT	YES	FOR	FOR
1.02	Elect Louis E. Caldera			MGMT	YES	FOR	FOR
1.03	Elect Lyle E. Gramley			MGMT	YES	FOR	FOR
1.04	Elect Hugh M. Grant			MGMT	YES	FOR	FOR
1.05	Elect Patrick C. Haden			MGMT	YES	FOR	FOR
1.06	Elect Terrance G. Hodel			MGMT	YES	FOR	FOR
1.07	Elect Robert L. Hunt II			MGMT	YES	FOR	FOR
1.08	Elect John Seymour			MGMT	YES	FOR	FOR
1.09	Elect James R. Ukropina			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Integrated Circuit Systems*		*ICST*	*45811K208*	*10/28/04*	*Annual*
1.01	Elect Lewis C. Eggebrecht			MGMT	YES	FOR	FOR
1.02	Elect Henry I. Boreen			MGMT	YES	WHOLD	AGNST
1.03	Elect David Dominik			MGMT	YES	FOR	FOR

*Integrated Device Technology Inc*		*IDTI*	*458118106*	*9/16/04*	*Annual*
1.01	Elect John C. Bolger			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST
3.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

*Inter-Tel Inc*		*INTL*	*458372109*	*4/26/05*	*Annual*
1.01	Elect Steven G. Mihaylo			MGMT	YES	FOR	FOR
1.02	Elect J. Robert Anderson			MGMT	YES	FOR	FOR
1.03	Elect Jerry W. Chapman			MGMT	YES	WHOLD	AGNST
1.04	Elect Gary D. Edens			MGMT	YES	FOR	FOR
1.05	Elect C. Roland Haden			MGMT	YES	FOR	FOR
1.06	Elect Alexander Cappello			MGMT	YES	FOR	FOR
1.07	Elect Agnieszka Winkler			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Approve other business			MGMT	YES	AGNST	AGNST

*International Business Machines Corp*		*IBM*	*459200101*	*4/26/05*	*Annual*
1.01	Elect Cathleen P. Black			MGMT	YES	FOR	FOR
1.02	Elect Kenneth I. Chenault			MGMT	YES	FOR	FOR
1.03	Elect Juergen Dormann			MGMT	YES	FOR	FOR
1.04	Elect Michael L. Eskew			MGMT	YES	FOR	FOR
1.05	Elect Charles F. Knight			MGMT	YES	FOR	FOR
1.06	Elect Minoru Makihara			MGMT	YES	FOR	FOR
1.07	Elect Lucio A. Noto			MGMT	YES	FOR	FOR
1.08	Elect Samuel J. Palmisano			MGMT	YES	FOR	FOR
1.09	Elect Joan E. Spero			MGMT	YES	FOR	FOR
1.10	Elect Sidney Taurel			MGMT	YES	FOR	FOR
1.11	Elect Charles M. Vest			MGMT	YES	FOR	FOR
1.12	Elect Lorenzo H. Zambrano Trevino			MGMT	YES	FOR	FOR
1.13	Misc. board of directors			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt cumulative voting			SHLDR	YES	AGNST	FOR
4.00	Provide pension choices			SHLDR	YES	AGNST	FOR
5.00	Pension fund surplus			SHLDR	YES	AGNST	FOR
6.00	Expense stock options			SHLDR	YES	AGNST	FOR
7.00	Disclose executive compensation			SHLDR	YES	AGNST	FOR
8.00	Report on risk to image of globalization strategy			SHLDR	YES	AGNST	FOR

*IPC Holdings*		*IPCR*	*G4933P101*	*6/10/05*	*Annual*
1.01	Elect Joseph C.H Johnson			MGMT	YES	FOR	FOR
1.02	Elect James P. Bryce			MGMT	YES	FOR	FOR
1.03	Elect Kenneth Hammond			MGMT	YES	FOR	FOR
1.04	Elect Clarence Eldridge James			MGMT	YES	FOR	FOR
1.05	Elect Franck Mutch			MGMT	YES	FOR	FOR
1.06	Elect Anthony Macleod Pilling			MGMT	YES	FOR	FOR
2.00	Amend stock option plan			MGMT	YES	FOR	FOR
3.00	Appoint auditors and set their fees			MGMT	YES	FOR	FOR

*Johnson & Johnson*		*JNJ*	*478160104*	*4/28/05*	*Annual*
1.01	Elect Mary S. Coleman			MGMT	YES	FOR	FOR
1.02	Elect James G. Cullen			MGMT	YES	FOR	FOR
1.03	Elect Robert J. Darretta			MGMT	YES	FOR	FOR
1.04	Elect Michael M. E. Johns			MGMT	YES	FOR	FOR
1.05	Elect Ann Dibble Jordan			MGMT	YES	FOR	FOR
1.06	Elect Arnold G. Langbo			MGMT	YES	FOR	FOR
1.07	Elect Susan L. Lindquist			MGMT	YES	FOR	FOR
1.08	Elect Leo F. Mullin			MGMT	YES	FOR	FOR
1.09	Elect Christine A. Poon			MGMT	YES	FOR	FOR
1.10	Elect Steven S. Reinemund			MGMT	YES	FOR	FOR
1.11	Elect David Satcher			MGMT	YES	FOR	FOR
1.12	Elect William C. Weldon			MGMT	YES	FOR	FOR
2.00	Adopt Stock Incentive Plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*La-Z-Boy Inc*		*LZB*	*505336107*	*8/10/04*	*Annual*
1.01	Elect David K. Hehl			MGMT	YES	WHOLD	AGNST
1.02	Elect Rocque E. Lipford			MGMT	YES	WHOLD	AGNST
1.03	Elect Mel R. Martinez			MGMT	YES	WHOLD	AGNST
1.04	Elect Jack L. Thompson			MGMT	YES	WHOLD	AGNST
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Option Plan			MGMT	YES	FOR	FOR

*Lehman Brothers Holdings Inc*		*LEH*	*524908100*	*4/5/05*	*Annual*
1.01	Elect Michael L. Ainslie			MGMT	YES	FOR	FOR
1.02	Elect John F. Akers			MGMT	YES	FOR	FOR
1.03	Elect Richard S. Fuld Jr.			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
4.00	Restrict executive compensation			SHLDR	YES	AGNST	FOR

*Lennar Corp*		*LEN*	*526057104*	*3/29/05*	*Annual*
1.01	Elect Stuart A. Miller			MGMT	YES	WHOLD	AGNST
1.02	Elect Steven J. Saiontz			MGMT	YES	WHOLD	AGNST
1.03	Elect Robert J. Strudler			MGMT	YES	WHOLD	AGNST
2.00	Report or take action on climate change			SHLDR	YES	AGNST	FOR

*Lincare Holdings Inc*		*LNCR*	*532791100*	*5/9/05*	*Annual*
1.01	Elect John P. Byrnes			MGMT	YES	FOR	FOR
1.02	Elect Stuart H. Altman			MGMT	YES	FOR	FOR
1.03	Elect Chester B. Black			MGMT	YES	FOR	FOR
1.04	Elect Frank D. Byrne			MGMT	YES	FOR	FOR
1.05	Elect Frank T. Cary			MGMT	YES	FOR	FOR
1.06	Elect William F. Miller III			MGMT	YES	FOR	FOR

*Lone Star Steakhouse Saloon*		*STAR*	*542307103*	*12/15/04*	*Special*
1.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST

*Louisiana-Pacific Corp*		*LPX*	*546347105*	*5/2/05*	*Annual*
1.01	Elect E. Gary Cook			MGMT	YES	FOR	FOR
1.02	Elect Paul W. Hansen			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Manitowoc Co*		*MTW*	*563571108*	*5/3/05*	*Annual*
1.01	Elect Dean H. Anderson			MGMT	YES	FOR	FOR
1.02	Elect Keith D. Nosbusch			MGMT	YES	FOR	FOR
1.03	Elect Robert S. Throop			MGMT	YES	FOR	FOR

*Manor Care Inc*		*HCR*	*564055101*	*5/10/05*	*Annual*
1.01	Elect Mary Taylor Behrens			MGMT	YES	FOR	FOR
1.02	Elect Joseph F. Damico			MGMT	YES	FOR	FOR
1.03	Elect John T. Schwieters			MGMT	YES	FOR	FOR
1.04	Elect Gail R. Wilensky			MGMT	YES	FOR	FOR
2.00	Reapprove option/bonus plan for OBRA			MGMT	YES	FOR	FOR

*McAfee Inc*		*MFE*	*579064106*	*5/25/05*	*Annual*
1.01	Elect Robert Bucknam			MGMT	YES	FOR	FOR
1.02	Elect Liane Wilson			MGMT	YES	FOR	FOR
2.00	Add shares to the 1997 Stock Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Add shares to the 2002 Employee Stock Purchase Plan			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*McDonald's Corp*		*MCD*	*580135101*	*5/11/05*	*Annual*
1.01	Elect Hall Adams Jr.			MGMT	YES	FOR	FOR
1.02	Elect Cary D. McMillan			MGMT	YES	FOR	FOR
1.03	Elect Michael J. Roberts			MGMT	YES	FOR	FOR
1.04	Elect James A. Skinner			MGMT	YES	FOR	FOR
1.05	Elect Anne-Marie Slaughter			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Review or curb bioengineering			SHLDR	YES	AGNST	FOR

*Medtronic Inc*		*MDT*	*585055106*	*8/26/04*	*Annual*
1.01	Elect William R. Brody			MGMT	YES	WHOLD	AGNST
1.02	Elect Arthur D. Collins Jr.			MGMT	YES	FOR	FOR
1.03	Elect Antonio M. Gotto Jr.			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR
3.00	Limit or End Charitable Giving			SHLDR	YES	AGNST	FOR

*Meridian Resource*		*TMR*	*58977Q109*	*10/27/04*	*Annual*
1.01	Elect E.L. Henry			MGMT	YES	FOR	FOR
1.02	Elect Joe E. Kares			MGMT	YES	FOR	FOR
1.03	Elect Gary A. Messersmith			MGMT	YES	FOR	FOR
1.04	Elect David W. Tauber			MGMT	YES	FOR	FOR
1.05	Elect John B. Simmons			MGMT	YES	FOR	FOR
1.06	Elect James R. Montague			MGMT	YES	FOR	FOR
1.07	Elect Fenner R. Weller Jr.			MGMT	YES	FOR	FOR
2.00	Double Board Nominees			SHLDR	YES	AGNST	FOR

*Meridian Resource*		*TMR*	*58977Q109*	*6/23/05*	*Annual*
1.01	Elect Joseph A. Reeves Jr.			MGMT	YES	FOR	FOR
1.02	Elect Michael J. Mayell			MGMT	YES	FOR	FOR
1.03	Elect Fenner R. Weller Jr.			MGMT	YES	FOR	FOR

*Michaels Stores Inc*		*MIK*	*594087108*	*6/16/05*	*Annual*
1.01	Elect Charles J. Wyly Jr.			MGMT	YES	FOR	FOR
1.02	Elect Sam Wyly			MGMT	YES	FOR	FOR
1.03	Elect Richard E. Hanlon			MGMT	YES	FOR	FOR
1.04	Elect Richard C. Marcus			MGMT	YES	FOR	FOR
1.05	Elect Liz Minyard			MGMT	YES	FOR	FOR
1.06	Elect Cece Smith			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt the 2005 Incentive Compensation Plan			MGMT	YES	AGNST	AGNST

*Microsoft Corp*		*MSFT*	*594918104*	*11/9/04*	*Annual*
1.01	Elect William H. Gates III			MGMT	YES	FOR	FOR
1.02	Elect Steven A. Ballmer			MGMT	YES	FOR	FOR
1.03	Elect James I. Cash Jr.			MGMT	YES	FOR	FOR
1.04	Elect Raymond V. Gilmartin			MGMT	YES	FOR	FOR
1.05	Elect Ann McLaughlin Korologos			MGMT	YES	FOR	FOR
1.06	Elect David F. Marquardt			MGMT	YES	FOR	FOR
1.07	Elect Charles H. Noski			MGMT	YES	FOR	FOR
1.08	Elect Helmut Panke			MGMT	YES	FOR	FOR
1.09	Elect Jon A. Shirley			MGMT	YES	FOR	FOR
2.00	Amend Stock Option Plan			MGMT	YES	FOR	FOR
3.00	Amend Director Stock Option Plan			MGMT	YES	FOR	FOR
4.00	Reapprove Option/Bonus Plan for OBRA			MGMT	YES	FOR	FOR
5.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

*Mills Corp*		*MLS*	*601148109*	*6/7/05*	*Annual*
1.01	Elect Laurence C. Siegel			MGMT	YES	FOR	FOR
1.02	Elect Franz von Perfall			MGMT	YES	FOR	FOR
1.03	Elect Christina L. Rose			MGMT	YES	FOR	FOR
1.04	Elect Colombe M. Nicholas			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Monaco Coach Corp*		*MNC*	*60886R103*	*5/18/05*	*Annual*
1.01	Elect John F. Cogan			MGMT	YES	FOR	FOR
1.02	Elect Robert P. Hanafee Jr.			MGMT	YES	FOR	FOR
1.03	Elect Dennis D. Oklak			MGMT	YES	FOR	FOR
1.04	Elect Roger A. Vandenberg			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Movie Gallery Inc*		*MOVI*	*624581104*	*6/9/05*	*Annual*
1.01	Elect Joe Thomas Malugen			MGMT	YES	WHOLD	AGNST
1.02	Elect H. Harrison Parrish			MGMT	YES	WHOLD	AGNST
1.03	Elect William B. Snow			MGMT	YES	WHOLD	AGNST
1.04	Elect John J. Jump			MGMT	YES	WHOLD	AGNST
1.05	Elect James C. Lockwood			MGMT	YES	WHOLD	AGNST
2.00	Add shares to the 2003 Stock Plan			MGMT	YES	AGNST	AGNST
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Mueller Industries*		*MLI*	*624756102*	*5/5/05*	*Annual*
1.01	Elect Alexander P. Federbush			MGMT	YES	FOR	FOR
1.02	Elect Gennaro J. Fulvio			MGMT	YES	FOR	FOR
1.03	Elect Gary S. Gladstein			MGMT	YES	FOR	FOR
1.04	Elect Terry Hermanson			MGMT	YES	FOR	FOR
1.05	Elect Robert B. Hodes			MGMT	YES	FOR	FOR
1.06	Elect Harvey L. Karp			MGMT	YES	FOR	FOR
1.07	Elect William D. O'Hagan			MGMT	YES	FOR	FOR
2.00	Approve annual bonus plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*National Health Investors*		*NHI*	*63633D104*	*5/3/05*	*Annual*
1.01	Elect Robert A. McCabe Jr.			MGMT	YES	FOR	FOR
1.02	Elect W. Andrew Adams			MGMT	YES	FOR	FOR
2.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*New Century Financial Corp*		*NEW*	*6435EV108*	*5/17/05*	*Annual*
1.01	Elect Marilyn A. Alexander			MGMT	YES	FOR	FOR
1.02	Elect Harold A. Black			MGMT	YES	FOR	FOR
1.03	Elect Brad A. Morrice			MGMT	YES	FOR	FOR
1.04	Elect Michael M. Sachs			MGMT	YES	FOR	FOR
2.00	Add shares to the 2004 Performance Incentive Plan			MGMT	YES	AGNST	AGNST
	Amend Stock Incentive Plan
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Noble Energy Inc*		*NBL*	*655044105*	*4/26/05*	*Annual*
1.01	Elect Michael A. Cawley			MGMT	YES	FOR	FOR
1.02	Elect Edward F. Cox			MGMT	YES	FOR	FOR
1.03	Elect Charles D. Davidson			MGMT	YES	FOR	FOR
1.04	Elect Kirby L. Hedrick			MGMT	YES	FOR	FOR
1.05	Elect Bruce A. Smith			MGMT	YES	FOR	FOR
1.06	Elect Jeffrey L. Berenson			MGMT	YES	FOR	FOR
1.07	Elect Thomas J. Edelman			MGMT	YES	FOR	FOR
1.08	Elect Michael A. Cawley			MGMT	YES	FOR	FOR
1.09	Elect Edward F. Cox			MGMT	YES	FOR	FOR
1.10	Elect Charles D. Davidson			MGMT	YES	FOR	FOR
1.11	Elect Kirby L. Hedrick			MGMT	YES	FOR	FOR
1.12	Elect Bruce A. Smith			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt Director Stock Incentive Plan			MGMT	YES	FOR	FOR

*Noble Energy Inc*		*NBL*	*655044105*	*5/11/05*	*Special*
1.00	Approve merger/acquisition			MGMT	YES	FOR	FOR
	Approve common stock issuance
2.00	Increase authorized common stock			MGMT	YES	AGNST	AGNST

*Novastar Financial*		*NFI*	*669947400*	*5/20/05*	*Annual*
1.01	Elect Scott F. Hartman			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*NVR Inc*		*NVR*	*62944T105*	*5/4/05*	*Annual*
1.01	Elect Dwight C. Schar			MGMT	YES	FOR	FOR
1.02	Elect Robert C. Butler			MGMT	YES	FOR	FOR
1.03	Elect George E. Slye			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt Stock Incentive Plan			MGMT	YES	FOR	FOR

*Office Depot Inc*		*ODP*	*676220106*	*5/13/05*	*Annual*
1.01	Elect Lee A. Ault III			MGMT	YES	FOR	FOR
1.02	Elect Neil R. Austrian			MGMT	YES	FOR	FOR
1.03	Elect David W. Bernauer			MGMT	YES	FOR	FOR
1.04	Elect Abelardo E. Bru			MGMT	YES	FOR	FOR
1.05	Elect David I. Fuente			MGMT	YES	FOR	FOR
1.06	Elect Brenda J. Gaines			MGMT	YES	FOR	FOR
1.07	Elect Myra M. Hart			MGMT	YES	FOR	FOR
1.08	Elect W. Scott Hedrick			MGMT	YES	FOR	FOR
1.09	Elect James L. Heskett			MGMT	YES	FOR	FOR
1.10	Elect Patricia A. McKay			MGMT	YES	FOR	FOR
1.11	Elect Michael J. Myers			MGMT	YES	FOR	FOR
1.12	Elect Steve Odland			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Restrict executive compensation			SHLDR	YES	AGNST	FOR
4.00	Majority vote to elect directors			SHLDR	YES	AGNST	FOR

*OmniVision Technologies*		*OVTI*	*682128103*	*9/28/04*	*Annual*
1.01	Elect Shaw Hong			MGMT	YES	FOR	FOR
1.02	Elect Edward C.V. Winn			MGMT	YES	FOR	FOR
2.00	Ratify Selection of Auditors			MGMT	YES	FOR	FOR

*Pfizer Inc*		*PFE*	*717081103*	*4/28/05*	*Annual*
1.01	Elect Michael S. Brown			MGMT	YES	FOR	FOR
1.02	Elect M. Anthony Burns			MGMT	YES	FOR	FOR
1.03	Elect Robert N. Burt			MGMT	YES	FOR	FOR
1.04	Elect W. Don Cornwell			MGMT	YES	FOR	FOR
1.05	Elect William H. Gray III			MGMT	YES	FOR	FOR
1.06	Elect Constance J. Horner			MGMT	YES	FOR	FOR
1.07	Elect William R. Howell			MGMT	YES	FOR	FOR
1.08	Elect Stanley O. Ikenberry			MGMT	YES	FOR	FOR
1.09	Elect George A. Lorch			MGMT	YES	FOR	FOR
1.10	Elect Henry A. McKinnell Jr.			MGMT	YES	FOR	FOR
1.11	Elect Dana G. Mead			MGMT	YES	FOR	FOR
1.12	Elect Ruth J. Simmons			MGMT	YES	FOR	FOR
1.13	Elect William C. Steere Jr.			MGMT	YES	FOR	FOR
1.14	Elect Jean-Paul Valles			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Director tenure/retirement age			SHLDR	YES	AGNST	FOR
4.00	Review drug pricing or distribution			SHLDR	YES	AGNST	FOR
5.00	Review drug pricing or distribution			SHLDR	YES	AGNST	FOR
6.00	Review political spending or lobbying			SHLDR	YES	AGNST	FOR
7.00	Review drug pricing or distribution			SHLDR	YES	AGNST	FOR
8.00	Independent board chairman			SHLDR	YES	AGNST	FOR

*PMI Group Inc*		*PMI*	*69344M101*	*5/19/05*	*Annual*
1.01	Elect Mariann Byerwalter			MGMT	YES	FOR	FOR
1.02	Elect James C. Castle			MGMT	YES	FOR	FOR
1.03	Elect Carmine Guerro			MGMT	YES	FOR	FOR
1.04	Elect W. Roger Haughton			MGMT	YES	FOR	FOR
1.05	Elect Wayne E. Hedien			MGMT	YES	FOR	FOR
1.06	Elect Louis G. Lower II			MGMT	YES	FOR	FOR
1.07	Elect Raymond L. Ocampo Jr.			MGMT	YES	FOR	FOR
1.08	Elect John D. Roach			MGMT	YES	FOR	FOR
1.09	Elect Kenneth T. Rosen			MGMT	YES	FOR	FOR
1.10	Elect Steven L. Scheid			MGMT	YES	FOR	FOR
1.11	Elect L. Stephen Smith			MGMT	YES	FOR	FOR
1.12	Elect Richard L. Thomas			MGMT	YES	FOR	FOR
1.13	Elect Jose H. Villarreal			MGMT	YES	FOR	FOR
1.14	Elect Mary Lee Widener			MGMT	YES	FOR	FOR
1.15	Elect Ronald H. Zech			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Premiere Global Services Inc*		*PGI*	*740585104*	*5/4/05*	*Annual*
1.01	Elect Raymond H. Pirtle Jr.			MGMT	YES	FOR	FOR
1.02	Elect Wilkie S. Colyer			MGMT	YES	FOR	FOR

*Prime Hospitality Corp*		*PDQ*	*741917108*	*10/6/04*	*Special*
1.00	Approve Leveraged Buyout			MGMT	YES	FOR	FOR

*Providian Financial Corp*		*PVN*	*74406A102*	*5/5/05*	*Annual*
1.01	Elect James P. Holdcroft Jr.			MGMT	YES	FOR	FOR
1.02	Elect Ruth M. Owades			MGMT	YES	FOR	FOR
1.03	Elect Jane A. Truelove			MGMT	YES	FOR	FOR
2.00	Reapprove option/bonus plan for OBRA			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Puget Energy Inc*		*PSD*	*745310102*	*5/10/05*	*Annual*
1.01	Elect William S. Ayer			MGMT	YES	FOR	FOR
1.02	Elect Charles W. Bingham			MGMT	YES	FOR	FOR
1.03	Elect Robert L. Dryden			MGMT	YES	FOR	FOR
1.04	Elect Sally G. Narodick			MGMT	YES	FOR	FOR
2.00	Adopt Stock Incentive Plan			MGMT	YES	FOR	FOR
3.00	Adopt director stock award plan			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Putnam Prime Money Market Fund*			*746763432*	*11/11/04*	*Special*
1.01	Elect Trustee J.A. Baxter			MGMT	YES	FOR	FOR
1.02	Elect Trustee E.T. Kennan			MGMT	YES	FOR	FOR
1.03	Elect Trustee C.B. Curtis			MGMT	YES	FOR	FOR
1.04	Elect Trustee J.H. Mullin, III			MGMT	YES	FOR	FOR
1.05	Elect Trustee M.R. Drucker			MGMT	YES	FOR	FOR
1.06	Elect Trustee R.E. Patterson			MGMT	YES	FOR	FOR
1.07	Elect Trustee C.E. Haldeman, Jr.			MGMT	YES	FOR	FOR
1.08	Elect Trustee G. Putnam, III			MGMT	YES	FOR	FOR
1.09	Elect Trustee J.A. Hill			MGMT	YES	FOR	FOR
1.10	Elect Trustee A.J.C. Smith			MGMT	YES	FOR	FOR
1.11	Elect Trustee R. J. Jackson			MGMT	YES	FOR	FOR
1.12	Elect Trustee W.T. Stephens			MGMT	YES	FOR	FOR
1.13	Elect Trustee P.L. Joskow			MGMT	YES	FOR	FOR
1.14	Elect Trustee R.B. Worley			MGMT	YES	FOR	FOR
2.00	Amend fund's fundamental investment restriction with respect to borrowing			MGMT	N/A	N/A	N/A
2.01	Amend fund's fundamental investment restriction with respect to making loans			MGMT	N/A	N/A	N/A
2.02	Amend fund's fundamental investment restriction with respect to diversification of investments			MGMT	YES	FOR	FOR
2.03	Amend fund's fundamental investment restriction with respect to issuance of senior securities			MGMT	N/A	N/A	N/A
2.04	Amend fund's fundamental investment restriction with respect to purchasing or selling options, puts, calls, straddles and spreads			MGMT	N/A	N/A	N/A
2.05	Amend fund's fundamental investment restriction with respect to investments in commodities			MGMT	N/A	N/A	N/A
3.00	Amend fund's Agreement and Declaration of Trust			MGMT	YES	FOR	FOR

*R&G Financial*			*749136107*	*4/26/05*	*Annual*
1.01	Elect Victor J. Galan			MGMT	YES	WHOLD	AGNST
1.02	Elect Ramon Prats			MGMT	YES	WHOLD	AGNST
1.03	Elect Enrique Umpierre-Suarez			MGMT	YES	WHOLD	AGNST
1.04	Elect Eduardo McCormack			MGMT	YES	WHOLD	AGNST
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Radian Group Inc*		*RDN*	*750236101*	*5/10/05*	*Annual*
1.01	Elect David C. Carney			MGMT	YES	FOR	FOR
1.02	Elect Howard B. Culang			MGMT	YES	FOR	FOR
1.03	Elect Stephen T. Hopkins			MGMT	YES	FOR	FOR
1.04	Elect Sanford A. Ibrahim			MGMT	YES	FOR	FOR
1.05	Elect James W. Jennings			MGMT	YES	FOR	FOR
1.06	Elect Roy J. Kasmar			MGMT	YES	FOR	FOR
1.07	Elect Ronald W. Moore			MGMT	YES	FOR	FOR
1.08	Elect Jan Nicholson			MGMT	YES	FOR	FOR
1.09	Elect Robert W. Richards			MGMT	YES	FOR	FOR
1.10	Elect Anthony W. Schweiger			MGMT	YES	FOR	FOR
1.11	Elect Herbert Wender			MGMT	YES	FOR	FOR
2.00	Adopt the Performance Share Plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*RAIT Investment Trust*		*RAS*	*749227104*	*5/18/05*	*Annual*
1.01	Elect Betsy Z. Cohen			MGMT	YES	FOR	FOR
1.02	Elect Edward S. Brown			MGMT	YES	FOR	FOR
1.03	Elect Jonathan Z. Cohen			MGMT	YES	FOR	FOR
1.04	Elect S. Kristin Kim			MGMT	YES	FOR	FOR
1.05	Elect Arthur Makadon			MGMT	YES	FOR	FOR
1.06	Elect Joel R. Mesznik			MGMT	YES	FOR	FOR
1.07	Elect Daniel Promislo			MGMT	YES	FOR	FOR
2.00	Adopt the 1997 Stock Option Plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Redwood Trust*		*RWT*	*758075402*	*5/5/05*	*Annual*
1.01	Elect Douglas B. Hansen			MGMT	YES	FOR	FOR
1.02	Elect Greg H. Kubicek			MGMT	YES	FOR	FOR
1.03	Elect Charles J. Toeniskoetter			MGMT	YES	FOR	FOR

*RenaissanceRe Holdings Ltd*		*RNR*	*G7496G103*	*8/31/04*	*Special*
1.00	Approve Stock Option Plan			MGMT	YES	FOR	FOR

*Rent-A-Center Inc*		*RCII*	*76009N100*	*5/18/05*	*Annual*
1.01	Elect Mark E. Speese			MGMT	YES	FOR	FOR
1.02	Elect Richard K. Armey			MGMT	YES	FOR	FOR
1.03	Elect Laurence M. Berg			MGMT	YES	FOR	FOR

*Royal Caribbean Cruises Ltd*		*RCL*	*V7780T103*	*5/17/05*	*Annual*
1.01	Elect Laura Laviada			MGMT	YES	AGNST	AGNST
1.02	Elect Eyal Ofer			MGMT	YES	AGNST	AGNST
1.03	Elect William K. Reilly			MGMT	YES	AGNST	AGNST
1.04	Elect Arne Alexander Wilhelmsen			MGMT	YES	AGNST	AGNST
2.00	Appoint outside auditors			MGMT	YES	FOR	FOR

*RPM International Inc*		*RPM*	*749685103*	*10/8/04*	*Annual*
1.01	Elect Edward B. Brandon			MGMT	YES	FOR	FOR
1.02	Elect William A. Papenbrock			MGMT	YES	FOR	FOR
1.03	Elect Thomas C. Sullivan			MGMT	YES	FOR	FOR
1.04	Elect Frank C. Sullivan			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	FOR	FOR
3.00	Amend Annual Bonus Plan			MGMT	YES	FOR	FOR

*Sabre Holdings Corp*		*TSG*	*785905100*	*5/17/05*	*Annual*
1.01	Elect Michael S. Gilliland			MGMT	YES	FOR	FOR
1.02	Elect Bob L. Martin			MGMT	YES	FOR	FOR
1.03	Elect Richard L. Thomas			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Repeal classified board			MGMT	YES	FOR	FOR
4.00	Approve non-technical charter amendments			MGMT	YES	ABSTAIN	AGNST
5.00	Amend Stock Incentive Plan			MGMT	YES	AGNST	AGNST

*SanDisk Corp*		*SNDK*	*80004C101*	*5/27/05*	*Annual*
1.01	Elect Dr.Eli Harari			MGMT	YES	FOR	FOR
1.02	Elect Irwin Federman			MGMT	YES	FOR	FOR
1.03	Elect Catherine P. Lego			MGMT	YES	FOR	FOR
1.04	Elect Michael E. Marks			MGMT	YES	FOR	FOR
1.05	Elect Dr.James D. Meindl			MGMT	YES	FOR	FOR
1.06	Elect Alan F. Shugart			MGMT	YES	FOR	FOR
2.00	Adopt the 2005 Stock Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Adopt the 2005 Employee Stock Purchase Plan			MGMT	YES	FOR	FOR
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Satyam Computer Services*			*6241858*	*7/23/04*	*Annual*
1.00	Approve Financial Statements			MGMT	YES	FOR	FOR
2.00	Set Dividend/Allocate Profits			MGMT	YES	FOR	FOR
3.00	Elect Dr. Managalam Srinivasan			MGMT	YES	AGNST	AGNST
4.00	Appoint Auditors and Set Their Fees			MGMT	YES	FOR	FOR
5.00	Ratify Executive Board Appointments			MGMT	YES	AGNST	AGNST
	Approve Directors' Fees
6.00	Ratify Executive Board Appointments			MGMT	YES	AGNST	AGNST
	Approve Directors' Fees
7.00	Add or Remove Exchange Listing			MGMT	YES	FOR	FOR

*Seachange International*		*SEAC*	*811699107*	*7/14/04*	*Annual*
1.01	Elect Martin R. Hoffmann			MGMT	YES	FOR	FOR
1.02	Elect Thomas F. Olson			MGMT	YES	FOR	FOR
2.00	Adopt Stock Option Plan			MGMT	YES	AGNST	AGNST

*Senior Housing Properties Trust*		*SNH*	*81721M109*	*5/10/05*	*Annual*
1.01	Elect Frederick N. Zeytoonjian			MGMT	YES	WHOLD	AGNST

*StanCorp Financial Group Inc*		*SFG*	*852891100*	*5/9/05*	*Annual*
1.01	Elect Frederick W. Buckman			MGMT	YES	FOR	FOR
1.02	Elect John E. Chapoton			MGMT	YES	FOR	FOR
1.03	Elect Wanda G. Henton			MGMT	YES	WHOLD	AGNST
1.04	Elect Ronald E. Timpe			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Storage Technology Corp*		*STK*	*862111200*	*4/27/05*	*Annual*
1.01	Elect James R. Adams			MGMT	YES	FOR	FOR
1.02	Elect Charles E. Foster			MGMT	YES	FOR	FOR
1.03	Elect Mercedes Johnson			MGMT	YES	FOR	FOR
1.04	Elect William T. Kerr			MGMT	YES	FOR	FOR
1.05	Elect Robert E. Lee			MGMT	YES	FOR	FOR
1.06	Elect Patrick J. Martin			MGMT	YES	FOR	FOR
1.07	Elect Judy C. Odom			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt cumulative voting			SHLDR	YES	AGNST	FOR
4.00	Counting shareholder votes			SHLDR	YES	AGNST	FOR

*Student Loan Corp*		*STU*	*863902102*	*5/19/05*	*Annual*
1.01	Elect Gina Doynow			MGMT	YES	WHOLD	AGNST
1.02	Elect Rodman L. Drake			MGMT	YES	WHOLD	AGNST
1.03	Elect Stephanie B. Mudick			MGMT	YES	WHOLD	AGNST
1.04	Elect Michael J. Reardon			MGMT	YES	WHOLD	AGNST
1.05	Elect Simon Williams			MGMT	YES	WHOLD	AGNST
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*SuperValu Inc*		*SVU*	*868536103*	*6/15/05*	*Annual*
1.01	Elect Edwin C. Gage			MGMT	YES	FOR	FOR
1.02	Elect Garnett L. Keith Jr.			MGMT	YES	FOR	FOR
1.03	Elect Marissa Peterson			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Add shares to the 2002 Stock Plan			MGMT	YES	AGNST	AGNST
	Amend Stock Incentive Plan
4.00	Majority vote to elect directors			SHLDR	YES	AGNST	FOR

*Sybron Dental Specialties*		*SYD*	*871142105*	*2/8/05*	*Annual*
1.01	Elect Dennis Brown			MGMT	YES	FOR	FOR
1.02	Elect Kenneth F. Yontz			MGMT	YES	FOR	FOR
2.00	Adopt Director Stock Incentive Plan			MGMT	YES	AGNST	AGNST
3.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST

*Telik Inc*		*TELK*	*87959M109*	*5/26/05*	*Annual*
1.01	Elect Edward W. Cantrall			MGMT	YES	FOR	FOR
1.02	Elect Steven R. Goldring			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Tenneco Automotive Inc*		*TEN*	*880349105*	*5/10/05*	*Annual*
1.01	Elect Charles W. Cramb			MGMT	YES	FOR	FOR
1.02	Elect Timothy R. Donovan			MGMT	YES	FOR	FOR
1.03	Elect M. Kathryn Eickhoff			MGMT	YES	FOR	FOR
1.04	Elect Mark P. Frissora			MGMT	YES	FOR	FOR
1.05	Elect Frank E. Macher			MGMT	YES	FOR	FOR
1.06	Elect Roger B. Porter			MGMT	YES	FOR	FOR
1.07	Elect David B. Price Jr.			MGMT	YES	FOR	FOR
1.08	Elect Dennis G. Severance			MGMT	YES	FOR	FOR
1.09	Elect Paul T. Stecko			MGMT	YES	FOR	FOR
1.10	Elect Jane L. Warner			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Transaction System Architects*		*TSAI*	*893416107*	*3/8/05*	*Annual*
1.01	Elect Roger K. Alexander			MGMT	YES	FOR	FOR
1.02	Elect Gregory D. Derkacht			MGMT	YES	FOR	FOR
1.03	Elect Harlan F. Seymour			MGMT	YES	FOR	FOR
1.04	Elect John D Curtis			MGMT	YES	FOR	FOR
1.05	Elect Jim D. Kever			MGMT	YES	FOR	FOR
1.06	Elect John E. Stokely			MGMT	YES	FOR	FOR
2.00	Increase authorized common stock			MGMT	YES	AGNST	AGNST
	Decrease authorized preferred stock
	Eliminate dual class common stock
3.00	Approve technical amendments			MGMT	YES	FOR	FOR
4.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
5.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*TTM Technologies*		*TTMI*	*87305R109*	*10/29/04*	*Annual*
1.01	Elect James K. Bass			MGMT	NO
1.02	Elect Thomas T. Edman			MGMT	NO
1.03	Elect Robert E. Klatell			MGMT	NO
2.00	Reapprove Option/Bonus Plan for OBRA			MGMT	NO

*Tyco International Ltd*		*TYC*	*902124106*	*3/10/05*	*Annual*
1.01	Elect Dennis C. Blair			MGMT	YES	WHOLD	AGNST
1.02	Elect Edward D. Breen			MGMT	YES	WHOLD	AGNST
1.03	Elect George W. Buckley			MGMT	YES	WHOLD	AGNST
1.04	Elect Brian Duperreault			MGMT	YES	WHOLD	AGNST
1.05	Elect Bruce S. Gordon			MGMT	YES	WHOLD	AGNST
1.06	Elect Rajiv L. Gupta			MGMT	YES	WHOLD	AGNST
1.07	Elect John A. Krol			MGMT	YES	WHOLD	AGNST
1.08	Elect Mackey J. McDonald			MGMT	YES	WHOLD	AGNST
1.09	Elect H. Carl McCall			MGMT	YES	WHOLD	AGNST
1.10	Elect Brendan R. O'Neill			MGMT	YES	WHOLD	AGNST
1.11	Elect Sandra S. Wijnberg			MGMT	YES	WHOLD	AGNST
1.12	Elect Jerome B. York			MGMT	YES	WHOLD	AGNST
2.00	Ratify selection of auditors			MGMT	YES	AGNST	AGNST

*United Defense Industries*		*UDI*	*91018B104*	*5/10/05*	*Annual*
1.00	Approve merger/acquisition			MGMT	YES	FOR	FOR
2.01	Elect Frank C. Carlucci			MGMT	YES	FOR	FOR
2.02	Elect Peter J. Clare			MGMT	YES	FOR	FOR
2.03	Elect William E. Conway Jr.			MGMT	YES	FOR	FOR
2.04	Elect C. Thomas Faulders III			MGMT	YES	FOR	FOR
2.05	Elect Robert J. Natter			MGMT	YES	FOR	FOR
2.06	Elect J.H. Binford Peay III			MGMT	YES	FOR	FOR
2.07	Elect Thomas W. Rabaut			MGMT	YES	FOR	FOR
2.08	Elect Francis Raborn			MGMT	YES	FOR	FOR
2.09	Elect John M. Shalikashvili			MGMT	YES	WHOLD	AGNST
3.00	Adjourn meeting			MGMT	YES	FOR	FOR

*United Online*		*UNTD*	*911268100*	*5/10/05*	*Annual*
1.01	Elect Mark R. Goldston			MGMT	YES	FOR	FOR
1.02	Elect Carol A. Scott			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Approve other business			MGMT	YES	AGNST	AGNST

*Vintage Petroleum Inc*		*VPI*	*927460105*	*5/10/05*	*Annual*
1.01	Elect Charles C. Stephenson Jr.			MGMT	YES	FOR	FOR
1.02	Elect Joseph D. Mahaffey			MGMT	YES	FOR	FOR
2.00	Amend Stock Incentive Plan			MGMT	YES	FOR	FOR
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
4.00	Report or take action on climate change			SHLDR	YES	AGNST	FOR

*West Corp*		*WSTC*	*952355105*	*6/10/05*	*Annual*
1.01	Elect Gary L. West			MGMT	YES	WHOLD	AGNST
1.02	Elect Greg T. Sloma			MGMT	YES	WHOLD	AGNST
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt the Executive Incentive Compensation Plan			MGMT	YES	FOR	FOR
4.00	Extend Term of Stock Incentive Plan			MGMT	YES	AGNST	AGNST

*WGL Holdings Inc*		*WGL*	*92924F106*	*2/23/05*	*Annual*
1.01	Elect Michael D. Barnes			MGMT	YES	FOR	FOR
1.02	Elect George Patrick Clancy Jr.			MGMT	YES	FOR	FOR
1.03	Elect James H. DeGraffenreidt Jr.			MGMT	YES	FOR	FOR
1.04	Elect James W Dyke Jr			MGMT	YES	FOR	FOR
1.05	Elect Melvyn J. Estrin			MGMT	YES	FOR	FOR
1.06	Elect James F LaFond			MGMT	YES	FOR	FOR
1.07	Elect Debra L. Lee			MGMT	YES	FOR	FOR
1.08	Elect Karen Hastie Williams			MGMT	YES	FOR	FOR
2.00	Ratify selection of auditors			MGMT	YES	FOR	FOR
3.00	Adopt cumulative voting			SHLDR	YES	AGNST	FOR

*Whirlpool Corp*		*WHR*	*963320106*	*4/19/05*	*Annual*
1.01	Elect Herman Cain			MGMT	YES	FOR	FOR
1.02	Elect Jeff M. Fettig			MGMT	YES	FOR	FOR
1.03	Elect Miles L. Marsh			MGMT	YES	FOR	FOR
1.04	Elect Paul G. Stern			MGMT	YES	FOR	FOR
1.05	Elect Michael D. White			MGMT	YES	FOR	FOR
2.00	Adopt Director Stock Incentive Plan			MGMT	YES	FOR	FOR

*Winnebago Industries*		*WGO*	*974637100*	*1/11/05*	*Annual*
1.01	Elect Jerry N. Currie			MGMT	YES	FOR	FOR
1.02	Elect Lawrence A. Erickson			MGMT	YES	FOR	FOR
1.03	Elect John E. Herlitz			MGMT	YES	FOR	FOR

*Wolverine World Wide*		*WWW*	*978097103*	*4/21/05*	*Annual*
1.01	Elect Donald V. Fites			MGMT	YES	FOR	FOR
1.02	Elect Phillip D. Matthews			MGMT	YES	FOR	FOR
1.03	Elect Paul D. Schrage			MGMT	YES	FOR	FOR
2.00	Increase authorized common stock			MGMT	YES	FOR	FOR
3.00	Adopt Stock Incentive Plan			MGMT	YES	AGNST	AGNST
4.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

*Yankee Candle*		*YCC*	*984757104*	*6/2/05*	*Annual*
1.01	Elect Sandra J. Horbach			MGMT	YES	WHOLD	AGNST
1.02	Elect Robert J. O'Connell			MGMT	YES	FOR	FOR
1.03	Elect Craig W. Rydin			MGMT	YES	FOR	FOR
1.04	Elect Doreen A. Wright			MGMT	YES	FOR	FOR
2.00	Adopt the 2005 Stock Option and Award Plan			MGMT	YES	AGNST	AGNST
3.00	Ratify selection of auditors			MGMT	YES	FOR	FOR

Any ballot marked 'Abstain' is considered to have been voted. Ballots marked 'Abstain' are considered to be have been voted against management's recommendation, regardless of whether the recommendation is 'For' or 'Against,' except where management has made no recommendation or has recommended that shareholders 'Abstain.'

Where management has recommended that shareholders 'Abstain' from voting on a ballot item: 1) a ballot market 'Abstain' is considered to have been voted for management's recommendation to 'Abstain' and 2) a ballot voted 'For" or 'Against' is considered to have been voted against management's recommendation to 'Abstain.'

Where management has made no recommendation on a ballot item, the abbreviation "N/A" is used to denote that there is no applicable recommendation compared to which a vote may be 'For' or 'Against' the recommendation of management.

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.


Putnam Capital Appreciation Fund
- -------------------------------------------------------------------------
       (Registrant)


By /s/ Charles E. Porter, Executive Vice President, Associate Treasurer
   and Principal Executive Officer
   _______________________________________________________________________
       (Signature & Title)


Date July 28, 2005

Putnam Capital Appreciation Fund (PCABX) Inactive N-PXAnnual report of proxy voting record