Martin Currie Business Trust NPX Annual report of proxy voting record

	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB Number: 3235-0582
		Expires: March 31, 2006
		Estimated average burden hours per response:......14.4

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08612

MARTIN CURRIE BUSINESS TRUST
(Exact name of registrant as specified in charter)

Saltire Court, 20 Castle Terrace, Edinburgh, Scotland EH1 2ES
(Address of Principal Executive Office)

Copy to:
Keith A.C. Swinley
c/o Martin Currie, Inc.
Saltire Court
20 Castle Terrace
Edinburgh
Scotland EH1 2ES
(Name and Address of Agents for Service)

Registrant’s telephone number, including area code: 011-44-131-229-5252

Date of fiscal year end: April 30

Date of reporting period: July 1, 2004 to June 30, 2005

Explanatory Note: The registrant, an open-end investment company registered pursuant to Section 8(b) of the Investment Company Act of 1940 (the “Act”), has not filed a registration statement that has gone effective under the Securities Act of 1933 (the “1933 Act”) because beneficial interests in the registrant are issued and sold solely in private transactions that do not involve any public offering within the meaning of Section 4(2) of the 1933 Act. Accordingly, this report is not filed under Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934.

Item 1. Proxy Voting Record

(Opportunistic EAFE Fund)

Issuer

Ticker

Sedol

Meeting Date

Description

Proposed by

Mgmg.
Rec.

Vote cast

For or Against
Management

Telkom SA Ltd

6588577

14-Oct-2004

1. Receive and adopt the annual financial statements for the YE 31 Mar 2004.

Issuer

For

With Management

For

2.1 Appoint Mr Thabo Mosololi

Issuer

For

With Management

For

2.2 Appoint Mr Polelo Lazarus Zim

Issuer

For

With Management

For

3. Appoint Ernst and Young as Auditors

Issuer

For

With Management

For

S4. Authorize the Company to acquire ordinary shares of the Company,

Issuer

For

With Management

For

Telecom Italia SPA Savings

TITR IM

7634402

25-Oct-2004

1.Receive the Common Representatives report

Issuer

For

With Management

For

2.Appoint saving shares Common Representative

Issuer

For

With Management

For

Newcrest Mining

NCM AU

6637101

27-Oct-2004

1. Receive and approve the financial reports

Issuer

For

With Management

For

2a. R-elect Mr Ian A Renard

Issuer

For

With Management

For

2b. Re-elect Mr Ronald C Milne

Issuer

For

With Management

For

3. Authorize the Board of Directors to grant up to 50,000 performance rights

Issuer

For

With Management

For

S4. Amend the Company’s Constitution

Issuer

For

With Management

For

5. Transact any other business.

Issuer

For

With Management

For

Sun Hung Kai Properties

16 HK

6859927

9-Dec-2004

1. Receive and approve the report of the Directors

Issuer

For

2. Declare a final dividend.

Issuer

For

3. Re-elect the Directors

Issuer

For

4. Re-appoint the Auditors

Issuer

For

5. Authorize the Directors of the Company to repurchase shares

Issuer

For

6. Authorize the Directors of the Company to allot, issue and deal with additional shares

Issuer

For

7. Authorize the Directors to exercise the powers of the Company

Issuer

For

S8. Adopt the Articles of Association

Issuer

For

9. Transact any other business.

Issuer

For

Lagardere

MMB FP

4547213

10-May-2005

1. Approve financial statements

Issuer

For

With Management

For

2. Accept consolidated financial statements

Issuer

For

With Management

For

3. Approve accounting transfer

Issuer

For

With Management

For

4. Approve allocation of income and dividends

Issuer

For

With Management

For

5. Approve special auditors’ report

Issuer

For

With Management

For

6. Authorize repurchase

Issuer

For

With Management

For

7. Ratify SCP Barbier Frinault & Autres as Auditor

Issuer

For

With Management

For

8. Confirm end of term of Alain Ghez as auditor

Issuer

For

With Management

For

9. Authorize issuance of Securities Convertible

Issuer

For

With Management

For

10. Authrorize issuance of Equity

Issuer

For

With Management

For

11. Authorize issuance of Equity-Linked Securities

Issuer

For

With Management

For

12. Authorize Board to increase capital

Issuer

For

With Management

For

13. Authorize capital increase

Issuer

For

With Management

For

14. Authorize capitalization of reserves

Issuer

For

With Management

For

15. Approve capital increase

Issuer

For

With Management

For

16. Authorize issuance of up to one percent of issued capital

Issuer

For

With Management

For

17. Set global limit for capital increase

Issuer

For

With Management

For

18. Approve reduction in Share Capital

Issuer

For

With Management

For

19. Authorize filling of required documents/other formalities.

Issuer

For

With Management

For

LVMH Moet Hennessy

MC FP

4061412

29-Oct-2003

1. Acknowledge the reports of the Board of Directors

Issuer

For

With Management

For

2. Acknowledge the reports of the Board of Directors

Issuer

For

With Management

For

3. Acknowledge the special report of the Auditors

Issuer

For

With Management

For

4. Acknowledge the drawing of the amount of EUR 4,987,500.00

Issuer

For

With Management

For

5. Approve the appropriation of profits

Issuer

For

With Management

For

6 - 10 Elect Directors

Issuer

For

With Management

For

11 - 20 Authorize the Board of Directors

Issuer

For

With Management

For

Nordea Bank AB

NDA SS

5380031

22-Jun-2005

1 - 3 Amend the heading of Article 24.

Issuer

For

With Management

For

Sandvik AB

SAND SS

5963108

28-Jun-2005

1. Meeting is opened.

Issuer

For

With Management

For

2. Elect the Chairman of the meeting.

Issuer

For

With Management

For

3. Approve the voting list.

Issuer

For

With Management

For

4. Elect one or two minutes-checkers.

Issuer

For

With Management

For

5. Approve the agenda.

Issuer

For

With Management

For

6. Approve to determine whether the meeting has been duly convened.

Issuer

For

With Management

For

7.a Approve the new issue of C-shares.

Issuer

For

With Management

For

7.b Approve to reduce the share capital

Issuer

For

With Management

For

OMV AG

OMV AV

4651459

18-May-2005

1. Receive the annual statement of accounts

Issuer

For

With Management

For

2. Approve the appropriation of net profits.

Issuer

For

With Management

For

3. Approve the capital increase

Issuer

For

With Management

For

4. Approve the shares to split

Issuer

For

With Management

For

5. Approve to change the Statutes Board

Issuer

For

With Management

For

6. Approve the activities under taken by the Board

Issuer

For

With Management

For

7. Approve the remuneration

Issuer

For

With Management

For

8. Approve the Share Option Plan

Issuer

For

With Management

For

9. Elect the Balance Sheet Auditor

Issuer

For

With Management

For

Titan Cement

TITK GA

B01NXT7

12-May-2005

1. Receive the Board of Directors and the Auditors reports

Issuer

For

With Management

For

2. Approve the annual financial statements

Issuer

For

With Management

For

3. Grant discharge of the Board of Directors Members and the Auditors

Issuer

For

With Management

For

4. Approve the Board of Directors remuneration

Issuer

For

With Management

For

5. Elect the Auditors

Issuer

For

With Management

For

6. Approve to purchase the Company’s own shares

Issuer

For

With Management

For

Baloise Hold AG

VALN VX

7124594

18-May-2005

1. To vote in the upcoming meeting

Issuer

For

With Management

For

Baloise Hold AG

BALN VX

7124594

18-May-2005

1. Accept Financial Statements

Issuer

For

With Management

For

2. Approve Discharge of Board

Issuer

For

With Management

For

3. Approve allocation of income

Issuer

For

With Management

For

4.1 - 4.4 Amend Articles

Issuer

For

With Management

For

5. Re-elect Rolf Schaeuble

Issuer

For

With Management

For

6. Ratify PricewaterhouseCoopers AG as Auditors.

Issuer

For

With Management

For

Vanguard Intl Semi

5347 TT

6109677

20-May-2005

1. Approve the financial statements

Issuer

For

With Management

For

2. Approve to distribute profit as cash dividend

Issuer

For

With Management

For

3. Approve to issue new shares

Issuer

For

With Management

For

4. Transact any other matters.

Issuer

For

With Management

For

PT Astra Intl

ASII IJ

6291712

26-May-2005

1. Approve and ratify the annual account

Issuer

For

With Management

For

2. Approve the profit allocation

Issuer

For

With Management

For

3.a Appoint the Directors.

Issuer

For

With Management

For

3.b Approve to change the Board of Commissioner.

Issuer

For

With Management

For

3.c Approve the Directors and the Commissioners remuneration.

Issuer

For

With Management

For

4. Appoint the Public Accountant.

Issuer

For

With Management

For

5. Approve the Pension Fund Program.

Issuer

For

With Management

For

Onward Kashiyama

8016 JP

6483821

26-May-2005

1. Approve the profit appropriation for No.58 term

Issuer

For

With Management

For

2. Amend the Company’s Articles of Incorporation.

Issuer

For

With Management

For

3.1 to 3.14 Elect Director.

Issuer

For

With Management

For

4.1 - 4.3 Appoint Internal Statutory Auditor.

Issuer

For

With Management

For

5. Grant retirement allowances

Issuer

For

With Management

For

6. Approve to revise the Directors remuneration

Issuer

For

With Management

For

Bank of Yokohama

8332 JP

6986449

28-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With Management

For

2. Amend the Articles of Incorporation.

Issuer

For

With Management

For

3.1 - 3.7 Elect a Director.

Issuer

For

With Management

For

4.1 - 4.2 Appoint a Corporate Auditor.

Issuer

For

With Management

For

5. Approve Provision of Retirement Allowance

Issuer

For

With Management

For

6. Approve Issuance of Shares Acquisition Rights

Issuer

For

With Management

For

Sumitomo Electric Inds

5802 JP

6858708

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With Management

For

2. Amend Articles.

Issuer

For

With Management

For

3.1 - 3.2 Elect Director.

Issuer

For

With Management

For

4.1 - 4.2 Appoint Internal Statutory Auditor

Issuer

For

With Management

For

5. Approve Retirement Bonuses

Issuer

For

With Management

For

THK Co

6481 JP

6869131

18-Jun-2005

1. Approve Allocation of Income

Issuer

For

With Management

For

2. Amend Articles.

Issuer

For

With Management

For

3.1 - 3.16 Elect Director.

Issuer

For

With Management

For

4.1 Appoint Internal Statutory Auditor.

Issuer

For

With Management

For

4.2 Appoint Alternate Internal Statutory Auditor.

Issuer

For

With Management

For

5. Approve Executive Stock Option Plan.

Issuer

For

With Management

For

JSR

4185 JP

6470986

17-Jun-2005

1. Approve the allocation of income

Issuer

For

With Management

For

2. Amend the Articles

Issuer

For

With Management

For

3.1 - 3.8 Elect Director.

Issuer

For

With Management

For

4.1 - 4.2 Appoint an Internal Statutory Auditor.

Issuer

For

With Management

For

5. Approve the Deep Discount Stock Option Plan.

Issuer

For

With Management

For

6. Approve the adjustment to the aggregate compensation ceiling

Issuer

For

With Management

For

7. Approve the retirement bonuses

Issuer

For

With Management

For

Orix Corp

8591 JP

6661144

21-Jun-2005

1. Amend the Articles of Incorporation.

Issuer

For

With Management

For

2.1 - 2.12 Elect a Director.

Issuer

For

With Management

For

3. Approve the issuance of stock acquisition rights

Issuer

For

With Management

For

Continental AG

CON GR

4598589

12-May-2005

1. Receive the financial statements

Issuer

For

With Management

For

2. Approve the appropriation of the distribution profit

Issuer

For

With Management

For

3. Ratify the acts of the Board of Managing Directors.

Issuer

For

With Management

For

4. Ratify the acts of the Supervisory Board.

Issuer

For

With Management

For

5. Elect Auditors

Issuer

For

With Management

For

6. Authorize the Company to acquire own shares

Issuer

For

With Management

For

Shell Trans & Trad

SHEL LN

0 803414

28-Jun-2005

1. Approve a scheme of arrangement

Issuer

For

With Management

For

Shell Trans & Trad

SHEL LN

0 803414

28-Jun-2005

S.1 - S.2 Approve the capital of the Company be reduced

Issuer

For

With Management

For

S.3 Approve the modification to the Scheme of arrangement

Issuer

For

With Management

For

Shell Trans & Trad

SHEL LN

0 803414

28-Jun-2005

1. Adopt the Company’s annual accounts

Issuer

For

With Management

For

2. Approve the remuneration report

Issuer

For

With Management

For

3. Elect Mr. Peter Voser as a Director.

Issuer

For

With Management

For

4 - 5 Re-elect Directors

Issuer

For

With Management

For

6. Re-appoint Auditors

Issuer

For

With Management

For

7. Authorize remuneration

Issuer

For

With Management

For

S.8 Authorize the Company to make market purchases

Issuer

For

With Management

For

9. Approve the Long-Term Incentive Plan

Issuer

For

With Management

For

10. Approve the Deferred Bonus Plan

Issuer

For

With Management

For

11. Approve the Restricted Share Plan

Issuer

For

With Management

For

HSBC Holds

HSBA LN

0 540528

27-May-2005

1. Receive and consider the annual accounts

Issuer

For

With Management

For

2.a - 2i Re-elect Directors

Issuer

For

With Management

For

3. Re-appoint KPMG as the Auditor

Issuer

For

With Management

For

4. Approve the Directors’ remuneration

Issuer

For

With Management

For

5. Authorize the Directors to allot shares.

Issuer

For

With Management

For

S.6 Approve to disapply pre-emption rights.

Issuer

For

With Management

For

7. Authorize the Company to purchase its own ordinary shares

Issuer

For

With Management

For

8. - 9. Amend the HSBC Holdings Savings-Related Share Option Plan

Issuer

For

With Management

For

10. Approve the HSBC US Employee Stock Plan

Issuer

For

With Management

For

11. Approve the HSBC Share Plan

Issuer

For

With Management

For

S.12 Amend the Articles of Association.

Issuer

For

With Management

For

GlaxoSmithKline

GSK LN

0 925288

25-May-2005

1. Receive and adopt the Directors’ report

Issuer

For

With Management

For

2. Approve the remuneration report

Issuer

For

With Management

For

3 - 9 Elect and re-elect Directors

Issuer

For

With Management

For

10. Authorize the Audit Committee to re-appoint Auditors

Issuer

For

With Management

For

11. Authorize Audit Committee to determine remuneration

Issuer

For

With Management

For

12. Authorize the Company, to make donations to EU

Issuer

For

With Management

For

S.14 Authorize the Company to make market purchases

Issuer

For

With Management

For

S.15 - S.17 Amend Articles of Association.

Issuer

For

With Management

For

Natl Bk of Greece

ETE GA

4625959

3-Jun-2005

1. Approve the Stock Option Programme

Issuer

For

With Management

For

Aeon Co

8267 JP

6480048

19-May-2005

1.1 - 1.8 Elect Directors

Issuer

For

With Management

For

Fujitsu

6702 JP

6356945

23-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With Management

For

2. Amend the Articles of Incorporation.

Issuer

For

With Management

For

3.1 - 3.10 Elect a Director.

Issuer

For

With Management

For

4.1 - 4.2 Appoint a Corporate Auditor.

Issuer

For

With Management

For

5. Approve Provision of Retirement Allowance

Issuer

For

With Management

For

Denso Corp

6902 JP

6640381

22-Jun-2005

1. Approve the profit appropriation

Issuer

For

With Management

For

2. Authorize the Company to acquire its own shares

Issuer

For

With Management

For

3. Amend the Company’s Articles of Incorporation.

Issuer

For

With Management

For

4.1 - 4.13 Elect Directors

Issuer

For

With Management

For

5.1 - 5.2 Elect Statutory Auditors

Issuer

For

With Management

For

6. Authorize the Company to give free share subscription rights to the Directors

Issuer

For

With Management

For

7. Approve to grant the retirement allowance

Issuer

For

With Management

For

Takeda Pharm Co

4502 JP

6870445

29-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With Management

For

2. Amend the Articles of Incorporation.

Issuer

For

With Management

For

3.1 - 3.5 Elect a Director

Issuer

For

With Management

For

4. Appoint a Corporate Auditor.

Issuer

For

With Management

For

5. Approve Provision of Retirement Allowance

Issuer

For

With Management

For

Mizuho Financial Gp

8411 JP

6591014

28-Jun-2005

1. Approve Allocation of Income

Issuer

For

With Management

For

2. Authorize Repurchase of Preferred Shares.

Issuer

For

With Management

For

3. Amend Articles.

Issuer

For

With Management

For

4.1 - 4.7 Elect Director.

Issuer

For

With Management

For

5.1 - 5.2 Appoint Internal Statutory Auditor.

Issuer

For

With Management

For

6. Approve Retirement Bonuses

Issuer

For

With Management

For

7. Amend Articles to Require Disclosure

Issuer

For

With Management

For

8. Approve Alternate Income Allocation Proposal

Issuer

For

With Management

For

Mitsui & Co

8031 JP

6597302

24-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With Management

For

2. Amend the Articles of Incorporation.

Issuer

For

With Management

For

3.1 - 3.11 Elect a Director.

Issuer

For

With Management

For

4.1 - 4.2 Appoint a Corporate Auditor.

Issuer

For

With Management

For

Prudential Corp

PRU LN

0 709954

5-May-2005

1. Receive and approve the Directors’ report

Issuer

For

With Management

For

2. Approve the Directors’ remuneration report

Issuer

For

With Management

For

3. - 8. Elect and Re-elect Directors

Issuer

For

With Management

For

9. Re-appoint KPMG as the Auditor

Issuer

For

With Management

For

10. Declare a final dividend

Issuer

For

With Management

For

11. Approve to renew the authority conferred on the Directors

Issuer

For

With Management

For

S.12 Authorize the Directors to allot equity securities

Issuer

For

With Management

For

S.13 Authorize the Company to make market purchases

Issuer

For

With Management

For

S.14 Amend the Articles of Association

Issuer

For

With Management

For

Tokyu Corp

9005 JP

6896548

29-Jun-2005

1. Approve the profit appropriation

Issuer

For

With Management

For

2. Amend the Company’s Articles of Incorporation

Issuer

For

With Management

For

3.1 - 3.14 Elect Directors

Issuer

For

With Management

For

4. Elect Mr. Kuniei Okamoto as the Statutory Auditor.

Issuer

For

With Management

For

5. Approve to grant the retirement allowances

Issuer

For

With Management

For

6. Approve to grant the retirement allowances

Issuer

For

With Management

For

UBS AG

UBSN VX

7126114

21-Apr-2005

To vote in the up coming meeting

Issuer

For

With Management

For

Banco Bilbao Vizcaya Argenta Ord Shares

BBVA SM

5501906

26-Feb-2005

1. Approve the appropiation of the annual accounts

Issuer

For

With Management

For

2. Ratify and re-elect the Members of the Board of Directors

Issuer

For

With Management

For

3. Authorize the issuance of corporate bonds

Issuer

For

With Management

For

4. Authorize the Company to acquire its treasury stock

Issuer

For

With Management

For

5. Re-elect the Auditors

Issuer

For

With Management

For

6. Authorize the Board of Directors to interpret and implement resolutions.

Issuer

For

With Management

For

Iberdrola SA

IBE SM

4424640

17-Mar-2005

1. Approve the financial statements

Issuer

For

With Management

For

2. Approve the allocation of profit/losses

Issuer

For

With Management

For

3. Authorize the Board of Directors to issue negotiable securities

Issuer

For

With Management

For

4. Authorize the Board of Directors to carry out the derivative acquisition of shares

Issuer

For

With Management

For

5. Authorize the Board of Directors

Issuer

For

With Management

For

6. Authorize the Board of Directors

Issuer

For

With Management

For

7. Re-elect Deloitte & Touche ESPA S.L. as theAuditor

Issuer

For

With Management

For

8. - 9g. Elect and Re-elect Directors

Issuer

For

With Management

For

10. Authorize the Board of Directors

Issuer

For

With Management

For

Nordea Bank AB

NDA SS

5380031

3-May-2004

1. Amend Section 3 of the Articles of Association

Issuer

For

With Management

For

2. Approve to reduce the share capital

Issuer

For

With Management

For

3. Approve to renew 10% authorization to repurchase own shares

Issuer

For

With Management

For

4. Approve Nordea to be able to purchase own shares

Issuer

For

With Management

For

5. Approve the remuneration

Issuer

For

With Management

For

6. Approve the Nomination Committee

Issuer

For

With Management

For

7. - 8. Elect and re-elect Directors

Issuer

For

With Management

For

9. Approve Board Members fee

Issuer

For

With Management

For

10. Approve establishment of new Nomination Committee

Issuer

For

With Management

For

Zurich Financial Services

ZURN VX

5983816

19-Apr-2005

1. To vote in the upcoming meeting

Issuer

For

With Management

For

SKF AB

SKFB SS

4767066

19-Apr-2005

1. Opening of the AGM.

Issuer

For

In Favour

For

2. Elect Mr. Anders Scharp as the Chairman

Issuer

For

In Favour

For

3. Approve the voting list.

Issuer

For

In Favour

For

4. Approve the agenda

Issuer

For

In Favour

For

5. Elect a person to verify the minutes.

Issuer

For

In Favour

For

6. Approve that the meeting has been duly convened.

Issuer

For

In Favour

For

Sandvik AB

SAND SS

5963108

3-May-2005

1. Meeting is opened.

Issuer

For

In Favour

For

2. Elect the Chairman of the AGM.

Issuer

For

In Favour

For

3. Approve the voting list.

Issuer

For

In Favour

For

4. Elect one or two minutes-checkers.

Issuer

For

In Favour

For

5. Approve the agenda.

Issuer

For

In Favour

For

6. Approve to determine whether the meeting has been duly convened.

Issuer

For

In Favour

For

DBS Group Holdings

DBS SP

6175203

29-Apr-2005

1. Receive the Directors’ report

Issuer

For

With Management

For

2.A Declare a final dividend of 22

Issuer

For

With Management

For

2.B Declare a final dividend of 12

Issuer

For

With Management

For

2.C Declare a final dividend of 12

Issuer

For

With Management

For

3. Approve Directors’ fees

Issuer

For

With Management

For

4. Appoint Auditors

Issuer

For

With Management

For

5A. - 5C. Elect and re-elect Directors

Issuer

For

With Management

For

6A. - 6C. Authorize Board of Directors to conduct other business

Issuer

For

With Management

For

KBC Bancassurance

KBC BB

4497749

2-Mar-2005

1. Approve the annual accounts

Issuer

For

With Management

For

2. Approve the announcement of the major changes

Issuer

For

With Management

For

3. Approve to merge.

Issuer

For

With Management

For

4. Approve to increase the issued capital

Issuer

For

With Management

For

5. Approve to nullify the own shares.

Issuer

For

With Management

For

6. Amend the Articles of the Association

Issuer

For

With Management

For

7. Approve to change the name of the Company to KBC Group.

Issuer

For

With Management

For

8. Amend the Articles of the Association

Issuer

For

With Management

For

9. Approve to amend other Articles of the Association.

Issuer

For

With Management

For

10. Approve the resignation and appointment of Board Members.

Issuer

For

With Management

For

11. Authorize the Board of Directors to implement the decisions.

Issuer

For

With Management

For

12. Grant authority to coordinate the changes

Issuer

For

With Management

For

13. Grant authority to adopt the registration of the Company.

Issuer

For

With Management

For

Zurich Financial Services

ZURN VX

5983816

19-Apr-2005

1. Approve the annual report

Issuer

Take no action

2. Approve the appropriation of available earnings

Issuer

Take no action

3. Approve to reduce the share capital

Issuer

Take no action

4. Amend the Articles of Incorporation.

Issuer

Take no action

5. Grant release to the Members of the Board

Issuer

Take no action

6.1.1 - 6.1.4 Elect Directors

Issuer

Take no action

Bangkok Bank Public Co

BBL\F TB

6077019

3-May-2005

1. Approve the minutes

Issuer

For

With Management

For

2. Acknowledge the reports on the results of operations

Issuer

For

With Management

For

3. Acknowledge the report of the Audit Committee.

Issuer

For

With Management

For

4. Approve the balance sheet

Issuer

For

With Management

For

5. Approve the appropriation of the profit

Issuer

For

With Management

For

6. Elect the Director(s)

Issuer

For

With Management

For

7. Appoint the Auditors

Issuer

For

With Management

For

8. Approve the amendment to Clause 4

Issuer

For

With Management

For

9. Approve the reconsideration of the resolutions

Issuer

For

With Management

For

10. Other business.

Issuer

For

With Management

For

Xstrata Plc Ord

XTA LN

3141100

13-Jan-2005

1. Approve the acquisition of the entire issued share capital

Issuer

For

With Management

For

Anglo Irish Bank Corp Plc Ordinary Shares EUR0.32

ANGL ID

4032775

28-Jan-2005

1. Approve Stock Split.

Issuer

For

With Management

For

2. Approve Increase in Authorized Capital

Issuer

For

With Management

For

3. Authorize Share Repurchase Program.

Issuer

For

With Management

For

Anglo Irish Bank Corp Plc Ordinary Shares EUR0.32

ANGL ID

4032775

28-Jan-2005

1. Adopt the reports and accounts.

Issuer

For

With Management

For

2. Declare a dividend.

Issuer

For

With Management

For

3a. - 3g. Elect Directors

Issuer

For

With Management

For

4. Authorize the Directors to determine the remuneration of the Auditors.

Issuer

For

With Management

For

Royal Bank of Scotland

RBS LN

0 754783

25-May-2004

1. Receive and approve the report

Issuer

For

With Management

For

2. Approve the remuneration report.

Issuer

For

With Management

For

3. Declare a final dividend on the ordinary shares.

Issuer

For

With Management

For

4. - 9. Elect and re-elect Directors

Issuer

For

With Management

For

10. Re-appoint Auditors.

Issuer

For

With Management

For

11. Authorize the Directors to fix the remuneration of the Auditors.

Issuer

For

With Management

For

12. Approve to create additional ordinary shares

Issuer

For

With Management

For

S.13 Approve to renew the pre-emption authority.

Issuer

For

With Management

For

S.14 Approve to allow the purchase of own shares.

Issuer

For

With Management

For

* Management Position Unknown

Item 1. Proxy Voting Record

(Global Emerging Markets Fund)

Issuer

Ticker

Sedol

Meeting Date

Description

Proposed by

Mgmg. Rec.

Vote cast

For or Against Management

Telkom SA Ltd

6588577

14-Oct-2004

1. Receive and adopt the annual financial statements for the YE 31 Mar 2004.

Issuer

For

In Favour

For

2.1 Appoint Mr Thabo Mosololi

Issuer

For

In Favour

For

2.2 Appoint Mr Polelo Lazarus Zim

Issuer

For

In Favour

For

3. Appoint Ernst and Young as Auditors

Issuer

For

In Favour

For

S4. Authorize the Company to acquire ordinary shares of the Company,

Issuer

For

In Favour

For

Kookmin Bank Ord Shs

060000 KS

6419365

29-Oct-2004

1. Elect Director.

Issuer

For

In Favour

For

2. Elect the Auditor’s Committee Member who is not an External Director.

Issuer

For

In Favour

For

3. Approve the allowance of stock options.

Issuer

For

In Favour

For

China Telecom Corp Ltd

728 HK

6559335

20-Dec-2004

1. Approve the resignation of Mr Zhou Deqiang

Issuer

Take no action

N/A

2. Approve the resignation of Mr Chang Xiaobing

Issuer

Take no action

N/A

3. Appoint Mr Wang Xiaochu

Issuer

Take no action

N/A

4. Appoint Mr Leng Rongquan

Issuer

Take no action

N/A

5. Appoint Mr Li Jinming

Issuer

Take no action

N/A

Taiwan Semiconductor Man Co

2330 HK

6889106

21-Dec-2004

1. Amend the Articles of Incorporation

Issuer

For

In Favour

For

Tenaga Nasional Berhad

TNB MK

6904612

23-Dec-2004

1.Receive the Director’s report and the audited financial statements

Issuer

For

With Management

For

2. Declare a final gross dividend

Issuer

For

With Management

For

3.Approve the Directors’ fees

Issuer

For

With Management

For

4.Re-elect Mr. Tan Sri Dato’ Hari Narayanan a/l Govindasamy

Issuer

For

With Management

For

5.Re-elect Mr. Datuk Amar Leo Moggie

Issuer

For

With Management

For

6.Re-elect Mr. Dato’ Azman bin Mokhtar

Issuer

For

With Management

For

7.Re-elect Mr. Datuk Mohd Zaid bin Ibrahim

Issuer

For

With Management

For

9.Re-elect Mr. Dato’ Abdul Rahim bin Mokti

For

With Management

For

10.Re-appoint PricewaterhouseCoopers as the Auditors

Issuer

For

With Management

For

11.Authorize the Directors to issue shares in the Company

Issuer

For

With Management

For

12.Authorize the Directors to issue shares in the capital of the Company

Issuer

For

With Management

For

13. Approve the renewal of shareholders mandate

Issuer

For

With Management

For

14. Approve the renewal of shareholders mandate

Issuer

For

With Management

For

15. Approve the renewal of shareholders mandate

Issuer

For

With Management

For

16. Approve the renewal of shareholders mandate

Issuer

For

With Management

For

17.Approve the renewal of shareholders mandate

Issuer

For

With Management

For

18.Approve the renewal of shareholders mandate

Issuer

For

With Management

For

19.Approve the renewal of shareholders mandate

Issuer

For

With Management

For

20.Approve the renewal of shareholders mandate

Issuer

For

With Management

For

21.Approve the renewal of shareholders mandate

Issuer

For

With Management

For

22.Approve the renewal of shareholders mandate

Issuer

For

With Management

For

Vanguard Intl Semi

5347 TT

6109677

20-May-2005

1. Approve the financial statements

Issuer

For

With Management

For

2. Approve to distribute profit as cash dividend TWD 1.65 per share.

Issuer

For

With Management

For

3. Approve to issue new shares from retained earnings

Issuer

For

With Management

For

4. Transact any other matters.

Issuer

For

With Management

For

PT Astra Intl

ASII IJ

6291712

26-May-2005

1. Approve and ratify the annual account

Issuer

For

With Management

For

2. Approve the profit allocation.

Issuer

For

With Management

For

3.a Appoint the Directors.

Issuer

For

With Management

For

3.b Approve to change the Board of Commissioner.

Issuer

For

With Management

For

3.c Approve the Directors and the Commissioners remuneration.

Issuer

For

With Management

For

4. Appoint the Public Accountant.

Issuer

For

With Management

For

5. Approve the Pension Fund Program.

Issuer

For

With Management

For

Cathay Financial Hold Co

2882 TT

6425663

3-Jun-2005

1.1 Approve to report the business operation result

Issuer

For

With Management

For

1.2 Approve the Supervisors review

Issuer

For

With Management

For

2.1 Ratify the financial reports

Issuer

For

With Management

For

2.2 Ratify the net profit allocation

Issuer

For

With Management

For

3.1 Approve to relieve restrictions on the Directors’

Issuer

For

With Management

For

3.2 Amend the Company Articles.

Issuer

For

With Management

For

4. Others and extraordinary motions.

Issuer

For

With Management

For

Taiwan Green Point Ent

3007 TT

6520706

14-Jun-2005

1.1 Receive the 2004 business operations.

Issuer

For

With Management

For

1.2 Receive the 2004 audited reports.

Issuer

For

With Management

For

1.3 Receive the status of convertible bonds.

Issuer

For

With Management

For

2.1 Approve the 2004 business reports and financial statements.

Issuer

For

With Management

For

2.2 Approve the 2004 profit distribution proposed cash dividend

Issuer

For

With Management

For

3.1 Approve to issue the new shares from retained earnings and capital reserves

Issuer

For

With Management

For

3.2 Amend the Articles of Incorporation.

Issuer

For

With Management

For

3.3 Approve to revise the procedures of endorsement and guarantee.

Issuer

For

With Management

For

4. Other issues and extraordinary motions.

Issuer

For

With Management

For

Yuanta Core Pacific Secs

6004 TT

6990127

23-Jun-2005

1.1 Approve the business operating results for 2004.

Issuer

For

With Management

For

1.2 Ratify the financial statements of 2004

Issuer

For

With Management

For

1.3 Approve the status of the merger

Issuer

For

With Management

For

2. Approve the financial statements of 2004

Issuer

For

With Management

For

3.1 Approve the distribution of profits of 2004

Issuer

For

With Management

For

3.2 Approve the issue of new shares from capital reserves

Issuer

For

With Management

For

3.3 Approve the revision to the Articles of Incorporation

Issuer

For

With Management

For

3.4 Amend the procedures for acquisitions or disposals of substantial assets

Issuer

For

With Management

For

4. Other proposals and extraordinary motions.

Issuer

For

With Management

For

China Telecom Corp Ltd

728 HK

6559335

25-May-2005

1. Approve the consolidated financial statements of the Company

Issuer

For

In Favour

For

2. Approve the profit distribution and declare the payment of a final dividend

Issuer

For

In Favour

For

3. Re-appoint KPMG as the Company’s internal Auditors

Issuer

For

In Favour

For

S.4 Approve the Charter for the Supervisory Committee

Issuer

For

In Favour

For

S.5 Authorize the Board of Directors of the Company to allot, issue and deal with additional shares of the Company

Issuer

For

In Favour

For

S.6 Authorize the Board of Directors of the Company to increase the registered capital

Issuer

For

In Favour

For

China Telecom Corp Ltd

728 HK

6559335

20-Dec-2004

1. Approve the resignation of Mr Zhou Deqiang

Issuer

Take no action

N/A

2. Approve the resignation of Mr Chang Xiaobing

Issuer

Take no action

N/A

3. Appoint Mr Wang Xiaochu

Issuer

Take no action

N/A

4. Appoint Mr Leng Rongquan

Issuer

Take no action

N/A

5. Appoint Mr Li Jinming

Issuer

Take no action

N/A

* Management Position Unknown

Item 1. Proxy Voting Record

(Japan Mid Cap Fund)

Issuer

Ticker

Sedol

Meeting Date

Description

Proposed by

Mgmg. Rec.

Vote cast

For or Against Management

Fullcast Co Ltd 4848

4848 JP

6352404

22-Dec-2004

1. Approve Allocation of Income

Issuer

For

In Favour

For

2. Amend Articles

Issuer

For

In Favour

For

3.1 to 3.8 Elect Director.

Issuer

For

In Favour

For

Shimachu Company Ltd

8184 JP

6804455

26-Nov-2004

1. Approve Allocation of Income

Issuer

In Favour

2. Amend Articles

Issuer

In Favour

3.1 to 3.8 Elect Director.

Issuer

In Favour

Yamaha Motor Co

7272 JP

6985294

22-Dec-2003

1. Approve the proposal of profit appropriation

Issuer

For

With management

For

2. Amend the Company’s Articles of Incorporation

Issuer

For

With management

For

3.1 Elect Mr. Tooru Hasegawa

Issuer

For

With management

For

3.2 Elect Mr. Takashi Kajikawa

Issuer

For

With management

For

3.3 Elect Mr. Hiroyasu Miyao

Issuer

For

With management

For

3.4 Elect Mr. Ryuuichi Yamashita

Issuer

For

With management

For

3.5 Elect Mr. Hiroshi Ukon

Issuer

For

With management

For

3.6 Elect Mr. Kunihiko Nakajima

Issuer

For

With management

For

3.7 Elect Mr. Wataru Suzuki

Issuer

For

With management

For

4. Elect Mr. Hiroshi Tanaka as the Auditor

Issuer

For

With management

For

5. Grant retirement allowance to the retired Directors and Statutory Auditor

Issuer

For

With management

For

6. Approve the revision of remuneration for the Directors and Statutory Auditors

Issuer

For

With management

For

Ryohin Keikaku Co

7453 JP

6758455

25-May-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Amend Articles

Issuer

For

With management

For

3.1 Elect Mr. Tadamitsu Matsui

Issuer

For

With management

For

3.2 Elect Mr. Masanobu Furuta

Issuer

For

With management

For

3.3 Elect Mr. Naohiro Asada

Issuer

For

With management

For

3.4 Elect Mr. Osamu Hasegawa

Issuer

For

With management

For

3.5 Elect Mr. Takashi Katou

Issuer

For

With management

For

4. Elect Shouzou Uchida as the Statutory Auditor.

Issuer

For

With management

For

5. Grant retirement allowances to Mr. Masao Kiuchi

Issuer

For

With management

For

6. Approve to assign the free subscription rights

Issuer

For

With management

For

7. Amend Deep Discount Stock Option

Issuer

For

With management

For

Sanden Corp

6444 JP

6775186

22-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Amend Articles

Issuer

For

With management

For

3.1 - 3.15 Elect Director

Issuer

For

With management

For

4. Approve Retirement Bonuses

Issuer

For

With management

For

5. Approve Executive Stock Option Plan

Issuer

For

With management

For

Konami Sports Corp

4643 JP

6683762

22-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Amend Articles

Issuer

For

With management

For

3.1 - 3.6 Elect Director

Issuer

For

With management

For

4.1 - 4.3 Appoint Internal Statutory Auditor

Issuer

For

With management

For

TAC Co

4319 JP

6407177

22-Jun-2005

1. Approve Allocation of Income

Issuer

For

In Favour

For

2. Amend Articles

Issuer

For

Abstain

Against

3.1 - 3.6 Elect Director

Issuer

For

In Favour

For

Taisei Lamick Co

4994 JP

6515229

22-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.6 Elect Director

Issuer

For

With management

For

3. Appoint Internal Statutory Auditor

Issuer

For

With management

For

West Japan Railway Co

9021 JP

6957995

23-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.4 Elect Director

Issuer

For

With management

For

3. Appoint Internal Statutory Auditor

Issuer

For

With management

For

Sanwa Shutter Corp

5929 JP

6776781

24-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

Sumisho Auto Leasing

4703 JP

6123901

22-Jun-2004

1. Approve Allocation of Income

Issuer

For

With management

For

2. Approve Share Exchange Agreement with Sumitomo Coporation

Issuer

For

With management

For

3.1 - 3.11 Elect Director.

Issuer

For

With management

For

4. Appoint Internal Statutory Auditor

Issuer

For

With management

For

5. Approve Retirement Bonuses for Directors

Issuer

For

With management

For

Sapporo Hikuyo Holds

8328 JP

6335472

23-Jun-2004

1. Approve Appropriation of Profits

Issuer

For

With management

For

2.1 - 2.10 Elect a Director.

Issuer

For

With management

For

3.1 - 3.4 Appoint a Corporate Auditor

Issuer

For

With management

For

3.2 - 3.9 Elect Director

Issuer

For

With management

For

4. Approve Provision of Retirement Allowance

Issuer

For

With management

For

Arnest One Corp

8895 JP

6405245

24-Jun-2005

1. Approve the appropriation of profit for No. 24 Term

Issuer

For

With management

For

2. Amend the Company’s Articles of Incorporation

Issuer

For

With management

For

3.1 to 3.6 Elect Director.

Issuer

For

With management

For

4. Grant retirement allowances to Mr Hiroyuki Koshidaka

Issuer

For

With management

For

5. Grant free subscription rights to the Directors

Issuer

For

With management

For

Bookoff Corp

3313 JP

6740021

25-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.5 Elect Director

Issuer

For

With management

For

3. Approve Executive Stock Option Plan.

Issuer

For

With management

For

Mitsui Min & Smelting

5706 jp

6597346

29-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2.1 - 2.11 Elect a Director

Issuer

For

With management

For

3. Approve Retirement payments

Issuer

For

With management

For

Geo Co

2681 JP

6296557

27-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Approve Reduction in Capital Reserves

Issuer

For

With management

For

3.1 - 3.10 Elect Director

Issuer

For

With management

For

4. Appoint Internal Statutory Auditor.

Issuer

For

With management

For

5. Approve Executive Stock Option Plan.

Issuer

For

With management

For

Kurita Water Ind

6370 JP

6497963

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.13 Elect Director

Issuer

For

With management

For

3. Approve Retirement Bonuses for Directors.

Issuer

For

With management

For

Keio Teito Elec Railway

9008 JP

6487362

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Authorize Share Repurchase Program.

Issuer

For

With management

For

3. Amend Articles

Issuer

For

With management

For

4.1 - 4.10 Elect Director

Issuer

For

With management

For

5. Approve Retirement Bonuses for Directors.

Issuer

For

With management

For

Mitsubishi Secs Co

8615 JP

6496186

29-Jun-2005

1. Aprove Allocation of Income

Issuer

For

With management

For

2. Approve Merger Agreement with UFJ Tsubasa Securities Co.

Issuer

For

With management

For

3. Approve Grant of New Stock Options

Issuer

For

With management

For

4.1 - 4.9 Elect Director.

Issuer

For

With management

For

5.1 - 5.3 Appoint Internal Statutory.

Issuer

For

With management

For

6. Approve Retirement Bonuses

Issuer

For

With management

For

Fuji Machine 6134 Shares npv

6134 JP

6356592

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Appoint Internal Statutory Auditor 3

Issuer

For

With management

For

Xebio Co

8281 JP

6984948

29-Jun-2005

1. Approve the profit appropriation for No.33 term

Issuer

For

With management

For

2. Amend the Company’s Articles of Incorporation

Issuer

For

With management

For

3. Approve to give free share subscription rights

Issuer

For

With management

For

4.1 - 4.6 Elect Directors.

Issuer

For

With management

For

5. Elect Mr. Kou Watanabe as a new Statutory Auditor.

Issuer

For

With management

For

6. Approve to grant retirement allowances

Issuer

For

With management

For

7. Approve to review the yearly remunerations

Issuer

For

With management

For

Taiyo Nippon Sanso Corp

4091 JP

6640541

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.5 Elect Director.

Issuer

For

With management

For

3.1 - 3.2 Appoint Internal Statutory Auditor.

Issuer

For

With management

For

4. Approve Retirement Bonuses

Issuer

For

With management

For

Nippon System Dev

9759 JP

6639602

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.7 Elect Director

Issuer

For

With management

For

3.1 - 3.3 Appoint Internal Statutory Auditor.

Issuer

For

With management

For

4. Approve Deep Discount Stock Option Plan.

Issuer

For

With management

For

5. Approve Retirement Bonuses

Issuer

For

With management

For

6. Approve Special Payments

Issuer

For

With management

For

Air Water

4088 JP

6441465

29-Jun-2005

1. Approve Allocation of Income,

Issuer

For

With management

For

2. Amend Articles

Issuer

For

With management

For

3.1 - 3.19 Elect Director.

Issuer

For

With management

For

4. Approve Retirement Bonuses

Issuer

For

With management

For

Onward Kashiyama

8016 JP

6483821

26-May-2005

1. Approve the profit appropriation for No.58 term

Issuer

For

With management

For

2. Amend the Company’s Articles of Incorporation

Issuer

For

With management

For

3.1 - 3.14 Elect Director

Issuer

For

With management

For

4.1 - 4.3 Appoint Internal Statutory Auditor

Issuer

For

With management

For

5. Grant retirement allowances

Issuer

For

With management

For

6. Approve to revise the Directors remuneration

Issuer

For

With management

For

Bank of Yokohama

8332 JP

6986449

28-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2. Amend the Articles of Incorporation.

Issuer

For

With management

For

3.1 - 3.7 Elect a Director.

Issuer

For

With management

For

4.1 - 4.2 Appoint a Corporate Auditor.

Issuer

For

With management

For

5. Approve Provision of Retirement Allowance

Issuer

For

With management

For

6. Approve Issuance of Shares Acquisition

Issuer

For

With management

For

Sumitomo Electric Inds

5802 JP

6858708

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Amend Articles to: Increase Authorized Capital

Issuer

For

With management

For

3.1 - 3.2 Elect Director.

Issuer

For

With management

For

4.1 - 4.2 Appoint a Corporate Auditor.

Issuer

For

With management

For

5. Approve Retirement Bonuses

Issuer

For

With management

For

JSR

4185 JP

6470986

17-Jun-2005

1. Approve the allocation of income

Issuer

For

With management

For

2. Amend the Articles to

Issuer

For

With management

For

3.1 - 3.16 Elect Director.

Issuer

For

With management

For

4.1 - 4.2 Appoint a Corporate Auditor.

Issuer

For

With management

For

5. Approve Executive Stock Option Plan

Issuer

For

With management

For

Orix Corp

8591 JP

6661144

21-Jun-2005

1. Amend the Articles of Incorporation.

Issuer

For

With management

For

2.1 - 2.12 Elect a Director.

Issuer

For

With management

For

3. Approve the issuance of stock acquisition rights

Issuer

For

With management

For

Aisin Seiki Co

7259 JP

6010702

23-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2. Amend the Articles of Incorporation.

Issuer

For

With management

For

3. Approve Issuance of Shares Acquisition

Issuer

For

With management

For

4.1 - 4.19 Elect a Director.

Issuer

For

With management

For

5. Approve Provision of Retirement Allowance

Issuer

For

With management

For

TIS

9751 JP

6899774

24-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2. Elect a Director.

Issuer

For

With management

For

3. Appoint a Corporate Auditor.

Issuer

For

With management

For

4. Approve Provision of Retirement Allowance

Issuer

For

With management

For

5. Approve the issuance of Stock Acquisition Rights

Issuer

For

With management

For

Itochu Corp

8001 JP

6467803

29-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2. Amend the Articles of Incorporation.

Issuer

For

With management

For

3.1 - 3.8 Elect a Director.

Issuer

For

With management

For

4. Appoint a Corporate Auditor.

Issuer

For

With management

For

5. Approve Provision of Retirement Allowance

Issuer

For

With management

For

6. Amend the Compensation to be received by Corporate Auditors.

Issuer

For

With management

For

Nifco

7988 JP

6639163

23-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2. Amend the Articles of Incorporation.

Issuer

For

With management

For

3. Elect a Director.

Issuer

For

With management

For

4. Appoint a Corporate Auditor.

Issuer

For

With management

For

5. Approve Provision of Retirement Allowance

Issuer

For

With management

For

6. Grant accrued benefits to continuing Directors

Issuer

For

With management

For

7. Amend the Compensation

Issuer

For

With management

For

8. Approve the issuance of Shares Acquisition

Issuer

For

With management

For

Hitachi Systems & Services

3735 JP

6738004

21-Jun-2005

1. Amend Articles

Issuer

For

With management

For

2.1 - 2.7 Elect Director.

Issuer

For

With management

For

LeoPalace21 Corp

8848 JP

6598424

29-Jun-2005

1. Approve the appropriation of retained earnings.

Issuer

For

With management

For

2. Amend the Articles of Incorporation.

Issuer

For

With management

For

3.1 - 3.15 Elect a Director.

Issuer

For

With management

For

4. Elect Mr. Yoshitaka Kouda as the Corporate Auditor.

Issuer

For

With management

For

Mizuno Corp

8022 JP

6597960

28-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.9 Elect Director.

Issuer

For

With management

For

3. Appoint Internal Statutory Auditor.

Issuer

For

With management

For

4. Approve Retirement Bonuses

Issuer

For

With management

For

Diamond Lease Co

8593 JP

6268976

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.2 Elect Director.

Issuer

For

With management

For

3.1 - 3.3 Appoint Internal Statutory Auditor.

Issuer

For

With management

For

4. Approve Retirement Bonuses

Issuer

For

With management

For

Toyota Industries Corp

6201 JP

6900546

22-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Amend Articles to

Issuer

For

With management

For

3.1 - 3.30 Elect Director.

Issuer

For

With management

For

4. Appoint Internal Statutory Auditor.

Issuer

For

With management

For

5. Approve Executive Stock Option Plan.

Issuer

For

With management

For

6. Approve Retirement Bonuses

Issuer

For

With management

For

Nitto Denko Corp

6988 JP

6641801

24-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2.1 - 2.5 Elect a Director.

Issuer

For

With management

For

3. Appoint a Corporate Auditor.

Issuer

For

With management

For

4. Approve the issuance of Stock Purchase/Subscription Warrant

Issuer

For

With management

For

4. Approve the issuance of Stock Purchase/Subscription Warrant

Issuer

For

With management

For

Nomura Research Inst

4307 JP

6390921

23-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Approve Payment of Annual Bonuses

Issuer

For

With management

For

3.1 - 3.8 Elect Director.

Issuer

For

With management

For

4.1 - 4.2 Appoint Internal Statutory Auditor.

Issuer

For

With management

For

5. Approve Special Payments

Issuer

For

With management

For

6. Approve Adjustment to Aggregate Compensation

Issuer

For

With management

For

7. Approve Executive Stock Option Plan

Issuer

For

With management

For

Credit Saison Co

8253 JP

6591809

25-Jun-2005

1. Approve the profit appropriation for No. 55

Issuer

For

With management

For

2. Amend the Company’s Articles of Incorporation

Issuer

For

With management

For

3. Grant free subscription rights to the Directors

Issuer

For

With management

For

4.1 - 4.17 Elect a Director.

Issuer

For

With management

For

5. Grant retirement allowance

Issuer

For

With management

For

Daikin Industries

6367 JP

6250724

29-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2. Approve Purchase of Own Shares.

Issuer

For

With management

For

3.1 - 3.2 Appoint a Corporate Auditor.

Issuer

For

With management

For

4. Approve Issuance of Shares Acquisition Rights as Stock Option.

Issuer

For

With management

For

Zeon Corp

4205 JP

6644015

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.15 Elect Director.

Issuer

For

With management

For

3. Appoint Internal Statutory Auditor.

Issuer

For

With management

For

4. Approve Retirement Bonuses

Issuer

For

With management

For

Mitsui Fudosan Co

8801 JP

6597603

29-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

2. Amend the Articles of Incorporation.

Issuer

Against

3.1 - 3.10 Elect a Director.

Issuer

For

4. Appoint a Corporate Auditor.

Issuer

For

5. Approve Provision of Retirement Allowance

Issuer

For

Koyo Seiko Co

6473 jp

6497082

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Amend Articles

Issuer

For

With management

For

3. Approve Merger Agreement

Issuer

For

With management

For

4.1 - 4.7 Elect Director.

Issuer

For

With management

For

5 - 6. Appoint Internal Statutory Auditor.

Issuer

For

With management

For

7. Approve Retirement Bonuses

Issuer

For

With management

For

Kamigumi Co

9364 JP

6482668

29-Jun-2005

1. Approve the profit appropriation for No.66 term

Issuer

For

With management

For

2. Amend the Company’s Articles of Incorporation.

Issuer

For

With management

For

3.1 - 3.15 Elect a Director.

Issuer

For

With management

For

4. Elect Kimitaka Koike as a Statutory Auditor.

Issuer

For

With management

For

5. Grant retirement allowances

Issuer

For

With management

For

NOK Corp

7240 JP

6642428

29-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2.1 - 2.18 Elect Director.

Issuer

For

With management

For

3. Approve Retirement Bonuses for Directors.

Issuer

For

With management

For

Obayashi Corp

1802 jp

6656407

29-Jun-2005

1. Approve the profit appropriation

Issuer

For

With management

For

2. Approve the partial amendments

Issuer

For

With management

For

3.1 - 3.11 Elect Director

Issuer

For

With management

For

4. Grant the retirement allowances

Issuer

For

With management

For

5. Approve the revision of remuneration for the Directors

Issuer

For

With management

For

Amada Company Ltd

6113 JP

6022105

29-Jun-2005

1. Approve Appropriation of Profits

Issuer

For

With management

For

2.1 - 2.11 Elect a Director.

Issuer

For

With management

For

3.1 - 3.3 Appoint a corporate auditor

Issuer

For

With management

For

4. Approve Provision of Retirement Allowance

Issuer

For

With management

For

Daiwa House Industry

1925 JP

3251363

29-Jun-2005

1. Approve Appropriation of Profits.

Issuer

For

With management

For

2.1 - 2.21 Elect a Director.

Issuer

For

With management

For

3.1 - 3.4 Appoint a Corporate Auditor.

Issuer

For

With management

For

4. Approve Retirement Bonus

Issuer

For

With management

For

5. Amend the Compensation

Issuer

For

With management

For

OBIC

4684 JP

6136749

28-Jun-2005

1. Approve Allocation of Income

Issuer

For

With management

For

2. Amend Articles.

Issuer

For

With management

For

3.1 - 3.7 Elect Director.

Issuer

For

With management

For

4.1 - 4.3 Appoint Internal Statutory Auditor.

Issuer

For

With management

For

* Management Position Unknown

Item 1. Proxy Voting Record

(Pan European Mid Cap Fund)

Issuer

Ticker

Sedol

Meeting Date

Description

Proposed by

Mgmg. Rec.

Vote cast

For or Against Management

Collins Stewart Tullet

CSTL LN

0 0 71006

12-Oct-2004

1. Approve Acquisition of FPG Holding Ltd.

Issuer

For

With Management

For

2. Approve Grant of an Option

Issuer

For

With Management

For

3. Approve Grant of an Option

Issuer

For

With Management

For

Royal P&O Nedlloyd

NDL LI

4060129

11-Nov-2004

1. Approve the third quarter results of 2004.

Issuer

For

In Favour

For

2a. - 2c. Appoint Director.

Issuer

For

In Favour

For

3. Approve the Employees Shares Purchase Plan.

Issuer

For

In Favour

For

4. Transact any other business.

Issuer

For

In Favour

For

5. Closure

Issuer

For

In Favour

For

Mobilcom AG

MOB GR

5685833

17-Apr-2005

1. Receive the financial statements

Issuer

In Favour

2. Approve the appropriation

Issuer

In Favour

3. Ratify the acts of the Board

Issuer

In Favour

4. Ratify the acts of the Supervisory Board

Issuer

In Favour

5. Appoint PwC Deutsche Revision

Issuer

In Favour

6.1 - 6.7 Elect Members of the Board.

Issuer

In Favour

6b. Approve, without prejudice to Resolution 6a, to grant options under the Plan.

Issuer

In Favour

Vedior NV

VEDR NA

5205361

29-Apr-2005

1. Opening.

Issuer

For

In Favour

For

2. Approve the annual report

Issuer

For

In Favour

For

3. Grant discharge to the Board

Issuer

For

In Favour

For

4. Approve the Corporate Governance.

Issuer

For

In Favour

For

5. Grant authority to issue shares

Issuer

For

In Favour

For

6. Grant authority to buy own shares

Issuer

For

In Favour

For

7. Appoint a Member of the Supervisory Board

Issuer

For

In Favour

For

8. Approve the remuneration of the Supervisory Board.

Issuer

For

In Favour

For

9. Approve to decrease the capital

Issuer

For

In Favour

For

10. Amend the Articles of Association.

Issuer

For

In Favour

For

11. Questions.

Issuer

For

In Favour

For

12. Close

Issuer

For

In Favour

For

Prosieben Sat.1 Media

PSM GR

4579131

13-May-2005

1. Receive the financial statements

Issuer

For

With Management

For

2. Approve the appropriation of the distributable profit

Issuer

For

With Management

For

3. Ratify the acts of the Board

Issuer

For

With Management

For

4. Ratify the acts of the Supervisory Board.

Issuer

For

With Management

For

5. Elect Auditors

Issuer

For

With Management

For

6. By-elect Mr. Josh Steiner as an Officer

Issuer

For

With Management

For

7. Authorize the Company to acquire own ordinary shares

Issuer

For

With Management

For

Utd Bus Media

UBM LN

3022421

12-May-2005

1. Receive and adopt the report of the Directors

Issuer

For

With Management

For

2. Approve the Directors’ remuneration report.

Issuer

For

With Management

For

3. Approve the 2003 financial statements and the Management report of the consolidated Group as on 31 December 2003.

Issuer

For

With Management

For

4. Approve the income distribution.

Issuer

For

With Management

For

5. Approve the 2003 management executed by the Board of Directors.

Issuer

For

With Management

For

6. Amend Articles 11, 14, 15 and 20 from the Corporate Statutes related to the shareholders meeting procedures.

Issuer

For

With Management

For

7. Approve the Ferrovial Group SA shareholders meeting procedure.

Issuer

For

With Management

For

8. Approve the compensation system tied to the distribution of rights on stock options in favour of High Directors and Members of the Board.

Issuer

For

With Management

For

9. Authorise the Company, in substitution for the authority granted at the OGM of 21 March 2003, in accordance with Article 75 of the Corporate Bylaws, to make acquisitions of its own portfolio, directly or indirectly.

Issuer

For

With Management

For

10. Authorise the Board to issue fixed income securities convertible into and/or exchangeable for, shares of the Company, as well as warrants or other similar securities directly or indirectly granting the right to subscribe for or acquire shares of the Company and to increase the capital by the necessary amount.

Issuer

For

With Management

For

11. Authorise the Board of Directors to implement, execute, rectify and carry out the resolutions of the shareholders meeting.

Issuer

For

With Management

For

Hypo Real Estate

HRX GR

7681248

20-May-2005

1. Receive the financial statements

Issuer

For

With Management

For

2. Approve the appropriation of the distributable profit

Issuer

For

With Management

For

3. Ratify the acts of the Board

Issuer

For

With Management

For

4. Ratify the acts of the Supervisory Board.

Issuer

For

With Management

For

5. Authorize the Company to acquire own shares

Issuer

For

With Management

For

6. Approve to convert preference shares into ordinary

Issuer

For

With Management

For

7. Approve the separate resolution of the ordinary shareholders

Issuer

For

With Management

For

8. - 9. Amend the Articles of Association

Issuer

For

With Management

For

10. Appoint Auditors

Issuer

For

With Management

For

ASM Intl NV

ASM NA

5165294

19-May-2005

1. Opening and announcements.

Issuer

For

2. Approve the report of the Board

Issuer

For

3. Approve the Corporate Governance.

Issuer

For

4. Approve to establish the annual accounts

Issuer

For

5. Approve the reservation

Issuer

For

6. Approve the profit appropriation 2004.

Issuer

Abstain

7. Grant discharge to the Board of Management.

Issuer

For

8. Grant discharge to the Supervisory Board.

Issuer

For

9. Appoint an Auditor shares of the Company.

Issuer

Against

10. Appoint a Member of the Supervisory Board.

Issuer

For

11. Approve the remuneration of the Supervisory Board.

Issuer

Abstain

12. Approve the Option Plan

Issuer

Abstain

13. Approve the composition of the Supervisory Board.

Issuer

Abstain

14. Authorize the Board of Management to acquire shares

Issuer

For

15.A Grant authority to issue shares.

Issuer

Abstain

15.B Grant authority to limit or exclude the pre-emptive right.

Issuer

For

16. Authorize the Board of Management to set a registration date

Issuer

For

17. Transact any other business.

Issuer

Abstain

18. Closure.

Issuer

Abstain

Euronext NV

NXT FP

7153770

1-Jun-2005

1. Opening

Issuer

Take No Action

2. Appoint a Secretary for the meeting.

Issuer

Take No Action

3.a Receive the report of the Board

Issuer

Take No Action

3.b Approve to establish the annual accounts.

Issuer

Take No Action

3.c Approve the Reservation and Dividend Policy.

Issuer

Take No Action

3.d Approve the dividend payment.

Issuer

Take No Action

4.a - 4.b Grant discharge to the Boards

Issuer

Take No Action

5. Appoint an Auditor.

Issuer

Take No Action

6. Approve the Corporate governance.

Issuer

Take No Action

7. Approve the profile of the Supervisory Board.

Issuer

Take No Action

8. Approve the notice

Issuer

Take No Action

9. Approve the Remuneration

Issuer

Take No Action

10. Approve the remuneration

Issuer

Take No Action

11. Approve the Euronext Executive Incentive Plan.

Issuer

Take No Action

12.a Authorize the Board of Management

Issuer

Take No Action

12.b Approve to reduce the issues capita

Issuer

Take No Action

12.c Authorize the Board of Management, for period of 18 months

Issuer

Take No Action

12.d Authorize the Board of Management, for period of 10 months

Issuer

Take No Action

13. Amend the Articles of Association

Issuer

Take No Action

14. Any other business.

Issuer

Take No Action

15. Closure.

Issuer

Take No Action

Stolt-Nielsen SA

SNI NO

7068799

9-Jun-2005

1. Approve the AGM date.

Issuer

For

With Management

For

2. Approve the financial statements.

Issuer

For

With Management

For

3. Approve the determination of dividends.

Issuer

For

With Management

For

4. Grant discharge to the Directors

Issuer

For

With Management

For

5. Grant authority to repurchase shares.

Issuer

For

With Management

For

6. Elect the Directors.

Issuer

For

With Management

For

7. Elect the Independent Auditors

Issuer

For

With Management

For

Hann Rucksversicherung

HNR1 GR

4511809

14-Jun-2005

1. Receive the financial statements

Issuer

For

With Management

For

2. Approve the resolution on the appropriation of the distributable profit

Issuer

For

With Management

For

3. Ratify the acts of the Board

Issuer

For

With Management

For

4. Ratify the acts of the Supervisory Board.

Issuer

For

With Management

For

5. Amend the Article of Association

Issuer

For

With Management

For

6. Authorize the Company to acquire own shares

Issuer

For

With Management

For

7. Authorize the Board of Managing Directors

Issuer

For

With Management

For

UCB SA

UCB BB

5596991

14-Jun-2005

1. Approve the Management report

Issuer

For

With Management

For

2. Approve the report of the Auditors.

Issuer

For

With Management

For

3. Approve the annual accounts

Issuer

For

With Management

For

4. Grant discharge to the Directors.

Issuer

For

With Management

For

5. Grant discharge to the Auditors.

Issuer

For

With Management

For

6. Approve the application of the Rules of Corporate Governance

Issuer

For

With Management

For

UCB SA

UCB BB

5596991

14-Jun-2005

1. Approve the Management report

Issuer

For

With Management

For

2. Approve the report of the Auditors.

Issuer

For

With Management

For

3. Approve the annual accounts

Issuer

For

With Management

For

4. Grant discharge to the Directors.

Issuer

For

With Management

For

5. Grant discharge to the Auditors.

Issuer

For

With Management

For

6. Approve the application of the Rules of Corporate Governance

Issuer

For

With Management

For

7.1- 7.7 Approve Directors

Issuer

For

With Management

For

8. Approve to fix the annual additional remuneration

Issuer

For

With Management

For

9. Approve, to change of control clause

Issuer

For

With Management

For

10.1 - 10.4 Authorize the Company to purchase its own shares

Issuer

For

With Management

For

11. Approve the decision of the Board of Directors

Issuer

For

With Management

For

UCB SA

UCB BB

5596991

14-Jun-2005

1. Amend Article 34

Issuer

For

With Management

For

2. Grant all necessary powers to various persons

Issuer

For

With Management

For

Lanxess

LXS GR

B05M8B7

16-Jun-2005

1. Receive the financial statements

Issuer

For

With Management

For

2. Ratify the acts of the Board of Managing Directors.

Issuer

For

With Management

For

4.1 - 4.8 Elect Directors

Issuer

For

With Management

For

4. Ratify the acts of the Supervisory Board for 2003.

Issuer

For

With Management

For

5. Approve the modification of the bond terms

Issuer

For

With Management

For

6. Amend the Articles of Association

Issuer

For

With Management

For

7. Approve the Control and Profit Transfer Agreement

Issuer

For

With Management

For

8. Appoint Auditors

Issuer

For

With Management

For

MLP AG

MLP GR

5720273

21-Jun-2005

1. Receive the financial statements

Issuer

For

With Management

For

2. Approve the appropriation of the distributable profit

Issuer

For

With Management

For

3. Ratify the acts of the Board

Issuer

For

With Management

For

4. Ratify the acts of the Supervisory Board.

Issuer

For

With Management

For

5. Appoint Auditors

Issuer

For

With Management

For

6. Authorize the Company to acquire own shares

Issuer

For

With Management

For

Utd Business Media

UBM LN

3022421

20-Jun-2005

1. Approve Sub-division of Ordinary Shares

Issuer

For

With Management

For

2. Authorise 27,785,471 New Ordinary Shares for Market Purchase.

Issuer

For

With Management

For

Xstrata Plc Ord

XTA LN

3141100

13-Jan-2005

1. Approve the acquisition of the entire issued share capital

Issuer

For

With Management

For

Anglo Irish Bank Corp Plc Ordinary Shares EUR0.32

ANGL ID

4032775

28-Jan-2005

1. Approve Stock Split.

Issuer

For

With Management

For

2. Approve Increase in Authorized Capital

Issuer

For

With Management

For

3. Authorize Share Repurchase Program.

Issuer

For

With Management

For

Anglo Irish Bank Corp Plc Ordinary Shares EUR0.32

ANGL ID

4032775

28-Jan-2005

1. Adopt the reports and accounts.

Issuer

For

With Management

For

2. Declare a dividend.

Issuer

For

With Management

For

3a. - 3g. Elect Directors

Issuer

For

With Management

For

4. Authorize the Directors to determine the remuneration of the Auditors.

Issuer

For

With Management

For

Collins Stewart Tullet

CSTL LN

0 0 71006

2-Jun-2005

1. Receive and adopt the audited accounts

Issuer

In Favour

2. Approve the report on the Directors’ remuneration.

Issuer

In Favour

3. - 6. Appoint Directors

Issuer

In Favour

7. Appoint Auditors

Issuer

In Favour

9. Authorize the Directors to allot relevant securities

Issuer

In Favour

S.10 Authorize the Directors to allot equity securities

Issuer

In Favour

S.11 Authorize the Company to make market purchases

Issuer

In Favour

*Management Position Unknown

Item 1. Proxy Voting Record

(Greater China Fund)

Issuer

Ticker

Sedol

Meeting Date

Description

Proposed by

Mgmg. Rec.

Vote cast

For or Against Management

Chindex international

CHDX US

2397302

14-Oct-2004

1. Vote Directors

Issuer

For

Take No Action

N/A

2. Proposal to vote the company incentive plan

Issuer

For

Take No Action

N/A

3. Proposal to Approve an Amendment to the Company’s Certificate of Incorporation

Issuer

For

Take No Action

N/A

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.

Martin Currie Business Trust

By:	/s/ Timothy J.D. Hall
Name: Timothy J.D. Hall
Title: President
Date: August 31, 2005


By:	/s/ Ralph Campbell
Name: Ralph Campbell
Title: Vice President and Treasurer
Date: August 31, 2005

Martin Currie Business Trust Inactive N-PXAnnual report of proxy voting record