UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY


Investment Company Act file number        811-10189
                                   ---------------------------------------------

                    Principal Partners LargeCap Value Fund, Inc.
- --------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

711 High Street, Des Moines, Iowa                                50392-2080
- --------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip code)

    MICHAEL D. ROUGHTON                      Copy to:
    The Principal Financial Group            John W. Blouch, Esq.
    Des Moines, Iowa  50392-0300             Dykema Gossett PLLC
                                             Franklin Square, Suite 300 West
                                             1300 I Street, N.W.
                                             Washington, DC 20005-3306
- --------------------------------------------------------------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code:   515-248-3842
                                                    ----------------------------

Date of fiscal year end:   10/31/2004
                           -------------------------

Date of reporting period:  07/01/2004 - 06/30/2005
                           -------------------------





                                                          Vote Summary Report
                           Jul 01, 2004 - Jun 30, 2005

PRINCIPAL PARTNERS LARGE CAP VALUE FUND- 03733554

Mtg                 Company/                                              Mgmt          Vote      Record                    Shares
Date/Type           Ballot Issues                            Security     Rec           Cast      Date        Prpnent        Voted
- ------------------- ---------------------------------------- ------------ ------------- --------------------- ---------- ----------
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                           
05/26/05 - A        Ace Ltd. *ACE*                           G0070K103                            04/08/05                   2,800
                            Meeting for Holders of ADRs
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


03/01/05 - A        ADC Telecommunications, Inc. *ADCT*      000886101                            01/12/05                  79,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Redeem Shareholder Rights Plan Agreement      Against       For                   ShrHoldr
                    3       Ratify Auditors                               For           For                   Mgmt


02/17/05 - A        Agere Systems Inc *AGR*                  00845V100                            12/20/04                  71,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Reclassify Common Stock and Class B Stock     For           For                   Mgmt
                            into a Single Class
                    3       Approve Reverse Stock Split                   For           For                   Mgmt
                    4       Approve Reverse Stock Split                   For           For                   Mgmt
                    5       Approve Reverse Stock Split                   For           For                   Mgmt
                    6       Approve Reverse Stock Split                   For           For                   Mgmt
                    7       Amend Articles to Make Administrative         For           For                   Mgmt
                            Changes


12/22/04 - S        Alcan Inc. *AL.*                         013716105                            11/19/04                   5,600
                    1       Approve Arrangement Resolution for the        For           For                   Mgmt
                            Reoganisation.


04/22/05 - A        Alcoa Inc. *AA*                          013817101                            01/24/05                   5,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/19/05 - A        Alliant Energy Corp. *LNT*               018802108                            03/30/05                   9,300
                    1       Elect Directors                               For           For                   Mgmt


04/28/05 - A        Altria Group, Inc. *MO*                  02209S103                            03/07/05                  27,350
                    1       Elect Directors                               For           Split                 Mgmt
                    1.1     Elect Director Elizabeth E. Bailey --- For
                    1.2     Elect Director Harold Brown --- For
                    1.3     Elect Director Mathis Cabiallavetta --- For
                    1.4     Elect Director Louis C. Camilleri --- For
                    1.5     Elect Director J. Dudley Fishburn --- For
                    1.6     Elect Director Robert E. R. Huntley --- For
                    1.7     Elect Director Thomas W. Jones --- Withhold
                    1.8     Elect Director George Munoz --- For
                    1.9     Elect Director Lucio A. Noto --- For
                    1.10    Elect Director John S. Reed --- For
                    1.11    Elect Director Carlos Slim Helu --- For
                    1.12    Elect Director Stephen M. Wolf --- For
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Amend Non-Employee Director Stock Option      For           For                   Mgmt
                            Plan
                    4       Ratify Auditors                               For           For                   Mgmt
                    5       Eliminate Animal Testing                      Against       Against               ShrHoldr
                    6       Product Warnings for Pregnant Women           Against       Against               ShrHoldr
                    7       Cease Use of Light and Ultra Light in         Against       Against               ShrHoldr
                            Cigarette Marketing
                    8       Apply Fire Safety Standards for Cigarettes    Against       Against               ShrHoldr


04/28/05 - A        American Axle & Manufacturing            024061103                            03/01/05                   4,600
                    Holdings, Inc. *AXL*
                    1       Elect Directors                               For           For                   Mgmt


04/26/05 - A        American Electric Power Co. *AEP*        025537101                            03/02/05                  12,750
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    4       Submit Executive Retirement Plan to           Against       Against               ShrHoldr
                            Shareholder Vote


11/04/04 - A        Archer-Daniels-Midland Company *ADM*     039483102                            09/15/04                  11,625
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Approve Employee Stock Purchase Plan          For           For                   Mgmt
                    4       Report on Genetically Engineered Products     Against       Against               ShrHoldr


01/27/05 - A        Ashland Inc. *ASH*                       044204105                            11/22/04                   5,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/18/05 - A        Astoria Financial Corp. *AF*             046265104                            03/25/05                   9,750
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


04/26/05 - A        Autoliv Inc. *ALV*                       052800109                            03/01/05                   3,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


11/11/04 - A        Avnet, Inc. *AVT*                        053807103                            09/13/04                  11,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/27/05 - A        Bank of America Corp. *BAC*              060505104                            03/04/05                  51,866
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Report on Political Contributions             Against       Against               ShrHoldr
                    4       Director Nominee Amendment                    Against       Against               ShrHoldr


04/26/05 - A        BB&T Corporation *BBT*                   054937107                            03/07/05                   6,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/25/05 - A        Bellsouth Corp. *BLS*                    079860102                            03/07/05                   6,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Political Contributions                       Against       Against               ShrHoldr


04/27/05 - A        Borg-Warner, Inc. *BWA*                  099724106                            03/04/05                   4,800
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


04/14/05 - A        BP PLC (Form. Bp Amoco Plc )             055622104                            02/18/05                   5,300
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       TO GIVE AUTHORITY TO ALLOT SHARES UP TO A     For           For                   Mgmt
                            SPECIFIED AMOUNT
                    4       SPECIAL RESOLUTION: TO GIVE AUTHORITY TO      For           For                   Mgmt
                            ALLOT A LIMITED NUMBER OF SHARES FOR CASH
                            WITHOUT MAKING AN OFFER TO SHAREHOLDERS
                    5       SPECIAL RESOLUTION: TO GIVE LIMITED           For           For                   Mgmt
                            AUTHORITY FOR THE PURCHASE OF ITS OWN
                            SHARES BY THE COMPANY
                    6       TO APPROVE THE DIRECTORS REMUNERATION REPORT  For           For                   Mgmt
                    7       TO APPROVE THE RENEWAL OF EXECUTIVE           For           For                   Mgmt
                            DIRECTORS INCENTIVE PLAN
                    8       TO RECEIVE THE DIRECTORS ANNUAL REPORT AND    For           For                   Mgmt
                            THE ACCOUNTS


05/03/05 - A        Bristol-Myers Squibb Co. *BMY*           110122108                            03/07/05                   4,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Articles to Eliminate Certain           For           For                   Mgmt
                            Supermajority Vote Requirements
                    4       Report on Political Contributions             Against       Against               ShrHoldr
                    5       Report on Operational Impact of HIV/AIDS,     Against       Against               ShrHoldr
                            TB, and Malaria Pandemic
                    6       Eliminate Animal Testing                      Against       Against               ShrHoldr
                    7       Separate Chairman and CEO Positions           Against       For                   ShrHoldr
                    8       Proposal Regarding Restatement Situations     Against       Against               ShrHoldr
                    9       Limit/Prohibit Awards to Executives           Against       Against               ShrHoldr
                    10      Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors


05/27/05 - A        Bunge Limited *BG*                       G16962105                            03/31/05                   5,900
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For           For                   Mgmt
                    2       TO APPOINT DELOITTE & TOUCHE LLP AS BUNGE     For           For                   Mgmt
                            LIMITED S INDEPENDENT AUDITORS FOR THE FISCAL YEAR
                            ENDING DECEMBER 31, 2005 AND TO AUTHORIZE BUNGE
                            LIMITED S BOARD OF DIRECTORS, ACTING THROUGH ITS
                            AUDIT COMMITTEE, TO DETERMINE THE INDEPENDENT
                            AUDITORS FEES.
                    3       TO APPROVE THE AMENDMENTS TO BYE-LAWS 11      For           Against               Mgmt
                            AND 41, AS RENUMBERED
                    4       TO APPROVE THE ADDITION OF BYE-LAW 35 AND     For           Against               Mgmt
                            CONSEQUENT RENUMBERING OF THE BYE-LAWS
                    5       TO APPROVE THE AMENDMENTS TO BYE-LAWS 7,      For           For                   Mgmt
                            15(2), 17 AND 18(3).
                    6       TO APPROVE THE AMENDMENTS TO BYE-LAWS 3(1),   For           Against               Mgmt
                            3(2) AND 34.
                    7       TO APPROVE THE BUNGE LIMITED ANNUAL           For           For                   Mgmt
                            INCENTIVE PLAN AND MATERIAL TERMS OF EXECUTIVE
                            OFFICER PERFORMANCE MEASURES FOR PURPOSES OF SECTION
                            162(M) OF THE INTERNAL REVENUE CODE.
                    8       TO APPROVE THE AMENDMENTS TO BYE-LAW 49(3),   For                                 Mgmt
                            AS RENUMBERED.
                    9       TO APPROVE THE AMENDMENTS TO BYE-LAW 1(1),    For                                 Mgmt
                            49(4) AND 50(2), AS RENUMBERED, WHERE APPLICABLE.
                    10      TO AUTHORIZE THE BOARD OF DIRECTORS TO        For                                 Mgmt
                            APPOINT ADDITIONAL DIR- ECTORS FROM TIME TO TIME IN
                            ACCORDANCE WITH PROPOSED BYE-LAW 11.


04/20/05 - A        Burlington Northern Santa Fe Corp.       12189T104                            02/22/05                   9,050
                    *BNI*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/27/05 - A        CHEVRON CORP *CVX*                       166764100                            03/01/05                  22,850
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Limit Executive Compensation                  Against       Against               ShrHoldr
                    4       Submit Severance Agreement                    Against       For                   ShrHoldr
                            (Change-in-Control) to Shareholder Vote
                    5       Expense Stock Options                         Against       For                   ShrHoldr
                    6       Eliminate Animal Testing                      Against       Against               ShrHoldr
                    7       Report on Drilling in Protected Areas         Against       Against               ShrHoldr
                    8       Report on Remediation Programs in Ecuador     Against       Against               ShrHoldr


04/19/05 - A        Citigroup Inc. *C*                       172967101                            02/25/05                  60,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    4       Limit/Prohibit Awards to Executives           Against       Against               ShrHoldr
                    5       Report on Political Contributions             Against       Against               ShrHoldr
                    6       Prohibit Chairman From Management Duties,     Against       Against               ShrHoldr
                            Titles or Responsibilities
                    7       Limit Executive Compensation                  Against       Against               ShrHoldr
                    8       Require a Majority Vote for the Election of   Against       Against               ShrHoldr
                            Directors
                    9       Review/Limit Executive Compensation           Against       Against               ShrHoldr
                    10      Adopt Simple Majority Vote                    Against       For                   ShrHoldr


06/01/05 - A        Comcast Corp. *CMCSA*                    20030N101                            03/24/05                  29,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Restricted Stock Plan                   For           For                   Mgmt
                    4       Report on Political Contributions             Against       Against               ShrHoldr
                    5       Separate Chairman and CEO Positions           Against       For                   ShrHoldr
                    6       Submit Shareholder Rights Plan (Poison        Against       For                   ShrHoldr
                            Pill) to Shareholder Vote
                    7       Approve Recapitalization Plan                 Against       For                   ShrHoldr


05/17/05 - A        Comerica Inc. *CMA*                      200340107                            03/18/05                   7,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/05/05 - A        ConocoPhillips *COP*                     20825C104                            03/10/05                  10,897
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Limit Executive Compensation                  Against       Against               ShrHoldr
                    4       Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors


05/20/05 - A        Constellation Energy Group, Inc. *CEG*   210371100                            03/18/05                   4,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/26/05 - A        COOPER INDUSTRIES LTD *CBE*              G24182100                            03/01/05                   3,800
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       SHAREHOLDER PROPOSAL REQUESTING COOPER TO     Against       Against               ShrHoldr
                            IMPLEMENT A CODE OF CONDUCT BASED ON
                            INTERNATIONAL LABOR ORGANIZATION HUMAN
                            RIGHTS STANDARDS.


05/03/05 - A        Cooper Tire & Rubber Co. *CTB*           216831107                            03/07/05                   3,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Prepare Sustainability Report                 Against       Against               ShrHoldr


04/28/05 - A        Corning Inc. *GLW*                       219350105                            03/01/05                  14,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


06/15/05 - A        Countrywide Financial Corp. *CFC*        222372104                            04/20/05                  16,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Executive Incentive Bonus Plan          For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


04/25/05 - A        Crane Co. *CR*                           224399105                            02/28/05                   4,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/04/05 - A        CSX Corp. *CSX*                          126408103                            03/04/05                  10,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Subject Non-Deductible Executive              Against       Against               ShrHoldr
                            Compensation to Shareholder Vote
                    4       Adopt Simple Majority Vote Requirement        Against       For                   ShrHoldr


04/18/05 - A        Dana Corp. *DCN*                         235811106                            02/22/05                   9,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/27/05 - A        E.I. Du Pont De Nemours & Co. *DD*       263534109                            03/07/05                   3,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Report on Government Service of Employees     Against       Against               ShrHoldr
                    4       Implement ILO Code of Conduct                 Against       Against               ShrHoldr
                    5       Executive Compensation                        Against       Against               ShrHoldr
                    6       Eliminate Animal Testing                      Against       Against               ShrHoldr
                    7       Report on Genetically Modified Organisms      Against       Against               ShrHoldr
                    8       Performance- Based/Indexed Options            Against       Against               ShrHoldr
                    9       Report on PFOA Chemical Remediation           Against       Against               ShrHoldr


05/05/05 - A        Eastman Chemical Co. *EMN*               277432100                            03/15/05                   7,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/11/05 - A        Eastman Kodak Co. *EK*                   277461109                            03/15/05                  13,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Amend Executive Incentive Bonus Plan          For           For                   Mgmt
                    5       Declassify the Board of Directors             For           For                   Mgmt
                    6       Amend Articles                                For           For                   Mgmt
                    7       Amend Articles                                For           For                   Mgmt


04/27/05 - A        Eaton Corp. *ETN*                        278058102                            02/28/05                   6,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/19/05 - A        Edison International *EIX*               281020107                            03/21/05                   2,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Submit Severance Agreement                    Against       For                   ShrHoldr
                            (Change-in-Control) to Shareholder Vote


04/22/05 - A        Electronic Data Systems Corp. *EDS*      285661104                            03/01/05                  19,800
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             For           For                   Mgmt
                    4       Eliminate Supermajority Vote Requirement      For           For                   Mgmt


05/13/05 - A        Entergy Corp. *ETR*                      29364G103                            03/16/05                   7,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Require the Chairman of the Board Be an       Against       Against               ShrHoldr
                            Independent Director
                    4       Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors


05/25/05 - A        Exxon Mobil Corp. *XOM*                  30231G102                            04/06/05                  67,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Political Contributions/Activities            Against       Against               ShrHoldr
                    4       Review/Limit Executive Compensation           Against       Against               ShrHoldr
                    5       Nominate Independent Directors with           Against       Against               ShrHoldr
                            Industry Experience
                    6       Report on Payments to Indonesian Military     Against       Against               ShrHoldr
                    7       Adopt Policy Prohibiting Discrimination       Against       For                   ShrHoldr
                            based on Sexual Orientation
                    8       Report on Potential Damage of Drilling in     Against       Against               ShrHoldr
                            Protected Regions
                    9       Disclose Information Supporting the Company   Against       Against               ShrHoldr
                            Position on Climate Change
                    10      Report on Company Policies for Compliance     Against       Against               ShrHoldr
                            with the Kyoto Protocol


05/17/05 - A        FirstEnergy Corporation *FE*             337932107                            03/22/05                  11,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Report on Political Contributions             Against       Against               ShrHoldr
                    4       Amend Vote Requirements to Amend              Against       For                   ShrHoldr
                            Articles/Bylaws/Charter
                    5       Performance- Based/Indexed Options            Against       Against               ShrHoldr


09/23/04 - A        Flextronics International Ltd. *FLEX*    Y2573F102                            08/05/04                  18,200
                            Meeting for Holders of ADRs
                    1       Elect Directors                               For           For                   Mgmt
                    2       RE-APPOINTMENT OF PATRICK FOLEY AS A          For           For                   Mgmt
                            DIRECTOR OF THE COMPANY.
                    3       Ratify Auditors                               For           For                   Mgmt
                    4       TO APPROVE AN AMENDMENT TO THE COMPANY S      For           For                   Mgmt
                            1997 EMPLOYEE SHARE PURCHASE PLAN.
                    5       TO APPROVE AMENDMENTS TO THE COMPANY S 2001   For           For                   Mgmt
                            EQUITY INCENTIVE PLAN.
                    6       TO APPROVE AN AMENDMENT TO THE COMPANY S      For           For                   Mgmt
                            2001 EQUITY INCENTIVE PLAN TO ALLOW FOR
                            ISSUANCES OF STOCK BONUSES.
                    7       TO APPROVE THE CONSOLIDATION OF ORDINARY      For           For                   Mgmt
                            SHARES AVAILABLE UNDER OUR ASSUMED PLANS
                            INTO OUR 2001 EQUITY INCENTIVE PLAN.
                    8       TO APPROVE THE AUTHORIZATION FOR THE          For           For                   Mgmt
                            DIRECTORS OF THE COMPANY TO ALLOT AND ISSUE
                            ORDINARY SHARES.
                    9       TO APPROVE THE AUTHORIZATION FOR THE          For           For                   Mgmt
                            COMPANY TO PROVIDE $37,200 OF ANNUAL CASH
                            COMPENSATION TO EACH OF ITS NON-EMPLOYEE DIRECTORS.
                    10      TO APPROVE THE AUTHORIZATION FOR THE          For           For                   Mgmt
                            COMPANY TO PROVIDE AN ADDITIONAL $10,000 OF ANNUAL
                            CASH COMPENSATION FOR EACH OF ITS NON-EMPLOYEE
                            DIRECTORS FOR COMMITTEE PARTICIPATION.
                    11      TO APPROVE THE AUTHORIZATION OF THE           For           For                   Mgmt
                            PROPOSED RENEWAL OF THE SHARE REPURCHASE MANDATE
                            RELATING TO ACQUISITIONS BY THE COMPANY OF ITS OWN
                            ISSUED ORDINARY SHARES.
                    12      TO APPROVE THE AUTHORIZATION OF THE           For           For                   Mgmt
                            PROPOSAL APPROVAL OF A BONUS ISSUE.


11/04/04 - A        Freddie Mac *FRE*                        313400301                            09/10/04                  10,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Amend Employee Stock Purchase Plan            For           For                   Mgmt


05/04/05 - A        General Dynamics Corp. *GD*              369550108                            03/11/05                   1,700
                    1       Elect Directors                               For           Withhold              Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Limit Executive Compensation                  Against       For                   ShrHoldr
                    4       Report on Foreign Weapons Sales               Against       Against               ShrHoldr


04/27/05 - A        General Electric Co. *GE*                369604103                            02/28/05                  97,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Provide for Cumulative Voting                 Against       Against               ShrHoldr
                    4       Report on Nuclear Fuel Storage Risks          Against       Against               ShrHoldr
                    5       Report on PCB Clean-up Costs                  Against       Against               ShrHoldr
                    6       Adopt Policy on Overboarded Directors         Against       Against               ShrHoldr
                    7       Prepare a Sustainability Report               Against       Against               ShrHoldr
                    8       Political Contributions/Activities            Against       Against               ShrHoldr
                    9       Eliminate Animal Testing                      Against       Against               ShrHoldr


05/19/05 - A        Genworth Finl Inc *GNW*                  37247D106                            03/21/05                  12,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


05/03/05 - A        Georgia-Pacific Corp. *GP*               373298108                            03/01/05                  12,550
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt
                    4       Declassify the Board of Directors             Against       For                   Mgmt


05/25/05 - A        GlaxoSmithKline PLC (formerly Glaxo      37733W105                            03/11/05                   2,000
                    Wellcome Plc )
                            Meeting for Holders of ADR's
                    1       DIRECTORS REPORT AND FINANCIAL STATEMENTS     For           For                   Mgmt
                    2       REMUNERATION REPORT                           For           For                   Mgmt
                    3       TO ELECT SIR CHRISTOPHER GENT AS A DIRECTOR   For           For                   Mgmt
                    4       TO ELECT SIR DERYCK MAUGHAN AS A DIRECTOR     For           For                   Mgmt
                    5       TO ELECT MR JULIAN HESLOP AS A DIRECTOR       For           For                   Mgmt
                    6       TO RE-ELECT DR JEAN-PIERRE GARNIER AS A       For           For                   Mgmt
                            DIRECTOR
                    7       TO RE-ELECT SIR IAN PROSSER AS A DIRECTOR     For           For                   Mgmt
                    8       TO RE-ELECT DR RONALDO SCHMITZ AS A DIRECTOR  For           For                   Mgmt
                    9       TO RE-ELECT DR LUCY SHAPIRO AS A DIRECTOR     For           For                   Mgmt
                    10      Ratify Auditors                               For           For                   Mgmt
                    11      REMUNERATION OF AUDITORS                      For           For                   Mgmt
                    12      TO AUTHORISE THE COMPANY TO MAKE DONATIONS    For           For                   Mgmt
                            TO EU POLITICAL ORGANISATIONS AND INCUR EU
                            POLITICAL EXPENDITURE
                    13      DISAPPLICATION OF PRE-EMPTION RIGHTS          For           For                   Mgmt
                    14      AUTHORITY FOR THE COMPANY TO PURCHASE ITS     For           For                   Mgmt
                            OWN SHARES
                    15      INSERTION OF NEW ARTICLE 48A INTO ARTICLES    For           For                   Mgmt
                            OF ASSOCIATION
                    16      DELETION OF ARTICLE 154.2 OF ARTICLES OF      For           For                   Mgmt
                            ASSOCIATION
                    17      AMENDMENT OF ARTICLE 81 OF ARTICLES OF        For           For                   Mgmt
                            ASSOCIATION


04/19/05 - A        Goodrich Corporation *GR*                382388106                            02/28/05                   9,775
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    4       Amend Executive Incentive Bonus Plan          For           For                   Mgmt


05/26/05 - A        HCA, Inc. *HCA*                          404119109                            03/28/05                   3,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt


03/16/05 - A        Hewlett-Packard Co. *HPQ*                428236103                            01/18/05                  49,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Employee Stock Purchase Plan            For           For                   Mgmt


04/25/05 - A        Honeywell International, Inc. *HON*      438516106                            02/25/05                  16,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             For           For                   Mgmt
                    4       Amend the Certificate of Incorporation and    For           For                   Mgmt
                            By-laws
                    5       Establish Other Board Committee               Against       Against               ShrHoldr
                    6       Separate Chairman and CEO Positions           Against       For                   ShrHoldr
                    7       Report on Pay Disparity                       Against       Against               ShrHoldr
                    8       Performance- Based/Indexed Options            Against       Against               ShrHoldr
                    9       Approve Commonsense Executive Compensation    Against       Against               ShrHoldr
                            Framework


05/02/05 - A        Hubbell Incorporated *HUB.B*             443510201                            03/04/05                   5,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt


04/27/05 - A        Huntington Bancshares Inc. *HBAN*        446150104                            02/18/05                  14,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


06/01/05 - A        Ingersoll-Rand Company Limited           G4776G101                            04/04/05                   1,600
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For           For                   Mgmt
                    2       APPROVAL OF AMENDMENT TO BYE-LAW 10 OF THE    For           For                   Mgmt
                            BYE-LAWS TO ELIMINATE THE CLASSIFICATION OF
                            THE BOARD OF DIRECTORS.
                    3       APPROVAL OF AMENDMENT TO BYE-LAW 10 OF THE    For           For                   Mgmt
                            BYE-LAWS TO ELIMINATE CUMULATIVE VOTING IN
                            THE ELECTION OF DIRECTORS.
                    4       Ratify Auditors                               For           For                   Mgmt


06/01/05 - A        Ingram Micro, Inc. *IM*                  457153104                            04/04/05                   8,700
                    1       Elect Directors                               For           For                   Mgmt


04/26/05 - A        International Business Machines Corp.    459200101                            02/25/05                   2,600
                    *IBM*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Restore or Provide for Cumulative Voting      Against       Against               ShrHoldr
                    4       Eliminate Age Discrimination in Retirement    Against       Against               ShrHoldr
                            Benefits
                    5       Calculate Executive Salary Without Regard     Against       For                   ShrHoldr
                            to Pension Income
                    6       Expense Stock Options                         Against       For                   ShrHoldr
                    7       Report on Executive Compensation              Against       Against               ShrHoldr
                    8       Report on Outsourcing                         Against       Against               ShrHoldr


05/10/05 - A        International Paper Co. *IP*             460146103                            03/17/05                  13,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Limit Executive Compensation                  Against       Against               ShrHoldr


05/18/05 - A        Jones Apparel Group, Inc. *JNY*          480074103                            03/18/05                   9,050
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For           For                   Mgmt


05/17/05 - A        JPMorgan Chase & Co. *JPM*               46625H100                            03/22/05                  29,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Establish Term Limits for Directors           Against       Against               ShrHoldr
                    5       Separate Chairman and CEO Positions           Against       For                   ShrHoldr
                    6       Limit Executive Compensation                  Against       Against               ShrHoldr
                    7       Adopt Executive Benefit Policy                Against       Against               ShrHoldr


05/05/05 - A        KeyCorp *KEY*                            493267108                            03/08/05                  11,550
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/18/05 - A        Laboratory Corporation of America        50540R409                            03/31/05                   7,000
                    Holdings *LH*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/05/05 - A        Lear Corporation *LEA*                   521865105                            03/18/05                   3,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For           For                   Mgmt


04/05/05 - A        Lehman Brothers Holdings Inc. *LEH*      524908100                            02/11/05                   6,250
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Limit Executive Compensation                  Against       Against               ShrHoldr


05/16/05 - A        Limited Brands *LTD*                     532716107                            03/31/05                  18,700
                    1       Elect Directors                               For           For                   Mgmt


05/03/05 - A        Magna International Inc. *MG.SV.A*       559222401                            03/21/05                   3,800
                            Meeting For Holders of Both Class A
                            Subordinate Voting Shares and Class B shares
                    1       Elect Directors                               For           Withhold              Mgmt
                    2       Approve Ernst & Young LLP as Auditors and     For           For                   Mgmt
                            Authorize the Audit Committee to Fix Their
                            Remuneration


04/27/05 - A        Marathon Oil Corp *MRO*                  565849106                            02/28/05                  12,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             Against       For                   ShrHoldr
                    4       Amend Governance Documents Regarding          Against       For                   ShrHoldr
                            Director Nominees by Affirmative Votes


05/24/05 - A        Martin Marietta Materials, Inc. *MLM*    573284106                            03/18/05                   3,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/10/05 - A        Masco Corp. *MAS*                        574599106                            03/15/05                   8,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


05/19/05 - A        Mattel, Inc. *MAT*                       577081102                            03/23/05                  11,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditor                                For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Submit Severance Agreement                    Against       For                   ShrHoldr
                            (Change-in-Control) to Shareholder Vote
                    5       Workplace Code of Conduct                     Against       Against               ShrHoldr


05/05/05 - A        MBIA Inc. *MBI*                          55262C100                            03/11/05                   5,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Executive Incentive Bonus Plan        For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Remove Supermajority Vote Requirement         For           For                   Mgmt
                    5       Permit to Act by Written Consent              For           For                   Mgmt
                    6       Ratify Auditors                               For           For                   Mgmt


05/11/05 - A        McDonald's Corp. *MCD*                   580135101                            03/14/05                  23,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Report on Genetically Modified Organisms      Against       Against               ShrHoldr


05/31/05 - A        MEDCO Health Solutions Inc *MHS*         58405U102                            04/04/05                  11,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Approve Qualified Employee Stock Purchase     For           For                   Mgmt
                            Plan
                    5       Approve Executive Incentive Bonus Plan        For           For                   Mgmt


04/26/05 - A        Merck & Co., Inc. *MRK*                  589331107                            02/25/05                  13,950
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Prohibit Awards to Executives                 Against       Against               ShrHoldr
                    4       Limit Executive Compensation                  Against       Against               ShrHoldr
                    5       Eliminate Animal Testing                      Against       Against               ShrHoldr
                    6       Separate Chairman and CEO Positions           Against       For                   ShrHoldr
                    7       Report on Product Availability in Canada      Against       Against               ShrHoldr
                    8       Report on Political Contributions             Against       Against               ShrHoldr
                    9       Report on Operational Impact of HIV/AIDS,     Against       Against               ShrHoldr
                            TB, and Malaria Pandemic


04/22/05 - A        Merrill Lynch & Co., Inc. *MER*          590188108                            02/22/05                   9,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Non-Employee Director Restricted      For           For                   Mgmt
                            Stock Plan
                    4       Provide for Cumulative Voting                 Against       Against               ShrHoldr
                    5       Limit Executive Compensation                  Against       Against               ShrHoldr


04/26/05 - A        Metlife, Inc *MET*                       59156R108                            03/01/05                  10,850
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Establish Other Board Committee               Against       Against               ShrHoldr


05/12/05 - A        MGIC Investment Corp. *MTG*              552848103                            03/11/05                   4,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For           For                   Mgmt
                    4       Ratify Auditors                               For           For                   Mgmt


11/09/04 - A        Microsoft Corp. *MSFT*                   594918104                            09/10/04                   9,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Bundled Compensation Plans              For           For                   Mgmt
                    3       Amend Bundled Compensation Plans              For           For                   Mgmt
                    4       Amend Stock Option Plan                       For           For                   Mgmt
                    5       Ratify Auditors                               For           For                   Mgmt


02/01/05 - S        Molson Coors Brewing Co *TAP*            217016104                            11/22/04                   1,300
                    1       Amend Certificate of Incorporation            For           For                   Mgmt
                    2       Increase Authorized Common Stock              For           None                  Mgmt
                    3       Authorize a New Class of Common Stock         For           None                  Mgmt
                    4       Amend Certificate/Governance-Related          For           None                  Mgmt
                    5       Amend Certificate/Dividend Right              For           None                  Mgmt
                    6       Convert Form of Securities                    For           None                  Mgmt
                    7       Convert Form of Securities                    For           None                  Mgmt
                    8       Company Specific--Board-Related               For           None                  Mgmt
                    9       Amend Certificate/Increase or Decrease        For           None                  Mgmt
                            Authorized Class B Stock
                    10      Directors May be Removed With/Without Cause   For           None                  Mgmt


05/11/05 - A        Molson Coors Brewing Co *TAP*            60871R209                            03/28/05                   1,300
                    1       Elect Directors                               For           For                   Mgmt


03/15/05 - A        Morgan Stanley *MWD*                     617446448                            01/14/05                   6,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             For           For                   Mgmt
                    4       Limit Executive Compensation                  Against       Against               ShrHoldr


04/26/05 - A        National City Corp. *NCC*                635405103                            03/04/05                  13,850
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditor                                For           For                   Mgmt


05/11/05 - A        Newell Rubbermaid Inc. *NWL*             651229106                            03/15/05                  16,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             Against       For                   ShrHoldr


05/24/05 - A        Nordstrom, Inc. *JWN*                    655664100                            03/16/05                   3,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/12/05 - A        Norfolk Southern Corp. *NSC*             655844108                            03/07/05                  16,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Approve Executive Incentive Bonus Plan        For           For                   Mgmt


06/29/05 - A        Nortel Networks Corp. *NT.*              656568102                            05/02/05                  72,100
                            Management Proposals
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Deloitte & Touche LLP as Auditors      For           For                   Mgmt
                    3       Approve Adoption of the Nortel U.S. Stock     For           For                   Mgmt
                            Purchase Plan, the Nortel Global Stock
                            Purchase Plan, and the Nortel Stock
                            Purchase Plan for Members of the Nortel
                            Savings and Retirement Program
                    4       Approve Adoption of Nortel 2005 Stock         For           For                   Mgmt
                            Incentive Plan
                            Shareholder Proposals
                    5       Require Shareholder Approval of the           Against       Against               ShrHoldr
                            Compensation of the Ten Highest Paid
                            Executives
                    6       Exclude Senior Executive's Bonuses From       Against       Against               ShrHoldr
                            Calculation of Pensions
                    7       Require List of Nominees for Board of         Against       Against               ShrHoldr
                            Directors To Have a Minimum of 25% More
                            Candidates Than There Are Spaces to Fill
                    8       Roll Back the Salary Level of All Senior      Against       Against               ShrHoldr
                            Executives to Their Salary Level on Jan. 1,
                            1998
                    9       Take Legal or other Appropriate Action to     Against       Against               ShrHoldr
                            Get Back Bonus and Salary Increases Given
                            to Senior Executives (Past and Present)
                            From 1998 through 2004
                    10      Take Legal or other Appropriate Action to     Against       Against               ShrHoldr
                            Exclude Executives (Past and
                            Present)Bonuses and Salary Increases from
                            1998 through 2004 from Their Pensions
                            Calculation
                    11      Take Legal or other Appropriate Action to     Against       Against               ShrHoldr
                            Get Back Compensation and Perks Paid to
                            Board of Directors (former and present)
                            From 1998 through 2004
                    12      Require Economy Class for All Business        Against       Against               ShrHoldr
                            Travel of All Senior Executives, Company
                            Employees, and Board of Directors
                    13      Allow Shareholders in Attendance at AGM to    Against       Against               ShrHoldr
                            Elect Two Additional Directors to the Board
                            in Addition to the Slate of Candidates
                            Proposed by the Existing Board of
                            Director's Nominating Committee at the AGM
                    14      Take Legal or other Appropriate Actions to    Against       Against               ShrHoldr
                            Get Back Fees Paid to External Auditors
                            From 1998 through 2004; Require Future
                            Auditor's Fees To Be Approved by
                            Shareholders at AGM
                    15      Require Nortel To Provide Letter to           Against       Against               ShrHoldr
                            Regulatory Agencies With Information The
                            Agencies Should Have Been Looking For to
                            Protect Shareholders of Publicly Traded
                            Companies


05/10/05 - A        Northeast Utilities *NU*                 664397106                            03/11/05                  10,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Articles                                For           For                   Mgmt


05/17/05 - A        Northrop Grumman Corp. *NOC*             666807102                            03/21/05                   1,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             For           For                   Mgmt
                    4       Amend Nonemployee Director Plan (Stock        For           For                   Mgmt
                            Awards in Lieu of Cash)
                    5       Adopt Simply Majority Vote Requirement        Against       For                   ShrHoldr


05/06/05 - A        Occidental Petroleum Corp. *OXY*         674599105                            03/03/05                  10,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Proposal Regarding Board Sponsored Proposals  Against       Against               ShrHoldr
                    5       Submit Severance Agreement                    Against       For                   ShrHoldr
                            (Change-in-Control) to Shareholder Vote


05/13/05 - A        Office Depot, Inc. *ODP*                 676220106                            03/10/05                  19,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Review/Limit Executive Compensation           Against       Against               ShrHoldr
                    4       Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors


05/11/05 - A        Owens-Illinois, Inc. *OI*                690768403                            03/14/05                   2,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt


07/07/04 - A        Oxford Health Plans, Inc.                691471106                            06/11/04                   5,500
                    1       Approve Merger Agreement                      For           For                   Mgmt
                    2       Adjourn Meeting                               For           For                   Mgmt


05/04/05 - A        PepsiCo, Inc. *PEP*                      713448108                            03/11/05                   1,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Report on Corporate Political Contributions   Against       Against               ShrHoldr


04/26/05 - A        PNC Financial Services Group, Inc.       693475105                            02/28/05                   7,300
                    *PNC*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/21/05 - A        PPG Industries, Inc. *PPG*               693506107                            02/22/05                   6,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


06/07/05 - A        Prudential Financial Inc *PRU*           744320102                            04/11/05                   9,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             For           For                   Mgmt
                    4       Approve Qualified Employee Stock Purchase     For           For                   Mgmt
                            Plan


08/31/04 - S        RenaissanceRe Holdings Ltd. *RNR*        G7496G103                            07/23/04                   2,000
                            Meeting for Holders of ADRs
                    1       TO APPROVE THE RENAISSANCERE HOLDINGS LTD.    For           For                   Mgmt
                            2004 STOCK INCENTIVE PLAN.


05/25/05 - A        Safeway Inc. *SWY*                       786514208                            03/28/05                  21,600
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Provide for Cumulative Voting                 Against       Against               ShrHoldr
                    4       Seek Sale of Company                          Against       Against               ShrHoldr
                    5       Separate Chairman and CEO Positions           Against       Against               ShrHoldr
                    6       Prepare a Sustainability Report               Against       Against               ShrHoldr
                    7       Limit Awards to Executives                    Against       Against               ShrHoldr
                    8       Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors
                    9       Limit Composition of Committee(s) to          Against       Against               ShrHoldr
                            Independent Directors
                    10      Proposal Regarding the Office of The Board    Against       Against               ShrHoldr
                            of Directors


12/23/04 - S        Sanofi-Aventis (Formerly                 80105N105                            11/08/04                   9,000
                    Sanofi-Synthelabo )
                            Meeting for Holders of ADRs
                    1       Approve Merger by Absorption of Aventis by    For           For                   Mgmt
                            Sanofi-Aventis; Authorize Issuance of 19.1
                            Million Shares to Compensate Aventis
                            Minority Shareholders
                    2       Approve Accounting Treatment of Absorption    For           For                   Mgmt
                    3       Assume Obligations of 257,248 Outstanding     For           For                   Mgmt
                            Aventis Warrants; Authorize Issuance of Up
                            to 301,984 Sanofi-Aventis Shares to Satisfy
                            Conversion of Aventis Warrants
                    4       Assume Obligations of 48.08 Million           For           For                   Mgmt
                            Outstanding Aventis Stock Options;
                            Authorize Issuance of Sanofi-Aventis Shares
                            to Satisfy Conversion of Aventis Stock
                            Options
                    5       Set Dec. 31, 2004, as Effective Date of       For           For                   Mgmt
                            Merger and Related Capital Increase to
                            Aventis Minority Shareholders
                    6       Amend Articles to Reflect Changes in Capital  For           For                   Mgmt
                    7       Approve Capital Increase Reserved for         For           For                   Mgmt
                            Employees Participating in Savings-Related
                            Share Purchase Plan
                    8       Authorize Filing of Required                  For           For                   Mgmt
                            Documents/Other Formalities


04/29/05 - A        SBC Communications Inc. *SBC*            78387G103                            03/01/05                  21,800
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Nonqualified Employee Stock           For           For                   Mgmt
                            Purchase Plan
                    4       Report on Political Contributions             Against       Against               ShrHoldr
                    5       Report on Executive Compensation              Against       Against               ShrHoldr
                    6       Performance- Based/Indexed Options            Against       Against               ShrHoldr
                    7       Adopt Simple Majority Vote                    Against       For                   ShrHoldr


04/05/05 - A        Sempra Energy *SRE*                      816851109                            02/18/05                  11,000
                    1       Elect Directors                               For           Split                 Mgmt
                    1.1     Elect Director Richard A. Collato ---
                            Withhold
                    1.2     Elect Director Denise K. Fletcher --- For
                    1.3     Elect Director William C. Rusnack ---
                            Withhold
                    1.4     Elect Director William P. Rutledge ---
                            Withhold
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Option Expensing                      Against       For                   ShrHoldr
                    4       Declassify the Board of Directors             Against       For                   ShrHoldr
                    5       Performance-Based/Indexed Options             Against       Against               ShrHoldr
                    6       Submit Shareholder Rights Plan (Poison        Against       For                   ShrHoldr
                            Pill) to Shareholder Vote


05/11/05 - A        Smurfit - Stone Container Corp. *SSCC*   832727101                            03/14/05                  12,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


01/13/05 - A        Solectron Corp. *SLR*                    834182107                            11/18/04                  40,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


10/28/04 - S        SouthTrust Corp.                         844730101                            09/21/04                   3,600
                    1       Approve Merger Agreement                      For           For                   Mgmt


05/06/05 - A        SPX Corp. *SPW*                          784635104                            03/18/05                   6,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/27/05 - A        Storage Technology Corp. *STK*           862111200                            03/04/05                   2,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Provide for Cumulative Voting                 Against       Against               ShrHoldr
                    4       Inclusion of Abstention Votes to the Total    Against       Against               ShrHoldr
                            Number of Votes Cast for a Proposal


09/15/04 - S        SunTrust Banks, Inc. *STI*               867914103                            07/30/04                   6,700
                    1       Approve Merger Agreement                      For           For                   Mgmt
                    2       Adjourn Meeting                               For           For                   Mgmt


04/19/05 - A        SunTrust Banks, Inc. *STI*               867914103                            02/25/05                   7,800
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Management Incentive Plan             For           For                   Mgmt
                    4       Approve Performance Unit Plan                 For           For                   Mgmt


06/15/05 - A        SUPERVALU Inc. *SVU*                     868536103                            04/18/05                   8,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    4       Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors


05/18/05 - A        Target Corporation *TGT*                 87612E106                            03/21/05                   6,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


06/07/05 - A        Tech Data Corp. *TECD*                   878237106                            04/11/05                   3,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt


04/21/05 - A        Tellabs, Inc. *TLAB*                     879664100                            02/22/05                  36,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Qualified Employee Stock Purchase     For           For                   Mgmt
                            Plan
                    3       Ratify Auditors                               For           For                   Mgmt


05/06/05 - A        Temple-Inland Inc. *TIN*                 879868107                            03/09/05                   5,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/27/05 - A        Textron Inc. *TXT*                       883203101                            03/04/05                   6,300
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Separate Chairman and CEO Positions           Against       For                   ShrHoldr
                    4       Performance- Based/Indexed Options            Against       Against               ShrHoldr


05/17/05 - A        The Allstate Corp. *ALL*                 020002101                            03/18/05                  12,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Provide for Cumulative Voting                 Against       Against               ShrHoldr


05/02/05 - A        The Boeing Co. *BA*                      097023105                            03/03/05                   7,300
                    1       Elect Directors                               For           Split                 Mgmt
                    1.1     Elect Director Kenneth M. Duberstein ---
                            Withhold
                    1.2     Elect Director W. James McNerney, Jr. ---
                            Withhold
                    1.3     Elect Director Lewis E. Platt --- Withhold
                    1.4     Elect Director Mike S. Zafirovski --- For
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Adopt Human Rights Policy                     Against       Against               ShrHoldr
                    4       Develop Ethical Criteria for Military         Against       Against               ShrHoldr
                            Contracts
                    5       Report on Political Contributions             Against       Against               ShrHoldr
                    6       Declassify the Board of Directors             Against       For                   ShrHoldr
                    7       Adopt Simple Majority Vote Requirement        Against       For                   ShrHoldr
                    8       Establish Other Board Committee               Against       Against               ShrHoldr
                    9       Separate Chairman and CEO Positions           Against       Against               ShrHoldr


04/26/05 - A        The Chubb Corp. *CB*                     171232101                            03/07/05                   5,550
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/12/05 - A        The Dow Chemical Company *DOW*           260543103                            03/14/05                   1,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Report on Persistent Bioaccumulative and      Against       Against               ShrHoldr
                            Toxic Chemicals


04/06/05 - A        The Goldman Sachs Group, Inc. *GS*       38141G104                            02/07/05                   4,500
                    1       Elect Directors                               For           For                   Mgmt
                    2       Declassify the Board of Directors             For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt


05/18/05 - A        The Hartford Financial Services Group,   416515104                            03/22/05                   7,400
                    Inc. *HIG*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Amend Executive Incentive Bonus Plan          For           For                   Mgmt


06/23/05 - A        The Kroger Co. *KR*                      501044101                            04/25/05                  27,200
                    1       Elect Directors                               For           Withhold              Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt
                    4       Eliminate super-majority provision            Against       For                   ShrHoldr
                    5       Report on Feasibility of Improving Animal     Against       Against               ShrHoldr
                            Welfare Standards
                    6       Submit Severance Agreement                    Against       For                   ShrHoldr
                            (Change-in-Control) to Shareholder Vote


07/28/04 - A        The St. Paul Travelers Companies, Inc.   792860108                            06/04/04                  14,036
                    *STA*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt


05/03/05 - A        The St. Paul Travelers Companies, Inc.   792860108                            03/11/05                  15,836
                    *STA*
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/27/05 - A        The Stanley Works *SWK*                  854616109                            02/28/05                   2,200
                    1       Elect Directors                               For           Withhold              Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Declassify the Board of Directors             Against       For                   ShrHoldr
                    4       Prohibit Auditor from Providing Non-Audit     Against       Against               ShrHoldr
                            Services


02/11/05 - A        The Walt Disney Company *DIS*            254687106                            12/17/04                   3,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Prohibit Greenmail Payments                   Against       For                   ShrHoldr
                    5       Report on Vendor Standards in China           Against       Against               ShrHoldr


05/20/05 - A        Time Warner Inc *TWX*                    887317105                            03/24/05                  55,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Report on Pay Disparity                       Against       Against               ShrHoldr


04/28/05 - A        Torchmark Corp. *TMK*                    891027104                            03/04/05                   1,225
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Non-Employee Director Stock Option    For           For                   Mgmt
                            Plan
                    4       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    5       Make Effort to Locate Women and Minorities    Against       Against               ShrHoldr
                            for Board Nomination


03/10/05 - A        Tyco International Ltd. *TYC*            902124106                            01/10/05                  10,600
                            Meeting for Holders of ADRs
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/19/05 - A        U.S. Bancorp *USB*                       902973304                            02/28/05                  20,597
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Reduce Supermajority Vote Requirement         For           For                   Mgmt
                    4       Performance- Based/Indexed Options            Against       For                   ShrHoldr
                    5       Prohibit Auditor from Providing Non-Audit     Against       For                   ShrHoldr
                            Services


05/10/05 - A        Unilever N.V.                            904784709                            03/18/05                   4,800
                            Meeting for Holders of ADR's
                    1       ADOPTION OF THE ANNUAL ACCOUNTS AND           For           For                   Mgmt
                            APPROPRIATION OF THE PROFIT FOR THE 2004
                            FINANCIAL YEAR.
                    2       DISCHARGE OF THE EXECUTIVE DIRECTORS.         For           For                   Mgmt
                    3       DISCHARGE OF THE NON-EXECUTIVE DIRECTORS.     For           For                   Mgmt
                    4       CORPORATE GOVERNANCE AND ALTERATIONS TO THE   For           For                   Mgmt
                            ARTICLES OF ASSOCIATION.
                    5       Elect Directors                               For           For                   Mgmt
                    6       REMUNERATION OF DIRECTORS.                    For           For                   Mgmt
                    7       NLG 0.10 CUMULATIVE PREFERENCE SHARES;        For           For                   Mgmt
                            REDUCTION OF THE ISSUED CAPITAL BY
                            CANCELLATION.
                    8       Ratify Auditors                               For           For                   Mgmt
                    9       DESIGNATION, OF THE BOARD OF DIRECTORS AS     For           For                   Mgmt
                            THE COMPANY BODY AUTHORIZED IN RESPECT OF THE ISSUE
                            OF SHARES IN THE COMPANY.
                    10      AUTHORIZATION, OF THE BOARD OF DIRECTORS TO   For           For                   Mgmt
                            PURCHASE SHARES IN THE COMPANY AND
                            DEPOSITARY RECEIPTS THEREFOR.


04/26/05 - A        United States Steel Corp. *X*            912909108                            02/25/05                  11,100
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    4       Approve Executive Incentive Bonus Plan        For           For                   Mgmt


05/03/05 - A        UST Inc. *UST*                           902911106                            03/09/05                   9,900
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt
                    4       Adopt Policy on Internet Advertising          Against       Against               ShrHoldr


09/13/04 - S        Valero Energy Corp. *VLO*                91913Y100                            07/27/04                   3,600
                    1       Increase Authorized Common Stock              For           For                   Mgmt


05/05/05 - A        Verizon Communications *VZ*              92343V104                            03/07/05                  40,000
                    1       Elect Directors                               For           Split                 Mgmt
                    1.1     Elect Director James R. Barker --- For
                    1.2     Elect Director Richard L. Carrion --- For
                    1.3     Elect Director Robert W. Lane --- For
                    1.4     Elect Director Sandra O. Moose --- For
                    1.5     Elect Director Joseph Neubauer --- Withhold
                    1.6     Elect Director Thomas H. O' Brien --- For
                    1.7     Elect Director Hugh B. Price --- For
                    1.8     Elect Director Ivan G. Seidenberg --- For
                    1.9     Elect Director Walter V. Shipley --- For
                    1.10    Elect Director John R. Stafford --- For
                    1.11    Elect Director Robert D. Storey --- For
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       Provide for Cumulative Voting                 Against       Against               ShrHoldr
                    4       Require a Majority Vote for the Election of   Against       For                   ShrHoldr
                            Directors
                    5       Require Majority of Independent Directors     Against       Against               ShrHoldr
                            on Board
                    6       Separate Chairman and CEO Positions           Against       For                   ShrHoldr
                    7       Amend Director/Officer                        Against       Against               ShrHoldr
                            Liability/Indemnifications Provisions
                    8       Report on Political Contributions             Against       Against               ShrHoldr


04/26/05 - A        VF Corp. *VFC*                           918204108                            03/08/05                   3,600
                    1       Elect Directors                               For           Withhold              Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/10/05 - A        Vishay Intertechnology, Inc. *VSH*       928298108                            04/01/05                  13,200
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/13/05 - A        Vulcan Materials Co. *VMC*               929160109                            03/21/05                   6,400
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


10/28/04 - S        Wachovia Corp. *WB*                      929903102                            08/20/04                  17,300
                    1       Approve Merger Agreement                      For           For                   Mgmt


04/19/05 - A        Wachovia Corp. *WB*                      929903102                            02/16/05                  23,504
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/19/05 - A        Washington Mutual, Inc *WM*              939322103                            02/28/05                  16,487
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


04/26/05 - A        Wells Fargo & Company *WFC*              949746101                            03/08/05                  10,050
                    1       Elect Directors                               For           For                   Mgmt
                    2       Amend Omnibus Stock Plan                      For           For                   Mgmt
                    3       Ratify Auditors                               For           For                   Mgmt
                    4       Adopt Policy on Payday Lenders                Against       Against               ShrHoldr
                    5       Link Executive Compensation to Predatory      Against       Against               ShrHoldr
                            Lending
                    6       Performance- Based/Indexed Options            Against       Against               ShrHoldr
                    7       Limit Executive Compensation                  Against       Against               ShrHoldr
                    8       Separate Chairman and CEO Positions           Against       For                   ShrHoldr


09/30/04 - A        Worthington Industries Inc. *WOR*        981811102                            08/05/04                   6,700
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt


05/25/05 - A        Xcel Energy Inc. *XEL*                   98389B100                            03/28/05                  14,000
                    1       Elect Directors                               For           For                   Mgmt
                    2       Approve Omnibus Stock Plan                    For           For                   Mgmt
                    3       Approve Executive Incentive Bonus Plan        For           For                   Mgmt
                    4       Ratify Auditors                               For           For                   Mgmt


04/29/05 - A        Xl Capital Ltd (Formerly Exel Ltd. )     G98255105                            03/14/05                   4,200
                    *XL*
                            Meeting for Holders of ADR's
                    1       Elect Directors                               For           For                   Mgmt
                    2       Ratify Auditors                               For           For                   Mgmt
                    3       TO APPROVE THE AMENDMENT AND RESTATEMENT OF   For           For                   Mgmt
                            THE COMPANY S 1991 PERFORMANCE INCENTIVE
                            PROGRAM.





                                   SIGNATURES

     Pursuant to the  requirements  of the  Investment  Company Act of 1940, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


(Registrant)                Principal Partners LargeCap Value Fund, Inc.
             -------------------------------------------------------------------


By (Signature and Title)    /s/ Arthur S. Filean
                         -------------------------------------------------------
                            Arthur S. Filean
                            Senior Vice President and Secretary

Date              August 29, 2005
     ---------------------------------------------------------------------------