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  811-07959 

Advisor Series Trust

(Exact name of registrant as specified in charter)

615 E. Michigan Street, Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Eric M. Banhazl, Advisors Series Trust

2020 East Financial Way, Suite 100, Glendora, CA 91741

(Name and address of agent for service)

Registrant's telephone number, including area code:414-765-5340

Date of fiscal year end: October 31

Date of reporting period:June 30, 2005

Item 1. Proxy Voting Record.

PIC Select Growth Fund

Vote Summary Report
Jan 01, 2005 - Mar 31, 2005
PIC 20 Fund - 1634
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
03/24/05 - A	BJ Services Company *BJS*		055482103			02/07/05	12,000
	1	Elect Directors		For	For		Mgmt
03/10/05 - A	Tyco International Ltd. *TYC*		902124106			01/10/05	7,900
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Dennis C. Blair		For
	1.2	Elect Director Edward D. Breen		For
	1.3	Elect Director George W. Buckley		For
	1.4	Elect Director Brian Duperreault		For
	1.5	Elect Director Bruce S. Gordon		For
	1.6	Elect Director Rajiv L. Gupta		For
	1.7	Elect Director John A. Krol		For
	1.8	Elect Director Mackey J. Mcdonald		For
	1.9	Elect Director H. Carl Mccall		For
	1.10	Elect Director Brendan R. O'Neill		For
	1.11	Elect Director Sandra S. Wijnberg		For
	1.12	Elect Director Jerome B. York		For
	2	Ratify Auditors		For	For		Mgmt
02/17/05 - A	Varian Medical Systems Inc *VAR*		92220P105			12/20/04	9,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Vote Summary Report
Apr 01, 2005 - Jun 30, 2005
PIC 20 Fund - 1634
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
04/28/05 - A	Broadcom Corp. *BRCM*		111320107			03/04/05	10,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Link Executive Compensation to Social and Financial Issues		Against	Against		ShrHoldr
04/28/05 - A	Capital One Financial Corp. *COF*		14040H105			02/28/05	7,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr
06/14/05 - A	Cognizant Technology Solutions Corp. *CTSH*		192446102			04/18/05	16,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/15/05 - A	Countrywide Financial Corp. *CFC*		222372104			04/20/05	27,098
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/05 - A	CVS Corporation *CVS*		126650100			03/15/05	6,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director W. Don Cornwell		For
	1.2	Elect Director Thomas P. Gerrity		For
	1.3	Elect Director Stanley P. Goldstein		For
	1.4	Elect Director Marian L. Heard		For
	1.5	Elect Director William H. Joyce		Withhold
	1.6	Elect Director Terrence Murray		For
	1.7	Elect Director Sheli Z. Rosenberg		For
	1.8	Elect Director Thomas M. Ryan		For
	1.9	Elect Director Alfred J. Verrecchia		For
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	5	Review/Limit Executive Compensation		Against	Against		ShrHoldr
06/23/05 - A	eBay Inc. *EBAY*		278642103			04/25/05	15,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Performance- Based/Indexed Options		Against	For		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/25/05 - A	Exxon Mobil Corp. *XOM*		30231G102			04/06/05	5,400
	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 Industry Experience		Against	Against		ShrHoldr
	6	Report on Payments to Indonesian Military		Against	Against		ShrHoldr
	7	Adopt Policy Prohibiting Discrimination based on Sexual Orientation		Against	For		ShrHoldr
	8	Report on Potential Damage of Drilling in Protected Regions		Against	Against		ShrHoldr
	9	Disclose Information Supporting the Company Position on Climate Change		Against	Against		ShrHoldr
	10	Report on Company Policies for Compliance with the Kyoto Protocol		Against	Against		ShrHoldr
04/29/05 - A	Freescale Semiconductor, Inc. *FSL*		35687M206			03/01/05	2
	1	Elect Directors		For	For		Mgmt
	2	Amend Articles		For	For		Mgmt
	3	Amend Bylaws		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	Against		Mgmt
	5	Ratify Auditors		For	For		Mgmt
04/14/05 - A	Genentech, Inc. *DNA*		368710406			02/14/05	13,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Herbert W. Boyer		For
	1.2	Elect Director William M. Burns		Withhold
	1.3	Elect Director Erich Hunziker		Withhold
	1.4	Elect Director Jonathan K.C. Knowles		Withhold
	1.5	Elect Director Arthur D. Levinson		For
	1.6	Elect Director Charles A. Sanders		For
	2	Ratify Auditors		For	For		Mgmt
05/10/05 - A	Gilead Sciences, Inc. *GILD*		375558103			03/22/05	12,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Report on Impact of HIV/AIDS, TB, and Malaria Pandemics		Against	Against		ShrHoldr
05/12/05 - A	GOOGLE INC *GOOG*		38259P508			03/28/05	1,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Eric Schmidt		For
	1.2	Elect Director Larry Page		For
	1.3	Elect Director Sergey Brin		For
	1.4	Elect Director L. John Doerr		Withhold
	1.5	Elect Director John L. Hennessy		For
	1.6	Elect Director Arthur D. Levinson		For
	1.7	Elect Director Michael Moritz		For
	1.8	Elect Director Paul S. Otellini		For
	1.9	Elect Director K. Ram Shriram		For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
04/27/05 - S	Guidant Corp. *GDT*		401698105			03/21/05	4,200
	1	Approve Merger Agreement		For	For		Mgmt
04/30/05 - A	Harley-Davidson, Inc. *HDI*		412822108			03/09/05	7,500
	1	Elect Directors		For	For		Mgmt
	2	Approve/Amend Employee Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/28/05 - A	Johnson & Johnson *JNJ*		478160104			03/01/05	7,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/05 - A	Kohl's Corp. *KSS*		500255104			03/02/05	13,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
05/27/05 - A	Lowe's Companies, Inc. *LOW*		548661107			04/01/05	11,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/05 - A	SAP AG		803054204			04/01/05	15,000
		Meeting for Holders of ADR's
	1	RESOLUTION ON THE APPROPRIATION OF THE RETAINED EARNINGS OF THE FISCAL YEAR 2004		For	For		Mgmt
	2	RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE EXECUTIVE BOARD IN THE FISCAL YEAR 2004		For	For		Mgmt
	3	RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE SUPERVISORY BOARD IN THE FISCAL YEAR 2004		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	ELECTION OF MEMBERS OF THE SUPERVISORY BOARD		For	For		Mgmt
	6	RESOLUTION ON THE ADJUSTMENT OF THE AMOUNTS AND FIGURES STATED IN SECTION 4 (1) OF THE ARTICLES OF ASSOCIATION (CAPITAL STOCK)		For	For		Mgmt
	7	RESOLUTION ON THE CANCELLATION OF CONTINGENT CAPITAL IIA AND ON THE DELETION OF SECTION 4 (5) OF THE ARTICLES OF ASSOCIATION		For	For		Mgmt
	8	REDUCTION OF CONTINGENT CAPITAL IIIA AND ADJUSTMENT OF THE AMOUNTS AND FIGURES STATED IN SECTION 4 (7) OF THE ARTICLES		For	For		Mgmt
	9	RESOLUTION ON THE AMENDMENT OF SECTION 1 (1) OF THE ARTICLES OF ASSOCIATION (CORPORATE NAME)		For	For		Mgmt
	10	RESOLUTION ON THE ADJUSTMENT OF THE ARTICLES OF ASSOCIATION TO REFLECT THE PROVISIONS OF THE GERMAN ACT		For	For		Mgmt
	11	CANCELLATION OF AUTHORIZED CAPITAL I AND CREATION OF A NEW AUTHORIZED CAPITAL I		For	For		Mgmt
	12	CANCELLATION OF AUTHORIZED CAPITAL II AND CREATION OF A NEW AUTHORIZED CAPITAL II		For	For		Mgmt
	13	RESOLUTION ON THE AUTHORIZATION TO ACQUIRE AND USE TREASURY SHARES PURSUANT TO THE GERMAN STOCK CORPORATION ACT		For	For		Mgmt
	14	RESOLUTION ON THE AUTHORIZATION TO USE EQUITY DERIVATIVES IN CONNECTION WITH THE ACQUISITION OF TREASURY SHARES		For	For		Mgmt
05/19/05 - A	SLM Corp. *SLM*		78442P106			03/21/05	10,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/11/05 - A	St. Jude Medical, Inc. *STJ*		790849103			03/14/05	18,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
06/24/05 - S	Symantec Corp. *SYMC*		871503108			05/12/05	7,100
	1	Approve Merger Agreement		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Adjourn Meeting		For	For		Mgmt
04/06/05 - A	The Goldman Sachs Group, Inc. *GS*		38141G104			02/07/05	8,000
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/05 - A	UnitedHealth Group Incorporated *UNH*		91324P102			03/07/05	11,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	4	Performance- Based/Indexed Options		Against	Against		ShrHoldr
05/19/05 - A	Yahoo!, Inc. *YHOO*		984332106			03/23/05	9,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Terry S. Semel		For
	1.2	Elect Director Jerry Yang		For
	1.3	Elect Director Roy J. Bostock		For
	1.4	Elect Director Ronald W. Burkle		For
	1.5	Elect Director Eric Hippeau		For
	1.6	Elect Director Arthur H. Kern		Withhold
	1.7	Elect Director Robert A. Kotick		Withhold
	1.8	Elect Director Edward R. Kozel		For
	1.9	Elect Director Gary L. Wilson		Withhold
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/02/05 - A	Zimmer Holdings Inc *ZMH*		98956P102			03/15/05	6,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr

Vote Summary Report
Jul 01, 2004 - Sep 30, 2004
PIC 20 Fund - 1634
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
08/05/04 - A	Xilinx, Inc. *XLNX*		983919101			06/07/04	14,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
08/11/04 - A	Forest Laboratories, Inc. *FRX*		345838106			06/21/04	17,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Howard Solomon		For
	1.2	Elect Director William J. Candee, III		For
	1.3	Elect Director George S. Cohan		For
	1.4	Elect Director Dan L. Goldwasser		For
	1.5	Elect Director Lester B. Salans		For
	1.6	Elect Director Kenneth E. Goodman		For
	1.7	Elect Director Phillip M. Satow		Withhold
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
08/17/04 - S	Countrywide Financial Corp. *CFC*		222372104			07/09/04	17,349
	1	Increase Authorized Common Stock		For	For		Mgmt
09/15/04 - A	Symantec Corp. *SYMC*		871503108			07/20/04	9,300
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Outside Director Stock in Lieu of Cash Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
09/17/04 - S	Maxim Integrated Products, Inc. *MXIM*		57772K101			07/21/04	18,600
	1	Amend Omnibus Stock Plan		For	For		Mgmt

Vote Summary Report
Oct 01, 2004 - Dec 31, 2004
PIC 20 Fund - 1634
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
10/27/04 - S	SEI Daily Income Trust		783965668			08/17/04	125,244
	1	Elect Directors		For	For		Mgmt
10/27/04 - S	SEI Daily Income Trust		783965718			08/17/04	125,244
	1	Elect Directors		For	For		Mgmt
11/18/04 - A	Cisco Systems, Inc. *CSCO*		17275R102			09/20/04	48,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Pay Disparity		Against	Against		ShrHoldr
11/18/04 - A	Maxim Integrated Products, Inc. *MXIM*		57772K101			09/27/04	18,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

 PIC Flexible Growth Fund

Vote Summary Report
Jan 01, 2005 - Mar 31, 2005
PIC Flexible Growth Fund - 1491
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
03/24/05 - A	BJ Services Company *BJS*		055482103			02/07/05	1,015
	1	Elect Directors		For	For		Mgmt
01/20/05 - A	Monsanto Co. *MON*		61166W101			11/22/04	890
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director John W. Bachmann		For
	1.2	Elect Director William U. Parfet		For
	1.3	Elect Director George H. Poste		For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Report on Genetically Modified Organisms		Against	Against		ShrHoldr
	5	Report on Export of Hazardous Pesticides		Against	Against		ShrHoldr
	6	Adopt Human Rights Policy		Against	Against		ShrHoldr
	7	Eliminate Animal Testing		Against	Against		ShrHoldr
02/15/05 - A	Rockwell Collins, Inc. *COL*		774341101			12/17/04	805
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/28/05 - A	Sanmina-SCI Corp. *SANM*		800907107			01/03/05	3,665
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Neil R. Bonke		Withhold
	1.2	Elect Director Alain Couder		For
	1.3	Elect Director Randy W. Furr		For
	1.4	Elect Director Mario M. Rosati		Withhold
	1.5	Elect Director A. Eugene Sapp, Jr.		Withhold
	1.6	Elect Director Wayne Shortridge		Withhold
	1.7	Elect Director Peter J. Simone		For
	1.8	Elect Director Jure Sola		For
	1.9	Elect Director Jacquelyn M. Ward		Witthold
	2	Ratify Auditors		For	For		Mgmt
03/10/05 - A	Tyco International Ltd. *TYC*		902124106			01/10/05	1,470
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Dennis C. Blair		For
	1.2	Elect Director Edward D. Breen		For
	1.3	Elect Director George W. Buckley		For
	1.4	Elect Director Brian Duperreault		For
	1.5	Elect Director Bruce S. Gordon		For
	1.6	Elect Director Rajiv L. Gupta		For
	1.7	Elect Director John A. Krol		For
	1.8	Elect Director Mackey J. Mcdonald		For
	1.9	Elect Director H. Carl Mccall		For
	1.10	Elect Director Brendan R. O'Neill		For
	1.11	Elect Director Sandra S. Wijnberg		For
	1.12	Elect Director Jerome B. York		For
	2	Ratify Auditors		For	For		Mgmt
02/17/05 - A	Varian Medical Systems Inc *VAR*		92220P105			12/20/04	1,185
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Vote Summary Report
Apr 01, 2005 - Jun 30, 2005
PIC Flexible Growth Fund - 1491
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
05/03/05 - A	Alcon Inc. *ACL*		H01301102			03/24/05	715
		Meeting for Holders of ADR's
	1	APPROVAL OF THE 2004 ANNUAL REPORT AND ACCOUNTS OF ALCON, INC. AND THE 2004 CONSOLIDATED FINANCIAL STATEMENTS OF ALCON, INC. AND SUBSIDIARIES		For	For		Mgmt
	2	APPROPRIATION OF AVAILABLE EARNINGS AND PROPOSED DIVIDEND TO SHAREHOLDERS FOR THE FINANCIAL YEAR 2004		For	For		Mgmt
	3	DISCHARGE OF THE MEMBERS OF THE BOARD OF DIRECTORS		For	For		Mgmt
	4	ELECTION TO THE BOARD OF DIRECTORS OF: THOMAS G. PLASKETT		For	For		Mgmt
	5	ELECTION TO THE BOARD OF DIRECTORS OF: WOLFGANG H. REICHENBERGER		For	For		Mgmt
	6	ELECTION TO THE BOARD OF DIRECTORS OF: CARY RAYMENT		For	For		Mgmt
	7	ELECTION OF KPMG KLYNVELD PEAT MARWICK GOERDELER SA, ZURICH, AS GROUP AND PARENT COMPANY AUDITORS		For	For		Mgmt
	8	ELECTION OF ZENSOR REVISIONS AG, ZUG, AS SPECIAL AUDITORS		For	For		Mgmt
04/28/05 - A	Broadcom Corp. *BRCM*		111320107			03/04/05	1,215
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Link Executive Compensation to Social and Financial Issues		Against	Against		ShrHoldr
04/28/05 - A	Capital One Financial Corp. *COF*		14040H105			02/28/05	885
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr

04/13/05 - A	Carnival Corp. *CCL*		143658300			02/14/05	740
		Meeting for Holders of ADR's
	1	Elect Directors		For	For		Mgmt
	2	TO APPROVE THE AMENDED AND RESTATED CARNIVAL CORPORATION 2001 OUTSIDE DIRECTOR STOCK PLAN.		For	For		Mgmt
	3	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE SHARE PLAN.		For	For		Mgmt
	4	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE STOCK PURCHASE PLAN.		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	TO AUTHORIZE THE AUDIT COMMITTEE OF CARNIVAL PLC TO AGREE THE REMUNERATION OF THE INDEPENDENT AUDITORS.		For	For		Mgmt
	7	TO RECEIVE THE ACCOUNTS AND REPORTS FOR CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED NOVEMBER 30, 2004.		For	For		Mgmt
	8	TO APPROVE THE DIRECTORS REMUNERATION REPORT OF CARNIVAL PLC.		For	For		Mgmt
	9	TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT SHARES BY CARNIVAL PLC.		For	For		Mgmt
	10	TO APPROVE THE DISAPPLICATION OF PRE-EMPTION RIGHTS FOR CARNIVAL PLC.		For	For		Mgmt
	11	TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL PLC TO BUY BACK CARNIVAL PLC ORDINARY SHARES IN THE OPEN MARKET.		For	For		Mgmt
06/14/05 - A	Cognizant Technology Solutions Corp. *CTSH*		192446102			04/18/05	2,380
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/23/05 - A/S	Cognos Inc. *CSN.*		19244C109			04/26/05	1,160
	1	Elect Directors		For	For		Mgmt
	2	Approve Ernst & Young LLP as Auditors		For	For		Mgmt
	3	Amend 2003 Stock Option Plan		For	For		Mgmt
	4	Amend Restricted Share Unit Plan		For	For		Mgmt
	5	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/17/05 - A	Commerce Bancorp, Inc. *CBH*		200519106			04/01/05	1,410
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/15/05 - A	Countrywide Financial Corp. *CFC*		222372104			04/20/05	3,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/05 - A	CVS Corporation *CVS*		126650100			03/15/05	1,120
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director W. Don Cornwell		For
	1.2	Elect Director Thomas P. Gerrity		For
	1.3	Elect Director Stanley P. Goldstein		For
	1.4	Elect Director Marian L. Heard		For
	1.5	Elect Director William H. Joyce		Withhold
	1.6	Elect Director Terrence Murray		For
	1.7	Elect Director Sheli Z. Rosenberg		For
	1.8	Elect Director Thomas M. Ryan		For
	1.9	Elect Director Alfred J. Verrecchia		For
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	5	Review/Limit Executive Compensation		Against	Against		ShrHoldr
05/25/05 - A	Exxon Mobil Corp. *XOM*		30231G102			04/06/05	800
	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 Industry Experience		Against	Against		ShrHoldr
	6	Report on Payments to Indonesian Military		Against	Against		ShrHoldr
	7	Adopt Policy Prohibiting Discrimination based on Sexual Orientation		Against	For		ShrHoldr
	8	Report on Potential Damage of Drilling in Protected Regions		Against	Against		ShrHoldr
	9	Disclose Information Supporting the Company Position on Climate Change		Against	Against		ShrHoldr
	10	Report on Company Policies for Compliance with the Kyoto Protocol		Against	Against		ShrHoldr
04/14/05 - A	Genentech, Inc. *DNA*		368710406			02/14/05	1,390
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Herbert W. Boyer		For
	1.2	Elect Director William M. Burns		Withhold
	1.3	Elect Director Erich Hunziker		Withhold
	1.4	Elect Director Jonathan K.C. Knowles		Withhold
	1.5	Elect Director Arthur D. Levinson		For
	1.6	Elect Director Charles A. Sanders		For
	2	Ratify Auditors		For	For		Mgmt
05/10/05 - A	Gilead Sciences, Inc. *GILD*		375558103			03/22/05	1,810
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Report on Impact of HIV/AIDS, TB, and Malaria Pandemics		Against	Against		ShrHoldr

05/12/05 - A	GOOGLE INC *GOOG*		38259P508			03/28/05	180
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Eric Schmidt		For
	1.2	Elect Director Larry Page		For
	1.3	Elect Director Sergey Brin		For
	1.4	Elect Director L. John Doerr		Withhold
	1.5	Elect Director John L. Hennessy		For
	1.6	Elect Director Arthur D. Levinson		For
	1.7	Elect Director Michael Moritz		For
	1.8	Elect Director Paul S. Otellini		For
	1.9	Elect Director K. Ram Shriram		For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
04/27/05 - S	Guidant Corp. *GDT*		401698105			03/21/05	780
	1	Approve Merger Agreement		For	For		Mgmt
04/30/05 - A	Harley-Davidson, Inc. *HDI*		412822108			03/09/05	715
	1	Elect Directors		For	For		Mgmt
	2	Approve/Amend Employee Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/21/05 - A	J. B. Hunt Transport Services, Inc. *JBHT*		445658107			01/31/05	770
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	Against		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
04/28/05 - A	Johnson & Johnson *JNJ*		478160104			03/01/05	920
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/05 - A	Kohl's Corp. *KSS*		500255104			03/02/05	1,055
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
05/27/05 - A	Lowe's Companies, Inc. *LOW*		548661107			04/01/05	1,230
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/07/05 - A	Nabors Industries, Ltd. *NBR*		G6359F103			04/08/05	645
		Meeting for Holders of ADR's
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	AMENDMENT TO AMENDED AND RESTATED BYE-LAWS TO REQUIRE SHAREHOLDER APPROVAL OF CERTAIN DISPOSITIONS OF COMPANY S ASSETS.		For	For		Mgmt
	4	AMENDMENT TO 2003 EMPLOYEE STOCK PLAN TO MAKE NONEMPLOYEE DIRECTORS ELIGIBLE PARTICIPANTS.		For	Against		Mgmt
	5	SHAREHOLDER PROPOSAL TO REQUIRE THE COMPANY TO ADOPT A POLICY THAT A SIGNIFICANT AMOUNT OF FUTURE STOCK GRANTS TO SENIOR EXECUTIVES BE PERFORMANCE BASED.		Against	For		ShrHoldr
05/12/05 - A	Pulte Homes Inc. *PHM*		745867101			03/22/05	670
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr

05/12/05 - A	SAP AG		803054204			04/01/05	1,885
		Meeting for Holders of ADR's
	1	RESOLUTION ON THE APPROPRIATION OF THE RETAINED EARNINGS OF THE FISCAL YEAR 2004		For	For		Mgmt
	2	RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE EXECUTIVE BOARD IN THE FISCAL YEAR 2004		For	For		Mgmt
	3	RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE SUPERVISORY BOARD IN THE FISCAL YEAR 2004		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	ELECTION OF MEMBERS OF THE SUPERVISORY BOARD		For	For		Mgmt
	6	RESOLUTION ON THE ADJUSTMENT OF THE AMOUNTS AND FIGURES STATED IN SECTION 4 (1) OF THE ARTICLES OF ASSOCIATION (CAPITAL STOCK)		For	For		Mgmt
	7	RESOLUTION ON THE CANCELLATION OF CONTINGENT CAPITAL IIA AND ON THE DELETION OF SECTION 4 (5) OF THE ARTICLES OF ASSOCIATION		For	For		Mgmt
	8	REDUCTION OF CONTINGENT CAPITAL IIIA AND ADJUSTMENT OF THE AMOUNTS AND FIGURES STATED IN SECTION 4 (7) OF THE ARTICLES		For	For		Mgmt
	9	RESOLUTION ON THE AMENDMENT OF SECTION 1 (1) OF THE ARTICLES OF ASSOCIATION (CORPORATE NAME)		For	For		Mgmt
	10	RESOLUTION ON THE ADJUSTMENT OF THE ARTICLES OF ASSOCIATION TO REFLECT THE PROVISIONS OF THE GERMAN ACT		For	For		Mgmt
	11	CANCELLATION OF AUTHORIZED CAPITAL I AND CREATION OF A NEW AUTHORIZED CAPITAL I		For	For		Mgmt
	12	CANCELLATION OF AUTHORIZED CAPITAL II AND CREATION OF A NEW AUTHORIZED CAPITAL II		For	For		Mgmt
	13	RESOLUTION ON THE AUTHORIZATION TO ACQUIRE AND USE TREASURY SHARES PURSUANT TO THE GERMAN STOCK CORPORATION ACT		For	For		Mgmt
	14	RESOLUTION ON THE AUTHORIZATION TO USE EQUITY DERIVATIVES IN CONNECTION WITH THE ACQUISITION OF TREASURY SHARES		For	For		Mgmt
05/19/05 - A	SLM Corp. *SLM*		78442P106			03/21/05	1,660
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/26/05 - A	Smith International, Inc. *SII*		832110100			03/01/05	770
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/11/05 - A	St. Jude Medical, Inc. *STJ*		790849103			03/14/05	2,590
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
06/24/05 - S	Symantec Corp. *SYMC*		871503108			05/12/05	1,350
	1	Approve Merger Agreement		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Adjourn Meeting		For	For		Mgmt
04/06/05 - A	The Goldman Sachs Group, Inc. *GS*		38141G104			02/07/05	505
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/05 - A	UnitedHealth Group Incorporated *UNH*		91324P102			03/07/05	1,725
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	4	Performance- Based/Indexed Options		Against	Against		ShrHoldr
05/19/05 - A	Yahoo!, Inc. *YHOO*		984332106			03/23/05	1,445
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Terry S. Semel		For
	1.2	Elect Director Jerry Yang		For
	1.3	Elect Director Roy J. Bostock		For
	1.4	Elect Director Ronald W. Burkle		For
	1.5	Elect Director Eric Hippeau		For
	1.6	Elect Director Arthur H. Kern		Withhold
	1.7	Elect Director Robert A. Kotick		Withhold
	1.8	Elect Director Edward R. Kozel		For
	1.9	Elect Director Gary L. Wilson		Withhold
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/02/05 - A	Zimmer Holdings Inc *ZMH*		98956P102			03/15/05	765
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr

Vote Summary Report
Jul 01, 2004 - Sep 30, 2004
PIC Flexible Growth Fund - 1491
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
07/26/04 - A	Macromedia, Inc. *MACR*		556100105			06/09/04	2,150
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert K. Burgess		For
	1.2	Elect Director John (Ian) Giffen		Withhold
	1.3	Elect Director Steven Gomo		For
	1.4	Elect Director William H. Harris, Jr.		For
	1.5	Elect Director Donald L. Lucas		For
	1.6	Elect Director Timothy O'Reilly		For
	1.7	Elect Director William B. Welty		For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/05/04 - A	Taro Pharmaceuticals Industries		M8737E108			06/28/04	615
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	APPROVE THE AUDITORS REPORT AND CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR ENDED DECEMBER 31, 2003.		For	For		Mgmt
	4	APPROVE AN AMENDMENT TO THE COMPANY S 1999 STOCK INCENTIVE PLAN AUTHORIZING THE GRANT OF STOCK OPTIONS TO THE COMPANY S INDEPENDENT DIRECTORS.		For	Against		Mgmt
	5	APPROVE THE GRANT OF STOCK OPTIONS TO THE COMPANY S INDEPENDENT DIRECTORS.		For	Against		Mgmt
08/17/04 - S	Countrywide Financial Corp. *CFC*		222372104			07/09/04	1,750
	1	Increase Authorized Common Stock		For	For		Mgmt
09/15/04 - A	Symantec Corp. *SYMC*		871503108			07/20/04	635
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Outside Director Stock in Lieu of Cash Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt

Vote Summary Report
Oct 01, 2004 - Dec 31, 2004
PIC Flexible Growth Fund - 1491
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
10/06/04 - A	Paychex, Inc. *PAYX*		704326107			08/09/04	1,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director B. Thomas Golisano		For
	1.2	Elect Director G. Thomas Clark		Withhold
	1.3	Elect Director David J. S. Flaschen		For
	1.4	Elect Director Phillip Horsley		For
	1.5	Elect Director Grant M. Inman		For
	1.6	Elect Director J. Robert Sebo		For
	1.7	Elect Director Joseph M. Tucci		For
10/27/04 - S	SEI Daily Income Trust		783965668			08/17/04	62,615
	1	Elect Directors		For	For		Mgmt
10/27/04 - S	SEI Daily Income Trust		783965718			08/17/04	62,614
	1	Elect Directors		For	For		Mgmt
11/18/04 - A	Cisco Systems, Inc. *CSCO*		17275R102			09/20/04	4,875
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Pay Disparity		Against	Against		ShrHoldr

PIC Growth Fund

Vote Summary Report
Jan 01, 2005 - Mar 31, 2005
PIC GROWTH FUND - 1079
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
03/24/05 - A	BJ Services Company *BJS*		055482103			02/07/05	3,800
	1	Elect Directors		For	For		Mgmt
01/20/05 - A	Monsanto Co. *MON*		61166W101			11/22/04	3,000
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director John W. Bachmann		For
	1.2	Elect Director William U. Parfet		For
	1.3	Elect Director George H. Poste		For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Report on Genetically Modified Organisms		Against	Against		ShrHoldr
	5	Report on Export of Hazardous Pesticides		Against	Against		ShrHoldr
	6	Adopt Human Rights Policy		Against	Against		ShrHoldr
	7	Eliminate Animal Testing		Against	Against		ShrHoldr
02/15/05 - A	Rockwell Collins, Inc. *COL*		774341101			12/17/04	4,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/28/05 - A	Sanmina-SCI Corp. *SANM*		800907107			01/03/05	12,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Neil R. Bonke		Withhold
	1.2	Elect Director Alain Couder		For
	1.3	Elect Director Randy W. Furr		For
	1.4	Elect Director Mario M. Rosati		Withhold
	1.5	Elect Director A. Eugene Sapp, Jr.		Withhold
	1.6	Elect Director Wayne Shortridge		Withhold
	1.7	Elect Director Peter J. Simone		For
	1.8	Elect Director Jure Sola		For
	1.9	Elect Director Jacquelyn M. Ward		Withhold
	2	Ratify Auditors		For	For		Mgmt
03/10/05 - A	Tyco International Ltd. *TYC*		902124106			01/10/05	5,200
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Dennis C. Blair		For
	1.2	Elect Director Edward D. Breen		For
	1.3	Elect Director George W. Buckley		For
	1.4	Elect Director Brian Duperreault		For
	1.5	Elect Director Bruce S. Gordon		For
	1.6	Elect Director Rajiv L. Gupta		For
	1.7	Elect Director John A. Krol		For
	1.8	Elect Director Mackey J. Mcdonald		For
	1.9	Elect Director H. Carl Mccall		For
	1.10	Elect Director Brendan R. O'Neill		For
	1.11	Elect Director Sandra S. Wijnberg		For
	1.12	Elect Director Jerome B. York		For
	2	Ratify Auditors		For	For		Mgmt
02/17/05 - A	Varian Medical Systems Inc *VAR*		92220P105			12/20/04	4,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Vote Summary Report
Apr 01, 2005 - Jun 30, 2005
PIC GROWTH FUND - 1079
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
05/03/05 - A	Alcon Inc. *ACL*		H01301102			03/24/05	2,850
		Meeting for Holders of ADR's
	1	APPROVAL OF THE 2004 ANNUAL REPORT AND ACCOUNTS OF ALCON, INC. AND THE 2004 CONSOLIDATED FINANCIAL STATEMENTS OF ALCON, INC. AND SUBSIDIARIES		For	For		Mgmt
	2	APPROPRIATION OF AVAILABLE EARNINGS AND PROPOSED DIVIDEND TO SHAREHOLDERS FOR THE FINANCIAL YEAR 2004		For	For		Mgmt
	3	DISCHARGE OF THE MEMBERS OF THE BOARD OF DIRECTORS		For	For		Mgmt
	4	ELECTION TO THE BOARD OF DIRECTORS OF: THOMAS G. PLASKETT		For	For		Mgmt
	5	ELECTION TO THE BOARD OF DIRECTORS OF: WOLFGANG H. REICHENBERGER		For	For		Mgmt
	6	ELECTION TO THE BOARD OF DIRECTORS OF: CARY RAYMENT		For	For		Mgmt
	7	ELECTION OF KPMG KLYNVELD PEAT MARWICK GOERDELER SA, ZURICH, AS GROUP AND PARENT COMPANY AUDITORS		For	For		Mgmt
	8	ELECTION OF ZENSOR REVISIONS AG, ZUG, AS SPECIAL AUDITORS		For	For		Mgmt
04/28/05 - A	Broadcom Corp. *BRCM*		111320107			03/04/05	4,450
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Link Executive Compensation to Social and Financial Issues		Against	Against		ShrHoldr
04/28/05 - A	Capital One Financial Corp. *COF*		14040H105			02/28/05	3,150
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr
04/13/05 - A	Carnival Corp. *CCL*		143658300			02/14/05	2,450
		Meeting for Holders of ADR's
	1	Elect Directors		For	For		Mgmt
	2	TO APPROVE THE AMENDED AND RESTATED CARNIVAL CORPORATION 2001 OUTSIDE DIRECTOR STOCK PLAN.		For	For		Mgmt
	3	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE SHARE PLAN.		For	For		Mgmt
	4	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE STOCK PURCHASE PLAN.		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	TO AUTHORIZE THE AUDIT COMMITTEE OF CARNIVAL PLC TO AGREE THE REMUNERATION OF THE INDEPENDENT AUDITORS.		For	For		Mgmt
	7	TO RECEIVE THE ACCOUNTS AND REPORTS FOR CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED NOVEMBER 30, 2004.		For	For		Mgmt
	8	TO APPROVE THE DIRECTORS REMUNERATION REPORT OF CARNIVAL PLC.		For	For		Mgmt
	9	TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT SHARES BY CARNIVAL PLC.		For	For		Mgmt
	10	TO APPROVE THE DISAPPLICATION OF PRE-EMPTION RIGHTS FOR CARNIVAL PLC.		For	For		Mgmt
	11	TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL PLC TO BUY BACK CARNIVAL PLC ORDINARY SHARES IN THE OPEN MARKET.		For	For		Mgmt

06/14/05 - A	Cognizant Technology Solutions Corp. *CTSH*		192446102			04/18/05	4,640
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/23/05 - A/S	Cognos Inc. *CSN.*		19244C109			04/26/05	2,370
	1	Elect Directors		For	For		Mgmt
	2	Approve Ernst & Young LLP as Auditors		For	For		Mgmt
	3	Amend 2003 Stock Option Plan		For	For		Mgmt
	4	Amend Restricted Share Unit Plan		For	For		Mgmt
	5	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/17/05 - A	Commerce Bancorp, Inc. *CBH*		200519106			04/01/05	5,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/15/05 - A	Countrywide Financial Corp. *CFC*		222372104			04/20/05	9,728
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/05 - A	CVS Corporation *CVS*		126650100			03/15/05	4,150
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director W. Don Cornwell		For
	1.2	Elect Director Thomas P. Gerrity		For
	1.3	Elect Director Stanley P. Goldstein		For
	1.4	Elect Director Marian L. Heard		For
	1.5	Elect Director William H. Joyce		Withhold
	1.6	Elect Director Terrence Murray		For
	1.7	Elect Director Sheli Z. Rosenberg		For
	1.8	Elect Director Thomas M. Ryan		For
	1.9	Elect Director Alfred J. Verrecchia		For
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	5	Review/Limit Executive Compensation		Against	Against		ShrHoldr
06/23/05 - A	eBay Inc. *EBAY*		278642103			04/25/05	3,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Performance- Based/Indexed Options		Against	For		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/25/05 - A	Exxon Mobil Corp. *XOM*		30231G102			04/06/05	3,000
	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 Industry Experience		Against	Against		ShrHoldr
	6	Report on Payments to Indonesian Military		Against	Against		ShrHoldr
	7	Adopt Policy Prohibiting Discrimination based on Sexual Orientation		Against	For		ShrHoldr
	8	Report on Potential Damage of Drilling in Protected Regions		Against	Against		ShrHoldr
	9	Disclose Information Supporting the Company Position on Climate Change		Against	Against		ShrHoldr
	10	Report on Company Policies for Compliance with the Kyoto Protocol		Against	Against		ShrHoldr

04/14/05 - A	Genentech, Inc. *DNA*		368710406			02/14/05	4,950
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Herbert W. Boyer		For
	1.2	Elect Director William M. Burns		Withhold
	1.3	Elect Director Erich Hunziker		Withhold
	1.4	Elect Director Jonathan K.C. Knowles		Withhold
	1.5	Elect Director Arthur D. Levinson		For
	1.6	Elect Director Charles A. Sanders		For
	2	Ratify Auditors		For	For		Mgmt
05/10/05 - A	Gilead Sciences, Inc. *GILD*		375558103			03/22/05	6,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Report on Impact of HIV/AIDS, TB, and Malaria Pandemics		Against	Against		ShrHoldr
05/12/05 - A	GOOGLE INC *GOOG*		38259P508			03/28/05	700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Eric Schmidt		For
	1.2	Elect Director Larry Page		For
	1.3	Elect Director Sergey Brin		For
	1.4	Elect Director L. John Doerr		Withhold
	1.5	Elect Director John L. Hennessy		For
	1.6	Elect Director Arthur D. Levinson		For
	1.7	Elect Director Michael Moritz		For
	1.8	Elect Director Paul S. Otellini		For
	1.9	Elect Director K. Ram Shriram		For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
04/27/05 - S	Guidant Corp. *GDT*		401698105			03/21/05	2,850
	1	Approve Merger Agreement		For	For		Mgmt
04/30/05 - A	Harley-Davidson, Inc. *HDI*		412822108			03/09/05	2,550
	1	Elect Directors		For	For		Mgmt
	2	Approve/Amend Employee Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/21/05 - A	J. B. Hunt Transport Services, Inc. *JBHT*		445658107			01/31/05	2,650
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	Against		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
04/28/05 - A	Johnson & Johnson *JNJ*		478160104			03/01/05	3,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/05 - A	Kohl's Corp. *KSS*		500255104			03/02/05	3,816
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
05/27/05 - A	Lowe's Companies, Inc. *LOW*		548661107			04/01/05	4,650
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

06/07/05 - A	Nabors Industries, Ltd. *NBR*		G6359F103			04/08/05	2,450
		Meeting for Holders of ADR's
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	AMENDMENT TO AMENDED AND RESTATED BYE-LAWS TO REQUIRE SHAREHOLDER APPROVAL OF CERTAIN DISPOSITIONS OF COMPANY S ASSETS.		For	For		Mgmt
	4	AMENDMENT TO 2003 EMPLOYEE STOCK PLAN TO MAKE NONEMPLOYEE DIRECTORS ELIGIBLE PARTICIPANTS.		For	Against		Mgmt
	5	SHAREHOLDER PROPOSAL TO REQUIRE THE COMPANY TO ADOPT A POLICY THAT A SIGNIFICANT AMOUNT OF FUTURE STOCK GRANTS TO SENIOR EXECUTIVES BE PERFORMANCE BASED.		Against	For		ShrHoldr
05/12/05 - A	Pulte Homes Inc. *PHM*		745867101			03/22/05	2,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/12/05 - A	SAP AG		803054204			04/01/05	7,200
		Meeting for Holders of ADR's
	1	RESOLUTION ON THE APPROPRIATION OF THE RETAINED EARNINGS OF THE FISCAL YEAR 2004		For	For		Mgmt
	2	RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE EXECUTIVE BOARD IN THE FISCAL YEAR 2004		For	For		Mgmt
	3	RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE SUPERVISORY BOARD IN THE FISCAL YEAR 2004		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	ELECTION OF MEMBERS OF THE SUPERVISORY BOARD		For	For		Mgmt
	6	RESOLUTION ON THE ADJUSTMENT OF THE AMOUNTS AND FIGURES STATED IN SECTION 4 (1) OF THE ARTICLES OF ASSOCIATION (CAPITAL STOCK)		For	For		Mgmt
	7	RESOLUTION ON THE CANCELLATION OF CONTINGENT CAPITAL IIA AND ON THE DELETION OF SECTION 4 (5) OF THE ARTICLES OF ASSOCIATION		For	For		Mgmt
	8	REDUCTION OF CONTINGENT CAPITAL IIIA AND ADJUSTMENT OF THE AMOUNTS AND FIGURES STATED IN SECTION 4 (7) OF THE ARTICLES		For	For		Mgmt
	9	RESOLUTION ON THE AMENDMENT OF SECTION 1 (1) OF THE ARTICLES OF ASSOCIATION (CORPORATE NAME)		For	For		Mgmt
	10	RESOLUTION ON THE ADJUSTMENT OF THE ARTICLES OF ASSOCIATION TO REFLECT THE PROVISIONS OF THE GERMAN ACT		For	For		Mgmt
	11	CANCELLATION OF AUTHORIZED CAPITAL I AND CREATION OF A NEW AUTHORIZED CAPITAL I		For	For		Mgmt
	12	CANCELLATION OF AUTHORIZED CAPITAL II AND CREATION OF A NEW AUTHORIZED CAPITAL II		For	For		Mgmt
	13	RESOLUTION ON THE AUTHORIZATION TO ACQUIRE AND USE TREASURY SHARES PURSUANT TO THE GERMAN STOCK CORPORATION ACT		For	For		Mgmt
	14	RESOLUTION ON THE AUTHORIZATION TO USE EQUITY DERIVATIVES IN CONNECTION WITH THE ACQUISITION OF TREASURY SHARES		For	For		Mgmt

05/19/05 - A	SLM Corp. *SLM*		78442P106			03/21/05	6,250
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/26/05 - A	Smith International, Inc. *SII*		832110100			03/01/05	2,850
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/11/05 - A	St. Jude Medical, Inc. *STJ*		790849103			03/14/05	9,650
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
04/06/05 - A	The Goldman Sachs Group, Inc. *GS*		38141G104			02/07/05	1,900
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/05 - A	UnitedHealth Group Incorporated *UNH*		91324P102			03/07/05	5,850
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	4	Performance- Based/Indexed Options		Against	Against		ShrHoldr
05/19/05 - A	Yahoo!, Inc. *YHOO*		984332106			03/23/05	4,950
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Terry S. Semel		For
	1.2	Elect Director Jerry Yang		For
	1.3	Elect Director Roy J. Bostock		For
	1.4	Elect Director Ronald W. Burkle		For
	1.5	Elect Director Eric Hippeau		For
	1.6	Elect Director Arthur H. Kern		Withhold
	1.7	Elect Director Robert A. Kotick		Withhold
	1.8	Elect Director Edward R. Kozel		For
	1.9	Elect Director Gary L. Wilson		Withhold
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/02/05 - A	Zimmer Holdings Inc *ZMH*		98956P102			03/15/05	2,750
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr

Vote Summary Report
Jul 01, 2004 - Sep 30, 2004
PIC GROWTH FUND - 1079
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
08/05/04 - A	Xilinx, Inc. *XLNX*		983919101			06/07/04	20,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
08/11/04 - A	Forest Laboratories, Inc. *FRX*		345838106			06/21/04	16,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Howard Solomon		For
	1.2	Elect Director William J. Candee, III		For
	1.3	Elect Director George S. Cohan		For
	1.4	Elect Director Dan L. Goldwasser		For
	1.5	Elect Director Lester B. Salans		For
	1.6	Elect Director Kenneth E. Goodman		For
	1.7	Elect Director Phillip M. Satow		Withhold
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
08/12/04 - A	Polo Ralph Lauren Corp. *RL*		731572103			06/24/04	14,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/17/04 - S	Countrywide Financial Corp. *CFC*		222372104			07/09/04	20,299
	1	Increase Authorized Common Stock		For	For		Mgmt
09/15/04 - A	Symantec Corp. *SYMC*		871503108			07/20/04	2,700
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Outside Director Stock in Lieu of Cash Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
09/17/04 - S	Maxim Integrated Products, Inc. *MXIM*		57772K101			07/21/04	15,700
	1	Amend Omnibus Stock Plan		For	For		Mgmt

Vote Summary Report
Oct 01, 2004 - Dec 31, 2004
PIC GROWTH FUND - 1079
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
10/06/04 - A	Paychex, Inc. *PAYX*		704326107			08/09/04	15,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director B. Thomas Golisano --- For		For
	1.2	Elect Director G. Thomas Clark --- Withhold		Withhold
	1.3	Elect Director David J. S. Flaschen --- For		For
	1.4	Elect Director Phillip Horsley --- For		For
	1.5	Elect Director Grant M. Inman --- For		For
	1.6	Elect Director J. Robert Sebo --- For		For
	1.7	Elect Director Joseph M. Tucci --- For		For
10/27/04 - S	SEI Daily Income Trust		783965668			08/17/04	378,602
	1	Elect Directors		For	For		Mgmt
10/27/04 - S	SEI Daily Income Trust		783965718			08/17/04	378,601
	1	Elect Directors		For	For		Mgmt
11/18/04 - A	Cisco Systems, Inc. *CSCO*		17275R102			09/20/04	19,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Pay Disparity		Against	Against		ShrHoldr
11/18/04 - A	Maxim Integrated Products, Inc. *MXIM*		57772K101			09/27/04	4,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

PIC Small Cap Fund

Vote Summary Report
Jan 01, 2005 - Mar 31, 2005
PIC SMALL CAP FUND - 1238
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
01/20/05 - A	American Healthways, Inc. *AMHC*		02649V104			12/01/04	125,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
03/09/05 - A	Applied Signal Technology, Inc. *APSG*		038237103			01/21/05	42,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/28/05 - A	Argon ST Inc *STSTD*		040149106			01/03/05	40,595
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
01/24/05 - A	BankUnited Financial Corp. *BKUNA*		06652B103			12/03/04	81,986
	1	Elect Directors		For	For		Mgmt
03/02/05 - A	Esterline Technologies Corp. *ESL*		297425100			01/04/05	42,000
	1	Elect Directors		For	For		Mgmt
02/24/05 - A	F5 Networks, Inc. *FFIV*		315616102			12/17/04	63,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
03/01/05 - A	Headwaters Incorporated *HW*		42210P102			01/19/05	85,600
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Kirk A. Benson		For
	1.2	Elect Director Raymond J. Weller		For
	1.3	Elect Director E.J. 'Jake' Garn		For
	1.4	Elect Director Blake O. Fisher, Jr.		For
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Approve Omnibus Stock Plan		For	For		Mgmt
02/22/05 - A	Joy Global, Inc. *JOYG*		481165108			01/05/05	58,900
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Steven L. Gerard		For
	1.2	Elect Director John Nils Hanson		For
	1.3	Elect Director Ken C. Johnsen		For
	1.4	Elect Director James R. Klauser		For
	1.5	Elect Director Richard B. Loynd		For
	1.6	Elect Director P. Eric Siegert		For
	1.7	Elect Director James H. Tate		For
02/23/05 - A	Microsemi Corp. *MSCC*		595137100			01/07/05	152,500
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Dennis R. Leibel		For
	1.2	Elect Director James J. Peterson		For
	1.3	Elect Director Thomas R. Anderson		For
	1.4	Elect Director Harold A. Blomquist		For
	1.5	Elect Director William E. Bendush		For
	1.6	Elect Director William L. Healey		For
	1.7	Elect Director Paul F. Folino		For
	2	Ratify Auditors		For	For		Mgmt
01/04/05 - A	MSC Industrial Direct Co., Inc. *MSM*		553530106			11/26/04	132,000
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Mitchell Jacobson		For
	1.2	Elect Director David Sandler		For
	1.3	Elect Director Charles Boehlke		For
	1.4	Elect Director Roger Fradin		For
	1.5	Elect Director Denis Kelly		For
	1.6	Elect Director Raymond Langton		For
	1.7	Elect Director Philip Peller		For
	2	Amend Restricted Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Other Business		For	Against		Mgmt
03/24/05 - A	Quiksilver, Inc. *ZQK*		74838C106			02/04/05	118,796
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director William M. Barnum, Jr. --- For		For
	1.2	Elect Director Charles E. Crowe		For
	1.3	Elect Director Michael H. Gray		For
	1.4	Elect Director Robert G. Kirby		For
	1.5	Elect Director Bernard Mariette		For
	1.6	Elect Director Robert B. Mcknight, Jr.		For
	1.7	Elect Director Franck Riboud		Withhold
	1.8	Elect Director Tom Roach		For
	2	Amend Incentive Stock Option Plan		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
02/16/05 - A	Universal Technical Institute, Inc. *UTI*		913915104			12/30/04	29,600
	1	Elect Directors		For	For		Mgmt
	1.1	Elect Director Conrad A. Conrad		For
	1.2	Elect Director Kevin P. Knight		For
	1.3	Elect Director Kimberly J. McWaters		For
	1.4	Elect Director Linda J. Srere		For
	2	Ratify Auditors		For	For		Mgmt
02/08/05 - A	Zoll Medical Corp. *ZOLL*		989922109			12/31/04	39,739
	1	Elect Directors		For	For		Mgmt

Vote Summary Report
Apr 01, 2005 - Jun 30, 2005
PIC SMALL CAP FUND - 1238
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
05/27/05 - A	A.S.V., Inc. *ASVI*		001963107			04/07/05	28,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/03/05 - A	Aaron Rents, Inc. *RNT.A*		002535201			03/11/05	116,930
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
06/15/05 - A	Aeropostale, Inc *ARO*		007865108			04/29/05	71,850
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/07/05 - A	Alliance Data Systems Corp. *ADS*		018581108			04/14/05	74,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
05/04/05 - A	Amegy Bancorporation Inc *ABNK*		84476R109			03/25/05	112,008
	1	Elect Directors		For	For		Mgmt
	2	Change Company Name		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt

06/15/05 - A	America Service Group, Inc. *ASGR*		02364L109			04/27/05	88,107
	1	Elect Directors		For	For		Mgmt
06/17/05 - A	American Pharmaceuticals Partners Inc. *APPX*		02886P109			04/25/05	23,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/11/05 - A	AmeriGroup Corp. *AGP*		03073T102			03/28/05	69,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/25/05 - A	Anteon International Corp. *ANT*		03674E108			03/28/05	65,367
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/15/05 - A	Arbinet-Thexchange Inc *ARBX*		03875P100			04/20/05	35,800
	1	Elect Directors		For	For		Mgmt
06/08/05 - A	ATP Oil & Gas Corp. *ATPG*		00208J108			04/15/05	57,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

06/23/05 - A	Avocent Corporation *AVCT*		053893103			04/30/05	59,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
05/11/05 - A	Benchmark Electronics, Inc. *BHE*		08160H101			03/31/05	64,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/22/05 - A	Brocade Communications Systems *BRCDE*		111621108			02/25/05	225,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/14/05 - A	Bucyrus International, Inc. *BUCY*		118759109			03/14/05	25,750
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/12/05 - A	Build-A-Bear Workshop, Inc.		120076104			03/28/05	38,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/13/05 - A	Chattem, Inc. *CHTT*		162456107			02/18/05	49,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt

06/28/05 - A	Cherokee International Corp *CHRK*		164450108			05/10/05	25,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/13/05 - A	Chicago Bridge & Iron Co. *CBI*		167250109			04/06/05	208,800
		Meeting for Holders of ADRs
	1	FIRST POSITION: JENNETT		For	For		Mgmt
	2	FIRST POSITION: BORDAGES		Against	Against		Mgmt
	3	SECOND POSITION: NEALE		For	For		Mgmt
	4	SECOND POSITION: LEVENTRY		Against	Against		Mgmt
	5	THIRD POSITION: WILLIAMS		For	For		Mgmt
	6	THIRD POSITION: BYERS		For	Against		Mgmt
	7	TO AUTHORIZE THE PREPARATION OF THE ANNUAL ACCOUNTS AND THE ANNUAL REPORT IN THE ENGLISH LANGUAGE.		For	For		Mgmt
	8	TO DISCHARGE THE MEMBERS OF THE MANAGEMENT BOARD FROM LIABILITY.		For	For		Mgmt
	9	TO DISCHARGE THE MEMBERS OF THE SUPERVISORY BOARD FROM LIABILITY.		For	For		Mgmt
	10	TO RESOLVE ON THE FINAL DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2005.		For	For		Mgmt
	11	TO APPROVE THE MANAGEMENT BOARD COMPENSATION POLICY.		For	For		Mgmt
	12	TO DETERMINE THE COMPENSATION OF THE SUPERVISORY DIRECTORS WHO ARE NOT EMPLOYEES.		For	For		Mgmt
	13	TO APPROVE THE EXTENSION OF THE AUTHORITY OF THE MANAGEMENT BOARD TO REPURCHASE UP TO 10% OF THE ISSUED SHARE CAPITAL.		For	For		Mgmt
	14	TO APPROVE THE EXTENSION OF THE AUTHORITY OF THE SUPERVISORY BOARD TO ISSUE AND/OR GRANT RIGHTS TO AQUIRE SHARES.		For	For		Mgmt
	15	TO AMEND OUR ARTICLES OF ASSOCIATION TO INCREASE THE AMOUNT OF THE AUTHORIZED SHARE CAPITAL.		For	For		Mgmt
	16	TO APPROVE AN AMENDMENT TO THE CHICAGO BRIDGE & IRON 1999 LONG- TERM INCENTIVE PLAN.		For	For		Mgmt
	17	TO APPROVE AN AMENDMENT TO THE CHICAGO BRIDGE & IRON INCENTIVE COMPENSATION PLAN.		For	For		Mgmt
	18	TO APPOINT OUR INDEPENDENT PUBLIC ACCOUNTANTS FOR THE YEAR ENDING DECEMBER 31, 2005.		For	For		Mgmt
06/17/05 - A	CoStar Group, Inc. *CSGP*		22160N109			04/20/05	61,352
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael R. Klein		For
	1.2	Elect Director Andrew C. Florance		For
	1.3	Elect Director David Bonderman		Withhold
	1.4	Elect Director Warren H. Haber		For
	1.5	Elect Director Josiah O. Low, III		For
	1.6	Elect Director Christopher J. Nassetta		For
	1.7	Elect Director Catherine B. Reynolds		For
	2	Ratify Auditors		For	For		Mgmt
05/06/05 - A	CRA International Inc *CRAI*		159852102			03/07/05	47,050
	1	Elect Directors		For	For		Mgmt
	2	Change Company Name		For	For		Mgmt

05/19/05 - A	Cymer, Inc. *CYMI*		232572107			03/31/05	37,021
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/11/05 - A	Denbury Resources Inc. *DNR*		247916208			03/31/05	35,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Nonqualified Employee Stock Purchase Plan		For	For		Mgmt
06/02/05 - A	Equinix, Inc. *EQIX*		29444U502			04/21/05	94,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/05 - A	Euronet Worldwide Inc. *EEFT*		298736109			03/24/05	72,700
	1	Elect Directors		For	For		Mgmt
05/17/05 - A	FARO Technologies, Inc. *FARO*		311642102			04/18/05	103,600
	1	Elect Directors		For	For		Mgmt
05/19/05 - A	FEI Company *FEIC*		30241L109			03/21/05	37,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt

05/05/05 - A	FileNet Corp. *FILE*		316869106			03/14/05	42,074
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/20/05 - A	FLIR Systems, Inc. *FLIR*		302445101			02/28/05	115,412
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John C. Hart		Withhold
	1.2	Elect Director Angus L. Macdonald		For
	2	Increase Authorized Common Stock		For	For		Mgmt
05/25/05 - A	Fossil, Inc. *FOSL*		349882100			03/28/05	52,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Kenneth W. Anderson		For
	1.2	Elect Director Michael W. Barnes		Withhold
	1.3	Elect Director Andrea Camerana		Withhold
05/19/05 - A	Foundation Coal Hldgs Inc *FCL*		35039W100			03/31/05	56,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/05/05 - A	Gaylord Entertainment Co. *GET*		367905106			03/15/05	62,800
	1	Elect Directors		For	For		Mgmt
05/18/05 - A	Genesee & Wyoming Inc. *GWR*		371559105			03/22/05	61,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

05/19/05 - A	Great Wolf Resorts Inc *WOLF*		391523107			03/30/05	13,200
	1	Elect Directors		For	For		Mgmt
05/05/05 - A	Guitar Center, Inc. *GTRC*		402040109			03/11/05	36,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
06/07/05 - A	HealthExtras, Inc. *HLEX*		422211102			04/28/05	106,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Hexcel Corp. *HXL*		428291108			03/31/05	92,850
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
06/15/05 - A	Hot Topic, Inc. *HOTT*		441339108			04/21/05	73,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Cynthia Cohen		For
	1.2	Elect Director Corrado Federico		For
	1.3	Elect Director W. Scott Hedrick		For
	1.4	Elect Director Kathleen Mason		Withhold
	1.5	Elect Director Elizabeth McLaughlin		For
	1.6	Elect Director Bruce Quinnell		For
	1.7	Elect Director Andrew Schuon		For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt

05/26/05 - A	I-Flow Corporation *IFLO*		449520303			03/31/05	94,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/13/05 - A	InfoCrossing Inc. *IFOX*		45664X109			04/29/05	62,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
05/09/05 - A	InfoSpace Inc. *INSP*		45678T201			03/11/05	33,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/11/05 - A	International Securities Exchange Inc *ISE*		46031W204			03/29/05	5,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/05 - A	Intuitive Surgical Inc *ISRG*		46120E602			04/04/05	44,400
	1	Elect Directors		For	For		Mgmt
06/06/05 - A	IPayment, Inc *IPMT*		46262E105			04/18/05	61,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

06/21/05 - A	KFx Inc. *KFX*		48245L107			04/25/05	125,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/05/05 - A	Life Time Fitness, Inc. *LTM*		53217R207			03/09/05	38,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Marchex, Inc. *MCHX*		56624R108			04/07/05	120,950
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/01/05 - A	Matria Healthcare, Inc. *MATR*		576817209			04/15/05	35,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	5	Increase Authorized Common Stock		For	For		Mgmt
	6	Amend Articles		For	For		Mgmt
05/25/05 - A	Medicines Company (The) *MDCO*		584688105			04/08/05	34,102
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt

05/25/05 - A	Minerals Technologies, Inc. *MTX*		603158106			03/28/05	26,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/05 - A	Motive, Inc. *MOTV*		61980V107			03/25/05	111,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/10/05 - A	National Financial Partners Corp. *NFP*		63607P208			03/16/05	31,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/24/05 - A	National Interstate Corp *NATL*		63654U100			03/28/05	38,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/04/05 - A	Navigant Consulting Inc. *NCI*		63935N107			03/10/05	124,600
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/27/05 - A	NII Holdings, Inc. *NIHD*		62913F201			03/24/05	89,950
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

05/16/05 - A	Old Dominion Freight Line, Inc. *ODFL*		679580100			03/23/05	104,362
	1	Elect Directors		For	For		Mgmt
04/28/05 - A	Olin Corp. *OLN*		680665205			03/03/05	100,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Open Solutions Inc. *OPEN*		68371P102			04/07/05	59,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/06/05 - A	P.F. Chang *PFCB*		69333Y108			03/14/05	19,942
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/24/05 - A	Packeteer, Inc. *PKTR*		695210104			03/31/05	38,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/06/05 - A	Pediatrix Medical Group, Inc. *PDX*		705324101			03/15/05	27,500
	1	Elect Directors		For	For		Mgmt
06/01/05 - A	Penn National Gaming, Inc. *PENN*		707569109			04/08/05	33,900
	1	Elect Directors		For	For		Mgmt

05/24/05 - A	Pixelworks, Inc. *PXLW*		72581M107			03/25/05	118,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/05/05 - A	Plains Exploration & Production Co *PXP*		726505100			03/21/05	43,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/03/05 - A	Power-One, Inc. *PWER*		739308104			03/11/05	165,600
	1	Declassify the Board of Directors		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/05/05 - A	PRIMUS GUARANTY LTD *PRS*		G72457107			03/21/05	54,300
		Meeting for Holders of ADR's
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/08/05 - A	Protein Design Labs, Inc. *PDLI*		74369L103			04/25/05	116,850
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Change Company Name		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Adjourn Meeting		For	Against		Mgmt
05/06/05 - A	Radiation Therapy Services Inc *RTSX*		750323206			03/11/05	62,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/09/05 - A	Rare Hospitality International, Inc. *RARE*		753820109			03/15/05	27,610
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

06/02/05 - A	Red Robin Gourmet Burgers Inc *RRGB*		75689M101			04/18/05	48,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/06/05 - A	Roper Industries, Inc. *ROP*		776696106			04/15/05	30,250
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/24/05 - A	Sierra Health Services, Inc. *SIE*		826322109			04/06/05	31,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/15/05 - A	Silicon Image, Inc. *SIMG*		82705T102			04/25/05	123,100
	1	Elect Director Steve Tirado		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/05 - A	Skyworks Solutions, Inc. *SWKS*		83088M102			03/01/05	93,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/11/05 - A	Southwestern Energy Co. *SWN*		845467109			03/03/05	25,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Approve Increase Bond Indebtedness		For	For		Mgmt
06/28/05 - A	Spanish Broadcasting System, Inc. *SBSA*		846425882			05/16/05	142,763
	1	Elect Directors		For	For		Mgmt
05/26/05 - A	SS&C Technologies, Inc. *SSNC*		85227Q100			04/15/05	109,800
	1	Elect Directors		For	For		Mgmt
05/03/05 - A	Strayer Education, Inc. *STRA*		863236105			03/14/05	25,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
05/25/05 - A	Superior Energy Services, Inc. *SPN*		868157108			03/31/05	122,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Enoch L. Dawkins		Withhold
	1.2	Elect Director James M. Funk		For
	1.3	Elect Director Terence E. Hall		For
	1.4	Elect Director Ernest E. Howard, III		For
	1.5	Elect Director Richard A. Pattarozzi		For
	1.6	Elect Director Justin L. Sullivan		For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

05/26/05 - A	Symyx Technologies, Inc. *SMMX*		87155S108			03/28/05	56,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/13/05 - A	Tekelec *TKLC*		879101103			03/24/05	144,105
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert V. Adams		For
	1.2	Elect Director Jean-Claude Asscher		For
	1.3	Elect Director Daniel L. Brenner		For
	1.4	Elect Director Mark A. Floyd		For
	1.5	Elect Director Martin A. Kaplan		Withhold
	1.6	Elect Director Frederick M. Lax		For
	1.7	Elect Director Jon F. Rager		For
	2	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Tessera Technologies, Inc. *TSRA*		88164L100			04/08/05	56,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
05/17/05 - A	Texas Capital Bancshares Inc *TCBI*		88224Q107			03/28/05	53,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
04/21/05 - A	TIBCO Software, Inc. *TIBX*		88632Q103			02/22/05	271,550
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

05/19/05 - A	Toreador Resources Corp. *TRGL*		891050106			04/04/05	55,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director David M. Brewer		Withhold
	1.2	Elect Director Herbert L. Brewer		Withhold
	1.3	Elect Director Peter L. Falb		For
	1.4	Elect Director G. Thomas Graves III		Withold
	1.5	Elect Director Thomas P. Kellogg, Jr.		For
	1.6	Elect Director William I. Lee		Withhold
	1.7	Elect Director John Mark McLaughlin		For
	1.8	Elect Director H.R. Sanders, Jr.		Withhold
	2	Approve Omnibus Stock Plan		For	For		Mgmt
04/21/05 - A	Tractor Supply Co. *TSCO*		892356106			03/01/05	41,000
	1	Declassify the Board of Directors		For	For		Mgmt
	2	Amend Articles to Remove Directors Without Cause		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Trimble Navigation Ltd. *TRMB*		896239100			03/21/05	99,450
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/19/05 - A	UCBH Holdings, Inc. *UCBH*		90262T308			03/31/05	53,432
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/04/05 - A	Unit Corporation *UNT*		909218109			03/07/05	52,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/03/05 - A	United Surgical Partners International Inc *USPI*		913016309			03/15/05	67,099
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/24/05 - A	Urban Outfitters, Inc. *URBN*		917047102			03/28/05	34,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard A. Hayne		Withhold
	1.2	Elect Director Scott A. Belair		Withhold
	1.3	Elect Director Harry S. Cherken, Jr.		Withhold
	1.4	Elect Director Joel S. Lawson III		For
	1.5	Elect Director Glen T. Senk		Withhold
	1.6	Elect Director Robert H. Strouse		For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt

06/13/05 - A	Uti Worldwide Inc. *UTIW*		G87210103			05/18/05	58,250
		Meeting for Holders of ADR's
	1	Elect Directors		For	For		Mgmt
	2	TO RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS OF THE COMPANY.		For	For		Mgmt
06/06/05 - A	VCA ANTECH INC *WOOF*		918194101			05/06/05	145,846
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/11/05 - A	Ventana Medical Systems, Inc. *VMSI*		92276H106			03/18/05	90,400
	1	Ratify Auditors		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	5	Approve Omnibus Stock Plan		For	For		Mgmt
	6	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
05/11/05 - A	W-H Energy Services, Inc. *WHQ*		92925E108			03/29/05	86,700
	1	Elect Directors		For	For		Mgmt
06/15/05 - A	WELLCARE HEALTH PLANS INC *WCG*		94946T106			04/20/05	53,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/26/05 - A	Westcorp, Inc *WES*		957907108			03/11/05	34,100
	1	Elect Directors		For	For		Mgmt
	2	Change Company Name		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/26/05 - A	Wintrust Financial Corp. *WTFC*		97650W108			04/06/05	44,222
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	Against		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
05/12/05 - A	WRIGHT MED GROUP INC *WMGI*		98235T107			03/21/05	36,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Vote Summary Report
Jul 01, 2004 - Sep 30, 2004
PIC SMALL CAP FUND - 1238
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
07/01/04 - A	Cost Plus, Inc. *CPWM*		221485105			05/07/04	58,942
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
07/08/04 - A	MicroStrategy Inc. *MSTR*		594972408			05/14/04	17,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael J. Saylor		Withhold
	1.2	Elect Director Sanju K. Bansal		Withhold
	1.3	Elect Director David B. Blundin		For
	1.4	Elect Director F. David Fowler		For
	1.5	Elect Director Carl J. Rickertsen		For
	1.6	Elect Director Stuart B. Ross		For
	1.7	Elect Director Ralph S. Terkowitz		For
	2	Ratify Auditors		For	For		Mgmt
07/12/04 - A	VCA ANTECH INC *WOOF*		918194101			05/13/04	69,123
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
07/14/04 - A	Standard Microsystems Corp. *SMSC*		853626109			05/21/04	82,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Stock Option Plan		For	Against		Mgmt
	3	Approve Restricted Stock Plan		For	For		Mgmt
	4	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt

07/21/04 - A	Altiris, Inc *ATRS*		02148M100			06/04/04	113,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
07/26/04 - A	Macromedia, Inc. *MACR*		556100105			06/09/04	196,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert K. Burgess		For
	1.2	Elect Director John (Ian) Giffen		Withhold
	1.3	Elect Director Steven Gomo		For
	1.4	Elect Director William H. Harris, Jr.		For
	1.5	Elect Director Donald L. Lucas		For
	1.6	Elect Director Timothy O'Reilly		For
	1.7	Elect Director William B. Welty		For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
07/27/04 - A	RF Micro Devices, Inc. *RFMD*		749941100			06/04/04	175,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
07/27/04 - A	Santarus, Inc. *SNTS*		802817304			06/15/04	89,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Amend Employee Stock Purchase Plan		For	Against		Mgmt
	4	Ratify Auditors		For	For		Mgmt

07/30/04 - S	Old Dominion Freight Line, Inc. *ODFL*		679580100			06/23/04	111,112
	1	Increase Authorized Common Stock		For	For		Mgmt
08/04/04 - S	ChipPAC, Inc.		169657103			06/16/04	299,142
	1	Approve Merger Agreement		For	For		Mgmt
08/05/04 - A	Taro Pharmaceuticals Industries		M8737E108			06/28/04	42,720
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	APPROVE THE AUDITORS REPORT AND CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR ENDED DECEMBER 31, 2003.		For	For		Mgmt
	4	APPROVE AN AMENDMENT TO THE COMPANY S 1999 STOCK INCENTIVE PLAN AUTHORIZING THE GRANT OF STOCK OPTIONS TO THE COMPANY S INDEPENDENT DIRECTORS.		For	Against		Mgmt
	5	APPROVE THE GRANT OF STOCK OPTIONS TO THE COMPANY S INDEPENDENT DIRECTORS.		For	Against		Mgmt
09/07/04 - A	Sonic Solutions *SNIC*		835460106			07/16/04	68,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt

09/09/04 - A	K-V Pharmaceutical Co. *KV.B*		482740206			07/13/04	76,477
	1	Elect Directors		For	For		Mgmt
09/17/04 - A	Ditech Communications Corp *DITC*		25500M103			07/27/04	87,150
	1	Elect Directors		For	For		Mgmt
	2	Amend Option Plan and Delete the Ability of the Board to Reprice Stock Options		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
09/24/04 - S	UCBH Holdings, Inc. *UCBH*		90262T308			08/31/04	58,732
	1	Amend Stock Option Plan		For	For		Mgmt
09/28/04 - A	Omnivision Technologies, Inc. *OVTI*		682128103			08/27/04	61,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Vote Summary Report
Oct 01, 2004 - Dec 31, 2004
PIC SMALL CAP FUND - 1238
Mtg	Company/			Mgmt	Vote	Record		Shares
Date/Type	Ballot Issues		Security	Rec	Cast	Date	Prpnent	Voted
10/04/04 - A	Oxford Industries, Inc. *OXM*		691497309			08/16/04	24,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Employee Stock Purchase Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
10/15/04 - A	Resources Connection, Inc. *RECN*		76122Q105			08/25/04	71,904
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
10/19/04 - A	Abaxis, Inc. *ABAX*		002567105			08/30/04	84,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Stock Option Plan		For	Against		Mgmt
10/22/04 - S	Anteon International Corp. *ANT*		03674E108			09/09/04	76,667
	1	Approve Employee Stock Purchase Plan		For	For		Mgmt
10/25/04 - A	Carpenter Technology Corp. *CRS*		144285103			08/27/04	10,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
10/27/04 - A	Digene Corp. *DIGE*		253752109			09/10/04	60,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
10/27/04 - S	SEI Daily Income Trust		783965668			08/17/04	7,446,722
	1	Elect Directors		For	For		Mgmt

10/27/04 - S	SEI Daily Income Trust		783965718			08/17/04	7,430,582
	1	Elect Directors		For	For		Mgmt
10/29/04 - A	SRA International, Inc. *SRX*		78464R105			09/17/04	56,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
11/10/04 - A	Aeroflex, Inc. *ARXX*		007768104			10/01/04	144,100
	1	Elect Directors		For	For		Mgmt
11/10/04 - A	Hyperion Solutions Corp. *HYSL*		44914M104			09/12/04	24,375
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
11/10/04 - A	Immucor, Inc. *BLUD*		452526106			09/29/04	77,942
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Other Business		For	Against		Mgmt
11/10/04 - S	Macromedia, Inc. *MACR*		556100105			10/04/04	124,400
	1	Amend Omnibus Stock Plan		For	For		Mgmt
11/17/04 - A	Medicis Pharmaceutical Corp. *MRX*		584690309			10/08/04	51,218
	1	Elect Directors		For	For		Mgmt
	2	Approve Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

11/18/04 - A	Emulex Corp. *ELX*		292475209			10/01/04	84,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Fred B. Cox		For
	1.2	Elect Director Michael P. Downey		For
	1.3	Elect Director Bruce C. Edwards		Withhold
	1.4	Elect Director Paul F. Folino		For
	1.5	Elect Director Robert H. Goon		For
	1.6	Elect Director Don M. Lyle		Withhold
	2	Approve Option Exchange Program		For	Against		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	5	Amend Employee Stock Purchase Plan		For	For		Mgmt
	6	Ratify Auditors		For	For		Mgmt
11/23/04 - A	Education Management Corp. *EDMC*		28139T101			09/30/04	47,834
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
12/01/04 - A	CACI International, Inc. *CAI*		127190304			10/04/04	60,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Adjourn Meeting		For	Against		Mgmt
12/01/04 - A	United Natural Foods, Inc. *UNFI*		911163103			10/04/04	125,350
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
12/09/04 - A	WMS Industries Inc. *WMS*		929297109			10/20/04	100,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
12/13/04 - A	American Pharmaceuticals Partners Inc. *APPX*		02886P109			10/25/04	53,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
12/21/04 - A	Delta Petroleum Corp. *DPTR*		247907207			11/17/04	71,700
	1	Elect Director Aleron H. Larson, Jr.		For	For		Mgmt
	2	Elect Director Roger A. Parker		For	For		Mgmt
	3	Elect Director Jerrie F. Eckelberger		For	For		Mgmt
	4	Elect Director James B. Wallace		For	For		Mgmt
	5	Elect Director Joseph L. Castle II		For	For		Mgmt
	6	Elect Director Russell S. Lewis		For	For		Mgmt
	7	Elect Director John P. Keller		For	For		Mgmt
	8	Elect Director Jordan R. Smith		For	For		Mgmt
	9	Elect Director Neal A. Stanley		For	For		Mgmt
	10	Approve Omnibus Stock Plan		For	For		Mgmt
	11	Ratify Auditors		For	For		Mgmt

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) Advisor Series Trust                                                 

By (Signature and Title)* /s/ Douglas G. Hess                            

Douglas G. Hess, Treasurer

Principal Executive Officer

Date  8/15/2005                                                                                    

* Print the name and title of each signing officer under his or her signature.