Forward Funds N-PX Annual report of proxy voting record

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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 811-6722

Forward Funds

Exact name of registrant as specified in charter)

1703 Oregon Pike, Suite 101, Lancaster, PA 17605

(Address of principal executive offices)   (Zip code)

Citco Mutual Fund Services, 83 General Warren Blvd., Suite 200, Malvern, PA 19355

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-232-0224

Date of fiscal year end: 06/30/2005

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

Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant’s proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

SEC2451(4-03) Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

ITEM 1. PROXY VOTING RECORD:

COST PLUS, INC.			CPWM	Annual Meeting Date: 07/01/2004
Issuer: 221485105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MURRAY H. DASHE	Management	For	For
		JOESPH H. COULOMBE	Management	For	For
		BARRY J. FELD	Management	For	For
		DANNY W. GURR	Management	For	For
		KIM D. ROBBINS	Management	For	For
		FREDRIC M. ROBERTS	Management	For	For
		THOMAS D. WILLARDSON	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	18,200	18,200	06/02/2004

FLORIDA BANKS, INC.			FLBK	Special Meeting Date: 07/12/2004
Issuer: 340560101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	36,200	36,200	06/16/2004

SEACHANGE INTERNATIONAL, INC.			SEAC	Annual Meeting Date: 07/14/2004
Issuer: 811699107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MARTIN R. HOFFMANN	Management	For	For
		THOMAS F. OLSON	Management	For	For
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	107	98,706	98,706	06/16/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	107	7,300	7,300	06/16/2004

CARDIODYNAMICS INTERNATIONAL CORPORA			CDIC	Annual Meeting Date: 07/15/2004
Issuer: 141597104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		CONNIE R. CURRAN	Management	For	For
		PETER C. FARRELL	Management	For	For
		JAMES C. GILSTRAP	Management	For	For
		RICHARD O. MARTIN	Management	For	For
		RONALD A. MATRICARIA	Management	For	For
		RONALD L. MERRIMAN	Management	For	For
		MICHAEL K. PERRY	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	104	74,700	74,700	06/18/2004

LEGG MASON, INC.			LM	Annual Meeting Date: 07/20/2004
Issuer: 524901105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		HAROLD L. ADAMS	Management	For	For
		JAMES W. BRINKLEY	Management	For	For
		RAYMOND A. MASON	Management	For	For
		MARGARET M. RICHARDSON	Management	For	For
		KURT L. SCHMOKE	Management	For	For
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
03	AMEND NON-EMPLOYEE DIRECTOR PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	20,000	20,000	06/28/2004

SOFTBRANDS, INC.			SFBD	Annual Meeting Date: 07/28/2004
Issuer: 83402A107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		DAVID SAMUEL	Management	For	For
		JEFFREY VORHOLT	Management	For	For
02	AUTHORIZE STOCK INCREASE		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	107	1,249	1,249	06/28/2004

AMKOR TECHNOLOGY, INC.			AMKR	Annual Meeting Date: 07/29/2004
Issuer: 031652100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	138,705	0
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	100	9,200	0

AIRGAS, INC.			ARG	Annual Meeting Date: 08/04/2004
Issuer: 009363102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		W. THACHER BROWN	Management	For	For
		PETER MCCAUSLAND	Management	For	For
		RICHARD C. ILL	Management	For	For
02	AMEND DIRECTOR STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	94,200	94,200	07/12/2004

CHIPPAC, INC.			CHPC	Special Meeting Date: 08/04/2004
Issuer: 169657103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	103	5,228	5,228	07/16/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	103	400	400	07/16/2004

NICHOLAS FINANCIAL, INC.			NICK	Annual Meeting Date: 08/11/2004
Issuer: 65373J209		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		PERCY LUNEY	Management	For	For
		SCOTT FINK	Management	For	For
		PETER VOSOTAS	Management	For	For
		RALPH FINKENBRINK	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	209	95,500	95,500	07/28/2004

GLOBAL IMAGING SYSTEMS, INC.			GISX	Annual Meeting Date: 08/16/2004
Issuer: 37934A100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		THOMAS S. JOHNSON	Management	For	For
		RAYMOND SCHILLING	Management	For	For
		R. ERIC MCCARTHEY	Management	For	For
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
03	APPROVE AUTHORIZED COMMON & PREFERRED STOCK INCREASE		Management	Against	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	36,100	36,100	08/03/2004

WILSHIRE STATE BANK			WSBK	Annual Meeting Date: 08/25/2004
Issuer: 97200A101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	ELECTION OF DIRECTORS		Management	For	For
		STEVEN KOH	Management	For	For
		SOO BONG MIN	Management	For	For
		MEL ELLIOT	Management	For	For
		LARRY GREENFIELD, MD	Management	For	For
		GAPSU KIM	Management	For	For
		KYU-HYUN KIM	Management	For	For
		RICHARD LIM	Management	For	For
		FRED MAUTNER	Management	For	For
		YOUNG HI PAK	Management	For	For
		HARRY SIAFARIS	Management	For	For
		FORREST STICHMAN	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	142,380	142,380	08/09/2004

CLASSIC BANCSHARES, INC.			CLAS	Annual Meeting Date: 08/26/2004
Issuer: 18272M104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
I	ELECTION OF DIRECTORS		Management	For	For
		C. CYRUS REYNOLDS	Management	For	For
		DAVID B. BARBOUR	Management	For	For
		JEFFREY P. LOPEZ, M.D.	Management	For	For
II	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	22,430	22,430	08/13/2004

MAGMA DESIGN AUTOMATION, INC.			LAVA	Annual Meeting Date: 08/31/2004
Issuer: 559181102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		RAJEEV MADHAVAN	Management	For	For
		KEVIN C. EICHLER	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	45,701	45,701	08/03/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	102	1,700	1,700	08/03/2004

FIRST NATL BANKSHARES OF FLORIDA INC			FLB	Special Meeting Date: 09/01/2004
Issuer: 321100109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	52,874	52,874	07/28/2004

K-V PHARMACEUTICAL COMPANY			KVA	Annual Meeting Date: 09/09/2004
Issuer: 482740206		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	206	61,686	0

SUN BANCORP, INC.			SUBI	Special Meeting Date: 09/09/2004
Issuer: 866634108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	22,060	22,060	08/18/2004

VIASAT, INC.			VSAT	Annual Meeting Date: 09/09/2004
Issuer: 92552V100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		B. ALLEN LAY	Management	For	For
		DR. JEFFREY M. NASH	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	10,835	10,835	08/27/2004

CB BANCSHARES, INC.			CBBI	Special Meeting Date: 09/13/2004
Issuer: 124785106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	106	14,040	14,040	08/18/2004

CENTRAL PACIFIC FINANCIAL CORP.			CPF	Special Meeting Date: 09/13/2004
Issuer: 154760102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
04	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	56,200	56,200	08/18/2004

DIAMONDCLUSTER INTERNATIONAL, INC.			DTPI	Annual Meeting Date: 09/14/2004
Issuer: 25278P106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MELVYN E. BERGSTEIN	Management	For	For
		MARK L. GORDON	Management	For	For
		PAULINE A. SCHNEIDER	Management	For	For
		JOHN J. SVIOKLA	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	164,400	164,400	08/18/2004

LIONS GATE ENTERTAINMENT CORP.			LGF	Annual Meeting Date: 09/14/2004
Issuer: 535919203		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MICHAEL BURNS	Management	For	For
		DREW CRAIG	Management	For	For
		ARTHUR EVRENSEL	Management	For	For
		JON FELTHEIMER	Management	For	For
		MORLEY KOFFMAN	Management	For	For
		ANDRE LINK	Management	For	For
		HARALD LUDWIG	Management	For	For
		G. SCOTT PATERSON	Management	For	For
		DARYL SIMM	Management	For	For
		HARRY SLOAN	Management	For	For
		BRIAN V. TOBIN	Management	For	For
02	APPROVE CHARTER AMENDMENT		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
04	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	203	82,300	82,300	08/27/2004

OPNET TECHNOLOGIES, INC.			OPNT	Annual Meeting Date: 09/14/2004
Issuer: 683757108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		RONALD W. KAISER	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	68,118	68,118	08/20/2004

TEXAS UNITED BANCSHARES, INC.			TXUI	Special Meeting Date: 09/14/2004
Issuer: 882838105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
04	AMEND ARTICLES/BYLAW/CHARTER-ORGANIZATION RELATED		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	23,800	23,800	08/27/2004

LEESPORT FINANCIAL CORP.			FLPB	Special Meeting Date: 09/15/2004
Issuer: 524477106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
03	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	106	41,445	41,445	08/20/2004

ENVIRONMENTAL TECTONICS CORPORATION			ETC	Annual Meeting Date: 09/20/2004
Issuer: 294092101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		GEORGE K. ANDERSON M.D.	Management	For	For
		HOWARD W. KELLEY	Management	For	For
		H.F. LENFEST	Management	For	For
		WILLIAM F. MITCHELL	Management	For	For
		PETE L. STEPHENS, M.D.	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	188,000	188,000	08/27/2004

CITADEL SECURITY SOFTWARE INC.			CDSS	Annual Meeting Date: 09/21/2004
Issuer: 17288Q109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		CHRIS A. ECONOMOU*	Management	For	For
		JOE M. ALLBAUGH**	Management	For	For
		STEVEN B. SOLOMON***	Management	For	For
		MAJ GEN JACK LEIDE***	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	For
	SHARES
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	73,890	73,890	08/27/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	109	6,000	6,000	08/27/2004

RED HAT, INC.			RHAT	Annual Meeting Date: 09/21/2004
Issuer: 756577102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		GEN. H. HUGH SHELTON	Management	For	For
		EUGENE J. MCDONALD	Management	For	For
		MATTHEW J. SZULIK	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	102	2,700	2,700	08/27/2004

ALKERMES, INC.			ALKS	Annual Meeting Date: 09/23/2004
Issuer: 01642T108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		FLOYD E. BLOOM	Management	For	For
		ROBERT A. BREYER	Management	For	For
		GERRI HENWOOD	Management	For	For
		PAUL J. MITCHELL	Management	For	For
		RICHARD F. POPS	Management	For	For
		ALEXANDER RICH	Management	For	For
		PAUL SCHIMMEL	Management	For	For
		MARK B. SKALETSKY	Management	For	For
		MICHAEL A. WALL	Management	For	For
02	AMEND STOCK OPTION PLAN TO INCREASE SHARES		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	44,900	44,900	08/27/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	108	2,700	2,700	08/27/2004

NU HORIZONS ELECTRONICS CORP.			NUHC	Annual Meeting Date: 09/23/2004
Issuer: 669908105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		DOMINIC POLIMENI*	Management	For	For
		RICHARD S. SCHUSTER*	Management	For	For
		MARTIN N. NOVICK**	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	53,199	53,199	08/27/2004

ANSOFT CORPORATION			ANST	Annual Meeting Date: 10/07/2004
Issuer: 036384105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		NICHOLAS CSENDES	Management	For	For
		ZOLTAN J. CENDES, PH.D.	Management	For	For
		PAUL J. QUAST	Management	For	For
		PETER ROBBINS	Management	For	For
		JOHN N. WHELIHAN	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	41,222	41,222	09/15/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	105	6,300	6,300	09/15/2004

ABAXIS, INC.			ABAX	Annual Meeting Date: 10/19/2004
Issuer: 002567105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		CLINTON H. SEVERSON	Management	For	For
		RICHARD J. BASTIANI PHD	Management	For	For
		ERNEST S. TUCKER, M.D.	Management	For	For
		PRITHIPAL SINGH, PH.D.	Management	For	For
		BRENTON G.A. HANLON	Management	For	For
		HENK J. EVENHUIS	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	AMEND STOCK OPTION PLAN TO INCREASE SHARES		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	33,000	33,000	09/20/2004

FIRST FEDERAL CAPITAL CORP			FTFC	Special Meeting Date: 10/20/2004
Issuer: 319960100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	100	43,100	43,100	09/29/2004

APPLIED FILMS CORPORATION			AFCO	Annual Meeting Date: 10/21/2004
Issuer: 038197109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ALLEN H. ALLEY*	Management	For	For
		GERALD J. LABER*	Management	For	For
		JOHN S. CHAPIN**	Management	For	For
		DANIEL C. MOLHOEK**	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	26,759	26,759	10/04/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	109	1,200	1,200	10/04/2004

CHESTER VALLEY BANCORP INC.			CVAL	Annual Meeting Date: 10/25/2004
Issuer: 166335109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		DONNA M. COUGHEY	Management	For	For
		JOHN J. CUNNINGHAM, III	Management	For	For
		WILLIAM M. WRIGHT	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	132,325	132,325	09/29/2004

24/7 REAL MEDIA, INC.			TFSM	Annual Meeting Date: 10/26/2004
Issuer: 901314203		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MR. ARNIE SEMSKY	Management	For	For
		MR. TONY SCHMITZ	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	For
	SHARES
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
04	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	203	131,300	131,300	10/05/2004

KENNAMETAL INC.			KMT	Annual Meeting Date: 10/26/2004
Issuer: 489170100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
I	ELECTION OF DIRECTORS		Management	For	For
		A. PETER HELD	Management	For	For
		LARRY D. YOST	Management	For	For
II	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
III	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	32,000	32,000	10/04/2004

TTM TECHNOLOGIES, INC.			TTMI	Annual Meeting Date: 10/29/2004
Issuer: 87305R109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JAMES K. BASS	Management	For	For
		THOMAS T. EDMAN	Management	For	For
		ROBERT E. KLATELL	Management	For	For
02	AMEND STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	136,000	136,000	10/06/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	109	6,100	6,100	10/06/2004

CREE, INC.			CREE	Annual Meeting Date: 11/04/2004
Issuer: 225447101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		F. NEAL HUNTER	Management	For	For
		CHARLES M. SWOBODA	Management	For	For
		JOHN W. PALMOUR, PH.D.	Management	For	For
		DOLPH W. VON ARX	Management	For	For
		JAMES E. DYKES	Management	For	For
		ROBERT J. POTTER, PH.D.	Management	For	For
		HARVEY A. WAGNER	Management	For	For
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	101	1,700	1,700	10/11/2004

M-SYSTEMS FLASH DISK PIONEERS LTD.			FLSH	Annual Meeting Date: 11/04/2004
Issuer: M7061C100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MR. DOV MORAN	Management	For	For
		MR. ARYEH MERGI	Management	For	For
		MR. YOSSI BEN SHALOM	Management	For	For
		MS. DANA GROSS	Management	For	For
		DR. HANS WAGNER	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	APPROVE OPTION GRANTS TO OFFICERS/DIRECTORS		Management	For	For
04	AMEND STOCK OPTION PLAN TO INCREASE SHARES		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	21,400	21,400	10/21/2004

HANSEN NATURAL CORPORATION			HANS	Annual Meeting Date: 11/05/2004
Issuer: 411310105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		RODNEY C. SACKS	Management	For	For
		HILTON H. SCHLOSBERG	Management	For	For
		BENJAMIN M. POLK	Management	For	For
		NORMAN C. EPSTEIN	Management	For	For
		HAROLD C. TABER, JR.	Management	For	For
		MARK S. VIDERGAUZ	Management	For	For
		SYDNEY SELATI	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	6,000	6,000	10/12/2004

II-VI INCORPORATED			IIVI	Annual Meeting Date: 11/05/2004
Issuer: 902104108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		PETER W. SOGNEFEST	Management	For	For
		FRANCIS J. KRAMER	Management	For	For
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	57,800	57,800	10/08/2004
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	108	2,400	2,400	10/08/2004

JLG INDUSTRIES, INC.			JLG	Annual Meeting Date: 11/18/2004
Issuer: 466210101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		R.V. ARMES	Management	For	For
		W.M. LASKY	Management	For	For
		J.A. MEZERA	Management	For	For
		D.L. PUGH	Management	For	For
		S. RABINOWITZ	Management	For	For
		R.C. STARK	Management	For	For
		T.C. WAJNERT	Management	For	For
		C.O. WOOD, III	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	61,002	61,002	10/26/2004

RESMED INC			RMD	Annual Meeting Date: 11/18/2004
Issuer: 761152107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MICHAEL A. QUINN	Management	For	For
		CHRISTOPHER BARTLETT	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	107	28,900	28,900	11/01/2004

CELADON GROUP, INC.			CLDN	Annual Meeting Date: 11/19/2004
Issuer: 150838100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		STEPHEN RUSSELL	Management	For	For
		PAUL A. BIDDELMAN	Management	For	For
		MICHAEL MILLER	Management	For	For
		ANTHONY HEYWORTH	Management	For	For
		JOHN KINES	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	22,634	22,634	10/26/2004

MICROS SYSTEMS, INC.			MCRS	Annual Meeting Date: 11/19/2004
Issuer: 594901100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management
03	AMEND STOCK OPTION PLAN		Management
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	45,372	0
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	100	3,100	0

EDUCATION MANAGEMENT CORPORATION			EDMC	Annual Meeting Date: 11/23/2004
Issuer: 28139T101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MICHAEL J. EMMI	Management	For	For
		MARTIN L. GARCIA	Management	For	For
		JERRY L. JOHNSON	Management	For	For
		MIRYAM L. KNUTSON	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	17,902	17,902	10/26/2004

SILICON GRAPHICS, INC.			SGI	Annual Meeting Date: 12/08/2004
Issuer: 827056102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ROBERT R. BISHOP	Management	For	For
		DR. ROBERT M. WHITE	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	102	30,400	30,400	11/08/2004

1-800-FLOWERS.COM, INC.			FLWS	Annual Meeting Date: 12/10/2004
Issuer: 68243Q106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JOHN J. CONEFRY, JR.	Management	For	For
		LEONARD J. ELMORE	Management	For	For
		MARY LOU QUINLAN	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	105,835	105,835	11/22/2004

THERMOGENESIS CORP.			KOOL	Annual Meeting Date: 12/13/2004
Issuer: 883623209		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		PHILIP H. COELHO	Management	For	For
		PATRICK MCENANY	Management	For	For
		HUBERT E. HUCKEL, M.D.	Management	For	For
		GEORGE J. BARRY	Management	For	For
		KEVIN SIMPSON	Management	For	For
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
03	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	209	118,000	118,000	11/17/2004

BIOENVISION, INC.			BIVN	Annual Meeting Date: 12/17/2004
Issuer: 09059N100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	For
	SHARES
02	ELECTION OF DIRECTORS		Management	For	For
		CHRISTOPHER B. WOOD, MD	Management	For	For
		MICHAEL KAUFFMAN, M.D.	Management	For	For
		THOMAS SCOTT NELSON, CA	Management	For	For
		STEVEN A. ELMS	Management	For	For
		ANDREW SCHIFF, M.D.	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	53,200	53,200	11/17/2004

SONIC CORP.			SONC	Annual Meeting Date: 01/20/2005
Issuer: 835451105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		LEONARD LIEBERMAN	Management	For	For
		H.E. (GENE) RAINBOLT	Management	For	For
02	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	32,950	32,950	01/04/2005

PENN-AMERICA GROUP, INC.			PNG	Special Meeting Date: 01/24/2005
Issuer: 707247102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	47,080	47,080	01/04/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	73,500	73,500	01/04/2005

ESCO TECHNOLOGIES INC.			ESE	Annual Meeting Date: 02/03/2005
Issuer: 296315104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		W.S. ANTLE III	Management	For	For
		L.W. SOLLEY	Management	For	For
		J.D. WOODS	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	104	25,800	25,800	01/04/2005

MARINEMAX, INC.			HZO	Annual Meeting Date: 02/03/2005
Issuer: 567908108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ROBERT D. BASHAM	Management	For	For
		MICHAEL H. MCLAMB	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
03	AMEND STOCK PURCHASE PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	5,500	5,500	01/14/2005

KEITHLEY INSTRUMENTS, INC.			KEI	Annual Meeting Date: 02/12/2005
Issuer: 487584104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JOSEPH P. KEITHLEY	Management	For	For
		BRIAN R. BACHMAN	Management	For	For
		JAMES T. BARTLETT*	Management	For	For
		JAMES B. GRISWOLD	Management	For	For
		LEON J. HENDRIX, JR.*	Management	For	For
		DR. N. MOHAN REDDY	Management	For	For
		BARBARA V. SCHERER	Management	For	For
		R. ELTON WHITE	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	104	43,000	43,000	01/13/2005

SEMITOOL, INC.			SMTL	Annual Meeting Date: 02/16/2005
Issuer: 816909105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		RAYMON F. THOMPSON	Management	For	For
		HOWARD E. BATEMAN	Management	For	For
		DONALD P. BAUMANN	Management	For	For
		C. RICHARD DEININGER	Management	For	For
		TIMOTHY C. DODKIN	Management	For	For
		DANIEL J. EIGEMAN	Management	For	For
		CHARLES P. GRENIER	Management	For	For
		STEVEN C. STAHLBERG	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	111,648	111,648	02/08/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	105	8,800	8,800	02/08/2005

BROOKS AUTOMATION, INC.			BRKS	Annual Meeting Date: 02/17/2005
Issuer: 114340102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ROBERT J. THERRIEN	Management	For	For
		ROGER D. EMERICK	Management	For	For
		AMIN J. KHOURY	Management	For	For
		JOSEPH R. MARTIN	Management	For	For
		EDWARD C. GRADY	Management	For	For
		A. CLINTON ALLEN	Management	For	For
		JOHN K. MCGILLICUDDY	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	52,300	52,300	01/27/2005

PROSPERITY BANCSHARES, INC.			PRSP	Special Meeting Date: 02/23/2005
Issuer: 743606105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE REORGANIZATION PLAN		Management	For	For
02	ADOPT STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	28,600	28,600	02/02/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	166,449	166,449	02/02/2005

VARIAN SEMICONDUCTOR EQUIP. ASSOC.,			VSEA	Annual Meeting Date: 02/24/2005
Issuer: 922207105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		RICHARD A. AURELIO	Management	For	For
		ELIZABETH E. TALLETT	Management	For	For
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	Against	Against
03	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
04	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
05	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
06	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	18,600	18,600	02/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	105	1,900	1,900	02/02/2005

VIRAGE LOGIC CORPORATION			VIRL	Annual Meeting Date: 03/01/2005
Issuer: 92763R104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ALEXANDER SHUBAT	Management	For	For
		MICHAEL STARK	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
03	AMEND STOCK PURCHASE PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	104	63,000	63,000	02/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	104	8,900	8,900	02/02/2005

URSTADT BIDDLE PROPERTIES INC.			UBA	Annual Meeting Date: 03/09/2005
Issuer: 917286205		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		CHARLES D. URSTADT	Management	For	For
		PETER HERRICK	Management	For	For
		GEORGE J. VOJTA	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	205	50,000	50,000	02/15/2005

MARTEK BIOSCIENCES CORPORATION			MATK	Annual Meeting Date: 03/17/2005
Issuer: 572901106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		HENRY LINSERT, JR.	Management	For	For
		SANDRA PANEM	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	41,400	41,400	02/17/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	106	1,600	1,600	02/17/2005

CREDENCE SYSTEMS CORPORATION			CMOS	Annual Meeting Date: 03/23/2005
Issuer: 225302108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ASHOK BELANI*	Management	For	For
		GRAHAM J. SIDDALL*	Management	For	For
		JON D. TOMPKINS*	Management	For	For
		LORI HOLLAND*	Management	For	For
		DIPANJAN DEB**	Management	For	For
		DAVID A. RANHOFF***	Management	For	For
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	43,600	43,600	03/18/2005

HARLEYSVILLE NATIONAL CORPORATION			HNBC	Annual Meeting Date: 04/12/2005
Issuer: 412850109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		GREGG J. WAGNER	Management	Withheld	Against
		JAMES A. WIMMER	Management	Withheld	Against
		WILLIAM M. YOCUM	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	20,740	20,740	03/21/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	145,647	145,647	03/21/2005

LAKELAND FINANCIAL CORPORATION			LKFN	Annual Meeting Date: 04/12/2005
Issuer: 511656100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ROBERT E. BARTELS, JR.	Management	For	For
		MICHAEL L. KUBACKI	Management	For	For
		STEVEN D. ROSS	Management	For	For
		M. SCOTT WELCH	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	100	60,800	60,800	03/24/2005

OAK HILL FINANCIAL, INC.			OAKF	Annual Meeting Date: 04/12/2005
Issuer: 671337103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		R.E. COFFMAN, JR.	Management	Withheld	Against
		JOHN D. KIDD	Management	Withheld	Against
		D. BRUE KNOX	Management	Withheld	Against
		NEIL S. STRAWSER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	210,300	210,300	03/30/2005

FULTON FINANCIAL CORPORATION			FULT	Annual Meeting Date: 04/13/2005
Issuer: 360271100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		THOMAS W. HUNT*	Management	Withheld	Against
		PATRICK J. FREER**	Management	Withheld	Against
		CAROLYN R. HOLLERAN**	Management	Withheld	Against
		DONALD W. LESHER JR**	Management	Withheld	Against
		ABRAHAM S. OPATUT**	Management	Withheld	Against
		MARY ANN RUSSELL**	Management	Withheld	Against
		GARY A. STEWART**	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	100	20,795	20,795	03/21/2005

S&T BANCORP, INC.			STBA	Annual Meeting Date: 04/18/2005
Issuer: 783859101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		TODD D. BRICE	Management	Withheld	Against
		WILLIAM J. GATTI	Management	Withheld	Against
		RUTH M. GRANT	Management	Withheld	Against
		SAMUEL LEVY	Management	Withheld	Against
		CHARLES A. SPADAFORA	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	38,491	38,491	03/30/2005

BANK OF THE OZARKS, INC.			OZRK	Annual Meeting Date: 04/19/2005
Issuer: 063904106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		GEORGE GLEASON	Management	For	For
		MARK ROSS	Management	For	For
		JEAN AREHART	Management	For	For
		STEVEN ARNOLD	Management	For	For
		RICHARD CISNE	Management	For	For
		ROBERT EAST	Management	For	For
		LINDA GLEASON	Management	For	For
		PORTER HILLARD	Management	For	For
		HENRY MARIANI	Management	For	For
		JAMES MATTHEWS	Management	For	For
		JOHN MILLS	Management	For	For
		R.L. QUALLS	Management	For	For
		KENNITH SMITH	Management	For	For
		ROBERT TREVINO	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	106	121,740	121,740	03/24/2005

CAPITAL CROSSING BANK			CAPX	Annual Meeting Date: 04/19/2005
Issuer: 140071101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		GEORGIA MURRAY	Management	Withheld	Against
		ALAN R. STONE	Management	Withheld	Against
02	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	132,400	132,400	03/30/2005

ECB BANCORP, INC.			ECBE	Annual Meeting Date: 04/19/2005
Issuer: 268253101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		J. BRYANT KITTRELL III	Management	Withheld	Against
		B. MARTELLE MARSHALL	Management	Withheld	Against
		R.S. SPENCER, JR.	Management	Withheld	Against
		MICHAEL D. WEEKS	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	27,000	27,000	04/08/2005

PINNACLE FINANCIAL PARTNERS, INC.			PNFP	Annual Meeting Date: 04/19/2005
Issuer: 72346Q104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JOHN E. MAUPIN, JR. DDS	Management	Withheld	Against
		ROBERT A. MCCABE, JR.	Management	Withheld	Against
		LINDA E. REBROVICK	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	102,500	102,500	03/21/2005

PROSPERITY BANCSHARES, INC.			PRSP	Annual Meeting Date: 04/19/2005
Issuer: 743606105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WILLIAM H. FAGAN, MD*	Management	Withheld	Against
		D. MICHAEL HUNTER*	Management	Withheld	Against
		PERRY MUELLER, JR, DDS*	Management	Withheld	Against
		HARRISON STAFFORD II*	Management	Withheld	Against
		S. REED MORIAN**	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	44,900	44,900	03/30/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	184,045	184,045	03/30/2005

SUMMIT BANCSHARES, INC.			SBIT	Annual Meeting Date: 04/19/2005
Issuer: 866011109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ROBERT P. EVANS	Management	For	For
		ELLIOTT S. GARSEK	Management	For	For
		RONALD J. GOLDMAN	Management	For	For
		F.S. GUNN	Management	For	For
		ROBERT L. HERCHERT	Management	For	For
		JAY J. LESOK	Management	For	For
		WILLIAM W. MEADOWS	Management	For	For
		JAMES L. MURRAY	Management	For	For
		PHILIP E. NORWOOD	Management	For	For
		BYRON B. SEARCY	Management	For	For
		RODERICK D. STEPP	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	77,600	77,600	04/08/2005

THE SOUTH FINANCIAL GROUP, INC.			TSFG	Annual Meeting Date: 04/19/2005
Issuer: 837841105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		J.W. DAVIS	Management	Withheld	Against
		EDWARD J. SEBASTIAN	Management	Withheld	Against
		JON W. PRITCHETT	Management	Withheld	Against
		JOHN C.B. SMITH, JR.	Management	Withheld	Against
		CHARLES B. SCHOOLER	Management	Withheld	Against
		MACK I. WHITTLE, JR.	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	17,442	17,442	03/30/2005

UNION BANKSHARES CORPORATION			UBSH	Annual Meeting Date: 04/19/2005
Issuer: 905399101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		G. WILLIAM BEALE*	Management	For	For
		PATRICK J. MCCANN*	Management	For	For
		HULLIHEN W. MOORE*	Management	For	For
		DOUGLAS E. CATON**	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	104,137	104,137	03/24/2005

VIRGINIA FINANCIAL GROUP, INC.			VFGI	Annual Meeting Date: 04/19/2005
Issuer: 927810101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		E. PAGE BUTLER	Management	Withheld	Against
		GREGORY L. FISHER	Management	Withheld	Against
		CHRISTOPHER M. HALLBERG	Management	Withheld	Against
		MARTIN F. LIGHTSEY	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	59,300	59,300	03/30/2005

FLIR SYSTEMS, INC.			FLIR	Annual Meeting Date: 04/20/2005
Issuer: 302445101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JOHN C. HART	Management	Withheld	Against
		ANGUS L. MACDONALD	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	33,200	33,200	03/30/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	101	1,600	1,600	03/30/2005

FRONTIER FINANCIAL CORPORATION			FTBK	Annual Meeting Date: 04/20/2005
Issuer: 35907K105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT J. DICKSON	Management	Withheld	Against
		EDWARD D. HANSEN	Management	Withheld	Against
		WILLIAM H. LUCAS, DC	Management	Withheld	Against
		DARRELL J. STORKSON	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	18,900	18,900	03/30/2005

SKY FINANCIAL GROUP, INC.			SKYF	Annual Meeting Date: 04/20/2005
Issuer: 83080P103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MARTY E. ADAMS	Management	For	For
		JONATHAN A. LEVY	Management	For	For
		THOMAS J. O'SHANE	Management	For	For
		C. GREGORY SPANGLER	Management	For	For
		MARYLOUISE FENNELL	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	230,034	230,034	03/21/2005

SPEEDWAY MOTORSPORTS, INC.			TRK	Annual Meeting Date: 04/20/2005
Issuer: 847788106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MR. WILLIAM R. BROOKS	Management	Withheld	Against
		MR. MARK M. GAMBILL	Management	Withheld	Against
		MR. JAMES P. HOLDEN	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	22,700	22,700	03/30/2005

THE COLONIAL BANCGROUP, INC.			CNB	Annual Meeting Date: 04/20/2005
Issuer: 195493309		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management
03	APPROVE ISSUANCE OF PREFERRED STOCK		Management
04	AMEND MANAGEMENT INCENTIVE PLAN		Management
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	309	174,700	0

DONEGAL GROUP INC.			DGICA	Annual Meeting Date: 04/21/2005
Issuer: 257701201		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT S. BOLINGER	Management	Withheld	Against
		PATRICIA A. GILMARTIN	Management	Withheld	Against
		PHILIP H. GLATFELTER II	Management	Withheld	Against
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	201	129,600	129,600	03/30/2005

MACATAWA BANK CORPORATION			MCBC	Annual Meeting Date: 04/21/2005
Issuer: 554225102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ROBERT E. DENHERDER	Management	For	For
		AREND D. LUBBERS	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	47,355	47,355	03/24/2005

PROGRESS SOFTWARE CORPORATION			PRGS	Annual Meeting Date: 04/21/2005
Issuer: 743312100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	FIX NUMBER OF DIRECTORS		Management	For	For
02	ELECTION OF DIRECTORS		Management	For	For
		JOSEPH W. ALSOP	Management	For	For
		LARRY R. HARRIS	Management	For	For
		ROGER J. HEINEN, JR.	Management	For	For
		MICHAEL L. MARK	Management	For	For
		SCOTT A. MCGREGOR	Management	For	For
		AMRAM RASIEL	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	59,853	59,853	03/30/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	100	3,600	3,600	03/30/2005

SMITHTOWN BANCORP, INC.			SMTB	Annual Meeting Date: 04/21/2005
Issuer: 832449102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		AUGUSTA KEMPER	Management	Withheld	Against
		BARRY M. SEIGERMAN	Management	Withheld	Against
		MANNY SCHWARTZ	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	54,764	54,764	03/30/2005

SOUTHSIDE BANCSHARES, INC.			SBSI	Annual Meeting Date: 04/21/2005
Issuer: 84470P109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		SAM DAWSON	Management	For	For
		MELVIN B. LOVELADY	Management	For	For
		WILLIAM SHEEHY	Management	For	For
02	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	80,378	80,378	03/24/2005

WEBSTER FINANCIAL CORPORATION			WBS	Annual Meeting Date: 04/21/2005
Issuer: 947890109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		GEORGE T. CARPENTER	Management	For	For
		JOHN J. CRAWFORD	Management	For	For
		C. MICHAEL JACOBI	Management	For	For
02	AMEND STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	140,400	140,400	03/23/2005

ALLEGHENY TECHNOLOGIES INCORPORATED			ATI	Annual Meeting Date: 04/22/2005
Issuer: 01741R102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
A	ELECTION OF DIRECTORS		Management	For	For
		ROBERT P. BOZZONE	Management	For	For
		JAMES C. DIGGS	Management	For	For
		MICHAEL J. JOYCE	Management	For	For
		W. CRAIG MCCLELLAND	Management	For	For
		LOUIS J. THOMAS	Management	For	For
B	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
C	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	41,200	41,200	03/24/2005

CARDINAL FINANCIAL CORPORATION			CFNL	Annual Meeting Date: 04/22/2005
Issuer: 14149F109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WILLIAM G. BUCK	Management	Withheld	Against
		SIDNEY O. DEWBERRY	Management	Withheld	Against
		JOHN W. FISHER	Management	Withheld	Against
		WILLIAM E. PETERSON	Management	Withheld	Against
02	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	For
	SHARES
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	125,000	125,000	04/08/2005

FIRST STATE FINANCIAL CORP.			FSTF	Annual Meeting Date: 04/25/2005
Issuer: 33708M206		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		NEAL SCAGGS	Management	For	For
		COREY J. COUGHLIN	Management	For	For
		ROBERT H. BEYMER	Management	For	For
		DANIEL HARRINGTON	Management	For	For
		MARSHALL REYNOLDS	Management	For	For
		ROBERT SHELL, JR.	Management	For	For
		THOMAS W. WRIGHT	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	206	24,700	24,700	04/13/2005

CAMDEN NATIONAL CORPORATION			CAC	Annual Meeting Date: 04/26/2005
Issuer: 133034108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT J. CAMPBELL	Management	Withheld	Against
		WARD I. GRAFFAM	Management	Withheld	Against
		JOHN W. HOLMES	Management	Withheld	Against
		WINFIELD F. ROBINSON	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	78,000	78,000	04/08/2005

CAPITAL CORP OF THE WEST			CCOW	Annual Meeting Date: 04/26/2005
Issuer: 140065202		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		G. MICHAEL GRAVES	Management	Withheld	Against
		TOM A.L. VAN GRONINGEN	Management	Withheld	Against
		CURTIS R. GRANT	Management	Withheld	Against
		DAVID BONNAR	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	40,300	40,300	03/30/2005

CASCADE FINANCIAL CORPORATION			CASB	Annual Meeting Date: 04/26/2005
Issuer: 147272108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		RICHARD L. ANDERSON	Management	Withheld	Against
		DAVID W. DUCE	Management	Withheld	Against
		CAROL K. NELSON	Management	Withheld	Against
		DAVID R. O'CONNOR	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	113,550	113,550	04/11/2005

CENTRAL PACIFIC FINANCIAL CORP.			CPF	Annual Meeting Date: 04/26/2005
Issuer: 154760102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		EARL E. FRY	Management	Withheld	Against
		B. JEANNIE HEDBERG	Management	Withheld	Against
		DUANE K. KURISU	Management	Withheld	Against
		COLBERT M. MATSUMOTO	Management	Withheld	Against
		CRYSTAL K. ROSE	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	APPROVE DIRECTOR LIABILITY INSURANCE		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	155,147	155,147	03/30/2005

COMMERCIAL CAPITAL BANCORP, INC.			CCBI	Annual Meeting Date: 04/26/2005
Issuer: 20162L105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		R. RAND SPERRY*	Management	Withheld	Against
		MARK E. SCHAFFER*	Management	Withheld	Against
		CHRISTOPHER G. HAGERTY*	Management	Withheld	Against
		DAVID S. DEPILLO**	Management	Withheld	Against
		JAMES G. BRAKKE**	Management	Withheld	Against
		GARY W. BRUMMETT**	Management	Withheld	Against
		STEPHEN H. GORDON***	Management	Withheld	Against
		ROBERT J. SHACKLETON***	Management	Withheld	Against
		BARNEY R. NORTHCOTE***	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	100,401	100,401	04/13/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	374,705	374,705	04/13/2005

FIRST COMMUNITY BANCSHARES, INC.			FCBC	Annual Meeting Date: 04/26/2005
Issuer: 31983A103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT E. PERKINSON JR.	Management	Withheld	Against
		WILLIAM P. STAFFORD	Management	Withheld	Against
		HAROLD V. GROOME, JR.	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	23,690	23,690	03/30/2005

FIRST FINANCIAL BANKSHARES, INC.			FFIN	Annual Meeting Date: 04/26/2005
Issuer: 32020R109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JOSEPH E. CANON	Management	For	For
		MAC A. COALSON	Management	For	For
		DAVID COPELAND	Management	For	For
		F. SCOTT DUESER	Management	For	For
		DERRELL E. JOHNSON	Management	For	For
		KADE L. MATTHEWS	Management	For	For
		RAYMOND A MCDANIEL, JR.	Management	For	For
		BYNUM MIERS	Management	For	For
		KENNETH T. MURPHY	Management	For	For
		DIAN GRAVES STAI	Management	For	For
		JAMES M. PARKER	Management	For	For
		JACK D. RAMSEY, M.D.	Management	For	For
		F.L. STEPHENS	Management	For	For
		JOHNNY E. TROTTER	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	10,970	10,970	04/05/2005

LEESPORT FINANCIAL CORP.			FLPB	Annual Meeting Date: 04/26/2005
Issuer: 524477106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		PATRICK J. CALLAHAN	Management	Withheld	Against
		CHARLES J. HOPKINS	Management	Withheld	Against
		MICHAEL J. O'DONOGHUE	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	106	48,109	48,109	04/11/2005

MB FINANCIAL, INC.			MBFI	Annual Meeting Date: 04/26/2005
Issuer: 55264U108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		BURTON J. FIELD	Management	Withheld	Against
		LAWRENCE E. GILFORD	Management	Withheld	Against
		PATRICK HENRY	Management	Withheld	Against
		RICHARD J. HOLMSTROM	Management	Withheld	Against
		CLARENCE MANN	Management	Withheld	Against
		KAREN J. MAY	Management	Withheld	Against
		KENNETH A. SKOPEC	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	46,909	46,909	04/15/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	171,419	171,419	04/15/2005

PRINCETON NATIONAL BANCORP, INC.			PNBC	Annual Meeting Date: 04/26/2005
Issuer: 742282106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		DONALD E. GRUBB	Management	Withheld	Against
		ERVIN I. PIETSCH	Management	Withheld	Against
		CRAIG O. WESNER	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	106	66,400	66,400	04/08/2005

TEMPUR-PEDIC INTERNATIONAL INC.			TPX	Annual Meeting Date: 04/26/2005
Issuer: 88023U101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JEFFREY S. BARBER	Management	For	For
		FRANCIS A. DOYLE	Management	For	For
		TULLY M. FRIEDMAN	Management	For	For
		SIR PAUL JUDGE	Management	For	For
		NANCY F. KOEHN	Management	For	For
		CHRISTOPHER A. MASTO	Management	For	For
		P. ANDREWS MCLANE	Management	For	For
		ROBERT B. TRUSSELL, JR.	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	112,390	112,390	04/13/2005

THE LEGACY BANK OF HARRISBURG			LBOH	Annual Meeting Date: 04/26/2005
Issuer: 52463U104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WILLIAM A. HAWKINS	Management	Withheld	Against
		JOHN H. RHODES	Management	Withheld	Against
		A. RICHARD SZELES	Management	Withheld	Against
		RUSSELL W. TWIGG	Management	Withheld	Against
		JOHN B. WARDEN III	Management	Withheld	Against
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	56,027	56,027	03/30/2005

BOSTON PRIVATE FINANCIAL HOLDINGS, I			BPFH	Annual Meeting Date: 04/27/2005
Issuer: 101119105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		PETER C. BENNETT	Management	For	For
		KATHLEEN M. GRAVELINE	Management	For	For
		WALTER M. PRESSEY	Management	For	For
		WILLIAM J. SHEA	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	120,200	120,200	03/30/2005

EDGE PETROLEUM CORPORATION			EPEX	Annual Meeting Date: 04/27/2005
Issuer: 279862106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
1	ELECTION OF DIRECTORS		Management	Withheld	Against
2	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
3	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	33,000	33,000	04/13/2005

MEMC ELECTRONIC MATERIALS, INC.			WFR	Annual Meeting Date: 04/27/2005
Issuer: 552715104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		NABEEL GAREEB	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	104	5,000	5,000	04/26/2005

PARTNERS TRUST FINANCIAL GROUP, INC.			PRTR	Annual Meeting Date: 04/27/2005
Issuer: 70213F102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JOHN A. ZAWADZKI	Management	Withheld	Against
		ELIZABETH B. DUGAN	Management	Withheld	Against
		DWIGHT E. VICKS, JR.	Management	Withheld	Against
		JOHN R. ZAPISEK	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	AMEND LONG TERM INCENTIVE PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	87,800	87,800	03/30/2005

SELECTIVE INSURANCE GROUP, INC.			SIGI	Annual Meeting Date: 04/27/2005
Issuer: 816300107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		PAUL D. BAUER	Management	Withheld	Against
		JOAN M. LAMM-TENNANT	Management	Withheld	Against
		RONALD L. O'KELLEY	Management	Withheld	Against
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	107	36,400	36,400	04/19/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	107	134,738	134,738	04/19/2005

UNITED COMMUNITY BANKS, INC.			UCBI	Annual Meeting Date: 04/27/2005
Issuer: 90984P105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JIMMY C. TALLENT	Management	For	For
		ROBERT L. HEAD, JR.	Management	For	For
		W.C. NELSON, JR.	Management	For	For
		A. WILLIAM BENNETT	Management	For	For
		ROBERT H. BLALOCK	Management	For	For
		GUY W. FREEMAN	Management	For	For
		THOMAS C. GILLILAND	Management	For	For
		CHARLES E. HILL	Management	For	For
		HOYT O. HOLLOWAY	Management	For	For
		CLARENCE W. MASON, SR.	Management	For	For
		TIM WALLIS	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	130,300	130,300	04/08/2005

VIRGINIA COMMERCE BANCORP, INC.			VCBI	Annual Meeting Date: 04/27/2005
Issuer: 92778Q109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		LEONARD ADLER	Management	For	For
		MICHAEL G. ANZILOTTI	Management	For	For
		PETER A. CONVERSE	Management	For	For
		FRANK L. COWLES, JR.	Management	For	For
		W. DOUGLAS FISHER	Management	For	For
		DAVID M. GUERNSEY	Management	For	For
		ROBERT H. L'HOMMEDIEU	Management	For	For
		NORRIS E. MITCHELL	Management	For	For
		ARTHUR L. WALTERS	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	66,225	66,225	04/08/2005

KOS PHARMACEUTICALS, INC.			KOSP	Annual Meeting Date: 04/28/2005
Issuer: 500648100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MICHAEL JAHARIS	Management	For	For
		DANIEL M. BELL	Management	For	For
		ROBERT E. BALDINI	Management	For	For
		ADRIAN ADAMS	Management	For	For
		JOHN BRADEMAS, PH.D.	Management	For	For
		KEVIN T. FERRO	Management	For	For
		STEVEN JAHARIS, M.D.	Management	For	For
		N.E. MADIAS, M.D.	Management	For	For
		MARK NOVITCH, M.D.	Management	For	For
		WILLIAM D. PRUITT	Management	For	For
		FREDERICK B. WHITTEMORE	Management	For	For
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	17,300	17,300	04/14/2005

MARVEL ENTERPRISES, INC.			MVL	Annual Meeting Date: 04/28/2005
Issuer: 57383M108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		SID GANIS	Management	Withheld	Against
		JAMES F. HALPIN	Management	Withheld	Against
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	133,450	133,450	04/08/2005

MERCANTILE BANK CORPORATION			MBWM	Annual Meeting Date: 04/28/2005
Issuer: 587376104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		BETTY S. BURTON	Management	For	For
		DAVID M. CASSARD	Management	For	For
		PETER A. CORDES	Management	For	For
		DAVID M. HECHT	Management	For	For
		MERLE J. PRINS	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	109,790	109,790	03/30/2005

PHILADELPHIA CONSOLIDATED HOLDING CO			PHLY	Annual Meeting Date: 04/28/2005
Issuer: 717528103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MICHAEL J. CASCIO	Management	For	For
		ELIZABETH H. GEMMILL	Management	For	For
		JAMES J. MAGUIRE	Management	For	For
		JAMES J. MAGUIRE, JR.	Management	For	For
		MARGARET M. MATTIX	Management	For	For
		MICHAEL J. MORRIS	Management	For	For
		DONALD A. PIZER	Management	For	For
		DIRK A. STUUROP	Management	For	For
		SEAN S. SWEENEY	Management	For	For
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	103	27,040	27,040	04/19/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	76,000	76,000	04/19/2005

PRIVATEBANCORP, INC.			PVTB	Annual Meeting Date: 04/28/2005
Issuer: 742962103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WILLIAM A. CASTELLANO	Management	Withheld	Against
		PATRICK F. DALY	Management	Withheld	Against
		RALPH B. MANDELL	Management	Withheld	Against
		C. MAYBERRY MCKISSACK	Management	Withheld	Against
		EDWARD W. RABIN, JR.	Management	Withheld	Against
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	85,300	85,300	03/30/2005

SECURITY BANK CORPORATION			SBKC	Annual Meeting Date: 04/28/2005
Issuer: 814047106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
I	ELECTION OF DIRECTORS		Management	Withheld	Against
		EDWARD M. BECKHAM, II	Management	Withheld	Against
		ALFORD C. BRIDGES	Management	Withheld	Against
		THAD G. CHILDS, JR.	Management	Withheld	Against
		JOHN W. RAMSEY	Management	Withheld	Against
		ROBERT M. STALNAKER	Management	Withheld	Against
		RICHARD W. WHITE, JR.	Management	Withheld	Against
II	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	106	67,384	67,384	04/05/2005

SOUTHWEST BANCORP, INC.			OKSB	Annual Meeting Date: 04/28/2005
Issuer: 844767103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		J. BERRY HARRISON	Management	Withheld	Against
		ERD M. JOHNSON	Management	Withheld	Against
		BETTY B. KERNS	Management	Withheld	Against
		RUSSELL W. TEUBNER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	129,038	129,038	04/08/2005

SUMMIT BANK CORPORATION			SBGA	Annual Meeting Date: 05/02/2005
Issuer: 866013105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		AARON I. ALEMBIK	Management	Withheld	Against
		JACK N. HALPERN	Management	Withheld	Against
		SION NYEN (FRANCIS) LAI	Management	Withheld	Against
		SHIH CHIEN (RAYMOND) LO	Management	Withheld	Against
		W. CLAYTON SPARROW, JR.	Management	Withheld	Against
		PIN PIN CHAU	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	1,312	1,312	04/13/2005

TIERONE CORPORATION			TONE	Annual Meeting Date: 05/02/2005
Issuer: 88650R108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JAMES A. LAPHEN	Management	Withheld	Against
		C.R. MCCONNELL, PH.D.	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	38,500	38,500	04/13/2005

AARON RENTS, INC.			RNT	Annual Meeting Date: 05/03/2005
Issuer: 002535201		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		R. C. LOUDERMILK, SR.	Management	For	For
		R. C. LOUDERMILK, JR.	Management	For	For
		GILBERT L. DANIELSON	Management	For	For
		WILLIAM K. BUTLER, JR.	Management	For	For
		RONALD W. ALLEN	Management	For	For
		LEO BENATAR	Management	For	For
		EARL DOLIVE	Management	For	For
		INGRID SAUNDERS JONES	Management	For	For
		DAVID L. KOLB	Management	For	For
		RAY M. ROBINSON	Management	For	For
02	ADOPT/AMEND EXECUTIVE INCENTIVE BONUS PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	201	55,000	55,000	04/19/2005

HORNBECK OFFSHORE SERVICES, INC.			HOS	Annual Meeting Date: 05/03/2005
Issuer: 440543106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		TODD M. HORNBECK	Management	Withheld	Against
		PATRICIA B. MELCHER	Management	Withheld	Against
02	ADOPT STOCK PURCHASE PLAN		Management	For	For
03	APPROVE DIRECTOR LIABILITY INSURANCE		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	6,800	6,800	04/14/2005

STERLING FINANCIAL CORPORATION-PA			SLFI	Annual Meeting Date: 05/03/2005
Issuer: 859317109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JOAN R. HENDERSON*	Management	Withheld	Against
		TERRENCE L. HORMEL*	Management	Withheld	Against
		DAVID E. HOSLER*	Management	Withheld	Against
		WILLIAM E. MILLER, JR**	Management	Withheld	Against
		ANTHONY D. CHIVINSKI***	Management	Withheld	Against
02	ADOPT DIRECTOR STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	141,650	141,650	04/15/2005

ALABAMA NATIONAL BANCORPORATION			ALAB	Annual Meeting Date: 05/04/2005
Issuer: 010317105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		W. RAY BARNES	Management	For	For
		BOBBY A. BRADLEY	Management	For	For
		DAN M. DAVID	Management	For	For
		JOHN V. DENSON	Management	For	For
		GRIFFIN A. GREENE	Management	For	For
		JOHN H. HOLCOMB III	Management	For	For
		JOHN D. JOHNS	Management	For	For
		JOHN J. MCMAHON, JR.	Management	For	For
		C. PHILLIP MCWANE	Management	For	For
		WILLIAM D. MONTGOMERY	Management	For	For
		RICHARD MURRAY IV	Management	For	For
		C. LLOYD NIX	Management	For	For
		G. RUFFNER PAGE, JR.	Management	For	For
		JOHN M. PLUNK	Management	For	For
		W. STANCIL STARNES	Management	For	For
		W. EDGAR WELDEN	Management	For	For
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	ADOPT STOCK PERFORMANCE PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	98,505	98,505	04/14/2005

NAVIGANT CONSULTING, INC.			NCI	Annual Meeting Date: 05/04/2005
Issuer: 63935N107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WILLIAM M. GOODYEAR	Management	Withheld	Against
		VALERIE B. JARRETT	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	107	104,500	104,500	04/08/2005

UNITED AMERICA INDEMNITY			INDM		Consent Meeting Date: 05/04/2005
Issuer: 90933T109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
1A	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1B	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1C	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1D	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1E	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1F	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1G	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1H	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1I	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1J	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1K	MISCELLANEOUS CORPORATE GOVERNANCE		Management
1L	MISCELLANEOUS CORPORATE GOVERNANCE		Management
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management
03	ADOPT STOCK AWARDS PLAN		Management
04	STOCK BONUS PLAN		Management
05	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	36,215	0
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	57,006	0

UNITED AMERICA INDEMNITY			INDM		Consent Meeting Date: 05/04/2005
Issuer: 90933T109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
06	ELECTION OF DIRECTORS		Management
6A	APPOINT AUDITORS AND APPROVE REMUNERATION		Management
6B	APPOINT AUDITORS AND APPROVE REMUNERATION		Management
6C	APPROVE AUDITOR'S SPECIAL REPORT		Management
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	36,215	0
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	57,006	0

GUITAR CENTER, INC.			GTRC	Annual Meeting Date: 05/05/2005
Issuer: 402040109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MARTY ALBERTSON	Management	For	For
		GEORGE JONES	Management	For	For
		LARRY LIVINGSTON	Management	For	For
		GEORGE MRKONIC	Management	For	For
		KENNETH REISS	Management	For	For
		WALTER ROSSI	Management	For	For
		PETER STARRETT	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	For
	SHARES
03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	47,676	47,676	04/14/2005

NORTHRIM BANCORP, INC.			NRIM	Annual Meeting Date: 05/05/2005
Issuer: 666762109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		R. MARC LANGLAND	Management	For	For
		LARRY S. CASH	Management	For	For
		MARK G. COPELAND	Management	For	For
		FRANK A. DANNER	Management	For	For
		RONALD A. DAVIS	Management	For	For
		ANTHONY DRABEK	Management	For	For
		CHRISTOPHER N. KNUDSON	Management	For	For
		RICHARD L. LOWELL	Management	For	For
		IRENE SPARKS ROWAN	Management	For	For
		JOHN C. SWALLING	Management	For	For
		JOSEPH E. USIBELLI	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	105,000	105,000	04/07/2005

RAE SYSTEMS INC.			RAE	Annual Meeting Date: 05/05/2005
Issuer: 75061P102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT I. CHEN	Management	Withheld	Against
		SIGRUN HJELMQUIST	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	121,400	121,400	04/14/2005

REDBACK NETWORKS INC.			RBAK	Annual Meeting Date: 05/06/2005
Issuer: 757209507		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		KEVIN A. DENUCCIO	Management	For	For
		PAUL GIORDANO	Management	For	For
		ROY D. BEHREN	Management	For	For
		JOHN L. DREW	Management	For	For
		DAVID C. FRIEZO	Management	For	For
		MARTIN A. KAPLAN	Management	For	For
		WILLIAM H. KURTZ	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	For
	SHARES
04	AMEND STOCK PURCHASE PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	507	230,200	230,200	04/28/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	507	16,200	16,200	04/28/2005

RARE HOSPITALITY INTERNATIONAL, INC.			RARE	Annual Meeting Date: 05/09/2005
Issuer: 753820109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROGER L. BOEVE	Management	Withheld	Against
		DON L. CHAPMAN	Management	Withheld	Against
		LEWIS H. JORDAN	Management	Withheld	Against
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	68,952	68,952	04/20/2005

CAL DIVE INTERNATIONAL, INC.			CDIS	Annual Meeting Date: 05/10/2005
Issuer: 127914109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MARTIN FERRON	Management	Withheld	Against
		GORDON F. AHALT	Management	Withheld	Against
		ANTHONY TRIPODO	Management	Withheld	Against
02	APPROVE CHARTER AMENDMENT		Management	For	For
03	APPROVE CHARTER AMENDMENT		Management	For	For
04	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	41,700	41,700	04/20/2005

CARRIZO OIL & GAS, INC.			CRZO	Annual Meeting Date: 05/10/2005
Issuer: 144577103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		S.P. JOHNSON IV	Management	For	For
		STEVEN A. WEBSTER	Management	For	For
		THOMAS L. CARTER, JR.	Management	For	For
		PAUL B. LOYD, JR.	Management	For	For
		F. GARDNER PARKER	Management	For	For
		ROGER A. RAMSEY	Management	For	For
		FRANK A. WOJTEK	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	103	51,318	51,318	04/28/2005

DESERT COMMUNITY BANK			DCBK	Annual Meeting Date: 05/10/2005
Issuer: 25037Y109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		CHARLES R. BRAMMER	Management	For	For
		DONALD P. BRITHINEE	Management	For	For
		TERRY E. CALDWELL	Management	For	For
		FRANK FERRE	Management	For	For
		ALLEN L. MCKELLIPS	Management	For	For
		KEVIN MONCRIEF	Management	For	For
		ROBIN PELLISSIER	Management	For	For
		ALFRED D. SMITH	Management	For	For
		GEORGE VULICH	Management	For	For
		RONALD L. WILSON	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	64,100	64,100	04/20/2005

FIRST OAK BROOK BANCSHARES, INC.			FOBB	Annual Meeting Date: 05/10/2005
Issuer: 335847208		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		M. LUTWAK FITZGERALD MD	Management	Withheld	Against
		EUGENE P. HEYTOW	Management	Withheld	Against
		GEOFFREY R. STONE	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	208	137,100	137,100	04/20/2005

FNB CORPORATION			FNBP	Annual Meeting Date: 05/10/2005
Issuer: 302930102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		GLEN C. COMBS	Management	Withheld	Against
		DOUGLAS COVINGTON	Management	Withheld	Against
		F. COURTNEY HOGE	Management	Withheld	Against
		RAYMOND D. SMOOT, JR.	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	47,700	47,700	04/19/2005

MERCANTILE BANKSHARES CORPORATION			MRBK	Annual Meeting Date: 05/10/2005
Issuer: 587405101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		E. BROWN	Management	Withheld	Against
		A. DEERING	Management	Withheld	Against
		F. HRABOWSKI	Management	Withheld	Against
		J. MORGAN	Management	Withheld	Against
		C. ROSE	Management	Withheld	Against
		D. SHEPARD	Management	Withheld	Against
		J. WILSON	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	89,100	89,100	04/14/2005

PARTNERRE LTD.			PRE	Annual Meeting Date: 05/10/2005
Issuer: G6852T105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JUDITH HANRATTY	Management	Withheld	Against
		REMY SAUTTER	Management	Withheld	Against
		PATRICK A. THIELE	Management	Withheld	Against
		JURGEN ZECH	Management	Withheld	Against
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
03	APPROVE ALLOTMENT OF EQUITY SECURITIES		Management	Against	Against
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
05	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	29,000	29,000	04/20/2005

SYMBION, INC.			SMBI	Annual Meeting Date: 05/10/2005
Issuer: 871507109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JACK TYRRELL	Management	Withheld	Against
		FREDERICK L. BRYANT	Management	Withheld	Against
		RICHARD E. FRANCIS, JR.	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	21,574	21,574	04/19/2005

VISHAY INTERTECHNOLOGY, INC.			VSH	Annual Meeting Date: 05/10/2005
Issuer: 928298108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ELIYAHU HURVITZ	Management	Withheld	Against
		DR. ABRAHAM LUDOMIRSKI	Management	Withheld	Against
		MARK I. SOLOMON	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	108	2,500	2,500	04/20/2005

BENCHMARK ELECTRONICS, INC.			BHE	Annual Meeting Date: 05/11/2005
Issuer: 08160H101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		DONALD E. NIGBOR	Management	For	For
		CARY T. FU	Management	For	For
		STEVEN A. BARTON	Management	For	For
		JOHN W. COX	Management	For	For
		JOHN C. CUSTER	Management	For	For
		PETER G. DORFLINGER	Management	For	For
		LAURA W. LANG	Management	For	For
		BERNEE D.L. STROM	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	88,550	88,550	04/15/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	101	2,700	2,700	04/15/2005

ENTERTAINMENT PROPERTIES TRUST			EPR	Annual Meeting Date: 05/11/2005
Issuer: 29380T105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT J. DRUTEN	Management	Withheld	Against
		DAVID M. BRAIN	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	70,900	70,900	05/05/2005

IBERIABANK CORPORATION			IBKC	Annual Meeting Date: 05/11/2005
Issuer: 450828108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		HARRY V. BARTON, JR.	Management	Withheld	Against
		DARYL G. BYRD	Management	Withheld	Against
		E. STEWART SHEA III	Management	Withheld	Against
		DAVID H. WELCH	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	82,899	82,899	04/27/2005

STIFEL FINANCIAL CORP.			SF	Annual Meeting Date: 05/11/2005
Issuer: 860630102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT J. BAER	Management	Withheld	Against
		BRUCE A. BEDA	Management	Withheld	Against
		FREDERICK O. HANSER	Management	Withheld	Against
		RONALD J. KRUSZEWSKI	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	56,333	56,333	04/20/2005

GEVITY HR, INC.			GVHR	Annual Meeting Date: 05/12/2005
Issuer: 374393106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ERIK VONK	Management	For	For
		GEORGE B. BEITZEL	Management	For	For
		DARCY E. BRADBURY	Management	For	For
		JAMES E. COWIE	Management	For	For
		A.D. FRAZIER	Management	For	For
		JONATHAN H. KAGAN	Management	For	For
		DAVID S. KATZ	Management	For	For
		JAMES F. MANNING	Management	For	For
		JEFFREY A. SONNENFELD	Management	For	For
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	55,500	55,500	04/20/2005

HCC INSURANCE HOLDINGS, INC.			HCC	Annual Meeting Date: 05/12/2005
Issuer: 404132102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		FRANK J. BRAMANTI	Management	Withheld	Against
		PATRICK B. COLLINS	Management	Withheld	Against
		JAMES R. CRANE	Management	Withheld	Against
		J. ROBERT DICKERSON	Management	Withheld	Against
		WALTER M. DUER	Management	Withheld	Against
		EDWARD H. ELLIS, JR.	Management	Withheld	Against
		JAMES C. FLAGG	Management	Withheld	Against
		ALLAN W. FULKERSON	Management	Withheld	Against
		WALTER J. LACK	Management	Withheld	Against
		JOHN N. MOLBECK, JR.	Management	Withheld	Against
		MICHAEL A.F. ROBERTS	Management	Withheld	Against
		STEPHEN L. WAY	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	26,200	26,200	04/28/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	110,500	110,500	04/28/2005

INTERNATIONAL BANCSHARES CORPORATION			IBOC	Annual Meeting Date: 05/16/2005
Issuer: 459044103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		L. AVIGAEL	Management	For	For
		I. GREENBLUM	Management	For	For
		R.D. GUERRA	Management	For	For
		R.E. HAYNES	Management	For	For
		D.B. HASTINGS, JR.	Management	For	For
		I. NAVARRO	Management	For	For
		S. NEIMAN	Management	For	For
		P.J. NEWMAN	Management	For	For
		D.E. NIXON	Management	For	For
		L. SALINAS	Management	For	For
		A.R. SANCHEZ, JR.	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
04	STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	51,070	51,070	04/28/2005

OLD DOMINION FREIGHT LINE, INC.			ODFL	Annual Meeting Date: 05/16/2005
Issuer: 679580100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		EARL E. CONGDON	Management	For	For
		JOHN R. CONGDON	Management	For	For
		J. PAUL BREITBACH	Management	For	For
		DAVID S. CONGDON	Management	For	For
		JOHN R. CONGDON, JR.	Management	For	For
		ROBERT G. CULP, III	Management	For	For
		JOHN A. EBELING	Management	For	For
		HAROLD G. HOAK	Management	For	For
		FRANZ F. HOLSCHER	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	100	65,600	65,600	04/28/2005

ABIGAIL ADAMS NATIONAL BANCORP, INC.			AANB	Annual Meeting Date: 05/17/2005
Issuer: 003390101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		KATHLEEN WALSH CARR	Management	For	For
		A. GEORGE COOK	Management	For	For
		JEANNE D. HUBBARD	Management	For	For
		MARSHALL T. REYNOLDS	Management	For	For
		MARIANNE STEINER	Management	For	For
		JOSEPH L. WILLIAMS	Management	For	For
		BONITA A. WILSON	Management	For	For
		DOUGLAS V. REYNOLDS	Management	For	For
		PATRICIA G. SHANNON	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	96,729	96,729	04/28/2005

BANKATLANTIC BANCORP, INC.			BBX	Annual Meeting Date: 05/17/2005
Issuer: 065908501		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		D. KEITH COBB	Management	Withheld	Against
		BRUNO L. DIGIULIAN	Management	Withheld	Against
		ALAN B. LEVAN	Management	Withheld	Against
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	501	163,300	163,300	04/28/2005

CODORUS VALLEY BANCORP, INC.			CVLY	Annual Meeting Date: 05/17/2005
Issuer: 192025104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		D. REED ANDERSON, ESQ.	Management	Withheld	Against
		MACGREGOR S. JONES	Management	Withheld	Against
		LARRY J. MILLER	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	81,559	81,559	04/19/2005

DEARBORN BANCORP, INC.			DEAR	Annual Meeting Date: 05/17/2005
Issuer: 24242R108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WILLIAM J. DEMMER	Management	Withheld	Against
		BRADLEY F. KELLER	Management	Withheld	Against
		RICHARD NORDSTROM	Management	Withheld	Against
		RONNIE J. STORY	Management	Withheld	Against
02	INCENTIVE STOCK OPTIONS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	51,543	51,543	04/28/2005

GB&T BANCSHARES, INC.			GBTB	Annual Meeting Date: 05/17/2005
Issuer: 361462104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		LARRY B. BOGGS	Management	For	For
		LOWELL S. (CASEY) CAGLE	Management	For	For
		DR. JOHN W. DARDEN	Management	For	For
		WILLIAM A. FOSTER, III	Management	For	For
		BENNIE E. HEWETT	Management	For	For
		RICHARD A. HUNT	Management	For	For
		JAMES L. LESTER	Management	For	For
		JOHN E. MANSOUR	Management	For	For
		DR. T. ALAN MAXWELL	Management	For	For
		JAMES H. MOORE	Management	For	For
		SAMUEL L. OLIVER	Management	For	For
		ALAN A. WAYNE	Management	For	For
		PHILIP A. WILHEIT	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	9,600	9,600	04/27/2005

GREAT SOUTHERN BANCORP, INC.			GSBC	Annual Meeting Date: 05/17/2005
Issuer: 390905107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WILLIAM E. BARCLAY	Management	Withheld	Against
		LARRY D. FRAZIER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	107	101,600	101,600	04/20/2005

GREY WOLF, INC.			GW	Annual Meeting Date: 05/17/2005
Issuer: 397888108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		STEVEN A. WEBSTER	Management	Withheld	Against
		WILLIAM R. ZIEGLER	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	189,200	189,200	04/19/2005

PSYCHIATRIC SOLUTIONS, INC.			PSYS	Annual Meeting Date: 05/17/2005
Issuer: 74439H108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JOEY A. JACOBS	Management	Withheld	Against
		WILLIAM M. PETRIE, M.D.	Management	Withheld	Against
		EDWARD K. WISSING	Management	Withheld	Against
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
03	AMEND NON-EMPLOYEE DIRECTOR PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	49,739	49,739	05/05/2005

TEXAS CAPITAL BANCSHARES, INC.			TCBI	Annual Meeting Date: 05/17/2005
Issuer: 88224Q107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		PETER B. BARTHOLOW	Management	For	For
		LEO CORRIGAN, III	Management	For	For
		J.M. (JODY) GRANT	Management	For	For
		FREDERICK B. HEGI, JR.	Management	For	For
		JAMES R. HOLLAND, JR.	Management	For	For
		GEORGE F. JONES, JR.	Management	For	For
		LARRY A. MAKEL	Management	For	For
		W.W. MCALLISTER III	Management	For	For
		LEE ROY MITCHELL	Management	For	For
		STEVEN P. ROSENBERG JR.	Management	For	For
		JOHN C. SNYDER	Management	For	For
		ROBERT W. STALLINGS	Management	For	For
		JAMES C. THOMPSON, JR.	Management	For	For
		IAN J. TURPIN	Management	For	For
02	INCENTIVE STOCK OPTIONS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	107	10,000	10,000	04/28/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	107	299,420	299,420	04/28/2005

THE ULTIMATE SOFTWARE GROUP, INC.			ULTI	Annual Meeting Date: 05/17/2005
Issuer: 90385D107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		LEROY A. VANDER PUTTEN	Management	Withheld	Against
		ROBERT A. YANOVER	Management	Withheld	Against
02	INCENTIVE STOCK OPTIONS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	107	91,000	91,000	04/20/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	107	2,000	2,000	04/20/2005

WESTERN SIERRA BANCORP			WSBA	Annual Meeting Date: 05/17/2005
Issuer: 959522103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		CHARLES W. BACCHI	Management	For	For
		MATTHEW BRUNO	Management	For	For
		LARY A. DAVIS	Management	For	For
		WILLIAM M. EAMES	Management	For	For
		WILLIAM J. FISHER	Management	For	For
		GARY D. GALL	Management	For	For
		JAN T. HALDEMAN	Management	For	For
		HOWARD A. JAHN	Management	For	For
		ALAN J. KLEINERT	Management	For	For
		LORI A. WARDEN	Management	For	For
02	STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	50,600	50,600	05/02/2005

ZEBRA TECHNOLOGIES CORPORATION			ZBRA	Annual Meeting Date: 05/17/2005
Issuer: 989207105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		EDWARD L. KAPLAN	Management	Withheld	Against
		CHRISTOPHER G. KNOWLES	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	105	1,050	1,050	04/20/2005

CHECKERS DRIVE-IN RESTAURANTS, INC.			CHKR	Annual Meeting Date: 05/18/2005
Issuer: 162809305		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		PETER C. O'HARA	Management	Withheld	Against
		KEITH E. SIROIS	Management	Withheld	Against
		GARY LIEBERTHAL	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	305	56,900	56,900	05/06/2005

FIRST MIDWEST BANCORP, INC.			FMBI	Annual Meeting Date: 05/18/2005
Issuer: 320867104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		THOMAS M. GARVIN	Management	Withheld	Against
		JOHN M. O'MEARA	Management	Withheld	Against
		JOHN E. ROONEY	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	85,337	85,337	04/20/2005

GENESEE & WYOMING INC.			GWR	Annual Meeting Date: 05/18/2005
Issuer: 371559105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MORTIMER B. FULLER III	Management	Withheld	Against
		ROBERT M. MELZER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	35,700	35,700	04/20/2005

HANMI FINANCIAL CORPORATION			HAFC	Annual Meeting Date: 05/18/2005
Issuer: 410495105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		UNG KYUN AHN	Management	Withheld	Against
		RICHARD B.C. LEE	Management	Withheld	Against
		CHANG KYU PARK	Management	Withheld	Against
		WILLIAM J. RUH	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	41,000	41,000	04/28/2005

HEARTLAND FINANCIAL USA, INC.			HTLF	Annual Meeting Date: 05/18/2005
Issuer: 42234Q102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JAMES F. CONLAN	Management	Withheld	Against
		THOMAS L. FLYNN	Management	Withheld	Against
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	101,700	101,700	04/20/2005

NETGEAR, INC.			NTGR	Annual Meeting Date: 05/18/2005
Issuer: 64111Q104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		PATRICK C.S. LO	Management	For	For
		RALPH E. FAISON	Management	For	For
		A. TIMOTHY GODWIN	Management	For	For
		LINWOOD A. LACY, JR.	Management	For	For
		GERALD A. POCH	Management	For	For
		GREGORY ROSSMANN	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	104	24,700	24,700	04/28/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	104	4,200	4,200	04/28/2005

UNITED FIRE & CASUALTY COMPANY			UFCS	Annual Meeting Date: 05/18/2005
Issuer: 910331107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		CASEY D. MAHON	Management	Withheld	Against
		SCOTT MCINTYRE, JR.	Management	Withheld	Against
		BYRON G. RILEY	Management	Withheld	Against
		FRANK S. WILKINSON, JR.	Management	Withheld	Against
02	ADOPT NON-EMPLOYEE DIRECTOR PLAN		Management	For	For
03	AMEND ARTICLES/BYLAW/CHARTER-ORGANIZATION RELATED		Management	Against	Against
04	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	107	220,544	220,544	05/02/2005

UNITED SECURITY BANCSHARES			UBFO	Annual Meeting Date: 05/18/2005
Issuer: 911460103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		R.G. BITTER, PHARM.D.	Management	For	For
		STANLEY J. CAVALLA	Management	For	For
		TOM ELLITHORPE	Management	For	For
		R. TODD HENRY	Management	For	For
		ROBERT M. MOCHIZUKI	Management	For	For
		RONNIE D. MILLER	Management	For	For
		WALTER REINHARD	Management	For	For
		JOHN TERZIAN	Management	For	For
		DENNIS R. WOODS	Management	For	For
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	6,100	6,100	04/27/2005

WABTEC CORPORATION			WAB	Annual Meeting Date: 05/18/2005
Issuer: 929740108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		EMILIO A. FERNANDEZ	Management	Withheld	Against
		LEE B. FOSTER, II	Management	Withheld	Against
		JAMES V. NAPIER	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	21,900	21,900	04/28/2005

WESCO INTERNATIONAL, INC.			WCC	Annual Meeting Date: 05/18/2005
Issuer: 95082P105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROY W. HALEY	Management	Withheld	Against
		GEORGE L. MILES, JR.	Management	Withheld	Against
		JAMES L. SINGLETON	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	100,700	100,700	04/28/2005

GEN-PROBE INCORPORATED			GPRO	Annual Meeting Date: 05/19/2005
Issuer: 36866T103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		RAYMOND V. DITTAMORE	Management	Withheld	Against
		ABRAHAM D. SOFAER	Management	Withheld	Against
		PHILLIP M. SCHNEIDER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	103	57,579	57,579	04/28/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	103	2,800	2,800	04/28/2005

IXIA			XXIA	Annual Meeting Date: 05/19/2005
Issuer: 45071R109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JEAN-CLAUDE ASSCHER	Management	Withheld	Against
		MASSOUD ENTEKHABI	Management	Withheld	Against
		ERROL GINSBERG	Management	Withheld	Against
		JON F. RAGER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	111,796	111,796	05/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	109	4,000	4,000	05/02/2005

LA QUINTA CORPORATION			LQI	Annual Meeting Date: 05/19/2005
Issuer: 50419U202		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JAMES P. CONN	Management	Withheld	Against
		TERRELL B. JONES	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	202	190,100	190,100	04/28/2005

SUN BANCORP, INC.			SNBC	Annual Meeting Date: 05/19/2005
Issuer: 86663B102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		THOMAS A. BRACKEN	Management	For	For
		BERNARD A. BROWN	Management	For	For
		IKE BROWN	Management	For	For
		JEFFREY S. BROWN	Management	For	For
		SIDNEY R. BROWN	Management	For	For
		PETER GALETTO, JR.	Management	For	For
		DOUGLAS J. HEUN	Management	For	For
		CHARLES P. KAEMPFFER	Management	For	For
		ANNE E. KOONS	Management	For	For
		ELI KRAMER	Management	For	For
		ALFONSE M. MATTIA	Management	For	For
		AUDREY S. OSWELL	Management	For	For
		GEORGE A. PRUITT	Management	For	For
		ANTHONY RUSSO, III	Management	For	For
		EDWARD H. SALMON	Management	For	For
		HOWARD M. SCHOOR	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	36,937	36,937	04/28/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	120,246	120,246	04/28/2005

YAHOO] INC.			YHOO	Annual Meeting Date: 05/19/2005
Issuer: 984332106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		TERRY S. SEMEL	Management	For	For
		JERRY YANG	Management	For	For
		ROY J. BOSTOCK	Management	For	For
		RONALD W. BURKLE	Management	For	For
		ERIC HIPPEAU	Management	For	For
		ARTHUR H. KERN	Management	For	For
		ROBERT A. KOTICK	Management	For	For
		EDWARD R. KOZEL	Management	For	For
		GARY L. WILSON	Management	For	For
02	AMEND STOCK OPTION PLAN		Management	For	For
03	AMEND DIRECTOR STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	106	2,400	2,400	04/28/2005

THE NAVIGATORS GROUP, INC.			NAVG	Annual Meeting Date: 05/20/2005
Issuer: 638904102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		H.J. MERVYN BLAKENEY	Management	For	For
		PETER A. CHENEY	Management	For	For
		TERENCE N. DEEKS	Management	For	For
		ROBERT W. EAGER, JR.	Management	For	For
		STANLEY A. GALANSKI	Management	For	For
		LEANDRO S. GALBAN, JR.	Management	For	For
		JOHN F. KIRBY	Management	For	For
		MARC M. TRACT	Management	For	For
		ROBERT F. WRIGHT	Management	For	For
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	78,700	78,700	04/28/2005

MAIN STREET BANKS, INC.			MSBK	Annual Meeting Date: 05/23/2005
Issuer: 56034R102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JOHN R. BURGESS, SR.	Management	Withheld	Against
		T. KEN DRISKELL	Management	Withheld	Against
		FRANK B. TURNER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	26,578	26,578	05/05/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	166,134	166,134	05/05/2005

BWC FINANCIAL CORP.			BWCF	Annual Meeting Date: 05/24/2005
Issuer: 056042104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		R. HILL	Management	For	For
		R. JOHNSON	Management	For	For
		C. LAZZARESCHI	Management	For	For
		T. MANTOR	Management	For	For
		J. NOHR	Management	For	For
		J. RYAN	Management	For	For
		J. WINTHER	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	21,582	21,582	05/23/2005

HARRINGTON WEST FINANCIAL GROUP, INC			HWFG	Annual Meeting Date: 05/24/2005
Issuer: 41383L104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		CRAIG J. CERNY	Management	Withheld	Against
		JOHN J. MCCONNELL	Management	Withheld	Against
02	MISCELLANEOUS COMPENSATION PLANS		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	60,400	60,400	05/02/2005

MOBILITY ELECTRONICS, INC.			MOBE	Annual Meeting Date: 05/24/2005
Issuer: 60741U101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JEFFREY R. HARRIS	Management	Withheld	Against
		WILLIAM O. HUNT	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	84,571	84,571	04/28/2005

EAST WEST BANCORP, INC.			EWBC	Annual Meeting Date: 05/25/2005
Issuer: 27579R104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		DOMINIC NG	Management	Withheld	Against
		HERMAN LI	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	84,400	84,400	04/28/2005

GUARANTY FEDERAL BANCSHARES, INC.			GFED	Annual Meeting Date: 05/25/2005
Issuer: 40108P101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WAYNE V. BARNES	Management	Withheld	Against
		GREGORY V. OSTERGREN	Management	Withheld	Against
		JAMES L. SIVILS, III	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	37,000	37,000	04/28/2005

HELIX TECHNOLOGY CORPORATION			HELX	Annual Meeting Date: 05/25/2005
Issuer: 423319102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		GIDEON ARGOV	Management	For	For
		FRANK GABRON	Management	For	For
		JAMES GENTILCORE	Management	For	For
		ROBERT H. HAYES	Management	For	For
		ROBERT J. LEPOFSKY	Management	For	For
		MARVIN G. SCHORR	Management	For	For
		ALFRED WOOLLACOTT, III	Management	For	For
		MARK S. WRIGHTON	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	21,588	21,588	05/18/2005

PACIFIC PREMIER BANCORP, INC.			PPBI	Annual Meeting Date: 05/25/2005
Issuer: 69478X105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		RONALD G. SKIPPER	Management	Withheld	Against
		ROY A. HENDERSON	Management	Withheld	Against
		MICHAEL L. MCKENNON	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	187,600	187,600	05/11/2005

SUPERIOR ENERGY SERVICES, INC.			SPN	Annual Meeting Date: 05/25/2005
Issuer: 868157108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ENOCH L. DAWKINS	Management	For	For
		JAMES M. FUNK	Management	For	For
		TERENCE E. HALL	Management	For	For
		ERNEST E. HOWARD, III	Management	For	For
		RICHARD A. PATTAROZZI	Management	For	For
		JUSTIN L. SULLIVAN	Management	For	For
02	INCENTIVE STOCK OPTIONS		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	92,400	92,400	04/28/2005

THE MEDICINES COMPANY			MDCO	Annual Meeting Date: 05/25/2005
Issuer: 584688105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		CLIVE A. MEANWELL	Management	Withheld	Against
		ROBERT J. HUGIN	Management	Withheld	Against
		ELIZABETH H.S. WYATT	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	83,800	83,800	05/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	105	4,585	4,585	05/02/2005

WILSHIRE BANCORP, INC.			WIBC	Annual Meeting Date: 05/25/2005
Issuer: 97186T108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		STEVEN KOH	Management	Withheld	Against
		GAPSU KIM	Management	Withheld	Against
		FRED MAUTNER	Management	Withheld	Against
		DONALD BYUN	Management	Withheld	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	284,760	284,760	05/06/2005

CAPITAL BANK CORPORATION			CBKN	Annual Meeting Date: 05/26/2005
Issuer: 139793103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JOHN F. GRIMES, III	Management	Withheld	Against
		ROBERT L. JONES	Management	Withheld	Against
		J. REX THOMAS	Management	Withheld	Against
		SAMUEL J. WORNOM, III	Management	Withheld	Against
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	40,500	40,500	05/18/2005

E*TRADE FINANCIAL CORPORATION			ET	Annual Meeting Date: 05/26/2005
Issuer: 269246104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MITCHELL H. CAPLAN	Management	Withheld	Against
		C. CATHLEEN RAFFAELI	Management	Withheld	Against
		DARYL G. BREWSTER	Management	Withheld	Against
		STEPHEN H. WILLARD	Management	Withheld	Against
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	227,500	227,500	05/05/2005

FIRST CASH FINANCIAL SERVICES, INC.			FCFS	Annual Meeting Date: 05/26/2005
Issuer: 31942D107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MR. POWELL	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	Against	Against
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	107	51,839	51,839	05/11/2005

HARMONIC INC.			HLIT	Annual Meeting Date: 05/26/2005
Issuer: 413160102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		ANTHONY J. LEY	Management	For	For
		E. FLOYD KVAMME	Management	For	For
		WILLIAM F. REDDERSEN	Management	For	For
		LEWIS SOLOMON	Management	For	For
		MICHEL L. VAILLAUD	Management	For	For
		DAVID R. VAN VALKENBURG	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	183,700	183,700	05/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	102	10,300	10,300	05/02/2005

HERITAGE COMMERCE CORP			HTBK	Annual Meeting Date: 05/26/2005
Issuer: 426927109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	DECLASSIFY BOARD		Management	For	For
02	ADOPT CUMULATIVE VOTING		Management	Against	Against
03	ELECTION OF DIRECTORS		Management	Withheld	Against
		JACK W. CONNER	Management	Withheld	Against
		WALTER T. KACZMAREK	Management	Withheld	Against
		C.J. TOENISKOETTER	Management	Withheld	Against
		RANSON W. WEBSTER	Management	Withheld	Against
04	TRANSACT OTHER BUSINESS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	30,300	30,300	04/28/2005

LABONE, INC.			LABS	Annual Meeting Date: 05/26/2005
Issuer: 50540L105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		W. THOMAS GRANT II	Management	Withheld	Against
		LAWRENCE N. KUGELMAN	Management	Withheld	Against
		JOHN E. WALKER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	AMEND LONG TERM INCENTIVE PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	39,100	39,100	05/02/2005

SIMPLETECH, INC.			STEC	Annual Meeting Date: 05/26/2005
Issuer: 828823104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		MANOUCH MOSHAYEDI	Management	For	For
		MIKE MOSHAYEDI	Management	For	For
		MARK MOSHAYEDI	Management	For	For
		DAN MOSES	Management	For	For
		F. MICHAEL BALL	Management	For	For
		MARK R. HOLLINGER	Management	For	For
		JAMES J. PETERSON	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	104	50,000	50,000	05/06/2005

TELIK, INC.			TELK	Annual Meeting Date: 05/26/2005
Issuer: 87959M109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		EDWARD W. CANTRALL, PHD	Management	Withheld	Against
		STEVEN R. GOLDRING, MD	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	106,105	106,105	04/28/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	109	6,300	6,300	04/28/2005

TEXAS UNITED BANCSHARES, INC.			TXUI	Annual Meeting Date: 05/26/2005
Issuer: 882838105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		BRUCE FRENZEL*	Management	Withheld	Against
		HANK NOVAK*	Management	Withheld	Against
		RILEY C. PEVETO*	Management	Withheld	Against
		JIMMY JACK BIFFLE**	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	105	62,202	62,202	05/11/2005

VERISIGN, INC.			VRSN	Annual Meeting Date: 05/26/2005
Issuer: 92343E102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		SCOTT G. KRIENS	Management	Withheld	Against
		LEN J. LAUER	Management	Withheld	Against
		STRATTON D. SCLAVOS	Management	Withheld	Against
02	AMEND DIRECTOR STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	102	1,700	1,700	05/13/2005

VISX, INCORPORATED			EYE	Special Meeting Date: 05/26/2005
Issuer: 92844S105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	127,400	127,400	05/11/2005

WINTRUST FINANCIAL CORPORATION			WTFC	Annual Meeting Date: 05/26/2005
Issuer: 97650W108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		PETER D. CRIST	Management	Withheld	Against
		JOSEPH F. DAMICO	Management	Withheld	Against
		JOHN S. LILLARD	Management	Withheld	Against
		HOLLIS W. RADEMACHER	Management	Withheld	Against
		JOHN J. SCHORNACK	Management	Withheld	Against
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	Against	Against
03	DECLASSIFY BOARD		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	30,000	30,000	04/28/2005

XM SATELLITE RADIO HOLDINGS INC.			XMSR	Annual Meeting Date: 05/26/2005
Issuer: 983759101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		GARY M. PARSONS	Management	For	For
		HUGH PANERO	Management	For	For
		NATHANIEL A. DAVIS	Management	For	For
		THOMAS J. DONOHUE	Management	For	For
		EDDY W. HARTENSTEIN	Management	For	For
		GEORGE W. HAYWOOD	Management	For	For
		CHESTER A. HUBER, JR.	Management	For	For
		JOHN MENDEL	Management	For	For
		JARL MOHN	Management	For	For
		PIERCE J. ROBERTS, JR.	Management	For	For
		JACK SHAW	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	11,400	11,400	05/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	101	1,800	1,800	05/02/2005

COLUMBIA BANCORP			CBMD	Annual Meeting Date: 05/31/2005
Issuer: 197227101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JOHN M. BOND, JR.	Management	For	For
		WILLIAM L. HERMANN	Management	For	For
		CHARLES C. HOLMAN	Management	For	For
		WINFIELD M. KELLY, JR.	Management	For	For
		HARRY L. LUNDY, JR.	Management	For	For
		JAMES R. MOXLEY, III	Management	For	For
		MARY S. SCRIVENER	Management	For	For
		THEODORE G. VENETOULIS	Management	For	For
		JAMES J. WINN, JR.	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	22,166	22,166	05/06/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	164,812	164,812	05/06/2005

COMMUNITY BANKS, INC.			CMTY	Annual Meeting Date: 05/31/2005
Issuer: 203628102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	For	For
03	ELECTION OF DIRECTORS		Management	Withheld	Against
		EDDIE L. DUNKLEBARGER	Management	Withheld	Against
04	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	102	69,748	69,748	05/09/2005

HIBBETT SPORTING GOODS, INC.			HIBB	Annual Meeting Date: 05/31/2005
Issuer: 428565105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		CLYDE B. ANDERSON	Management	Withheld	Against
		RALPH T. PARKS	Management	Withheld	Against
02	ADOPT STOCK PURCHASE PLAN		Management	For	For
03	ADOPT DIRECTORS' DEFERRED COMPENSATION PLAN		Management	For	For
04	STATED CAPITAL REDUCTION		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	89,743	89,743	05/11/2005

PENNROCK FINANCIAL SERVICES CORP.			PRFS	Special Meeting Date: 05/31/2005
Issuer: 708352109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	31,465	31,465	05/11/2005

AFFILIATED MANAGERS GROUP, INC.			AMG	Annual Meeting Date: 06/01/2005
Issuer: 008252108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		RICHARD E. FLOOR	Management	For	For
		SEAN M. HEALEY	Management	For	For
		HAROLD J. MEYERMAN	Management	For	For
		WILLIAM J. NUTT	Management	For	For
		ROBERT C. PUFF, JR.	Management	For	For
		RITA M. RODRIGUEZ	Management	For	For
02	INCENTIVE STOCK OPTIONS		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	108	69,000	69,000	05/18/2005

INTERDIGITAL COMMUNICATIONS CORPORAT			IDCC	Annual Meeting Date: 06/02/2005
Issuer: 45866A105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		HARRY G. CAMPAGNA*	Management	Withheld	Against
		STEVEN T. CLONTZ*	Management	Withheld	Against
		EDWARD KAMINS*	Management	Withheld	Against
02	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Against
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	96,024	96,024	05/18/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	105	4,900	4,900	05/18/2005

YARDVILLE NATIONAL BANCORP			YANB	Annual Meeting Date: 06/03/2005
Issuer: 985021104		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JAY G. DESTRIBATS	Management	Withheld	Against
		JAMES E. BARTOLOMEI	Management	Withheld	Against
		GILBERT W. LUGOSSY	Management	Withheld	Against
		CHRISTOPHER S. VERNON	Management	Withheld	Against
		ROBERT L. WORKMAN	Management	Withheld	Against
02	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	104	29,600	29,600	05/18/2005
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	104	96,200	96,200	05/18/2005

IVILLAGE INC.			IVIL	Annual Meeting Date: 06/07/2005
Issuer: 46588H105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		KENNETH A. BRONFIN	Management	Withheld	Against
		JOHN T. (JACK) HEALY	Management	Withheld	Against
		LENNERT J. LEADER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	142,792	142,792	05/18/2005

QC HOLDINGS, INC.			QCCO	Annual Meeting Date: 06/07/2005
Issuer: 74729T101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		DON EARLY	Management	For	For
		MARY LOU ANDERSEN	Management	For	For
		RICHARD B. CHALKER	Management	For	For
		GERALD F. LAMBERTI	Management	For	For
		FRANCIS P. LEMERY	Management	For	For
		MARY V. POWELL	Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	101	145,100	145,100	05/11/2005

ATP OIL & GAS CORPORATION			ATPG	Annual Meeting Date: 06/08/2005
Issuer: 00208J108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		WALTER WENDLANDT	Management	Withheld	Against
		CHRIS A. BRISACK	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	108	17,500	17,500	05/09/2005

MET-PRO CORPORATION			MPR	Annual Meeting Date: 06/08/2005
Issuer: 590876306		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MICHAEL J. MORRIS	Management	Withheld	Against
		C.N. PAPADAKIS	Management	Withheld	Against
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
04	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	Against	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	306	90,166	90,166	05/09/2005

SALIX PHARMACEUTICALS, LTD.			SLXP	Annual Meeting Date: 06/09/2005
Issuer: 795435106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JOHN F. CHAPPELL	Management	For	For
		THOMAS W. D'ALONZO	Management	For	For
		RICHARD A. FRANCO	Management	For	For
		WILLIAM P. KEANE	Management	For	For
		CAROLYN J. LOGAN	Management	For	For
02	ADOPT STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	37,950	37,950	05/13/2005

INFOCROSSING, INC.			IFOX	Annual Meeting Date: 06/13/2005
Issuer: 45664X109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
I	ELECTION OF DIRECTORS		Management	Withheld	Against
		ZACH LONSTEIN	Management	Withheld	Against
		ROBERT B. WALLACH	Management	Withheld	Against
		JEREMIAH M. HEALY	Management	Withheld	Against
II	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	71,300	71,300	06/02/2005

CHESTER VALLEY BANCORP INC.			CVAL	Special Meeting Date: 06/14/2005
Issuer: 166335109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	For
02	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	109	144,041	144,041	05/17/2005

COGNIZANT TECHNOLOGY SOLUTIONS CORP.			CTSH	Annual Meeting Date: 06/14/2005
Issuer: 192446102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		ROBERT W. HOWE	Management	Withheld	Against
		ROBERT E. WEISSMAN	Management	Withheld	Against
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	102	49,100	49,100	05/18/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	102	4,000	4,000	05/18/2005

KANBAY INTERNATIONAL, INC.			KBAY	Annual Meeting Date: 06/14/2005
Issuer: 48369P207		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		CYPRIAN D'SOUZA	Management	Withheld	Against
		B. DOUGLAS MORRISS	Management	Withheld	Against
		HARRY C. GAMBILL	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	207	44,153	44,153	05/25/2005

AMERICAN EAGLE OUTFITTERS, INC.			AEOS	Annual Meeting Date: 06/15/2005
Issuer: 02553E106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MICHAEL G. JESSELSON	Management	Withheld	Against
		ROGER S. MARKFIELD	Management	Withheld	Against
		JAY L. SCHOTTENSTEIN	Management	Withheld	Against
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	106	41,600	41,600	05/17/2005

THE BANC CORPORATION			TBNC	Annual Meeting Date: 06/15/2005
Issuer: 05944B103		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	APPROVE AUTHORIZED COMMON STOCK INCREASE		Management	For	For
02	DECLASSIFY BOARD		Management	For	For
03	ELECTION OF DIRECTORS		Management	For	For
		C. STANLEY BAILEY	Management	For	For
		JAMES A. TAYLOR	Management	For	For
		C. MARVIN SCOTT	Management	For	For
		JAMES MAILON KENT, JR.	Management	For	For
		K. EARL DURDEN	Management	For	For
		JAMES C. WHITE, SR.	Management	For	For
		MICHAEL E. STEPHENS	Management	For	For
		BARRY MORTON	Management	For	For
		THOMAS E. JERNIGAN, JR.	Management	For	For
		ROGER BARKER	Management	For	For
		JAMES A. TAYLOR, JR.	Management	For	For
		JAMES M. LINK	Management	For	For
		RICK D. GARDNER	Management	For	For
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	103	203,266	203,266	06/02/2005

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AFFYMETRIX, INC.			AFFX	Annual Meeting Date: 06/16/2005
Issuer: 00826T108		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		STEPHEN P.A. FODOR, PHD	Management	For	For
		PAUL BERG, PHD	Management	For	For
		SUSAN DESMOND-HELLMANN	Management	For	For
		JOHN D. DIEKMAN, PHD	Management	For	For
		VERNON R. LOUCKS, JR.	Management	For	For
		SUSAN E. SIEGEL	Management	For	For
		DAVID B. SINGER	Management	For	For
		JOHN A. YOUNG	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	108	800	800	05/18/2005

KFX INC.			KFX	Annual Meeting Date: 06/21/2005
Issuer: 48245L107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		JACK C. PESTER	Management	Withheld	Against
		JAMES S. PIGNATELLI	Management	Withheld	Against
		THEODORE VENNERS	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	107	31,600	31,600	05/23/2005

OPSWARE INC.			OPSW	Annual Meeting Date: 06/21/2005
Issuer: 68383A101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		MARC L. ANDREESSEN	Management	Withheld	Against
		MIKE J. HOMER	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	195,700	195,700	06/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	101	8,000	8,000	06/02/2005

PREFERRED BANK			PFBC	Annual Meeting Date: 06/22/2005
Issuer: 740367107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		LI YU*	Management	For	For
		GARY S. NUNNELLY*	Management	For	For
		FRANK T. LIN*	Management	For	For
		AMBASSADOR JASON YUAN*	Management	For	For
		CLARK HSU*	Management	For	For
		CHIH-WEI WU**	Management	For	For
		WILLIAM C.Y. CHENG**	Management	For	For
		J. RICHARD BELLISTON**	Management	For	For
		DR. ALBERT YU**	Management	For	For
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD BANKING & FINANCE FUND	000015136400	107	83,400	83,400	06/14/2005

SHIRE PHARMACEUTICALS GROUP PLC			SHPGY	Annual Meeting Date: 06/22/2005
Issuer: 82481R106		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
O1	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management
O2	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management
O3	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management
O4	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management
O5	APPOINT AUDITORS		Management
O6	PERMIT DIRECTORS TO FIX/APPROVE AUDITOR'S REMUNERATION		Management
O7	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management
O8	ALLOT SECURITIES		Management
O9	ELIMINATE PREEMPTIVE RIGHTS		Management
S10	AUTHORIZE DIRECTORS TO REPURCHASE SHARES		Management
S11	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	106	900	0

TUT SYSTEMS, INC.			TUTS	Annual Meeting Date: 06/23/2005
Issuer: 901103101		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	For
02	STOCK OPTION PLAN		Management	For	For
03	ELECTION OF DIRECTORS		Management	Withheld	Against
		CLIFFORD H. HIGGERSON	Management	Withheld	Against
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
05	APPROVE MOTION TO ADJOURN MEETING		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	101	36,200	36,200	06/20/2005

ILLUMINA, INC.			ILMN	Annual Meeting Date: 06/28/2005
Issuer: 452327109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		DANIEL M. BRADBURY	Management	Withheld	Against
		J.R. STUELPNAGEL, DVM	Management	Withheld	Against
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	46,127	46,127	06/02/2005
	FORWARD EMERALD OPPORTUNITIES FUND	000015136500	109	5,700	5,700	06/02/2005

COST PLUS, INC.			CPWM	Annual Meeting Date: 06/29/2005
Issuer: 221485105		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	For	For
		JOSEPH H. COULOMBE	Management	For	For
		BARRY J. FELD	Management	For	For
		DANNY W. GURR	Management	For	For
		KIM D. ROBBINS	Management	For	For
		FREDRIC M. ROBERTS	Management	For	For
		THOMAS D. WILLARDSON	Management	For	For
02	DIRECTOR STOCK OPTION PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	105	15,294	15,294	06/02/2005

LIFEPOINT HOSPITALS, INC.			LPNT	Annual Meeting Date: 06/30/2005
Issuer: 53219L109		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal			Proposal	Vote	For or Against
Number	Proposal		Type	Cast	Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Against
		KENNETH C. DONAHEY	Management	Withheld	Against
		RICHARD H. EVANS	Management	Withheld	Against
		MICHAEL P. HALEY	Management	Withheld	Against
02	AMEND LONG TERM INCENTIVE PLAN		Management	For	For
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	For
		Custodian	Stock	Ballot	Voted	Vote
	Account Name	Account	Class	Shares	Shares	Date
	FORWARD EMERALD GROWTH FUND	000015136300	109	22,000	22,000	06/14/2005

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)	Forward Funds
By	/s/ J. Alan Reid, Jr.
	J. Alan Reid, Jr. President
	Date August 30, 2005