Schwartz Investment Trust 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 811-07148

Schwartz Investment Trust
Exact name of registrant as specified in charter)
3707 West Maple Road Bloomfield Hills, Michigan	48301
(Address of principal executive offices)	(Zip code)
George P. Schwartz Schwartz Investment Counsel, Inc. 3707 West Maple Road Bloomfield Hills, Michigan 48301
(Name and address of agent for service)

Registrant’s telephone number, including area code: (248) 644-8500

Date of fiscal year end: December 31

Date of reporting period: July 1, 2005 - June 30, 2006

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.

SEC 2451 (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:

Appended hereto as Exhibit A is the following information indicating for each matter relating to a portfolio security owned by the Registrant considered at any shareholder meeting held during the twelve month period ended June 30 with respect to which the Registrant was entitled to vote:

(a) The name of the issuer of the portfolio security;

(b) The exchange ticker symbol of the portfolio security;

(c) The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

(d) The shareholder meeting date;

(e) A brief identification of the matter voted on;

(f) Whether the matter was proposed by the issuer or by a security holder;

(g) Whether the Registrant cast its vote on the matter;

(h) How the Registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

(i) Whether the Registrant cast its vote for or against management.

[See General Instruction F]

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.

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

(Registrant)	Schwartz Investment Trust
By (Signature and Title)*	/s/ George P. Schwartz
	George P. Schwartz, President

Date: August 17, 2006

EXHIBIT A

Name of Fund: Schwartz Value Fund

For shareholder meetings held from July 1, 2005 through June 30, 2006

Issuer Name	Ticker Symbol	CUSIP	Shareholder Meeting Date	Brief Identification of the Matter Voted On	Proposed by Issuer or Security Holder?	Did the Fund Vote?	How did the Fund Cast its Vote? For, Against, Abstain	Did the Fund vote For or Against Management?
PICO Holdings, Inc.	PICO	693366205	8/1/2005	Vote for the election of nominees	Issuer	YES	For	For
Christopher & Banks Corporation	CBK	171046105	7/27/2005	Vote for the election of nominees	Issuer	YES	For	For
Christopher & Banks Corporation	CBK	171046105	7/27/2005	Approve company's 2005 stock incentive plan.	Issuer	YES	Against	Against
Christopher & Banks Corporation	CBK	171046105	7/27/2005	Ratify appt of Price Waterhouse Coopers LLP as ind. Auditors for current fiscal year	Issuer	YES	For	For
Steris Corporation	STE	859152100	7/29/2005	Vote for the election of nominees	Issuer	YES	For	For
Steris Corporation	STE	859152100	7/29/2005	Approval of Steris Corp. Senior Executive Management Incentive Compensation Plan	Issuer	YES	Against	Against
H&R Block, Inc.	HRB	093671105	9/7/2005	Vote for the election of nominees	Issuer	YES	For	For
H&R Block, Inc.	HRB	093671105	9/7/2005	Approval of Executive Performance Plan, as amended.	Issuer	YES	Against	Against
H&R Block, Inc.	HRB	093671105	9/7/2005	Ratification of the appointment of KPMG LLP as the company's independent accountants for the year ending April 30, 2006.	Issuer	YES	For	For
Strattec Security Corp.	STRT	863111100	10/4/2005	Vote for the election of nominees	Issuer	YES	For	For
Strattec Security Corp.	STRT	863111100	10/4/2005	Approval of the proposal to amend and restate the Strattec Security Corp. stock incentive plan	Issuer	YES	Against	Against
Harris Corporation	HRS	413875105	10/28/2005	Vote for the election of nominees	Issuer	YES	For	For
Harris Corporation	HRS	413875105	10/28/2005	Approval of Harris Corp. 2005 Equity Incentive Plan	Issuer	YES	Against	Against
Harris Corporation	HRS	413875105	10/28/2005	Approval of Harris Corp. 2005 Annual Incentive Plan	Issuer	YES	Against	Against
Harris Corporation	HRS	413875105	10/28/2005	Ratification of appt. of Ernst & Young LLP as independent auditors.	Issuer	YES	For	For
Neogen Corporation	NEOG	640491106	10/13/2005	Vote for the election of nominees	Issuer	YES	For	For
Nobel Learning Communities, Inc.	NLCI	654889104	11/10/2005	Vote for the election of nominees	Issuer	YES	For	For
Nobel Learning Communities, Inc.	NLCI	654889104	11/10/2005	Ratification of Issuance of series F Preferred stock for NASDAQ purposes.	Issuer	YES	For	For
Nobel Learning Communities, Inc.	NLCI	654889104	11/10/2005	Ratification of appt. of BDP Seidman, LLP as the company's registered ind. public accts. for 2006.	Issuer	YES	For	For
Sparton Corporation	SPA	847235108	10/26/2005	Vote for the election of nominees	Issuer	YES	For	For
Coach, Inc.	COH	189754104	11/2/2005	Vote for the election of nominees	Issuer	YES	For	For
Coach, Inc.	COH	189754104	11/2/2005	Amendment of the Coach, Inc. performance-based annual incentive plan	Issuer	YES	Against	Against
Ethan Allen Interiors Inc.	ETH	297602104	11/15/2005	Vote for the election of nominees	Issuer	YES	For	For
Ethan Allen Interiors Inc.	ETH	297602104	11/15/2005	Ratify KPMG LLP as independent auditors for 2006	Issuer	YES	For	For
Thor Industries	THO	885160101	12/6/2005	Vote for the election of nominees	Issuer	YES	For	For
Craftmade International, Inc.	CRFT	22413E104	11/29/2005	Vote for the election of nominees	Issuer	YES	For	For
Craftmade International, Inc.	CRFT	22413E104	11/29/2005	Ratify appointment of BDO Seidman, LLP as independent auditors.	Issuer	YES	For	For
PICO Holdings, Inc.	PICO	693366205	12/8/2005	Proposal to approve PICO Holdings, Inc.'s 2005 long-term incentive plan.	Issuer	YES	Against	Against
Courier Corporation	CRRC	222660102	1/18/2006	Vote for the election of nominees	Issuer	YES	For	For
Courier Corporation	CRRC	222660102	1/18/2006	Proposal to approve appt of Deloitte & Touche LLP as ind. auditors of corporation	Issuer	YES	For	For
Rockwell Collins, Inc.	COL	774341101	2/7/2006	Vote for the election of nominees	Issuer	YES	For	For
Rockwell Collins, Inc.	COL	774341101	2/7/2006	Proposal for selection of Deloitte & Touche LLP as auditors for 2006	Issuer	YES	For	For
Rockwell Collins, Inc.	COL	774341101	2/7/2006	Approval of 2006 long-term incentives plan.	Issuer	YES	Against	Against
Rockwell Collins, Inc.	COL	774341101	2/7/2006	Approval of 2006 annual incentive compensation plan for senior executive officers.	Issuer	YES	Against	Against
Engineered Support Systems, Inc.	EASI	292866100	1/30/2006	Approve agreement and plan of merger between Drs Tech, Inc., Maxco, Inc. and Eng. Support Systems, Inc. dated 9/21/05 and transactions contemplated by agreement and plan.	Issuer	YES	For	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Velcro Industries	VELCF	922571104	2/7/2006	Adoption of report of management	Issuer	YES	For	For
Velcro Industries	VELCF	922571104	2/7/2006	Approval of accounts	Issuer	YES	For	For
Velcro Industries	VELCF	922571104	2/7/2006	Approval of payment of dividends	Issuer	YES	For	For
Velcro Industries	VELCF	922571104	2/7/2006	Election of Directors and determination of rmuneration	Issuer	YES	For	For
Velcro Industries	VELCF	922571104	2/7/2006	Appt. of auditors & determination of remuneration	Issuer	YES	For	For
Velcro Industries	VELCF	922571104	2/7/2006	Appt. of General Proxy-holder in the Netherland Antilles	Issuer	YES	For	For
Velcro Industries	VELCF	922571104	2/7/2006	Approval of amendments to articles of Inc.	Issuer	YES	For	For
Velcro Industries	VELCF	922571104	2/7/2006	Other business	Issuer	YES	For	For
Kronos Incorporated	KRON	501052104	2/16/2006	Vote for the election of nominees	Issuer	YES	For	For
Kronos Incorporated	KRON	501052104	2/16/2006	Approve amended and restated 2002 stock incentive plan	Issuer	YES	Against	Against
Kronos Incorporated	KRON	501052104	2/16/2006	Ratify selection of Ernst & Young LLP as registered public accounting firm for 2006.	Issuer	YES	For	For
Sequoia Fund, Inc.				Approval of new invewtment advisory contract between Sequoia Fund, Inc. and Ruane, Cunniff & Goldfarb	Issuer	YES	For	For
American Pacific Corporation	APFC	28740108	3/7/2006	Vote for the election of nominees	Issuer	YES	For	For
American Pacific Corporation	APFC	28740108	3/7/2006	Approve adoption of Company's stock incentive plan.	Issuer	YES	Against	Against
American Pacific Corporation	APFC	28740108	3/7/2006	Ratify appoint of Deloitte & Touche LLP as ind. Public accountants for fiscal year ending 9/30/06	Issuer	YES	For	For
Applied Signal Technology, Inc.	APSG	38237103	3/5/2006	Vote for the election of nominees	Issuer	YES	For	For
Applied Signal Technology, Inc.	APSG	38237103	3/5/2006	Consider, approve, and ratify Ernst & Young LLP as independent auditors for company for fiscal year ending Oct. 31, 2006	Issuer	YES	For	For
Genuine Parts Company	GPC	372460105	4/17/2006	Vote for the election of nominees	Issuer	YES	For	For
Genuine Parts Company	GPC	372460105	4/17/2006	Amend Genuine Parts company restated articles of incorporation to provide for annual election of directors	Issuer	YES	For	For
Genuine Parts Company	GPC	372460105	4/17/2006	Adopt genuine Parts Co. 2006 long-term incentive plan.	Issuer	YES	Against	Against
Genuine Parts Company	GPC	372460105	4/17/2006	Ratification of selection of Ernst & Young LLP as ind. Auditors for 2006.	Issuer	YES	For	For
Chattem, Inc.	CHTT	162456107	4/12/2006	Vote for the election of nominees	Issuer	YES	For	For
Chattem, Inc.	CHTT	162456107	4/12/2006	Ratification of appt. of Grant Thornton LLP as ind. Auditors for 2006.	Issuer	YES	For	For
Boston Scientific Corporation	BSX	101137107	3/31/2006	Adopt amendment to company's second restated certificate of incorporation to increase authorized number of shares of common stock from 1,200,000,000 to 2,000,000,000.	Issuer	YES	For	For
Boston Scientific Corporation	BSX	101137107	3/31/2006	Approve issuance of shares of common stock to shareholders of Guidant Corporation pursuant to terms of merger agreement dated 1/25/06.	Issuer	YES	For	For
PACCAR Inc.	PCAR	693718108	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
PACCAR Inc.	PCAR	693718108	4/25/2006	Approve amended and restated long term incentive plan	Issuer	YES	Against	Against
PACCAR Inc.	PCAR	693718108	4/25/2006	Approve amendment and restatement of senior executive yearly incentive compensation plan	Issuer	YES	Against	Against
PACCAR Inc.	PCAR	693718108	4/25/2006	Stockholder proposal regarding a director vote threshhold	Security Holder	YES	For	Against
PACCAR Inc.	PCAR	693718108	4/25/2006	Stockholder proposal regarding annual election of all directors	Security Holder	YES	For	Against
Lexmark International, Inc.	LXK	529771107	4/27/2006	Vote for the election of nominees	Issuer	YES	For	For
Lexmark International, Inc.	LXK	529771107	4/27/2006	Ratification of appt of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
Dover Corporation	DOV	260003108	4/18/2006	Vote for the election of nominees	Issuer	YES	For	For
Dover Corporation	DOV	260003108	4/18/2006	Transact such other business as may properly come before the meeting	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	4/27/2006	Vote for the election of nominees	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	4/27/2006	Ratify appt of KPMG, LLP as ind. Auditors for 2006	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	4/27/2006	Approve amended and restated Diebold, Inc. 1991 equity and performance incentive plan	Issuer	YES	Against	Against
CSB Bancorp, Inc.	CSBB.OB	12629U109	4/11/2006	Vote for the election of nominees	Issuer	YES	For	For
Stanley Furniture Company, Inc.	STLY	854305208	4/19/2006	Vote for the election of nominees	Issuer	YES	For	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Graco Inc.	GGG	384109104	4/21/2006	Vote for the election of nominees	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Ratification of appt of Deloitte & Touche, LLP as ind. Registered publice accounting firm.	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Approval of amended and restated Graco Inc. stock incentive plan.	Issuer	YES	Against	Against
Graco Inc.	GGG	384109104	4/21/2006	Approval of Graco Inc. 2006 employee stock purchase plan	Issuer	YES	Against	Against
Superior Uniform Group, Inc.	SGC	868358102	5/5/2006	Vote for the election of nominees	Issuer	YES	For	For
Superior Uniform Group, Inc.	SGC	868358102	5/5/2006	Ratify appt of grant Thornton LLP as ind. Auditors for 2006	Issuer	YES	For	For
The Ryland Group, Inc.	RYL	783764103	4/26/2006	Vote for the election of nominees	Issuer	YES	For	For
The Ryland Group, Inc.	RYL	783764103	4/26/2006	Approval of Ryland Group, Inc. 2006 non-employee director stock plan.	Issuer	YES	Against	Against
The Ryland Group, Inc.	RYL	783764103	4/26/2006	Consideration of sockholder proposal requesting approval of future severence agmts. for senior executives.	Security Holder	YES	Against	For
The Ryland Group, Inc.	RYL	783764103	4/26/2006	Consideration of sockholder proposal requesting approval of future extraordinary retirement benefits for senior executives.	Security Holder	YES	Against	For
The Ryland Group, Inc.	RYL	783764103	4/26/2006	Ratification of appt of Ernst & Young LLP as ind. Auditors for 2006	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Vote for the election of nominees	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Ratification of appt of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Shareholder proposal requesting addition of sexual orientation to company's written non-discrimination policy.	Security Holder	YES	Against	For
Fargo Electronics, Inc.	FRGO	30744P102	5/2/2006	Vote for the election of nominees	Issuer	YES	For	For
Fargo Electronics, Inc.	FRGO	30744P102	5/2/2006	Ratification of selection of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
Gentex Corporation	GNTX	371901109	5/11/2006	Vote for the election of nominees	Issuer	YES	For	For
Gentex Corporation	GNTX	371901109	5/11/2006	Ratify appt of Ernst & Young LLP as auditors for 2006	Issuer	YES	For	For
Fortune Brands, Inc.	FO	349631101	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
Fortune Brands, Inc.	FO	349631101	4/25/2006	Ratify appt of Price Waterhouse Coopers LLP as ind. Auditors for current fiscal year	Issuer	YES	For	For
Fortune Brands, Inc.	FO	349631101	4/25/2006	Shareholder proposal entitled "elect each director annually.	Security Holder	YES	For	Against
Fortune Brands, Inc.	FO	349631101	4/25/2006	If presented, a shareholder proposal entitled "Pay for Superior Performance".	Security Holder	YES	Against	For
Waters Corporation	WAT	941848103	5/11/2006	Vote for the election of nominees	Issuer	YES	For	For
Waters Corporation	WAT	941848103	5/11/2006	Ratify selection of Pricewaterhousecoopers as ind. Registered public accounting firm for 2006	Issuer	YES	For	For
First Data Corporation	FDC	319963104	5/10/2006	Vote for the election of nominees	Issuer	YES	For	For
First Data Corporation	FDC	319963104	5/10/2006	Ratification of election of David A. Coulter as a director	Issuer	YES	For	For
First Data Corporation	FDC	319963104	5/10/2006	Ratification of election of Henry C. Duques as a director	Issuer	YES	For	For
First Data Corporation	FDC	319963104	5/10/2006	Ratification of election of Peter B Ellwood as a director.	Issuer	YES	For	For
First Data Corporation	FDC	319963104	5/10/2006	Ratification of selection of Ernst & Young LLP as ind. Auditors for 2006.	Issuer	YES	For	For
Weyco Group, Inc.	WEYS	962149100	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	5/11/2006	Vote for the election of nominees	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	5/11/2006	Election of one Director for a term expiring in 2007	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	5/11/2006	Selection of Pricewaterhousecoopers LLP as ind. Registered public accounting firm.	Issuer	YES	For	For
RC2 Corporation	RCRC	749388104	5/5/2006	Vote for the election of nominees	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Vote for the election of nominees	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Selection of independent auditors	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to majority vote standard for election of directors	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to automatic disqualification of directors who fail to receive a majority of affirmative votes cast	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to independent board chairman	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to corporate political contributions	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to sustainability report	Security Holder	YES	Against	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Manor Care, Inc.	HCR	564055101	5/9/2006	Vote for the election of nominees	Issuer	YES	For	For
Pulte Homes Inc.	PHM	745867101	5/11/2006	Vote for the election of nominees	Issuer	YES	For	For
Pulte Homes Inc.	PHM	745867101	5/11/2006	Ratify appt. of Ernst & Young LLP as ind. Accounting firm for 2006	Issuer	YES	For	For
Pulte Homes Inc.	PHM	745867101	5/11/2006	Shareholder Proposal requesting election of directors by a majority, rather than plurality	Security Holder	YES	Against	For
Pulte Homes Inc.	PHM	745867101	5/11/2006	Shareholder proposal requesting declassification of Board of Directors	Security Holder	YES	For	Against
Pulte Homes Inc.	PHM	745867101	5/11/2006	Shareholder proposal requesting cumulative voting in election of directors	Security Holder	YES	Against	For
Pulte Homes Inc.	PHM	745867101	5/11/2006	Shareholder proposal regarding use of performance-based options.	Security Holder	YES	Against	For
Mohawk Industries, Inc.	MHK	608190104	5/17/2006	Vote for the election of nominees	Issuer	YES	For	For
Strayer Education, Inc.	STRA	863236105	5/3/2006	Vote for the election of nominees	Issuer	YES	For	For
Strayer Education, Inc.	STRA	863236105	5/3/2006	Ratify appt of Price Waterhouse Coopers LLP as ind. Auditors for current fiscal year	Issuer	YES	For	For
Strayer Education, Inc.	STRA	863236105	5/3/2006	Amend employee stock option plan to authorize exchange of stock options for restricted shares by employees excluding 5 highest paid exec. Officers.	Issuer	YES	Against	Against
Strayer Education, Inc.	STRA	863236105	5/3/2006	Amend employee stock option plan to permit restricted stock and cash awards to be eligible for favorable tax treatment under IR code.	Issuer	YES	Against	Against
Maritrans, Inc.	TUG	570363101	4/28/2006	Vote for the election of nominees	Issuer	YES	For	For
Maritrans, Inc.	TUG	570363101	4/28/2006	Approval of Maritrans Inc. annual incentive plan.	Issuer	YES	Against	Against
Maritrans, Inc.	TUG	570363101	4/28/2006	Ratification of Ernst & Young as ind. Registered public accounting firm for 2006	Issuer	YES	For	For
Lincare Holdings Inc.	LNCR	532791100	5/15/2006	Vote for the election of nominees	Issuer	YES	For	For
Simpson Manufacturing Co., Inc.	SSD	829073105	4/14/2006	Vote for the election of nominees	Issuer	YES	For	For
Simpson Manufacturing Co., Inc.	SSD	829073105	4/14/2006	Ratification of selection of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
The Home Depot	HD	437076102	5/25/2006	Vote for the election of nominees	Issuer	YES	For	For
The Home Depot	HD	437076102	5/25/2006	Ratify appt of KPMG, LLP as ind. Auditors for 2006	Issuer	YES	For	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding committee report	Security Holder	YES	Against	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding employment diversity report disclosure	Security Holder	YES	Against	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding Chairman and CEO	Security Holder	YES	Against	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding method of voting for directors	Security Holder	YES	Against	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding retirement benefits	Security Holder	YES	Against	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding political contributions	Security Holder	YES	Against	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding governing documents	Security Holder	YES	Against	For
The Home Depot	HD	437076102	5/25/2006	Shareholder proposal regarding political non-partisanship	Security Holder	YES	Against	For
Ross Stores, Inc.	ROST	778296103	5/18/2006	Vote for the election of nominees	Issuer	YES	For	For
Ross Stores, Inc.	ROST	778296103	5/18/2006	Approve company's second amended and restated incentive compensation plan	Issuer	YES	Against	Against
Ross Stores, Inc.	ROST	778296103	5/18/2006	Ratify appt of Deloitte & Touche LLP as company's ind. Auditor for 2006	Issuer	YES	For	For
The Student Loan Corporation	STU	863902102	5/18/2006	Vote for the election of nominees	Issuer	YES	For	For
The Student Loan Corporation	STU	863902102	5/18/2006	Ratification of ind. Auditors	Issuer	YES	For	For
Meadowbrook Insurance Group, Inc.	MIG	58319P108	5/10/2006	Vote for the election of nominees	Issuer	YES	For	For
Meadowbrook Insurance Group, Inc.	MIG	58319P108	5/10/2006	Ratification of appt. of ind. Auditors	Issuer	YES	For	For
K-Swiss Inc.	KSWS	482686102	5/17/2006	Vote for the election of nominees	Issuer	YES	For	For
K-Swiss Inc.	KSWS	482686102	5/17/2006	Ratification of appt. of Grant Thornton LLP as ind. Auditors for 2006.	Issuer	YES	For	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Input/Output, Inc.	IO	457652105	5/17/2006	Vote for the election of nominees	Issuer	YES	For	For
Input/Output, Inc.	IO	457652105	5/17/2006	Approve certain amendments to 2004 long-term incentive plan	Issuer	YES	Against	Against
Input/Output, Inc.	IO	457652105	5/17/2006	Ratify appt of Ernst & Young LLP as auditors for 2006	Issuer	YES	For	For
SEMCO Energy, Inc.	SEN	78412D109	5/22/2006	Vote for the election of nominees	Issuer	YES	For	For
TVI Corporation	TVIN	872916101	5/15/2006	Vote for the election of nominees	Issuer	YES	For	For
TVI Corporation	TVIN	872916101	5/15/2006	Ratify Stegman & Company as ind. Auditors for 2006	Issuer	YES	For	For
Henry Schein, Inc.	HSIC	806407102	5/18/2006	Vote for the election of nominees	Issuer	YES	For	For
Henry Schein, Inc.	HSIC	806407102	5/18/2006	Proposal to ratify selection of BDO Seidman, LLP as ind. Auditor for 2006	Issuer	YES	For	For
Unico American Corporation	UNAM	904607108	5/25/2006	Vote for the election of nominees	Issuer	YES	For	For
Education Management Corporation	EDMC	28139T101	5/25/2006	Adopt agreement and plan of merger	Issuer	YES	For	For
Education Management Corporation	EDMC	28139T101	5/25/2006	Adjourn special meeting to solicit additional proxies, if needed, to adopt agreement and plan of merger	Issuer	YES	For	For
Kinetic Concepts, Inc.	KCI	49460W208	5/23/2006	Vote for the election of nominees	Issuer	YES	For	For
Kinetic Concepts, Inc.	KCI	49460W208	5/23/2006	Ratify appointment of Ernst & Young LLP as ind. Auditors for 2006	Issuer	YES	For	For
Balchem Corporation	BCP	057665200	6/23/2006	Vote for the election of nominees	Issuer	YES	For	For
Stratasys, Inc	SSYS	862685104	5/17/2006	Vote for the election of nominees	Issuer	YES	For	For
Lifetime Brands, Inc.	LCUT	53222Q103	6/8/2006	Vote for the election of nominees	Issuer	YES	For	For
Lifetime Brands, Inc.	LCUT	53222Q103	6/8/2006	Ratify appt. of Ernst & Young LLP as ind. Accounting firm for 2006	Issuer	YES	For	For
Lifetime Brands, Inc.	LCUT	53222Q103	6/8/2006	Approve amendment to 2000 long-term incentive plan and re-approve criteria	Issuer	YES	Against	Against
Lifetime Brands, Inc.	LCUT	53222Q103	6/8/2006	Re-approve performance criteria under 2000 incentive bonus compensation plan	Issuer	YES	Against	Against
Dollar Tree Stores, Inc.	DLRT	256747106	6/14/2006	Vote for the election of nominees	Issuer	YES	For	For
Harley-Davidson, Inc.	HDI	412822108	4/29/2006	Vote for the election of nominees	Issuer	YES	For	For
Harley-Davidson, Inc.	HDI	412822108	4/29/2006	Ratification of selection of Ernst & Young LLP as independent accounting firm for 2006	Issuer	YES	For	For
Education Management Corporation	EDMC	28139T101	5/25/2006	Adopt agreement and plan of merger	Issuer	YES	For	For
Education Management Corporation	EDMC	28139T101	5/25/2006	Adjourn special meeting to solicit additional proxies, if needed, to adopt agreement and plan of merger	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Vote for the election of nominees	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Confirmation and adoption of annual accounts.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of cancellation of our repurchased shares	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of extension of authority of management Board to repurchase up to 10% of issued share capital of the company	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of extension of authority of supervisory Board to issue shares and/or grant rights with respect to common and/or preference shares until 6/28/011	Issuer	YES	Against	Against
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of extension of authority of supervisory board to limit or eliminate preemptive right of holders of common shares until 6/28/011	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of amendment and restatement of Core Lab N.V. 1995 non-employee director stock option plan.	Issuer	YES	Against	Against
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of mandatory amendments of the Articles of Association, including a capital increase.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of amendment of indemnification provision of the Articles of Association.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Approval of the two-for-one stock split.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	6/28/2006	Ratification of appt. of Pricewaterhousecoopers LLP as company's ind. Auditors for 2006	Issuer	YES	For	For

Name of Fund: Ave Maria Catholic Values Fund

For shareholder meetings held from July 1, 2005 through June 30, 2006

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Christopher & Banks Corporation	CBK	171046105	07/27/05	Vote for the election of nominees	Issuer	YES	For	For
Christopher & Banks Corporation	CBK	171046105	07/27/05	Approve company's 2005 stock incentive plan.	Issuer	YES	Against	Against
Christopher & Banks Corporation	CBK	171046105	07/27/05	Ratify appt of Price Waterhouse Coopers LLP as ind. Auditors for current fiscal year	Issuer	YES	For	For
American International Group, Inc.	AIG	026874107	08/11/05	Vote for the election of nominees	Issuer	YES	For	For
American International Group, Inc.	AIG	026874107	08/11/05	Ratification of Independent Accountants	Issuer	YES	For	For
Steris Corporation	STE	859152100	07/29/05	Vote for the election of nominees	Issuer	YES	For	For
Steris Corporation	STE	859152100	07/29/05	Approval of Steris Corp. Senior Executive Management Incentive Compensation Plan	Issuer	YES	Against	Against
Fleetwood Enterprises, Inc.	FLE	339099103	09/13/05	Vote for the election of nominees	Issuer	YES	For	For
Fleetwood Enterprises, Inc.	FLE	339099103	09/13/05	Approve the 2005 Senior Executive Short- Term Incentive Compensation Plan.	Issuer	YES	Against	Against
Fleetwood Enterprises, Inc.	FLE	339099103	09/13/05	Ratify the appointment of Ernst & Young LLP as Fleetwood's independent registered public accounting firm for fiscal 2006.	Issuer	YES	For	For
Automatic Data Processing	ADP	53015103	11/08/05	Vote for the election of nominees	Issuer	YES	For	For
Automatic Data Processing	ADP	53015103	11/08/05	Appointment of Deloitte & Touche LLP	Issuer	YES	For	For
Harris Corporation	HRS	413875105	10/28/05	Vote for the election of nominees	Issuer	YES	For	For
Harris Corporation	HRS	413875105	10/28/05	Approval of Harris Corp. 2005 Equity Incentive Plan	Issuer	YES	Against	Against
Harris Corporation	HRS	413875105	10/28/05	Approval of Harris Corp. 2005 Annual Incentive Plan	Issuer	YES	Against	Against
Harris Corporation	HRS	413875105	10/28/05	Ratification of appt. of Ernst & Young LLP as independent auditors.	Issuer	YES	For	For
Mylan Laboratories Inc.	MYI	628530107	10/28/05	Vote for the election of nominees	Issuer	YES	For	For
Mylan Laboratories Inc.	MYI	628530107	10/28/05	Ratify appt of Deloitte & Touche LLP as independent registered accounting firm	Issuer	YES	For	For
Neogen Corporation	NEOG	640491106	10/13/05	Vote for the election of nominees	Issuer	YES	For	For
Sparton Corporation	SPA	847235108	10/26/05	Vote for the election of nominees	Issuer	YES	For	For
Coach, Inc.	COH	189754104	11/02/05	Vote for the election of nominees	Issuer	YES	For	For
Coach, Inc.	COH	189754104	11/02/05	Amendment of the Coach, Inc. performance-based annual incentive plan	Issuer	YES	Against	Against
Thor Industries	THO	885160101	12/06/05	Vote for the election of nominees	Issuer	YES	For	For
Craftmade International, Inc.	CRFT	22413E104	11/29/05	Vote for the election of nominees	Issuer	YES	For	For
Craftmade International, Inc.	CRFT	22413E104	11/29/05	Ratify appointment of BDO Seidman, LLP as independent auditors.	Issuer	YES	For	For
Courier Corporation	CRRC	222660102	01/18/06	Vote for the election of nominees	Issuer	YES	For	For
Courier Corporation	CRRC	222660102	01/18/06	Proposal to approve appt of Deloitte & Touche LLP as ind. auditors of corporation	Issuer	YES	For	For
Applied Signal Technology, Inc.	APSG	38237103	03/05/06	Vote for the election of nominees	Issuer	YES	For	For
Applied Signal Technology, Inc.	APSG	38237103	03/05/06	Consider, approve, and ratify Ernst & Young LLP as independent auditors for company for fiscal year ending Oct. 31, 2006	Issuer	YES	For	For
Genuine Parts Company	GPC	372460105	04/17/06	Vote for the election of nominees	Issuer	YES	For	For
Genuine Parts Company	GPC	372460105	04/17/06	Amend Genuine Parts company restated articles of incorporation to provide for annual election of directors	Issuer	YES	For	For
Genuine Parts Company	GPC	372460105	04/17/06	Adopt genuine Parts Co. 2006 long-term incentive plan.	Issuer	YES	Against	Against
Genuine Parts Company	GPC	372460105	04/17/06	Ratification of selection of Ernst & Young LLP as ind. Auditors for 2006.	Issuer	YES	For	For
Chattem, Inc.	CHTT	162456107	04/12/06	Vote for the election of nominees	Issuer	YES	For	For
Chattem, Inc.	CHTT	162456107	04/12/06	Ratification of appt. of Grant Thornton LLP as ind. Auditors for 2006.	Issuer	YES	For	For
Beckman Coulter, Inc.	BEC	75811109	04/12/06	Vote for the election of nominees	Issuer	YES	For	For
The Sherwin-Williams Company	SHW	824348106	04/19/06	Vote for the election of nominees	Issuer	YES	For	For
The Sherwin-Williams Company	SHW	824348106	04/19/06	Aproval of 2006 Equity and Performance Incentive Plan	Issuer	YES	Against	Against
The Sherwin-Williams Company	SHW	824348106	04/19/06	Approval of 2006 Stock Plan for Nonemployee Directors	Issuer	YES	Against	Against
The Sherwin-Williams Company	SHW	824348106	04/19/06	Ratification of appt. of Ind. Registered public accounting firm.	Issuer	YES	For	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Duke Realty Corporation	DRE	264411505	04/26/06	Vote for the election of nominees	Issuer	YES	For	For
Duke Realty Corporation	DRE	264411505	04/26/06	Proposal to ratify appt. of KPMG LLP as ind. Auditors	Issuer	YES	For	For
Alltel Corporation	AT	020039103	04/20/06	Vote for the election of nominees	Issuer	YES	For	For
Alltel Corporation	AT	020039103	04/20/06	Approval of amended and restated Alltel performance incentive compensation plan	Issuer	YES	Against	Against
Alltel Corporation	AT	020039103	04/20/06	Approval of amended and restated Alltel long-term performance incentive plan	Issuer	YES	Against	Against
Alltel Corporation	AT	020039103	04/20/06	Ratification of appt. of ind. Auditors	Issuer	YES	For	For
Dover Corporation	DOV	260003108	04/18/06	Vote for the election of nominees	Issuer	YES	For	For
Dover Corporation	DOV	260003108	04/18/06	Transact such other business as may properly come before the meeting	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	04/27/06	Vote for the election of nominees	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	04/27/06	Ratify appt of KPMG, LLP as ind. Auditors for 2006	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	04/27/06	Approve amended and restated Diebold, Inc. 1991 equity and performance incentive plan	Issuer	YES	Against	Against
Stanley Furniture Company, Inc.	STLY	854305208	04/19/06	Vote for the election of nominees	Issuer	YES	For	For
Graco Inc.	GGG	384109104	04/21/06	Vote for the election of nominees	Issuer	YES	For	For
Graco Inc.	GGG	384109104	04/21/06	Ratification of appt of Deloitte & Touche, LLP as ind. Registered publice accounting firm.	Issuer	YES	For	For
Graco Inc.	GGG	384109104	04/21/06	Approval of amended and restated Graco Inc. stock incentive plan.	Issuer	YES	Against	Against
Graco Inc.	GGG	384109104	04/21/06	Approval of Graco Inc. 2006 employee stock purchase plan	Issuer	YES	Against	Against
Stericycle, Inc.	SRCL	858912108	05/03/06	Vote for the election of nominees	Issuer	YES	For	For
Stericycle, Inc.	SRCL	858912108	05/03/06	Ratification of appt of Ernst & Young, LLP as ind. Public accountants for 2006	Issuer	YES	For	For
Stericycle, Inc.	SRCL	858912108	05/03/06	If presented, a stockholder proposal regarding plan for elimination of incineration.	Security holder	YES	Against	For
Leggett & Platt, Incorporated	LEG	524660107	05/10/06	Vote for the election of nominees	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	05/10/06	Ratification of appt of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	05/10/06	Shareholder proposal requesting addition of sexual orientation to company's written non-discrimination policy.	Security holder	YES	Against	For
Fargo Electronics, Inc.	FRGO	30744P102	05/02/06	Vote for the election of nominees	Issuer	YES	For	For
Fargo Electronics, Inc.	FRGO	30744P102	05/02/06	Ratification of selection of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
Gentex Corporation	GNTX	371901109	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Gentex Corporation	GNTX	371901109	05/11/06	Ratify appt of Ernst & Young LLP as auditors for 2006	Issuer	YES	For	For
Fortune Brands, Inc.	FO	349631101	04/25/06	Vote for the election of nominees	Issuer	YES	For	For
Fortune Brands, Inc.	FO	349631101	04/25/06	Ratify appt of Price Waterhouse Coopers LLP as ind. Auditors for current fiscal year	Issuer	YES	For	For
Fortune Brands, Inc.	FO	349631101	04/25/06	Shareholder proposal entitled "elect each director annually.	Security holder	YES	For	Against
Fortune Brands, Inc.	FO	349631101	04/25/06	If presented, a shareholder proposal entitled "Pay for Superior Performance".	Security holder	YES	Against	For
Waters Corporation	WAT	941848103	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Waters Corporation	WAT	941848103	05/11/06	Ratify selection of Pricewaterhousecoopers as ind. Registered public accounting firm for 2006	Issuer	YES	For	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

3M Company	MMM	88579Y101	05/09/06	Vote for the election of nominees	Issuer	YES	For	For
3M Company	MMM	88579Y101	05/09/06	Ratification of appt of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
3M Company	MMM	88579Y101	05/09/06	Proposal to amend certificate of incorporation to authorize annual election of directors	Issuer	YES	For	For
3M Company	MMM	88579Y101	05/09/06	Stockholder proposal regarding executive compensation	Security holder	YES	Against	For
3M Company	MMM	88579Y101	05/09/06	Stockholder proposal regarding 3M's animal welfare policy	Security holder	YES	Against	For
3M Company	MMM	88579Y101	05/09/06	Stockholder proposal regarding 3M's business operations in China	Security holder	YES	Against	For
Brunswick Corporation	BC	117043109	05/03/06	Vote for the election of nominees	Issuer	YES	For	For
Brunswick Corporation	BC	117043109	05/03/06	Approval of amendments to Brunswick Corp. 2003 Stock Incentive Plan	Issuer	YES	For	For
Brunswick Corporation	BC	117043109	05/03/06	Ratification of audit committee's selectin of Ernst & Young LLP as ind. Registered public accounting firm.	Issuer	YES	For	For
Anadarko Petroleum Corporation	APC	32511107	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Anadarko Petroleum Corporation	APC	32511107	05/11/06	Approval of amendment to restated certificate of Incorporation	Issuer	YES	For	For
Anadarko Petroleum Corporation	APC	32511107	05/11/06	Ratification of appt of independent auditor	Issuer	YES	For	For
Synovus Financial Corp.	SNV	87161C105	04/27/06	Vote for the election of nominees	Issuer	YES	For	For
Synovus Financial Corp.	SNV	87161C105	04/27/06	Amend Articles of Incorporation and Bylaws to declassify the Board of Directors	Issuer	YES	For	For
Synovus Financial Corp.	SNV	87161C105	04/27/06	Approve Synovus Financial Corp. executive cash bonus plan	Issuer	YES	Against	Against
Synovus Financial Corp.	SNV	87161C105	04/27/06	Ratify appt of KPMG, LLP as ind. Auditors for 2006	Issuer	YES	For	For
Synovus Financial Corp.	SNV	87161C105	04/27/06	Consider shareholder proposal regarding director election by majority vote.	Security holder	YES	Against	For
Tractor Supply Company	TSCO	892356106	05/04/06	Vote for the election of nominees	Issuer	YES	For	For
Tractor Supply Company	TSCO	892356106	05/04/06	Approve 2006 stock incentive plan	Issuer	YES	Against	Against
Tractor Supply Company	TSCO	892356106	05/04/06	Ratify reappointment of Ernst & Young LLP as ind. Auditor for 2006.	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	04/25/06	Vote for the election of nominees	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	04/25/06	Approve amendment to Article III, Sec. 2 of Corp. bylaws to eliminate the classified board.	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	04/25/06	Approve amendment to Article III, Sec. 2 of Corp. bylaws to eliminate the National Bank Director Qualification Standard.	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	04/25/06	Approve Corp. short-term incentive plan for Fed. tax purposes.	Issuer	YES	Against	Against
BB&T Corporation	BBT	54937107	04/25/06	Ratify appt. of Pricewaterhousecoopers LLP as ind. Reg. public accounting firm for 2006.	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	05/11/06	Election of one Director for a term expiring in 2007	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	05/11/06	Selection of Pricewaterhousecoopers LLP as ind. Registered public accounting firm.	Issuer	YES	For	For
RC2 Corporation	RCRC	749388104	05/05/06	Vote for the election of nominees	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	05/03/06	Vote for the election of nominees	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	05/03/06	Selection of independent auditors	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	05/03/06	Shareholder proposal with regard to majority vote standard for election of directors	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	05/03/06	Shareholder proposal with regard to automatic disqualification of directors who fail to receive a majority of affirmative votes cast	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	05/03/06	Shareholder proposal with regard to independent board chairman	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	05/03/06	Shareholder proposal with regard to corporate political contributions	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	05/03/06	Shareholder proposal with regard to sustainability report	Security Holder	YES	Against	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

ConocoPhillips	COP	20825C104	05/10/06	Vote for the election of nominees	Issuer	YES	For	For
ConocoPhillips	COP	20825C104	05/10/06	Ratification of appt of Ernst & Young, LLP as ind. Public accountants for 2006	Issuer	YES	For	For
ConocoPhillips	COP	20825C104	05/10/06	Drilling in sensitive areas	Security Holder	YES	Against	For
ConocoPhillips	COP	20825C104	05/10/06	Director election vote standard	Security Holder	YES	Against	For
ConocoPhillips	COP	20825C104	05/10/06	Shareholder approval of future extraordinary retirement benefits for senior executives	Security Holder	YES	Against	For
ConocoPhillips	COP	20825C104	05/10/06	Environmental accountability to communities	Security Holder	YES	Against	For
ConocoPhillips	COP	20825C104	05/10/06	Equitable compensation of non-employee directors	Security Holder	YES	Against	For
Centurytel, Inc.	CTL	156700106	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Centurytel, Inc.	CTL	156700106	05/11/06	Ratify selection of KPMG LLP as ind. Auditor for 2006	Issuer	YES	For	For
Manor Care, Inc.	HCR	564055101	05/09/06	Vote for the election of nominees	Issuer	YES	For	For
Pulte Homes Inc.	PHM	745867101	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Pulte Homes Inc.	PHM	745867101	05/11/06	Ratify appt. of Ernst & Young LLP as ind. Accounting firm for 2006	Issuer	YES	For	For
Pulte Homes Inc.	PHM	745867101	05/11/06	Shareholder Proposal requesting election of directors by a majority, rather than plurality	Security Holder	YES	Against	For
Pulte Homes Inc.	PHM	745867101	05/11/06	Shareholder proposal requesting declassification of Board of Directors	Security Holder	YES	For	Against
Pulte Homes Inc.	PHM	745867101	05/11/06	Shareholder proposal requesting cumulative voting in election of directors	Security Holder	YES	Against	For
Pulte Homes Inc.	PHM	745867101	05/11/06	Shareholder proposal regarding use of performance-based options.	Security Holder	YES	Against	For
Transocean Inc.	RIG	G90078109	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Transocean Inc.	RIG	G90078109	05/11/06	Approval of appt of Ernst & Young LLP to serve as accounting firm for 2006	Issuer	YES	For	For
Mohawk Industries, Inc.	MHK	608190104	05/17/06	Vote for the election of nominees	Issuer	YES	For	For
Health Care Property Investors, Inc.	HCP	421915109	05/11/06	Vote for the election of nominees	Issuer	YES	For	For
Health Care Property Investors, Inc.	HCP	421915109	05/11/06	Approve company's 2006 performance incentive plan	Issuer	YES	Against	Against
Health Care Property Investors, Inc.	HCP	421915109	05/11/06	Ratify selection of Ernst & Young LLP as ind. Auditors for 2006	Issuer	YES	For	For
Health Care Property Investors, Inc.	HCP	421915109	05/11/06	At discretion, proxies authorized to vote upon other business that may come before the meeting.	Issuer	YES	For	For
Zebra Technologies Corporation	ZBRA	989207105	05/09/06	Vote for the election of nominees	Issuer	YES	For	For
Zebra Technologies Corporation	ZBRA	989207105	05/09/06	Approve 2006 incentive compensation plan	Issuer	YES	Against	Against
Zebra Technologies Corporation	ZBRA	989207105	05/09/06	Ratify Ernst & Young LLP as ind. Auditors	Issuer	YES	For	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Vote for the election of nominees	Issuer	YES	For	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Ratification of ind. Auditors	Issuer	YES	For	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Cumulative voting	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Majority vote	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Industry Experience	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Director Qualifications	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Director Compensation	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Board Chairman and CEO	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Executive Compensation report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Executive Compensation Criteria	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Political contributions report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Corporate sponsorships report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Amendment of EEO Policy	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Biodiversity impact report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	05/31/06	Community environmental impact	Security Holder	YES	Against	For
Teleflex Incorporated	TFX	879369106	05/05/06	Vote for the election of nominees	Issuer	YES	For	For
Teleflex Incorporated	TFX	879369106	05/05/06	Amendment of certificate of incorporation to increase authorized shares of common stock	Issuer	YES	For	For
Teleflex Incorporated	TFX	879369106	05/05/06	Approval of executive incentive plan	Issuer	YES	Against	Against
Teleflex Incorporated	TFX	879369106	05/05/06	Ratification of appt. of Pricewaterhousecoopers LLP as ind. Auditor for 2006	Issuer	YES	For	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Lincare Holdings Inc.	LNCR	532791100	05/15/06	Vote for the election of nominees	Issuer	YES	For	For
Simpson Manufacturing Co., Inc.	SSD	829073105	04/14/06	Vote for the election of nominees	Issuer	YES	For	For
Ross Stores, Inc.	ROST	778296103	05/18/06	Vote for the election of nominees	Issuer	YES	For	For
Ross Stores, Inc.	ROST	778296103	05/18/06	Approve company's second amended and restated incentive compensation plan	Issuer	YES	Against	Against
Ross Stores, Inc.	ROST	778296103	05/18/06	Ratify appt of Deloitte & Touche LLP as company's ind. Auditor for 2006	Issuer	YES	For	For
Everest Re Group, LTD.	RE	G3223R108	05/23/06	Vote for the election of nominees	Issuer	YES	For	For
Everest Re Group, LTD.	RE	G3223R108	05/23/06	Appointment of Pricewaterhousecoopers LLP as company's ind. Auditors for 2006	Issuer	YES	For	For
Everest Re Group, LTD.	RE	G3223R108	05/23/06	Approve amendment to 2002 stock incentive plan.	Issuer	YES	Against	Against
XTO Energy, Inc.	XTO	98385X106	05/16/06	Vote for the election of nominees	Issuer	YES	For	For
XTO Energy, Inc.	XTO	98385X106	05/16/06	Approval of amendment to restated certificate of Incorporation to increase shares of common stock	Issuer	YES	For	For
XTO Energy, Inc.	XTO	98385X106	05/16/06	Approval of amended and restated 2004 stock incentive plan.	Issuer	YES	Against	Against
XTO Energy, Inc.	XTO	98385X106	05/16/06	Ratification of appt. of KPMG LLP as ind. Auditor for 2006	Issuer	YES	For	For
The Student Loan Corporation	STU	863902102	05/18/06	Vote for the election of nominees	Issuer	YES	For	For
The Student Loan Corporation	STU	863902102	05/18/06	Ratification of ind. Auditors	Issuer	YES	For	For
Meadowbrook Insurance Group, Inc.	MIG	58319P108	05/10/06	Vote for the election of nominees	Issuer	YES	For	For
Meadowbrook Insurance Group, Inc.	MIG	58319P108	05/10/06	Ratification of appt. of ind. Auditors	Issuer	YES	For	For
Input/Output, Inc.	IO	457652105	05/17/06	Vote for the election of nominees	Issuer	YES	For	For
Input/Output, Inc.	IO	457652105	05/17/06	Approve certain amendments to 2004 long-term incentive plan	Issuer	YES	Against	Against
Input/Output, Inc.	IO	457652105	05/17/06	Ratify appt of Ernst & Young LLP as auditors for 2006	Issuer	YES	For	For
SEMCO Energy, Inc.	SEN	78412D109	05/22/06	Vote for the election of nominees	Issuer	YES	For	For
TVI Corporation	TVIN	872916101	05/15/06	Vote for the election of nominees	Issuer	YES	For	For
TVI Corporation	TVIN	872916101	05/15/06	Ratify Stegman & Company as ind. Auditors for 2006	Issuer	YES	For	For
Jones Apparel Group, Inc.	JNY	480074103	05/23/06	Vote for the election of nominees	Issuer	YES	For	For
Jones Apparel Group, Inc.	JNY	480074103	05/23/06	Ratification of BDO Seidman, LLP as ind. Auditor for 2006	Issuer	YES	For	For
Unico American Corporation	UNAM	904607108	05/25/06	Vote for the election of nominees	Issuer	YES	For	For
Kinetic Concepts, Inc.	KCI	49460W208	05/23/06	Vote for the election of nominees	Issuer	YES	For	For
Kinetic Concepts, Inc.	KCI	49460W208	05/23/06	Ratify appointment of Ernst & Young LLP as ind. Auditors for 2006	Issuer	YES	For	For
Balchem Corporation	BCP	057665200	06/23/06	Vote for the election of nominees	Issuer	YES	For	For
Stratasys, Inc	SSYS	862685104	05/17/06	Vote for the election of nominees	Issuer	YES	For	For
Lifetime Brands, Inc.	LCUT	53222Q103	06/08/06	Vote for the election of nominees	Issuer	YES	For	For
Lifetime Brands, Inc.	LCUT	53222Q103	06/08/06	Ratify appt. of Ernst & Young LLP as ind. Accounting firm for 2006	Issuer	YES	For	For
Lifetime Brands, Inc.	LCUT	53222Q103	06/08/06	Approve amendment to 2000 long-term incentive plan and re-approve criteria	Issuer	YES	Against	Against
Lifetime Brands, Inc.	LCUT	53222Q103	06/08/06	Re-approve performance criteria under 2000 incentive bonus compensation plan	Issuer	YES	Against	Against
Caterpillar Inc.	CAT	149123101	06/14/06	Vote for elections of nominees: D. Goode, J. Owens, C. Powell, J. Smith	Issuer	YES	For	For
Caterpillar Inc.	CAT	149123101	06/14/06	Amend Articles of Incorporation	Issuer	YES	For	For
Caterpillar Inc.	CAT	149123101	06/14/06	Approve long-term incentive plan	Issuer	YES	Against	Against
Caterpillar Inc.	CAT	149123101	06/14/06	Approve Short-term incentive	Issuer	YES	Against	Against
Caterpillar Inc.	CAT	149123101	06/14/06	Ratify auditors	Issuer	YES	For	For
Caterpillar Inc.	CAT	149123101	06/14/06	Stockholder Proposal - Declassify Board	Security Holder	YES	For	Against
Caterpillar Inc.	CAT	149123101	06/14/06	Stockholder Proposal - Separate CEO & Chair	Security Holder	YES	Against	For
Caterpillar Inc.	CAT	149123101	06/14/06	Stockholder Proposal - Majority vote standard	Security Holder	YES	Against	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Dollar Tree Stores, Inc.	DLRT	256747106	06/14/06	Vote for the election of nominees	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Vote for the election of nominees	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Confirmation and adoption of annual accounts.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of cancellation of our repurchased shares	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of extension of authority of management Board to repurchase up to 10% of issued share capital of the company	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of extension of authority of supervisory Board to issue shares and/or grant rights with respect to common and/or preference shares until 6/28/011	Issuer	YES	Against	Against
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of extension of authority of supervisory board to limit or eliminate preemptive right of holders of common shares until 6/28/011	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of amendment and restatement of Core Lab N.V. 1995 non-employee director stock option plan.	Issuer	YES	Against	Against
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of mandatory amendments of the Articles of Association, including a capital increase.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of amendment of indemnification provision of the Articles of Association.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Approval of the two-for-one stock split.	Issuer	YES	For	For
Core Laboratories N.V.	CLB	N22717107	06/28/06	Ratification of appt. of Pricewaterhousecoopers LLP as company's ind. Auditors for 2006	Issuer	YES	For	For

Name of Fund: Ave Maria Bond Fund

For shareholder meetings held from July 1, 2005 through June 30, 2006

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Exelon Corporation	EXC	30161N101	7/22/2005	Vote for the election of nominees	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	7/22/2005	Approval of share issuance	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	7/22/2005	Approval of amendment to amend and restated Articles of Inc.	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	7/22/2005	Ratification of ind. Accountants	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	7/22/2005	Approval of 2006 long-term incentive plan	Issuer	YES	Against	Against
Exelon Corporation	EXC	30161N101	7/22/2005	Approval of Exelon employee stock purchase plan for unincorporated subsidiaries	Issuer	YES	Against	Against
Exelon Corporation	EXC	30161N101	7/22/2005	Approval to adjourn or postpone annual meeting	Issuer	YES	For	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	Vote for the election of nominees	Issuer	YES	For	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	Declassify board of directors	Issuer	YES	For	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	Repeal supermajority voting provisions of article xiv of the certificate of incorporation	Issuer	YES	For	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	same as above only article xv	Issuer	YES	For	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	Ratify the appointment of independent auditors	Issuer	YES	For	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	Animal Welfare	Security Holder	YES	Against	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	Genetically Engineered Products	Security Holder	YES	Against	For
Conagra Foods Inc.	CAG	205887102	9/22/2005	Suspension of stock grants for directors and senior executive officers	Security Holder	YES	Against	For
RPM International, Inc.	RPM	749685103	10/7/2005	Vote for the election of nominees	Issuer	YES	For	For
National Fuel Gas Company	NFG	636180101	2/16/2006	Vote for the election of nominees	Issuer	YES	For	For
National Fuel Gas Company	NFG	636180101	2/16/2006	Appt of Pricewaterhousecoopers LLP as company's ind. Registered public accounting firm.	Issuer	YES	For	For
National Fuel Gas Company	NFG	636180101	2/16/2006	Adoption of, if presented at meeting, shareholder proposal	Security Holder	YES	For	Against
Landauer, Inc.	LDR	51476K103	2/9/2006	Vote for the election of nominees	Issuer	YES	For	For
Landauer, Inc.	LDR	51476K103	2/9/2006	Ratify the appointment of Pricewaterhousecoopers LLC as independent auditors	Issuer	YES	For	For
Huntington Bancshares Incorporated	HBAN	446150104	4/20/2006	Vote for the election of nominees	Issuer	YES	For	For
Huntington Bancshares Incorporated	HBAN	446150104	4/20/2006	Ratification of appt. of Deloitte & Touche LLP to serve as ind. Auditors for corp. for 2006	Issuer	YES	For	For
National City Corporation	NCC	635405103	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
National City Corporation	NCC	635405103	4/25/2006	Ratification of audit commettee's selection of Ernst & Young LLP as ind. Registered pulic accounting firm.	Issuer	YES	For	For
Duke Realty Corporation	DRE	264411505	4/26/2006	Vote for the election of nominees	Issuer	YES	For	For
Duke Realty Corporation	DRE	264411505	4/26/2006	Proposal to ratify appt. of KPMG LLP as ind. Auditors	Issuer	YES	For	For
Alltel Corporation	AT	020039103	4/20/2006	Vote for the election of nominees	Issuer	YES	For	For
Alltel Corporation	AT	020039103	4/20/2006	Approval of amended and restated Alltel performance incentive compensation plan	Issuer	YES	Against	Against
Alltel Corporation	AT	020039103	4/20/2006	Approval of amended and restated Alltel long-term performance incentive plan	Issuer	YES	Against	Against
Alltel Corporation	AT	020039103	4/20/2006	Ratification of appt. of ind. Auditors	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Vote for the election of nominees	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Ratification of appt of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Shareholder proposal requesting addition of sexual orientation to company's written non-discrimination policy.	Issuer	YES	Against	For
BB&T Corporation	BBT	54937107	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	4/25/2006	Approve amendment to Article III, Sec. 2 of Corp. bylaws to eliminate the classified board.	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	4/25/2006	Approve amendment to Article III, Sec. 2 of Corp. bylaws to eliminate the National Bank Director Qualification Standard.	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	4/25/2006	Approve Corp. short-term incentive plan for Fed. tax purposes.	Issuer	YES	Against	Against
BB&T Corporation	BBT	54937107	4/25/2006	Ratify appt. of Pricewaterhousecoopers LLP as ind. Reg. public accounting firm for 2006.	Issuer	YES	For	For
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Vote for the election of nominees	Issuer	YES	For	For
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of amended and restated stock plan	Issuer	YES	Against	Against
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of employee stock purchase plan	Issuer	YES	Against	Against
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Ratification of appt of Ernst & Young LLP as ind. Registered public accounting form for 2006	Issuer	YES	For	For
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of stockholder proposal to redeem or vote poison pill	Security Holder	YES	For	Against
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of stockholder proposal to repeal classified board	Security Holder	YES	For	Against
Arthur J Gallagher & Co.	AJG	363576109	5/16/2006	Vote for the election of nominees	Issuer	YES	For	For
Arthur J Gallagher & Co.	AJG	363576109	5/16/2006	Ratification of appt of Ernst & Young as ind. Auditors for 2006	Issuer	YES	For	For
Pinnacle West Capital Corporation	PNW	723484101	5/17/2006	Vote for the election of nominees	Issuer	YES	For	For
Pinnacle West Capital Corporation	PNW	723484101	5/17/2006	Ratification of Deloitte & Touche LLP as ind. Auditors for 2006	Issuer	YES	For	For
Pinnacle West Capital Corporation	PNW	723484101	5/17/2006	Shareholder proposal to elect directors annually	Security Holder	YES	For	For
The Southern Company	SO	842587107	5/24/2006	Vote for the election of nominees	Issuer	YES	For	For
The Southern Company	SO	842587107	5/24/2006	Ratification of appt. of Deloitte & Touche LLP to serve as ind. Auditors for corp. for 2006	Issuer	YES	For	For
The Southern Company	SO	842587107	5/24/2006	Approval of Southern Company omnibus incentive compensation plan	Issuer	YES	Against	Against

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Washington Real Estate Investment Trust	WRE	939653101	5/26/2006	Vote for the election of nominees	Issuer	YES	For	For
Washington Real Estate Investment Trust	WRE	939653101	5/26/2006	Declaration of trust amendment increasing maximum number of Board trustees to 11	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	6/27/2006	Vote for the election of nominees	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	6/27/2006	Ratification of independent accountant	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	6/27/2006	Shareholder proposal to require shareholder approval of future severance benefits	Security Holder	YES	Against	For

Name of Fund: Ave Maria Growth Fund

For shareholder meetings held from July 1, 2005 through June 30, 2006

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Alliant Techsystems Inc.	ATK	018804104	8/2/2005	Vote for the election of nominees	Issuer	YES	For	For
Alliant Techsystems Inc.	ATK	018804104	8/2/2005	Appointment of independent auditors	Issuer	YES	For	For
Alliant Techsystems Inc.	ATK	018804104	8/2/2005	Approval of 2005 stock incentive plan	Issuer	YES	Against	Against
Alliant Techsystems Inc.	ATK	018804104	8/2/2005	Ethical criteria for military contracts	Security Holder	YES	Against	For
Christopher & Banks Corporation	CBK	171046105	7/27/2005	Vote for the election of nominees	Issuer	YES	For	For
Christopher & Banks Corporation	CBK	171046105	7/27/2005	Approve company's 2005 stock incentive plan.	Issuer	YES	Against	Against
Christopher & Banks Corporation	CBK	171046105	7/27/2005	Ratify appt of Price Waterhouse Coopers LLP as ind. Auditors for current fiscal year	Issuer	YES	For	For
Patterson Companies, Inc.	PTEN	703395103	9/12/2005	Vote for the election of nominees	Issuer	YES	For	For
Patterson Companies, Inc.	PTEN	703395103	9/12/2005	Ratify appt of Ernst & Young LLP as ind. Auditors for current fiscal year ending 4/29/06	Issuer	YES	For	For
Integrated Circuit Systems, Inc.	ICST	45811K208	9/15/2005	Adoption of the agreement and plan of merger, dated June 15, 2005, by and among Integrated Device Technologies, Colonical Merger Sub I and Integrated Circuit Systems.	Issuer	YES	For	For
Integrated Circuit Systems, Inc.	ICST	45811K208	9/15/2005	To approve the adjournment of the meeting, if necessary, to solicit additional proxies in favor of the proposal above.	Issuer	YES	For	For
Integrated Circuit Systems, Inc.	ICST	45811K208	9/15/2005	To the extent that you have not voted on a matter in person or by proxy, the proxies are authorized to vote, in their discretion, upon any matter that may propeerly come before the meeting.	Issuer	YES	For	For
Biomet, Inc.	BMET	90613100	9/23/2005	Vote for the election of nominees	Issuer	YES	For	For
Biomet, Inc.	BMET	90613100	9/23/2005	Approve amendment to the Biomet 1998 Qualified & nonqualified stock option plan to increase by 5,000,000 common shares the number of common shares available for grant under the plan.	Issuer	YES	Against	Against
Biomet, Inc.	BMET	90613100	9/23/2005	Ratify the selection of Ernst & Young as independent registered public accounting firm for the company for the fiscal year ending May 31, 2006.	Issuer	YES	For	For
Donaldson Company, Inc.	DCI	257651109	11/18/2005	Vote for the election of nominees	Issuer	YES	For	For
Donaldson Company, Inc.	DCI	257651109	11/18/2005	Ratify appointment of Pricewaterhousecoopers, LLC as independent auditors.	Issuer	YES	For	For
Donaldson Company, Inc.	DCI	257651109	11/18/2005	Approve Donaldson Company, Inc. qualified performance-based compensation plan	Issuer	YES	Against	Against
Factset Research Systems, Inc.	FDS	303075105	12/20/2005	Vote for the election of nominees	Issuer	YES	For	For
Factset Research Systems, Inc.	FDS	303075105	12/20/2005	Ratify appointment of Pricewaterhousecoopers, LLC as independent auditors.	Issuer	YES	For	For
Johnson Controls, Inc.	JCI	478366107	1/25/2006	Vote for the election of nominees	Issuer	YES	For	For
Johnson Controls, Inc.	JCI	478366107	1/25/2006	Ratification of Pricewaterhousecoopers as ind. Auditors for 2006	Issuer	YES	For	For
Johnson Controls, Inc.	JCI	478366107	1/25/2006	Approval of Johnson Controls, Inc. annual and long-term incentive performance plan	Issuer	YES	Against	Against
The Toro Company	TTC	891092108	3/14/2006	Vote for the election of nominees	Issuer	YES	For	For
The Toro Company	TTC	891092108	3/14/2006	Approve amendment of Toro Company 2000 stock option plan.	Issuer	YES	Against	Against
The Toro Company	TTC	891092108	3/14/2006	Ratify selection of ind. Registered public accounting firm	Issuer	YES	For	For
The Toro Company	TTC	891092108	3/14/2006	Transact othere business properly brought before annual meeting or any adjournment of the meeting.	Issuer	YES	For	For
Clarcor, Inc.	CLC	179895107	3/27/2006	Vote for the election of nominees	Issuer	YES	For	For
National City Corporation	NCC	635405103	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
National City Corporation	NCC	635405103	4/25/2006	Ratification of audit commettee's selection of Ernst & Young LLP as ind. Registered pulic accounting firm.	Issuer	YES	For	For
Kellogg Company	K	487836108	4/21/2006	Vote for the election of nominees	Issuer	YES	For	For
Kellogg Company	K	487836108	4/21/2006	Ratification of ind. Auditor of 2006	Issuer	YES	For	For
Kellogg Company	K	487836108	4/21/2006	Approval of Senior Executive annual incentive plan	Issuer	YES	Against	Against
Kellogg Company	K	487836108	4/21/2006	Prepare sustainability report	Security holder	YES	Against	For
The Black & Decker Corporation	BDK	91797100	4/20/2006	Vote for the election of nominees	Issuer	YES	For	For
The Black & Decker Corporation	BDK	91797100	4/20/2006	Ratify selection of Ernst & Young LLP as ind. Registered public accounting firm.	Issuer	YES	For	For
The Black & Decker Corporation	BDK	91797100	4/20/2006	Stockholder proposal	Security Holder	YES	Against	For
Beckman Coulter, Inc.	BEC	75811109	4/12/2006	Vote for the election of nominees	Issuer	YES	For	For

 

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

C. R. Bard, Inc.	BCR	67383109	4/19/2006	Vote for the election of nominees	Issuer	YES	For	For
C. R. Bard, Inc.	BCR	67383109	4/19/2006	Approve 2003 long term incentive plan of C.R. Bard, Inc. as amended and restated	Issuer	YES	Against	Against
C. R. Bard, Inc.	BCR	67383109	4/19/2006	Approve 2005 Directors' stock award plan of C.R. Bard, Inc. as amended and restated.	Issuer	YES	Against	Against
C. R. Bard, Inc.	BCR	67383109	4/19/2006	Approve 1998 employee stock purchase plan of C.R. Bard, Inc. as amended and restated.	Issuer	YES	Against	Against
C. R. Bard, Inc.	BCR	67383109	4/19/2006	Ratify appt of KPMG LLP as ind. Auditors for 2006.	Issuer	YES	For	For
C. R. Bard, Inc.	BCR	67383109	4/19/2006	Consider and vote upon shareholder proposal relating to workplace code of conduct based on international labor org. conventions.	Security holder	NO
Mettler-Toledo International, Inc.	MTD	592688105	5/3/2006	Vote for the election of nominees	Issuer	YES	For	For
Mettler-Toledo International, Inc.	MTD	592688105	5/3/2006	Approval of ind. Reg. public accounting firm	Issuer	YES	For	For
Mettler-Toledo International, Inc.	MTD	592688105	5/3/2006	Approval of POBS Plus incentive system for group mgmt.	Issuer	YES	Against	Against
Franklin Electric Co., Inc.	FELE	353514102	4/28/2006	Vote for the election of nominees	Issuer	YES	For	For
Franklin Electric Co., Inc.	FELE	353514102	4/28/2006	Appointment of Deloitte & Touche as independent auditors for 2006 fiscal yr	Issuer	YES	For	For
Polaris Industries, Inc.	PII	731068102	4/20/2006	Vote for the election of nominees	Issuer	YES	For	For
Polaris Industries, Inc.	PII	731068102	4/20/2006	Approve amendments to Polaris Ind. Inc. employee stock purchase plan	Issuer	YES	Against	Against
Polaris Industries, Inc.	PII	731068102	4/20/2006	Such other business as may properly come before the meeting or adjournments	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Vote for the election of nominees	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Ratification of appt of Deloitte & Touche, LLP as ind. Registered publice accounting firm.	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Approval of amended and restated Graco Inc. stock incentive plan.	Issuer	YES	Against	Against
Graco Inc.	GGG	384109104	4/21/2006	Approval of Graco Inc. 2006 employee stock purchase plan	Issuer	YES	Against	Against
Ametek, Inc.	AME	031100100	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
Ametek, Inc.	AME	031100100	4/25/2006	Proposal to ratify appt of Ernst & Young LLP as ind. Reg. public accounting firm for 2006.	Issuer	YES	For	For
C.R. Bard, Inc.	BCR	67383109	4/19/2006	Vote for the election of nominees	Issuer	YES	For	For
C.R. Bard, Inc.	BCR	67383109	4/19/2006	Approve 2003 long term incentive plan of C.R. Bard, Inc. as amended and restated	Issuer	YES	Against	Against
C.R. Bard, Inc.	BCR	67383109	4/19/2006	Approve 2005 Directors' stock award plan of C.R. Bard, Inc. as amended and restated.	Issuer	YES	Against	Against
C.R. Bard, Inc.	BCR	67383109	4/19/2006	Approve 1998 employee stock purchase plan of C.R. Bard, Inc. as amended and restated.	Issuer	YES	Against	Against
C.R. Bard, Inc.	BCR	67383109	4/19/2006	Ratify appt of KPMG LLP as ind. Auditors for 2006.	Issuer	YES	For	For
C.R. Bard, Inc.	BCR	67383109	4/19/2006	Consider and vote upon shareholder proposal relating to workplace code of conduct based on international labor org. conventions.	Security holder	YES	Against	For
Waters Corporation	WAT	941848103	5/11/2006	Vote for the election of nominees	Issuer	YES	For	For
Waters Corporation	WAT	941848103	5/11/2006	Ratify selection of Pricewaterhousecoopers as ind. Registered public accounting firm for 2006	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Vote for the election of nominees	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Selection of independent auditors	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to majority vote standard for election of directors	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to automatic disqualification of directors who fail to receive a majority of affirmative votes cast	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to independent board chairman	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to corporate political contributions	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to sustainability report	Security Holder	YES	Against	For
Expeditors Int'l of Washington, Inc.	EXPD	302130109	5/3/2006	Vote for the election of nominees	Issuer	YES	For	For
Expeditors Int'l of Washington, Inc.	EXPD	302130109	5/3/2006	Approval of 2006 stock option plan	Issuer	YES	Against	Against
Expeditors Int'l of Washington, Inc.	EXPD	302130109	5/3/2006	Approval of appt. of KPMG LLP as ind. Registered public accounting firm.	Issuer	YES	For	For
Expeditors Int'l of Washington, Inc.	EXPD	302130109	5/3/2006	Shareholder proposal to amend company's equal employment opportunity policy	Security Holder	YES	Against	For
ITT Industries, Inc.	ITT	450911102	5/9/2006	Vote for the election of nominees	Issuer	YES	For	For
ITT Industries, Inc.	ITT	450911102	5/9/2006	Ratify appt of Deloitte & Touche LLP as ind. Auditor for 2006	Issuer	YES	For	For
ITT Industries, Inc.	ITT	450911102	5/9/2006	Amend ITT's restated articles of incorporation to change company's name to ITT Corporation	Issuer	YES	For	For
Landstar System, Inc.	LSTR	515098101	5/4/2006	Vote for the election of nominees	Issuer	YES	For	For
Landstar System, Inc.	LSTR	515098101	5/4/2006	Ratification of appt of KPMG LLP as company's ind. Auditor for 2006	Issuer	YES	For	For
Landstar System, Inc.	LSTR	515098101	5/4/2006	Consider approval of amendment to company's executive incentive compensation plan.	Issuer	YES	Against	Against

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Arthur J Gallagher & Co.	AJG	363576109	5/16/2006	Vote for the election of nominees	Issuer	YES	For	For
Arthur J Gallagher & Co.	AJG	363576109	5/16/2006	Ratification of appt of Ernst & Young as ind. Auditors for 2006	Issuer	YES	For	For
Ross Stores, Inc.	ROST	778296103	5/18/2006	Vote for the election of nominees	Issuer	YES	For	For
Ross Stores, Inc.	ROST	778296103	5/18/2006	Approve company's second amended and restated incentive compensation plan	Issuer	YES	Against	Against
Ross Stores, Inc.	ROST	778296103	5/18/2006	Ratify appt of Deloitte & Touche LLP as company's ind. Auditor for 2006	Issuer	YES	For	For
SEI Investment Company	SEIC	784117103	5/24/2006	Vote for the election of nominees	Issuer	YES	For	For
SEI Investment Company	SEIC	784117103	5/24/2006	Ratification of apt of Pricewaterhousecoopers LLP as ind. Auditor for 2006	Issuer	YES	For	For
Brown & Brown, Inc.	BRO	115236101	5/10/2006	Vote for the election of nominees	Issuer	YES	For	For
Garmin Ltd.	GRMN	G37260109	6/9/2006	Vote for the election of nominees	Issuer	YES	For	For
Harley-Davidson, Inc.	HDI	412822108	4/29/2006	Vote for the election of nominees	Issuer	YES	For	For
Harley-Davidson, Inc.	HDI	412822108	4/29/2006	Ratification of selectio of Ernst & Young LLP as independent accounting firm for 2006	Issuer	YES	For	For
Bed Bath & Beyond Inc.	BBBY	075896100	6/29/2006	Vote for the election of nominees	Issuer	YES	For	For
Bed Bath & Beyond Inc.	BBBY	075896100	6/29/2006	Ratification of appt of KPMG LLP	Issuer	YES	For	For
Bed Bath & Beyond Inc.	BBBY	075896100	6/29/2006	Shareholder proposal: Board Diversity Report	Security Holder	YES	Against	For
Bed Bath & Beyond Inc.	BBBY	075896100	6/29/2006	Shareholder proposal; Energy Efficiency Report	Security Holder	YES	Against	For
Bed Bath & Beyond Inc.	BBBY	075896100	6/29/2006	Shareholder proposal; Foreign Workplace Monitoring	Security Holder	YES	Against	For
Bed Bath & Beyond Inc.	BBBY	075896100	6/29/2006	Amend Certificate of Incorporation; regarding election of directors	Issuer	YES	For	For
Sony Corporation	SNE	835699307	6/22/2006	Vote for the election of nominees	Issuer	YES	For	For
Sony Corporation	SNE	835699307	6/22/2006	Amend part of Articles of Incorporation	Issuer	YES	For	For
Sony Corporation	SNE	835699307	6/22/2006	Issue stock acquisition rights for purpose of granting stock options	Issuer	YES	Against	Against
Sony Corporation	SNE	835699307	6/22/2006	Amend Articles of Incorporation with respect to disclosure to shareholders regarding remuneration paid to each director	Security Holder	YES	For	******

Name of Fund: Ave Maria Rising Dividend Fund

For shareholder meetings held from July 1, 2005 through June 30, 2006

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Conagra Foods, Inc.	CAG	205887102	9/22/2005	Vote for the following nominees	Issuer	Yes	For	For
Conagra Foods, Inc.	CAG	205887102	9/22/2005	Declassify Board of Directors	Issuer	Yes	For	For
Conagra Foods, Inc.	CAG	205887102	9/22/2005	Repeal supermajority voting provisions of article XIV of the certificate of incorporation	Issuer	Yes	For	For
Conagra Foods, Inc.	CAG	205887102	9/22/2005	Same as above only article XV	Issuer	Yes	For	For
Conagra Foods, Inc.	CAG	205887102	9/22/2005	Ratify the appointment of independent auditors	Issuer	Yes	For	For
Conagra Foods, Inc.	CAG	205887102	9/22/2005	Animal Welfare	Security Holder	Yes	Against	For
Conagra Foods, Inc.	CAG	205887102	9/22/2005	Genetically engineered products	Security Holder	Yes	Against	For
Conagra Foods, Inc.	CAG	205887102	9/22/2005	Suspension of stock grants for directors and senior executive officers	Security Holder	Yes	Against	For
Automatic Data Processing	ADP	53015103	11/8/2005	Vote for the election of nominees	Issuer	YES	For	For
Automatic Data Processing	ADP	53015103	11/8/2005	Appointment of Deloitte & Touche LLP	Issuer	YES	For	For
RPM International, Inc.	RPM	749685103	10/7/2005	Vote for the election of nominees	Issuer	YES	For	For
Thor Industries	THO	885160101	12/6/2005	Vote for the election of nominees	Issuer	YES	For	For
Johnson Controls, Inc.	JCI	478366107	1/25/2006	Vote for the election of nominees	Issuer	YES	For	For
Johnson Controls, Inc.	JCI	478366107	1/25/2006	Ratification of Pricewaterhousecoopers as ind. Auditors for 2006	Issuer	YES	For	For
Johnson Controls, Inc.	JCI	478366107	1/25/2006	Approval of Johnson Controls, Inc. annual and long-term incentive performance plan	Issuer	YES	Against	Against
Alberto-Culver Company	ACV	013068101	1/26/2006	Vote for the election of nominees	Issuer	Yes	For	For
Kellogg Company	K	487836108	4/21/2006	Vote for the election of nominees	Issuer	YES	For	For
Kellogg Company	K	487836108	4/21/2006	Ratification of ind. Auditor of 2006	Issuer	YES	For	For
Kellogg Company	K	487836108	4/21/2006	Approval of Senior Executive annual incentive plan	Issuer	YES	Against	Against
Kellogg Company	K	487836108	4/21/2006	Prepare sustainability report	Issuer	YES	Against	For
The Sherwin-Williams Company	SHW	824348106	4/19/2006	Vote for the election of nominees	Issuer	YES	For	For
The Sherwin-Williams Company	SHW	824348106	4/19/2006	Aproval of 2006 Equity and Performance Incentive Plan	Issuer	YES	Against	Against
The Sherwin-Williams Company	SHW	824348106	4/19/2006	Approval of 2006 Stock Plan for Nonemployee Directors	Issuer	YES	Against	Against
The Sherwin-Williams Company	SHW	824348106	4/19/2006	Ratification of appt. of Ind. Registered public accounting firm.	Issuer	YES	For	For
Dover Corporation	DOV	260003108	4/18/2006	Vote for the election of nominees	Issuer	YES	For	For
Dover Corporation	DOV	260003108	4/18/2006	Transact such other business as may properly come before the meeting	Issuer	YES	For	For
Alltel Corporation	AT	020039103	4/20/2006	Vote for the election of nominees	Issuer	YES	For	For
Alltel Corporation	AT	020039103	4/20/2006	Approval of amended and restated Alltel performance incentive compensation plan	Issuer	YES	Against	Against
Alltel Corporation	AT	020039103	4/20/2006	Approval of amended and restated Alltel long-term performance incentive plan	Issuer	YES	Against	Against
Alltel Corporation	AT	020039103	4/20/2006	Ratification of appt. of ind. Auditors	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	4/27/2006	Vote for the election of nominees	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	4/27/2006	Ratify appt of KPMG, LLP as ind. Auditors for 2006	Issuer	YES	For	For
Diebold, Incorporated	DBD	253651103	4/27/2006	Approve amended and restated Diebold, Inc. 1991 equity and performance incentive plan	Issuer	YES	Against	Against
Polaris Industries, Inc.	PII	731068102	4/20/2006	Vote for the election of nominees	Issuer	YES	For	For
Polaris Industries, Inc.	PII	731068102	4/20/2006	Approve amendments to Polaris Ind. Inc. employee stock purchase plan	Issuer	YES	Against	Against
Polaris Industries, Inc.	PII	731068102	4/20/2006	Such other business as may properly come before the meeting or adjournments	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Vote for the election of nominees	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Ratification of appt of Deloitte & Touche, LLP as ind. Registered publice accounting firm.	Issuer	YES	For	For
Graco Inc.	GGG	384109104	4/21/2006	Approval of amended and restated Graco Inc. stock incentive plan.	Issuer	YES	Against	Against
Graco Inc.	GGG	384109104	4/21/2006	Approval of Graco Inc. 2006 employee stock purchase plan	Issuer	YES	Against	Against

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Vote for the election of nominees	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Ratification of appt of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
Leggett & Platt, Incorporated	LEG	524660107	5/10/2006	Shareholder proposal requesting addition of sexual orientation to company's written non-discrimination policy.	Security Holder	YES	Against	For
3M Company	MMM	88579Y101	5/9/2006	Vote for the election of nominees	Issuer	YES	For	For
3M Company	MMM	88579Y101	5/9/2006	Ratification of appt of Pricewaterhousecoopers LLP as ind. Registered public accounting firm for 2006.	Issuer	YES	For	For
3M Company	MMM	88579Y101	5/9/2006	Proposal to amend certificate of incorporation to authorize annual election of directors	Issuer	YES	For	For
3M Company	MMM	88579Y101	5/9/2006	Stockholder proposal regarding executive compensation	Security Holder	YES	Against	For
3M Company	MMM	88579Y101	5/9/2006	Stockholder proposal regarding 3M's animal welfare policy	Security Holder	YES	Against	For
3M Company	MMM	88579Y101	5/9/2006	Stockholder proposal regarding 3M's business operations in China	Security Holder	YES	Against	For
Synovus Financial Corp.	SNV	87161C105	4/27/2006	Vote for the election of nominees	Issuer	YES	For	For
Synovus Financial Corp.	SNV	87161C105	4/27/2006	Amend Articles of Incorporation and Bylaws to declassify the Board of Directors	Issuer	YES	For	For
Synovus Financial Corp.	SNV	87161C105	4/27/2006	Approve Synovus Financial Corp. executive cash bonus plan	Issuer	YES	Against	Against
Synovus Financial Corp.	SNV	87161C105	4/27/2006	Ratify appt of KPMG, LLP as ind. Auditors for 2006	Issuer	YES	For	For
Synovus Financial Corp.	SNV	87161C105	4/27/2006	Consider shareholder proposal regarding director election by majority vote.	Security Holder	YES	Against	For
BB&T Corporation	BBT	54937107	4/25/2006	Vote for the election of nominees	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	4/25/2006	Approve amendment to Article III, Sec. 2 of Corp. bylaws to eliminate the classified board.	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	4/25/2006	Approve amendment to Article III, Sec. 2 of Corp. bylaws to eliminate the National Bank Director Qualification Standard.	Issuer	YES	For	For
BB&T Corporation	BBT	54937107	4/25/2006	Approve Corp. short-term incentive plan for Fed. tax purposes.	Issuer	YES	Against	Against
BB&T Corporation	BBT	54937107	4/25/2006	Ratify appt. of Pricewaterhousecoopers LLP as ind. Reg. public accounting firm for 2006.	Issuer	YES	For	For
Avery Dennison Corporation	AVY	53611109	4/27/2006	Vote for the election of nominees	Issuer	YES	For	For
Avery Dennison Corporation	AVY	53611109	4/27/2006	Ratification of appt. of Pricewaterhousecoopers LLP as ind. auditors for 2006.	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	5/11/2006	Vote for the election of nominees	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	5/11/2006	Election of one Director for a term expiring in 2007	Issuer	YES	For	For
Mine Safety Appliances Company	MSA	602720104	5/11/2006	Selection of Pricewaterhousecoopers LLP as ind. Registered public accounting firm.	Issuer	YES	For	For
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Vote for the election of nominees	Issuer	YES	For	For
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of amended and restated stock plan	Issuer	YES	Against	Against
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of employee stock purchase plan	Issuer	YES	Against	Against
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Ratification of appt of Ernst & Young LLP as ind. Registered public accounting form for 2006	Issuer	YES	For	For
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of stockholder proposal to redeem or vote poison pill	Security Holder	YES	For	Against
Newell Rubbermaid Inc.	NWL	651229106	5/9/2006	Approval of stockholder proposal to repeal classified board	Security Holder	YES	For	Against

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

General Dynamics Corporation	GD	369550108	5/3/2006	Vote for the election of nominees	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Selection of independent auditors	Issuer	YES	For	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to majority vote standard for election of directors	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to automatic disqualification of directors who fail to receive a majority of affirmative votes cast	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to independent board chairman	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to corporate political contributions	Security Holder	YES	Against	For
General Dynamics Corporation	GD	369550108	5/3/2006	Shareholder proposal with regard to sustainability report	Security Holder	YES	Against	For
Manor Care, Inc.	HCR	564055101	5/9/2006	Vote for the election of nominees	Issuer	YES	For	For
Teleflex Incorporated	TFX	879369106	5/5/2006	Vote for the election of nominees	Issuer	YES	For	For
Teleflex Incorporated	TFX	879369106	5/5/2006	Amendment of certificate of incorporation to increase authorized shares of common stock	Issuer	YES	For	For
Teleflex Incorporated	TFX	879369106	5/5/2006	Approval of executive incentive plan	Issuer	YES	Against	Against
Teleflex Incorporated	TFX	879369106	5/5/2006	Ratification of appt. of Pricewaterhousecoopers LLP as ind. Auditor for 2006	Issuer	YES	For	For
Masco Corporation	MAS	574599106	5/9/2006	Vote for the election of nominees	Issuer	YES	For	For
Masco Corporation	MAS	574599106	5/9/2006	Ratificatio of selection of Pricewaterhousecoopers LLP as ind. Auditors for 2006	Issuer	YES	For	For
Mohawk Industries, Inc.	MHK	608190104	5/17/2006	Vote for the election of nominees	Issuer	YES	For	For
United Bankshares, Inc.	UBSI	909907107	5/15/2006	Vote for the election of nominees	Issuer	YES	For	For
United Bankshares, Inc.	UBSI	909907107	5/15/2006	Approval of stock option plan	Issuer	YES	Against	Against
United Bankshares, Inc.	UBSI	909907107	5/15/2006	Ratification of appt of Ernst & Young LLP as ind. Registered public accounting form for 2006	Issuer	YES	For	For
United Bankshares, Inc.	UBSI	909907107	5/15/2006	Transact such other business as may properly come before the meeting	Issuer	YES	For	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Vote for the election of nominees	Issuer	YES	For	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Ratification of ind. Auditors	Issuer	YES	For	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Cumulative voting	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Majority vote	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Industry Experience	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Director Qualifications	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Director Compensation	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Board Chairman and CEO	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Executive Compensation report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Executive Compensation Criteria	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Political contributions report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Corporate sponsorships report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Amendment of EEO Policy	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Biodiversity impact report	Security Holder	YES	Against	For
Exxon Mobil Corporation	XOM	30231G102	5/31/2006	Community environmental impact	Security Holder	YES	Against	For
Arthur J Gallagher & Co.	AJG	363576109	5/16/2006	Vote for the election of nominees	Issuer	YES	For	For
Arthur J Gallagher & Co.	AJG	363576109	5/16/2006	Ratification of appt of Ernst & Young as ind. Auditors for 2006	Issuer	YES	For	For
Ross Stores, Inc.	ROST	778296103	5/18/2006	Vote for the election of nominees	Issuer	YES	For	For
Ross Stores, Inc.	ROST	778296103	5/18/2006	Approve company's second amended and restated incentive compensation plan	Issuer	YES	Against	Against
Ross Stores, Inc.	ROST	778296103	5/18/2006	Ratify appt of Deloitte & Touche LLP as company's ind. Auditor for 2006	Issuer	YES	For	For
The Student Loan Corporation	STU	863902102	5/18/2006	Vote for the election of nominees	Issuer	YES	For	For
The Student Loan Corporation	STU	863902102	5/18/2006	Ratification of ind. Auditors	Issuer	YES	For	For

Issuer Name Ticker Symbol CUSIP Shareholder Meeting Date Brief Identification of the Matter Voted On Proposed by Issuer or Security Holder? Did the Fund Vote? How did the Fund Cast its Vote? For, Against, Abstain Did the Fund vote For or Against Management?

Caterpillar, Inc.	CAT	149123101	6/14/2006	Vote for the election of nominees	Issuer	YES	For	For
Caterpillar, Inc.	CAT	149123101	6/14/2006	Amend articles of Incorporation	Issuer	YES	For	For
Caterpillar, Inc.	CAT	149123101	6/14/2006	Approve long-term incentive plan	Issuer	YES	Against	Against
Caterpillar, Inc.	CAT	149123101	6/14/2006	Approve short-term incentive plan	Issuer	YES	Against	Against
Caterpillar, Inc.	CAT	149123101	6/14/2006	Ratify auditors	Issuer	YES	For	For
Caterpillar, Inc.	CAT	149123101	6/14/2006	Stockholder proposal - declassify board	Security Holder	YES	For	For
Caterpillar, Inc.	CAT	149123101	6/14/2006	Stockholder proposal - separate CEO & Chair	Security Holder	YES	Against	For
Caterpillar, Inc.	CAT	149123101	6/14/2006	Stockholder proposal - majority vote standard	Security Holder	YES	Against	For
Harley-Davidson, Inc.	HDI	412822108	4/29/2006	Vote for the election of nominees	Issuer	YES	For	For
Harley-Davidson, Inc.	HDI	412822108	4/29/2006	Ratification of selectio of Ernst & Young LLP as independent accounting firm for 2006	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	6/27/2006	Vote for the election of nominees	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	6/27/2006	Ratification of independent accountant	Issuer	YES	For	For
Exelon Corporation	EXC	30161N101	6/27/2006	Shareholder proposal to require shareholder approval of future severance benefits	Security Holder	YES	Against	For

Name of Fund: Ave Maria Opportunity Fund

For shareholder meetings held from July 1, 2005 through June 30, 2006

SCHWARTZ INVESTMENT TRUST

AVE MARIA OPPORTUNITY FUND

---------------------------------------------------

TICKER: AVESX

PROXY VOTING RECORD

7/1/2005-6/30/2006

There was NO PROXY VOTING for the AVE MARIA OPPORTUNITY FUND for the most recent twelve-month period ended June 30. The Fund did not begin operations until May 1, 2006.