As filed with the Securities and Exchange Commission on August 31, 2004
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-PX
Annual Report of Proxy Voting Record of Registered Management Investment Company
Investment Company Act File No. 811-08243
POTOMAC FUNDS
(Exact name of registrant as specified in charter)
500 Fifth Avenue
Suite 415
New York, New York 10110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 997-5198
DANIEL D. O'NEILL
500 Fifth Avenue
Suite 415
New York, New York 10110
(Name and Address of Agent for Service)
Copies to:
ROBERT J. ZUTZ, Esq.
Kirkpatrick & Lockhart LLP
1800 Massachusetts Ave., N.W.
Washington, D.C. 20036-1800
Telephone: (202) 778-9000
Date of fiscal year end: August 31
Date of Reporting Period: Twelve-month period ended June 30, 2004
Form N-PX is to be used by a registered investment management company,
other than a small business investment company registered on Form N-5 (s.s.
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 on 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 of the Secretary, Securities of 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. s. 3507.
Potomac OTC Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
APPLE COMPUTER INC AAPL 037833100 04/22/04
1. Directors
2. Ratify auditors
3. Executive compensation
ADOBE SYSTEMS INC ADBE 00724F101 04/28/04
1. Directors
2. Stock incentive plan
3. Expensing stock options
4. Restrictions options shares
5. Ratify auditors
ALTERA CORPORATION ALTR 021441100 05/11/04
1. Directors
2. Amend 1996 stock option plan
3. Amend 1987 stock purchase plan
4. Ratify auditors
5. Expense options
APPLIED MATERIALS INC AMAT 038222105 03/24/04
1. Directors
2. Compensation plan
AMGEN INC AMGN 031162100 05/13/04
1. Directors
2. Ratify auditors
3. EEO Report
4. Expense stock options
AMAZON.COM INC AMZN 023135106 05/25/04
1. Directors
2. Ratify auditors
3. Performance/time restriction on options
AMERICAN POWER CONVERSION APCC 029066107 06/10/04
1. Directors
2. Fix number of directors at eight
3. Approve long-term incentive plan
4. Ratify auditors
BED BATH & BEYOND INC BBBY 075896100 07/01/04
1. directors
2. ratify auditors
3. ratify compensation plan
4. Glass Ceiling report
5. executive stock holdings
BEA SYSTEMS INC BEAS 073325102 06/11/04
1. Directors
2. Ratify auditors
BIOGEN INC BGEN 090597105 11/12/03
special
1. Merger with IDEC Pharm
2. Later meeting if insufficient vote
06/16/04
1. Directors
2. Ratify auditors
BIOMET INC BMET 090613100 09/27/03 1. Directors
2. Ratify Independent Auditors
BROADCOM CORP-CL A BRCM 111320107 04/29/04
1. Directors
2. Amend 1998 stock incentive plan
3. Ratify auditors
Page 1a of 7
Potomac OTC Plus
Proxy voting history
(f) Matter proposed by: (i) Fund cast its vote
(a) Name management (m) (g) whether (h) Vote: for management
shareholders (s) voted or against management
- ---------------------------------------------------------------------------------------------------------------
APPLE COMPUTER INC
m yes for for management
m yes for for management
shareholders (s) yes for against management
ADOBE SYSTEMS INC
m yes for for management
m yes against against management
shareholders (s) yes for against management
shareholders (s) yes against for management
m yes for for management
ALTERA CORPORATION
m yes for for management
m yes against against management
m yes against against management
m yes for for management
shareholders (s) yes for against management
APPLIED MATERIALS INC
m yes for for management
m yes for for management
AMGEN INC
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes for against management
AMAZON.COM INC
m yes for for management
m yes for for management
shareholders (s) yes against for management
AMERICAN POWER CONVERSION
m yes for for management
m yes for for management
m yes against against management
m yes for for management
BED BATH & BEYOND INC
m yes for for management
m yes for for management
m yes for for management
s yes against for management
s yes against for management
BEA SYSTEMS INC
m yes for for management
m yes for for management
BIOGEN INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
BIOMET INC m yes for for management
m yes for for management
BROADCOM CORP-CL A
m yes for for management
m yes against against management
m yes for for management
Page 1b of 7
Potomac OTC Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
CDW CORP CDWC 12512N105 05/20/04
1. Directors
2. Ratify auditors
3. Equity compensation plan
CEPHALON INC CEPH 156708109 05/13/04
1. Directors
2. Increase shares in comp. Plan
CHIRON CORP CHIR 170040109 05/27/04
1. Directors
2. stock compensation plan
3. Ratify auditors
CHECK POINT SOFTWARE TECH CHKP M22465104 07/31/03
1. Directors
2. Elect outside directors
3. Authorize chairman
4. Ratify financial statements
5. Ratify Independent Accountants
6. Approve compensation
CHECK POINT SOFTWARE TECH CHKP M22465104 06/30/04
1. directors
2. ratify financial statements
3. ratify auditors
4. approve amendment
5. approve compensation
C.H. ROBINSON WORLDWIDE INC CHRW 12541W100 05/20/04
1. Directors
2. Ratify auditors
COMCAST CORP-CL A CMCSA 20030N101 05/26/04
1. Directors
2. Ratify auditors
3. Restricted stock plan
4. Amend articles of incorporation
5. Two-thirds independent board
6. Disclose political contributions
7. Nomination of board candidates
8. Executive compensation limits
9. Recapitalization plan
COMVERSE TECHNOLOGY INC CMVT 205862402 12/16/03
1. Directors
2. Amend employee stock plan
3. Adopt management incentive plan
4. Auditors
06/15/04
1. Directors
2. Stock incentive plan
3. Ratify auditors
COMPUWARE CORP CPWR 205638109 08/26/03 1. Directors
CISCO SYSTEMS INC CSCO 17275R102 11/11/03
1. Directors
2. Employee Stock Purchase Plan
3. Auditors
4. Report on sales to governments
5. Report on compensation
CINTAS CORP CTAS 172908105 10/14/03
1. Directors
2. No. of directors
3. Directors Stock Option Plan
4. Expense stock options
Page 2a of 7
Potomac OTC Plus
Proxy voting history
(f) Matter proposed by: (i) Fund cast its vote
(a) Name management (m) (g) whether (h) Vote: for management
shareholders (s) voted or against management
- ---------------------------------------------------------------------------------------------------------------
CDW CORP
m yes for for management
m yes for for management
m yes for for management
CEPHALON INC
m yes for for management
m yes for for management
CHIRON CORP
m yes for for management
m yes for for management
m yes for for management
CHECK POINT SOFTWARE TECH
m yes for for management
m yes for for management
m yes for for management
m no abstain
m yes for for management
m no abstain
CHECK POINT SOFTWARE TECH
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
C.H. ROBINSON WORLDWIDE INC
m yes for for management
m yes for for management
COMCAST CORP-CL A
m yes for for management
m yes for for management
m yes for for management
m yes for for management
s yes against for management
s yes against for management
s yes against for management
s yes against for management
s yes against for management
COMVERSE TECHNOLOGY INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes against against management
m yes for for management
COMPUWARE CORP m yes for for management
CISCO SYSTEMS INC
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
CINTAS CORP
m yes for for management
m yes for for management
m yes against against management
shareholders (s) yes for against management
Page 2b of 7
Potomac OTC Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
5. Establish independent committee
6. Nominate independent directors
7. Code of conduct
CITRIX SYSTEMS INC CTXS 177376100 05/13/04
1. Directors
2. Auditors
DELL COMPUTER CORP DELL 247025109 07/18/03
1. Directors
2. Elimination of Classified Board
3. Change Co. Name
4. Executive bonus plan
ECHOSTAR COMMUNICATIONS - A DISH 278762109 05/06/04
1. Directors
2. Auditors
3. Other business
DOLLAR TREE STORES INC DLTR 256747106 06/17/04
1. Directors
2. Amend by-laws
3. Equity incentive plan
4. Executive equity plan
5. Executive bonus plan
EBAY INC EBAY 278642103 06/24/04
1. Directors
2. Amend 1999 equity incentive plan
3. Amend 2001 equity incentive plan
4. Increase shares outstanding
5. Ratify auditors
6. Expense stock options
ELECTRONIC ARTS INC ERTS 285512109 07/31/03
1. Directors
2. Amend Equity Incentive Plan
3. Amend Employee Stock Plan
4. Ratify Independent Auditors
EXPRESS SCRIPTS INC ESRX 302182100 05/26/04
1. Directors
2. Increase shares outstanding
3. Ratify auditors
EXPEDITORS INTL WASH INC EXPD 302130109 05/05/04
1. Directors
FASTENAL CO FAST 311900104 04/20/04
1. Directors
2. Ratify Independent Auditors
FIRST HEALTH GROUP CORP FHCC 320960107 05/13/04
1. Directors
2. Ratify Independent Auditors
FISERV INC FISV 337738108 04/06/04
1. Directors
2. Ratify Independent Auditors
3. stock plan
GENZYME CORP - GENL DIVISION GENZ 372917104 05/27/04
1. Directors
2. Employee Stock Purchase Plan
3. Equity incentive plan
4. Directors stock plan
5. Amend articles of incorporation
6. Ratify auditors
7. Require restricted stock
Page 3a of 7
Potomac OTC Plus
Proxy voting history
(f) Matter proposed by: (i) Fund cast its vote
(a) Name management (m) (g) whether (h) Vote: for management
shareholders (s) voted or against management
- ---------------------------------------------------------------------------------------------------------------
shareholders (s) yes for against management
shareholders (s) yes for against management
shareholders (s) yes for against management
CITRIX SYSTEMS INC
m yes for for management
m yes for for management
DELL COMPUTER CORP
m yes for for management
m no abstain
m no abstain
m no abstain
ECHOSTAR COMMUNICATIONS - A
m yes for for management
m yes for for management
m yes for for management
DOLLAR TREE STORES INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
EBAY INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes for against management
ELECTRONIC ARTS INC
m yes for for management
m no abstain
m no abstain
m yes for for management
EXPRESS SCRIPTS INC
m yes for for management
m yes for for management
m yes for for management
EXPEDITORS INTL WASH INC
m yes for for management
FASTENAL CO
m yes for for management
m yes for for management
FIRST HEALTH GROUP CORP
m yes for for management
m yes for for management
FISERV INC
m yes for for management
m yes for for management
m yes for for management
GENZYME CORP - GENL DIVISION
m yes for for management
m yes for for management
m yes against against management
m yes against against management
m yes for for management
m yes for for management
shareholders (s) yes against for management
Page 3b of 7
Potomac OTC Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
GILEAD SCIENCES INC GILD 375558103 05/25/04
1. Directors
2. Ratify auditors
3. Equity incentive plan
4. Increase shares outstanding
GENTEX CORP GNTX 371901109 05/13/04
1. Directors
2. Stock Option Plan
3. Amend articles of incorporation
4. Ratify auditors
Garmin Ltd GRMN G37260109 06/04/04
HENRY SCHEIN INC HSIC 806407102 05/25/04
1. Directors
2. Amend stock option plan
3. Non-employee directors option plan
4. Employee stock purchase plan
5. Ratify auditors
INTERACTIVECORP IACI 45840Q101 06/23/04
1. Directors
2. Ratify auditors
IDEC PHARMACEUTICALS CORP IDPH 449370105 11/12/03 special
1. Merger with Biogen
2. Amend incorporation
3. Omnibus equity Plan
4. Management incentive Plan
5. Later meeting if insufficent votes
INTEL CORP INTC 458140100 05/19/04
1. Directors
2. Ratify Auditors
3. Equity incentive plan
4. Expense stock options
5. Performance vesting options
6. Performance based options
INTUIT INC INTU 461202103 10/30/03
1. Directors
2. Employee Stock Purchase Plan
3. Auditors
INVITROGEN CORP IVGN 46185R100 04/29/04
1. Directors
2. Ratify Independent Auditors
3. Equity incentive plan
4. Amend employee stock puchase plan
JDS UNIPHASE CORP JDSU 46612J101 11/06/03
1. Directors
2. Stock incentive plan
3. Auditors
JUNIPER NETWORKS INC JNPR 48203R104 04/16/04 1. Merger of Netscreen
JUNIPER NETWORKS INC JNPR 48203R105 05/19/04 1. Directors
2. Ratify Independent Auditors
KLA-TENCOR CORPORATION KLAC 482480100 1. Directors
2. Ratify Independent Auditors
LAMAR ADVERTISING CO LAMR 512815101 05/27/04 1. Directors
2. Amend Equity Incentive Plan
LINEAR TECHNOLOGY CORP LLTC 535678106 11/05/03 1. Directors
2. Ratify Independent Auditors
LINCARE HOLDINGS INC LNCR 532791100 05/17/04 1. Directors
2. stock plan
Level 3 Communications LVLT 52729N100 05/18/04 1. Directors
2. Amend stock plan
3. Other business
Page 4a of 7
Potomac OTC Plus
Proxy voting history
(f) Matter proposed by: (i) Fund cast its vote
(a) Name management (m) (g) whether (h) Vote: for management
shareholders (s) voted or against management
- ---------------------------------------------------------------------------------------------------------------
GILEAD SCIENCES INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
GENTEX CORP
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Garmin Ltd yes
m yes for for management
HENRY SCHEIN INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
INTERACTIVECORP
m yes for for management
m yes for for management
IDEC PHARMACEUTICALS CORP
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
INTEL CORP
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against against management
INTUIT INC
m yes for for management
m yes for for management
m yes for for management
INVITROGEN CORP yes
m yes for for management
m yes for for management
m yes against against management
m yes for for management
JDS UNIPHASE CORP
m yes for for management
m yes against against management
m yes for for management
JUNIPER NETWORKS INC m yes for for management
JUNIPER NETWORKS INC m yes m for management
m yes m for management
KLA-TENCOR CORPORATION m yes for for management
m yes for for management
LAMAR ADVERTISING CO m yes for for management
m yes for for management
LINEAR TECHNOLOGY CORP m yes for for management
m yes for for management
LINCARE HOLDINGS INC m yes for for management
m yes for for management
Level 3 Communications m yes for for management
m yes for for management
m yes for for management
Page 4b of 7
Potomac OTC Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
MICROCHIP TECHNOLOGY INC MCHP 595017104 08/15/03 1. Directors
2. Amend Employee Stock Plan
3. Amend Employee Stock Plan
MEDIMMUNE INC MEDI 584699102 05/20/04 1. Directors
2. Stock incentive plan
3. Ratify auditors
Mercury Interactive Corp MERQ 589405109 05/19/04 1. directors
2. Increase shares of common stock
3. Ratify auditors
MILLENNIUM PHARMACEUTICALS MLNM 599902103 05/07/04
1. Directors
2. Ratify Independent Auditors
MICROSOFT CORP MSFT 594918104 11/11/03
1. Directors
2. 2001 Stock Plan
3. 1999 Stock Option Plan
4. Shareholder proposal
MAXIM INTEGRATED PRODUCTS MXIM 57772K101 11/13/03
1. Directors
2 Stock Incentive Plan
3. Stock Participation Plan
4. Auditors
NETWORK APPLIANCE INC NTAP 64120L104 09/02/03 1. Directors
2. Stock Incentive Plan
3. Employee Stk Purchase Plan
4. Auditors
5. Other Business
NOVELLUS SYSTEMS INC NVLS 670008101 04/16/04
1. Directors
2. Auditors
3. Non-audit services by auditors
4. Executive Compensation
NEXTEL COMMUNICATIONS INC-A NXTL 65332V103 05/27/04
1. Directors
2. Ratify auditors
3. Stock purchase plane
ORACLE CORP ORCL 68389X105 10/13/03
1. Directors
2. Executive bonus plan
3. Ratify Independent Auditors
4. Amend Directors Stock Plan
5. Chinese proposal
PACCAR INC PCAR 693718108 04/27/04
1. Directors
2. Increase authorized shares
3. Non-employee directors compensation
4. Shareholder rights proposal
5. Performance based option plan
PATTERSON DENTAL COMPANY PDCO 703412106 09/08/03 1. Directors
2. Ratify Independent Auditors
PETSMART INC PETM 716768106 06/10/04 1. Directors
2. Auditors
PIXAR INC PIXR 725811103 09/05/03 1. Directors
2. Ratify Independent Auditors
PEOPLESOFT INC PSFT 712713106 03/25/04 1. Directors
2. Ratify Independent Auditors
3. shareholder expense plan
Page 5a of 7
Potomac OTC Plus
Proxy voting history
(f) Matter proposed by: (i) Fund cast its vote
(a) Name management (m) (g) whether (h) Vote: for management
shareholders (s) voted or against management
- ---------------------------------------------------------------------------------------------------------------
MICROCHIP TECHNOLOGY INC m yes for for management
m yes for for management
m yes for for management
MEDIMMUNE INC m yes for for management
m yes for for management
m yes for for management
Mercury Interactive Corp m yes for for management
m yes for for management
m yes for for management
MILLENNIUM PHARMACEUTICALS
m yes for for management
m yes for for management
MICROSOFT CORP
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
MAXIM INTEGRATED PRODUCTS
m yes for for management
m yes for for management
m yes for for management
m yes for for management
NETWORK APPLIANCE INC m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
NOVELLUS SYSTEMS INC
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
NEXTEL COMMUNICATIONS INC-A
m yes for for management
m yes for for management
m yes against against management
ORACLE CORP
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholders (s) no abstain
PACCAR INC
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
PATTERSON DENTAL COMPANY m yes for for management
m yes for for management
PETSMART INC m yes for for management
m yes for for management
PIXAR INC m yes for for management
m yes for for management
PEOPLESOFT INC m yes for for management
m yes for for management
s no abstain n/a
Page 5b of 7
Potomac OTC Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
PATTERSON-UTI ENERGY INC PTEN 703481101 06/29/04 1. directors
2. increase authorized shares
3. incentive plan
4. Ratify auditors
QUALCOMM INC QCOM 747525103 03/02/04
1. Directors
2. Stock Option Plan
3. Ratify Independent Auditors
4. Eliminate Classified Board
QLOGIC CORP QLGC 747277101 08/26/03 1. Directors
2. Stock Incentive Plan
3. KPMG as auditors
RF MICRO DEVICES INC RFMD 749941100 07/22/03 1. Directors
2. Stock incentive plan
3. E&Y as auditors
ROSS STORES INC ROST 778296103 05/20/04
1. Directors
2. Equity Incentive Plan
3. Increase shares outstanding
4. Ratify auditors
STARBUCKS CORP SBUX 855244109 03/30/04 1. Directors
2. Appoint Independent Auditors
SIEBEL SYSTEMS INC SEBL 826170102 06/23/04
1. Directors
2. Ratify auditors
3. Expense stock options
SIGMA-ALDRICH SIAL 826552101 05/04/04
1. Directors
2. Auditors
3. Increase authorized shares
Sandisk Corp SNDK 80004C101 05/20/04 1. Directors
2. Ratify Independent Auditors
SYNOPSYS INC SNPS 871607107 05/26/04
1. Directors
2. Non-employee directors option plan
3. Ratify auditors
STAPLES INC SPLS 855030102 06/17/04
1. Directors
2. 2004 Stock incentive plan
3. Employee Stk Purchase Plan
4. International employ. stk. purchase
5. Ratify auditors
6. Shareholder rights plans
7. Poison Pill proposal
8. Executive compensation
9. Auditor independence
SMURFIT-STONE CONTAINER CORP SSCC 832727101 05/12/04
1. Directors
2. Ratify Auditors
3. Long-term incentive plan
4. Directors deferred comp plan
5. Exec pay limit
SUN MICROSYSTEMS INC SUNW 866810104 11/13/03
1. Directors
2. Employee Stock Purchase Plan
3. Auditors
4. Rights of China Workers
SYMANTEC CORP SYMC 871503108 08/21/03 1. Directors
2. Amend Incorporation
Page 6a of 7
Potomac OTC Plus
Proxy voting history
(f) Matter proposed by: (i) Fund cast its vote
(a) Name management (m) (g) whether (h) Vote: for management
shareholders (s) voted or against management
- ---------------------------------------------------------------------------------------------------------------
PATTERSON-UTI ENERGY INC m yes for for management
m yes for for management
m yes for for management
m yes for for management
QUALCOMM INC
m yes for for management
m yes against against management
m yes for for management
s yes against for management
QLOGIC CORP m yes for for management
m yes for for management
m yes for for management
RF MICRO DEVICES INC m yes for for management
m no abstain
m yes for for management
ROSS STORES INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
STARBUCKS CORP m yes for for management
m yes for for management
SIEBEL SYSTEMS INC
m yes for for management
m yes for for management
s yes for against management
SIGMA-ALDRICH
m yes for for management
m yes for for management
m yes for for management
Sandisk Corp m yes for for management
m yes for for management
SYNOPSYS INC
m yes for for management
m yes against against management
m yes for for management
STAPLES INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
s yes against for management
s yes against for management
s yes against for management
s yes against for management
SMURFIT-STONE CONTAINER CORP
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholder yes against for management
SUN MICROSYSTEMS INC
m yes for for management
m yes against against management
m yes for for management
shareholders (s) yes against for management
SYMANTEC CORP m yes for for management
m yes for for management
Page 6b of 7
Potomac OTC Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
3. Restricted Stk Incentive Plan
4. Sr. Exec. Comp. Plan
5. Auditors
TEVA PHARMACEUTICAL-SP ADR TEVA 881624209 05/20/04
1. Balance sheet
2. Approve dividend
3. Directors
4. D&O insurance
5. Ratify auditors
TELLABS INC TLAB 879664100 04/22/04
1. Directors
2. Incentive Compensation Plan
3. Auditors
VERISIGN INC VRSN 92343E102 05/27/04 1. directors
2. Ratify Auditors
WHOLE FOODS MARKET INC WFMI 966837106 03/22/04
1. Directors
2. Stock Option Plan
3. Appoint Independent Auditors
4. Shareholder Rights Plan
XILINX INC XLNX 983919101 08/07/03 1. Directors
2. Independent Auditors
DENTSPLY INTERNATIONAL INC XRAY 249030107 05/10/04
1. Directors
2. Ratify auditors
YAHOO! INC YHOO 984332106 05/21/04
1. Directors
2. Employee Stock Purchase Plan
3. Ratify auditors
4. Expense stock options
Intersil Corporation ISIL 45069S109 05/12/04
1. Directors
2. Ratify auditors
3. Increase shares in comp. Plan
CAREER EDUCATION CORP. 141665109 05/21/04
1. Directors
2. Increase shares in comp. Plan
3. Increase authorized shares
4. Ratify auditors
Marvell Technology Group Ltd MRVL G5876H105 05/28/04
1. Directors
2. Ratify Auditors
3. Authorize auditors renumeration
4. Increase shares outstanding
Page 7a of 7
Potomac OTC Plus
Proxy voting history
(f) Matter proposed by: (i) Fund cast its vote
(a) Name management (m) (g) whether (h) Vote: for management
shareholders (s) voted or against management
- ---------------------------------------------------------------------------------------------------------------
m yes for for management
m no abstain
m yes for for management
TEVA PHARMACEUTICAL-SP ADR
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
TELLABS INC
m yes for for management
m yes against against management
m yes for for management
VERISIGN INC m yes for for management
m yes for for management
WHOLE FOODS MARKET INC
m yes for for management
m yes for for management
m yes for for management
s yes against for management
XILINX INC m yes for for management
m yes for for management
DENTSPLY INTERNATIONAL INC
m yes for for management
m yes for for management
YAHOO! INC
m yes for for management
m yes for for management
m yes for for management
s yes for against management
Intersil Corporation
m yes for for management
m yes for for management
m yes for for management
CAREER EDUCATION CORP.
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Marvell Technology Group Ltd
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Page 7b of 7
Potomac Dow Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d)Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
BOEING CO BA UN Equity 097023105 05/03/04
1. Directors
2. Eliminate supermajority votes
3. Appoint auditors
4. Military contracts report
5. Human rights policies
6. Declassify board
7. Simple majority vote
8. Approve severance agreements
9. Stock retention policy
10. Choice of pension plans
CITIGROUP INC C UN Equity 172967101 04/20/04
1. Directors
2. Ratify Auditors
3. Curb on Exec Compensation
4. Report on political contributions
5. Discontinue options, sar's, etc
6. Duties of chairman
CATERPILLAR INC CAT UN Equity 149123101 04/14/04
1. Directors
2. Amend Option Plan
3. Ratify Auditors
4. Rights Plan
5. Sales to Israel
6. HIV/AIDs
DU PONT (E.I.) DE NEMOURS DD UN Equity 263534109 04/28/04
1. Directors
2. Ratify Auditors
3. Government Service
4. International workplace stds.
5. Senior exec compensation
THE WALT DISNEY CO. DIS UN Equity 254687106 03/03/04
1. Directors
2. Appoint Independent Auditors
3. China Labor Standards
4. China Labor Standards
5. Theme Park Safety Reporting
GENERAL MOTORS CORP GM UN Equity 370442105 06/02/04
1. Directors
2. Ratify Auditors
3. Eliminate repricing options
4. Eliminate options, sars, severance
5. Require independent chairman
6. Independent directors
7. Report on greenhouse gases
8. Shareholder approval of severance
9. Retention of stock from options
HOME DEPOT INC HD UN Equity 437076102 05/27/04
1. Directors
2. Ratify Auditors
3. Director term limits
4. Poison pill implementation
5. Vesting performance requirement
6. ILO human rights standards
7. Future severance agreements
8. Method of voting for directors
HONEYWELL INTERNATIONAL INC HON UN Equity 438516106 04/26/04
1. Directors
2. Ratify Auditors
3. Annual Election of Directors
4. Shareholder Voting Provisions
5. "Golden Parachutes"
6. Pay Disparity
7. Cumulative Voting
Page 1a of 4
Potomac Dow Plus
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management(m) voted (h) Vote: for management
shareholders(s) or against management
- --------------------------------------------------------------------------------------------------------
BOEING CO
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against for management
CITIGROUP INC
m yes for for management
m yes for for management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
CATERPILLAR INC
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
DU PONT (E.I.) DE NEMOURS
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes for against management
THE WALT DISNEY CO.
m yes split vo Per Roy Disney
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
GENERAL MOTORS CORP
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes for against management
shareholders (s) yes against for management
HOME DEPOT INC
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes for against management
shareholders (s) yes against for management
HONEYWELL INTERNATIONAL INC
m yes for for management
m yes for for management
shareholders (s) yes for against management
shareholders (s) yes for against management
shareholders (s) yes for against management
shareholders (s) no abstain abstain
shareholders (s) yes against for management
Page 1b of 4
Potomac Dow Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d)Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
HEWLETT-PACKARD CO HPQ UN Equity 428236103 03/17/04
1. Directors
2. Ratify Independent Auditors
3. Stock Incentive Plan
4. Stock Option Expensing
INTL BUSINESS MACHINES CORP IBM UN Equity 459200101 04/27/04
1. Directors
2. Ratify Independent Auditors
3. Ratify Auditors of Consultants
4. Executive incentive Plan
5. Cumulative voting
6. Pension and retirement medical
7. Executive compensation
8. Expensing stock options
9. Disclosure of exec compensation
10. China business principles
11. Polictical contributions
12. Executive compensation
INTEL CORP INTC UQ Equity 458140100 05/19/04
1. Directors
2. Ratify Auditors
3. Equity incentive plan
4. Expense stock options
5. Performance vesting options
6. Performance based options
INTERNATIONAL PAPER CO IP UN Equity 460146103 05/11/04
1. Directors
2. Ratify Auditors
3. Long-term incentive plan
4. Performance goals of LTIP
5. Limit CEO compensation
JOHNSON & JOHNSON JNJ UN Equity 478160104 04/22/04
1. Directors
2. Ratify Auditors
3. Charitable contributions
JP MORGAN CHASE & CO JPM UN Equity 46625H100 05/25/04
1. Merger
2. Directors
3. Raftify auditors
4. Key exec performance plan
5. Adjorn meeting to solicit proxies
6. Director term limit
7. Charitable contributions
8. Political contributions
9. Separate chairman & CEO
10. Derivative disclosure
11. Auditor independence
12. Director compensation
13. Pay disparity
COCA-COLA CO/THE KO UN Equity 191216100 04/21/04
1. Directors
2. Ratify Auditors
Page 2a of 4
Potomac Dow Plus
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management(m) voted (h) Vote: for management
shareholders(s) or against management
- --------------------------------------------------------------------------------------------------------
HEWLETT-PACKARD CO
m yes for for management
m yes for for management
m yes against against management
shareholders (s) yes for against management
INTL BUSINESS MACHINES CORP
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
INTEL CORP
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against against management
INTERNATIONAL PAPER CO
m yes for for management
m yes for for management
m yes against against management
m yes for for management
shareholders (s) yes against for management
JOHNSON & JOHNSON
m yes for for management
m yes for for management
shareholders (s) yes against for management
JP MORGAN CHASE & CO
m yes for for management
m yes for for management
m yes for for management
m yes for for management
ms yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
COCA-COLA CO/THE
m yes for for management
m yes for for management
Page 2b of 4
Potomac Dow Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d)Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
3. HIV/AIDS
4. Stock option "glass ceiling"
5. Executive compensation
6. Restricted stock
7. Deferred Compensation Plan
8. China Business principles
9. Separate CEO & Chairman
MCDONALD'S CORP MCD UN Equity 580135101 05/20/04
1. Directors
2. Ratify auditors
3. Amend 2001 Stock Plan
4. Cash incentive plan
3M CO MMM UN Equity 88579Y101 05/11/04
1. Directors
2. Ratify Auditors
3. Increase authorized stock
4. Separate chairman and CEO
ALTRIA GROUP INC MO UN Equity 02209S103 04/29/04
1. Directors
2. Ratify auditors
3. Warning pregnant smokers
4. Health risk with filers
5. Political disclosure
6. Light and ultralight brands
7. Canadian-type warning labels
8. Independent chairman
MERCK & CO. INC. MRK UN Equity 589331107 04/27/04
1. Directors
2. Ratify Independent Auditors
3. Declassify Board of Directors
4. Management compensation
5. Drug patents
6. Ethical and social performance
7. Political contributions
8. Report on HIV/AIDS
MICROSOFT CORP MSFT UQ Equity 594918104 11/11/03 1. Directors
2. Ammend Stock Plan
3. Amend Stock Option Plan
4. Shareholder Proposal
PROCTER & GAMBLE CO PG UN Equity 742718109 10/14/03 1. Directors
2. Appoint Independent Auditors
3. Approve Stock Plan
4. Shareholder Proposal No. 1
5. Shareholder Proposal No. 2
SBC COMMUNICATIONS INC SBC UN Equity 78387G103 04/30/04
1. Directors
2. Appoint Independent Auditors
3. Amend Corp. By-laws
4. Report on political contributions
5. Reduce size of board
AT&T CORP T UN Equity 001957505 05/19/04
1. Directors
2. Ratify Auditors
3. Long-term incentive plan
4. Director term limits
5. Poison Pill
6. Separate chairman & CEO
7. Executive compensation
Page 3a of 4
Potomac Dow Plus
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management(m) voted (h) Vote: for management
shareholders(s) or against management
- --------------------------------------------------------------------------------------------------------
shareholders (s) yes against against management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes for against management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against for management
MCDONALD'S CORP
m yes for for management
m yes for for management
m yes for for management
m yes for for management
3M CO
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
ALTRIA GROUP INC
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
MERCK & CO. INC.
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
MICROSOFT CORP m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
PROCTER & GAMBLE CO m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
SBC COMMUNICATIONS INC
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
AT&T CORP
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
Page 3b of 4
Potomac Dow Plus
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d)Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
UNITED TECHNOLOGIES CORP UTX UN Equity 913017109 04/14/04
1. Directors
2. Appoint Independent Auditors
3. Disclosure of Exec. Compensation
4. Military Contracts
5. Performance based options
6. Independent Chairman
WAL-MART STORES INC WMT UN Equity 931142103 07/18/03 1. Directors
2. Elimination of Classified Board
3. Change Co. Name
4. Executive bonus plan
WAL-MART STORES INC WMT UN Equity 931142103 06/04/04
1. Directors
2. ASDA (UK) employee stock plan
3. ASDA (UK) ShareSave Plan
4. Employee stock purchase plan
5. Ratfiy auditors
6. Independent Chairman
7. "Sustainability" report
8. Equity compensation
9. Genetically engineered food
10. Equal employee report
11. Officer deferred comp plan
EXXON MOBIL CORP XOM UN Equity 30231G102 07/22/03
1. Directors
2. Stock incentive plan
3. E&Y as auditors
Page 4a of 4
Potomac Dow Plus
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management(m) voted (h) Vote: for management
shareholders(s) or against management
- --------------------------------------------------------------------------------------------------------
UNITED TECHNOLOGIES CORP
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
WAL-MART STORES INC yes for for management
no abstain
no abstain
no abstain
WAL-MART STORES INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
EXXON MOBIL CORP
yes for for management
no abstain
yes for for management
Page 4b of 4
Potomac Warwick Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ---------------------------------------------------------------------------------------------------------------------------
BIOMET INC BMET UQ Equity 090613100 09/27/03 1. Directors
2. Independent Auditors
CEPHALON INC CEPH UQ Equity 156708109 05/13/04
1. Directors
2. Increase shares in comp. Plan
COMVERSE TECHNOLOGY INC CMVT UQ Equity 205862402 12/16/03 1. Directors
2. Amend employee stock plan
3. Adopt management incentive plan
4. Auditors
CISCO SYSTEMS INC CSCO UQ Equity 17275R102 11/11/03 1. Directors
2. Employee Stock Plan
3. Independent Auditors
4. Shareholder Proposal
5. Shareholder Proposal
EXPEDITORS INTL WASH INC EXPD UQ Equity 302130109 05/05/04
1. Directors
FASTENAL CO FAST UQ Equity 311900104
FIRST HEALTH GROUP CORP FHCC UQ Equity 320960107
FISERV INC FISV UQ Equity 337738108 04/06/04 1. Directors
2. Ratify Independent Auditors
3. stock plan
JUNIPER NETWORKS INC JNPR UQ Equity 48203R104 04/16/04 1. Merger of Netscreen
MILLENNIUM PHARMACEUTICALS MLNM UQ Equity 599902103 05/07/04
1. Directors
2. Ratify Independent Auditors
MICROSOFT CORP MSFT UQ Equity 594918104 11/11/03 1. Directors
2. Amend Stock Plan
3. Amend Stock Option Plan
4. Shareholder Proposal
STARBUCKS CORP SBUX UQ Equity 855244109 03/30/04 1. Directors
2. Ratify Independent auditors
SMURFIT-STONE CONTAINER CORP SSCC UQ Equity 832727101 05/12/04
1. Directors
2. Ratify Auditors
3. Long-term incentive plan
4. Directors deferred comp plan
5. Exec pay limit
XILINX INC XLNX UQ Equity 983919101 08/07/03 1. Directors
2. Appoint E&Y as auditors
Intersil Corporation ISIL 45069S109 05/12/04
1. Directors
2. Ratify auditors
3. Increase shares in comp. Plan
Page 1a of 1
Potomac Warwick Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management(m) voted (h) Vote: for management
shareholders(s) or against management
- -------------------------------------------------------------------------------------------------------------------------
BIOMET INC m yes for for management
m yes for for management
CEPHALON INC
m yes for for management
m yes for for management
COMVERSE TECHNOLOGY INC m yes for for management
m yes for for management
m yes for for management
m yes for for management
CISCO SYSTEMS INC m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
EXPEDITORS INTL WASH INC
m yes for for management
FASTENAL CO
FIRST HEALTH GROUP CORP
FISERV INC m yes for for management
m yes for for management
m yes for for management
JUNIPER NETWORKS INC m yes for for management
MILLENNIUM PHARMACEUTICALS
m yes for for management
m yes for for management
MICROSOFT CORP m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
STARBUCKS CORP m yes for for management
m yes for for management
SMURFIT-STONE CONTAINER CORP
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholder yes against for management
XILINX INC m yes for for management
m yes for for management
Intersil Corporation
m yes for for management
m yes for for management
m yes for for management
Page 1b of 1
Potomac Horizon Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- ------------------------------------------------------------------------------------------------------------------------------
Becton, Dickinson BDX 075887109 02/11/04 1. directors
2. ratify auditors
3. compensation plan
4. cumulative voting
Health Management HMA 421933102 02/17/04 1. directors
Deere & Co. DE 244199105 02/25/04 1. directors
Photronics, Inc PHOT 719405102 03/24/04 1. directors
2. compensation plan
Toll Brothers, Inc TOL 889478103 03/18/04 1. directors
2. ratify auditors
Federal Home FRE 313400301 03/31/04 1. directors
Loan Mortgage 2. ratify auditors
Bear Stearns Cos BSC 073902108 03/31/04 1. directors
2. compensation plan
3. amend stock plan
4. stock unit plan
5. ratify auditors
Beckman, Coulter BEC 075811109 04/01/04 1. directors
2. performance plan
Adtran, Inc. ADTN 00738A106 04/15/04 1. directors
2. ratify auditors
Equitable Resources EQT 294549100 04/14/04 1. directors
2. Incentive plan
3. Ratify auditors
Novell, Inc NOVL 670006105 04/15/04 1. directors
2. Expensing options
3. Performance based comp.
4. Restrictions on auditors
UBS A.G. UBS H8920M855 04/15/04 1. Annual Report
2. Appropriation of Retained Earning
3. Discharge of Board
4a Re-election of board member
4b1 Election of board member
4b2 Election of board member
4b3 Election of board member
4c Auditors
5a Capital Reduction
5b Capital Reduction
6 Proxy for other matters
Juniper Networks JNPR 48203R104 04/16/04 1. Merger of Netscreen
Progressive Corp PGR 743315103 04/16/04 1. directors
2. "Book entry" shares
3. Executive bonus plan
4. Auditors
Sprint Corp FON 852061506 04/20/04 1. directors
2. ratify auditors
3. Stock option indexing
4. CEO pay cap
5. Independent chairman
6. Off-shore outsourcing
Morgan Stanley MWD 617446448 04/20/04
1. directors
2. ratify auditors
Page 1a of 7
Potomac Horizon Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ----------------------------------------------------------------------------------------------------------------------
Becton, Dickinson m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against against management
Health Management m yes for for management
Deere & Co. m yes for for management
Photronics, Inc m yes for for management
m yes for for management
Toll Brothers, Inc m yes for for management
m yes for for management
Federal Home m yes for for management
Loan Mortgage m yes for for management
Bear Stearns Cos m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Beckman, Coulter m yes for for management
m yes for for management
Adtran, Inc. m yes for for management
m yes for for management
Equitable Resources m yes for for management
m yes for for management
m yes for for management
Novell, Inc m yes for for management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against for management
UBS A.G. m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Juniper Networks m yes for for management
Progressive Corp m yes for for management
m yes for for management
m yes for for management
m yes for for management
Sprint Corp m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes for against management
shareholders (s) yes against for management
shareholders (s) yes against for management
Morgan Stanley
m yes for for management
m yes for for management
Page 1b of 7
Potomac Horizon Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- --------------------------------------------------------------------------------------------------------------------------------
3. Declassify Board of Directors
4. "Golden Parachutes"
5. Disclose political contributions
Apria Healthcare AHG 0373933108 04/21/04
1. directors
Crown Holdings CCK 228368106 04/22/04
1. directors
2. ratify auditors
3. Stock compensation plan
4. Incentive Compensation
Kellogg Company K 487836108 04/23/04
1. directors
2. ratify auditors
3. Report on genetically engineered food
Cincinnati Financial Corp CINF 172062101 04/24/04
1. directors
2. ratify auditors
North Fork Bancorporation NFB 659424105 04/27/04
1. directors
2. ratify auditors
Schering-Plough Corp SGP 806605101 04/27/04
1. directors
2. ratify auditors
3. Executive incentive plan
Metlife, Inc. MET 59156R108 04/27/04
1. directors
2. Stock and incentive plan
3 variable incentive plan
4. Directors stock plan
5. ratify auditors
6. CEO compensation
Netflix, Inc. NFLX 64110L106 04/28/04
1. directors
2. ratify auditors
3. Increase shares outstanding
Newmont Mining Corp. NEM 651639106 04/28/04
1. directors
2. ratify auditors
3. Shareholder input on poison pill
AnnTaylor Stores Corp. ANN 036115103 04/29/04
1. directors
2. Long-term cash incentive plan
3. Ratify auditors
Guitar Center, Inc. GTRC 402040109 04/29/04
1. directors
2. Incentive plan
Insight Enterprises NSIT 45765U103 04/29/04
1. directors
2. ratify auditors
UST Inc. UST 902911106 5/40/04
1. directors
2. ratify auditors
3. Shareholder input on poison pill
Page 2a of 7
Potomac Horizon Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ----------------------------------------------------------------------------------------------------------------------
shareholders (s) yes for against management
shareholders (s) yes for against management
shareholders (s) yes against for management
Apria Healthcare
m yes for for management
Crown Holdings
m yes for for management
m yes for for management
m yes against against management
m yes against against management
Kellogg Company
m yes for for management
m yes for for management
shareholders (s) yes against for management
Cincinnati Financial Corp
m yes for for management
m yes for for management
North Fork Bancorporation
m yes for for management
m yes for for management
Schering-Plough Corp
m yes for for management
m yes for for management
m yes for for management
Metlife, Inc.
m yes for for management
m yes against against management
m yes against against management
m yes for for management
m yes for for management
shareholders (s) yes for against management
Netflix, Inc.
m yes for for management
m yes for for management
m yes for for management
Newmont Mining Corp.
m yes for for management
m yes for for management
shareholders (s) yes against for management
AnnTaylor Stores Corp.
m yes for for management
m yes for for management
m yes for for management
Guitar Center, Inc.
m yes for for management
m yes for for management
Insight Enterprises
m yes for for management
m yes for for management
UST Inc.
m yes for for management
m yes for for management
shareholders (s) yes against for management
Page 2b of 7
Potomac Horizon Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- --------------------------------------------------------------------------------------------------------------------------------
4. Reducing nitrosamines in snuff
Sabre Holdings Corp TSG 785905100 05/04/04
1. directors
2. ratify auditors
3. amend stock plan
Catellus Development Corp CDX 149113102 05/04/04
1. directors
Sempra Energy SRE 816851109 05/04/04
1. directors
2. Incentive plan performance goals
3. Ratify auditors
4. Annual election of directors
5. Shareholder rights plan
6. Auditor services
7. Independent board chairman
General Dynamics Corp GD 369550108 05/05/04
1. directors
2. Equity Compensation Plan
3. Poison Pills
4. Foreign Military Sales
Wisconsin Energy Corp WEC 976657106 05/05/04
1. directors
2. Declassify board
MBIA inc. MBIA 55262c100 05/06/04
1. directors
2. ratify auditors
Gap, Inc. GPS 364760108 5/12804
1. directors
2. ratify auditors
3. Executive incentive plan
4. Executive compensation
Sears, Roebuck and Co. SRE 812387108 05/13/04
1. directors
2. ratify auditors
3. Classified board
4. Poison pill
5. Majority vote
Wisconsin Energy Corp WEC 976657106 05/05/04
1. directors
2. Declassify board
Caremark RX, Inc CMX 141705103 05/04/04
1. directors
AvalonBay Communities, Inc AVB 053484101 05/05/04
1. directors
2. Poison Pill
The Rouse Company RSE 779273101 05/06/04
1. directors
2. Increase shares of common stock
Magna International, Inc. MGA 559222401 05/06/04
1. directors
2. ratify auditors
Hospitality Properties HPT 44106M102 05/11/04
1. directors
Page 3a of 7
Potomac Horizon Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ----------------------------------------------------------------------------------------------------------------------
shareholders (s) yes against for management
Sabre Holdings Corp
m yes for for management
m yes for for management
m yes for for management
Catellus Development Corp
m yes for for management
Sempra Energy
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
General Dynamics Corp
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
Wisconsin Energy Corp
m yes for for management
m yes for for management
MBIA inc.
m yes m for management
m yes m for management
Gap, Inc.
m yes for for management
m yes for for management
m yes against against management
shareholders (s) yes for against management
Sears, Roebuck and Co.
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
Wisconsin Energy Corp
m yes for for management
m yes for for management
Caremark RX, Inc
m yes for for management
AvalonBay Communities, Inc
m yes for for management
shareholders (s) yes against for management
The Rouse Company
m yes for for management
m yes for for management
Magna International, Inc.
m yes for for management
m yes for for management
Hospitality Properties
m yes for for management
Page 3b of 7
Potomac Horizon Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- -------------------------------------------------------------------------------------------------------------------------------
Loews Corporation LTR 540424108 05/11/04
1. directors
2. ratify auditors
3. Cumulative voting
4. Environmental tobacco smoke
5. Charitable contributions
Stericycle, Inc. SRCL 858912108 05/11/04
1. directors
2. ratify auditors
3. Report on cessation of incineration
Werner Enterprises WERN 950755108 05/11/04
1. directors
2. Amend stock option plan
3. Amend stock option plan
4. Board inclusiveness
Smurfit-Stone Container Corp. SSCC 832727101 05/12/04
1. Directors
2. Ratify Auditors
3. Long-term incentive plan
4. Directors deferred comp plan
5. Exec pay limit
Ford Motor Company F 345370860 05/13/04
1. directors
2. ratify auditors
3. Disclosure of officers' comp.
4. Committee on conflict of interest
5. Terminating certain forms of comp.
6. Limiting number of employee-directors
7. Report on greenhouse gases
Anthem Inc ATH Equity 03674B104 05/17/04 1. directors
Mercury Interactive Corp MERQ 589405109 05/19/04 1. directors
2. Increase shares of common stock
3. Ratify auditors
Radioshack Corp RSH 750438103 05/20/04 1. directors
2. Stock unit plan
3. incentive compensation plan
Dollar General Corp DG 256669102 05/25/04 1. directors
2. ratify auditors
American International Group, Inc. AIG 26874107 05/19/04
1. directors
2. CEO Compensation Plan
3. Director Stock Plan
4. Ratify auditors
5. Political Contributions
6. Tobacco Stocks
7. Sub-prime lending
Pacificare Health Systems, Inc. PHS 695112102 05/20/04
1. directors
2. Employee stock purchase plan
3. Ratify auditors
The May Department Sotres Co. MAY 577778103 05/21/04
1. directors
2. ratify auditors
Page 4a of 7
Potomac Horizon Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ----------------------------------------------------------------------------------------------------------------------
Loews Corporation
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
shareholders (s) yes against for management
Stericycle, Inc.
m yes for for management
m yes for for management
shareholders (s) yes against for management
Werner Enterprises
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
Smurfit-Stone Container Corp.
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholder yes against for management
Ford Motor Company
m yes for for management
m yes for for management
shareholers (s) yes against for management
shareholers (s) yes against for management
shareholers (s) yes against for management
shareholers (s) yes against for management
shareholers (s) yes against for management
Anthem Inc m yes for for management
Mercury Interactive Corp m yes for for management
m yes for for management
m yes for for management
Radioshack Corp m yes for for management
m yes for for management
m yes for for management
Dollar General Corp m yes for for management
m yes for for management
American International Group, Inc.
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholers (s) yes against for management
shareholers (s) yes against for management
shareholers (s) yes against for management
Pacificare Health Systems, Inc.
m yes for for management
m yes for for management
m yes for for management
The May Department Sotres Co.
m yes for for management
m yes for for management
Page 4b of 7
Potomac Horizon Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- -------------------------------------------------------------------------------------------------------------------------------
3. Executive incentive plan
4. Stock Incentive Plan
5. Classified board
JetBlue Airways JBLU 477143101 05/26/04 1. Directors
2. Ratify auditors
IMCLONE SYSTEMS IMCL 45245W109 06/17/04 1. Directors
2. Ratify auditors
Ingram Micro Inc IM 457153104 05/25/04 1. directors
Swift Transportation SWFT 870756103 05/20/04
1. Directos
2. Employee stock purchase plan
3. Executive incentive plan
4. Director diversity
5. Stockholder ratification of auditors
HENRY SCHEIN INC HSIC 806407102 05/25/04
1. Directors
2. Amend stock option plan
3. Non-employee directors option plan
4. Employee stock purchase plan
5. Ratify auditors
American Financial Group, Inc. AFG 025932104 05/25/04
1. Directors
2. Non-employees stock option plan
3. Ratify auditors
4. Expense stock options
Nordstrom, inc. JWN 655664100 05/25/04
1. Directors
2. 2004 equity incentive plan
3. Executive management bonus plan
4. Ratify auditors
Bank of America Corporation BAC 060505104 05/26/04
1. Directors
2. Ratify auditors
3. Annual meeting date
4. Nomination of directors
5. Charitable contributions
6. Mutual fund trading practices
7. Privacy and information security
Foundry Networks, Inc. FDRY 35063R100 06/01/04
1. Directors
2. ratify auditors
Oxford Health Plans, Inc. OHP 691471106 06/02/04
1. Directors
2. ratify auditors
3. Prohibit investment in tobacco stocks
Semtech Corporation SMTC 816850101 06/10/04
1. Directors
2. ratify auditors
Albertson's, Inc. ABS 013104104 06/10/04
1. Directors
2. ratify auditors
3. Approve equity and performance plan
4. Majority vote for directors
Page 5a of 7
Potomac Horizon Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- -----------------------------------------------------------------------------------------------------------------------
m yes against against management
m yes against against management
s yes against for management
JetBlue Airways m yes for for management
m yes for for management
IMCLONE SYSTEMS m yes for for management
m yes for for management
Ingram Micro Inc m yes for for management
Swift Transportation
m yes for for management
m yes for for management
m yes for for management
s yes against for management
s yes against for management
HENRY SCHEIN INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
American Financial Group, Inc.
m yes for for management
m yes against against management
m yes for for management
s yes for against management
Nordstrom, inc.
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Bank of America Corporation
m yes for for management
m yes for for management
s yes against for management
s yes against for management
s yes against for management
s yes against for management
s yes against for management
Foundry Networks, Inc.
m yes for for management
m yes for for management
Oxford Health Plans, Inc.
m yes for for management
m yes for for management
s yes against for management
Semtech Corporation
m yes for for management
m yes for for management
Albertson's, Inc.
m yes for for management
m yes for for management
m yes against against management
s yes against for management
Page 5b of 7
Potomac Horizon Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- -----------------------------------------------------------------------------------------------------------------------------
5. Simple majority voting
6. Severance agreements
7. Classified board
Osteotech, Inc. OSTE 688582108 06/10/04
1. Directors
2. Ratify Auditors
Biogen IDEC Inc. BGEN 09062X103 06/16/04
1. Directors
2. Ratify Auditors
Morgan Stanley India Investment Fund IIF 61745C105 06/22/04
1. Directors
Anthem, Inc ATH 03674B104 06/26/04
special 1. Approve merger
2. Amend articles of incorporation
EBAY INC EBAY UQ Equity 278642103 06/24/04
1. Directors
2. Amend 1999 equity incentive plan
3. Amend 2001 equity incentive plan
4. Increase shares outstanding
5. Ratify auditors
6. Expense stock options
Michaels Stores, Inc. MIK 594087108 06/17/04
1. directors
2. ratify auditors
3. Amend certificate of incorporation
Autodesk, Inc. ADSK 052769106 06/17/04
1. Directors
2. ratify auditors
3. Retention of equity compensation
Take-Two Interactive, Inc TTWO 874054109 06/17/04
1. Directors
2. Amend stock option plan
3. Amend incentive plan
Rite Aid Corporation RAD 767754104 06/24/04
1. Directors
2. Omnibus Equity Plan
3. Employment diversity report
Laureate Education Inc. LAUR 871399101 06/25/04
1. Directors
2. ratify auditors
Elan Corporation, PLC ELN 284131208 06/10/04
1. Annual Report
2. Directors
3. Non-employee directors option plan
4. Restricted Stock Plan
5. Employee stock purchase plan
6. Authorization to issue shares
7. Increase share capital limits.
8. Articles of Association amended
9. Directors authorized to issue shares
10. Authorization to buy back stock
11. Treasury stock
Page 6a of 7
Potomac Horizon Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ----------------------------------------------------------------------------------------------------------------------
s yes against for management
s yes for against management
s yes against for management
Osteotech, Inc.
m yes for for management
m yes for for management
Biogen IDEC Inc.
m yes for for management
m yes for for management
Morgan Stanley India Investment Fund
m yes for for management
Anthem, Inc
m yes for for management
m yes for for management
EBAY INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes for against management
Michaels Stores, Inc.
m yes for for management
m yes for for management
m yes for for management
Autodesk, Inc.
m yes for for management
m yes for for management
s yes against for management
Take-Two Interactive, Inc
m yes for for management
m yes against against management
m yes against against management
Rite Aid Corporation
m yes for for management
m yes against against management
s yes against for management
Laureate Education Inc.
m yes for for management
m yes for for management
Elan Corporation, PLC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Page 6b of 7
Potomac Horizon Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- --------------------------------------------------------------------------------------------------------------------------------
Metro - Goldwyn - Mayer MGM 591610100 06/29/04
1. Directors
2. ratify auditors
VCA Antech WOOF 918194101 07/12/04
1. Directors
2. amend company's certificate of incorp.
3. ratify independent auditors
Mandalay Resort Group MBG 562567107 07/06/04 1. directors
2. ratify independent auditors
Page 7a of 7
Potomac Horizon Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ----------------------------------------------------------------------------------------------------------------------
Metro - Goldwyn - Mayer
m yes for for management
m yes for for management
VCA Antech
m yes for for management
m yes for for management
m yes for for management
Mandalay Resort Group m yes for for management
m yes for for management
Page 7b of 7
Evolution Managed Equity Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- -----------------------------------------------------------------------------------------------------------------------------------
Leucadia Nat'l Corp LUK 527288104 05/11/04 1. Directors
2. Amendment to articles of incorporation
3. Ratify auditors
BJ'S Wholesale Club BJ 05548J106 05/20/04 1. Directors
2. stock incentive plan
3. Ratify auditors
The MONY Group, inc MNY 615337102 05/18/04
1. Merger Plan
2. Postpone meeting to solicit proxies
3. Shareholder proposal
United Rentals, Inc. URI 911363109 05/20/04
1. Directors
2. Annual Incentive compensation
3. Long-term incentive plan
4. Ratify auditors
5. Board independence
6. Severence agreements
Freemont General Corp. FMT 357288109 05/20/04
1. Directors
2. Exec annual bonus plan
3. Exec long-term incentive plan
4. Supplemental retirement plan
5. Ratify auditors
Federated Department Stores, Inc FD 31410H101 05/21/04
1. Directors
2. Ratify auditors
3. Amend equity incentive plan
4. Annual election of directors
Labor Ready, Inc LRW 505401208 06/02/04 1. Directors
2. Ratify auditors
Northwest Natural Gas Co. NWN 667655104 05/27/04 1. Directors
St. Mary Land & Exploration SM 792228108 05/26/04 1. Directors
2. ratify stock plan
Presidential Life Corporation PLFE 740884101 05/19/04
1. Directors
2. Ratify auditors
Standard Motor Products, Inc SMP 853666105 05/20/04
1. Directors
2. stock incentive plan
3. Outside directors stock option plan
4. Preferred share purchase rights
HENRY SCHEIN INC HSIC 806407102 05/25/04
1. Directors
2. Amend stock option plan
3. Non-employee directors option plan
4. Employee stock purchase plan
5. Ratify auditors
E*Trade Financial Corporation ET 269246104 05/27/04
1. Directors
2. Ratify auditors
Harmonic Inc. HLIT 413160102 05/27/04
1. Directors
2. Amend stock purchase plan
3. Amend 1995 stock plan
4. Amend director stock plan
5. Ratify auditors
Page 1a of 3
Evolution Managed Equity Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ------------------------------------------------------------------------------------------------------------------
Leucadia Nat'l Corp m yes for for management
m yes for for management
m yes for for management
BJ'S Wholesale Club m yes for for management
m yes for for management
m yes for for management
The MONY Group, inc
m yes for for management
m yes for for management
shareholders (s) yes against for management
United Rentals, Inc.
m yes for for management
m yes against against management
m yes against against management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes for against management
Freemont General Corp.
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Federated Department Stores, Inc
m yes for for management
m yes for for management
m yes against against management
shareholders (s) yes against for management
Labor Ready, Inc m yes for for management
m yes for for management
Northwest Natural Gas Co. m yes for for management
St. Mary Land & Exploration m yes for for management
m yes for for management
Presidential Life Corporation
m yes for for management
m yes for for management
Standard Motor Products, Inc
m yes for for management
m yes against against management
m yes against against management
shareholders (s) yes against for management
HENRY SCHEIN INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
m yes for for management
E*Trade Financial Corporation
m yes for for management
m yes for for management
Harmonic Inc.
m yes for for management
m yes against against management
m yes against against management
m yes against against management
m yes for for management
Page 1b of 3
Evolution Managed Equity Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- -----------------------------------------------------------------------------------------------------------------------
Urban Outfitters, Inc. URBN 917047102 06/01/04
1. Directors
2. Increase shares outstanding
3. Stock incentive plan
Six Flags, Inc. PKS 83001P109 06/01/04
1. Directors
2. 2004 stock option plan
3. Ratify auditors
Wind River Systems, Inc. WIND 973149107 06/09/04
1. Directors
2. Ratify auditors
Jo-Ann Stores, Inc. JAS 47758P307 06/10/04
1. Directors
2A. Reduce shareholder vote on directors
2B. Reduce shareholder vote on other
3. Approve terms of performance goals
Carreker Corporation CANI 144433109 06/15/04
1. Directors
2. Ratify auditors
Osteotech, Inc. OSTE 688582105 06/10/04
1. Directors
2. Ratify auditors
ManTech International Corp. MANT 564563104 06/23/04
1. Directors
2. Ratify auditors
Insurance Auto Auctions, Inc. IAAI 457875102 06/16/04
1. Directors
2. Employee stock purchase plan
3. Ratify auditors
The J. M. Smucker Company SJM 832696405 06/17/04
1. Approve merger
2. Adjourn meeting for solicitation
Anthem, Inc ATH 03674B104 06/26/04
special 1. Approve merger
2. Amend articles of incorporation
The Children's Place Retail Stores PLCE 168905107 06/15/04
1. Directors
2. Ratify auditors
3. Amend 1997 stock plan
A.G.Edwards, Inc. AGE 281760108 06/24/04
1. Directors
2. 2004 Executive performance plan
3. Ratify auditors
Take-Two Interactive, Inc TTWO 874054109 06/17/04
1. Directors
2. Amend stock option plan
3. Amend incentive plan
Flowserve Corporation FLS 34354P105 06/22/04
1. Directors
2. stock incentive plan
Genesco, Inc. GCO 371532102 06/23/04
1. Directors
Material Sciences MSC 576674105 06/24/04
1. Directors
2. Any other business
Page 2a of 3
Evolution Managed Equity Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ------------------------------------------------------------------------------------------------------------------
Urban Outfitters, Inc.
m yes for for management
m yes for for management
m yes for for management
Six Flags, Inc.
m yes for for management
m yes against against management
m yes for for management
Wind River Systems, Inc.
m yes for for management
m yes for for management
Jo-Ann Stores, Inc.
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Carreker Corporation
m yes for for management
m yes for for management
Osteotech, Inc.
m yes for for management
m yes for for management
ManTech International Corp.
m yes for for management
m yes for for management
Insurance Auto Auctions, Inc.
m yes for for management
m yes for for management
m yes for for management
The J. M. Smucker Company
m yes for for management
m yes for for management
Anthem, Inc
m yes for for management
m yes for for management
The Children's Place Retail Stores
m yes for for management
m yes for for management
m yes for for management
A.G.Edwards, Inc.
m yes for for management
m yes for for management
m yes for for management
Take-Two Interactive, Inc
m yes for for management
m yes against against management
m yes against against management
Flowserve Corporation
m yes for for management
m yes for for management
Genesco, Inc.
m yes for for management
Material Sciences
m yes for for management
m yes for for management
Page 2b of 3
Evolution Managed Equity Fund
Proxy voting history
(a) Name (b) Ticker (c) CUSIP (d) Shareholder (e) Matter voted on
meeting date
- -----------------------------------------------------------------------------------------------------------------------
The Men's Warehouse, Inc. mw 587118100 06/30/04
1. Directors
2. Long-term incentive plan-2004
3. Long-term incentive plan-1996
4. Non-employee director stock option
5. Internation Labor Organ. Standards
6. Independent director policy
PATTERSON-UTI ENERGY INC PTEN 703481101 06/29/04
1. directors
2. increase authorized shares
3. incentive plan
4. Ratify auditors
Serena Software SRNA 817492101 06/25/04 1. directors
2. ratify independent auditors
Protein Design Labs PDLI 74369L103 06/30/04
1. directors
2. equity incentive plan
3. ratify independent auditors
Great Atlantic and Pacific Tea Co GAP 390064103 07/13/04
1. directors
2. compensation plan
3. stockholder proposal on location
Tidewater TDW 886423102 07/15/04 1. directors
2. ratify auditors
3. stockholder proposal on board
Page 3a of 3
Evolution Managed Equity Fund
Proxy voting history
(f) Matter proposed by: (g) whether (i) Fund cast its vote
(a) Name management (m) voted (h) Vote: for management
shareholders (s) or against management
- ---------------------------------------------------------------------------------------------------------------
The Men's Warehouse, Inc.
m yes for for management
m yes for for management
m yes for for management
m yes for for management
shareholders (s) yes against for management
shareholders (s) yes against for management
PATTERSON-UTI ENERGY INC
m yes for for management
m yes for for management
m yes for for management
m yes for for management
Serena Software m yes for for management
m yes for for management
Protein Design Labs
m yes for for management
m yes for for management
m yes for for management
Great Atlantic and Pacific Tea Co
m yes for for management
m yes for for management
s yes against for management
Tidewater m yes for for management
m yes for for management
s yes against for management
Page 3b of 3
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.
POTOMAC FUNDS
By: /s/ Daniel D. O'Neill
---------------------
Daniel D. O'Neill
Chief Executive Officer and
President
August 30, 2004