UNITED STATES
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 number: 811-10085
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Hillman Capital Management Investment Trust
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(Exact name of registrant as specified in charter)
116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802
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(Address of principal executive offices) (Zip code)
C. Frank Watson III
116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802
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(Name and address of agent for service)
Registrant's telephone number, including area code: 252-972-9922
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Date of fiscal year end: September 30
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Date of reporting period: July 1, 2003 - June 30, 2004
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PROXY VOTING RECORDS
THE HILLMAN TOTAL RETURN FUND
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ISSUER NAME TICKER CUSIP MTG DATE MTG TYPE
Proposal Type Voted? Vote For/Agnst
3M Co MMM 88579Y101 5/11/04 Annual Mgmt
1.01 Elect Edward A. Brennan MGMT YES FOR FOR
1.02 Elect Michael L. Eskew MGMT YES FOR FOR
1.03 Elect W. James McNerney Jr. MGMT YES FOR FOR
1.04 Elect Kevin W. Sharer MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Increase Authorized Common Stock MGMT YES FOR FOR
4 Independent Board Chairman SHLDR YES AGNST FOR
Aetna AET 00817Y108 4/30/04 Annual
1.01 Elect Betsy Z. Cohen MGMT YES FOR FOR
1.02 Elect Barbara Hackman Franklin MGMT YES FOR FOR
1.03 Elect Jeffery E. Garten MGMT YES FOR FOR
1.04 Elect Earl G. Graves Sr. MGMT YES FOR FOR
1.05 Elect Gerald Greenwald MGMT YES FOR FOR
1.06 Elect Ellen M. Hancock MGMT YES FOR FOR
1.07 Elect Michael H. Jordan MGMT YES FOR FOR
1.08 Elect Jack D. Kuehler MGMT YES FOR FOR
1.09 Elect Edward J. Ludwig MGMT YES FOR FOR
1.1 Elect Joseph P. Newhouse MGMT YES FOR FOR
1.11 Elect Judith Rodin MGMT YES FOR FOR
1.12 Elect John W. Rowe MGMT YES FOR FOR
1.13 Elect Ronald A. Williams MGMT YES FOR FOR
1.14 Elect R. David Yost MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Cumulative Voting SHLDR YES AGNST FOR
4 Restrict Executive Compensation SHLDR YES AGNST FOR
Allied Capital Corp ALD 01903Q108 5/12/04 Annual
1.01 Elect William L. Walton MGMT YES FOR FOR
1.02 Elect Joan M. Sweeney MGMT YES FOR FOR
1.03 Elect Brooks H. Browne MGMT YES FOR FOR
1.04 Elect Robert E. Long MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Deferred Compensation Plan MGMT YES FOR FOR
4 Add Shares to Stock Option Plan MGMT YES FOR FOR
Amend Stock Option Plan
American Electric Power AEP 025537101 4/27/04 Annual
1.01 Elect E. Richard Brooks MGMT YES FOR FOR
1.02 Elect Donald M. Carlton MGMT YES FOR FOR
1.03 Elect John P. DesBarres MGMT YES FOR FOR
1.04 Elect Robert W. Fri MGMT YES FOR FOR
1.05 Elect William R. Howell MGMT YES FOR FOR
1.06 Elect Lester A. Hudson Jr. MGMT YES FOR FOR
1.07 Elect Leonard J. Kujawa MGMT YES FOR FOR
1.08 Elect Michael G. Morris MGMT YES FOR FOR
1.09 Elect Richard L. Sandor MGMT YES FOR FOR
1.1 Elect Donald G. Smith MGMT YES FOR FOR
1.11 Elect Kathryn D. Sullivan MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Golden Parachutes SHLDR YES AGNST FOR
4 Approve Extra Benefits Under Serps SHLDR YES AGNST FOR
5 Limit Consulting by Auditors SHLDR YES AGNST FOR
6 Director Tenure/Retirement Age SHLDR YES AGNST FOR
Amgen Inc AMGN 031162100 5/13/04 Annual
1.01 Elect Frank J. Biondi Jr. MGMT YES FOR FOR
1.02 Elect Jerry D. Choate MGMT YES FOR FOR
1.03 Elect Frank C. Herringer MGMT YES FOR FOR
1.04 Elect Gilbert S. Omenn MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Report on EEO SHLDR YES FOR AGNST
4 Expense Stock Options SHLDR YES FOR AGNST
Apartment Investment & Management AIV 03748R101 4/30/04 Annual
1.01 Elect Terry Considine MGMT YES FOR FOR
1.02 Elect Peter K. Kompaniez MGMT YES FOR FOR
1.03 Elect James N. Bailey MGMT YES FOR FOR
1.04 Elect Richard S. Ellwood MGMT YES FOR FOR
1.05 Elect J. Landis Martin MGMT YES FOR FOR
1.06 Elect Thomas L. Rhodes MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Approve Executive Investment Program MGMT YES FOR FOR
4 Golden Parachutes SHLDR YES AGNST FOR
Black & Decker BDK 091797100 4/27/04 Annual
1.01 Elect Nolan D. Archibald MGMT YES FOR FOR
1.02 Elect Norman R. Augustine MGMT YES FOR FOR
1.03 Elect Barbara L. Bowles MGMT YES FOR FOR
1.04 Elect M. Anthony Burns MGMT YES FOR FOR
1.05 Elect Kim B. Clark MGMT YES FOR FOR
1.06 Elect Manuel A. Fernandez MGMT YES FOR FOR
1.07 Elect Benjamin H. Griswold IV MGMT YES FOR FOR
1.08 Elect Anthony Luiso MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Stock Award Plan MGMT YES AGNST AGNST
4 Restrict Executive Compensation SHLDR YES AGNST FOR
Boeing BA 097023105 5/3/04 Annual
1.01 Elect John H. Biggs MGMT YES FOR FOR
1.02 Elect John E. Bryson MGMT YES FOR FOR
1.03 Elect Linda Z. Cook MGMT YES FOR FOR
1.04 Elect Rozanne L. Ridgway MGMT YES FOR FOR
2 Eliminate Supermajority Requirement MGMT YES FOR FOR
3 Ratify Selection of Auditors MGMT YES FOR FOR
4 Review Military Contracting Criteria SHLDR YES AGNST FOR
5 Develop/Report on Human Rights Policy SHLDR YES AGNST FOR
6 Repeal Classified Board SHLDR YES FOR AGNST
7 Eliminate Supermajority Provision SHLDR YES FOR AGNST
8 Golden Parachutes SHLDR YES AGNST FOR
9 Require Option Shares to Be Held SHLDR YES AGNST FOR
10 Provide Pension Choices SHLDR YES AGNST FOR
Campbell Soup CPB 134429109 11/21/03 Annual
1 Elect Directors MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Stock Option Plan MGMT YES AGNST AGNST
Cendant CD 151313103 4/20/04 Annual
1.01 Elect M. Brian Mulroney MGMT YES FOR FOR
1.02 Elect Ronald L. Nelson MGMT YES FOR FOR
1.03 Elect Robert W. Pittman MGMT YES FOR FOR
1.04 Elect Myra J. Biblowit MGMT YES FOR FOR
1.05 Elect Sheli Z. Rosenberg MGMT YES FOR FOR
2 Repeal Classified Board MGMT YES FOR FOR
3 Ratify Selection of Auditors MGMT YES FOR FOR
4 Independent Board Chairman SHLDR YES AGNST FOR
5 Cap Executive Pay SHLDR YES AGNST FOR
Corning GLW 219350105 4/29/04 Annual
1.01 Elect Jeremy R. Knowles MGMT YES FOR FOR
1.02 Elect Eugene C. Sit MGMT YES FOR FOR
1.03 Elect William D. Smithburg MGMT YES FOR FOR
1.04 Elect Hansel E. Tookes II MGMT YES FOR FOR
1.05 Elect Wendell P. Weeks MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Golden Parachutes SHLDR YES AGNST FOR
Correctional Properties Trust CPV 22025E104 4/29/04 Annual
1.01 Elect Charles R. Jones MGMT YES FOR FOR
1.02 Elect James D. Motta MGMT YES FOR FOR
2 Amend Stock Option Plan MGMT YES AGNST AGNST
3 Ratify Selection of Auditors MGMT YES FOR FOR
Disney (Walt) DIS 254687106 3/3/04 Annual
1.01 Elect John E. Bryson MGMT YES FOR FOR
1.02 Elect John S. Chen MGMT YES FOR FOR
1.03 Elect Michael D. Eisner MGMT YES WHOLD AGNST
1.04 Elect Judith L. Estrin MGMT YES FOR FOR
1.05 Elect Robert A. Iger MGMT YES FOR FOR
1.06 Elect Aylwin B. Lewis MGMT YES FOR FOR
1.07 Elect Monica C. Lozano MGMT YES FOR FOR
1.08 Elect Robert W. Matschullat MGMT YES FOR FOR
1.09 Elect George J. Mitchell MGMT YES FOR FOR
1.1 Elect Leo J. O'Donovan MGMT YES FOR FOR
1.11 Elect Gary L. Wilson MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Code of Conduct for China Operations SHLDR YES AGNST FOR
4 Review Labor Standards in China Operations SHLDR YES AGNST FOR
5 Report on Amusement Park Safety Policy SHLDR YES AGNST FOR
Du Pont (E.I.) de Nemours DD 263534109 4/28/04 Annual
1.01 Elect Alain J.P. Belda MGMT YES FOR FOR
1.02 Elect Richard H. Brown MGMT YES FOR FOR
1.03 Elect Curtis J. Crawford MGMT YES FOR FOR
1.04 Elect John T. Dillon MGMT YES FOR FOR
1.05 Elect Louisa C. Duemling MGMT YES FOR FOR
1.06 Elect Charles O. Holliday Jr. MGMT YES FOR FOR
1.07 Elect Deborah C. Hopkins MGMT YES FOR FOR
1.08 Elect Lois D. Juliber MGMT YES FOR FOR
1.09 Elect Masahisa Naitoh MGMT YES FOR FOR
1.1 Elect William K. Reilly MGMT YES FOR FOR
1.11 Elect H. Rodney Sharp III MGMT YES FOR FOR
1.12 Elect Charles M. Vest MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Disclose Prior Government Service SHLDR YES AGNST FOR
4 Monitor/Adopt ILO Conventions SHLDR YES AGNST FOR
5 Link Executive Pay to Social Criteria SHLDR YES AGNST FOR
EMC EMC 268648102 5/5/04 Annual
1.01 Elect John R. Egan MGMT YES FOR FOR
1.02 Elect Michael C. Ruettgers MGMT YES FOR FOR
1.03 Elect David N. Strohm MGMT YES FOR FOR
2 Add Shares to Stock Option Plan MGMT YES AGNST AGNST
Amend Stock Option Plan
3 Add Shares to Employee Stock Purchase Plan MGMT YES AGNST AGNST
4 Ratify Selection of Auditors MGMT YES FOR FOR
5 Restrict Executive Compensation SHLDR YES AGNST FOR
Equity Office Properties Trust EOP 294741103 5/19/04 Annual
1.01 Elect Thomas E. Dobrowski MGMT YES FOR FOR
1.02 Elect William M. Goodyear MGMT YES FOR FOR
1.03 Elect James D. Harper, Jr. MGMT YES FOR FOR
1.04 Elect Richard D. Kincaid MGMT YES FOR FOR
1.05 Elect David K. McKown MGMT YES FOR FOR
1.06 Elect Sheli Z. Rosenberg MGMT YES FOR FOR
1.07 Elect Edwin N. Sidman MGMT YES FOR FOR
1.08 Elect Jan H.W.R. van der Vlist MGMT YES FOR FOR
1.09 Elect Samuel Zell MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
Equity Residential EQR 29476L107 5/28/04 Annual
1.01 Elect John W. Alexander MGMT YES FOR FOR
1.02 Elect Charles L. Atwood MGMT YES FOR FOR
1.03 Elect Bruce W. Duncan MGMT YES FOR FOR
1.04 Elect Stephen O. Evans MGMT YES FOR FOR
1.05 Elect James D. Harper, Jr. MGMT YES FOR FOR
1.06 Elect Boone A. Knox MGMT YES FOR FOR
1.07 Elect Desiree G. Rogers MGMT YES FOR FOR
1.08 Elect Sheli Z. Rosenberg MGMT YES FOR FOR
1.09 Elect Gerald A. Spector MGMT YES FOR FOR
1.1 Elect B. Joseph White MGMT YES FOR FOR
1.11 Elect Samuel Zell MGMT YES FOR FOR
2 Approve Non-Technical Charter Amendments MGMT YES FOR FOR
3 Ratify Selection of Auditors MGMT YES FOR FOR
FedEx FDX 31428X106 9/29/03 Annual
1 Elect Directors MGMT YES FOR FOR
2 Adopt Stock Option Plan MGMT YES AGNST AGNST
3 Ratify Selection of Auditors MGMT YES FOR FOR
4 Repeal Classified Board SHLDR YES FOR AGNST
Finlay Enterprises Inc FNLY 317884203 6/17/04 Annual
1.01 Elect Richard E. Kroon MGMT YES FOR FOR
1.02 Elect Ellen R. Levine MGMT YES FOR FOR
1.03 Elect Norman S. Matthews MGMT YES FOR FOR
General Electric GE 369604103 4/28/04 Annual
1.01 Elect James I. Cash Jr. MGMT YES FOR FOR
1.02 Elect Dennis D. Dammerman MGMT YES FOR FOR
1.03 Elect Ann M. Fudge MGMT YES FOR FOR
1.04 Elect Claudio X. Gonzalez Laporte MGMT YES FOR FOR
1.05 Elect Jeffrey R. Immelt MGMT YES FOR FOR
1.06 Elect Andrea Jung MGMT YES FOR FOR
1.07 Elect Alan G. Lafley MGMT YES FOR FOR
1.08 Elect Kenneth G. Langone MGMT YES FOR FOR
1.09 Elect Ralph S. Larsen MGMT YES FOR FOR
1.1 Elect Rochelle B. Lazarus MGMT YES FOR FOR
1.11 Elect Samuel A. Nunn Jr. MGMT YES FOR FOR
1.12 Elect Roger S. Penske MGMT YES FOR FOR
1.13 Elect Robert J. Swieringa MGMT YES FOR FOR
1.14 Elect Douglas A. Warner III MGMT YES FOR FOR
1.15 Elect Robert C. Wright MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Amend Long-term Bonus Plan MGMT YES FOR FOR
4 Adopt Cumulative Voting SHLDR YES AGNST FOR
5 Review or Promote Animal Welfare SHLDR YES AGNST FOR
6 Review Nuclear Facility/Waste SHLDR YES AGNST FOR
7 Report on Environmental Impact or Plans SHLDR YES FOR AGNST
8 Report on Risk to Image of Globalization Strate SHLDR YES AGNST FOR
9 Report on Sustainability SHLDR YES AGNST FOR
10 Increase Comp Committee Independence SHLDR YES AGNST FOR
11 Link Executive Pay to Social Criteria SHLDR YES AGNST FOR
12 Restrict Executive Compensation SHLDR YES AGNST FOR
13 Limit Number of Directorships SHLDR YES AGNST FOR
14 Independent Board Chairman SHLDR YES AGNST FOR
15 Study Sale or Spin-off SHLDR YES AGNST FOR
16 Require Option Shares to Be Held SHLDR YES AGNST FOR
17 Increase Board Independence SHLDR YES FOR AGNST
18 Review Political Spending SHLDR YES AGNST FOR
General Motors GM 370442105 10/3/03 Annual
1 Approve Non-Technical Charter Amendm MGMT YES AGNST AGNST
2 Ratify Spin-Off Company Charter MGMT YES FOR FOR
3 Approve Spin-off MGMT YES FOR FOR
4 Approve Sale of Assets MGMT YES FOR FOR
5 Approve Sale of Assets MGMT YES FOR FOR
6 Eliminate Dual Class Stock MGMT YES FOR FOR
General Motors Corp GM 370442105 6/2/04 Annual
1.01 Elect Percy N. Barnevik MGMT YES FOR FOR
1.02 Elect John H. Bryan MGMT YES FOR FOR
1.03 Elect Armando M. Codina MGMT YES FOR FOR
1.04 Elect George M.C. Fisher MGMT YES FOR FOR
1.05 Elect Karen Katen MGMT YES FOR FOR
1.06 Elect Kent Kresa MGMT YES FOR FOR
1.07 Elect Alan G. Lafley MGMT YES FOR FOR
1.08 Elect Philip A. Laskawy MGMT YES FOR FOR
1.09 Elect E. Stanley O'Neal MGMT YES FOR FOR
1.1 Elect Eckhard Pfeiffer MGMT YES FOR FOR
1.11 Elect G. Richard Wagoner Jr. MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Restrict Executive Compensation SHLDR YES AGNST FOR
4 Restrict Executive Compensation SHLDR YES AGNST FOR
5 Independent Board Chairman SHLDR YES AGNST FOR
6 Increase Key Committee Independence SHLDR YES AGNST FOR
7 Report or Take Action on Climate Change SHLDR YES AGNST FOR
8 Golden Parachutes SHLDR YES AGNST FOR
9 Require Option Shares to Be Held SHLDR YES AGNST FOR
Goodrich GR 382388106 4/27/04 Annual
1.01 Elect Diane C. Creel MGMT YES FOR FOR
1.02 Elect George A. Davidson Jr. MGMT YES FOR FOR
1.03 Elect Harris E. DeLoach Jr. MGMT YES FOR FOR
1.04 Elect James J. Glasser MGMT YES FOR FOR
1.05 Elect James W. Griffith MGMT YES FOR FOR
1.06 Elect William R. Holland MGMT YES FOR FOR
1.07 Elect Marshall O. Larsen MGMT YES FOR FOR
1.08 Elect Douglas E. Olesen MGMT YES FOR FOR
1.09 Elect Alfred M. Rankin Jr. MGMT YES FOR FOR
1.1 Elect James R. Wilson MGMT YES FOR FOR
1.11 Elect A. Thomas Young MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
Hewlett-Packard HPQ 428236103 3/17/04 Annual
1.01 Elect Lawrence T. Babbio Jr. MGMT YES FOR FOR
1.02 Elect Patricia C. Dunn MGMT YES FOR FOR
1.03 Elect Carleton S. Fiorina MGMT YES FOR FOR
1.04 Elect Richard A. Hackborn MGMT YES FOR FOR
1.05 Elect George A. Keyworth II MGMT YES FOR FOR
1.06 Elect Robert E. Knowling Jr. MGMT YES FOR FOR
1.07 Elect Sanford M. Litvack MGMT YES WHOLD AGNST
1.08 Elect Robert L. Ryan MGMT YES FOR FOR
1.09 Elect Lucille S. Salhany MGMT YES WHOLD AGNST
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Stock Option Plan MGMT YES AGNST AGNST
4 Expense Stock Options SHLDR YES FOR AGNST
Home Depot Inc HD 437076102 5/27/04 Annual
1.01 Elect Gregory D. Brenneman MGMT YES FOR FOR
1.02 Elect Richard H. Brown MGMT YES FOR FOR
1.03 Elect John L. Clendenin MGMT YES FOR FOR
1.04 Elect Berry R. Cox MGMT YES FOR FOR
1.05 Elect Claudio X. Gonzalez Laporte MGMT YES FOR FOR
1.06 Elect Milledge A. Hart III MGMT YES FOR FOR
1.07 Elect Bonnie Guiton Hill MGMT YES FOR FOR
1.08 Elect Kenneth G. Langone MGMT YES FOR FOR
1.09 Elect Robert L. Nardelli MGMT YES FOR FOR
1.1 Elect Roger S. Penske MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Director Tenure/Retirement Age SHLDR YES AGNST FOR
4 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
5 Restrict Executive Compensation SHLDR YES AGNST FOR
6 Monitor/Adopt ILO Conventions SHLDR YES AGNST FOR
7 Golden Parachutes SHLDR YES AGNST FOR
8 Require Majority Vote to Elect Directors SHLDR YES AGNST FOR
Host Marriott Corp HMT 44107P104 5/20/04 Annual
1.01 Elect Richard E. Marriott MGMT YES FOR FOR
1.02 Elect John B. Morse Jr. MGMT YES FOR FOR
1.03 Elect Christopher J. Nassetta MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Repeal Classified Board MGMT YES FOR FOR
Kellogg K 487836108 4/23/04 Annual
1.01 Elect Benjamin S. Carson MGMT YES FOR FOR
1.02 Elect Gordon Gund MGMT YES FOR FOR
1.03 Elect Dorothy A. Johnson MGMT YES FOR FOR
1.04 Elect Ann McLaughlin Korologos MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Review or Curb Bioengineering SHLDR YES AGNST FOR
Laboratory Corp of America Holdings LH 50540R409 5/12/04 Annual
1.01 Elect Thomas P. Mac Mahon MGMT YES FOR FOR
1.02 Elect Jean-Luc Belingard MGMT YES FOR FOR
1.03 Elect Wendy E. Lane MGMT YES FOR FOR
1.04 Elect Robert E. Mittelstaedt Jr. MGMT YES FOR FOR
1.05 Elect Andrew G. Wallace MGMT YES FOR FOR
1.06 Elect M. Keith Weikel MGMT YES FOR FOR
1.07 Elect Craig M. Watson MGMT YES FOR FOR
2 Adopt Employee Stock Purchase Plan MGMT YES AGNST AGNST
3 Ratify Selection of Auditors MGMT YES FOR FOR
McDonald's Corp MCD 580135101 5/20/04 Annual
1.01 Elect Edward A. Brennan MGMT YES FOR FOR
1.02 Elect Walter E. Massey MGMT YES FOR FOR
1.03 Elect John W. Rogers Jr. MGMT YES FOR FOR
1.04 Elect Anne-Marie Slaughter MGMT YES FOR FOR
1.05 Elect Roger W. Stone MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Add Shares to Stock Option Plan MGMT YES FOR FOR
Amend Stock Option Plan
4 Approve Annual Bonus Plan MGMT YES FOR FOR
Approve Long-Term Bonus Plan
Motorola MOT 620076109 5/3/04 Annual
1.01 Elect Edward J. Zander MGMT YES FOR FOR
1.02 Elect H. Laurance Fuller MGMT YES FOR FOR
1.03 Elect Judy C. Lewent MGMT YES FOR FOR
1.04 Elect Walter E. Massey MGMT YES FOR FOR
1.05 Elect Nicholas Negroponte MGMT YES FOR FOR
1.06 Elect Indra K. Nooyi MGMT YES FOR FOR
1.07 Elect John E. Pepper Jr. MGMT YES FOR FOR
1.08 Elect Samuel C. Scott III MGMT YES FOR FOR
1.09 Elect Douglas A. Warner III MGMT YES FOR FOR
1.1 Elect John A. White MGMT YES FOR FOR
1.11 Elect Mike S. Zafirovski MGMT YES FOR FOR
2 Restrict Executive Compensation SHLDR YES AGNST FOR
3 Restrict Executive Compensation SHLDR YES AGNST FOR
Nike -Cl B NKE 654106103 9/22/03 Annual
1 Elect Directors MGMT YES FOR FOR
2 Add Shares to Stock Option Plan MGMT YES AGNST AGNST
3 Ratify Selection of Auditors MGMT YES FOR FOR
Outback Steakhouse OSI 689899102 4/21/04 Annual
1.01 Elect John A. Brabson Jr. MGMT YES FOR FOR
1.02 Elect Lee Roy Selmon MGMT YES FOR FOR
2 Add Shares to Stock Option Plan MGMT YES AGNST AGNST
Amend Stock Option Plan
3 Approve Other Business MGMT YES FOR FOR
Pfizer PFE 717081103 4/22/04 Annual
1.01 Elect Michael S. Brown MGMT YES FOR FOR
1.02 Elect M. Anthony Burns MGMT YES FOR FOR
1.03 Elect Robert N. Burt MGMT YES FOR FOR
1.04 Elect W. Don Cornwell MGMT YES FOR FOR
1.05 Elect William H. Gray III MGMT YES FOR FOR
1.06 Elect Constance J. Horner MGMT YES FOR FOR
1.07 Elect William R. Howell MGMT YES FOR FOR
1.08 Elect Stanley O. Ikenberry MGMT YES FOR FOR
1.09 Elect George A. Lorch MGMT YES FOR FOR
1.1 Elect Henry A. McKinnell Jr. MGMT YES FOR FOR
1.11 Elect Dana G. Mead MGMT YES FOR FOR
1.12 Elect Franklin D. Raines MGMT YES FOR FOR
1.13 Elect Ruth J. Simmons MGMT YES FOR FOR
1.14 Elect William C. Steere Jr. MGMT YES FOR FOR
1.15 Elect Jean-Paul Valles MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Stock Option Plan MGMT YES AGNST AGNST
4 Review AIDS Pandemic's Impact on Company SHLDR YES AGNST FOR
5 Limit or End Political Spending SHLDR YES AGNST FOR
6 Review Political Spending SHLDR YES FOR AGNST
7 Director Tenure/Retirement Age SHLDR YES AGNST FOR
8 Review Drug Pricing or Distribution SHLDR YES AGNST FOR
9 Restrict Executive Compensation SHLDR YES AGNST FOR
10 Review or Promote Animal Welfare SHLDR YES AGNST FOR
Procter & Gamble PG 742718109 10/14/03 Annual
1 Elect Directors MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Director Stock Option Plan MGMT YES AGNST AGNST
4 Repeal Classified Board SHLDR YES FOR AGNST
5 Review or Curb Bioengineering SHLDR YES AGNST FOR
Putnam Master Income Trust 74683K104 10/7/03 Annual
1 Elect Directors MGMT YES FOR FOR
SBC Communications SBC 78387G103 4/30/04 Annual
1.01 Elect James E. Barnes MGMT YES FOR FOR
1.02 Elect James A. Henderson MGMT YES FOR FOR
1.03 Elect John B. McCoy MGMT YES FOR FOR
1.04 Elect S. Donley Ritchey MGMT YES FOR FOR
1.05 Elect Joyce M. Roche MGMT YES FOR FOR
1.06 Elect Patricia P. Upton MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Repeal Classified Board MGMT YES FOR FOR
4 Review Political Spending SHLDR YES ABSTAIN AGNST
5 Reduce Board Size SHLDR YES AGNST FOR
Sears, Roebuck & Co S 812387108 5/13/04 Annual
1.01 Elect William L. Bax MGMT YES FOR FOR
1.02 Elect Donald J. Carty MGMT YES FOR FOR
1.03 Elect Alan J. Lacy MGMT YES FOR FOR
1.04 Elect Hugh B. Price MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Repeal Classified Board SHLDR YES FOR AGNST
4 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
5 Majority Vote Shareholder Committee SHLDR YES FOR AGNST
Southern Co SO 842587107 5/26/04 Annual
1.01 Elect Daniel P. Amos MGMT YES FOR FOR
1.02 Elect Dorrit J. Bern MGMT YES FOR FOR
1.03 Elect Francis S. Blake MGMT YES FOR FOR
1.04 Elect Thomas F. Chapman MGMT YES FOR FOR
1.05 Elect H. Allen Franklin MGMT YES FOR FOR
1.06 Elect Bruce S. Gordon MGMT YES FOR FOR
1.07 Elect Donald M. James MGMT YES FOR FOR
1.08 Elect Zack T. Pate MGMT YES FOR FOR
1.09 Elect J. Neal Purcell MGMT YES FOR FOR
1.1 Elect David M. Ratcliffe MGMT YES FOR FOR
1.11 Elect Gerald J. St. Pe MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Director Stock Award Plan MGMT YES AGNST AGNST
Staples Inc SPLS 855030102 6/17/04 Annual
1.01 Elect Arthur M. Blank MGMT YES FOR FOR
1.02 Elect Gary L. Crittenden MGMT YES FOR FOR
1.03 Elect Martin Trust MGMT YES FOR FOR
1.04 Elect Paul F. Walsh MGMT YES FOR FOR
2 Adopt Stock Option Plan MGMT YES AGNST AGNST
3 Add Shares to Employee Stock Purchase Plan MGMT YES AGNST AGNST
4 Add Shares to Employee Stock Purchase Plan MGMT YES AGNST AGNST
5 Ratify Selection of Auditors MGMT YES FOR FOR
6 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
7 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
8 Restrict Executive Compensation SHLDR YES AGNST FOR
9 Limit Consulting by Auditors SHLDR YES FOR AGNST
Sunrise Senior Living Inc. SRZ 86768K106 5/12/04 Annual
1.01 Elect Craig R. Callen MGMT YES FOR FOR
1.02 Elect Paul J. Klaassen MGMT YES FOR FOR
Time Warner Inc TWX 887317105 5/21/04 Annual
1.01 Elect James L. Barksdale MGMT YES FOR FOR
1.02 Elect Stephen F. Bollenbach MGMT YES FOR FOR
1.03 Elect Stephen M. Case MGMT YES FOR FOR
1.04 Elect Frank J. Caufield MGMT YES FOR FOR
1.05 Elect Robert C. Clark MGMT YES FOR FOR
1.06 Elect Miles R. Gilburne MGMT YES FOR FOR
1.07 Elect Carla A. Hills MGMT YES FOR FOR
1.08 Elect Reuben Mark MGMT YES FOR FOR
1.09 Elect Michael A. Miles MGMT YES FOR FOR
1.1 Elect Kenneth J. Novack MGMT YES FOR FOR
1.11 Elect Richard D. Parsons MGMT YES FOR FOR
1.12 Elect Robert E. Turner MGMT YES FOR FOR
1.13 Elect Francis T. Vincent Jr. MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 China--Adopt Code of Conduct SHLDR YES AGNST FOR
4 Link Executive Pay to Social Criteria SHLDR YES AGNST FOR
Verizon Communications VZ 92343V104 4/28/04 Annual
1.01 Elect James R. Barker MGMT YES FOR FOR
1.02 Elect Richard L. Carrion MGMT YES FOR FOR
1.03 Elect Robert W. Lane MGMT YES FOR FOR
1.04 Elect Sandra O. Moose MGMT YES FOR FOR
1.05 Elect Joseph Neubauer MGMT YES FOR FOR
1.06 Elect Thomas H. O'Brien MGMT YES FOR FOR
1.07 Elect Hugh B. Price MGMT YES FOR FOR
1.08 Elect Ivan G. Seidenberg MGMT YES FOR FOR
1.09 Elect Walter V. Shipley MGMT YES FOR FOR
1.1 Elect John R. Stafford MGMT YES FOR FOR
1.11 Elect Robert D. Storey MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Cumulative Voting SHLDR YES AGNST FOR
4 Increase Board Independence SHLDR YES FOR AGNST
5 Independent Board Chairman SHLDR YES AGNST FOR
6 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
7 Approve Extra Benefits Under Serps SHLDR YES AGNST FOR
8 Restrict Executive Compensation SHLDR YES AGNST FOR
9 Link Executive Pay to Social Criteria SHLDR YES AGNST FOR
10 Review Political Spending SHLDR YES FOR AGNST
11 Collecting Service Fees SHLDR YES AGNST FOR
Wal-Mart Stores WMT 931142103 6/4/04 Annual
1.01 Elect James W. Breyer MGMT YES FOR FOR
1.02 Elect M. Michele Burns MGMT YES FOR FOR
1.03 Elect Thomas M. Coughlin MGMT YES FOR FOR
1.04 Elect David D. Glass MGMT YES FOR FOR
1.05 Elect Roland A. Hernandez MGMT YES FOR FOR
1.06 Elect Dawn G. Lepore MGMT YES FOR FOR
1.07 Elect John D. Opie MGMT YES FOR FOR
1.08 Elect J. Paul Reason MGMT YES FOR FOR
1.09 Elect H. Lee Scott Jr. MGMT YES FOR FOR
1.1 Elect Jack C. Shewmaker MGMT YES FOR FOR
1.11 Elect Jose H. Villarreal MGMT YES FOR FOR
1.12 Elect John T. Walton MGMT YES FOR FOR
1.13 Elect S. Robson Walton MGMT YES FOR FOR
1.14 Elect Christopher J. Williams MGMT YES FOR FOR
2 Adopt Stock Option Plan MGMT YES FOR FOR
3 Adopt Employee Stock Purchase Plan MGMT YES FOR FOR
4 Adopt Employee Stock Purchase Plan MGMT YES FOR FOR
5 Ratify Selection of Auditors MGMT YES FOR FOR
6 Independent Board Chairman SHLDR YES AGNST FOR
7 Report on Sustainability SHLDR YES AGNST FOR
8 Link Executive Pay to Social Criteria SHLDR YES AGNST FOR
9 Review or Curb Bioengineering SHLDR YES AGNST FOR
10 Report on EEO SHLDR YES AGNST FOR
11 Approve Extra Benefits Under Serps SHLDR YES FOR AGNST
Wendy's International WEN 950590109 4/22/04 Annual
1.01 Elect Janet Hill MGMT YES FOR FOR
1.02 Elect Paul D. House MGMT YES FOR FOR
1.03 Elect John R. Thompson MGMT YES FOR FOR
1.04 Elect J. Randolph Lewis MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Stock Option Plan MGMT YES AGNST AGNST
Whole Foods Market WFMI 966837106 3/22/04 Annual
1.01 Elect David W. Dupree MGMT YES FOR FOR
1.02 Elect Gabrielle E Greene MGMT YES FOR FOR
1.03 Elect John Mackey MGMT YES FOR FOR
1.04 Elect Morris J. Siegel MGMT YES FOR FOR
2 Add Shares to Stock Option Plan MGMT YES AGNST AGNST
3 Ratify Selection of Auditors MGMT YES FOR FOR
4 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
THE HILLMAN AGGRESSIVE EQUITY FUND
- ----------------------------------
ISSUER NAME TICKER CUSIP MTG DATE MTG TYPE
Proposal Type Voted? Vote For/Agnst
Aetna AET 00817Y108 4/30/04 Annual Mgmt
1.01 Elect Betsy Z. Cohen MGMT YES FOR FOR
1.02 Elect Barbara Hackman Franklin MGMT YES FOR FOR
1.03 Elect Jeffery E. Garten MGMT YES FOR FOR
1.04 Elect Earl G. Graves Sr. MGMT YES FOR FOR
1.05 Elect Gerald Greenwald MGMT YES FOR FOR
1.06 Elect Ellen M. Hancock MGMT YES FOR FOR
1.07 Elect Michael H. Jordan MGMT YES FOR FOR
1.08 Elect Jack D. Kuehler MGMT YES FOR FOR
1.09 Elect Edward J. Ludwig MGMT YES FOR FOR
1.1 Elect Joseph P. Newhouse MGMT YES FOR FOR
1.11 Elect Judith Rodin MGMT YES FOR FOR
1.12 Elect John W. Rowe MGMT YES FOR FOR
1.13 Elect Ronald A. Williams MGMT YES FOR FOR
1.14 Elect R. David Yost MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Cumulative Voting SHLDR YES AGNST FOR
4 Restrict Executive Compensation SHLDR YES AGNST FOR
American Electric Power AEP 025537101 4/27/04 Annual
1.01 Elect E. Richard Brooks MGMT YES FOR FOR
1.02 Elect Donald M. Carlton MGMT YES FOR FOR
1.03 Elect John P. DesBarres MGMT YES FOR FOR
1.04 Elect Robert W. Fri MGMT YES FOR FOR
1.05 Elect William R. Howell MGMT YES FOR FOR
1.06 Elect Lester A. Hudson Jr. MGMT YES FOR FOR
1.07 Elect Leonard J. Kujawa MGMT YES FOR FOR
1.08 Elect Michael G. Morris MGMT YES FOR FOR
1.09 Elect Richard L. Sandor MGMT YES FOR FOR
1.1 Elect Donald G. Smith MGMT YES FOR FOR
1.11 Elect Kathryn D. Sullivan MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Golden Parachutes SHLDR YES AGNST FOR
4 Approve Extra Benefits Under Serps SHLDR YES AGNST FOR
5 Limit Consulting by Auditors SHLDR YES AGNST FOR
6 Director Tenure/Retirement Age SHLDR YES AGNST FOR
Apartment Investment & Management AIV 03748R101 4/30/04 Annual
1.01 Elect Terry Considine MGMT YES FOR FOR
1.02 Elect Peter K. Kompaniez MGMT YES FOR FOR
1.03 Elect James N. Bailey MGMT YES FOR FOR
1.04 Elect Richard S. Ellwood MGMT YES FOR FOR
1.05 Elect J. Landis Martin MGMT YES FOR FOR
1.06 Elect Thomas L. Rhodes MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Approve Executive Investment Program MGMT YES FOR FOR
4 Golden Parachutes SHLDR YES AGNST FOR
Cendant CD 151313103 4/20/04 Annual
1.01 Elect M. Brian Mulroney MGMT YES FOR FOR
1.02 Elect Ronald L. Nelson MGMT YES FOR FOR
1.03 Elect Robert W. Pittman MGMT YES FOR FOR
1.04 Elect Myra J. Biblowit MGMT YES FOR FOR
1.05 Elect Sheli Z. Rosenberg MGMT YES FOR FOR
2 Repeal Classified Board MGMT YES FOR FOR
3 Ratify Selection of Auditors MGMT YES FOR FOR
4 Independent Board Chairman SHLDR YES AGNST FOR
5 Cap Executive Pay SHLDR YES AGNST FOR
Corning GLW 219350105 4/29/04 Annual
1.01 Elect Jeremy R. Knowles MGMT YES FOR FOR
1.02 Elect Eugene C. Sit MGMT YES FOR FOR
1.03 Elect William D. Smithburg MGMT YES FOR FOR
1.04 Elect Hansel E. Tookes II MGMT YES FOR FOR
1.05 Elect Wendell P. Weeks MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Golden Parachutes SHLDR YES AGNST FOR
EMC EMC 268648102 5/5/04 Annual
1.01 Elect John R. Egan MGMT YES FOR FOR
1.02 Elect Michael C. Ruettgers MGMT YES FOR FOR
1.03 Elect David N. Strohm MGMT YES FOR FOR
2 Add Shares to Stock Option Plan MGMT YES AGNST AGNST
Amend Stock Option Plan
3 Add Shares to Employee Stock Purchase Plan MGMT YES AGNST AGNST
4 Ratify Selection of Auditors MGMT YES FOR FOR
5 Restrict Executive Compensation SHLDR YES AGNST FOR
Equity Office Properties Trust EOP 294741103 5/19/04 Annual
1.01 Elect Thomas E. Dobrowski MGMT YES FOR FOR
1.02 Elect William M. Goodyear MGMT YES FOR FOR
1.03 Elect James D. Harper, Jr. MGMT YES FOR FOR
1.04 Elect Richard D. Kincaid MGMT YES FOR FOR
1.05 Elect David K. McKown MGMT YES FOR FOR
1.06 Elect Sheli Z. Rosenberg MGMT YES FOR FOR
1.07 Elect Edwin N. Sidman MGMT YES FOR FOR
1.08 Elect Jan H.W.R. van der Vlist MGMT YES FOR FOR
1.09 Elect Samuel Zell MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
Finlay Enterprises Inc FNLY 317884203 6/17/04 Annual
1.01 Elect Richard E. Kroon MGMT YES FOR FOR
1.02 Elect Ellen R. Levine MGMT YES FOR FOR
1.03 Elect Norman S. Matthews MGMT YES FOR FOR
General Electric GE 369604103 4/28/04 Annual
1.01 Elect James I. Cash Jr. MGMT YES FOR FOR
1.02 Elect Dennis D. Dammerman MGMT YES FOR FOR
1.03 Elect Ann M. Fudge MGMT YES FOR FOR
1.04 Elect Claudio X. Gonzalez Laporte MGMT YES FOR FOR
1.05 Elect Jeffrey R. Immelt MGMT YES FOR FOR
1.06 Elect Andrea Jung MGMT YES FOR FOR
1.07 Elect Alan G. Lafley MGMT YES FOR FOR
1.08 Elect Kenneth G. Langone MGMT YES FOR FOR
1.09 Elect Ralph S. Larsen MGMT YES FOR FOR
1.1 Elect Rochelle B. Lazarus MGMT YES FOR FOR
1.11 Elect Samuel A. Nunn Jr. MGMT YES FOR FOR
1.12 Elect Roger S. Penske MGMT YES FOR FOR
1.13 Elect Robert J. Swieringa MGMT YES FOR FOR
1.14 Elect Douglas A. Warner III MGMT YES FOR FOR
1.15 Elect Robert C. Wright MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Amend Long-term Bonus Plan MGMT YES FOR FOR
4 Adopt Cumulative Voting SHLDR YES AGNST FOR
5 Review or Promote Animal Welfare SHLDR YES AGNST FOR
6 Review Nuclear Facility/Waste SHLDR YES AGNST FOR
7 Report on Environmental Impact or Plans SHLDR YES FOR AGNST
8 Report on Risk to Image of Globalization Strate SHLDR YES AGNST FOR
9 Report on Sustainability SHLDR YES AGNST FOR
10 Increase Comp Committee Independence SHLDR YES AGNST FOR
11 Link Executive Pay to Social Criteria SHLDR YES AGNST FOR
12 Restrict Executive Compensation SHLDR YES AGNST FOR
13 Limit Number of Directorships SHLDR YES AGNST FOR
14 Independent Board Chairman SHLDR YES AGNST FOR
15 Study Sale or Spin-off SHLDR YES AGNST FOR
16 Require Option Shares to Be Held SHLDR YES AGNST FOR
17 Increase Board Independence SHLDR YES FOR AGNST
18 Review Political Spending SHLDR YES AGNST FOR
General Motors GM 370442105 10/3/03 Annual
1 Approve Non-Technical Charter Amendm MGMT YES AGNST AGNST
2 Ratify Spin-Off Company Charter MGMT YES FOR FOR
3 Approve Spin-off MGMT YES FOR FOR
4 Approve Sale of Assets MGMT YES FOR FOR
5 Approve Sale of Assets MGMT YES FOR FOR
6 Eliminate Dual Class Stock MGMT YES FOR FOR
General Motors Corp GM 370442105 6/2/04 Annual
1.01 Elect Percy N. Barnevik MGMT YES FOR FOR
1.02 Elect John H. Bryan MGMT YES FOR FOR
1.03 Elect Armando M. Codina MGMT YES FOR FOR
1.04 Elect George M.C. Fisher MGMT YES FOR FOR
1.05 Elect Karen Katen MGMT YES FOR FOR
1.06 Elect Kent Kresa MGMT YES FOR FOR
1.07 Elect Alan G. Lafley MGMT YES FOR FOR
1.08 Elect Philip A. Laskawy MGMT YES FOR FOR
1.09 Elect E. Stanley O'Neal MGMT YES FOR FOR
1.1 Elect Eckhard Pfeiffer MGMT YES FOR FOR
1.11 Elect G. Richard Wagoner Jr. MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Restrict Executive Compensation SHLDR YES AGNST FOR
4 Restrict Executive Compensation SHLDR YES AGNST FOR
5 Independent Board Chairman SHLDR YES AGNST FOR
6 Increase Key Committee Independence SHLDR YES AGNST FOR
7 Report or Take Action on Climate Change SHLDR YES AGNST FOR
8 Golden Parachutes SHLDR YES AGNST FOR
9 Require Option Shares to Be Held SHLDR YES AGNST FOR
Goodrich GR 382388106 4/27/04 Annual
1.01 Elect Diane C. Creel MGMT YES FOR FOR
1.02 Elect George A. Davidson Jr. MGMT YES FOR FOR
1.03 Elect Harris E. DeLoach Jr. MGMT YES FOR FOR
1.04 Elect James J. Glasser MGMT YES FOR FOR
1.05 Elect James W. Griffith MGMT YES FOR FOR
1.06 Elect William R. Holland MGMT YES FOR FOR
1.07 Elect Marshall O. Larsen MGMT YES FOR FOR
1.08 Elect Douglas E. Olesen MGMT YES FOR FOR
1.09 Elect Alfred M. Rankin Jr. MGMT YES FOR FOR
1.1 Elect James R. Wilson MGMT YES FOR FOR
1.11 Elect A. Thomas Young MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
Hewlett-Packard HPQ 428236103 3/17/04 Annual
1.01 Elect Lawrence T. Babbio Jr. MGMT YES FOR FOR
1.02 Elect Patricia C. Dunn MGMT YES FOR FOR
1.03 Elect Carleton S. Fiorina MGMT YES FOR FOR
1.04 Elect Richard A. Hackborn MGMT YES FOR FOR
1.05 Elect George A. Keyworth II MGMT YES FOR FOR
1.06 Elect Robert E. Knowling Jr. MGMT YES FOR FOR
1.07 Elect Sanford M. Litvack MGMT YES WHOLD AGNST
1.08 Elect Robert L. Ryan MGMT YES FOR FOR
1.09 Elect Lucille S. Salhany MGMT YES WHOLD AGNST
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Stock Option Plan MGMT YES AGNST AGNST
4 Expense Stock Options SHLDR YES FOR AGNST
Host Marriott Corp HMT 44107P104 5/20/04 Annual
1.01 Elect Richard E. Marriott MGMT YES FOR FOR
1.02 Elect John B. Morse Jr. MGMT YES FOR FOR
1.03 Elect Christopher J. Nassetta MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Repeal Classified Board MGMT YES FOR FOR
Laboratory Corp of America Holdings LH 50540R409 5/12/04 Annual
1.01 Elect Thomas P. Mac Mahon MGMT YES FOR FOR
1.02 Elect Jean-Luc Belingard MGMT YES FOR FOR
1.03 Elect Wendy E. Lane MGMT YES FOR FOR
1.04 Elect Robert E. Mittelstaedt Jr. MGMT YES FOR FOR
1.05 Elect Andrew G. Wallace MGMT YES FOR FOR
1.06 Elect M. Keith Weikel MGMT YES FOR FOR
1.07 Elect Craig M. Watson MGMT YES FOR FOR
2 Adopt Employee Stock Purchase Plan MGMT YES AGNST AGNST
3 Ratify Selection of Auditors MGMT YES FOR FOR
Motorola MOT 620076109 5/3/04 Annual
1.01 Elect Edward J. Zander MGMT YES FOR FOR
1.02 Elect H. Laurance Fuller MGMT YES FOR FOR
1.03 Elect Judy C. Lewent MGMT YES FOR FOR
1.04 Elect Walter E. Massey MGMT YES FOR FOR
1.05 Elect Nicholas Negroponte MGMT YES FOR FOR
1.06 Elect Indra K. Nooyi MGMT YES FOR FOR
1.07 Elect John E. Pepper Jr. MGMT YES FOR FOR
1.08 Elect Samuel C. Scott III MGMT YES FOR FOR
1.09 Elect Douglas A. Warner III MGMT YES FOR FOR
1.1 Elect John A. White MGMT YES FOR FOR
1.11 Elect Mike S. Zafirovski MGMT YES FOR FOR
2 Restrict Executive Compensation SHLDR YES AGNST FOR
3 Restrict Executive Compensation SHLDR YES AGNST FOR
Pfizer PFE 717081103 4/22/04 Annual
1.01 Elect Michael S. Brown MGMT YES FOR FOR
1.02 Elect M. Anthony Burns MGMT YES FOR FOR
1.03 Elect Robert N. Burt MGMT YES FOR FOR
1.04 Elect W. Don Cornwell MGMT YES FOR FOR
1.05 Elect William H. Gray III MGMT YES FOR FOR
1.06 Elect Constance J. Horner MGMT YES FOR FOR
1.07 Elect William R. Howell MGMT YES FOR FOR
1.08 Elect Stanley O. Ikenberry MGMT YES FOR FOR
1.09 Elect George A. Lorch MGMT YES FOR FOR
1.1 Elect Henry A. McKinnell Jr. MGMT YES FOR FOR
1.11 Elect Dana G. Mead MGMT YES FOR FOR
1.12 Elect Franklin D. Raines MGMT YES FOR FOR
1.13 Elect Ruth J. Simmons MGMT YES FOR FOR
1.14 Elect William C. Steere Jr. MGMT YES FOR FOR
1.15 Elect Jean-Paul Valles MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Stock Option Plan MGMT YES AGNST AGNST
4 Review AIDS Pandemic's Impact on Company SHLDR YES AGNST FOR
5 Limit or End Political Spending SHLDR YES AGNST FOR
6 Review Political Spending SHLDR YES FOR AGNST
7 Director Tenure/Retirement Age SHLDR YES AGNST FOR
8 Review Drug Pricing or Distribution SHLDR YES AGNST FOR
9 Restrict Executive Compensation SHLDR YES AGNST FOR
10 Review or Promote Animal Welfare SHLDR YES AGNST FOR
SBC Communications SBC 78387G103 4/30/04 Annual
1.01 Elect James E. Barnes MGMT YES FOR FOR
1.02 Elect James A. Henderson MGMT YES FOR FOR
1.03 Elect John B. McCoy MGMT YES FOR FOR
1.04 Elect S. Donley Ritchey MGMT YES FOR FOR
1.05 Elect Joyce M. Roche MGMT YES FOR FOR
1.06 Elect Patricia P. Upton MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Repeal Classified Board MGMT YES FOR FOR
4 Review Political Spending SHLDR YES ABSTAIN AGNST
5 Reduce Board Size SHLDR YES AGNST FOR
Sears, Roebuck & Co S 812387108 5/13/04 Annual
1.01 Elect William L. Bax MGMT YES FOR FOR
1.02 Elect Donald J. Carty MGMT YES FOR FOR
1.03 Elect Alan J. Lacy MGMT YES FOR FOR
1.04 Elect Hugh B. Price MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Repeal Classified Board SHLDR YES FOR AGNST
4 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
5 Majority Vote Shareholder Committee SHLDR YES FOR AGNST
Verizon Communications VZ 92343V104 4/28/04 Annual
1.01 Elect James R. Barker MGMT YES FOR FOR
1.02 Elect Richard L. Carrion MGMT YES FOR FOR
1.03 Elect Robert W. Lane MGMT YES FOR FOR
1.04 Elect Sandra O. Moose MGMT YES FOR FOR
1.05 Elect Joseph Neubauer MGMT YES FOR FOR
1.06 Elect Thomas H. O'Brien MGMT YES FOR FOR
1.07 Elect Hugh B. Price MGMT YES FOR FOR
1.08 Elect Ivan G. Seidenberg MGMT YES FOR FOR
1.09 Elect Walter V. Shipley MGMT YES FOR FOR
1.1 Elect John R. Stafford MGMT YES FOR FOR
1.11 Elect Robert D. Storey MGMT YES FOR FOR
2 Ratify Selection of Auditors MGMT YES FOR FOR
3 Adopt Cumulative Voting SHLDR YES AGNST FOR
4 Increase Board Independence SHLDR YES FOR AGNST
5 Independent Board Chairman SHLDR YES AGNST FOR
6 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
7 Approve Extra Benefits Under Serps SHLDR YES AGNST FOR
8 Restrict Executive Compensation SHLDR YES AGNST FOR
9 Link Executive Pay to Social Criteria SHLDR YES AGNST FOR
10 Review Political Spending SHLDR YES FOR AGNST
11 Collecting Service Fees SHLDR YES AGNST FOR
Whole Foods Market WFMI 966837106 3/22/04 Annual
1.01 Elect David W. Dupree MGMT YES FOR FOR
1.02 Elect Gabrielle E Greene MGMT YES FOR FOR
1.03 Elect John Mackey MGMT YES FOR FOR
1.04 Elect Morris J. Siegel MGMT YES FOR FOR
2 Add Shares to Stock Option Plan MGMT YES AGNST AGNST
3 Ratify Selection of Auditors MGMT YES FOR FOR
4 Redeem or Vote on Poison Pill SHLDR YES FOR AGNST
Any ballot marked 'Abstain' is considered to have been voted. Ballots marked 'Abstain' are considered to be have been voted against
management's recommendation, regardless of whether the recommendation is 'For' or 'Against,' except where management has made no
recommendation or has recommended that shareholders 'Abstain.'
Where management has recommended that shareholders 'Abstain' from voting on a ballot item: 1) a ballot market 'Abstain' is
considered to have been voted for management's recommendation to 'Abstain' and 2) a ballot voted 'For" or 'Against' is considered to
have been voted against management's recommendation to 'Abstain.'
Where management has made no recommendation on a ballot item, the abbreviation "N/A" is used to denote that there is no applicable
recommendation compared to which a vote may be 'For' or 'Against' the recommendation of management.
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.
Hillman Capital Management Investment Trust
By: (Signature and Title) /s/ Mark A. Hillman
_________________________________
Mark A. Hillman
Trustee, President, and Principal Executive Officer
Date: August 26, 2004