UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-04138

Allmerica Investment Trust

(Exact name of registrant as specified in charter)

440 Lincoln Street

Worcester, Massachusetts 01653

(Address of principal executive offices) (Zip Code)

George M. Boyd, Secretary

Allmerica Financial

440 Lincoln Street

Worcester, MA 01653

(Name and address of agent for service)

Registrant’s telephone number, including area code: (508) 855-1000

Date of fiscal year-end: December 31

Date of reporting period: June 30, 2004

Item 1. Proxy Voting Record.

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/11/04 - A	99 (Cents) Only Stores *NDN*		65440K106			04/14/04		76
	1	Elect Directors		For	For		Mgmt
	2	Vendor Standards		Against	Against		ShrHoldr
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
06/07/04 - A	Abgenix, Inc. *ABGX*		00339B107			04/12/04		45,000
	1	Elect Directors		For	For		Mgmt
04/28/04 - A	Adobe Systems Inc. *ADBE*		00724F101			03/03/04		70,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Expense Stock Options		Against	Against		ShrHoldr
	4	Adopt a Plocy that will Committ Executives to Hold a Significant Percentage of their Shares		Against	Against		ShrHoldr
	5	Ratify Auditors		For	For		Mgmt
10/30/03 - A	Affiliated Computer Services, Inc. *ACS*		008190100			09/19/03		37,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
09/09/03 - A	Alkermes, Inc. *ALKS*		01642T108			07/23/03		66,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Dr. Floyd E. Bloom — Withhold
	1.2	Elect Director Robert A. Breyer — For
	1.3	Elect Director Gerri Henwood — For
	1.4	Elect Director Paul J. Mitchell — For
	1.5	Elect Director Richard F. Pops — For
	1.6	Elect Director Dr. Alexander Rich — Withhold
	1.7	Elect Director Dr. Paul Schimmel — Withhold
	1.8	Elect Director Michael A. Wall — Withhold
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 1

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
08/05/03 - A	Alliant Techsystems Inc. *ATK*		018804104			06/10/03		51,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
		Shareholder Proposal
	3	Report on Space-Based Weapons		Against	Against		ShrHoldr
05/04/04 - A	American Standard Companies, Inc. *ASD*		029712106			03/10/04		28,000
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/10/04 - A	Amis Holdings Inc *AMIS.2*		031538101			04/19/04		71,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Dipanjan Deb — Withhold
	1.2	Elect Director Christine King — For
	1.3	Elect Director David M. Rickey — For
	1.4	Elect Director Paul C. Schorr Iv —Withhold
	1.5	Elect Director Colin L. Slade — For
	1.6	Elect Director David Stanton — Withhold
	1.7	Elect Director James A. Urry — Withhold
	1.8	Elect Director Gregory L. Williams — For
	1.9	Elect Director S. Atiq Raza — For
	2	Ratify Auditors		For	For		Mgmt
05/05/04 - A	* Amylin Pharmaceuticals, Inc. *AMLN*		032346108			03/12/04		39,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Vaughn D. Bryson — For
	1.2	Elect Director Joseph C. Cook, Jr. — For
	1.3	Elect Director Ginger L. Graham — For
	1.4	Elect Director Howard E. Greene, Jr. — Withhold
	1.5	Elect Director Terrence H. Gregg — For
	1.6	Elect Director Jay S. Skyler — Withhold
	1.7	Elect Director Joseph P. Sullivan — For
	1.8	Elect Director Thomas R. Testman — For
	1.9	Elect Director James N. Wilson — For

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 2

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/04/04 - A	Andrx Corp. *ADRX*		034553107			04/14/04		60,000
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/17/04 - A	Anthem Inc. *ATH*		03674B104			03/19/04		3,001
	1	Elect Directors		For	For		Mgmt
06/28/04 - S	Anthem Inc. *ATH*		03674B104			05/10/04		15,047
	1	Issue Shares in Connection with an Acquisition		For	For		Mgmt
	2	Change Company Name		For	For		Mgmt
05/06/04 - A	AXIS CAPITAL HOLDINGS LTD *AXS*		G0692U109			03/31/04		44,000
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	TO AMEND THE BY-LAWS OF AXIS CAPITAL HOLDINGS LIMITED		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	TO AUTHORIZE THE BOARD OF DIRECTORS OF AXIS SPECIALTY HOLDINGS IRELAND LIMITED TO SET THE FEES FOR DELOITTE & TOUCHE		For	For		Mgmt
	6	TO APPROVE THE FINANCIAL STATEMENTS OF AXIS SPECIALTY HOLDINGS IRELAND LIMITED		For	For		Mgmt
	7	TO AUTHORIZE AXIS SPECIALTY HOLDINGS IRELAND LIMITED TO AUTHORIZE THE BOARD OF AXIS SPECIALTY EUROPE LIMITED TO SET THE FEES FOR DELOITTE & TOUCHE, INDEPENDENT AUDITORS		For	For		Mgmt
	8	TO AUTHORIZE AXIS SPECIALTY HOLDINGS IRELAND LIMITED TO VOTE TO APPROVE THE FINANCIAL STATEMENTS OF AXIS SPECIALTY EUROPE LIMITED		For	For		Mgmt
	9	TO AUTHORIZE AXIS SPECIALTY HOLDINGS IRELAND LIMITED TO AUTHORIZE THE BOARD OF AXIS RE LIMITED TO SET THE FEES FOR DELOITTE & TOUCHE, INDEPENDENT AUDITORS		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 3

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	10	TO AUTHORIZE AXIS SPECIALTY HOLDINGS IRELAND LIMITED TO VOTE TO APPROVE THE FINANCIAL STATEMENTS OF AXIS RE LIMITED		For	For		Mgmt
	11	Ratify Auditors		For	For		Mgmt
	12	TO APPROVE THE FINANCIAL STATEMENTS OF AXIS SPECIALTY UK LIMITED		For	For		Mgmt
	13	Ratify Auditors		For	For		Mgmt
	14	TO APPROVE THE FINANCIAL STATEMENTS OF AXIS SPECIALTY UK HOLDINGS LIMITED		For	For		Mgmt
	15	Ratify Auditors		For	For		Mgmt
	16	TO APPROVE THE FINANCIAL STATEMENTS OF AXIS SPECIALTY (BARBADOS) LIMITED		For	For		Mgmt
10/23/03 - A	Barr Pharmaceuticals Inc *BRL*		068306109			09/02/03		29,801
	1	Elect Directors		For	For		Mgmt
	2	Change State of Incorporation from New York to Delaware		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
06/24/04 - A	Best Buy Co., Inc. *BBY*		086516101			04/26/04		49,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
11/12/03 - S	BIOGEN IDEC INC *BIIB*		449370105			09/25/03		500
	1	Approve Merger Agreement		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Adjourn Meeting		For	Against		Mgmt
01/22/04 - A	BJ Services Company *BJS*		055482103			12/05/03		104,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposal
	3	Report on Foreign Operations Risk		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 4

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/04 - A	Brunswick Corp. *BC*		117043109			03/02/04		90,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/04 - A	C.H. Robinson Worldwide, Inc. *CHRW*		12541W100	03/22/04	41,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/25/04 - A	Cablevision Systems Corp. *CVC*		12686C109			04/05/04		66,963
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Charles D. Ferris — Withhold
	1.2	Elect Director Richard H. Hochman — For
	1.3	Elect Director Victor Oristano — For
	1.4	Elect Director Vincent Tese — For
	1.5	Elect Director Thomas V. Reifenheiser — For
	1.6	Elect Director John R. Ryan — For
	2	Ratify Auditors		For	For		Mgmt
06/15/04 - A	* Cadence Design Systems, Inc. *CDN*		127387108			04/23/04		102,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director H. Raymond Bingham — For
	1.2	Elect Director Susan L. Bostrom — For
	1.3	Elect Director Donald L. Lucas — For
	1.4	Elect Director Sean M. Maloney — Withhold
	1.5	Elect Director Alberto Sangiovanni-Vincentelli — For
	1.6	Elect Director George M. Scalise — For
	1.7	Elect Director John B. Shoven — For
	1.8	Elect Director Roger S. Siboni — For
	1.9	Elect Director Lip-Bu Tan — For
	2	Amend Stock Option Plan		For	Against		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 5

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/04 - A	Capitalsource, Inc *CSE*		14055X102			03/05/04		37,050
	1	Elect Directors		For	For		Mgmt
05/20/04 - A	CDW Corp. *CDWC*		12512N105			04/01/04		32,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
06/15/04 - A	Celgene Corp. *CELG*		151020104			04/28/04		12,000
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/04 - A	Ceridian Corporation *CEN*		156779100			03/16/04		136,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/13/04 - A	CERTEGY INC *CEY*		156880106			03/15/04		97,300
	1	Elect Directors		For	For		Mgmt
04/29/04 - A	ChoicePoint Inc. *CPS*		170388102			03/10/04		114,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Deferred Compensation Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/24/04 - A	Citadel Broadcasting Corp *CDL*		17285T106			03/29/04		109,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director David W. Checketts — For
	1.2	Elect Director J. Anthony Forstmann — Withhold
	1.3	Elect Director Charles P. Rose, Jr. — For
	2	Ratify Auditors		For	For		Mgmt
11/05/03 - A	Coach, Inc. *COH*		189754104			09/17/03		14,200
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 6

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/23/04 - A/S	Cognos Inc. *CSN.*		19244C109			04/26/04		5,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Ernst & Young LLP as Auditors		For	For		Mgmt
	3	Amend 2003 - 2008 Stock Option Plan		For	For		Mgmt
	4	Eliminate Class of Preferred Stock		For	For		Mgmt
06/15/04 - A	Comverse Technology, Inc. *CMVT*		205862402			04/27/04		44,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Cooper Cameron Corp. *CAM*		216640102			03/15/04		45,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prepare Sustainability Report		Against	Against		ShrHoldr
04/27/04 - A/S	Cott Corp. *BCB*		22163N106			03/12/04		80,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Colin J. Adair — For
	1.2	Elect Director W. John Bennett — For
	1.3	Elect Director C. Hunter Boll — For
	1.4	Elect Director Serge Gouin — For
	1.5	Elect Director Thomas M. Hagerty — Withhold
	1.6	Elect Director Stephen H. Halperin — For
	1.7	Elect Director David V. Harkins — For
	1.8	Elect Director Philip B. Livingston — For
	1.9	Elect Director Christine A. Magee — For
	1.10	Elect Director John K. Sheppard — For
	1.11	Elect Director Donald G. Watt — For
	1.12	Elect Director Frank E. Weise III — For
	2	Ratify PricewaterhouseCoopers LLP as Auditors		For	For		Mgmt
	3	Approve Executive Investment Share Purchase Plan		For	For		Mgmt
	4	Amend Stock Option Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 7

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/03/04 - A	Coventry Health Care Inc. *CVH*		222862104			04/05/04		28,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/11/04 - A	Cox Radio, Inc. *CXR*		224051102			03/15/04		74,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Employee Stock Purchase Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/26/04 - A	Crown Castle International Corp. *CCI*		228227104			04/01/04		149,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Implement MacBride Principles		Against	Against		ShrHoldr
05/04/04 - A	Danaher Corp. *DHR*		235851102			03/10/04		26,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Develop Charter Language on Board Diversity		Against	Against		ShrHoldr
05/24/04 - A	DaVita Inc. *DVA*		23918K108			04/19/04		25,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Nancy-Ann Deparle — For
	1.2	Elect Director Richard B. Fontaine — For
	1.3	Elect Director Peter T. Grauer — For
	1.4	Elect Director Michele J. Hooper — For
	1.5	Elect Director C. Raymond Larkin, Jr. — Withhold
	1.6	Elect Director John M. Nehra — For
	1.7	Elect Director William L. Roper — For
	1.8	Elect Director Kent J. Thiry — For
05/10/04 - A	Dentsply International, Inc. *XRAY*		249030107			03/25/04		10,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 8

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/18/04 - A	* Diamond Offshore Drilling, Inc. *DO*		25271C102			03/22/04		68
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/22/04 - A	Diebold, Inc. *DBD*		253651103			02/27/04		37,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/17/04 - A	Dollar Tree Stores, Inc. *DLTR*		256747106			04/23/04		69,000
	1	Change Range for Size of the Board		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/11/04 - A	DST Systems, Inc. *DST*		233326107			03/12/04		3,487
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director A. Edward Allinson — Withhold
	1.2	Elect Director Michael G. Fitt — For
	2	Increase Authorized Common Stock		For	For		Mgmt
04/15/04 - A	E.W. Scripps Co. (The) *SSP*		811054204			02/10/04		8,000
	1	Elect Directors		For	For		Mgmt
11/20/03 - A	Education Management Corp. *EDMC*		28139T101			09/23/03		37,600
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/12/04 - A	Edwards Lifesciences Corporation *EW*		28176E108			03/19/04		45,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert A. Ingram — Withhold

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 9

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director Vernon R. Loucks Jr. — For
	2	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/04/04 - A	EOG Resources, Inc. *EOG*		26875P101			03/08/04		73,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Other Business		For	Against		Mgmt
08/08/03 - S	Expedia Inc		302125109			06/25/03		5,000
	1	Approve Merger Agreement		For	For		Mgmt
05/05/04 - A	Expeditors International Of Washington, Inc. *EXPD*		302130109			03/10/04		36,000
	1	Elect Directors		For	For		Mgmt
04/27/04 - A/S	FAIRMONT HOTELS & RESORTS *FHR.*		305204109			03/08/04		18,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify PricewaterhouseCoopers LLP as Auditors		For	For		Mgmt
	3	Reconfirm Shareholder Rights Plan (Poison Pill)		For	For		Mgmt
01/15/04 - A	Family Dollar Stores, Inc. *FDO*		307000109			11/24/03		69,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/20/04 - A	Fastenal Co. *FAST*		311900104			02/23/04		1,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert A. Kierlin — Withhold
	1.2	Elect Director Stephen M. Slaggie — Withhold
	1.3	Elect Director Michael M. Gostomski — For
	1.4	Elect Director John D. Remick — For
	1.5	Elect Director Henry K. McConnon — For

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 10

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.6	Elect Director Robert A. Hansen — For
	1.7	Elect Director Willard D. Oberton — Withhold
	1.8	Elect Director Michael J. Dolan — For
	1.9	Elect Director Reyne K. Wisecup — Withhold
	2	Ratify Auditors		For	For		Mgmt
04/06/04 - A	Fiserv, Inc. *FISV*		337738108			02/13/04		64,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
04/21/04 - A	FLIR Systems, Inc. *FLIR*		302445101			03/03/04		22,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
04/21/04 - A	FMC Technologies, Inc. *FTI*		30249U101			02/27/04		81,000
	1	Elect Directors		For	For		Mgmt
01/29/04 - A	Franklin Resources, Inc. *BEN*		354613101			12/01/03		26,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
05/25/04 - A	Gilead Sciences, Inc. *GILD*		375558103			04/05/04		45,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
10/24/03 - A	Harris Corp. *HRS*		413875105			08/29/03		100,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/17/04 - A	Health Management Associates, Inc. *HMA*		421933102			12/19/03		117,000
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 11

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
01/28/04 - A	Hewitt Associates, Inc. *HEW*		42822Q100			12/01/03		98,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/04 - A	Human Genome Sciences, Inc. *HGSI*		444903108			03/31/04		58,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard J. Danzig — For
	1.2	Elect Director Jurgen Drews, M.D. — For
	1.3	Elect Director Kathryn E. Falberg — For
	1.4	Elect Director Argeris N. Karabelas, Ph.D. — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Stock Option Plan		For	Against		Mgmt
	4	Amend Stock Option Plan		For	For		Mgmt
	5	Approve Option Exchange Program		For	Against		Mgmt
06/23/04 - A	IAC / INTERACTIVECORP *IACI*		45840Q101			04/29/04		2,898
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard N. Barton — For
	1.2	Elect Director Robert R. Bennett — Withhold
	1.3	Elect Director Edgar Bronfman, Jr. — Withhold
	1.4	Elect Director Barry Diller — For
	1.5	Elect Director Victor A. Kaufman — For
	1.6	Elect Director Donald R. Keough — For
	1.7	Elect Director Marie-Josee Kravis — For
	1.8	Elect Director John C. Malone — For
	1.9	Elect Director Steven Rattner — For
	1.10	Elect Director Gen. H.N. Schwarzkopf — For
	1.11	Elect Director Alan G. Spoon — For
	1.12	Elect Director Diane Von Furstenberg — For
	2	Ratify Auditors		For	For		Mgmt
05/26/04 - A	International Steel Group, Inc *ISG*		460377104			04/05/04		36,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 12

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/12/04 - A	Intersil Corporation *ISIL*		46069S109			03/17/04		101,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
10/30/03 - A	Intuit, Inc. *INTU*		461202103			09/02/03		40,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/13/04 - A	Investors Financial Services Corp. *IFIN*		461915100			02/20/04		27,000
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/29/04 - A	Invitrogen Corp. *IVGN*		46185R100			02/27/04		4,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/27/04 - A	Iron Mountain Inc. *IRM*		462846106			04/05/04		60,000
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
05/11/04 - A	ITT Industries, Inc. *ITT*		450911102			03/19/04		38,000
	1	Ratify Auditors		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
01/13/04 - A	Jabil Circuit, Inc. *JBL*		466313103			11/14/03		65,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/26/04 - A	JETBLUE AIRWAYS CORP *JBLU*		477143101			04/12/04		6,308
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 13

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
11/05/03 - A	KLA-Tencor Corp. *KLAC*		482480100			09/15/03		21,000
	1.a	Elect Director H. Raymond Bingham		For	For		Mgmt
	1.b	Elect Director Robert T. Bond		For	For		Mgmt
	1.c	Elect Director Richard J. Elkus, Jr.		For	For		Mgmt
	1.d	Elect Director Michael E. Marks		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/12/04 - A	Laboratory Corporation of America Holdings *LH*		50540R409			03/31/04		73,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/27/04 - A	Lamar Advertising Company *LAMR*		512815101			04/05/04		59,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
07/22/03 - A	Legg Mason, Inc. *LM*		524901105			05/23/03		34,000
	1	Elect Directors		For	For		Mgmt
04/22/04 - A	Lexmark International, Inc. *LXK*		529771107			03/05/04		19,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/05/04 - A	Manor Care, Inc. *HCR*		564055101			03/12/04		37,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
04/27/04 - A	Manpower Inc. *MAN*		56418H100			02/17/04		71,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 14

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
11/13/03 - A	Maxim Integrated Products, Inc. *MXIM*		57772K101			09/15/03		30,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
12/16/03 - A	MCAFEE INC. *MFE*		640938106			11/13/03		94,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	Against		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
05/27/04 - A	MCAFEE INC. *MFE*		640938106			04/01/04		178,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/20/04 - A	MedImmune, Inc. *MEDI*		584699102			03/31/04		164,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Wayne T. Hockmeyer — For
	1.2	Elect Director David M. Mott — For
	1.3	Elect Director David Baltimore — For
	1.4	Elect Director M. James Barrett — Withhold
	1.5	Elect Director Melvin D. Booth — For
	1.6	Elect Director James H. Cavanaugh — Withhold
	1.7	Elect Director Barbara Hackman Franklin — Withhold
	1.8	Elect Director Gordon S. Macklin — Withhold
	1.9	Elect Director Elizabeth H. S. Wyatt — For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
12/10/03 - S	Mercury Interactive Corp. *MERQ*		589405109			10/31/03		5,900
	1	Amend Stock Option Plan		For	Against		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 15

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/19/04 - A	Mercury Interactive Corp. *MERQ*		589405109			03/22/04		15,386
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/15/03 - A	Microchip Technology, Inc. *MCHP*		595017104			06/20/03		124,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/07/04 - A	Millennium Pharmaceuticals, Inc. *MLNM*		599902103			03/10/04		43,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
10/24/03 - A	Molex Incorporated *MOLX*		608554200			08/29/03		32,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
06/16/04 - A	Monster Worldwide, Inc. *MNST*		611742107			04/26/04		26,711
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
05/12/04 - A	Murphy Oil Corp. *MUR*		626717102			03/15/04		52,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Frank W. Blue — For
	1.2	Elect Director George S. Dembroski — For
	1.3	Elect Director Claiborne P. Deming — For
	1.4	Elect Director Robert A. Hermes — For
	1.5	Elect Director R. Madison Murphy — Withhold
	1.6	Elect Director William C. Nolan, Jr. — For
	1.7	Elect Director Ivar B. Ramberg — For
	1.8	Elect Director David J. H. Smith — For
	1.9	Elect Director Caroline G. Theus — For
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 16

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/25/03 - A	Mylan Laboratories Inc. *MYL*		628530107			05/23/03		23,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Milan Puskar — For
	1.2	Elect Director Robert J. Coury — For
	1.3	Elect Director Wendy Cameron — For
	1.4	Elect Director Laurence S. DeLynn — For
	1.5	Elect Director John C. Gaisford, M.D. — For
	1.6	Elect Director Douglas J. Leech — Withhold
	1.7	Elect Director Joseph C. Maroon, M.D. — For
	1.8	Elect Director Patricia A. Sunseri — For
	1.9	Elect Director C.B. Todd — For
	1.10	Elect Director Randall L. Vanderveen, Ph.D. — For
	1.11	Elect Director Stuart A. Williams, Esq. — For
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/26/04 - A	Neurocrine Biosciences, Inc. *NBIX*		64125C109			04/01/04		7,635
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
04/28/04 - A	Newmont Mining Corp. (Holding Company) *NEM*		651639106			03/02/04		55,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
05/27/04 - A	Nextel Communications, Inc. *NXTL*		65332V103			04/02/04		50,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/18/04 - A	Nextel Partners, Inc. *NXTP*		65333F107			04/02/04		11,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 17

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Amend Stock Option Plan		For	Against		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
	5	Permit Board to Amend Bylaws Without Shareholder Consent		For	Against		Mgmt
04/16/04 - A	Novellus Systems, Inc. *NVLS*		670008101			02/17/04		50,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provision of Non-Audit Services by Independent Auditors		Against	Against		ShrHoldr
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/06/04 - A	NTL Incorporated *NTLI*		62940M104			03/22/04		5,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Approve Share Plan Grant		For	For		Mgmt
05/13/04 - A	Nucor Corp. *NUE*		670346105			03/15/04		19,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/04/04 - A	O’Reilly Automotive, Inc. *ORLY*		686091109			02/27/04		57,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Elect Director John Murphy		For	For		Mgmt
	4	Elect Director Ronald Rashkow		For	For		Mgmt
05/18/04 - A	Omnicare, Inc. *OCR*		681904108			03/31/04		6,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
02/03/04 - A	Oshkosh Truck Corp. *OSK*		688239201			12/10/03		63,000
	1	Elect Directors		For	For		Mgmt
06/10/04 - A	PETsMART *PETM*		716768106			04/12/04		109,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 18

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/06/04 - A/S	Potash Corp. Saskatchewan Inc. *POT.*		73755L107			03/18/04		2,000
		Management Proposals
	1	Elect Directors		For	For		Mgmt
	2	Appoint Deloitte & Touche LLP as Auditors		For	For		Mgmt
		Shareholder Proposal
	3	Adopt ‘Commonsense’ Compensation Program		Against	Against		ShrHoldr
05/18/04 - A	Principal Financial Group, Inc. *PFG*		74251V102			03/19/04		56,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/03/04 - A	Protective Life Corp. *PL*		743674103			03/05/04		44,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Outside Director Options in Lieu of Cash		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/30/04 - A	Protein Design Labs, Inc. *PDLI*		74369L103			05/20/04		40,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/26/03 - A	QLogic Corp. *QLGC*		747277101			07/01/03		2,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/11/04 - A	Radian Group Inc. *RDN*		750236101			03/15/04		34,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Articles		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 19

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/04/04 - A	Robert Half International Inc. *RHI*		770323103			03/11/04		103,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/10/04 - A	Rockwell Collins, Inc. *COL*		774341101			12/15/03		127,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/26/04 - A	Roper Industries, Inc. *ROP*		776696106			03/31/04		39,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/20/04 - A	* Ross Stores, Inc. *ROST*		778296103			03/22/04		99,000
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
09/23/03 - A	Scholastic Corp. *SCHL*		807066105			08/01/03		50,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	Against		Mgmt
10/29/03 - A	SEAGATE TECHNOLOGY *STX*		G7945J104			None		139,000
	1-01	Elect David Bonderman as Director		For	For		Mgmt
	1-02	Elect William W. Bradley as Director		For	For		Mgmt
	1-03	Elect James G. Coulter as Director		For	For		Mgmt
	1-04	Elect James A. Davidson as Director		For	For		Mgmt
	1-05	Elect Glenn H. Hutchins as Director		For	For		Mgmt
	1-06	Elect Donald E. Kiernan as Director		For	For		Mgmt
	1-07	Elect Stephen J. Luczo as Director		For	For		Mgmt
	1-08	Elect David F. Marquardt as Director		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 20

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1-09	Elect John W. Thompson as Director		For	For		Mgmt
	1-10	Elect William D. Watkins as Director		For	For		Mgmt
	1-11	Elect Edward J. Zander as Director		For	For		Mgmt
	2	Approve Section 162(m) Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Ernst & Young LLP as Auditors		For	For		Mgmt
06/10/04 - A	Semtech Corp. *SMTC*		816850101			04/23/04		58,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/11/04 - A/S	SHOPPERS DRUG MART CORP *SC.*		82509W103			04/05/04		18,000
		Management Proposals
	1	Elect G. K. Murphy, J. Bekenstein, K. Davis, J. H. Greene, Jr., F. McKenna, D. Metcalf, P. E. Raether, S. C. Schnabel, L. J. Thompson and D. M. Williams as Directors		For	For		Mgmt
	2	Ratify Deloitte & Touche LLP as Auditors		For	For		Mgmt
	3	Enact By-law No. 2B		For	For		Mgmt
		Shareholder Proposal
	4	Institute ‘Common Sense’ Compensation		Against	Against		ShrHoldr
04/22/04 - A	Silicon Valley Bancshares *SIVB*		827064106			02/24/04		14,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/20/04 - A	Smith International, Inc. *SII*		832110100			02/27/04		37,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
03/30/04 - A	Starbucks Corp. *SBUX*		855244109			01/26/04		51,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 21

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/14/04 - A	SunGard Data Systems Inc. *SDS*		867363103			03/15/04		52,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gregory S. Bentley — Withhold
	1.2	Elect Director Michael C. Brooks — For
	1.3	Elect Director Cristobal Conde — For
	1.4	Elect Director Ramon de Oliveira — For
	1.5	Elect Director Henry C. Duques — For
	1.6	Elect Director Albert A. Eisenstat — For
	1.7	Elect Director Bernard Goldstein — For
	1.8	Elect Director Janet Brutschea Haugen — For
	1.9	Elect Director James L. Mann — For
	1.10	Elect Director Malcolm I. Ruddock — For
	2	Ratify Auditors		For	For		Mgmt
05/20/04 - A	Teva Pharmaceutical Industries		881624209			04/15/04		11,163
		Meeting for Holders of ADRs
	1	TO RECEIVE AND DISCUSS THE COMPANY S CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2003 AND THE CONSOLIDATED STATEMENTS.		For	For		Mgmt
	2	TO APPROVE THE BOARD OF DIRECTORS RECOMMENDATION THAT THE CASH DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2003, WHICH WAS PAID IN FOUR INSTALLMENTS AND AGGREGATED NIS 1.44 (APPROXIMATELY US$0.322) PER ORDINARY SHARE, BE DECLARED FINAL.		For	For		Mgmt
	3	TO ELECT ABRAHAM E. COHEN TO SERVE FOR A THREE-YEAR TERM.		For	For		Mgmt
	4	TO ELECT LESLIE DAN TO SERVE FOR A THREE-YEAR TERM.		For	For		Mgmt
	5	TO ELECT PROF. MEIR HETH TO SERVE FOR A THREE-YEAR TERM.		For	For		Mgmt
	6	TO ELECT PROF. MOSHE MANY TO SERVE FOR A THREE-YEAR TERM.		For	For		Mgmt
	7	TO ELECT DOV SHAFIR TO SERVE FOR A THREE-YEAR TERM.		For	For		Mgmt
	8	TO APPROVE THE PURCHASE OF DIRECTOR S AND OFFICER S LIABILITY INSURANCE FOR THE DIRECTORS AND OFFICERS OF THE COMPANY.		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 22

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	9	Ratify Auditors		For	For		Mgmt
11/13/03 - A	The Bisys Group, Inc. *BSG*		055472104			09/19/03		134,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/17/04 - A	The Charles Schwab Corp. *SCH*		808513105			03/18/04		48,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
05/18/04 - A	The Cheesecake Factory, Inc. *CAKE*		163072101			03/31/04		4,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
11/05/03 - A	The Estee Lauder Companies Inc. *EL*		518439104			09/12/03		48,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/05/04 - A	Triton PCS Holdings, Inc. *TPC*		89677M106			03/10/04		43,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/19/04 - A	Universal Health Services, Inc. *UHS*		913903100			04/08/04		24,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Restricted Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 23

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/27/04 - A	VeriSign Inc *VRSN*		92343E102			03/29/04		159,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/06/04 - A	Vertex Pharmaceuticals Inc. *VRTX*		92532F100			03/12/04		56,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/11/04 - A	Viad Corp. *VVI*		92552R109			03/12/04		109,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Reverse Stock Split		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/28/04 - A	Waddell & Reed Financial, Inc. *WDR*		930059100			03/03/04		128,900
	1	Elect Directors		For	For		Mgmt
05/04/04 - A	Waters Corp. *WAT*		941848103			03/15/04		38,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Joshua Bekenstein — For
	1.2	Elect Director M.J. Berendt, Ph.D. — For
	1.3	Elect Director Douglas A. Berthiaume — For
	1.4	Elect Director Philip Caldwell — For
	1.5	Elect Director Edward Conard — Withhold
	1.6	Elect Director L.H. Glimcher, M.D. — For
	1.7	Elect Director William J. Miller — For
	1.8	Elect Director Thomas P. Salice — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/07/04 - A	Western Gas Resources, Inc. *WGR*		958259103			03/26/04		33,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James A. Senty — For
	1.2	Elect Director Dean Phillips — For
	1.3	Elect Director Bill M. Sanderson — Withhold

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 24

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select Capital Appreciation Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.4	Elect Director Walter L. Stonehocker — Withhold
	2	Ratify Auditors		For	For		Mgmt
05/26/04 - A	Western Wireless Corporation *WWCA*		95988E204			03/26/04		131,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt
	4	Other Business		For	Against		Mgmt
05/19/04 - A	Williams-Sonoma, Inc. *WSM*		969904101			03/29/04		61,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/07/04 - A	WILLIS GROUP HOLDINGS LTD *WSH*		G96655108			03/09/04		64,000
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/04 - A	XTO ENERGY CORP *XTO*		98385X106			03/31/04		93,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Phillip R. Kevil — Withhold
	1.2	Elect Director Scott G. Sherman — For
	1.3	Elect Director Bob R. Simpson — Withhold
	2	Increase Authorized Common Stock		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 25

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 1 of 21

LA-Z-BOY INCORPORATED			LZB	Annual Meeting Date: 08/12/2003
Issuer: 505336107		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	107	146,200	146,200
ADOLPH COORS COMPANY			RKY	Special Meeting Date: 10/03/2003
Issuer: 217016104		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	No
02	APPROVE MOTION TO ADJOURN MEETING		Management	Against	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	104	92,400	92,400
KENNAMETAL INC.			KMT	Annual Meeting Date: 10/28/2003
Issuer: 489170100		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
I	ELECTION OF DIRECTORS		Management	For	No
II	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	100	170,700	170,700

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 2 of 21

JO-ANN STORES, INC.			JASA	Special Meeting Date: 11/04/2003
Issuer: 47758P109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	MISCELLANEOUS SHAREHOLDER EQUITY		Shareholder	For	No
02	VOTING RIGHTS		Management	Against	Yes
03	MISCELLANEOUS SHAREHOLDER EQUITY		Shareholder	Against	Yes
04	VOTING RIGHTS		Management	Against	Yes
05	VOTING RIGHTS		Management	Against	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	300	300
BOISE CASCADE CORPORATION			BCC	Special Meeting Date: 12/09/2003
Issuer: 097383103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	No
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	51,500	51,500
YELLOW CORPORATION			YELL	Special Meeting Date: 12/09/2003
Issuer: 985509108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	No
02	APPROVE COMPANY NAME CHANGE		Management	For	No
03	APPROVE MOTION TO ADJOURN MEETING		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	31,500	31,500

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 3 of 21

ALLIANCE GAMING CORPORATION			AGI	Annual Meeting Date: 12/10/2003
Issuer: 01859P609		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	Against	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	609	122,000	122,000
AMDOCS LIMITED			DOX	Annual Meeting Date: 01/22/2004
Issuer: G02602103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	RECEIVE CONSOLIDATED FINANCIAL STATEMENTS		Management	For	No
03	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	264,000	264,000
ADVO, INC.			AD	Annual Meeting Date: 01/23/2004
Issuer: 007585102		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	102	193,950	193,950

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 4 of 21

ARAMARK CORPORATION			RMK	Annual Meeting Date: 02/03/2004
Issuer: 038521100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT/AMEND EXECUTIVE INCENTIVE BONUS PLAN		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	100	183,460	183,460
AGERE SYSTEMS INC.			AGRB	Annual Meeting Date: 02/19/2004
Issuer: 00845V209		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	209	1,229,200	1,229,200
IKON OFFICE SOLUTIONS, INC.			IKN	Annual Meeting Date: 02/24/2004
Issuer: 451713101		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	101	128,200	128,200

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 5 of 21

MOORE WALLACE INCORPORATED			MWI	Special Meeting Date: 02/27/2004
Issuer: 615857109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	MISCELLANEOUS CORPORATE ACTIONS - GLOBAL		Management	For	No
02	CHANGE STOCK EXCHANGE LISTING		Management	Abstain
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	353,500	353,500
A.O. SMITH CORPORATION			AOS	Annual Meeting Date: 04/05/2004
Issuer: 831865209		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	209	172,800	172,800
CTI MOLECULAR IMAGING, INC.			CTMI	Annual Meeting Date: 04/06/2004
Issuer: 22943D105		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	105	6,900	6,900

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 6 of 21

UNITED DEFENSE INDUSTRIES, INC.			UDI	Annual Meeting Date: 04/13/2004
Issuer: 91018B104		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	104	307,300	307,300

R.R. DONNELLEY & SONS COMPANY			RRD	Annual Meeting Date: 04/14/2004
Issuer: 257867101		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No
03	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	101	215,712	215,712

BOISE CASCADE CORPORATION			BCC	Annual Meeting Date: 04/15/2004
Issuer: 097383103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	323,900	323,900

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 7 of 21

NOVELL, INC.			NOVL	Annual Meeting Date: 04/15/2004
Issuer: 670006105		ISIN:
SEDOL:
Vote Group: ALLMERICA
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	For	Yes
03	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	For	Yes
04	S/H PROPOSAL - RESTORE PREEMPTIVE RIGHTS		Shareholder	For	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	105	439,100	439,100

CNF INC.			CNF	Annual Meeting Date: 04/20/2004
Issuer: 12612W104		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	104	184,300	184,300

C.R. BARD, INC.			BCR	Annual Meeting Date: 04/21/2004
Issuer: 067383109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	AMEND LONG TERM INCENTIVE PLAN		Management	For	No
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	70,340	70,340

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 8 of 21

HIBERNIA CORPORATION			HIB	Annual Meeting Date: 04/21/2004
Issuer: 428656102		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	102	190,700	190,700

PG&E CORPORATION			PCG	Annual Meeting Date: 04/21/2004
Issuer: 69331C108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	S/H PROPOSAL - RESCIND OR ALLOW SHAREHOLDER TO RATIFY POISON PILL		Shareholder	For	Yes
04	S/H PROPOSAL - PUT GOLDEN PARACHUTE TO SHAREHOLDER VOTE		Shareholder	For	Yes
05	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	Against	No
06	S/H PROPOSAL - ENVIRONMENTAL		Shareholder	Against	No
07	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Yes
08	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	264,000	264,000

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 9 of 21

SNAP-ON INCORPORATED			SNA	Annual Meeting Date: 04/22/2004
Issuer: 833034101		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	101	126,300	126,300

PPL CORPORATION			PPL	Annual Meeting Date: 04/23/2004
Issuer: 69351T106		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	106	137,910	137,910

THE STANLEY WORKS			SWK	Annual Meeting Date: 04/23/2004
Issuer: 854616109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	S/H PROPOSAL - REPORT ON EMPLOYEES EARNING OVER $100,000		Shareholder	For	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	244,800	244,800

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 10 of 21

GOODRICH CORPORATION			GR	Annual Meeting Date: 04/27/2004
Issuer: 382388106		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	106	372,600	372,600
MANPOWER INC.			MAN	Annual Meeting Date: 04/27/2004
Issuer: 56418H100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	100	124,910	124,910
NORTH FORK BANCORPORATION, INC.			NFB	Annual Meeting Date: 04/27/2004
Issuer: 659424105		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	105	241,550	241,550

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 11 of 21

INSIGHT ENTERPRISES, INC.			NSIT	Annual Meeting Date: 04/29/2004
Issuer: 45765U103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	190,300	190,300
THE PHOENIX COMPANIES, INC.			PNX	Annual Meeting Date: 04/29/2004
Issuer: 71902E109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	25,300	25,300
BRASCAN CORPORATION			BNN	Special Meeting Date: 04/30/2004
Issuer: 10549P606		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	SET/CHANGE NUMBER OF DIRECTORS ON BOARD		Management	For	No
02	ELECTION OF DIRECTORS		Management	For	No
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	606	1,400	1,400

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 12 of 21

AMBAC FINANCIAL GROUP, INC.			ABK	Annual Meeting Date: 05/04/2004
Issuer: 023139108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No
03	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	104,100	104,100
KNIGHT-RIDDER, INC.			KRI	Annual Meeting Date: 05/04/2004
Issuer: 499040103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	51,400	51,400
PACKAGING CORPORATION OF AMERICA			PKG	Annual Meeting Date: 05/04/2004
Issuer: 695156109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	230,720	230,720

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 13 of 21

SPINNAKER EXPLORATION COMPANY			SKE	Annual Meeting Date: 05/05/2004
Issuer: 84855W109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	54,800	54,800
WATTS WATER TECHNOLOGIES, INC.			WTS	Annual Meeting Date: 05/05/2004
Issuer: 942749102		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	102	409,300	409,300
CHURCH & DWIGHT CO., INC.			CHD	Annual Meeting Date: 05/06/2004
Issuer: 171340102		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	102	74,000	74,000

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 14 of 21

KAYDON CORPORATION			KDN	Annual Meeting Date: 05/07/2004
Issuer: 486587108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	140,700	140,700
WILLIS GROUP HOLDINGS LIMITED			WSH	Annual Meeting Date: 05/07/2004
Issuer: G96655108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	184,190	184,190
BELO CORP.			BLC	Annual Meeting Date: 05/11/2004
Issuer: 080555105		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	Against	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	105	244,000	244,000

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 15 of 21

INTERNATIONAL FLAVORS & FRAGRANCES I			IFF	Annual Meeting Date: 05/11/2004
Issuer: 459506101		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	101	180,000	180,000
BOWATER INCORPORATED			BOW	Annual Meeting Date: 05/12/2004
Issuer: 102183100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	100	97,440	97,440
ENTERCOM COMMUNICATIONS CORP.			ETM	Annual Meeting Date: 05/13/2004
Issuer: 293639100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	100	168,000	168,000

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 16 of 21

METHANEX CORPORATION			MEOH	Annual Meeting Date: 05/13/2004
Issuer: 59151K108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	PERMIT DIRECTORS TO FIX/APPROVE AUDITOR’S REMUNERATION		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	680,500	680,500
GEORGIA GULF CORPORATION			GGC	Annual Meeting Date: 05/18/2004
Issuer: 373200203		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	INCENTIVE STOCK OPTIONS		Management	For	No
04	STOCK BONUS PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	203	245,220	245,220
KINDRED HEALTHCARE, INC.			KIND	Annual Meeting Date: 05/18/2004
Issuer: 494580103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	100,600	100,600

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 17 of 21

OMNICARE, INC.			OCR	Annual Meeting Date: 05/18/2004
Issuer: 681904108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	70,408	70,408
PRIDE INTERNATIONAL, INC.			PDE	Annual Meeting Date: 05/18/2004
Issuer: 74153Q102		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	ADOPT DIRECTOR STOCK OPTION PLAN		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	102	72,224	72,224
EVEREST RE GROUP, LTD.			RE	Annual Meeting Date: 05/19/2004
Issuer: G3223R108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	162,790	162,790

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 18 of 21

WABTEC			WAB	Annual Meeting Date: 05/19/2004
Issuer: 929740108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	108	212,300	212,300
SIERRA HEALTH SERVICES, INC.			SIE	Annual Meeting Date: 05/20/2004
Issuer: 826322109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	AMEND STOCK PURCHASE PLAN		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	212	212
YELLOW ROADWAY CORPORATION			YELL	Annual Meeting Date: 05/20/2004
Issuer: 985577105		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	105	89,900	89,900

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 19 of 21

YORK INTERNATIONAL CORPORATION			YRK	Annual Meeting Date: 05/20/2004
Issuer: 986670107		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	AMEND STOCK PURCHASE PLAN TO INCREASE SHARES		Management	For	No
03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No
04	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
05	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	107	161,800	161,800
CABLEVISION SYSTEMS CORPORATION			CVC	Annual Meeting Date: 05/25/2004
Issuer: 12686C109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	109	64,669	64,669

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 20 of 21

ROYAL CARIBBEAN CRUISES LTD.			RCL	Annual Meeting Date: 05/25/2004
Issuer: V7780T103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	AMEND STOCK OPTION PLAN		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	7,134	7,134
WEATHERFORD INTERNATIONAL LTD.			WFT	Annual Meeting Date: 05/25/2004
Issuer: G95089101		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	101	124,700	124,700
ARRIS GROUP, INC.			ARRS	Annual Meeting Date: 05/26/2004
Issuer: 04269Q100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	100	432,400	432,400

ProxyEdge - Investment Company Report with Ballot Detail Meeting Date Range: 06/30/2003 to 07/01/2004 AIT Select Value Opportunity Fund Report Date: 07/06/2004 Page 21 of 21

OXFORD HEALTH PLANS, INC.			OHP	Annual Meeting Date: 06/02/2004
Issuer: 691471106		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	S/H PROPOSAL -TOBACCO		Shareholder	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	106	34,050	34,050
CSK AUTO CORPORATION			CAO	Annual Meeting Date: 06/16/2004
Issuer: 125965103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	No
04	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	103	307,000	307,000
DOLLAR TREE STORES, INC.			DLTR	Annual Meeting Date: 06/17/2004
Issuer: 256747106		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	APPROVE CHARTER AMENDMENT		Management	For	No
02	ELECTION OF DIRECTORS		Management	For	No
03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No
04	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
05	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares
	ALLMERICA INVESTMENT TRUST	000000005823	106	288,200	288,200

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/04/03 – S	Kingfisher Plc		GB0030738503			None		382,216
	1	Approve Demerger of Kingfisher Plc’s Electrical Business to Kesa Electricals Plc By Way of Dividend in Specie		For	For		Mgmt
	2	Approve Capital Reorganization		For	For		Mgmt
	3	Approve Kesa Group Sharesave Scheme and Kesa Group International Sharesave Plan and Authorize Directors to Modify and Establish Such Plans		For	For		Mgmt
	4	Approve Kesa Group Demerger Award Plan and Authorize Directors to Modify and Establish Such Plans		For	For		Mgmt
	5	Approve Kesa Group Incentive Compensation Plan and Authorize Directors to Modify and Establish Such Plans		For	For		Mgmt
	6	Approve Kesa Group Employee Benefit Trust and Authorize Directors to Modify and Establish Such Plans		For	For		Mgmt
07/16/03 – A	BT GROUP PLC (formerly British Telecommunications Plc)		GB0030913577			None		332,778
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 4.25 Pence Per Share		For	For		Mgmt
	4	Reelect Anthony Greener as Director		For	For		Mgmt
	5	Reelect Louis Hughes as Director		For	For		Mgmt
	6	Reelect Maarten van den Bergh as Director		For	For		Mgmt
	7	Elect Clayton Brendish as Director		For	For		Mgmt
	8	Approve PricewaterhouseCoopers LLP as Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	9	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of GBP 143 Million		For	For		Mgmt
	10	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of GBP 21 Million		For	For		Mgmt
	11	Authorize 867 Million Shares for Share Repurchase Program		For	For		Mgmt
	12	Authorize British Telecommunications plc to Make EU Political Donations up to GBP 100,000		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 1

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/30/03 – A	Vodafone Group PLC		GB0007192106			None		5,041,492
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Reelect Lord MacLaurin of Knebworth as Director		For	For		Mgmt
	4	Reelect Kenneth Hydon as Director		For	For		Mgmt
	5	Reelect Thomas Geitner as Director		For	For		Mgmt
	6	Reelect Alec Broers as Director		For	For		Mgmt
	7	Reelect Juergen Schrempp as Director		For	For		Mgmt
	8	Elect John Buchanan as Director		For	For		Mgmt
	9	Approve Final Dividend of 0.8983 Pence Per Share		For	For		Mgmt
	10	Ratify Deloitte and Touche as Auditors		For	For		Mgmt
	11	Authorize Board to Fix Remuneration of Auditors		For	For		Mgmt
	12	Authorize EU Political Donations up to GBP 100,000		For	For		Mgmt
	13	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of USD 900,000,000		For	For		Mgmt
	14	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of USD 340,000,000		For	For		Mgmt
	15	Authorize 6,800,000,000 Shares for Share Repurchase Program		For	For		Mgmt
08/15/03 - A	James Hardie Industries NV		AU000000JHX1			None		198,828
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Elect Supervisory Board Member		For	For		Mgmt
	3	Authorize Cameron and McGauchie to Participate in Supervisory Board Stock Purchase Plan		For	For		Mgmt
	4	Elect F. Zwinkels to Management Board		For	For		Mgmt
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	6	Authorize US$48.4 Million Capitalization of Reserves for an Increase in Par Value to Allow for Return of Capital to Shareholders (Item 7)		For	For		Mgmt
	7	Approve Reduction in Capital via Lowering of Par Value by US$0.15 Per Share; Return Capital in the Aggregate Amount of US$48.4 to Shareholders		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 2

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	8	Authorize Members of Joint and Management Boards and De Brauw Blackstone Westbroek N.V. to Make Editorial Changes to Adopted Resolutions in Connection with Registration with Dutch Authorities		For	For		Mgmt
09/04/03 - S	Ahold Kon Nv		NL0000331817			None		239,943
	1	Open Meeting		None			Mgmt
	2	Receive Explanation with Respect to Deferral of Publication of 2002 Annual Accounts and Annual Report		None			Mgmt
	3.1A	Elect A.C. Moberg to Management Board		For			Mgmt
	3.1B	Elect M. van Olffen to Management Board		Against			Mgmt
	3.2A	Elect H.R. Ryoeppoenen to Management Board		For			Mgmt
	3.2B	Elect J.W. Hoevers to Management Board		Against			Mgmt
	4	Receive Presentation about Company’s New Strategy		None			Mgmt
	5	Close Meeting		None			Mgmt
		Not voted per client instruction.
09/22/03 - S	Li & Fung		BMG5485F1445			None		320,000
	1	Approve Acquisition of Remaining Interest in International Sourcing Group LLC. for a Total Consideration of $5.2 Million to be Satisfied by the Issuance of 3.8 Million New Shares of HK$0.025 Each		For	For		Mgmt
10/06/03 - S	France Telecom SA		FR0000133308			None		70,371
		Ordinary Business
	1	Amend Terms of Share Repurchase Plan Submitted to Shareholder Vote at May 27, 2003, AGM/EGM		For	For		Mgmt
		Special Business
	2	Authorize Board to Issue Up to 100 Million Shares to Participants of Orange’s Stock Option Plan, Share Purchase Plan, Orange Senior Discretionary Share Plan and Restricted Share Plan, As Well As Signatories of France Telecom Liquidity Agreement		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 3

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan		For	For		Mgmt
	4	Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt
10/15/03 - A	News Corporation Ltd.		AU000000NCP0			10/13/03		341,186
	1	Elect Lachlan Murdoch as Director		For	For		Mgmt
	2	Elect Thomas Perkins as Director		For	For		Mgmt
	3	Elect Stanley Shuman as Director		For	For		Mgmt
	4	Elect Arthur Siskind as Director		For	For		Mgmt
	5	Approve Stock Option Plan Grants to Executive Directors		For	For		Mgmt
	6	Approve Remuneration of Directors in the Amount of Up to AUD 1.85 Million		For	For		Mgmt
10/22/03 - A	Diageo Plc (Formerly Guinness Plc)		GB0002374006			None		454,065
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 15.7 Pence Per Share		For	For		Mgmt
	4	Reelect Lord Blyth as Director		For	For		Mgmt
	5	Reelect Keith Oates as Director		For	For		Mgmt
	6	Reelect Paul Walsh as Director		For	For		Mgmt
	7	Approve KPMG Audit Plc as Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	8	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of GBP 44,833,003		For	For		Mgmt
	9	Authorize 309,885,718 Shares for Share Repurchase Program		For	For		Mgmt
11/11/03 - A	Smiths Group Plc (Formerly Smiths Industries PLC)		GB0008182700			None		113,625
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 17.25 Pence Per Share		For	For		Mgmt
	4	Reelect K Butler-Wheelhouse as Director		For	For		Mgmt
	5	Reelect J Ferrie as Director		For	For		Mgmt
	6	Reelect J Horn-Smith as Director		For	For		Mgmt
	7	Ratify PricewaterhouseCoopers LLP as Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 4

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	8	Authorize Board to Fix Remuneration of Auditors		For	For		Mgmt
	9	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of GBP 46,629,434		For	For		Mgmt
	10	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of GBP 6,994,415		For	For		Mgmt
	11	Authorize 55,955,321 Shares for Share Repurchase Program		For	For		Mgmt
11/18/03 - A	Sun Hung Kai Properties Ltd.		HK0016000132			11/10/03		366,000
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Final Dividend		For	For		Mgmt
	3	Reelect Directors and Fix Their Remuneration		For	For		Mgmt
	4	Reappoint Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	5	Approve Repurchase of Up to 10 Percent of Issued Capital		For	For		Mgmt
	6	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights		For	For		Mgmt
	7	Authorize Reissuance of Repurchased Shares		For	For		Mgmt
	8	Other Business (Voting)		For	For		Mgmt
11/21/03 - A	Wolseley PLC		GB0009764027			None		245,863
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 15.6 Pence Per Share		For	For		Mgmt
	4	Elect Gareth Davis as Director		For	For		Mgmt
	5	Elect Gerard Legtmann as Director		For	For		Mgmt
	6	Reelect John Whybrow as Director		For	For		Mgmt
	7	Reelect Stephen Webster as Director		For	For		Mgmt
	8	Reelect Fenton Hord as Director		For	For		Mgmt
	9	Approve PricewaterhouseCoopers LLP as Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	10	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of GBP 7,259,465		For	For		Mgmt
	11	Authorize 58,075,722 Shares for Share Repurchase Program		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 5

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	12	Approve Wolesley Share Option Plan 2003		For	For		Mgmt
	13	Authorize EU Political Donations up to GBP 125,000		For	For		Mgmt
02/16/04 - A	Compass Group Plc		GB0005331532			None		503,776
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 5.7 Pence Per Share		For	For		Mgmt
	4	Re-elect Michael Bailey as Director		For	For		Mgmt
	5	Re-elect Denis Cassidy as Director		For	For		Mgmt
	6	Re-elect Sir Francis Mackay as Director		For	For		Mgmt
	7	Ratify Deloitte and Touche LLP as Auditors		For	For		Mgmt
	8	Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	9	Authorise EU Political Donations up to GBP 125,000		For	For		Mgmt
	10	Amend the Compass Group UK Savings-Related Share Option Scheme, the Compass Group PLC Internation Sharesave Scheme, the Compass Group Share Option Plan, the Compass Group Management Share Option Plan and the Compass Group Long-Term Incentive Plan		For	For		Mgmt
	11	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 10.8 Million		For	For		Mgmt
	12	Authorise 216,887,191 Shares for Market Repurchase		For	For		Mgmt
02/24/04 - A	Novartis AG		CH0012005267			02/04/04		169,923
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Discharge of the Board and Senior Management		For	For		Mgmt
	3	Approve Allocation of Income and Dividends of CHF 1.00 per Share		For	For		Mgmt
	4	Approve Transfer of CHF 360.9 Million from General Reserves to Free Reserves		For	For		Mgmt
	5	Approve CHF 12.1 Million Reduction in Share Capital via Share Cancellation		For	For		Mgmt
	6	Authorize Repurchase of up to Ten Percent of Issued Share Capital		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 6

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	7	Amend Articles Re: Reduce Board Terms from Four to Three Years		For	For		Mgmt
	8.1	Approve Resignation of Walter Frehner and Heini Lippuner		For	For		Mgmt
	8	Elect Directors		For	For		Mgmt
	9	Ratify PricewaterhouseCoopers AG as Auditors		For	For		Mgmt
02/27/04 - A/S	Royal Bank Of Canada *RY.*		CA7800871021			01/09/04		37,855
		Management Proposals
	1	Elect Directors		For	For		Mgmt
	2	Ratify Deloitte & Touche LLP as Auditors		For	For		Mgmt
		Shareholder Proposals
	3	Adopt By-Law Prohibiting CEO from Sitting on Other Boards		Against	Against		ShrHoldr
	4	Disclose Total Value of Pension Benefits of Senior Executives		Against	Against		ShrHoldr
	5	Adopt By-Law Providing that Insiders Give Notice of Stock Trades and Stock Option Exercise		Against	Against		ShrHoldr
	6	Provide Written Response to Question Raised at Annual Meeting by the Same Bank Representative who Answered the Question at the Annual Meeting		Against	Against		ShrHoldr
02/27/04 - A	Samsung Electronics Co. Ltd.		KR7005930003			12/31/03		23,776
	1	Approve Financial Statements and Appropriation of Income, with Total Dividend of KRW 5500 Per Share		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	2.2	Appoint One Member of Audit Committee		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Approve Limit on Remuneration of Directors		For	For		Mgmt
03/03/04 - S	Ahold Kon Nv		NL0000331817			None		101,477
	1	Open Meeting		None	None		Mgmt
	2	Discussion of Company’s Corporate Governance Structure		None	None		Mgmt
	3	Amend Articles Re: Changes to Company’s Corporate Governance Structure to Reflect Recommendations by Dutch Corporate Governance Code		For	For		Mgmt
	4	Approve Terms Governing Conversion of Cumulative Preferred Financing Shares into Common Shares		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 7

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	Approve Remuneration Policy of Executive Board		For	For		Mgmt
	6	Receive Information on Current Investigations and Lawsuits		None	None		Mgmt
	7	Adjourn Meeting		None	None		Mgmt
03/12/04 - A	KT Corp (formerly Korea Telecom Corporation)		KR7030200000			12/31/03		51,470
	1	Approve Appropriation of Income and Dividends of KRW 2000 Per Common Share		For	For		Mgmt
	2	Amend Articles of Incorporation to Reduce Maximum Board Size, Allow Multiple Representative Directors, Change Newspaper Used for Public Notices		For	For		Mgmt
	3	Elect Members of Audit Committee		For	For		Mgmt
	4	Elect Directors		For	For		Mgmt
	4.3	Elect a Shareholder-Nominee to the Board		Against	Against		ShrHoldr
	5	Approve Limit on Remuneration of Directors		For	For		Mgmt
	6	Amend Terms of Management Contract with Company President		For	For		Mgmt
03/12/04 - A	POSCO (formerly Pohang Iron & Steel)		KR7005490008			12/31/03		23,130
	1	Approve Appropriation of Income, with a Year-End Dividend of KRW 5000 Per Share		For	For		Mgmt
	2.1	Amend Articles of Incorporation Re: Cumulative Voting		For	For		Mgmt
	2.2	Amend Articles of Incorporation Re: Corporate Governance		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	3.2.1	Elect Member of Audit Committee		For	For		Mgmt
	3.2.2	Elect Member of Audit Committee		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4	Approve Limit on Remuneration of Directors		For	For		Mgmt
03/19/04 - A	Korea Electric Power Corp		KR7015760002			12/31/03		76,390
	1	Approve Appropriation of Income and Dividends of KRW 1050 Per Share		For	For		Mgmt
	2	Elect Han Joon-Ho as New President		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 8

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
03/25/04 - A	Nokia Corp.		FI0009000681			03/15/04		265,672
	1.1	Receive Financial Statements		None	None		Mgmt
	1.2	Receive Auditors’ Report		None	None		Mgmt
	1.3	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	1.4	Approve Discharge of Board and President		For	For		Mgmt
	1.5	Fix Number of Directors at Eight (A Reduction from the Current Nine Directors)		For	For		Mgmt
	1.6	Approve Remuneration of Directors and Auditors		For	For		Mgmt
	2	Approve Between EUR 5.7 Million and EUR 8.8 Million Reduction in Share Capital via Cancellation of Between 94.5 Million and 146 Million Shares		For	For		Mgmt
	3	Approve Issuance of Shares, Stock Options, or Convertible Bonds up to Aggregate Nominal Value of EUR 55.5 Million (Out of Which EUR 3 Million for Incentive Plans) without Preemptive Rights		For	For		Mgmt
	4	Authorize Repurchase of Up to 230 Million Nokia Shares		For	For		Mgmt
	5	Authorize Reissuance of 230 Million Repurchased Shares		For	For		Mgmt
	6	Approve Allocation of EUR 5 Million to Company Foundation to Support the Scientific Development of the Information and Telecommunications Technologies and to Promote Education in the Sector		For	For		Mgmt
	7	Approve Dividends of EUR 0.30 Per Share		For	For		Mgmt
	8	Reelect Paul Collins, Georg Ehrnrooth, Bengt Holmstroem, Per Karlsson, Jorma Ollila, Marjorie Scardino, Vesa Vainio, and Arne Wessberg		For	For		Mgmt
	9	Reelect PricewaterhouseCoopers as Auditors		For	For		Mgmt
03/25/04 - A	Philips Electronics Nv		NL0000009538			None		218,075
	1	Open Meeting		None	None		Mgmt
	2.1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	2.2	Receive Explanation of Corporate Governance Structure		None	None		Mgmt
	2.3	Receive Explanation of Policy on Reserves and Dividends		None	None		Mgmt
	2.4	Approve Dividends of EUR 0.36 Per Share		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 9

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2.5	Approve Discharge of Management Board		For	For		Mgmt
	2.6	Approve Discharge of Supervisory Board		For	For		Mgmt
	3	Elect Supervisory Board Member		For	For		Mgmt
	4.1	Approve Remuneration Policy of Management Board		For	For		Mgmt
	4.2	Amend 2003 Long-Term Incentive Plan Regarding Distribution of Shares: Allocate a Maximum of 2.5 Percent of Annual Pool of Shares Reserved for LTIP to Management Board on Annual Basis		For	For		Mgmt
	5	Grant Board Authority to Issue Shares Restricting/Excluding Preemptive Rights Up to 20 Percent of Issued Capital		For	For		Mgmt
	6	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	7	Authorize Board to Set Record Date		For	For		Mgmt
	8	Other Business (Non-Voting)		None	None		Mgmt
	9	Close Meeting		None	None		Mgmt
03/30/04 - A	Canon Inc.		JP3242800005			12/31/03		271,000
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 15, Final JY 35, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4.1	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.2	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.3	Appoint Internal Statutory Auditor		For	Against		Mgmt
	5	Appoint Additional External Auditor		For	For		Mgmt
	6	Approve Retirement Bonuses for Directors and Statutory Auditors		For	For		Mgmt
	7	Approve Adjustment to Aggregate Compensation Ceiling for Directors and Statutory Auditors		For	For		Mgmt
04/07/04 - A	TPG NV (formerly Tnt Post Group Nv)		NL0000009058			03/31/04		17,610
	1	Open Meeting		None	None		Mgmt
	2	Receive Presentation by M. Bakker		None	None		Mgmt
	3	Receive Report of Management Board		None	None		Mgmt
	4	Discussion about Company’s Corporate Governance Policy		None	None		Mgmt
	5.1	Approve Financial Statements and Statutory Reports		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 10

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5.2	Receive Explanation of Company’s Reserves and Dividend Policy		None	None		Mgmt
	5.3	Approve Discharge of Management Board		For	For		Mgmt
	5.4	Approve Discharge of Supervisory Board		For	For		Mgmt
	5.5	Authorize Board to Prepare Annual Report in English		For	For		Mgmt
	6	Elect Directors		For	For		Mgmt
	7	Approve Remuneration Policy for Management Board		For	For		Mgmt
	8.1	Opportunity for General Meeting to Make Recommendations for Appointment Member of Supervisory Board		None	None		Mgmt
	8	Elect Supervisory Board Member		For	For		Mgmt
	8.3	Receive Announcement of Resignation of J. Hommem from Supervisory Board		None	None		Mgmt
	9.1	Grant Board Authority to Issue All Preference B Shares as well as Ordinary Shares Up to 20 Percent of Issued Share Capital		For	For		Mgmt
	9.2	Grant Board Authority to Restrict/Exclude Preemptive Rights from Ordinary Share Issuance Under Item 9.1		For	For		Mgmt
	10	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	11	Receive Announcement on the Conclusions of Three-Year Assessment of the Functioning of the External Auditor		None	None		Mgmt
	12	Amend Articles Re: Add Indemnity Clause to Indemnify Members of Management Board and Supervisory Board		For	For		Mgmt
	13	Allow Questions		None	None		Mgmt
	14	Close Meeting		None	None		Mgmt
04/07/04 - S	WPP Group Plc		GB0009740423			None		207,994
	1	Approve 2004 Leadership Equity Acquisition Plan		For	For		Mgmt
04/09/04 - A/S	France Telecom SA		FR0000133308			None		122,830
		Ordinary Business
	1	Approve Financial Statements and Discharge Directors for Fiscal Year Ended Dec. 2003		For	For		Mgmt
	2	Accept Consolidated Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 2003		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 11

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Approve Treatment of Losses and Dividends of EUR 0.25 per Share		For	For		Mgmt
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions		For	For		Mgmt
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
		Special Business
	6	Fix Issue Price of Previous Authority to Issue Equity or Equity-Linked Securities without Preemptive Rights Submitted to Shareholder Vote at Feb. 25, 2003 EGM to Increase Capital by up to EUR 30 Billion		For	For		Mgmt
	7	Amend Article 1, 2, and 7 to Reflect 2003 Legislative Changes, Postal Service and Telecommunication Code, and European Parliament Directives		For	For		Mgmt
	8	Amend Articles to Reflect 2003 Legislative Changes; Remove French Government Obligation to Retain Majority Stake in Company and Amend Articles with Respect to Board Composition		For	For		Mgmt
	9	Amend Articles to Reflect Potential Change in Control with Respect to Powers of Chairman and Management		For	For		Mgmt
	10	Amend Articles of Association to Introduce Liquidation Provision		For	For		Mgmt
	11	Authorize Board to Issue Up to 30 Million Shares to Participants of Wanadoo Stock Option Plan in Connection with France Telecom Liquidity Agreement		For	For		Mgmt
	12	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan		For	For		Mgmt
	13	Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt
04/15/04 - A	Ubs Ag		CH0012032030			None		30,623
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Allocation of Income and Dividends of CHF 2.60 per Share		For	For		Mgmt
	3	Approve Discharge of Board and Senior Management		For	For		Mgmt
	4	Elect Directors		For	For		Mgmt
	4.3	Ratify Ernst and Young as Auditors		For	For		Mgmt
	5.1	Approve CHF 47.6 Million Reduction in Share Capital via Cancellation of Shares		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 12

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5.2	Authorize Repurchase of Issued Share Capital		For	For		Mgmt
04/20/04 - A	Vnu (Nv Verenigd Bezit Vnu)		NL0000389872			04/13/04		11,140
	1	Open Meeting		None	None		Mgmt
	2	Receive Report of Management Board		None	None		Mgmt
	3.1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	3.2	Approve Discharge of Management Board		For	For		Mgmt
	3.3	Approve Discharge of Supervisory Board		For	For		Mgmt
	4.1	Receive Explanation of Company’s Reserves and Dividend Policy		None	None		Mgmt
	4.2	Approve Dividends		For	For		Mgmt
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	6.1	Grant Board Authority to Issue Common and Seven Percent Preference Shares Up to 20 Percent of Issued Share Capital		For	For		Mgmt
	6.2	Grant Board Authority to Issue All Authorized Yet Unissued Preference B Shares Restricting/Excluding Preemptive Rights		For	For		Mgmt
	6.3	Grant Board Authority to Exclude Preemptive Rights from Issuance of Common Shares Under Item 6.1		For	For		Mgmt
	7	Ratify Auditors		For	For		Mgmt
	8	Discussion about Company’s Corporate Governance Report		None	None		Mgmt
	9	Approve Remuneration of Management Board		For	For		Mgmt
	10	Reelect P. Elverding and J. Brentjes to Supervisory Board		For	For		Mgmt
	11	Approve Remuneration of Supervisory Board		For	For		Mgmt
	12	Other Business		None	None		Mgmt
	13	Close Meeting		None	None		Mgmt
04/21/04 - A/S	Axa (Formerly Axa-Uap)		FR0000120628			None		183,274
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	2	Accept Consolidated Financial Statements and Statutory Reports		For	For		Mgmt
	3	Approve Allocation of Income and Dividends of EUR 0.57 per Share		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 13

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions		For	For		Mgmt
	5	Reelect Claude Bebear as Supervisory Board Member		For	For		Mgmt
	6	Ratify Mazars & Guerard as Auditors		For	For		Mgmt
	7	Ratify Jean Louis Simon as Alternate Auditor		For	For		Mgmt
	8	Elect Willy Avereyn as Representative of Employee Shareholders to the Supervisory Board, Pending Approval of Item 13		None	None		Mgmt
	9	Elect Cees de Jong as Representative of Employee Shareholders to the Supervisory Board, Pending Approval of Item 13		None	None		Mgmt
	10	Elect Jacques Tabourot as Representative of Employee Shareholders to the Supervisory Board, Pending Approval of Item 13		For	For		Mgmt
	11	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
		Special Business
	12	Allow Board to Issue Shares in the Event of a Public Tender Offer or Share Exchange Offer		For	Against		Mgmt
	13	Amend Article 10 Re: Appointment of Representative of Employee Shareholders to the Supervisory Board		For	For		Mgmt
	14	Amend Article 10 Re: Appointment of Employee Representative to the Supervisory Board		Against	Against		Mgmt
	15	Approve Reduction in Share Capital via Cancellation of Repurchased Shares		For	For		Mgmt
	16	Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt
04/21/04 - A	British American Tobacco Plc		GB0002875804			None		213,496
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 27 Pence Per Ordinary Share		For	For		Mgmt
	4	Re-appoint PricewaterhouseCoopers LLP as Auditors of the Company		For	For		Mgmt
	5	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	6a	Elect Paul Adams as Director		For	For		Mgmt
	6b	Elect Antonio Monteiro de Castro as Director		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 14

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6c	Elect Jan du Plessis as Director		For	For		Mgmt
	6d	Re-elect Wong Kok Siew as Director		For	For		Mgmt
	7	Authorise 207.7 Million Shares for Market Purchase		For	For		Mgmt
	8a	Amend Articles of Association Re: Treasury Shares		For	For		Mgmt
	8b	Amend Articles of Association Re: Directors’ Fees		For			Mgmt
04/22/04 - A	Hang Seng Bank		HK0011000095			None		196,700
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Reappoint Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	4	Appoint Managing Director		For	For		Mgmt
	5	Approve Repurchase of Up to 10 Percent of Issued Capital		For	For		Mgmt
	6	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights		For	For		Mgmt
04/22/04 - A	Nestle Sa		CH0012056047			None		39,815
	1a	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	1b	Accept Consolidated Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Discharge of Board and Senior Management		For	For		Mgmt
	3	Approve Allocation of Income and Dividends of CHF 7.20 per Share		For	For		Mgmt
	4a	Elect Edward George as Directors		For	For		Mgmt
	4b	Elect Kaspar Villiger as Directors		For	For		Mgmt
	4c	Elect Rolf Haenggi as Directors		For	For		Mgmt
	4d	Elect Daniel Borel as Directors		For	For		Mgmt
	4e	Elect Carolina Mueller as Directors		For	For		Mgmt
04/27/04 - A	ING Groep NV		NL0000303600			04/20/04		45,060
	1	Open Meeting		None	None		Mgmt
	2.1	Receive Reports of Management and Supervisory Boards		None	None		Mgmt
	2.2	Receive Explanation of Reserves and Dividend Policy		None	None		Mgmt
	3.1	Approve Financial Statements of 2003		For	For		Mgmt
	3.2	Approve Dividends		For	For		Mgmt
	4	Ratify Ernst & Young Accountants as Auditors		For	For		Mgmt
	5.1	Approve Discharge of Management Board		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 15

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5.2	Approve Discharge of Supervisory Board		For	For		Mgmt
	6	Discussion about Company’s Corporate Governance Report		None	None		Mgmt
	7.1	Approve Remuneration Policy of Management Board		For	For		Mgmt
	7.2	Approve Long-Term Incentive Plan (50 Percent Stock Options and 50 Percent Performance Shares)		For	For		Mgmt
	8	Amend Articles Re: Binding Director Nominations; Establish Profile on Expertise and Ethical Standards for Directors; Approve Remuneration Policy for Management Board; Threshold for Submitting Shareholder Proposals; Reduce Par Value of B Preference Share		For	For		Mgmt
	9	Elect Supervisory Board Member		For	For		Mgmt
	10	Elect E. Bourdais de Charbonniere as New Member of Supervisory Board		For	For		Mgmt
	11	Grant Board Authority to Issue Ordinary Shares Restricting/Excluding Preemptive Rights Up to 20 Percent of Issued Capital and All Authorized Yet Unissued B Preference Shares Restricting/Excluding Preemptive Rights		For	For		Mgmt
	12	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	13	Other Business		None	None		Mgmt
04/28/04 - A	E.ON AG (formerly Veba Ag)		DE0007614406			None		125,284
	1	Receive Financial Statements and Statutory Reports		None	None		Mgmt
	2	Approve Allocation of Income and Dividends of EUR 2.00 per Share		For	For		Mgmt
	3	Approve Discharge of Management Board		For	For		Mgmt
	4	Approve Discharge of Supervisory Board		For	For		Mgmt
	5	Amend Articles Re: Allow for the Issuance of Dividends in Kind		For	For		Mgmt
	6	Approve Affiliation Agreements with Subsidiaries (E.ON Nordic Holding GmbH)		For	For		Mgmt
	7	Authorize Share Repurchase Program and Reissuance of Repurchased Shares		For	For		Mgmt
	8	Ratify PwC Deutsche Revision AG as Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 16

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/04 - A	Reed Elsevier Plc(formerly Reed International PLC)		GB0007308355			None		165,137
	1a	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	1b	Approve Remuneration Report		For	For		Mgmt
	2	Approve Final Dividend of 8.7 Pence Per Ordinary Share		For	For		Mgmt
	3a	Re-appoint Deloitte and Touche LLP as Auditors of the Company		For	For		Mgmt
	3b	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	4a	Re-elect Gerard van de Aast as Director		For	For		Mgmt
	4b	Re-elect Morris Tabaksblat as Director		For	For		Mgmt
	4c	Re-elect Rolf Stomberg as Director		For	For		Mgmt
	4d	Re-elect Lord Sharman Of Redlynch as Director		For	For		Mgmt
	5	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 25,000,000		For	For		Mgmt
	6	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 7,900,000		For	For		Mgmt
	7	Authorise 127 Million Shares for Market Purchase		For	For		Mgmt
04/28/04 - A/S	Total S.A. (Formerly Total Fina Elf S.A )		FR0000120271			None		64,715
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	2	Accept Consolidated Financial Statements and Statutory Reports		For	For		Mgmt
	3	Approve Allocation of Income and Net Dividends of EUR 4.70 per Share		For	For		Mgmt
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions		For	For		Mgmt
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital and Reissuance of Repurchased Shares		For	For		Mgmt
	6	Authorize Issuance of Bonds/Debentures		For	For		Mgmt
	7	Reelect Thierry Desmarest as Director		For	For		Mgmt
	8	Reelect Thierry de Rudder as Director		For	For		Mgmt
	9	Reelect Serge Tchuruk as Director		For	For		Mgmt
	10	Elect Daniel Boeuf as Representative of Employee Shareholders to the Board		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 17

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	11	Elect Philippe Marchandise as Representative of Employee Shareholders to the Board		Against	Against		Mgmt
	12	Elect Cyril Mouche as Representative of Employee Shareholders to the Board		Against	Against		Mgmt
	13	Elect Alan Cramer as Representative of Employee Shareholders to the Board		Against	Against		Mgmt
	14	Ratify Ernst & Young Audit as Auditors		For	For		Mgmt
	15	Ratify KPMG Audit as Auditors		For	For		Mgmt
	16	Ratify Pierre Jouanne as Alternate Auditor		For	For		Mgmt
	17	Ratify Jean-Luc Decornoy as Alternate Auditor		For	For		Mgmt
	18	Approve Remuneration of Directors in the Aggregate Amount of EUR 900,000		For	For		Mgmt
		Special Business
	19	Approve Stock Option Plan Grants		For	For		Mgmt
	20	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 4 Billion		For	For		Mgmt
	21	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 2 Billion		For	For		Mgmt
	22	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan		For	For		Mgmt
04/28/04 - A	Travis Perkins plc		GB0007739609			None		38,099
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Final Dividend of 16.8 Pence Per Share		For	For		Mgmt
	3	Re-elect Paul Hampden Smith as Director		For	For		Mgmt
	4	Re-elect Frank McKay as Director		For	For		Mgmt
	5	Re-elect Tim Stevenson as Director		For	For		Mgmt
	6	Elect Chris Bunker as Director		For	For		Mgmt
	7	Reappoint Deloitte and Touche LLP as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	8	Approve Remuneration Report		For	For		Mgmt
	9	Amend Travis Perkins 2001 Executive Share Option Scheme		For	For		Mgmt
	10	Approve Travis Perkins Share Matching Plan		For	For		Mgmt
	11	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 2,157,802		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page18

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	12	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 567,110		For	For		Mgmt
	13	Authorise 11,342,198 Shares for Market Purchase		For	For		Mgmt
04/29/04 - A	Abn Amro Holding Nv		NL0000301109			04/22/04		323,003
	1	Receive Report of Management Board		None	None		Mgmt
	2	Discussion about Company’s Corporate Governance Report		None	None		Mgmt
	3.1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	3.2	Approve Dividends		For	For		Mgmt
	3.3	Approve Discharge of Management Board		For	For		Mgmt
	3.4	Approve Discharge of Supervisory Board		For	For		Mgmt
	4	Approve Remuneration Policy		For	For		Mgmt
	5	Reappoint Ernst & Young as Auditors		For	For		Mgmt
	6	Elect Supervisory Board Member		For	For		Mgmt
	7.1	Abolish Antitakeover Preference Shares through Repurchase and Cancellation of Shares		For	For		Mgmt
	7.2	Amend Articles to Reflect Cancellation of Preference Shares (Item 7.1)		For	For		Mgmt
	8	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	9.1	Grant Board Authority to Issue Ordinary Shares and Convertible Preference Shares Up to 20 Percent of Issued Share Capital		For	For		Mgmt
	9.2	Grant Board Authority to Exclude Preemptive Rights from Issuance Under Item 9.1		For	For		Mgmt
	10	Other Business		None	None		Mgmt
04/29/04 - A	Barclays Plc		GB0031348658			None		797,033
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Elect Sir Richard Broadbent as Director		For	For		Mgmt
	4	Elect Roger Davis as Director		For	For		Mgmt
	5	Elect Gary Hoffman as Director		For	For		Mgmt
	6	Elect Naguib Kheraj as Director		For	For		Mgmt
	7	Elect David Roberts as Director		For	For		Mgmt
	8	Re-elect Sir Peter Middleton as Director		For	For		Mgmt
	9	Re-elect Stephen Russell as Director		For	For		Mgmt
	10	Re-elect Christopher Lendrum as Director		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 19

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	11	Re-elect Sir Brian Jenkins as Director		For	For		Mgmt
	12	Re-appoint PricewaterhouseCoopers LLP as Auditors of the Company		For	For		Mgmt
	13	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	14	Authorise Issuance of Equity or Equity-Linked Securities without Pre- emptive Rights up to Aggregate Nominal Amount of GBP 82,053,000		For	For		Mgmt
	15	Authorise 984,600,000 Ordinary Shares for Market Purchase		For	For		Mgmt
04/29/04 - A	Heineken Nv		NL0000009157			None		32,745
	1	Open Meeting		None	None		Mgmt
	2	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	3	Approve Allocation of Income		For	For		Mgmt
	4	Approve Discharge of Management Board		For	For		Mgmt
	5	Approve Discharge of Supervisory Board		For	For		Mgmt
	6	Approve Lowering in Par Value from EUR 2 to EUR 1.60 via a 5:4 (Five New Shares for Every Four Currently Held) Stock Split		For	For		Mgmt
	7	Amend Articles Re: 5:4 Stock Split; Editorial Changes		For	For		Mgmt
	8	Elect Supervisory Board Member		Split	Split		Mgmt
	8.1	Elect A. Risseeuwto Supervisory Board — For
	8.2	Elect R. Overgaauw to Supervisory Board — Against
	9	Elect Directors		Split	Split		Mgmt
	9.1	Elect K. Bueche to Management Board — For
	9.2	Elect J. Buijs to Management Board — Against
	10	Discussion about Company’s Corporate Governance Report		None	None		Mgmt
04/29/04 - A	Reed Elsevier NV (Formerly Elsevier Nv)		NL0000349488			04/22/04		246,028
	1	Open Meeting		None	None		Mgmt
	2	Documents Received		None	None		Mgmt
	3	Receive Report of Management Board		None	None		Mgmt
	4	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	5	Approve Dividends of EUR 0.30 per Ordinary Share		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 20

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Discussion about Company’s Corporate Governance Report		None	None		Mgmt
	7.1	Approve Discharge of Management Board		For	For		Mgmt
	7.2	Approve Discharge of Supervisory Board		For	For		Mgmt
	8	Reelect Deloitte Accountants as Auditors		For	For		Mgmt
	9	Elect Supervisory Board Member		For	For		Mgmt
	10	Reelect G. van de Aast as Member of Management Board		For	For		Mgmt
	11	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	12.1	Grant Board Authority to Issue Shares Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	12.2	Grant Board Authority to Restrict/Exclude Preemptive Rights for Share Issuance under Item 12.1		For	For		Mgmt
	13	Other Business		None	None		Mgmt
	14	Close Meeting		None	None		Mgmt
04/29/04 - A	Telefonica S.A. (Formerly Telefonica De Espana, S.A.)		ES0178430E18			None		351,862
	1	Approve Financial Statements, Allocation of Income, and Discharge Directors		For	For		Mgmt
	2	Approve Dividend Per Share		For	For		Mgmt
	3	Approve Auditors		For	For		Mgmt
	4	Authorize Repurchase of Shares		For	For		Mgmt
	5	Approve General Meeting Guidelines		For	For		Mgmt
	6	Authorize Board to Ratify and Execute Approved Resolutions		For	For		Mgmt
04/29/04 - A	United Overseas Bank		SG1M31001969			None		277,000
	1	Adopt Financial Statements and Directors’ and Auditors’ Reports		For	For		Mgmt
	2	Declare Final Dividend of SGD 0.40 Per Share		For	For		Mgmt
	3	Approve Directors’ Fees of SGD 618,750		For	For		Mgmt
	4	Reappoint Ernst & Young as Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	5	Reelect Sim Wong Hoo as Director		For	For		Mgmt
	6	Reelect Lim Pin as Director		For	For		Mgmt
	7	Reelect Margaret Lien Wen Hsien as Director		For	For		Mgmt
	8	Reelect Ng Boon Yew as Director		For	For		Mgmt
	9	ReappointWee Cho Yaw as Director		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 21

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	10	Approve Issuance of Shares and Grant of Options Pursuant to the 1999 Share Option Scheme		For	For		Mgmt
	11	Approve Issuance of Shares without Preemptive Rights		For	For		Mgmt
04/29/04 - S	United Overseas Bank		SG1M31001969			None		277,000
	1	Authorize Share Repurchase Program		For	For		Mgmt
04/30/04 - A	Bayer Ag		DE0005752000			None		11,074
	1	Receive Financial Statements, Statutory Reports, and Board Reports; Approve Allocation of Income and Dividends of EUR 0.50 Per Share		For	For		Mgmt
	2	Approve Discharge of Management Board		For	For		Mgmt
	3	Approve Discharge of Supervisory Board		For	For		Mgmt
	4	Approve Issuance of Convertible Bonds and/or Bonds with Warrants Attached up to Aggregate Nominal Amount of EUR 4 Billion with Preemptive Rights; Approve Creation of EUR 186.9 Million Pool of Conditional Capital to Guarantee Conversion Rights		For	For		Mgmt
	5	Authorize Share Repurchase Program and Reissuance of Repurchased Shares		For	For		Mgmt
	6	Approve Restructuring Plan		For	For		Mgmt
	7	Approve Affiliation Agreements with Subsidiaries		For	For		Mgmt
	8	Amend Articles Re: Renumeration of Supervisory Board Members		For	For		Mgmt
	9	Ratify PWC Deutsche Revision AG as Auditors		For	For		Mgmt
05/04/04 - A/S	Telecom Italia Spa.( formerly Olivetti Spa )		IT0003497168			04/29/04		1,703,592
		Ordinary Business
	1	Adopt Rules Governing General Meetings		For	For		Mgmt
	2	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	3	Elect External Auditors for the Three-Year Term 2004-2006 and Fix Remuneration of Auditors		For	For		Mgmt
	4.A	Fix Number of Directors; Set Term of Office of Directors and Directors’ Remuneration		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 22

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4.B	Elect Directors		For	For		Mgmt
	5	Redefine Remuneration of Internal Statutory Auditors		For	For		Mgmt
		Special Business
	1.A	Amend Article 2		For	Against		Mgmt
	1.B	Amend Article 4		For	Against		Mgmt
	1.C	Amend Article 5		For	Against		Mgmt
	1.D	Amend Article 6		For	For		Mgmt
	1.E	Amend Article 7		For	Against		Mgmt
	1.F	Amend Article 9		For	For		Mgmt
	1.G	Amend Article 11		For	For		Mgmt
	1.H	Amend Article 12		For	Against		Mgmt
	1.I	Amend Article 13		For	For		Mgmt
	1.J	Amend Article 14		For	For		Mgmt
	1.K	Amend Article 15		For	For		Mgmt
	1.L	Amend Article 16		For	For		Mgmt
	1.M	Amend Article 17		For	For		Mgmt
	1.N	Amend Article 18		For	For		Mgmt
	1.O	Amend Article 19		For	For		Mgmt
	1.P	Introduction of One New Article Following Article 13 of the Bylaws		For	For		Mgmt
	1.Q	Eliminate Article 20 From the Bylaws		For	For		Mgmt
	1.R	Renumber Articles of Association; Authorize Board to Ratify and Execute Approved Resolutions		For	For		Mgmt
05/05/04 - A	Crh Plc		IE0001827041			None		145,357
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Dividends		For	For		Mgmt
	3a	Elect D.M. Kennedy as Director		For	For		Mgmt
	3b	Elect P.J. Molloy as Director		For	For		Mgmt
	3c	Elect W.I. O’Mahony as Director		For	For		Mgmt
	3d	Elect D.W. Doyle as Director		For	For		Mgmt
	3e	Elect J.M. de Jong as Director		For	For		Mgmt
	3f	Elect M. Lee as Director		For	For		Mgmt
	3g	Elect T.V. Neill as Director		For	For		Mgmt
	4	Authorize Board to Fix Remuneration of Auditors		For	For		Mgmt
	5	Approve Issuance of Equity Securities without Preemptive Rights		For	For		Mgmt
		Special Business
	6	Approve Stock Dividend Program		For	For		Mgmt
	7	Amend Articles Re: Company Inquiries Into Beneficial Ownership of Shares		For	For		Mgmt
	8	Amend Articles Re: Discharge of D&O Liability Insurance		For	For		Mgmt
	9	Amend Articles Re: Repurchase of Shares		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 23

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	10	Authorize Share Repurchase Program of 10% of Outstanding Ordinary Share Capital		For	For		Mgmt
	11	Authorize Re-issuance of Repurchased Shares		For	For		Mgmt
05/06/04 - A	Prudential Plc (frm.Prudential Corporation Plc )		GB0007099541			None		312,715
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Re-elect Jonathan Bloomer as Director		For	For		Mgmt
	4	Re-elect Philip Broadley as Director		For	For		Mgmt
	5	Re-elect Rob Rowley as Director		For	For		Mgmt
	6	Elect Kathleen O’Donovan as Director		For	For		Mgmt
	7	Elect Bridget Macaskill as Director		For	For		Mgmt
	8	Elect Mark Norbom as Director		For	For		Mgmt
	9	Re-appoint KPMG Audit Plc as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	10	Authorise the Company to Make EU Political Donations up to Aggregate Nominal Amount of GBP 50,000		For	For		Mgmt
	11	Authorise Egg plc to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000		For	For		Mgmt
	12	Approve Increase in Authorised Capital from GBP 150 Million to GBP 170 Million and USD 20 Million and EUR 20 Million; by the Creation of 2 Billion Sterling Preference Shares, 2 Billion Dollar Preference Shares and 2 Billion Euro Preference Shares		For	For		Mgmt
	13	Authorise Issuance of Sterling Preference Shares with Pre-emptive Rights up to GBP 20 Million; Dollar Preference Shares with Pre-emptive Rights up to USD 20 Million; and Euro Preference Shares with Pre-emptive Rights up to EUR 20 Million		For	For		Mgmt
	14	Authorise Issuance of Ordinary Shares with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 33,480,000		For	For		Mgmt
	15	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 5,000,000		For	For		Mgmt
	16	Authorise 200 Million Ordinary Shares for Market Purchase		For	For		Mgmt
	17	Amend Articles of Association Re: Preference Shares and Final Dividend		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 24

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/06/04 - A	Smith & Nephew PLC		GB0009223206			None		333,863
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Final Dividend of 3.1 Pence Per Share		For	For		Mgmt
	3	Re-elect Warren Knowlton as Director		For	For		Mgmt
	4	Re-elect Christopher O’Donnell as Director		For	For		Mgmt
	5	Re-elect Richard De Schutter as Director		For	For		Mgmt
	6	Re-elect Rolf Stomberg as Director		For	For		Mgmt
	7	Re-appoint Ernst and Young LLP as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	8	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 33,321,078		For	For		Mgmt
	9	Approve Remuneration Report		For	For		Mgmt
	10	Approve the Smith and Nephew 2004 Performance Share Plan		For	For		Mgmt
	11	Approve the Smith and Nephew 2004 Executive Share Option Plan		For	For		Mgmt
	12	Approve the Smith and Nephew 2004 Co-investment Plan		For	For		Mgmt
	13	Authorise the Directors to Establish Overseas Share Schemes		For	For		Mgmt
	14	Authorise the Directors to Establish the New Discretionary Trust		For	For		Mgmt
	15	Amend the Smith and Nephew 2001 UK Approved Share Option Plan		For	For		Mgmt
	16	Amend the Smith and Nephew 2001 UK Unapproved Share Option Plan		For	For		Mgmt
	17	Approve Reclassification of the One Issued ‘B’ Ordinary Share of 12 2/9 Pence as an Ordinary Share Having the Same Rights and Subject to the Same Restrictions as Existing Ordinary Shares		For	For		Mgmt
	18	Authorise 93,486,408 Shares for Market Purchase		For	For		Mgmt
	19	Adopt New Articles of Association		For	For		Mgmt
	20	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 5,713,057		For	For		Mgmt
	21	Approve Increase in Remuneration of Non-Executive Directors to GBP 900,000 Per Year		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 25

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/11/04 - A	Lafarge		FR0000120537			None		38,799
		Annual Meeting Agenda
	1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	2	Accept Consolidated Financial Statements and Statutory Reports		For	For		Mgmt
	3	Approve Allocation of Income, Dividends of EUR 3.45 per Share, and Stock Dividend Program		For	For		Mgmt
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions		For	For		Mgmt
	5	Ratify Cooptation of Juan Gallardo as Director		For	For		Mgmt
	6	Reelect Jean Keller as Director		For	For		Mgmt
	7	Authorize Repurchase of Up to Ten Percent of Issued Share Capital and Reissunace of Repurchased Shares		For	For		Mgmt
	8	Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt
05/11/04 - A	Li & Fung		BMG5485F1445			None		886,000
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Final Dividend of HK$0.25 Per Share		For	For		Mgmt
	3a	Reelect Danny Lau Sai Wing as Executive Director		For	For		Mgmt
	3b	Reelect Annabella Leung Wai Ping as Executive Director		For	For		Mgmt
	3c	Reelect Paul Edward Selway-Swift as Independent Non-Executive Director		For	For		Mgmt
	4	Approve Remuneration of All Directors at HK$80,000 and Additional Remuneration of HK$50,000 for Non-Executive Directors Serving on the Audit Committee		For	For		Mgmt
	5	Reappoint PricewaterhouseCoopers as Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	6	Approve Repurchase of Up to 10 Percent of Issued Capital		For	For		Mgmt
	7	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights		For	For		Mgmt
	8	Authorize Reissuance of Repurchased Shares		For	For		Mgmt
	9	Amend Bylaws Re: Voting at General Meetings, Material Interest of Directors in Contracts Entered into by the Company, Nomination of Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 26

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/11/04 - A	TI Automotive Ltd.		GB0030675291			None		332,400
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Re-appoint PricewaterhouseCoopers LLP as Auditors of the Company		For	For		Mgmt
	3	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
05/12/04 - A	Unilever Plc		GB0005748735			None		550,749
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 11.92 Pence Per Ordinary Share		For	For		Mgmt
	4	Re-elect Niall Fitzgerald as Director		For	For		Mgmt
	5	Re-elect Antony Burgmans as Director		For	For		Mgmt
	6	Re-elect Clive Butler as Director		For	For		Mgmt
	7	Re-elect Patrick Cescau as Director		For	For		Mgmt
	8	Re-elect Keki Dadiseth as Director		For	For		Mgmt
	9	Re-elect Andre baron van Heemstra as Director		For	For		Mgmt
	10	Re-elect Rudy Markham as Director		For	For		Mgmt
	11	Elect Kees van der Graaf as Director		For	For		Mgmt
	12	Re-elect Lord Brittan of Spennithorne as Director		For	For		Mgmt
	13	Re-elect Baroness Chalker of Wallasey as Director		For	For		Mgmt
	14	Re-elect Bertrand Collomb as Director		For	For		Mgmt
	15	Re-elect Wim Dik as Director		For	For		Mgmt
	16	Re-elect Oscar Fanjul as Director		For	For		Mgmt
	17	Re-elect Claudio Gonzalez as Director		For	For		Mgmt
	18	Re-elect Hilmar Kopper as Director		For	For		Mgmt
	19	Re-elect The Lord Simon of Highbury as Director		For	For		Mgmt
	20	Re-elect Jeroen van der Veer as Director		For	For		Mgmt
	21	Re-appoint PricewaterhouseCoopers LLP as Auditors of the Company		For	For		Mgmt
	22	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	23	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 13,450,000		For	For		Mgmt
	24	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 2 Million		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 27

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	25	Authorise 290 Million Ordinary Shares for Market Purchase		For	For		Mgmt
	26	Amend Articles of Association Re: New Corporate Governance Arrangements		For	For		Mgmt
	27	Amend Articles of Association Re: Treasury Shares		For	For		Mgmt
05/13/04 - A	Bayerische Motoren Werke Ag (Bmw)		DE0005190003			None		134,778
	1	Receive Financial Statements and Statutory Reports		None	None		Mgmt
	2	Approve Allocation of Income and Dividends of EUR 0.58 per Common Share and EUR 0.60 per Preference Share		For	For		Mgmt
	3	Approve Discharge of Management Board		For	For		Mgmt
	4	Approve Discharge of Supervisory Board		For	For		Mgmt
	5	Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors		For	For		Mgmt
	6	Elect Volker Doppelfeld, Franz Haniel, Arthur Kelly, Susanne Klatten, Hubert Markl, Wolfgang Mayrhuber, Joachim Milberg, Stefan Quandt, Juergen Strube, and Hans-Dietrich Winkhaus to the Supervisory Board		For	For		Mgmt
05/13/04 - A/S	BNP Paribas SA (Fm. Banque Nationale De Paris)		FR0000131104			None		71,146
		Ordinary Business
	1	Accept Consolidated Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	3	Approve Allocation of Income and Dividends of EUR 2.175 per Share		For	For		Mgmt
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions		For	For		Mgmt
	5	Authorize Issuance of Bonds/Debentures in the Nominal Value of Up to EUR 30 Billion		For	For		Mgmt
	6	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	7	Reelect Louis Schweitzer as Director		For	For		Mgmt
	8	Reelect Lindsay Owen-Jones as Director		For	For		Mgmt
	9	Confirm Expiration of Term of David Peake as Director		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 28

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	10	Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt
		Special Business
	11	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 1 Billion		For	For		Mgmt
	12	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 340 Million		For	For		Mgmt
	13	Authorize Capitalization of Reserves of Up to EUR 1 Billion for Bonus Issue or Increase in Par Value		For	For		Mgmt
	14	Allow Board to Issue Shares in the Event of a Public Tender Offer or Share Exchange Offer, Subject to Certain Conditions		For	For		Mgmt
	15	Amend Terms of Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan Submitted to Shareholder Vote at May 14, 2003, AGM/EGM		For	For		Mgmt
	16	Approve Reduction in Share Capital via Cancellation of Repurchased Shares		For	For		Mgmt
	17	Amend Articles of Association Re: Role of Chairman, Access to Information, Internal Control Procedures, Convening of Board Meetings, and Signing of the Minutes of Board Meetings		For	For		Mgmt
	18	Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt
05/13/04 - A	Swire Pacific		HK0019000162			None		308,000
	1	Approve Final Dividend of HK$1.02 Per A Share and HK$0.204 Per B Share		For	For		Mgmt
	2a	Reelect P.A. Johansen as Director		For	For		Mgmt
	2b	Reelect Adrian Swire as Director		For	For		Mgmt
	3	Reappoint PricewaterhouseCoopers as Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	4	Approve Repurchase of Up to 10 Percent of Issued Capital		For	For		Mgmt
	5	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights		For	For		Mgmt
	6	Authorize Reissuance of Repurchased Shares		For	For		Mgmt
	7	Amend Articles Re: Corporate Communications, Postponement of General Meetings, Editing Changes		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 29

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/14/04 - A	Swiss Reinsurance (Schweizerische Rueckversicherungs)		CH0012332372			None		4,147
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Discharge of Board and Senior Management		For	For		Mgmt
	3	Approve Allocation of Income and Dividends of CHF 1.10 per Share		For	For		Mgmt
	4	Approve Creation of CHF 2 Million Pool of Conditional Capital without Preemptive Rights		For	For		Mgmt
	5.1a	Reelect George Farr and Rajna Gibson as Directors		For	For		Mgmt
	5.1b	Elect Kaspar Villiger as Director		For	For		Mgmt
	5.2	Reelect PricewaterhouseCoopers Ltd as Auditors		For	For		Mgmt
05/17/04 - A	GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )		GB0009252882			None		245,381
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Elect Lawrence Culp as Director		For	For		Mgmt
	4	Elect Crispin Davis as Director		For	For		Mgmt
	5	Elect Sir Robert Wilson as Director		For	For		Mgmt
	6	Elect Tachi Yamada as Director		For	For		Mgmt
	7	Re-elect Sir Christopher Hogg as Director		For	For		Mgmt
	8	Re-appoint PricewaterhouseCoopers LLP as Auditors of the Company		For	For		Mgmt
	9	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	10	Authorise EU Political Donations up to Aggregate Nominal Amount of GBP 100,000		For	For		Mgmt
	11	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 74,330,954		For	For		Mgmt
	12	Authorise 594,647,632 Ordinary Shares for Market Purchase		For	For		Mgmt
05/20/04 - A	Cheung Kong Holdings		HK0001000014			05/18/04		356,000
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 30

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Approve Final Dividend of HK$1.30 Per Share		For	For		Mgmt
	3a	Reelect Chung Sun Keung, Davy as Director		For	For		Mgmt
	3b	Reelect Ip Tak Chuen, Edmond as Director		For	For		Mgmt
	3c	Reelect Chiu Kwok Hung, Justin as Director		For	For		Mgmt
	3d	Reelect Chow Kun Chee, Roland as Director		For	For		Mgmt
	3e	Reelect Wong Yick-ming, Rosanna as Director		For	For		Mgmt
	3f	Reelect Yeh Yuan Chang, Anthony as Director		For	For		Mgmt
	4	Reappoint Deloitte Touche Tohmatsu as Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	5a	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights		For	For		Mgmt
	5b	Approve Repurchase of Up to 10 Percent of Issued Capital		For	For		Mgmt
	5c	Authorize Reissuance of Repurchased Shares		For	For		Mgmt
05/20/04 - S	Cheung Kong Holdings		HK0001000014			05/18/04		356,000
		Special Business
	1	Amend Articles Re: Nomination of Directors, Voting at Meetings, Issuance of Share Certificate, Removal of Director by Ordinary Resolution		For	For		Mgmt
05/21/04 - A	Cadbury Schweppes Plc		GB0006107006			None		377,257
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Final Dividend of 8.35 Pence Per Ordinary Share		For	For		Mgmt
	3	Approve Remuneration Report		For	For		Mgmt
	4	Re-elect John Sunderland as Director		For	For		Mgmt
	5	Elect Ken Hanna as Director		For	For		Mgmt
	6	Re-elect Rick Braddock as Director		For	For		Mgmt
	7	Re-elect Roger Carr as Director		For	For		Mgmt
	8	Re-elect David Thompson as Director		For	For		Mgmt
	9	Re-appoint Deloitte and Touche LLP as Auditors of the Company		For	For		Mgmt
	10	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	11	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 85.27 Million		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 31

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	12	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 12.92 Million		For	For		Mgmt
	13	Authorise 25.84 Million Ordinary Shares for Market Purchase		For	For		Mgmt
	14	Amend Cadbury Schweppes Share Option Plan 1994		For	For		Mgmt
	15	Amend Cadbury Schweppes plc 1997 Long-Term Incentive Plan		For	For		Mgmt
	16	Approve Cadbury Schweppes Bonus Share Retention Plan 2004		For	For		Mgmt
	17	Amend Overseas Employee Share Schemes		For	For		Mgmt
	18	Authorise the Board to Establish Further Employees Share Plan or Plans		For	For		Mgmt
05/21/04 - A	Tomkins Plc		GB0008962655			None		99,654
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 7.4 Pence Per Share		For	For		Mgmt
	4	Re-elect David Newlands as Director		For	For		Mgmt
	5	Re-elect Kenneth Lever as Director		For	For		Mgmt
	6	Re-elect Sir Brian Pitman as Director		For	For		Mgmt
	7	Re-appoint Deloitte and Touche LLP as Auditors of the Company		For	For		Mgmt
	8	Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	9	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 12,887,706		For	For		Mgmt
	10	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 1,933,155		For	For		Mgmt
	11	Authorise 77,326,236 Ordinary Shares for Market Purchase		For	For		Mgmt
	12	Amend Articles Re: Wordings		For	For		Mgmt
05/25/04 - A/S	Eni Spa		IT0003132476			05/20/04		384,850
		Ordinary Business
	1	Accept Financial Statements, Consolidated Accounts, and Statutory Reports		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 32

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Approve Allocation of Income		For	For		Mgmt
	3	Authorize Share Repurchase Program		For	For		Mgmt
	4	Elect External Auditors for the Three-Year Term 2004-2006 and Fix Remuneration of Auditors		For	For		Mgmt
	5	Amend Article 2 of the Set of Rules Governing General Meetings of Eni Spa		For	For		Mgmt
	6	Approve Remuneration of Directors		For	For		Mgmt
		Special Business
	1	Amend Articles To Reflect New Italian Company Law Regulations		For	Against		Mgmt
	2	Amend Articles 17, 19, and 28 of the Company’s Bylaws		For	For		Mgmt
05/28/04 - A	HSBC Holdings Plc		GB0005405286			None		533,750
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2a	Re-elect Lord Butler as Director		For	For		Mgmt
	2b	Re-elect Baroness Lydia Dunn as Director		For	For		Mgmt
	2c	Elect Rona Fairhead as Director		For	For		Mgmt
	2d	Re-elect William Fung as Director		For	For		Mgmt
	2e	Elect Michael Geoghegan as Director		For	For		Mgmt
	2f	Re-elect Sharon Hintze as Director		For	For		Mgmt
	2g	Re-elect John Kemp-Welch as Director		For	For		Mgmt
	2h	Re-elect Sir Mark Moody-Stuart as Director		For	For		Mgmt
	2i	Re-elect Helmut Sohmen as Director		For	For		Mgmt
	3	Re-appoint KPMG Audit Plc as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	4	Approve Remuneration Report		For	For		Mgmt
	5	Authorise 1,099,900,000 Ordinary Shares for Market Purchase		For	For		Mgmt
	6	Auth. Issuance of Non-Cumulative Pref. Shares with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 100,000, USD 100,000 and EUR 100,000; and Auth. Issuance of Ord. Shares with Pre-emptive Rights up to Aggregate Nominal Amount of USD 1,099,900,000		For	For		Mgmt
	7	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of USD 274,975,000		For	For		Mgmt
	8	Approve Increase in Remuneration of Non-Executive Directors from GBP 35,000 to GBP 55,000 Per Annum		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 33

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/01/04 - A/S	Aventis SA (Formerly Rhone-Poulenc)		FR0000130460			None		1,747
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	2	Accept Consolidated Financial Statements and Statutory Reports		For	For		Mgmt
	3	Approve Allocation of Income and Dividends of EUR 1.23 per Share		For	For		Mgmt
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions		For	For		Mgmt
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital		For	For		Mgmt
	6	Ratify Yves Nicolas as Alternate Auditor		For	For		Mgmt
		Special Business
	7	Amend Article 7 to Reflect 2003 Legal Changes Re: Shareholding Disclosure Requirement		For	For		Mgmt
	8	Amend Article 11 to Set Term of Management Board Members at Three Years, Down From Five Years Previously		For	For		Mgmt
	9	Amend Article 13 to Set Term of Supervisory Board Members at Three Years, Down From Five Years Previously		For	For		Mgmt
		Ordinary Business
	10	Reelect Jean-Marc Bruel as Supervisory Board Member		For	For		Mgmt
	11	Reelect Martin Fruhauf as Supervisory Board Member		For	For		Mgmt
	12	Reelect Serge Kampf as Supervisory Board Member		For	For		Mgmt
	13	Reelect Hubert Markl as Supervisory Board Member		For	For		Mgmt
	14	Reelect Gunter Metz as Supervisory Board Member		For	For		Mgmt
	15	Reelect Didier Pineau-Valencienne as Supervisory Board Member		For	For		Mgmt
	16	Reelect Seham Razzouqi as Supervisory Board Member		For	For		Mgmt
	17	Reelect Michel Renault as Supervisory Board Member		For	For		Mgmt
	18	Reelect Hans-Jurgen Schinzler as Supervisory Board Member		For	For		Mgmt
	19	Reelect Marc Vienot as Supervisory Board Member		For	For		Mgmt
	20	Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 34

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/02/04 - A	Ahold Kon Nv		NL0000331817			None		65,760
	1	Open Meeting		None	None		Mgmt
	2	Receive Report Regarding Company Strategy (‘Road to Recovery’)		None	None		Mgmt
	3.1	Approve Financial Statements and Statutory Reports		For	For		Mgmt
	3.2	Receive Explanation of Company’s Reserves and Dividend Policy		None	None		Mgmt
	3.3	Approve Discharge of Management Board		For	For		Mgmt
	3.4	Approve Discharge of Supervisory Board		For	For		Mgmt
	4	Elect Supervisory Board Member		For	For		Mgmt
	5	Ratify Deloitte & Touche as Auditors		For	For		Mgmt
	6	Authorize Board to Change Official Language of the Annual Report to English		For	For		Mgmt
	7	Close Meeting		None	None		Mgmt
06/02/04 - A	Deutsche Bank		DE0005140008			05/27/04		38,012
	1	Receive Financial Statements and Statutory Reports		None	None		Mgmt
	2	Approve Allocation of Income and Dividends of EUR 1.50 per Share		For	For		Mgmt
	3	Approve Discharge of Management Board		For	For		Mgmt
	4	Approve Discharge of Supervisory Board		For	For		Mgmt
	5	Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors		For	For		Mgmt
	6	Authorize Repurchase of up to Ten Percent of Issued Share Capital for Trading Purposes		For	For		Mgmt
	7	Authorize Share Repurchase Program and Reissuance of Repurchased Shares		For	For		Mgmt
	8	Approve Creation of EUR 150 Million Pool of Conditional Capital with Preemptive Rights		For	For		Mgmt
	9	Approve Creation of EUR 48 Million Pool of Conditional Capital with Preemptive Rights		For	For		Mgmt
	10	Approve Issuance of Convertible Bonds and/or Bonds with Warrants Attached up to Aggregate Nominal Amount of EUR 6 Billion with Preemptive Rights; Approve Creation of EUR 150 Million Pool of Conditional Capital to Guarantee Conversion Rights		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 35

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/03/04 - A	Kingfisher Plc		GB0033195214			None		461,821
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 6.15 Pence Per Ordinary Share		For	For		Mgmt
	4	Elect Duncan Tatton-Brown as Director		For	For		Mgmt
	5	Re-elect Sir Francis Mackay as Director		For	For		Mgmt
	6	Re-elect Michael Hepher as Director		For	For		Mgmt
	7	Re-elect Margaret Salmon as Director		For	For		Mgmt
	8	Re-appoint PricewaterhouseCoopers LLP as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	9	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 108,526,099		For	For		Mgmt
	10	Approve Scrip Dividend		For	For		Mgmt
	11	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to a Nominal Value of 5 Percent of the Issued Share Capital of the Company		For	For		Mgmt
	12	Authorise 233,210,664 Ordinary Shares for Market Purchase		For	For		Mgmt
06/15/04 - A	Whitbread Plc		GB0030345457			None		60,509
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 16.15 Pence Per Ordinary Share		For	For		Mgmt
	4	Elect Angie Risley as Director		For	For		Mgmt
	5	Re-elect Sir John Banham as Director		For	For		Mgmt
	6	Re-elect Alan Parker as Director		For	For		Mgmt
	7	Re-elect Stewart Miller as Director		For	For		Mgmt
	8	Re-appoint Ernst and Young LLP as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	9	Amend the Whitbread Long Term Incentive Plan		For	For		Mgmt
	10	Authorise the Directors to Set up Share Plans for Employees Overseas		For	For		Mgmt
	11	Authorise Market Purchase of Ordinary Shares up to GBP 14,875,000		For	For		Mgmt
	12	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 7,437,500		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 36

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/18/04 - A	Hoya Corp.		JP3837800006			03/31/04		50,000
	1	Amend Articles to: Expand Business Lines - Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Approve Executive Stock Option Plan		For	For		Mgmt
06/18/04 - A	NTT DoCoMo Inc.		JP3165650007			03/31/04		1,314
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 500, Final JY 500, Special JY 500		For	For		Mgmt
	2	Authorize Share Repurchase Program		For	For		Mgmt
	3	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	4	Elect Directors		For	For		Mgmt
	5	Appoint Internal Statutory Auditor		For	For		Mgmt
	6	Approve Retirement Bonuses for Directors and Statutory Auditor		For	Against		Mgmt
06/18/04 - A	Tesco Plc		GB0008847096			None		1,188,725
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 4.77 Pence Per Ordinary Share		For	For		Mgmt
	4	Amend Articles of Association Re: Director’s Retirement Age		For	For		Mgmt
	5	Re-elect Charles Allen as Director		For	For		Mgmt
	6	Re-elect Philip Clarke as Director		For	For		Mgmt
	7	Re-elect Harald Einsmann as Director		For	For		Mgmt
	8	Re-elect Veronique Morali as Director		For	For		Mgmt
	9	Re-elect Graham Pimlott as Director		For	For		Mgmt
	10	Elect Richard Brasher as Director		For	For		Mgmt
	11	Elect Ken Hydon as Director		For	For		Mgmt
	12	Elect Mervyn Davies as Director		For	For		Mgmt
	13	Elect David Reid as Director		For	For		Mgmt
	14	Re-appoint PricewaterhouseCoopers LLP as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	15	Approve Increase in Authorised Share Capital from GBP 481,600,000 to GBP 530,000,000		For	For		Mgmt
	16	Approve Scrip Dividend		For	For		Mgmt
	17	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 128.07 Million		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 37

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	18	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 19.21 Million		For	For		Mgmt
	19	Authorise 768.44 Million Ordinary Shares for Market Purchase		For	For		Mgmt
	20	Authorise Tesco Stores CR a.s. to Make EU Political Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000		For	For		Mgmt
	21	Authorise Tesco Stores SR a.s. to Make EU Political Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000		For	For		Mgmt
	22	Authorise Tesco Global Rt to Make EU Political Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000		For	For		Mgmt
	23	Authorise Tesco Polska Sp z.o.o. to Make EU Political Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000		For	For		Mgmt
	24	Approve the Tesco PLC Performance Share Plan 2004		For	For		Mgmt
	25	Approve the Tesco PLC 2004 Discretionary Share Option Plan		For	For		Mgmt
06/23/04 - A	Honda Motor Co. Ltd.		JP3854600008			03/31/04		148,900
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 19, Final JY 23, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4.1	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.2	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.3	Appoint Internal Statutory Auditor		For	For		Mgmt
	5	Approve Adjustment to Aggregate Compensation Ceiling for Directors		For	For		Mgmt
	6	Approve Payment of Annual Bonuses to Directors and Statutory Auditors		For	For		Mgmt
	7	Approve Retirement Bonuses for Directors and Statutory Auditor		For	For		Mgmt
06/24/04 - A	Acom Co. Ltd.		JP3108600002			03/31/04		10,580
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 40, Final JY 40, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Decrease Authorized Capital to Reflect Share Repurchase - Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 38

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Elect Directors		For	For		Mgmt
	4	Appoint Internal Statutory Auditor		For	Against		Mgmt
	5	Approve Retirement Bonuses for Directors and Statutory Auditor		For	Against		Mgmt
06/25/04 - A	Ricoh Co. Ltd.		JP3973400009			03/31/04		108,000
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 8, Final JY 10, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4.1	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.2	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.3	Appoint Internal Statutory Auditor		For	Against		Mgmt
	5	Approve Retirement Bonuses for Directors		For	Against		Mgmt
06/28/04 - A	WPP Group Plc		GB0009740423			None		195,734
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Final Dividend of 4.4 Pence Per Ordinary Share		For	For		Mgmt
	3a	Elect Orit Gadiesh as Director		For	For		Mgmt
	3b	Elect Koichiro Naganuma as Director		For	For		Mgmt
	3c	Elect Paul Spencer as Director		For	For		Mgmt
	3d	Re-elect Philip Lader as Director		For	For		Mgmt
	3e	Re-elect Jeremy Bullmore as Director		For	For		Mgmt
	3f	Re-elect John Jackson as Director		For	For		Mgmt
	3g	Re-elect Stanley Morten as Director		For	For		Mgmt
	3h	Re-elect John Quelch as Director		For	For		Mgmt
	4	Re-appoint Deloitte and Touche LLP as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	5	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 39,334,225		For	For		Mgmt
	6	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 5,900,134		For	For		Mgmt
	7	Authorise 118,002,676 Ordinary Shares for Market Purchase		For	For		Mgmt
	8	Approve Remuneration Report		For	For		Mgmt
	9	Amend the Capital Investment Plan		For	For		Mgmt
	10	Amend the Notional Share Award Plan		For	For		Mgmt
	11	Approve Increase in Remuneration of Non-Executive Directors from GBP 450,000 to GBP 1,000,000		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 39

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/29/04 - A	Fanuc Ltd.		JP3802400006			03/31/04		43,900
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 11, Final JY 12, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4	Appoint Internal Statutory Auditor		For	For		Mgmt
	5	Approve Adjustment to Aggregate Compensation Ceilings for Directors and Statutory Auditors		For	For		Mgmt
	6	Approve Retirement Bonuses for Directors and Statutory Auditor		For	For		Mgmt
06/29/04 - A	MILLEA HOLDINGS INC.		JP3910660004			03/31/04		18
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 11,000, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4.1	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.2	Appoint Internal Statutory Auditor		For	For		Mgmt
	5	Approve Retirement Bonuses for Director and Statutory Auditor		For	For		Mgmt
06/29/04 - A	Mitsubishi Tokyo Financial Group Inc		JP3902900004			03/31/04		328
	1	Approve Allocation of Income, Including the Following Dividends on Ordinary Shares: Interim JY 0, Final JY 6000, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4	Appoint Internal Statutory Auditor		For	For		Mgmt
	5	Approve Retirement Bonuses for Directors and Statutory Auditor		For	Against		Mgmt
06/29/04 - A	Mitsui Sumitomo Insurance Co. Ltd		JP3888200007			03/31/04		27,000
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 8.5, Special JY 0		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 40

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4.1	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.2	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.3	Appoint Internal Statutory Auditor		For	For		Mgmt
	5	Approve Retirement Bonuses for Directors and Statutory Auditors		For	Against		Mgmt
06/29/04 - A	Nippon Telegraph & Telephone Corp.		JP3735400008			03/31/04		1,541
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 2500, Final JY 2500, Special JY 0		For	For		Mgmt
	2	Authorize Share Repurchase Program		For	For		Mgmt
	3	Amend Articles to: Decrease Authorized Capital from 62.212 Million to 61.93 Million Shares to Reflect Share Repurchase		For	For		Mgmt
	4	Elect Directors		For	For		Mgmt
	5	Appoint Internal Statutory Auditor		For	For		Mgmt
	6	Approve Retirement Bonuses for Directors and Statutory Auditor		For	For		Mgmt
06/29/04 - A	Rohm Co. Ltd.		JP3982800009			03/31/04		21,700
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 12.5, Final JY 42.5, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3.1	Appoint Internal Statutory Auditor		For	Against		Mgmt
	3.2	Appoint Internal Statutory Auditor		For	For		Mgmt
	3.3	Appoint Internal Statutory Auditor		For	For		Mgmt
	3.4	Appoint Internal Statutory Auditor		For	For		Mgmt
	3.5	Appoint Internal Statutory Auditor		For	For		Mgmt
	4	Approve Retirement Bonus for Statutory Auditor		For	Against		Mgmt
06/29/04 - A	Shin-Etsu Chemical Co. Ltd.		JP3371200001			03/31/04		95,100
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 8, Final JY 8, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4	Approve Retirement Bonuses for Directors		For	For		Mgmt
	5	Approve Executive Stock Option Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 41

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Select International Equity Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/29/04 - A	Shionogi & Co. Ltd.		JP3347200002			03/31/04		87,000
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 4.25, Final JY 4.25, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Reduce Minimum Board Size - Reduce Directors Term in Office - Authorize Share Repurchases at Board’s Discretion - Expand Business Lines		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4.1	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.2	Appoint Internal Statutory Auditor		For	Against		Mgmt
	5	Approve Retirement Bonuses for Directors and Statutory Auditor		For	For		Mgmt
06/29/04 - A	Takeda Chemical Industries Ltd.		JP3463000004			03/31/04		65,600
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 36, Final JY 41, Special JY 0		For	For		Mgmt
	2	Amend Articles to: Change Company Name in English to Takeda Pharmaceutical Co. Ltd. - Authorize Share Repurchases at Board’s Discretion		For	For		Mgmt
	3	Elect Directors		For	For		Mgmt
	4.1	Appoint Internal Statutory Auditor		For	For		Mgmt
	4.2	Appoint Internal Statutory Auditor		For	For		Mgmt
	5	Approve Retirement Bonus for Statutory Auditor		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 42

AIT Select Growth Fund — GE Asset Management Incorporated

Effective April 30, 2004, GE Asset Management Incorporated (“GEAM”) assumed sub-adviser responsibilities from Putnam Investment Management, LLC (“Putnam”) for that portion of the Select Growth Fund that was independently managed by Putnam. No Proxy Voting Records are reported for the period April 30, 2004 through June 30, 2004 because GEAM was not required to submit any proxy votes during such period.

Page 1 of 1

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Forest Laboratories -Cl A	20030811	ANNUAL	FRX	345838106	1.00	Elect Directors	MGMT	FOR	FOR
Forest Laboratories -Cl A	20030811	ANNUAL	FRX	345838106	2.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Forest Laboratories -Cl A	20030811	ANNUAL	FRX	345838106	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
KLA-Tencor	20031105	ANNUAL	KLAC	482480100	1.00	Elect Directors	MGMT	FOR	FOR
KLA-Tencor	20031105	ANNUAL	KLAC	482480100	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Medtronic	20030828	ANNUAL	MDT	585055106	1.00	Elect Directors	MGMT	FOR	FOR
Medtronic	20030828	ANNUAL	MDT	585055106	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Medtronic	20030828	ANNUAL	MDT	585055106	3.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Medtronic	20030828	ANNUAL	MDT	585055106	4.00	Approve Annual Bonus Plan	MGMT	FOR	FOR
Microsoft	20031111	ANNUAL	MSFT	594918104	1.00	Elect Directors	MGMT	FOR	FOR
Microsoft	20031111	ANNUAL	MSFT	594918104	2.00	Amend Stock Option Plan	MGMT	FOR	FOR
Microsoft	20031111	ANNUAL	MSFT	594918104	3.00	Amend Director Stock Option Plan	MGMT	FOR	FOR
Microsoft	20031111	ANNUAL	MSFT	594918104	4.00	SP-Limit or End Charitable Giving	SHARE HOLDER	AGAINST	AGAINST
Paychex	20031002	ANNUAL	PAYX	704326107	1.00	Elect Directors	MGMT	FOR	ABSTAIN
Procter & Gamble	20031014	ANNUAL	PG	742718109	1.00	Elect Directors	MGMT	FOR	ABSTAIN
Procter & Gamble	20031014	ANNUAL	PG	742718109	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Procter & Gamble	20031014	ANNUAL	PG	742718109	3.00	Adopt Director Stock Option Plan	MGMT	FOR	AGAINST
Procter & Gamble	20031014	ANNUAL	PG	742718109	4.00	SP-Repeal Classified Board	SHARE HOLDER	AGAINST	FOR
Procter & Gamble	20031014	ANNUAL	PG	742718109	5.00	SP-Review or Curb Bioengineering	SHARE HOLDER	AGAINST	AGAINST
Dell	20030718	ANNUAL	DELL	24702R101	1.00	Elect Directors	MGMT	FOR	FOR
Dell	20030718	ANNUAL	DELL	24702R101	2.00	Repeal Classified Board	MGMT	FOR	FOR
Dell	20030718	ANNUAL	DELL	24702R101	3.00	Approve Name Change	MGMT	FOR	FOR
Dell	20030718	ANNUAL	DELL	24702R101	4.00	Approve Annual Bonus Plan	MGMT	FOR	FOR
Fidelity National Financial	20030929	ANNUAL	FNF	316326107	1.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Fidelity National Financial	20030929	ANNUAL	FNF	316326107	2.00	Elect Directors	MGMT	FOR	ABSTAIN
Cisco Systems	20031111	ANNUAL	CSCO	17275R102	1.00	Elect Directors	MGMT	FOR	ABSTAIN
Cisco Systems	20031111	ANNUAL	CSCO	17275R102	2.00	Adopt Employee Stock Purchase Plan	MGMT	FOR	FOR
Cisco Systems	20031111	ANNUAL	CSCO	17275R102	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Cisco Systems	20031111	ANNUAL	CSCO	17275R102	4.00	SP-Misc. Human/Political Rights Proposal	SHARE HOLDER	AGAINST	AGAINST
Cisco Systems	20031111	ANNUAL	CSCO	17275R102	5.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Xilinx	20030807	ANNUAL	XLNX	983919101	1.00	Elect Directors	MGMT	FOR	FOR
Xilinx	20030807	ANNUAL	XLNX	983919101	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	1.00	Approve Financial Statements	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	2.00	Approve Remuneration Policy	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	3.00	Elect Lord Ian MacLaurin of Knebworth	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	4.00	Elect Kenneth Hydon	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	5.00	Elect Thomas Geitner	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	6.00	Elect Sir Alec Broers	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	7.00	Elect Jurgen Schrempp	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	8.00	Elect John Buchanan	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	9.00	Set Final Dividend at 0.8963 p	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	10.00	Appoint Outside Auditors	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	11.00	Set Auditors’ Fees	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	12.00	Approve Political Donation	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	13.00	Issue Stock w/ Preemptive Rights	MGMT	FOR	FOR
Vodafone Group	20030730	ANNUAL		92857W100	14.00	Issue Stock w/o Preemptive Rights	MGMT	FOR	AGAINST
Vodafone Group	20030730	ANNUAL		92857W100	15.00	Authorize Share Repurchase	MGMT	FOR	FOR
Boston Scientific	20031006	SPECIAL	BSX	101137107	1.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Seagate Technology	20031029	ANNUAL	STX	811804103	1.00	Elect Directors	MGMT	FOR	ABSTAIN
Seagate Technology	20031029	ANNUAL	STX	811804103	2.00	Approve Annual Bonus Plan	MGMT	FOR	FOR
Seagate Technology	20031029	ANNUAL	STX	811804103	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Teva Pharmaceutical	20031027	SPECIAL		881624209	1.00	Election of Directors by Nominee	MGMT	FOR	FOR
Teva Pharmaceutical	20031027	SPECIAL		881624209	2.00	Approve Directors’ Fees	MGMT	FOR	FOR
Alcon	20040427	ANNUAL		2852395	1.00	Approve Financial Statements	MGMT	FOR	FOR
Alcon	20040427	ANNUAL		2852395	2.00	Set Dividend at 0.57	MGMT	FOR	FOR
Alcon	20040427	ANNUAL		2852395	3.00	Ratify Board Acts-Legal	MGMT	FOR	AGAINST
Alcon	20040427	ANNUAL		2852395	4.01	Elect Werner J. Bauer	MGMT	FOR	FOR
Alcon	20040427	ANNUAL		2852395	4.02	Elect Francisco Castaner	MGMT	FOR	FOR
Alcon	20040427	ANNUAL		2852395	4.03	Elect Lodewijk J.R. De Vink	MGMT	FOR	FOR
Alcon	20040427	ANNUAL		2852395	5.00	Appoint Outside Auditors	MGMT	FOR	FOR
Alcon	20040427	ANNUAL		2852395	6.00	Appoint Appraiser/Special Auditor	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.01	Elect Daniel F. Akerson	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.02	Elect Charlene Barshefsky	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.03	Elect William G. Bowen	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.04	Elect Ursula M. Burns	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.05	Elect Kenneth I. Chenault	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.06	Elect Peter R. Dolan	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.07	Elect Vernon E. Jordan Jr.	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.08	Elect Jan Leschly	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.09	Elect Richard A. McGinn	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.10	Elect Edward D. Miller	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.11	Elect Frank P. Popoff	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	1.12	Elect Robert D. Walter	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
American Express	20040426	ANNUAL	AXP	025816109	3.00	SP-Director Tenure/Retirement Age	SHARE HOLDER	AGAINST	AGAINST
American Express	20040426	ANNUAL	AXP	025816109	4.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
American International Group	20040519	ANNUAL	AIG	026874107	1.01	Elect M. Bernard Aidinoff	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.02	Elect Pei-Yuan Chia	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.03	Elect Marshall A. Cohen	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.04	Elect William S. Cohen	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.05	Elect Martin S. Feldstein	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.06	Elect Ellen V. Futter	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.07	Elect Maurice R. Greenberg	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.08	Elect Carla A. Hills	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.09	Elect Frank J. Hoenemeyer	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.10	Elect Richard C. Holbrooke	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.11	Elect Donald P. Kanak	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.12	Elect Howard I. Smith	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.13	Elect Martin J. Sullivan	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	1.14	Elect Edmund S.W. Tse	MGMT	FOR	FOR

Page 1 of 8

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
American International Group	20040519	ANNUAL	AIG	026874107	1.15	Elect Frank G. Zarb	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	2.00	Approve Annual Bonus Plan	MGMT	FOR	AGAINST
American International Group	20040519	ANNUAL	AIG	026874107	3.00	Adopt Director Stock Award Plan	MGMT	FOR	AGAINST
American International Group	20040519	ANNUAL	AIG	026874107	4.00	Ratify Selection of Auditors	MGMT	FOR	FOR
American International Group	20040519	ANNUAL	AIG	026874107	5.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
American International Group	20040519	ANNUAL	AIG	026874107	6.00	SP-Sever Links with Tobacco Industry	SHARE HOLDER	AGAINST	AGAINST
American International Group	20040519	ANNUAL	AIG	026874107	7.00	SP-Link Executive Pay to Social Criteria	SHARE HOLDER	AGAINST	AGAINST
Amgen Inc	20040513	ANNUAL	AMGN	031162100	1.01	Elect Frank J. Biondi Jr.	MGMT	FOR	FOR
Amgen Inc	20040513	ANNUAL	AMGN	031162100	1.02	Elect Jerry D. Choate	MGMT	FOR	FOR
Amgen Inc	20040513	ANNUAL	AMGN	031162100	1.03	Elect Frank C. Herringer	MGMT	FOR	FOR
Amgen Inc	20040513	ANNUAL	AMGN	031162100	1.04	Elect Gilbert S. Omenn	MGMT	FOR	FOR
Amgen Inc	20040513	ANNUAL	AMGN	031162100	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Amgen Inc	20040513	ANNUAL	AMGN	031162100	3.00	SP-Report on EEO	SHARE HOLDER	AGAINST	FOR
Amgen Inc	20040513	ANNUAL	AMGN	031162100	4.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Analog Devices	20040309	ANNUAL	ADI	032654105	1.01	Elect Jerald G. Fishman	MGMT	FOR	FOR
Analog Devices	20040309	ANNUAL	ADI	032654105	1.02	Elect F. Grant Saviers	MGMT	FOR	FOR
Analog Devices	20040309	ANNUAL	ADI	032654105	2.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Analog Devices	20040309	ANNUAL	ADI	032654105	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Avon Products	20040506	ANNUAL	AVP	054303102	1.01	Elect Edward T. Fogarty	MGMT	FOR	FOR
Avon Products	20040506	ANNUAL	AVP	054303102	1.02	Elect Susan J. Kropf	MGMT	FOR	FOR
Avon Products	20040506	ANNUAL	AVP	054303102	1.03	Elect Maria Elena Lagomasino	MGMT	FOR	FOR
Avon Products	20040506	ANNUAL	AVP	054303102	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Avon Products	20040506	ANNUAL	AVP	054303102	3.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Avon Products	20040506	ANNUAL	AVP	054303102	4.00	SP-Repeal Classified Board	SHARE HOLDER	AGAINST	FOR
Avon Products	20040506	ANNUAL	AVP	054303102	5.00	SP-Control Generation of Pollutants	SHARE HOLDER	AGAINST	AGAINST
Avon Products	20040506	ANNUAL	AVP	054303102	6.00	SP-Control Generation of Pollutants	SHARE HOLDER	AGAINST	AGAINST
Genentech	20040416	ANNUAL	DNA	368710406	1.00	Approve Board Size	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	2.01	Elect Herbert W. Boyer	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	2.02	Elect Arthur D. Levinson	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	2.03	Elect Mark Richmond	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	2.04	Elect Charles A. Sanders	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	2.05	Elect William M. Burns	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	2.06	Elect Erich Hunziker	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	2.07	Elect Jonathan K. C. Knowles	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	3.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	4.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Genentech	20040416	ANNUAL	DNA	368710406	5.00	Ratify Selection of Auditors	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.01	Elect James I. Cash Jr.	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.02	Elect Dennis D. Dammerman	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.03	Elect Ann M. Fudge	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.04	Elect Claudio X. Gonzalez Laporte	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.05	Elect Jeffrey R. Immelt	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.06	Elect Andrea Jung	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.07	Elect Alan G. Lafley	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.08	Elect Kenneth G. Langone	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.09	Elect Ralph S. Larsen	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.10	Elect Rochelle B. Lazarus	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.11	Elect Samuel A. Nunn Jr.	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.12	Elect Roger S. Penske	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.13	Elect Robert J. Swieringa	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.14	Elect Douglas A. Warner III	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	1.15	Elect Robert C. Wright	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	3.00	Amend Long-term Bonus Plan	MGMT	FOR	FOR
General Electric	20040428	ANNUAL	GE	369604103	4.00	SP-Adopt Cumulative Voting	SHARE HOLDER	AGAINST	FOR
General Electric	20040428	ANNUAL	GE	369604103	5.00	SP-Review or Promote Animal Welfare	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	6.00	SP-Review Nuclear Facility/Waste	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	7.00	SP-Report on Environmental Impact or Plans	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	8.00	SP-Report on Risk to Image of Globalization Strate	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	9.00	SP-Report on Sustainability	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	10.00	SP-Increase Comp Committee Independence	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	11.00	SP-Link Executive Pay to Social Criteria	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	12.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	13.00	SP-Limit Number of Directorships	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	14.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	15.00	SP-Study Sale or Spin-off	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	16.00	SP-Require Option Shares to Be Held	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	17.00	SP-Increase Board Independence	SHARE HOLDER	AGAINST	AGAINST
General Electric	20040428	ANNUAL	GE	369604103	18.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.01	Elect Lawrence T. Babbio Jr.	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.02	Elect Patricia C. Dunn	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.03	Elect Carleton S. Fiorina	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.04	Elect Richard A. Hackborn	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.05	Elect George A. Keyworth II	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.06	Elect Robert E. Knowling Jr.	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.07	Elect Sanford M. Litvack	MGMT	FOR	AGAINST
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.08	Elect Robert L. Ryan	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	1.09	Elect Lucille S. Salhany	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	3.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Hewlett-Packard	20040317	ANNUAL	HPQ	428236103	4.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Intel Corp	20040519	ANNUAL	INTC	458140100	1.01	Elect Craig R. Barrett	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.02	Elect Charlene Barshefsky	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.03	Elect E. John P. Browne	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.04	Elect Andrew S. Grove	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.05	Elect D. James Guzy	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.06	Elect Reed E. Hundt	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.07	Elect Paul S. Otellini	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.08	Elect David S. Pottruck	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.09	Elect Jane E. Shaw	MGMT	FOR	FOR

Page 2 of 8

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Intel Corp	20040519	ANNUAL	INTC	458140100	1.10	Elect John L. Thornton	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	1.11	Elect David B. Yoffie	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	3.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Intel Corp	20040519	ANNUAL	INTC	458140100	4.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Intel Corp	20040519	ANNUAL	INTC	458140100	5.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Intel Corp	20040519	ANNUAL	INTC	458140100	6.00	SP-Award Performance-based Stock Options	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	1.01	Elect Cathleen P. Black	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.02	Elect Kenneth I. Chenault	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.03	Elect Carlos Ghosn	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.04	Elect Nannerl O. Keohane	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.05	Elect Charles F. Knight	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.06	Elect Lucio A. Noto	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.07	Elect Samuel J. Palmisano	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.08	Elect John B. Slaughter	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.09	Elect Joan E. Spero	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.10	Elect Sidney Taurel	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.11	Elect Charles M. Vest	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	1.12	Elect Lorenzo H. Zambrano	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	3.00	Ratify Auditors for Business Unit	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	4.00	Reapprove Option/Bonus Plan for OBRA	MGMT	FOR	FOR
International Business Machines	20040427	ANNUAL	IBM	459200101	5.00	SP-Adopt Cumulative Voting	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	6.00	SP-Provide Pension Choices	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	7.00	SP-Pension Fund Surplus	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	8.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	9.00	SP-Disclose Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	10.00	SP-China—Adopt Code of Conduct	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	11.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
International Business Machines	20040427	ANNUAL	IBM	459200101	12.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Kroger Co	20040624	ANNUAL	KR	501044101	1.01	Elect John L. Clendenin	MGMT	FOR	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	1.02	Elect David B. Dillon	MGMT	FOR	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	1.03	Elect David B. Lewis	MGMT	FOR	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	1.04	Elect Don W. McGeorge	MGMT	FOR	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	1.05	Elect W. Rodney McMullen	MGMT	FOR	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	1.06	Elect Susan M. Phillips	MGMT	FOR	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	3.00	SP-Repeal Classified Board	SHARE HOLDER	AGAINST	FOR
Kroger Co	20040624	ANNUAL	KR	501044101	4.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	AGAINST
Kroger Co	20040624	ANNUAL	KR	501044101	5.00	SP-Golden Parachutes	SHARE HOLDER	AGAINST	AGAINST
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	1.01	Elect Steven C. Beering	MGMT	FOR	FOR
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	1.02	Elect Winfried F.W. Bischoff	MGMT	FOR	FOR
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	1.03	Elect Franklyn G. Prendergast	MGMT	FOR	FOR
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	1.04	Elect Kathi P. Seifert	MGMT	FOR	FOR
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	3.00	Approve Annual Bonus Plan	MGMT	FOR	FOR
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	4.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Lilly (Eli)	20040419	ANNUAL	LLY	532457108	5.00	SP-Review Drug Pricing or Distribution	SHARE HOLDER	AGAINST	AGAINST
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.01	Elect Leonard L. Berry	MGMT	FOR	FOR
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.02	Elect Paul Fulton	MGMT	FOR	FOR
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.03	Elect Dawn E. Hudson	MGMT	FOR	AGAINST
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.04	Elect Marshall O. Larsen	MGMT	FOR	FOR
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.05	Elect Robert A. Niblock	MGMT	FOR	FOR
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.06	Elect Stephen F. Page	MGMT	FOR	FOR
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.07	Elect O. Temple Sloan Jr.	MGMT	FOR	FOR
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	1.08	Elect Robert L. Tillman	MGMT	FOR	FOR
Lowe’s Companies Inc	20040528	ANNUAL	LOW	548661107	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	1.01	Elect Edward A. Brennan	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	1.02	Elect Walter E. Massey	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	1.03	Elect John W. Rogers Jr.	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	1.04	Elect Anne-Marie Slaughter	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	1.05	Elect Roger W. Stone	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	3.00	Amend Stock Option Plan	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	3.00	Add Shares to Stock Option Plan	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	4.00	Approve Annual Bonus Plan	MGMT	FOR	FOR
McDonald’s Corp	20040520	ANNUAL	MCD	580135101	4.00	Approve Long-Term Bonus Plan	MGMT	FOR	FOR
Morgan Stanley	20040420	ANNUAL	MWD	617446448	1.01	Elect John W. Madigan	MGMT	FOR	FOR
Morgan Stanley	20040420	ANNUAL	MWD	617446448	1.02	Elect Klaus Zumwinkel	MGMT	FOR	FOR
Morgan Stanley	20040420	ANNUAL	MWD	617446448	1.03	Elect Howard Davies	MGMT	FOR	FOR
Morgan Stanley	20040420	ANNUAL	MWD	617446448	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Morgan Stanley	20040420	ANNUAL	MWD	617446448	3.00	SP-Repeal Classified Board	SHARE HOLDER	AGAINST	FOR
Morgan Stanley	20040420	ANNUAL	MWD	617446448	4.00	SP-Golden Parachutes	SHARE HOLDER	AGAINST	FOR
Morgan Stanley	20040420	ANNUAL	MWD	617446448	5.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	1.00	Approve Common Stock Issuance	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	1.00	Approve Merger/Acquisition	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.01	Elect Hans W. Becherer	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.02	Elect Frank A. Bennack Jr.	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.03	Elect John H. Biggs	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.04	Elect Lawrence A. Bossidy	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.05	Elect Ellen V. Futter	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.06	Elect William H. Gray III	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.07	Elect William B. Harrison Jr.	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.08	Elect Helene L. Kaplan	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.09	Elect Lee R. Raymond	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	2.10	Elect John R. Stafford	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	4.00	Reapprove Option/Bonus Plan for OBRA	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	5.00	Adjourn Meeting	MGMT	FOR	FOR
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	6.00	SP-Director Tenure/Retirement Age	SHARE HOLDER	AGAINST	AGAINST

Page 3 of 8

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	7.00	SP-Limit or End Charitable Giving	SHARE HOLDER	AGAINST	AGAINST
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	8.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	9.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	AGAINST
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	10.00	SP-Failure to Disclose Derivatives	SHARE HOLDER	AGAINST	AGAINST
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	11.00	SP-Limit Consulting by Auditors	SHARE HOLDER	AGAINST	AGAINST
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	12.00	SP-Restrict Director Compensation	SHARE HOLDER	AGAINST	AGAINST
J P Morgan Chase & Co	20040525	ANNUAL	JPM	46625H100	13.00	SP-Link Executive Pay to Social Criteria	SHARE HOLDER	AGAINST	AGAINST
Motorola	20040503	ANNUAL	MOT	620076109	1.01	Elect Edward J. Zander	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.02	Elect H. Laurance Fuller	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.03	Elect Judy C. Lewent	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.04	Elect Walter E. Massey	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.05	Elect Nicholas Negroponte	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.06	Elect Indra K. Nooyi	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.07	Elect John E. Pepper Jr.	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.08	Elect Samuel C. Scott III	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.09	Elect Douglas A. Warner III	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.10	Elect John A. White	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	1.11	Elect Mike S. Zafirovski	MGMT	FOR	FOR
Motorola	20040503	ANNUAL	MOT	620076109	2.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Motorola	20040503	ANNUAL	MOT	620076109	3.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Citigroup	20040420	ANNUAL	C	172967101	1.01	Elect C. Michael Armstrong	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.02	Elect Alain J.P. Belda	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.03	Elect George David	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.04	Elect Kenneth T. Derr	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.05	Elect John M. Deutch	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.06	Elect Roberto H. Ramirez	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.07	Elect Ann Dibble Jordan	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.08	Elect Dudley C. Mecum II	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.09	Elect Richard D. Parsons	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.10	Elect Andrall E. Pearson	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.11	Elect Charles Prince	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.12	Elect Robert E. Rubin	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.13	Elect Franklin A. Thomas	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.14	Elect Sanford I. Weill	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	1.15	Elect Robert B. Willumstad	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Citigroup	20040420	ANNUAL	C	172967101	3.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Citigroup	20040420	ANNUAL	C	172967101	4.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
Citigroup	20040420	ANNUAL	C	172967101	5.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Citigroup	20040420	ANNUAL	C	172967101	6.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	AGAINST
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.01	Elect John M. Deutch	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.02	Elect Jamie S. Gorelick	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.03	Elect Andrew Gould	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.04	Elect Tony Isaac	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.05	Elect Adrian Lajous	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.06	Elect Andre Levy-Lang	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.07	Elect Didier Primat	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.08	Elect Tore I. Sandvold	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.09	Elect Nicolas Seydoux	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	1.10	Elect Linda Gillespie Stuntz	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	2.00	Approve Financial Statements	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	3.00	Adopt Director Stock Award Plan	MGMT	FOR	FOR
Schlumberger Ltd.	20040414	ANNUAL	SLB	806857108	4.00	Ratify Selection of Auditors	MGMT	FOR	FOR
State Street	20040421	ANNUAL	STT	857477103	1.01	Elect Directors	MGMT	FOR	FOR
State Street	20040421	ANNUAL	STT	857477103	1.02	Elect Directors	MGMT	FOR	FOR
State Street	20040421	ANNUAL	STT	857477103	1.03	Elect Directors	MGMT	FOR	FOR
State Street	20040421	ANNUAL	STT	857477103	1.04	Elect Directors	MGMT	FOR	FOR
State Street	20040421	ANNUAL	STT	857477103	1.05	Elect Directors	MGMT	FOR	FOR
State Street	20040421	ANNUAL	STT	857477103	2.00	SP-Opt Out of State Takeover Statute	SHARE HOLDER	AGAINST	AGAINST
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.01	Elect James R. Adams	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.02	Elect David L. Boren	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.03	Elect Daniel A. Carp	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.04	Elect Thomas J. Engibous	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.05	Elect Gerald W. Fronterhouse	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.06	Elect David R. Goode	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.07	Elect Wayne R. Sanders	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.08	Elect Ruth J. Simmons	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.09	Elect Richard K. Templeton	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	1.10	Elect Christine Todd Whitman	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Texas Instruments	20040415	ANNUAL	TXN	882508104	3.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.01	Elect Michael J. Kowalski	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.02	Elect Rose Marie Bravo	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.03	Elect William R. Chaney	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.04	Elect Samuel L. Hayes III	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.05	Elect Abby F. Kohnstamm	MGMT	FOR	AGAINST
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.06	Elect Charles K. Marquis	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.07	Elect J. Thomas Presby	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.08	Elect James E. Quinn	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	1.09	Elect William A. Shutzer	MGMT	FOR	FOR
Tiffany & Co	20040520	ANNUAL	TIF	886547108	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.01	Elect James W. Breyer	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.02	Elect M. Michele Burns	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.03	Elect Thomas M. Coughlin	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.04	Elect David D. Glass	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.05	Elect Roland A. Hernandez	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.06	Elect Dawn G. Lepore	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.07	Elect John D. Opie	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.08	Elect J. Paul Reason	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.09	Elect H. Lee Scott Jr.	MGMT	FOR	FOR

Page 4 of 8

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.10	Elect Jack C. Shewmaker	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.11	Elect Jose H. Villarreal	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.12	Elect John T. Walton	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.13	Elect S. Robson Walton	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	1.14	Elect Christopher J. Williams	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	2.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	3.00	Adopt Employee Stock Purchase Plan	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	4.00	Adopt Employee Stock Purchase Plan	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	5.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	6.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	AGAINST
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	7.00	SP-Report on Sustainability	SHARE HOLDER	AGAINST	AGAINST
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	8.00	SP-Link Executive Pay to Social Criteria	SHARE HOLDER	AGAINST	AGAINST
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	9.00	SP-Review or Curb Bioengineering	SHARE HOLDER	AGAINST	AGAINST
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	10.00	SP-Report on EEO	SHARE HOLDER	AGAINST	AGAINST
Wal-Mart Stores	20040604	ANNUAL	WMT	931142103	11.00	SP-Approve Extra Benefits Under Serps	SHARE HOLDER	AGAINST	AGAINST
Allergan	20040428	ANNUAL	AGN	018490102	1.01	Elect Handel E. Evans	MGMT	FOR	FOR
Allergan	20040428	ANNUAL	AGN	018490102	1.02	Elect Michael R. Gallagher	MGMT	FOR	FOR
Allergan	20040428	ANNUAL	AGN	018490102	1.03	Elect Gavin S. Herbert	MGMT	FOR	FOR
Allergan	20040428	ANNUAL	AGN	018490102	1.04	Elect Stephen J. Ryan	MGMT	FOR	FOR
Allergan	20040428	ANNUAL	AGN	018490102	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Allergan	20040428	ANNUAL	AGN	018490102	3.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Allergan	20040428	ANNUAL	AGN	018490102	4.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.01	Elect L. Lowry Mays	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.02	Elect Phyllis B. Riggins	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.03	Elect Alan D. Feld	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.04	Elect Mark P. Mays	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.05	Elect Theodore H. Strauss	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.06	Elect Thomas O. Hicks	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.07	Elect Randall T. Mays	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.08	Elect J.C. Watts Jr.	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.09	Elect Perry J. Lewis	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.10	Elect B. J. McCombs	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	1.11	Elect John H. Williams	MGMT	FOR	FOR
Clear Channel Communications	20040428	ANNUAL	CCU	184502102	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
BJ Services	20040122	ANNUAL	BJS	055482103	1.01	Elect Don D. Jordan	MGMT	FOR	FOR
BJ Services	20040122	ANNUAL	BJS	055482103	1.02	Elect William H. White	MGMT	FOR	FOR
BJ Services	20040122	ANNUAL	BJS	055482103	2.00	Adopt Stock Option Plan	MGMT	FOR	FOR
BJ Services	20040122	ANNUAL	BJS	055482103	3.00	Develop/report On Country Selection Standards	MGMT	AGAINST	AGAINST
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.01	Elect Wayne T. Hockmeyer	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.02	Elect David M. Mott	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.03	Elect David Baltimore	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.04	Elect M. James Barrett	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.05	Elect Melvin D. Booth	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.06	Elect James H. Cavanaugh	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.07	Elect Barbara Hackman Franklin	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.08	Elect Gordon S. Macklin	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	1.09	Elect Elizabeth Wyatt	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	2.00	Adopt Stock Option Plan	MGMT	FOR	FOR
MedImmune Inc	20040520	ANNUAL	MEDI	584699102	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
TOTAL	20040428	ANNUAL	TOT	89151E109	1.00	Approve Financial Statements	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	2.00	Approve Financial Statements	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	3.00	Set Dividend/Allocate Profits	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	4.00	Approve Related Party Transactions	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	5.00	Authorize Trade in Company Stock	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	6.00	Issue Debt Instruments	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	7.00	Elect Thierry Demarest	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	8.00	Elect Thierry de Rudder	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	9.00	Elect Serge Tchuruk	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	10.00	Elect Shareholder Representative Daniel Boeuf	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	11.00	Elect Shareholder Representative P. Marchandise	MGMT	AGAINST	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	12.00	Elect Shareholder Representative Cyril Mouche	MGMT	AGAINST	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	13.00	Elect Shareholder Representative Alan Cramer	MGMT	AGAINST	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	14.00	Appoint Outside Auditors	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	15.00	Appoint Outside Auditors	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	16.00	Appoint Outside Auditors	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	17.00	Appoint Outside Auditors	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	18.00	Approve Directors’ Fees	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	19.00	Approve Stock Option Grants	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	20.00	Issue Stock w/ Preemptive Rights	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	20.00	Increase Authorized Capital	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	21.00	Issue Stock w/o Preemptive Rights	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	21.00	Increase Authorized Capital	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	22.00	Issue Stock w/o Preemptive Rights	MGMT	FOR	TAKE NO ACTION
TOTAL	20040428	ANNUAL	TOT	89151E109	22.00	Increase Authorized Capital	MGMT	FOR	TAKE NO ACTION
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.01	Elect Paul Berg	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.02	Elect Etienne Davignon	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.03	Elect James M. Denny	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.04	Elect John C. Martin	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.05	Elect Gordon E. Moore	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.06	Elect Nicholas G. Moore	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.07	Elect George P. Shultz	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	1.08	Elect Gayle E. Wilson	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	3.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Gilead Sciences Inc	20040525	ANNUAL	GILD	375558103	4.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Kohl’s	20040428	ANNUAL	KSS	500255104	1.01	Elect Wayne R. Embry	MGMT	FOR	AGAINST
Kohl’s	20040428	ANNUAL	KSS	500255104	1.02	Elect John F. Herma	MGMT	FOR	AGAINST
Kohl’s	20040428	ANNUAL	KSS	500255104	1.03	Elect R. Lawrence Montgomery	MGMT	FOR	AGAINST
Kohl’s	20040428	ANNUAL	KSS	500255104	1.04	Elect Frank V. Sica	MGMT	FOR	AGAINST
Kohl’s	20040428	ANNUAL	KSS	500255104	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR

Page 5 of 8

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Kohl’s	20040428	ANNUAL	KSS	500255104	3.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Kohl’s	20040428	ANNUAL	KSS	500255104	4.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	AGAINST
Starbucks	20040330	ANNUAL	SBUX	855244109	1.01	Elect William W. Bradley	MGMT	FOR	FOR
Starbucks	20040330	ANNUAL	SBUX	855244109	1.02	Elect Gregory B. Maffei	MGMT	FOR	FOR
Starbucks	20040330	ANNUAL	SBUX	855244109	1.03	Elect Orin C. Smith	MGMT	FOR	FOR
Starbucks	20040330	ANNUAL	SBUX	855244109	1.04	Elect Olden Lee	MGMT	FOR	FOR
Starbucks	20040330	ANNUAL	SBUX	855244109	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Whole Foods Market	20040322	ANNUAL	WFMI	966837106	1.01	Elect David W. Dupree	MGMT	FOR	FOR
Whole Foods Market	20040322	ANNUAL	WFMI	966837106	1.02	Elect Gabrielle E Greene	MGMT	FOR	FOR
Whole Foods Market	20040322	ANNUAL	WFMI	966837106	1.03	Elect John Mackey	MGMT	FOR	FOR
Whole Foods Market	20040322	ANNUAL	WFMI	966837106	1.04	Elect Morris J. Siegel	MGMT	FOR	FOR
Whole Foods Market	20040322	ANNUAL	WFMI	966837106	2.00	Add Shares to Stock Option Plan	MGMT	FOR	FOR
Whole Foods Market	20040322	ANNUAL	WFMI	966837106	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Whole Foods Market	20040322	ANNUAL	WFMI	966837106	4.00	SP-Redeem or Vote on Poison Pill	SHARE HOLDER	AGAINST	AGAINST
Caremark Rx	20040504	ANNUAL	CMX	141705103	1.01	Elect Edwin M. Banks	MGMT	FOR	FOR
Caremark Rx	20040504	ANNUAL	CMX	141705103	1.02	Elect Colleen Conway-Welch	MGMT	FOR	FOR
Caremark Rx	20040504	ANNUAL	CMX	141705103	1.03	Elect Roger L. Headrick	MGMT	FOR	FOR
Caremark Rx	20040504	ANNUAL	CMX	141705103	1.04	Elect Jean-Pierre Millon	MGMT	FOR	FOR
Costco Wholesale	20040129	ANNUAL	COST	22160K105	1.01	Elect Benjamin S. Carson	MGMT	FOR	FOR
Costco Wholesale	20040129	ANNUAL	COST	22160K105	1.02	Elect Hamilton E. James	MGMT	FOR	FOR
Costco Wholesale	20040129	ANNUAL	COST	22160K105	1.03	Elect Jill A. Ruckelshaus	MGMT	FOR	FOR
Costco Wholesale	20040129	ANNUAL	COST	22160K105	1.04	Elect William H. Gates	MGMT	FOR	FOR
Costco Wholesale	20040129	ANNUAL	COST	22160K105	1.05	Elect Daniel J. Evans	MGMT	FOR	FOR
Costco Wholesale	20040129	ANNUAL	COST	22160K105	2.00	SP-Repeal Classified Board	SHARE HOLDER	AGAINST	FOR
Costco Wholesale	20040129	ANNUAL	COST	22160K105	3.00	Report On Land Development Policy	MGMT	AGAINST	AGAINST
Costco Wholesale	20040129	ANNUAL	COST	22160K105	4.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Qualcomm	20040302	ANNUAL	QCOM	747525103	1.01	Elect Adelia A. Coffman	MGMT	FOR	FOR
Qualcomm	20040302	ANNUAL	QCOM	747525103	1.02	Elect Raymond V. Dittamore	MGMT	FOR	FOR
Qualcomm	20040302	ANNUAL	QCOM	747525103	1.03	Elect Irwin Mark Jacobs	MGMT	FOR	FOR
Qualcomm	20040302	ANNUAL	QCOM	747525103	1.04	Elect Richard Sulpizio	MGMT	FOR	FOR
Qualcomm	20040302	ANNUAL	QCOM	747525103	2.00	Add Shares to Stock Option Plan	MGMT	FOR	FOR
Qualcomm	20040302	ANNUAL	QCOM	747525103	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Qualcomm	20040302	ANNUAL	QCOM	747525103	4.00	SP-Repeal Classified Board	SHARE HOLDER	AGAINST	FOR
Guidant Corp	20040518	ANNUAL	GDT	401698105	1.01	Elect Maurice A. Cox Jr.	MGMT	FOR	FOR
Guidant Corp	20040518	ANNUAL	GDT	401698105	1.02	Elect Nancy-Ann DeParle	MGMT	FOR	FOR
Guidant Corp	20040518	ANNUAL	GDT	401698105	1.03	Elect Ronald W. Dollens	MGMT	FOR	FOR
Guidant Corp	20040518	ANNUAL	GDT	401698105	1.04	Elect Enrique C. Falla	MGMT	FOR	FOR
Guidant Corp	20040518	ANNUAL	GDT	401698105	1.05	Elect Kristina M. Johnson	MGMT	FOR	FOR
Guidant Corp	20040518	ANNUAL	GDT	401698105	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Guidant Corp	20040518	ANNUAL	GDT	401698105	3.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Goldman Sachs Group	20040331	ANNUAL	GS	38141G104	1.01	Elect John P. Browne of Madingley	MGMT	FOR	FOR
Goldman Sachs Group	20040331	ANNUAL	GS	38141G104	1.02	Elect Claes Dahlback	MGMT	FOR	FOR
Goldman Sachs Group	20040331	ANNUAL	GS	38141G104	1.03	Elect James A. Johnson	MGMT	FOR	FOR
Goldman Sachs Group	20040331	ANNUAL	GS	38141G104	1.04	Elect Lois D. Juliber	MGMT	FOR	FOR
Goldman Sachs Group	20040331	ANNUAL	GS	38141G104	1.05	Elect Lloyd C. Blankfein	MGMT	FOR	FOR
Goldman Sachs Group	20040331	ANNUAL	GS	38141G104	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Goldman Sachs Group	20040331	ANNUAL	GS	38141G104	3.00	SP-Repeal Classified Board	SHARE HOLDER	AGAINST	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.01	Elect Richard N. Barton	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.02	Elect Robert R. Bennett	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.03	Elect Edgar Bronfman, Jr.	MGMT	FOR	AGAINST
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.04	Elect Barry Diller	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.05	Elect Victor A. Kaufman	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.06	Elect Donald R. Keough	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.07	Elect Marie-Josee Kravis	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.08	Elect John C. Malone	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.09	Elect Steven Rattner	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.10	Elect H. Norman Schwarzkopf	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.11	Elect Alan G. Spoon	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	1.12	Elect Diane von Furstenberg	MGMT	FOR	FOR
InterActiveCorp	20040623	ANNUAL	IACI	45840Q101	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Chico’s FAS Inc	20040622	ANNUAL	CHS	168615102	1.01	Elect Helene B. Gralnick	MGMT	FOR	FOR
Chico’s FAS Inc	20040622	ANNUAL	CHS	168615102	1.02	Elect Verna K. Gibson	MGMT	FOR	FOR
Chico’s FAS Inc	20040622	ANNUAL	CHS	168615102	1.03	Elect Betsy S. Atkins	MGMT	FOR	FOR
Chico’s FAS Inc	20040622	ANNUAL	CHS	168615102	1.04	Elect Scott A. Edmonds	MGMT	FOR	FOR
Chico’s FAS Inc	20040622	ANNUAL	CHS	168615102	2.00	Approve Board Size	MGMT	FOR	FOR
Chico’s FAS Inc	20040622	ANNUAL	CHS	168615102	3.00	Amend Employee Stock Purchase Plan	MGMT	FOR	FOR
Chico’s FAS Inc	20040622	ANNUAL	CHS	168615102	4.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	1.01	Elect Phillipe Bourguignon	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	1.02	Elect Tomas J. Tierney	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	1.03	Elect Margaret C. Whitman	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	2.00	Add Shares to Stock Option Plan	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	2.00	Limit Per-Employee Awards	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	3.00	Add Shares to Stock Option Plan	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	4.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	5.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Ebay Inc	20040624	ANNUAL	EBAY	278642103	6.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Agilent Technologies	20040302	ANNUAL	A	00846U101	1.01	Elect James G. Cullen	MGMT	FOR	FOR
Agilent Technologies	20040302	ANNUAL	A	00846U101	1.02	Elect Robert L. Joss	MGMT	FOR	FOR
Agilent Technologies	20040302	ANNUAL	A	00846U101	1.03	Elect Walter B. Hewlett	MGMT	FOR	FOR
Agilent Technologies	20040302	ANNUAL	A	00846U101	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Novartis	20040224	ANNUAL	NVS	66987V109	1.00	Approve Financial Statements	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	2.00	Ratify Board Acts-Legal	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	3.00	Set Dividend/Allocate Profits	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	4.00	Approve Use/Transfer of Reserves	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	5.00	Cancel Authorized Stock	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	5.00	Reduce Authorized Capital	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	6.00	Authorize Share Repurchase	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	7.00	Amend Board Election Rules	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	8.00	Election of Directors by Slate	MGMT	FOR	ABSTAIN
Novartis	20040224	ANNUAL	NVS	66987V109	9.00	Appoint Outside Auditors	MGMT	FOR	ABSTAIN

Page 6 of 8

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Pfizer	20040422	ANNUAL	PFE	717081103	1.01	Elect Michael S. Brown	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.02	Elect M. Anthony Burns	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.03	Elect Robert N. Burt	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.04	Elect W. Don Cornwell	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.05	Elect William H. Gray III	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.06	Elect Constance J. Horner	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.07	Elect William R. Howell	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.08	Elect Stanley O. Ikenberry	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.09	Elect George A. Lorch	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.10	Elect Henry A. McKinnell Jr.	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.11	Elect Dana G. Mead	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.12	Elect Franklin D. Raines	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.13	Elect Ruth J. Simmons	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.14	Elect William C. Steere Jr.	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	1.15	Elect Jean-Paul Valles	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	3.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Pfizer	20040422	ANNUAL	PFE	717081103	4.00	SP-Review AIDS Pandemic’s Impact on Company	SHARE HOLDER	AGAINST	AGAINST
Pfizer	20040422	ANNUAL	PFE	717081103	5.00	SP-Limit or End Political Spending	SHARE HOLDER	AGAINST	AGAINST
Pfizer	20040422	ANNUAL	PFE	717081103	6.00	SP-Review Political Spending	SHARE HOLDER	AGAINST	AGAINST
Pfizer	20040422	ANNUAL	PFE	717081103	7.00	SP-Director Tenure/Retirement Age	SHARE HOLDER	AGAINST	AGAINST
Pfizer	20040422	ANNUAL	PFE	717081103	8.00	SP-Review Drug Pricing or Distribution	SHARE HOLDER	AGAINST	AGAINST
Pfizer	20040422	ANNUAL	PFE	717081103	9.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Pfizer	20040422	ANNUAL	PFE	717081103	10.00	SP-Review or Promote Animal Welfare	SHARE HOLDER	AGAINST	AGAINST
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	1.01	Elect A. Jerrold Perenchio	MGMT	FOR	FOR
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	1.02	Elect Fernando Aguirre	MGMT	FOR	FOR
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	1.03	Elect Harold Gaba	MGMT	FOR	FOR
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	1.04	Elect Alan F. Horn	MGMT	FOR	AGAINST
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	1.05	Elect John G. Perenchio	MGMT	FOR	FOR
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	1.06	Elect Ray Rodriguez	MGMT	FOR	FOR
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	1.07	Elect McHenry T. Tichenor Jr.	MGMT	FOR	FOR
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Univision Communications Inc	20040512	ANNUAL	UVN	914906102	3.00	Adopt Stock Option Plan	MGMT	FOR	FOR
PeopleSoft	20040325	ANNUAL	PSFT	712713106	1.01	Elect A. George Battle	MGMT	FOR	FOR
PeopleSoft	20040325	ANNUAL	PSFT	712713106	1.02	Elect Craig A. Conway	MGMT	FOR	FOR
PeopleSoft	20040325	ANNUAL	PSFT	712713106	1.03	Elect Frank J. Fanzilli Jr.	MGMT	FOR	FOR
PeopleSoft	20040325	ANNUAL	PSFT	712713106	1.04	Elect Cyril J. Yansouni	MGMT	FOR	FOR
PeopleSoft	20040325	ANNUAL	PSFT	712713106	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
PeopleSoft	20040325	ANNUAL	PSFT	712713106	3.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.01	Elect Terry S. Semel	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.02	Elect Jerry Yang	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.03	Elect Roy J. Bostock	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.04	Elect Ronald W. Burkle	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.05	Elect Eric Hippeau	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.06	Elect Arthur H. Kern	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.07	Elect Robert A. Kotick	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.08	Elect Edward R. Kozel	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	1.09	Elect Gary L. Wilson	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	2.00	Add Shares to Employee Stock Purchase Plan	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	3.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Yahoo Inc	20040521	ANNUAL	YHOO	984332106	4.00	SP-Expense Stock Options	SHARE HOLDER	AGAINST	AGAINST
EMC	20040505	ANNUAL	EMC	268648102	1.01	Elect John R. Egan	MGMT	FOR	FOR
EMC	20040505	ANNUAL	EMC	268648102	1.02	Elect Michael C. Ruettgers	MGMT	FOR	FOR
EMC	20040505	ANNUAL	EMC	268648102	1.03	Elect David N. Strohm	MGMT	FOR	FOR
EMC	20040505	ANNUAL	EMC	268648102	2.00	Amend Stock Option Plan	MGMT	FOR	FOR
EMC	20040505	ANNUAL	EMC	268648102	2.00	Add Shares to Stock Option Plan	MGMT	FOR	FOR
EMC	20040505	ANNUAL	EMC	268648102	3.00	Add Shares to Employee Stock Purchase Plan	MGMT	FOR	FOR
EMC	20040505	ANNUAL	EMC	268648102	4.00	Ratify Selection of Auditors	MGMT	FOR	FOR
EMC	20040505	ANNUAL	EMC	268648102	5.00	SP-Restrict Executive Compensation	SHARE HOLDER	AGAINST	AGAINST
Lehman Brothers Holdings	20040402	ANNUAL	LEH	524908100	1.01	Elect Roger S. Berlind	MGMT	FOR	FOR
Lehman Brothers Holdings	20040402	ANNUAL	LEH	524908100	1.02	Elect Marsha J. Evans	MGMT	FOR	FOR
Lehman Brothers Holdings	20040402	ANNUAL	LEH	524908100	1.03	Elect Christopher Gent	MGMT	FOR	AGAINST
Lehman Brothers Holdings	20040402	ANNUAL	LEH	524908100	1.04	Elect Dina Merrill	MGMT	FOR	FOR
Lehman Brothers Holdings	20040402	ANNUAL	LEH	524908100	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Lehman Brothers Holdings	20040402	ANNUAL	LEH	524908100	3.00	Approve Other Business	MGMT	FOR	AGAINST
Marvell Technology Group	20040528	ANNUAL		2594653	1.01	Elect Dr. John M. Cioffi	MGMT	FOR	FOR
Marvell Technology Group	20040528	ANNUAL		2594653	1.02	Elect Dr. Paul R. Gray	MGMT	FOR	FOR
Marvell Technology Group	20040528	ANNUAL		2594653	1.03	Elect Douglas King	MGMT	FOR	FOR
Marvell Technology Group	20040528	ANNUAL		2594653	2.00	Appoint Outside Auditors	MGMT	FOR	FOR
Marvell Technology Group	20040528	ANNUAL		2594653	3.00	Set Auditors’ Fees	MGMT	FOR	FOR
Marvell Technology Group	20040528	ANNUAL		2594653	4.00	Approve Bonus Dividend/Bonus Share Issue	MGMT	FOR	FOR
Marvell Technology Group	20040528	ANNUAL		2594653	4.00	Increase Authorized Capital	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	1.00	Approve Financial Statements	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	2.00	Set Final Dividend at 0.00	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	3.01	Elect Abraham E. Cohen	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	3.02	Elect Leslie Dan	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	3.03	Elect Meir Heth	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	3.04	Elect Moshe Many	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	3.05	Elect Dov Shafir	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	4.00	Indemnify Directors/Officers	MGMT	FOR	FOR
Teva Pharmaceutical Industries	20040520	ANNUAL	TEVA	881624209	5.00	Appoint Auditors and Set Their Fees	MGMT	FOR	FOR
Caremark Rx	20040322	SPECIAL	CMX	141705103	1.00	Increase Authorized Common Stock	MGMT	FOR	FOR
Caremark Rx	20040322	SPECIAL	CMX	141705103	2.00	Approve Common Stock Issuance	MGMT	FOR	FOR
Caremark Rx	20040322	SPECIAL	CMX	141705103	3.00	Increase Authorized Preferred Stock	MGMT	FOR	AGAINST
Caremark Rx	20040322	SPECIAL	CMX	141705103	4.00	Adopt Stock Option Plan	MGMT	FOR	FOR
Caremark Rx	20040322	SPECIAL	CMX	141705103	5.00	Adjourn Meeting	MGMT	FOR	FOR
Merrill Lynch	20040423	ANNUAL	MER	590188108	1.01	Elect David K. Newbigging	MGMT	FOR	FOR
Merrill Lynch	20040423	ANNUAL	MER	590188108	1.02	Elect J.W. Prueher	MGMT	FOR	FOR
Merrill Lynch	20040423	ANNUAL	MER	590188108	2.00	Ratify Selection of Auditors	MGMT	FOR	FOR
Merrill Lynch	20040423	ANNUAL	MER	590188108	3.00	SP-Adopt Cumulative Voting	SHARE HOLDER	AGAINST	FOR

Page 7 of 8

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2003 - Jun 30, 2004

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Merrill Lynch	20040423	ANNUAL	MER	590188108	4.00	SP-Independent Board Chairman	SHARE HOLDER	AGAINST	AGAINST
DIRECTV Group Inc	20040602	ANNUAL	DTV	25459L106	1.01	Elect K. Rupert Murdoch	MGMT	FOR	FOR
DIRECTV Group Inc	20040602	ANNUAL	DTV	25459L106	1.02	Elect Neil R. Austrian	MGMT	FOR	FOR
DIRECTV Group Inc	20040602	ANNUAL	DTV	25459L106	1.03	Elect Charles R. Lee	MGMT	FOR	FOR
DIRECTV Group Inc	20040602	ANNUAL	DTV	25459L106	2.00	Adopt Stock Option Plan	MGMT	FOR	FOR
DIRECTV Group Inc	20040602	ANNUAL	DTV	25459L106	3.00	Approve Annual Bonus Plan	MGMT	FOR	FOR
DIRECTV Group Inc	20040602	ANNUAL	DTV	25459L106	4.00	Ratify Selection of Auditors	MGMT	FOR	FOR

Page 8 of 8

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
08/08/03 - S	Expedia Inc		302125109			06/25/03		7,400
	1	Approve Merger Agreement		For	For		Mgmt
08/11/03 - A	Forest Laboratories, Inc. *FRX*		345838106			06/20/03		39,200
	1	Elect Directors		For	Withhold		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/26/03 - A	QLogic Corp. *QLGC*		747277101			07/01/03		55,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/28/03 - A	Medtronic, Inc. *MDT*		585055106			07/03/03		78,300
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
09/10/03 - A	H&R Block, Inc. *HRB*		093671105			07/08/03		14,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
09/29/03 - A	Fidelity National Financial, Inc. *FNF*		316326107			08/18/03		31,700
	1	Increase Authorized Common Stock		For	For		Mgmt
	2	Elect Directors		For	Withhold		Mgmt
10/02/03 - A	Paychex, Inc. *PAYX*		704326107			08/04/03		16,300
	1	Elect Directors		For	Withhold		Mgmt
10/06/03 - S	Boston Scientific Corp. *BSX*		101137107			08/27/03		17,000
	1	Increase Authorized Common Stock		For	For		Mgmt
10/13/03 - A	Oracle Corp. *ORCL*		68389X105			08/21/03		257,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 1

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
		Shareholder Proposal
	5	Implement China Principles		Against	Against		ShrHoldr
10/14/03 - A	The Procter & Gamble Company *PG*		742718109			08/01/03		56,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposals
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Label Genetically Engineered Foods		Against	Against		ShrHoldr
10/23/03 - A	Barr Pharmaceuticals Inc *BRL*		068306109			09/02/03		9,799
	1	Elect Directors		For	Withhold		Mgmt
	2	Change State of Incorporation from New York to Delaware		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
10/24/03 - A	Harris Corp. *HRS*		413875105			08/29/03		6,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
10/30/03 - A	Affiliated Computer Services, Inc. *ACS*		008190100			09/19/03		800
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
11/05/03 - A	Cardinal Health, Inc. *CAH*		14149Y108			09/08/03		59,400
	1	Elect Directors		For	For		Mgmt
11/06/03 - A	Lam Research Corp. *LRCX*		512807108			09/12/03		2,349
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
11/07/03 - A	SYSCO Corporation *SYY*		871829107			09/09/03		15,200
	1	Elect Directors		For	Split		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 2

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.1	Elect Director Jonathan Golden as Class II Director — Withhold
	1.2	Elect Director Joseph A. Hafner, Jr. as Class II Director — For
	1.3	Elect Director Thomas E. Lankford as Class II Director — For
	1.4	Elect Director Richard J. Schnieders as Class II Director — For
	1.5	Elect Director John K. Stubblefield, Jr. as Class III Director — For
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposal
	4	Report on the Impact of Genetically Engineered Products		Against	Against		ShrHoldr
11/11/03 - A	Cisco Systems, Inc. *CSCO*		17275R102			09/12/03		451,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	4	Report on Company Products Used by the Government to Monitor the Internet		Against	Against		ShrHoldr
	5	Report on Pay Disparity		Against	Against		ShrHoldr
11/11/03 - A	Microsoft Corp. *MSFT*		594918104			09/12/03		639,100
	1	Elect Directors		For	Withhold		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
		Shareholder Proposal
	4	Refrain from Giving Charitable Contributions		Against	Against		ShrHoldr
11/25/03 - A	CBRL Group, Inc. *CBRL*		12489V106			09/26/03		6,700
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/25/03 - A	Fox Entertainment Group, Inc. *FOX*		35138T107			09/29/03		19,400
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
12/11/03 - A	AutoZone, Inc. *AZO*		053332102			10/14/03		17,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 3

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
01/15/04 - A	Family Dollar Stores, Inc. *FDO*		307000109			11/24/03		19,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
01/29/04 - A	D.R. Horton, Inc. *DHI*		23331A109			12/04/03		22,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
02/02/04 - A	Fair Isaac Inc. *FIC*		303250104			12/05/03		16,800
	1	Elect Directors		For	Withhold		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
02/05/04 - A	ACCENTURE LTD BERMUDA *ACN*		G1150G111			12/08/03		36,259
	1	Appoint Dennis F. Hightower, William L. Kimsey, Robert I. Lipp, and Wulf von Schimmelmann as Directors		For	For		Mgmt
	2	Approve KPMG LLP as Independent Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	3	Transact Other Business (Non-Voting)		None	None		Mgmt
02/10/04 - S	Mid Atlantic Medical Services, Inc.		59523C107			01/15/04		5,900
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	For		Mgmt
02/17/04 - A	Health Management Associates, Inc. *HMA*		421933102			12/19/03		24,400
	1	Elect Directors		For	For		Mgmt
02/19/04 - A	Varian Medical Systems Inc *VAR*		92220P105			12/22/03		8,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
02/26/04 - A	Avaya Inc *AV*		053499109			12/31/03		42,600
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 4

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Limit Awards to Executives		Against	Against		ShrHoldr
03/02/04 - A	QUALCOMM Inc. *QCOM*		747525103			01/02/04		29,697
	1	Elect Directors		For	Withhold		Mgmt
	2	Amend Stock Option Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
03/03/04 - A	The Walt Disney Company *DIS*		254687106			01/16/04		21,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John E. Bryson — For
	1.2	Elect Director John S. Chen — For
	1.3	Elect Director Michael D. Eisner — Withhold
	1.4	Elect Director Judith L. Estrin — For
	1.5	Elect Director Robert A. Iger — For
	1.6	Elect Director Aylwin B. Lewis — For
	1.7	Elect Director Monica C. Lozano — For
	1.8	Elect Director Robert W. Matschullat — For
	1.9	Elect Director George J. Mitchell — For
	1.10	Elect Director Leo J. O’Donovan, S.J. — For
	1.11	Elect Director Gary L. Wilson — For
	2	Ratify Auditors		For	For		Mgmt
	3	China Principles		Against	Against		ShrHoldr
	4	Report on Supplier Labor Standards in China		Against	Against		ShrHoldr
	5	Report on Amusement Park Safety		Against	Against		ShrHoldr
03/09/04 - A	Analog Devices, Inc. *ADI*		032654105			01/16/04		15,900
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
03/24/04 - A	Applied Materials, Inc. *AMAT*		038222105			01/30/04		106,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
03/25/04 -A	Nokia Corp.		654902204			01/30/04		47,300
		Meeting for Holders of ADRs
	1	APPROVAL OF THE INCOME STATEMENTS AND THE BALANCE SHEETS.		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 5

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	APPROVAL OF A DIVIDEND OF EUR 0.30 PER SHARE.		For	For		Mgmt
	3	APPROVAL OF THE DISCHARGE OF THE CHAIRMAN, THE MEMBERS OF THE BOARD OF DIRECTORS AND THE PRESIDENT FROM LIABILITY.		For	For		Mgmt
	4	Elect Directors		For	Against		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	APPROVAL OF THE PROPOSAL OF THE BOARD TO REDUCE THE SHARE CAPITAL THROUGH CANCELLATION OF NOKIA SHARES HELD BY THE COMPANY		For	For		Mgmt
	7	APPROVAL OF THE AUTHORIZATION TO THE BOARD TO INCREASE THE SHARE CAPITAL OF THE COMPANY.		For	For		Mgmt
	8	APPROVAL OF THE AUTHORIZATION TO THE BOARD TO REPURCHASE NOKIA SHARES.		For	For		Mgmt
	9	APPROVAL OF THE AUTHORIZATION TO THE BOARD TO DISPOSE NOKIA SHARES HELD BY THE COMPANY.		For	For		Mgmt
	10	APPROVAL OF THE PROPOSAL OF THE BOARD TO INCREASE THE CAPITAL OF THE FOUNDATION OF NOKIA CORPORATION.		For	For		Mgmt
	11	MARK THE FOR BOX IF YOU WISH TO INSTRUCT THE DEPOSITARY TO GIVE A PROXY TO ANY ONE OF MARIANNA UOTINEN-TARKOMA, ESA KAUNISTOLA, BOTH LEGAL COUNSELS OF NOKIA CORPORATION, TO AUTHORIZE ANY OF THEM (WITH FULL POWER OF SUBSTITUTION) TO VOTE, IN THEIR DISCR		None	Against		Mgmt
03/30/04 - A	Lennar Corp. *LEN*		526057104			02/05/04		13,000
	1	Elect Directors		For	Withhold		Mgmt
	2	Other Business		For	Against		Mgmt
03/30/04 - A	Starbucks Corp. *SBUX*		855244109			01/26/04		30,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
03/31/04 - A	Freddie Mac *FRE*		313400301			02/20/04		25,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 6

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/01/04 - A	Beckman Coulter, Inc. *BEC*		075811109			02/02/04		4,800
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
04/06/04 - A	Fiserv, Inc. *FISV*		337738108			02/13/04		23,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
04/14/04 - A	United Technologies Corp. *UTX*		913017109			02/17/04		17,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Disclosure of Executive Compensation		Against	Against		ShrHoldr
	4	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	5	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/15/04 - A	Texas Instruments Inc. *TXN*		882508104			02/17/04		145,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	Against		ShrHoldr
04/16/04 - WC	Genentech, Inc. *DNA*		368710406			02/17/04		11,200
	1	Amend Articles/Bylaws/Charter-Non-Routine		For	For		Mgmt
	2	Elect Directors		For	Split		Mgmt
	2.1	Elect Director Herbert W. Boyer — Against
	2.2	Elect Director Arthur D. Levinson — Against
	2.3	Elect Director Mark Richmond — For
	2.4	Elect Director Charles A. Sanders — For
	2.5	Elect Director William M. Burns — Against
	2.6	Elect Director Erich Hunziker — Against
	2.7	Elect Director Jonathan K.C. Knowles — Against
	3	Elect Director M. Burns		For	Against		Mgmt
	4	Elect Director Erich Hunziker		For	Against		Mgmt
	5	Elect Director Jonathan K.C. Knowles		For	Against		Mgmt
	6	Increase Authorized Common Stock		For	For		Mgmt
	7	Approve Omnibus Stock Plan		For	For		Mgmt
	8	Ratify Auditors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 7

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/20/04 - A	Citigroup Inc. *C*		172967101			02/27/04		59,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/20/04 - A	Sprint Corp. *FON*		852061100			02/20/04		25,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance - Based/Indexed Options		Against	Against		ShrHoldr
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	6	Report on Foreign Outsourcing		Against	Against		ShrHoldr
04/20/04 - A	U.S. Bancorp *USB*		902973304			02/26/04		28,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Victoria Buyniski Gluckman — For
	1.2	Elect Director Arthur D. Collins, Jr. — For
	1.3	Elect Director Jerry W. Levin — For
	1.4	Elect Director Thomas E. Petry — For
	1.5	Elect Director Richard G. Reiten — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Submit Executive Compensation to Vote		Against	Against		ShrHoldr
	5	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
04/20/04 - A	Whirlpool Corp. *WHR*		963320106			02/27/04		21,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
04/21/04 - A	Burlington Resources Inc. *BR*		122014103			02/23/04		9,600
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Increase in Common Stock and a Stock Split		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 8

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/21/04 - A	Doral Financial Corp. *DRL*		25811P100			03/12/04		8,530
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Increase Authorized Preferred Stock		For	Against		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
04/21/04 - A	MEDCO Health Solutions Inc *MHS*		58405U102			03/10/04		18,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/04 - A	State Street Corp. (Boston) *STT*		857477103			02/27/04		30,000
	1	Elect Directors		For	For		Mgmt
	2	Exempt Board of Directors from Massachusetts General Laws, Chapter 156B, Section 50A(a)		Against	For		ShrHoldr
04/21/04 - A	The Coca-Cola Company *KO*		191216100			02/23/04		23,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Operational Impact of HIV/AIDS Pandemic		For	For		ShrHoldr
	4	Report on Stock Option Distribution by Race and Gender		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Submit Executive Compensation to Vote		Against	Against		ShrHoldr
	7	Submit Executive Compensation to Vote		Against	Against		ShrHoldr
	8	Implement China Principles		Against	Against		ShrHoldr
	9	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/22/04 - A	Johnson & Johnson *JNJ*		478160104			02/24/04		142,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Cease Charitable Contributions		Against	Against		ShrHoldr
04/22/04 - A	Lexmark International, Inc. *LXK*		529771107			03/05/04		32,500
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 9

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/22/04 - A	Pfizer Inc. *PFE*		717081103			02/27/04		411,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	5	Cease Political Contributions/Activities		Against	Against		ShrHoldr
	6	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	7	Establish Term Limits for Directors		Against	Against		ShrHoldr
	8	Report on Drug Pricing		Against	Against		ShrHoldr
	9	Limit Awards to Executives		Against	Against		ShrHoldr
	10	Amend Animal Testing Policy		Against	Against		ShrHoldr
04/22/04 - A	Wyeth *WYE*		983024100			03/12/04		48,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Drug Pricing		Against	Against		ShrHoldr
	4	Amend Animal Testing Policy		Against	Against		ShrHoldr
04/23/04 - A	Abbott Laboratories *ABT*		002824100			02/25/04		78,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Drug Pricing		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Report on Operational Imact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
04/23/04 - A	Merrill Lynch & Co., Inc. *MER*		590188108			02/24/04		12,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Restore or Provide for Cumulative Voting		Against	Against		ShrHoldr
	4	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/26/04 - A	American Express Co. *AXP*		025816109			02/27/04		11,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Establish Term Limits for Directors		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 10

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/27/04 - A	L-3 Communications Holdings, Inc. *LLL*		502424104			03/19/04		9,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
04/27/04 - A	Merck & Co., Inc. *MRK*		589331107			02/24/04		16,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Prohibit Awards to Executives		Against	Against		ShrHoldr
	5	Develop Ethical Criteria for Patent Extension		Against	Against		ShrHoldr
	6	Link Executive Compensation to Social Issues		Against	Against		ShrHoldr
	7	Report on Political Contributions		Against	Against		ShrHoldr
	8	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
04/27/04 - A	Wells Fargo & Company *WFC*		949746101			03/09/04		11,700
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Retirement Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Expense Stock Options		Against	Against		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Link Executive Compensation to Social Issues		Against	Against		ShrHoldr
	7	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/28/04 - A	Adobe Systems Inc. *ADBE*		00724F101			03/03/04		22,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Expense Stock Options		Against	Against		ShrHoldr
	4	Adopt a Plocy that will Committ Executives to Hold a Significant Percentage of their Shares		Against	Against		ShrHoldr
	5	Ratify Auditors		For	For		Mgmt
04/28/04 - A	Allergan, Inc. *AGN*		018490102			03/08/04		16,319
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	Against		ShrHoldr
	4	Separate Chairman and CEO Positions		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 11

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/04 - A	Anheuser-Busch Companies, Inc. *BUD*		035229103			03/01/04		9,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/04 - A	General Electric Co. *GE*		369604103			03/01/04		489,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Provide for Cumulative Voting		Against	Against		ShrHoldr
	5	Eliminate Animal Testing		Against	Against		ShrHoldr
	6	Report on Nuclear Fuel Storage Risks		Against	Against		ShrHoldr
	7	Report on PCB Clean-up		Against	Against		ShrHoldr
	8	Report on Foreign Outsourcing		Against	Against		ShrHoldr
	9	Prepare Sustainability Report		Against	Against		ShrHoldr
	10	Limit Composition of Management Development and Compensation Committee to Independent Directors		Against	Against		ShrHoldr
	11	Report on Pay Disparity		Against	Against		ShrHoldr
	12	Limit Awards to Executives		Against	Against		ShrHoldr
	13	Limit Board Service for Other Companies		Against	Against		ShrHoldr
	14	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	15	Hire Advisor/Maximize Shareholder Value		Against	Against		ShrHoldr
	16	Adopt a Retention Ratio for Executives and Directors		Against	Against		ShrHoldr
	17	Require 70% to 80% Independent Board		Against	Against		ShrHoldr
	18	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/28/04 - A	Kohl’s Corp. *KSS*		500255104			03/03/04		11,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance-Based Stock/Indexed Options		Against	Against		ShrHoldr
	4	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/28/04 - A	Piper Jaffray Cos *PJC*		724078100			03/03/04		326
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/29/04 - A	Altria Group, Inc. *MO*		02209S103			03/08/04		48,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Product Warnings for Pregnant Women		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 12

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Report on Health Risks Associated with Cigarette Filters		Against	Against		ShrHoldr
	5	Political Contributions/Activities		Against	Against		ShrHoldr
	6	Cease Use of Light and Ultra Light in Cigarette Marketing		Against	Against		ShrHoldr
	7	Place Canadian Style Warnings on Cigarette Packaging		Against	Against		ShrHoldr
	8	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/29/04 - A	Capital One Financial Corp. *COF*		14040H105			02/29/04		56,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/29/04 - A	Harrah’s Entertainment, Inc. *HET*		413619107			03/01/04		3,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/30/04 - A	Coca-Cola Enterprises Inc. *CCE*		191219104			03/04/04		58,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
	4	Amend Deferred Compensation Plan		For	For		Mgmt
	5	Approve Employee Stock Purchase Plan		For	For		Mgmt
	6	Approve Employee Stock Purchase Plan		For	For		Mgmt
	7	Ratify Auditors		For	For		Mgmt
	8	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	9	Report on Recycling Policy		Against	Against		ShrHoldr
04/30/04 - A	Marriott International Inc. (New) *MAR*		571903202			03/08/04		7,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 13

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/30/04 - A	Zions Bancorporation *ZION*		989701107			02/23/04		4,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/03/04 - A	MBNA Corp. *KRB*		55262L100			02/13/04		220,600
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	Against		ShrHoldr
	4	Require Majority of Independent Directors on Board		Against	Against		ShrHoldr
05/03/04 - A	The Boeing Co. *BA*		097023105			03/05/04		37,100
	1	Elect Directors		For	For		Mgmt
	2	Reduce Supermajority Vote Requirement		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	5	Adopt Amended Workplace Code of Conduct		Against	Against		ShrHoldr
	6	Declassify the Board of Directors		Against	For		ShrHoldr
	7	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
	8	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	9	Adopt a Policy that will Commit Executive & Directors to Hold at least 75% of their Shares		Against	Against		ShrHoldr
	10	Provide Employees Choice of Pension Plans at Retirement or Termination		Against	Against		ShrHoldr
05/04/04 - A	Caremark Rx, Inc. *CMX*		141705103			04/01/04		21,100
	1	Elect Directors		For	For		Mgmt
05/04/04 - A	Reebok International Ltd. *RBK*		758110100			03/05/04		23,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/05/04 - A	Amylin Pharmaceuticals, Inc. *AMLN*		032346108			03/12/04		13,000
	1	Elect Directors		For	Withhold		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 14

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/05/04 - A	EMC Corp. *EMC*		268648102			03/08/04		133,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
05/05/04 - A	Manor Care, Inc. *HCR*		564055101			03/12/04		10,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
05/05/04 - A	PepsiCo, Inc. *PEP*		713448108			03/12/04		93,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
05/05/04 - A	Sealed Air Corp. *SEE*		81211K100			03/08/04		6,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/06/04 - A	CenturyTel, Inc. *CTL*		156700106			03/08/04		35,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director William R. Boles, Jr. — Withhold
	1.2	Elect Director W. Bruce Hanks — For
	1.3	Elect Director C.G. Melville, Jr. — For
	1.4	Elect Director Glen F. Post, III — For
	2	Ratify Auditors		For	For		Mgmt
05/06/04 - A	Echostar Communications Corp. *DISH*		278762109			03/22/04		18,000
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 15

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/06/04 - A	Freeport-McMoRan Copper & Gold Inc. *FCX*		35671D857			03/12/04		17,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert J. Allison, Jr. — For
	1.2	Elect Director R. Leigh Clifford — Withhold
	1.3	Elect Director James R. Moffett — For
	1.4	Elect Director B. M. Rankin, Jr. — Withhold
	1.5	Elect Director J. Taylor Wharton — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Halt Payments to Indonesian Military		Against	Against		ShrHoldr
05/06/04 - A	LSI Logic Corp. *LSI*		502161102			03/11/04		22,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Wilfred J. Corrigan — For
	1.2	Elect Director James H. Keyes — For
	1.3	Elect Director Malcolm R. Currie — For
	1.4	Elect Director T.Z. Chu — For
	1.5	Elect Director R. Douglas Norby — For
	1.6	Elect Director Matthew J. O’Rourke — For
	1.7	Elect Director Gregorio Reyes — For
	1.8	Elect Director Larry W. Sonsini — Withhold
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Approve/Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
05/06/04 - A	United Parcel Service, Inc. *UPS*		911312106			03/08/04		7,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/07/04 - A	IMS Health Inc. *RX*		449934108			03/05/04		12,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 16

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/11/04 - A	3M CO *MMM*		88579Y101			03/12/04		48,700
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
05/11/04 - A	Altera Corp. *ALTR*		021441100			03/16/04		4,934
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	Against		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Approve Option Expensing		Against	Against		ShrHoldr
05/11/04 - A	Boston Scientific Corp. *BSX*		101137107			03/19/04		32,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/11/04 - A	Masco Corp. *MAS*		574599106			03/15/04		32,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/04 - A	Intersil Corporation *ISIL*		46069S109			03/17/04		10,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
05/12/04 - A	St. Jude Medical, Inc. *STJ*		790849103			03/15/04		7,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
05/12/04 - A	UnitedHealth Group Incorporated *UNH*		91324P102			03/15/04		37,438
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	Against		ShrHoldr
	4	Limit Awards to Executives		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 17

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/13/04 - A	Amgen, Inc. *AMGN*		031162100			03/19/04		64,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prepare Glass Ceiling Report		Against	Against		ShrHoldr
	4	Expense Stock Options		Against	Against		ShrHoldr
05/13/04 - A	Mattel, Inc. *MAT*		577081102			03/17/04		10,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Awards to Executives		Against	Against		ShrHoldr
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
05/14/04 - A	Entergy Corp. *ETR*		29364G103			03/17/04		14,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	4	Restore or Provide for Cumulative Voting		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
05/14/04 - A	PMC-Sierra, Inc. *PMCS*		69344F106			03/15/04		2,168
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/14/04 - A	SunGard Data Systems Inc. *SDS*		867363103			03/15/04		19,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/17/04 - A	Anthem Inc. *ATH*		03674B104			03/19/04		516
	1	Elect Directors		For	For		Mgmt
05/17/04 - A	Getty Images, Inc. *GYI*		374276103			03/19/04		7,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/17/04 - A	The Charles Schwab Corp. *SCH*		808513105			03/18/04		52,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 18

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/18/04 -A	Dean Foods Company *DF*		242370104			03/26/04		10,200
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/04 -A	Guidant Corp. *GDT*		401698105			03/11/04		27,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	Against		ShrHoldr
05/19/04 - A	Advance Auto Parts Inc *AAP*		00751Y106			03/30/04		37,200
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/19/04 -A	American International Group, Inc. *AIG*		026874107			03/26/04		62,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	6	Divest from Tobacco Equities		Against	Against		ShrHoldr
	7	Link Executive Compensation to Predatory Lending		Against	Against		ShrHoldr
05/19/04 -A	Intel Corp. *INTC*		458140100			03/22/04		437,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Craig R. Barrett — For
	1.2	Elect Director Charlene Barshefsky — For
	1.3	Elect Director E. John P. Browne — For
	1.4	Elect Director Andrew S. Grove — For
	1.5	Elect Director D. James Guzy — Withhold
	1.6	Elect Director Reed E. Hundt — For
	1.7	Elect Director Paul S. Otellini — For
	1.8	Elect Director David S. Pottruck — For
	1.9	Elect Director Jane E. Shaw — For
	1.10	Elect Director John L. Thornton — For
	1.11	Elect Director David B. Yoffie — For
	2	Ratify Auditors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 19

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Expense Stock Options		Against	Against		ShrHoldr
	5	Limit/Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Performance - Based/Indexed Options		Against	Against		ShrHoldr
05/19/04 - A	Mercury Interactive Corp. *MERQ*		589405109			03/22/04		6,500
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/19/04 - A	Performance Food Group Co. *PFGC*		713755106			03/29/04		2,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/19/04 - A	Rent-A-Center, Inc. *RCII*		76009N100			03/25/04		11,450
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
05/19/04 - A	Southwest Airlines Co. *LUV*		844741108			03/23/04		10,200
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/04 - A	Universal Health Services, Inc. *UHS*		913903100			04/08/04		10,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Restricted Stock Plan		For	For		Mgmt
05/19/04 - A	WELLCHOICE INC *WC*		949475107			04/02/04		9,800
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/04 - A	Williams-Sonoma, Inc. *WSM*		969904101			03/29/04		10,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/20/04 - A	Edison International *EIX*		281020107			03/22/04		69,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John E. Bryson — For
	1.2	Elect Director France A. Cordova — For

Vote execution is not guaranteed in markets where a POA has not been provided Page 20

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.3	Elect Director Bradford M. Freeman — For
	1.4	Elect Director Bruce Karatz — For
	1.5	Elect Director Luis G. Nogales — For
	1.6	Elect Director Ronald L. Olson — Withhold
	1.7	Elect Director James M. Rosser — For
	1.8	Elect Director Richard T. Schlosberg, III — For
	1.9	Elect Director Robert H. Smith — For
	1.10	Elect Director Thomas C. Sutton — For
	2	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
05/20/04 - A	Liz Claiborne, Inc. *LIZ*		539320101			03/22/04		9,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Raul J. Fernandez — For
	1.2	Elect Director Mary Kay Haben — For
	1.3	Elect Director Kenneth P. Kopelman — Withhold
	1.4	Elect Director Arthur C. Martinez — For
	2	Ratify Auditors		For	For		Mgmt
05/20/04 - A	Radioshack Corp. *RSH*		750438103			03/23/04		3,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Frank J. Belatti — For
	1.2	Elect Director Ronald E. Elmquist — For
	1.3	Elect Director Robert S. Falcone — For
	1.4	Elect Director Daniel R. Feehan — For
	1.5	Elect Director Richard J. Hernandez — For
	1.6	Elect Director Lawrence V. Jackson — Withhold
	1.7	Elect Director Robert J. Kamerschen — For
	1.8	Elect Director H. Eugene Lockhart —For
	1.9	Elect Director Jack L. Messman — For
	1.10	Elect Director William G. Morton, Jr. — For
	1.11	Elect Director Thomas G. Plaskett — For
	1.12	Elect Director Leonard H. Roberts — For
	1.13	Elect Director Edwina D. Woodbury — For
	2	Approve Deferred Compensation Plan		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 21

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Approve Executive Incentive Bonus Plan		For	Against		Mgmt
05/20/04 - A	Sandisk Corp. *SNDK*		80004C101			03/30/04		7,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/04 - A	The Timberland Co. *TBL*		887100105			03/24/04		4,800
	1	Fix Number of and Elect Directors		For	Withhold		Mgmt
	1	Elect Directors		For	Withhold		Mgmt
05/20/04 - A	Xerox Corp. *XRX*		984121103			03/23/04		1,000
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
	4	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
05/20/04 - A	Yum Brands, Inc. *YUM*		988498101			03/22/04		16,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Adopt Smoke-Free Restaurant Policy		Against	Against		ShrHoldr
	5	Prepare a Sustainability Report		Against	Against		ShrHoldr
	6	Adopt MacBride Principles		Against	Against		ShrHoldr
	7	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	8	Report on Animal Welfare Standards		Against	Against		ShrHoldr
05/21/04 - A	Career Education Corp. *CECO*		141665109			03/23/04		53,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/21/04 - A	Federated Department Stores, Inc. *FD*		31410H101			04/02/04		6,100
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
05/21/04 - A	Time Warner Inc *TWX*		887317105			03/23/04		24,900
	1	Elect Directors		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 22

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt China Principles		Against	Against		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr
05/21/04 - A	Yahoo!, Inc. *YHOO*		984332106			03/25/04		28,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Expense Stock Options		Against	Against		ShrHoldr
05/25/04 - A	Community Health Systems, Inc. *CYH*		203668108			03/31/04		5,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
05/25/04 - A	Fannie Mae *FNM*		313586109			04/06/04		55,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Stephen B. Ashley — For
	1.2	Elect Director Kenneth M. Duberstein — Withhold
	1.3	Elect Director Thomas P. Gerrity — For
	1.4	Elect Director Timothy Howard — For
	1.5	Elect Director Ann Korologos — For
	1.6	Elect Director Frederic V. Malek — For
	1.7	Elect Director Donald B. Marron — For
	1.8	Elect Director Daniel H. Mudd — For
	1.9	Elect Director Anne M. Mulcahy — For
	1.10	Elect Director Joe K. Pickett — For
	1.11	Elect Director Leslie Rahl — For
	1.12	Elect Director Franklin D. Raines — For
	1.13	Elect Director H. Patrick Swygert — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Provide for Cumulative Voting		Against	Against		ShrHoldr
05/25/04 - A	Gilead Sciences, Inc. *GILD*		375558103			04/05/04		17,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 23

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/25/04 - A	Henry Schein, Inc. *HSIC*		806407102			04/15/04		12,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Stanley M. Bergman — For
	1.2	Elect Director Gerald A. Benjamin — For
	1.3	Elect Director James P. Breslawski — For
	1.4	Elect Director Mark E. Mlotek —For
	1.5	Elect Director Steven Paladino — For
	1.6	Elect Director Barry J. Alperin — For
	1.7	Elect Director Pamela Joseph — Withhold
	1.8	Elect Director Donald J. Kabat — For
	1.9	Elect Director Marvin H. Schein — Withhold
	1.10	Elect Director Irving Shafran — For
	1.11	Elect Director Philip A. Laskawy — For
	1.12	Elect Director Norman S. Matthews — For
	1.13	Elect Director Louis W. Sullivan — For
	1.14	Elect Director Margaret A. Hamburg — For
	2	Amend Stock Option Plan		For	Against		Mgmt
	3	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Approve Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
05/25/04 - A	Omnicom Group Inc. *OMC*		681919106			04/09/04		3,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
05/25/04 - A	Royal Caribbean Cruises Ltd. *RCL*		V7780T103			03/26/04		6,000
		Meeting for Holders of ADRs
	1	Elect Directors		For	Against		Mgmt
	2	APPROVAL OF THE AMENDED AND RESTATED 2000 STOCK AWARD PLAN.		For	For		Mgmt
	3	RATIFICATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS FOR 2004.		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 24

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/25/04 - A	SEI Investment Company *SEIC*		784117103			04/01/04		8,400
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/26/04 - A	Cognizant Technology Solutions Corp. *CTSH*		192446102			04/13/04		8,600
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock and Eliminate Class of Common Stock		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
	4	Approve Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
05/27/04 - A	Arrow Electronics, Inc. *ARW*		042735100			03/29/04		26,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Other Business		For	Against		Mgmt
05/27/04 - A	Genzyme Corp. *GENZ*		372917104			03/31/04		16,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	5	Increase Authorized Preferred Stock		For	Against		Mgmt
	6	Ratify Auditors		For	For		Mgmt
	7	Limit Awards to Executives		Against	Against		ShrHoldr
05/27/04 - A	Home Depot, Inc. (The) *HD*		437076102			03/29/04		152,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gregory D. Brenneman — For
	1.2	Elect Director Richard H. Brown — For
	1.3	Elect Director John L. Clendenin — For
	1.4	Elect Director Berry R. Cox — For
	1.5	Elect Director Claudio X. Gonzalez — Withhold
	1.6	Elect Director Milledge A. Hart, III — For
	1.7	Elect Director Bonnie G. Hill — For
	1.8	Elect Director Kenneth G. Langone — For
	1.9	Elect Director Robert L. Nardelli — For
	1.10	Elect Director Roger S. Penske — For

Vote execution is not guaranteed in markets where a POA has not been provided Page 25

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Establish Term Limits for Directors		Against	Against		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	6	Adopt ILO Based Code of Conduct		Against	Against		ShrHoldr
	7	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	8	Require Affirmative Vote of the Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
05/27/04 -A	Iron Mountain Inc. *IRM*		462846106			04/05/04		4,150
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
05/28/04 - A	Eon Labs, Inc. *ELAB*		29412E100			04/01/04		483
	1	Elect Directors		For	Withhold		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Other Business		For	Against		Mgmt
05/28/04 - A	Lowe *LOW*		548661107			04/01/04		73,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Leonard L. Berry — For
	1.2	Elect Director Paul Fulton — For
	1.3	Elect Director Dawn E. Hudson — Withhold
	1.4	Elect Director Marshall O. Larsen — For
	1.5	Elect Director Robert A. Niblock — For
	1.6	Elect Director Stephen F. Page — For
	1.7	Elect Director O. Temple Sloan, Jr. — For
	1.8	Elect Director Robert L. Tillman — For
	2	Ratify Auditors		For	For		Mgmt
06/01/04 - A	Foundry Networks, Inc. *FDRY*		35063R100			04/09/04		9,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Bobby R. Johnson, Jr. — For
	1.2	Elect Director Andrew K. Ludwick — For
	1.3	Elect Director Alfred J. Amoroso — For
	1.4	Elect Director C. Nicholas Keating, Jr. — For
	1.5	Elect Director J. Steven Young — Withhold

Vote execution is not guaranteed in markets where a POA has not been provided Page 26

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.6	Elect Director Alan L. Earhart — For
	2	Ratify Auditors		For	For		Mgmt
06/01/04 - A	The TJX Companies, Inc. *TJX*		872540109			04/12/04		84,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Implement ILO Based Code of Conduct		Against	Against		ShrHoldr
	4	Report on Vendor Standards		Against	Against		ShrHoldr
	5	Declassify the Board of Directors		Against	For		ShrHoldr
06/02/04 - A	Polycom, Inc. *PLCM*		73172K104			04/09/04		6,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Betsy S. Atkins — For
	1.2	Elect Director John Seely Brown — For
	1.3	Elect Director Robert C. Hagerty — For
	1.4	Elect Director John A. Kelley, Jr. — For
	1.5	Elect Director Michael R. Kourey — For
	1.6	Elect Director Stanley J. Meresman — For
	1.7	Elect Director William A. Owens — Withhold
	1.8	Elect Director Durk I. Jager — For
	1.9	Elect Director Thomas G. Stemberg — For
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/03/04 - A	Coventry Health Care Inc. *CVH*		222862104			04/05/04		37,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/04/04 - A	Wal-Mart Stores, Inc. *WMT*		931142103			04/05/04		150,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Stock Option Plan		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	7	Prepare Sustainability Report		Against	Against		ShrHoldr
	8	Report on Stock Option Distribution by Race and Gender		Against	Against		ShrHoldr
	9	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	10	Prepare Diversity Report		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 27

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	11	Submit Executive Compensation to Vote		Against	Against		ShrHoldr
06/09/04 - A	GLOBAL SANTA FE CORP.(formerly Santa Fe International Corp) *GSF*		G3930E101			04/07/04		14,300
		Meeting for Holders of ADRs
	1	Elect Directors		For	Withhold		Mgmt
	2	PROPOSAL TO APPROVE A SPECIAL RESOLUTION TO AMEND THE COMPANY S AMENDED AND RESTATED ARTICLES OF ASSOCIATION TO PERMIT TELEPHONIC AND INTERNET VOTING BY RECORD SHAREHOLDERS.		For	For		Mgmt
	3	PROPOSAL TO APPROVE A SPECIAL RESOLUTION TO AMEND THE COMPANY S AMENDED AND RESTATED ARTICLES OF ASSOCIATION TO REMOVE THE LANGUAGE NO SHARE OWNERSHIP QUALIFICATION FOR DIRECTORS SHALL BE REQUIRED.		For	For		Mgmt
	4	PROPOSAL TO RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS OF THE COMPANY AND ITS SUBSIDIARIES FOR THE YEAR ENDING DECEMBER 31, 2004.		For	For		Mgmt
06/09/04 - A	Liberty Media Corp. *L*		530718105			04/21/04		56,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/10/04 - A	PETsMART *PETM*		716768106			04/12/04		6,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/10/04 - S	Varian Medical Systems Inc *VAR*		92220P105			04/12/04		10,100
	1	Increase Authorized Common Stock		For	For		Mgmt

Vote execution is not guaranteed in markets where a POA has not been provided Page 28

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/11/04 - A	Commerce Bancorp, Inc. *CBH*		200519106			04/23/04		10,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Vernon W. Hill, II — For
	1.2	Elect Director Robert C. Beck — Withhold
	1.3	Elect Director Jack R Bershad — For
	1.4	Elect Director Joseph E. Buckelew — For
	1.5	Elect Director Donald T. Difrancesco — Withhold
	1.6	Elect Director John P. Ferguson — For
	1.7	Elect Director Morton N. Kerr — For
	1.8	Elect Director Steven M. Lewis — For
	1.9	Elect Director George E. Norcross, III — For
	1.10	Elect Director Joseph J. Plumeri, II — For
	1.11	Elect Director Daniel J. Ragone — For
	1.12	Elect Director Wm. A. Schwartz, Jr. — For
	1.13	Elect Director Joseph T. Tarquini, Jr. — For
	2	Approve Stock Option Plan		For	Against		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
06/16/04 - A	BIOGEN IDEC INC *BIIB*		09062X103			04/20/04		14,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/17/04 - A	Michaels Stores, Inc. *MIK*		594087108			04/26/04		14,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
06/17/04 - A	Staples, Inc. *SPLS*		855030102			04/19/04		84,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	7	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	8	Limit Executive Compensation		Against	Against		ShrHoldr
	9	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 29

Vote Summary Report

Jul 01, 2003 – Apr 29, 2004

AIT Select Growth Fund – Putnam Investment Management, LLC

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/22/04 - A	Chico’s FAS, Inc. *CHS*		168615102			04/26/04		14,900
	1	Elect Directors		For	Withhold		Mgmt
	2	Change Range for Size of the Board		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
06/23/04 - A	IAC / INTERACTIVECORP *IACI*		45840Q101			04/29/04		7,100
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/23/04 - A	Siebel Systems, Inc. *SEBL*		826170102			04/29/04		17,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Abstain	For		ShrHoldr
06/24/04 - A	Best Buy Co., Inc. *BBY*		086516101			04/26/04		31,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
06/24/04 - A	eBay Inc. *EBAY*		278642103			04/26/04		25,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Amend Stock Option Plan		For	Against		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Expense Stock Options		Against	Against		ShrHoldr

Vote execution is not guaranteed in markets where a POA has not been provided Page 30

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
10/28/03 - S	First Data Corp. *FDC*		319963104			09/08/03		74,700
	1	Approve Merger Agreement		For	For		Mgmt
01/28/04 - A	Johnson Controls, Inc. *JCI*		478366107			11/20/03		21,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	6	Amend Restricted Stock Plan		For	For		Mgmt
01/29/04 - A	Costco Wholesale Corporation *COST*		22160K105			12/05/03		5,400
	1	Elect Directors		For	For		Mgmt
		Shareholder Proposals
	2	Declassify the Board of Directors		Against	Against		ShrHoldr
	3	Develop Land Procurement Policy		Against	Against		ShrHoldr
		Management Proposal
	4	Ratify Auditors		For	For		Mgmt
03/17/04 - S	Bank of America Corp. *BAC*		060505104			01/26/04		21,000
	1	Approve Merger Agreement		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Adjourn Meeting		For	For		Mgmt
03/17/04 - S	FleetBoston Financial Corp.		339030108			01/26/04		44,400
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	For		Mgmt
03/31/04 - A	Freddie Mac *FRE*		313400301			02/20/04		99,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/14/04 - A	United Technologies Corp. *UTX*		913017109			02/17/04		15,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Disclosure of Executive Compensation		Against	Against		ShrHoldr
	4	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	5	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 1

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/20/04 - A	Citigroup Inc. *C*		172967101			02/27/04		235,382
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/20/04 - A	Mellon Financial Corp. *MEL*		58551A108			02/06/04		128,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/20/04 - A	Morgan Stanley *MWD*		617446448			02/20/04		144,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	Against		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	Against		ShrHoldr
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/21/04 - A	Burlington Northern Santa Fe Corp. *BNI*		12189T104			02/27/04		106,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/22/04 - A	Johnson & Johnson *JNJ*		478160104			02/24/04		37,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	Against		Mgmt
	3	Cease Charitable Contributions		Against	Against		ShrHoldr
04/22/04 - A	Wyeth *WYE*		983024100			03/12/04		108,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Drug Pricing		Against	Against		ShrHoldr
	4	Amend Animal Testing Policy		Against	Against		ShrHoldr
04/23/04 - A	Delta Air Lines, Inc. *DAL*		247361108			03/01/04		17,598
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Restore or Provide for Cumulative Voting		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 2

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Limit Awards to Executives		Against	Against		ShrHoldr
	5	Submit Executive Pension Benefit To Vote		Against	Against		ShrHoldr
	6	Limit Executive Compensation		Against	Against		ShrHoldr
04/26/04 - A	Bellsouth Corp. *BLS*		079860102			03/08/04		101,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Limit Executive Compensation		Against	Against		ShrHoldr
	7	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/27/04 - A	American Electric Power Co. *AEP*		025537101			03/03/04		94,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	4	Submit Executive Pension Benefit to Vote		Against	For		ShrHoldr
	5	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	6	Establish Term Limits for Directors		Against	Against		ShrHoldr
04/27/04 - A	Exelon Corp. *EXC*		30161N101			03/01/04		49,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
04/27/04 - A	MeadWestvaco Corp. *MWV*		583334107			03/01/04		68,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/04 - A	PNC Financial Services Group, Inc. *PNC*		693475105			02/27/04		65,100
	1	Elect Directors		For	For		Mgmt
04/27/04 - A	Wells Fargo & Company *WFC*		949746101			03/09/04		149,200
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 3

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Approve Retirement Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Link Executive Compensation to Social Issues		Against	Against		ShrHoldr
	7	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/28/04 - A	The McGraw-Hill Companies, Inc. *MHP*		580645109			03/09/04		22,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
04/29/04 - A	Kimberly-Clark Corp. *KMB*		494368103			03/01/04		38,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
04/30/04 - A	Pentair, Inc. *PNR*		709631105			03/01/04		22,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Outside Director Stock Options in Lieu of Cash		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Employee Stock Purchase Plan		For	For		Mgmt
	5	Approve Employee Stock Purchase Plan		For	For		Mgmt
	6	Ratify Auditors		For	For		Mgmt
04/30/04 - A	SBC Communications Inc. *SBC*		78387G103			03/02/04		166,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Bylaws		For	For		Mgmt
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Change Size of Board of Directors		Against	Against		ShrHoldr
05/03/04 - A	AFLAC Incorporated *AFL*		001055102			02/25/04		43,600
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 4

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/04 - A	The Boeing Co. *BA*		097023105			03/05/04		49,100
	1	Elect Directors		For	For		Mgmt
	2	Reduce Supermajority Vote Requirement		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	5	Adopt Amended Workplace Code of Conduct		Against	Against		ShrHoldr
	6	Declassify the Board of Directors		Against	Against		ShrHoldr
	7	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	Against		ShrHoldr
	8	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	Against		ShrHoldr
	9	Adopt a Policy that will Commit Executive & Directors to Hold at least 75% of their Shares		Against	Against		ShrHoldr
	10	Provide Employees Choice of Pension Plans at Retirement or Termination		Against	Against		ShrHoldr
05/04/04 - A	Bristol-Myers Squibb Co. *BMY*		110122108			03/08/04		93,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	4	Cease Political Contributions/Activities		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	6	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	7	Require Affirmative Vote of a Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
05/04/04 - A	Gannett Co., Inc. *GCI*		364730101			03/05/04		22,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/04/04 - A	Quest Diagnostics, Incorporated *DGX*		74834L100			03/08/04		11,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 5

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/04/04 - A	Sempra Energy *SRE*		816851109			03/09/04		80,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Declassify the Board of Directors		Against	Against		ShrHoldr
	5	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	6	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	7	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
05/05/04 - A	ConocoPhillips *COP*		20825C104			03/10/04		89,256
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Report on Drilling in the Arctic National Wildlife Refuge		Against	Against		ShrHoldr
05/07/04 - A	Illinois Tool Works Inc. *ITW*		452308109			03/09/04		65,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/11/04 - A	Masco Corp. *MAS*		574599106			03/15/04		138,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/04 - A	UnitedHealth Group Incorporated *UNH*		91324P102			03/15/04		101,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Limit Awards to Executives		Against	Against		ShrHoldr
05/13/04 - A	Cephalon, Inc. *CEPH*		156708109			03/18/04		800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
05/13/04 - A	Norfolk Southern Corp. *NSC*		655844108			03/05/04		155,605
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 6

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
05/18/04 - A	FirstEnergy Corporation *FE*		337932107			03/23/04		102,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Reduce Supermajority Vote Requirement		For	For		Mgmt
	5	Approve Deferred Compensation Plan		For	For		Mgmt
	6	Approve Deferred Compensation Plan		For	For		Mgmt
	7	Expense Stock Options		Against	For		ShrHoldr
	8	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	9	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	10	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	Against		ShrHoldr
05/18/04 - A	Northrop Grumman Corp. *NOC*		666807102			03/22/04		19,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	4	Declassify the Board of Directors		Against	Against		ShrHoldr
05/18/04 - A	The Interpublic Group of Companies, Inc. *IPG*		460690100			03/26/04		108,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	MacBride Principles		Against	Against		ShrHoldr
05/19/04 - A	American International Group, Inc. *AIG*		026874107			03/26/04		53,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	6	Divest from Tobacco Equities		Against	Against		ShrHoldr
	7	Link Executive Compensation to Predatory Lending		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 7

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/19/04 - A	First Data Corp. *FDC*		319963104			03/22/04		65,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/04 - A	Viacom Inc. *VIA*		925524308			03/22/04		111,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
05/20/04 - A	The Hartford Financial Services Group, Inc. *HIG*		416515104			03/22/04		48,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
05/21/04 - A	Pepco Holdings, Inc. *POM*		713291102			03/22/04		73,600
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		Against	Against		ShrHoldr
05/21/04 - A	Time Warner Inc *TWX*		887317105			03/23/04		248,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt China Principles		Against	Against		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr
05/21/04 - A	TXU Corp. *TXU*		873168108			03/22/04		6,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
05/25/04 - A	JP Morgan Chase & Co. *JPM*		46625H100			04/02/04		179,078
	1	Approve Merger Agreement		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Adjourn Meeting		For	For		Mgmt
	6	Establish Term Limits for Directors		Against	Against		ShrHoldr
	7	Charitable Contributions		Against	Against		ShrHoldr
	8	Political Contributions		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 8

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	9	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	10	Provide Adequate Disclosure for over the counter Derivatives		Against	Against		ShrHoldr
	11	Auditor Independence		Against	Against		ShrHoldr
	12	Submit Non-Employee Director Compensation to Vote		Against	Against		ShrHoldr
	13	Report on Pay Disparity		Against	Against		ShrHoldr
05/25/04 - A	Martin Marietta Materials, Inc. *MLM*		573284106			03/19/04		77,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/26/04 - A	Bank of America Corp. *BAC*		060505104			04/07/04		43,278
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Change Date of Annual Meeting		Against	Against		ShrHoldr
	4	Adopt Nomination Procedures for the Board		Against	Against		ShrHoldr
	5	Charitable Contributions		Against	Against		ShrHoldr
	6	Establish Independent Committee to Review Mutual Fund Policy		Against	Against		ShrHoldr
	7	Adopt Standards Regarding Privacy and Information Security		Against	Against		ShrHoldr
05/26/04 - A	Exxon Mobil Corp. *XOM*		30231G102			04/05/04		223,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Restricted Stock Plan		For	For		Mgmt
	4	Affirm Political Nonpartisanship		Against	Against		ShrHoldr
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	6	Report on Equatorial Guinea		Against	Against		ShrHoldr
	7	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	8	Prohibit Awards to Executives		Against	Against		ShrHoldr
	9	Report on Stock Option Distribution by Race and Gender		Against	Against		ShrHoldr
	10	Amend EEO Statement to Include Reference to Sexual Orientation		Against	Against		ShrHoldr
	11	Report on Climate Change Research		Against	Against		ShrHoldr
05/27/04 - A	Nextel Communications, Inc. *NXTL*		65332V103			04/02/04		304,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 9

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – UBS Global Asset Management (Americas) Inc.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/28/04 - A	CMS Energy Corp. *CMS*		125896100			04/02/04		3,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Bundled Compensation Plans		For	For		Mgmt
	5	Increase Authorized Common Stock		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 10

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/18/03 - A	* Dell Inc. *DELL*		247025109			05/23/03		156,100
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Change Company Name		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
10/14/03 - A	* The Procter & Gamble Company *PG*		742718109			08/01/03		21,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	Against		Mgmt
		Shareholder Proposals
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Label Genetically Engineered Foods		Against	Against		ShrHoldr
10/28/03 - S	* First Data Corp. *FDC*		319963104			09/08/03		171,000
	1	Approve Merger Agreement		For	For		Mgmt
10/30/03 - A	* Intuit, Inc. *INTU*		461202103			09/02/03		47,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
11/11/03 - A	* Cisco Systems, Inc. *CSCO*		17275R102			09/12/03		319,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	4	Report on Company Products Used by the Government to Monitor the Internet		Against	Against		ShrHoldr
	5	Report on Pay Disparity		Against	Against		ShrHoldr
01/15/04 - A	* Family Dollar Stores, Inc. *FDO*		307000109			11/24/03		85,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 1

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
01/26/04 -A	* Energizer Holdings, Inc. *ENR*		29266R108			11/21/03		27,100
	1	Elect Directors		For	For		Mgmt
03/02/04 -A	* QUALCOMM Inc. *QCOM*		747525103			01/02/04		117,507
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Adelia A. Coffman — Withhold
	1.2	Elect Director Raymond V. Dittamore — For
	1.3	Elect Director Irwin Mark Jacobs — For
	1.4	Elect Director Richard Sulpizio —For
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
03/09/04 -A	* Wm. Wrigley Jr. Co. *WWY*		982526105			01/15/04		58,342
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
03/22/04 - S	* Caremark Rx, Inc. *CMX*		141705103			02/05/04		12,800
	1	Increase Authorized Common Stock		For	For		Mgmt
	2	Approve Issuance of Stock in Connection with Merger Agreement		For	For		Mgmt
	3	Increase Authorized Preferred Stock		For	Against		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Allow Postponement or Adjournment of Special Meeting		For	Against		Mgmt
03/31/04 -A	* Freddie Mac *FRE*		313400301			02/20/04		118,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Joan E. Donoghue — For
	1.2	Elect Director Michelle Engler —Withhold
	1.3	Elect Director Richard Karl Goeltz — For
	1.4	Elect Director George D. Gould —Withhold
	1.5	Elect Director Henry Kaufman — For
	1.6	Elect Director John B. Mccoy —Withhold
	1.7	Elect Director Shaun F. O’Malley — Withhold
	1.8	Elect Director Ronald F. Poe — Withhold

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 2

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.9	Elect Director Stephen A. Ross —Withhold
	1.10	Elect Director Donald J. Schuenke — Withhold
	1.11	Elect Director Christina Seix — Withhold
	1.12	Elect Director Richard F. Syron —For
	1.13	Elect Director William J. Turner —Withhold
	2	Ratify Auditors		For	For		Mgmt
04/15/04 - A	* Texas Instruments Inc. *TXN*		882508104			02/17/04		116,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
04/19/04 - A	* Eli Lilly and Co. *LLY*		532457108			02/13/04		35,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Report on Drug Pricing		Against	Against		ShrHoldr
04/20/04 - A	* Cendant Corporation *CD*		151313103			02/23/04		228,700
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	4	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
04/21/04 - A	* State Street Corp. (Boston) *STT*		857477103			02/27/04		20,100
	1	Elect Directors		For	For		Mgmt
	2	Exempt Board of Directors from Massachusetts General Laws, Chapter 156B, Section 50A(a)		Against	For		ShrHoldr
04/22/04 - A	* Johnson & Johnson *JNJ*		478160104			02/24/04		63,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Cease Charitable Contributions		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 3

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/22/04 - A	* Pfizer Inc. *PFE*		717081103			02/27/04		264,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	5	Cease Political Contributions/Activities		Against	Against		ShrHoldr
	6	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	7	Establish Term Limits for Directors		Against	Against		ShrHoldr
	8	Report on Drug Pricing		Against	Against		ShrHoldr
	9	Limit Awards to Executives		Against	Against		ShrHoldr
	10	Amend Animal Testing Policy		Against	Against		ShrHoldr
04/22/04 - A	* Wyeth *WYE*		983024100			03/12/04		137,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Drug Pricing		Against	Against		ShrHoldr
	4	Amend Animal Testing Policy		Against	Against		ShrHoldr
04/27/04 - A	* Golden West Financial Corp. *GDW*		381317106			03/01/04		10,800
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/04 - A	* Moody’s Corporation *MCO*		615369105			03/01/04		40,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Performance - Based		Against	Against		ShrHoldr
04/28/04 - A	* Clear Channel Communications, Inc. *CCU*		184502102			03/08/04		116,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Alan D. Feld — Withhold
	1.2	Elect Director Thomas O. Hicks — For
	1.3	Elect Director Perry J. Lewis — For
	1.4	Elect Director L. Lowry Mays — For
	1.5	Elect Director Mark P. Mays — For
	1.6	Elect Director Randall T. Mays — For
	1.7	Elect Director B.J. Mccombs — For

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 4

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.8	Elect Director Phyllis B. Riggins — For
	1.9	Elect Director Theordore H. Strauss — For
	1.10	Elect Director J.C. Watts — For
	1.11	Elect Director John H. Williams — For
	2	Ratify Auditors		For	For		Mgmt
04/28/04 - A	* General Electric Co. *GE*		369604103			03/01/04		29,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James I. Cash, Jr. —For
	1.2	Elect Director Dennis D. Dammerman — For
	1.3	Elect Director Ann M. Fudge — For
	1.4	Elect Director Claudio X. Gonzalez — Withhold
	1.5	Elect Director Jeffrey R. Immelt — For
	1.6	Elect Director Andrea Jung — For
	1.7	Elect Director Alan G. Lafley — For
	1.8	Elect Director Kenneth G. Langone — For
	1.9	Elect Director Ralph S. Larsen — For
	1.10	Elect Director Rochelle B. Lazarus — For
	1.11	Elect Director Sam Nunn — For
	1.12	Elect Director Roger S. Penske — For
	1.13	Elect Director Robert J. Swieringa — For
	1.14	Elect Director Douglas A. Warner III — For
	1.15	Elect Director Robert C. Wright — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Provide for Cumulative Voting		Against	Against		ShrHoldr
	5	Eliminate Animal Testing		Against	Against		ShrHoldr
	6	Report on Nuclear Fuel Storage Risks		Against	Against		ShrHoldr
	7	Report on PCB Clean-up		Against	Against		ShrHoldr
	8	Report on Foreign Outsourcing		Against	Against		ShrHoldr
	9	Prepare Sustainability Report		Against	Against		ShrHoldr
	10	Limit Composition of Management Development and Compensation Committee to Independent Directors		Against	Against		ShrHoldr
	11	Report on Pay Disparity		Against	Against		ShrHoldr
	12	Limit Awards to Executives		Against	Against		ShrHoldr
	13	Limit Board Service for Other Companies		Against	For		ShrHoldr
	14	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	15	Hire Advisor/Maximize Shareholder Value		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 5

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	16	Adopt a Retention Ratio for Executives and Directors		Against	Against		ShrHoldr
	17	Require 70% to 80% Independent Board		Against	Against		ShrHoldr
	18	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/28/04 - A	* The McGraw-Hill Companies, Inc. *MHP*		580645109			03/09/04		63,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
04/29/04 - A	* Harrah’s Entertainment, Inc. *HET*		413619107			03/01/04		32,791
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/30/04 - A	* Marriott International Inc. (New) *MAR*		571903202			03/08/04		42,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	For		ShrHoldr
05/03/04 - A	* MBNA Corp. *KRB*		55262L100			02/13/04		112,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James H. Berick — Withhold
	1.2	Elect Director Benjamin R. Civiletti — Withhold
	1.3	Elect Director Bruce L. Hammonds — For
	1.4	Elect Director William L. Jews — For
	1.5	Elect Director Randolph D. Lerner — Withhold
	1.6	Elect Director Stuart L. Markowitz — For
	1.7	Elect Director William B. Milstead — For
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 6

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Require Majority of Independent Directors on Board		Against	For		ShrHoldr
05/04/04 - A	* Ambac Financial Group, Inc. *ABK*		023139108			03/09/04		13,400
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/04/04 - A	* Caremark Rx, Inc. *CMX*		141705103			04/01/04		50,750
	1	Elect Directors		For	For		Mgmt
05/04/04 - A	* Gannett Co., Inc. *GCI*		364730101			03/05/04		14,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/04/04 - A	* Sabre Holdings Corporation *TSG*		785905100			03/15/04		20,812
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/05/04 - A	* EMC Corp. *EMC*		268648102			03/08/04		140,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
05/05/04 - A	* PepsiCo, Inc. *PEP*		713448108			03/12/04		143,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 7

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/06/04 - A	* Avon Products, Inc. *AVP*		054303102			03/15/04		34,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Edward T. Fogarty — For
	1.2	Elect Director Susan J. Kropf — For
	1.3	Elect Director Maria Elena Lagomasino — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Report on Feasibility of Removing Parabens from Company Products		Against	Against		ShrHoldr
	6	Report on Feasibility of Removing Dibutyl Phthalate from Company Products		Against	Against		ShrHoldr
05/06/04 - A	* Echostar Communications Corp. *DISH*		278762109			03/22/04		70,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael T. Dugan — Withhold
	1.2	Elect Director James Defranco — Withhold
	1.3	Elect Director Cantey Ergen — Withhold
	1.4	Elect Director Charles W. Ergen — For
	1.5	Elect Director Raymond L. Friedlob — For
	1.6	Elect Director Steven R. Goodbarn — For
	1.7	Elect Director David K. Moskowitz — Withhold
	1.8	Elect Director C. Michael Schroeder — For
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/07/04 - A	* Colgate-Palmolive Co. *CL*		194162103			03/09/04		10,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	5	Adopt ILO Based Code of Conduct		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 8

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/07/04 - A	* Starwood Hotels & Resorts Worldwide, Inc. *HOT*		85590A203			03/19/04		32,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Declassify the Board of Directors		For	For		Mgmt
05/07/04 - A	* WILLIS GROUP HOLDINGS LTD *WSH*		G96655108			03/09/04		18,890
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/11/04 - A	* Valassis Communications, Inc. *VCI*		918866104			03/22/04		45,650
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Patrick F. Brennan — Withhold
	1.2	Elect Director Kenneth V. Darish — For
	1.3	Elect Director Seth Goldstein — For
	1.4	Elect Director Barry P. Hoffman — For
	1.5	Elect Director Walter H. Ku — For
	1.6	Elect Director Robert L. Recchia — For
	1.7	Elect Director Marcella A. Sampson — Withhold
	1.8	Elect Director Alan F. Schultz — For
	1.9	Elect Director Faith Whittlesey — Withhold
	2	Ratify Auditors		For	For		Mgmt
05/12/04 - A	* Univision Communications Inc. *UVN*		914906102			03/15/04		52,530
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director A. Jerrold Perenchio — Withhold
	1.2	Elect Director Fernando Aguirre — For
	1.3	Elect Director Harold Gaba — For
	1.4	Elect Director Alan F. Horn — For
	1.5	Elect Director John G. Perenchio — Withhold
	1.6	Elect Director Ray Rodriguez — Withhold
	1.7	Elect Director McHenry T. Tichenor, Jr. — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 9

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/13/04 - A	* Amgen, Inc. *AMGN*		031162100			03/19/04		29,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Frank J. Biondi, Jr. — For
	1.2	Elect Director Jerry D. Choate — Withhold
	1.3	Elect Director Frank C. Herringer — For
	1.4	Elect Director Gilbert S. Omenn — For
	2	Ratify Auditors		For	For		Mgmt
	3	Prepare Glass Ceiling Report		Against	Against		ShrHoldr
	4	Expense Stock Options		Against	For		ShrHoldr
05/17/04 - A	* The Charles Schwab Corp. *SCH*		808513105			03/18/04		401,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
05/19/04 - A	First Data Corp. *FDC*		319963104			03/22/04		157,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/04 - A	Intel Corp. *INTC*		458140100			03/22/04		259,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Craig R. Barrett — For
	1.2	Elect Director Charlene Barshefsky — For
	1.3	Elect Director E. John P. Browne — For
	1.4	Elect Director Andrew S. Grove — For
	1.5	Elect Director D. James Guzy — Withhold
	1.6	Elect Director Reed E. Hundt — For
	1.7	Elect Director Paul S. Otellini — For
	1.8	Elect Director David S. Pottruck — For
	1.9	Elect Director Jane E. Shaw — For
	1.10	Elect Director John L. Thornton — For
	1.11	Elect Director David B. Yoffie — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Limit/Prohibit Awards to Executives		Against	For		ShrHoldr
	6	Performance - Based/Indexed Options		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 10

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/19/04 - A	Viacom Inc. *VIA*		925524308			03/22/04		154,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director George S. Abrams — Withhold
	1.2	Elect Director David R. Andelman — Withhold
	1.3	Elect Director Joseph A. Califano, Jr. — For
	1.4	Elect Director William S. Cohen — For
	1.5	Elect Director Philippe P. Dauman — Withhold
	1.6	Elect Director Alan C. Greenberg — Withhold
	1.7	Elect Director Mel Karmazin — Withhold
	1.8	Elect Director Jan Leschly — For
	1.9	Elect Director David T. McLaughlin — For
	1.10	Elect Director Shari Redstone — Withhold
	1.11	Elect Director Sumner M. Redstone — Withhold
	1.12	Elect Director Frederic V. Salerno — Withhold
	1.13	Elect Director William Schwartz — Withhold
	1.14	Elect Director Patty Stonesifer — For
	1.15	Elect Director Robert D. Walter — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
05/21/04 - A	Time Warner Inc *TWX*		887317105			03/23/04		184,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt China Principles		Against	Against		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr
05/21/04 - A	Yahoo!, Inc. *YHOO*		984332106			03/25/04		40,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
05/25/04 - A	Fannie Mae *FNM*		313586109			04/06/04		90,300
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 11

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Provide for Cumulative Voting		Against	Against		ShrHoldr
05/26/04 - A	Crown Castle International Corp. *CCI*		228227104			04/01/04		149,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Implement MacBride Principles		Against	Against		ShrHoldr
05/27/04 - A	Lamar Advertising Company *LAMR*		512815101			04/05/04		42,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
05/28/04 - A	Lowe *LOW*		548661107			04/01/04		28,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Leonard L. Berry — For
	1.2	Elect Director Paul Fulton — For
	1.3	Elect Director Dawn E. Hudson — Withhold
	1.4	Elect Director Marshall O. Larsen — For
	1.5	Elect Director Robert A. Niblock — For
	1.6	Elect Director Stephen F. Page — For
	1.7	Elect Director O. Temple Sloan, Jr. — For
	1.8	Elect Director Robert L. Tillman — For
	2	Ratify Auditors		For	For		Mgmt
06/04/04 - A	Wal-Mart Stores, Inc. *WMT*		931142103			04/05/04		137,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Stock Option Plan		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	7	Prepare Sustainability Report		Against	For		ShrHoldr
	8	Report on Stock Option Distribution by Race and Gender		Against	For		ShrHoldr
	9	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	10	Prepare Diversity Report		Against	For		ShrHoldr
	11	Submit Executive Compensation to Vote		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 12

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Core Equity Fund – Goldman Sachs Asset Management, L.P.

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/09/04 - A	Liberty Media Corp. *L*		530718105			04/21/04		323,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert R. Bennett — Withhold
	1.2	Elect Director Paul A. Gould — For
	1.3	Elect Director John C. Malone — Withhold
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/17/04 - A	Dollar Tree Stores, Inc. *DLTR*		256747106			04/23/04		23,000
	1	Change Range for Size of the Board		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Approve Executive Incentive Bonus Plan		For	For		Mgmt
06/24/04 - A	eBay Inc. *EBAY*		278642103			04/26/04		29,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Expense Stock Options		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote * - Exception Vote Page 13

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/11/04 -A	3M CO *MMM*		88579Y101			03/12/04		48,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Edward A. Brennan — Withhold
	1.2	Elect Director Michael L. Eskew — For
	1.3	Elect Director W. James McNerney, Jr. — Withhold
	1.4	Elect Director Kevin W. Sharer — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Separate Chairman and CEO Positions		Against	For		ShrHoldr
04/23/04 - A	Abbott Laboratories *ABT*		002824100			02/25/04		97,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Drug Pricing		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Report on Operational Imact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
05/27/04 - A	Ace Ltd. *ACE*		G0070K103			04/08/04		16,800
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	PROPOSAL TO APPROVE THE ACE LIMITED 2004 LONG-TERM INCENTIVE PLAN.		For	For		Mgmt
	3	PROPOSAL TO RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT ACCOUNTANTS OF ACE LIMITED FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.		For	For		Mgmt
03/02/04 - A	ADC Telecommunications, Inc. *ADCT*		000886101			01/07/04		51,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/28/04 - A	Adobe Systems Inc. *ADBE*		00724F101			03/03/04		14,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 1

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Adopt a Plocy that will Committ Executives to Hold a Significant Percentage of their Shares		Against	For		ShrHoldr
	5	Ratify Auditors		For	For		Mgmt
04/29/04 - A	Advanced Micro Devices, Inc. *AMD*		007903107			03/01/04		1,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/30/04 - A	Aetna Inc. *AET*		00817Y108			02/27/04		9,498
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/03/04 - A	AFLAC Incorporated *AFL*		001055102			02/25/04		32,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Daniel P. Amos — For
	1.2	Elect Director John Shelby Amos II — For
	1.3	Elect Director Michael H. Armacost — Withhold
	1.4	Elect Director Kriss Cloninger III — For
	1.5	Elect Director Joe Frank Harris — For
	1.6	Elect Director Elizabeth J. Hudson — For
	1.7	Elect Director Kenneth S. Janke, Sr. — For
	1.8	Elect Director Douglas W. Johnson — For
	1.9	Elect Director Robert B. Johnson — For
	1.10	Elect Director Charles B. Knapp — For
	1.11	Elect Director Hidefumi Matsui — For
	1.12	Elect Director Nobuhiro Mori — For
	1.13	Elect Director E. Stephen Purdom, M.D. — For
	1.14	Elect Director Barbara K. Rimer, Ph.D. — For
	1.15	Elect Director Marvin R. Schuster — For
	1.16	Elect Director Glenn Vaughn, Jr. — For
	1.17	Elect Director Robert L. Wright — For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 2

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
03/02/04 - A	Agilent Technologies Inc. *A*		00846U101			01/05/04		30,424
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
01/22/04 - A	Air Products & Chemicals, Inc. *APD*		009158106			11/28/03		15,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
01/22/04 - A	Alberto-Culver Co. *ACV*		013068101			12/01/03		3,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Amend Articles		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
06/10/04 - A	Albertson’s Inc. *ABS*		013104104			04/14/04		6,649
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Pamela G. Bailey — For
	1.2	Elect Director Teresa Beck — Withhold
	1.3	Elect Director Beth M. Pritchard — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr
	5	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
	6	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	7	Declassify the Board of Directors		Against	For		ShrHoldr
04/30/04 - A	Alcoa Inc. *AA*		013817101			02/02/04		54,708
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Report on Pay Disparity		Against	Against		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	Against		ShrHoldr
05/13/04 - A	Allegheny Energy, Inc. *AYE*		017361106			03/16/04		1,700
	1	Elect Directors		For	For		Mgmt
	2	Eliminate Cumulative Voting		For	Against		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 3

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	Ratify Auditors		For	For		Mgmt
	6	Amend Vote Requirements to Amend Articles/Bylaws/Charter		For	For		ShrHoldr
	7	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		For	For		ShrHoldr
	8	Declassify the Board of Directors		For	For		ShrHoldr
	9	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	10	Expense Stock Options		Against	For		ShrHoldr
	11	Adopt a Policy that will Commit Executive & Directors to Hold at Least 50% of their Shares		Against	For		ShrHoldr
	12	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	13	Restore Preemptive Rights of Shareholders		Against	Against		ShrHoldr
	14	Reincorporate in Another State from Maryland to Delaware		Against	For		ShrHoldr
05/06/04 - A	Allegheny Technologies, Inc. *ATI*		01741R102			03/12/04		4,951
	1	Elect Directors		For	For		Mgmt
04/28/04 - A	Allergan, Inc. *AGN*		018490102			03/08/04		8,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Handel E. Evans — For
	1.2	Elect Director Michael R. Gallagher — For
	1.3	Elect Director Gavin S. Herbert — Withhold
	1.4	Elect Director Stephen J. Ryan — For
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Separate Chairman and CEO Positions		Against	For		ShrHoldr
12/18/03 - S	Allied Waste Industries, Inc. *AW*		019589308			11/03/03		3,200
	1	Approve Conversion of Securities		For	For		Mgmt
05/21/04 - A	Allied Waste Industries, Inc. *AW*		019589308			03/31/04		6,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Report on Privatization		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 4

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/22/04 - A	ALLTEL Corp. *AT*		020039103			02/24/04		19,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Ammend EEO - Sexual Orientation		Against	For		ShrHoldr
05/11/04 - A	Altera Corp. *ALTR*		021441100			03/16/04		23,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Approve Option Expensing		Against	For		ShrHoldr
04/29/04 - A	Altria Group, Inc. *MO*		02209S103			03/08/04		125,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Product Warnings for Pregnant Women		Against	Against		ShrHoldr
	4	Report on Health Risks Associated with Cigarette Filters		Against	Against		ShrHoldr
	5	Political Contributions/Activities		Against	Against		ShrHoldr
	6	Cease Use of Light and Ultra Light in Cigarette Marketing		Against	Against		ShrHoldr
	7	Place Canadian Style Warnings on Cigarette Packaging		Against	Against		ShrHoldr
	8	Separate Chairman and CEO Positions		Against	For		ShrHoldr
05/04/04 - A	Ambac Financial Group, Inc. *ABK*		023139108			03/09/04		6,600
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/05/04 - A	Amerada Hess Corp. *AHC*		023551104			03/15/04		5,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Nicholas F. Brady — Withhold
	1.2	Elect Director J. Barclay Collins II — For
	1.3	Elect Director Thomas H. Kean — For
	1.4	Elect Director Frank A. Olson — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Establish Other Board Committee		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 5

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/27/04 - A	Ameren Corporation *AEE*		023608102			03/11/04		11,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Risks of Nuclear Waste Storage		Against	Against		ShrHoldr
04/27/04 - A	American Electric Power Co. *AEP*		025537101			03/03/04		24,540
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	4	Submit Executive Pension Benefit to Vote		Against	For		ShrHoldr
	5	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	6	Establish Term Limits for Directors		Against	Against		ShrHoldr
04/26/04 - A	American Express Co. *AXP*		025816109			02/27/04		80,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Establish Term Limits for Directors		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
06/25/04 - A	American Greetings Corp. *AM*		026375105			04/26/04		3,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Scott S. Cowen — For
	1.2	Elect Director Harriet Mouchly-Weiss — For
	1.3	Elect Director Charles A. Ratner — Withhold
	1.4	Elect Director Zev Weiss — For
	1.5	Elect Director Joseph Hardin — For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
05/19/04 - A	American International Group, Inc. *AIG*		026874107			03/26/04		159,079
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 6

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Divest from Tobacco Equities		Against	Against		ShrHoldr
	7	Link Executive Compensation to Predatory Lending		Against	Against		ShrHoldr
06/10/04 - A	American Power Conversion Corp. *APCC*		029066107			04/14/04		5,614
	1	Fix Number of Directors		For	For		Mgmt
	2	Elect Directors		For	Split		Mgmt
	2.1	Elect Director Rodger B. Dowdell, Jr. — Withhold
	2.2	Elect Director Emanuel E. Landsman — Withhold
	2.3	Elect Director Neil E. Rasmussen — Withhold
	2.4	Elect Director Ervin F. Lyon — Withhold
	2.5	Elect Director James D. Gerson — For
	2.6	Elect Director John G. Kassakian — For
	2.7	Elect Director John F. Keane, Sr. — For
	2.8	Elect Director Ellen B. Richstone — For
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/04/04 - A	American Standard Companies, Inc. *ASD*		029712106			03/10/04		4,500
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Amgen, Inc. *AMGN*		031162100			03/19/04		78,908
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Frank J. Biondi, Jr. — For
	1.2	Elect Director Jerry D. Choate — Withhold
	1.3	Elect Director Frank C. Herringer — For
	1.4	Elect Director Gilbert S. Omenn — For
	2	Ratify Auditors		For	For		Mgmt
	3	Prepare Glass Ceiling Report		Against	Against		ShrHoldr
	4	Expense Stock Options		Against	For		ShrHoldr
04/15/04 - A	AmSouth Bancorporation *ASO*		032165102			02/17/04		22,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 7

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	6	Political Contributions		Against	Against		ShrHoldr
05/06/04 -A	Anadarko Petroleum Corp. *APC*		032511107			03/08/04		15,579
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Report on Greenhouse Gas Emissions		Against	For		ShrHoldr
03/09/04 - A	Analog Devices, Inc. *ADI*		032654105			01/16/04		23,500
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
07/15/03 - S	Andrew Corp. *ANDW*		034425108			05/27/03		785
	1	Issue Shares in Connection with an Acquisition		For	For		Mgmt
	2	Authorize New Class of Preferred Stock		For	For		Mgmt
	3	Approve Increase in Size of Board		For	For		Mgmt
	4	Adjourn Meeting		For	Against		Mgmt
02/10/04 - A	Andrew Corp. *ANDW*		034425108			12/12/03		9,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/28/04 - A	Anheuser-Busch Companies, Inc. *BUD*		035229103			03/01/04		51,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/21/04 - A	Aon Corp. *AOC*		037389103			03/24/04		3,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Patrick G. Ryan — For
	1.2	Elect Director Edgar D. Jannotta — Withhold
	1.3	Elect Director Jan Kalff — Withhold
	1.4	Elect Director Lester B. Knight — For
	1.5	Elect Director J. Michael Losh — For
	1.6	Elect Director R. Eden Martin — For

Mgmt Rec - Company Management Recommended Vote Page 8

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.7	Elect Director Andrew J. McKenna — For
	1.8	Elect Director Robert S. Morrison — For
	1.9	Elect Director Richard C. Notebaert — For
	1.10	Elect Director Michael D. O’Halleran — For
	1.11	Elect Director John W. Rogers, Jr. — For
	1.12	Elect Director Gloria Santona — For
	1.13	Elect Director Carolyn Y. Woo — For
	2	Ratify Auditors		For	For		Mgmt
12/18/03 -S	Apache Corp. *APA*		037411105			10/29/03		10,800
	1	Increase Authorized Common Stock		For	For		Mgmt
05/06/04 - A	Apache Corp. *APA*		037411105			03/17/04		19,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Eugene C. Fiedorek — For
	1.2	Elect Director Patricia Albjerg Graham — For
	1.3	Elect Director F. H. Merelli — Withhold
	1.4	Elect Director Raymond Plank — For
	2	Report on Greenhouse Gas Emissions		Against	For		ShrHoldr
04/30/04 - A	Apartment Investment & Management Co. *AIV*		03748R101			03/05/04		5,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Sale of Company Assets		For	For		Mgmt
	4	Limit Executive Compensation		Against	For		ShrHoldr
04/22/04 - A	Apple Computer, Inc. *AAPL*		037833100			02/24/04		1,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
10/16/03 - A	Applera Corp *ABI*		038020103			08/27/03		14,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard H. Ayers — For
	1.2	Elect Director Jean-Luc Belingard — For
	1.3	Elect Director Robert H. Hayes — For
	1.4	Elect Director Arnold J. Levine — Withhold

Mgmt Rec - Company Management Recommended Vote Page 9

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.5	Elect Director William H. Longfield — For
	1.6	Elect Director Theodore E. Martin — For
	1.7	Elect Director Carolyn W. Slayman — For
	1.8	Elect Director Orin R. Smith — For
	1.9	Elect Director James R. Tobin — For
	1.10	Elect Director Tony L. White — For
	2	Ratify Auditors		For	For		Mgmt
03/24/04 - A	Applied Materials, Inc. *AMAT*		038222105			01/30/04		105,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
08/27/03 - A	Applied Micro Circuits Corp. *AMCC*		03822W109			07/01/03		21,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director David M. Rickey — For
	1.2	Elect Director Roger A. Smullen, Sr. — For
	1.3	Elect Director Cesar Cesaratto — For
	1.4	Elect Director Franklin P. Johnson, Jr. — For
	1.5	Elect Director Kevin N. Kalkhoven — Withhold
	1.6	Elect Director L. Wayne Price — For
	1.7	Elect Director Douglas C. Spreng — For
	1.8	Elect Director Arthur B. Stabenow — For
	1.9	Elect Director Harvey P. White — For
	2	Ratify Auditors		For	For		Mgmt
11/06/03 - A	Archer-Daniels-Midland Company *ADM*		039483102			09/12/03		43,749
	1	Elect Directors		For	For		Mgmt
01/29/04 - A	Ashland Inc. *ASH*		044204105			11/24/03		4,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/04 - A	AT&T Corp. *T*		001957505			03/25/04		100
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 10

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Establish Term Limits for Directors		Against	Against		ShrHoldr
	5	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	7	Report on Executive Compensation		Against	Against		ShrHoldr
05/19/04 - A	AT&T Wireless Services, Inc. *AWE*		00209A106			03/22/04		165,855
	1	Approve Merger Agreement		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Require Affirmative Vote of a Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
06/17/04 - A	Autodesk, Inc. *ADSK*		052769106			05/05/04		6,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt Policy Regarding Equity-Based Compensation for Executives		Against	For		ShrHoldr
11/11/03 - A	Automatic Data Processing, Inc. *ADP*		053015103			09/12/03		40,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Approve Outside Director Stock Awards in Lieu of Cash		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
05/12/04 - A	AutoNation, Inc. *AN*		05329W102			03/26/04		10,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Mike Jackson — For
	1.2	Elect Director Robert J. Brown — For
	1.3	Elect Director J.P. Bryan — For
	1.4	Elect Director Rick L. Burdick — Withhold
	1.5	Elect Director William C. Crowley — For
	1.6	Elect Director Alan S. Dawes — For
	1.7	Elect Director Edward S. Lampert — For
	1.8	Elect Director Irene B. Rosenfeld — For
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 11

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
12/11/03 -A	AutoZone, Inc. *AZO*		053332102			10/14/03		6,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/26/04 -A	Avaya Inc *AV*		053499109			12/31/03		26,831
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Limit Awards to Executives		Against	Against		ShrHoldr
05/06/04 - A	Avon Products, Inc. *AVP*		054303102			03/15/04		14,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Edward T. Fogarty — For
	1.2	Elect Director Susan J. Kropf — For
	1.3	Elect Director Maria Elena Lagomasino — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Report on Feasibility of Removing Parabens from Company Products		Against	Against		ShrHoldr
	6	Report on Feasibility of Removing Dibutyl Phthalate from Company Products		Against	Against		ShrHoldr
04/28/04 -A	Baker Hughes Incorporated *BHI*		057224107			03/03/04		20,780
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	Against		ShrHoldr
04/28/04 -A	Ball Corp. *BLL*		058498106			03/01/04		3,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
03/17/04 - S	Bank of America Corp. *BAC*		060505104			01/26/04		44,858
	1	Approve Merger Agreement		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Adjourn Meeting		For	Against		Mgmt
05/26/04 -A	Bank of America Corp. *BAC*		060505104			04/07/04		123,771
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 12

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Change Date of Annual Meeting		Against	Against		ShrHoldr
	4	Adopt Nomination Procedures for the Board		Against	Against		ShrHoldr
	5	Charitable Contributions		Against	Against		ShrHoldr
	6	Establish Independent Committee to Review Mutual Fund Policy		Against	Against		ShrHoldr
	7	Adopt Standards Regarding Privacy and Information Security		Against	Against		ShrHoldr
05/25/04 - A	Bank One Corp. *ONE*		06423A103			04/02/04		67,875
	1	Approve Merger Agreement		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Bausch & Lomb Inc. *BOL*		071707103			03/01/04		3,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/04/04 - A	Baxter International Inc. *BAX*		071813109			03/05/04		37,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	For		ShrHoldr
04/27/04 - A	BB&T Corporation *BBT*		054937107			03/08/04		33,800
	1	Amend Articles		For	For		Mgmt
	2	Amend Bylaws		For	Against		Mgmt
	3	Elect Directors		For	Split		Mgmt
	3.1	Elect Director John A. Allison Iv — For
	3.2	Elect Director Ronald E. Deal — Withhold
	3.3	Elect Director Tom D. Efird — For
	3.4	Elect Director Albert O. Mccauley — For
	3.5	Elect Director Barry J. Fitzpatrick — For
	3.6	Elect Director J. Holmes Morrison — For
	3.7	Elect Director Jennifer S. Banner — For
	3.8	Elect Director Albert F. Zettlemoyer — Withhold
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Review Executive Compensation Policy		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 13

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
02/11/04 - A	Becton, Dickinson and Company *BDX*		075887109			12/15/03		16,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposal
	4	Provide for Cumulative Voting		Against	For		ShrHoldr
04/26/04 - A	Bellsouth Corp. *BLS*		079860102			03/08/04		114,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Limit Executive Compensation		Against	Against		ShrHoldr
	7	Report on Political Contributions/Activities		Against	Against		ShrHoldr
05/06/04 - A	Bemis Company, Inc. *BMS*		081437105			03/12/04		6,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
06/24/04 - A	Best Buy Co., Inc. *BBY*		086516101			04/26/04		19,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/18/04 - A	Big Lots Inc. *BLI*		089302103			03/26/04		7,100
	1	Elect Directors		For	For		Mgmt
06/16/04 - A	BIOGEN IDEC INC *BIIB*		09062X103			04/20/04		19,685
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/12/03 - S	Biogen, Inc.		090597105			09/25/03		10,100
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	Against		Mgmt
09/27/03 - A	Biomet, Inc. *BMET*		090613100			08/07/03		17,825
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 14

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
01/22/04 - A	BJ Services Company *BJS*		055482103			12/05/03		10,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposal
	3	Report on Foreign Operations Risk		Against	Against		ShrHoldr
08/21/03 - A	BMC Software, Inc. *BMC*		055921100			07/03/03		16,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
12/09/03 - S	Boise Cascade Corp. *BCC*		097383103			11/03/03		3,900
	1	Approve Merger Agreement		For	Against		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
04/15/04 - A	Boise Cascade Corp. *BCC*		097383103			02/23/04		5,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
10/06/03 - S	Boston Scientific Corp. *BSX*		101137107			08/27/03		28,100
	1	Increase Authorized Common Stock		For	For		Mgmt
05/11/04 - A	Boston Scientific Corp. *BSX*		101137107			03/19/04		50,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/04/04 - A	Bristol-Myers Squibb Co. *BMY*		110122108			03/08/04		120,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	4	Cease Political Contributions/Activities		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	6	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	7	Require Affirmative Vote of a Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
04/29/04 - A	Broadcom Corp. *BRCM*		111320107			03/05/04		18,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 15

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Ratify Auditors		For	For		Mgmt
01/08/04 - WC	Brown-Forman Corp. *BF.B*		115637209			11/28/03		4,000
	1	Increase Authorized Common Stock		For	For		Mgmt
04/28/04 - A	Brunswick Corp. *BC*		117043109			03/02/04		5,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/04 - A	Burlington Northern Santa Fe Corp. *BNI*		12189T104			02/27/04		23,052
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Alan L. Boeckmann — For
	1.2	Elect Director Vilma S. Martinez — Withhold
	1.3	Elect Director Marc F. Racicot — Withhold
	1.4	Elect Director Roy S. Roberts — For
	1.5	Elect Director Matthew K. Rose — For
	1.6	Elect Director Marc J. Shapiro — For
	1.7	Elect Director J.C. Watts, Jr. — For
	1.8	Elect Director Robert H. West — For
	1.9	Elect Director J. Steven Whisler — For
	1.10	Elect Director Edward E. Whitacre, Jr. — For
	1.11	Elect Director Michael B. Yanney — For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/21/04 - A	Burlington Resources Inc. *BR*		122014103			02/23/04		12,382
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Barbara T. Alexander — For
	1.2	Elect Director Reuben V. Anderson — For
	1.3	Elect Director Laird I. Grant — For
	1.4	Elect Director Robert J. Harding — For
	1.5	Elect Director John T. LaMacchia — For
	1.6	Elect Director Randy L. Limbacher — For
	1.7	Elect Director James F. McDonald — For

Mgmt Rec - Company Management Recommended Vote Page 16

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.8	Elect Director Kenneth W. Orce — Withhold
	1.9	Elect Director Donald M. Roberts — For
	1.10	Elect Director James A. Runde — For
	1.11	Elect Director John F. Schwarz — For
	1.12	Elect Director Walter Scott, Jr. — Withhold
	1.13	Elect Director Bobby S. Shackouls — For
	1.14	Elect Director Steven J. Shapiro — For
	1.15	Elect Director William E. Wade, Jr. — For
	2	Approve Increase in Common Stock and a Stock Split		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/21/04 - A	C. R. Bard, Inc. *BCR*		067383109			03/01/04		3,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/26/04 - A	Calpine Corp. *CPN*		131347106			03/29/04		100
	1	Elect Directors		For	Withhold		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
	5	Implement Indigenous Peoples Right Policy/ Cease Medicine Lake Development		Against	Against		ShrHoldr
	6	Limit Awards to Executives		Against	Against		ShrHoldr
	7	Include Voting Recommendations of Institutional Holders in Proxy Statement		Against	Against		ShrHoldr
	8	Ratify Auditors		For	For		Mgmt
11/21/03 - A	Campbell Soup Co. *CPB*		134429109			09/23/03		27,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/29/04 - A	Capital One Financial Corp. *COF*		14040H105			02/29/04		14,337
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 17

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
11/05/03 - A	Cardinal Health, Inc. *CAH*		14149Y108			09/08/03		30,400
	1	Elect Directors		For	For		Mgmt
05/04/04 - A	Caremark Rx, Inc. *CMX*		141705103			04/01/04		27,100
	1	Elect Directors		For	For		Mgmt
04/22/04 - A	Carnival Corp. *CCL*		143658300			02/23/04		39,300
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	TO AUTHORIZE THE AUDIT COMMITTEE OF CARNIVAL PLC TO AGREE THE REMUNERATION OF THE INDEPENDENT AUDITORS.		For	For		Mgmt
	4	TO RECEIVE THE ACCOUNTS AND REPORTS FOR CARNIVAL PLC FOR THE FINANCIAL PERIOD ENDED NOVEMBER 30, 2003.		For	For		Mgmt
	5	TO APPROVE THE DIRECTORS REMUNERATION REPORT OF CARNIVAL PLC.		For	For		Mgmt
	6	TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT SHARES BY CARNIVAL PLC.		For	For		Mgmt
	7	TO APPROVE THE DISAPPLICATION OF PRE-EMPTION RIGHTS FOR CARNIVAL PLC SHARES.		For	For		Mgmt
04/14/04 - A	Caterpillar Inc. *CAT*		149123101			02/17/04		21,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Report on Equipment Sales to Israel		Against	Against		ShrHoldr
	6	Report on Operational Imact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
04/20/04 - A	Cendant Corporation *CD*		151313103			02/23/04		63,133
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	4	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 18

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/03/04 - A	CENTERPOINT ENERGY INC *CNP*		15189T107			04/05/04		7,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Awards to Executives		Against	Against		ShrHoldr
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Other Business		For	Against		Mgmt
07/17/03 - A	Centex Corp. *CTX*		152312104			05/29/03		4,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
	4	Ratify Auditors		For	For		Mgmt
02/25/04 - S	Centex Corp. *CTX*		152312104			01/23/04		4,000
	1	Increase Authorized Common Stock		For	For		Mgmt
	2	Approve Merger Agreement		For	For		Mgmt
	3	Approve Merger Agreement		For	For		Mgmt
05/06/04 - A	CenturyTel, Inc. *CTL*		156700106			03/08/04		8,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/04 - A	ChevronTexaco Corp. *CVX*		166764100			03/01/04		66,736
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt Shareholder Rights Plan (Poison Pill) Policy		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	6	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	7	Require Affirmative Vote of a Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
	8	Report on Health and Environmental Initiatives in Ecuador		Against	Against		ShrHoldr
	9	Report on Renewable Energy		Against	Against		ShrHoldr
05/27/04 - A	Chiron Corp. *CHIR*		170040109			03/29/04		11,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 19

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
03/10/04 - A	CIENA Corporation *CIEN*		171779101			01/20/04		3,200
	1	Elect Directors		For	For		Mgmt
04/28/04 - A	CIGNA Corp. *CI*		125509109			03/01/04		8,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/24/04 - A	Cincinnati Financial Corp. *CINF*		172062101			02/27/04		10,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael Brown — For
	1.2	Elect Director Dirk J. Debbink — For
	1.3	Elect Director Robert C. Schiff — Withhold
	1.4	Elect Director John M. Shepherd — Withhold
	1.5	Elect Director Douglas S. Skidmore — For
	2	Ratify Auditors		For	Against		Mgmt
05/04/04 - A	Cinergy Corp. *CIN*		172474108			03/05/04		1,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
10/14/03 - A	Cintas Corp. *CTAS*		172908105			08/18/03		4,800
	1	Fix Number of Directors		For	For		Mgmt
	2	Elect Directors		For	Split		Mgmt
	2.1	Elect Director Richard T. Farmer — Withhold
	2.2	Elect Director Robert J. Kohlhepp — For
	2.3	Elect Director Scott D. Farmer — For
	2.4	Elect Director Paul R. Carter — Withhold
	2.5	Elect Director Gerald V. Dirvin — Withhold
	2.6	Elect Director Robert J. Herbold — Withhold
	2.7	Elect Director Roger L. Howe — Withhold
	2.8	Elect Director David C. Phillips — Withhold
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
		Shareholder Proposals
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Establish a Nominating Committee of Independent Directors		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 20

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Require Majority of Independent Directors on Board		Against	For		ShrHoldr
	7	Report on Code of Conduct		Against	Against		ShrHoldr
06/15/04 - A	Circuit City Stores, Inc. *CC*		172737108			04/21/04		12,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
11/11/03 - A	Cisco Systems, Inc. *CSCO*		17275R102			09/12/03		477,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	4	Report on Company Products Used by the Government to Monitor the Internet		Against	Against		ShrHoldr
	5	Report on Pay Disparity		Against	Against		ShrHoldr
04/20/04 - A	Citigroup Inc. *C*		172967101			02/27/04		320,740
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
05/13/04 - A	Citrix Systems, Inc. *CTXS*		177376100			03/15/04		10,100
	1	Elect Directors		For	For		Mgmt
	2	Expense Stock Options		Against	For		ShrHoldr
04/28/04 - A	Clear Channel Communications, Inc. *CCU*		184502102			03/08/04		38,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Alan D. Feld — Withhold
	1.2	Elect Director Thomas O. Hicks — For
	1.3	Elect Director Perry J. Lewis — For
	1.4	Elect Director L. Lowry Mays — For
	1.5	Elect Director Mark P. Mays — For
	1.6	Elect Director Randall T. Mays — For
	1.7	Elect Director B.J. Mccombs — For

Mgmt Rec - Company Management Recommended Vote Page 21

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.8	Elect Director Phyllis B. Riggins — For
	1.9	Elect Director Theordore H. Strauss — For
	1.10	Elect Director J.C. Watts — For
	1.11	Elect Director John H. Williams — For
	2	Ratify Auditors		For	For		Mgmt
05/28/04 - A	CMS Energy Corp. *CMS*		125896100			04/02/04		361
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Merribel S. Ayres — For
	1.2	Elect Director Earl D. Holton — For
	1.3	Elect Director David W. Joos — For
	1.4	Elect Director Michael T. Monahan — For
	1.5	Elect Director Joseph F. Paquette, Jr. — Withhold
	1.6	Elect Director William U. Parfet — For
	1.7	Elect Director Percy A. Pierre — For
	1.8	Elect Director S. Kinnie Smith, Jr. — For
	1.9	Elect Director Kenneth L. Way — For
	1.10	Elect Director Kenneth Whipple — For
	1.11	Elect Director John B. Yasinsky — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Bundled Compensation Plans		For	For		Mgmt
	5	Increase Authorized Common Stock		For	For		Mgmt
04/30/04 - A	Coca-Cola Enterprises Inc. *CCE*		191219104			03/04/04		28,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Deferred Compensation Plan		For	For		Mgmt
	5	Approve Employee Stock Purchase Plan		For	For		Mgmt
	6	Approve Employee Stock Purchase Plan		For	For		Mgmt
	7	Ratify Auditors		For	For		Mgmt
	8	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	9	Report on Recycling Policy		Against	Against		ShrHoldr
05/07/04 - A	Colgate-Palmolive Co. *CL*		194162103			03/09/04		33,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 22

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	5	Adopt ILO Based Code of Conduct		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
05/26/04 - A	Comcast Corp. *CMCSA*		20030N101			03/15/04		138,478
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Restricted Stock Plan		For	For		Mgmt
	4	Amend Articles/Bylaws/Charter-Non-Routine		For	For		Mgmt
	5	Require Two-Thirds Majority of Independent Directors on Board		Against	For		ShrHoldr
	6	Political Contributions/Activities		Against	Against		ShrHoldr
	7	Nominate Two Directors for every open Directorships		Against	Against		ShrHoldr
	8	Limit Executive Compensation		Against	Against		ShrHoldr
	9	Adopt a Recapitalization Plan		Against	For		ShrHoldr
05/18/04 - A	Comerica Inc. *CMA*		200340107			03/22/04		10,750
	1	Elect Directors		For	For		Mgmt
	2	Approve Employee Stock Purchase Plan		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
08/11/03 - A	Computer Sciences Corporation *CSC*		205363104			06/13/03		505
	1	Elect Directors		For	For		Mgmt
06/15/04 - A	Comverse Technology, Inc. *CMVT*		205862402			04/27/04		11,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
09/25/03 - A	Conagra Foods Inc. *CAG*		205887102			07/31/03		37,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	4	Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	5	Modify Current and Future Stock Option Plans		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 23

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
02/26/04 - S	Concord EFS, Inc.		206197105			01/16/04		29,700
	1	Approve Merger Agreement		For	For		Mgmt
05/05/04 - A	ConocoPhillips *COP*		20825C104			03/10/04		42,095
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Report on Drilling in the Arctic National Wildlife Refuge		Against	Against		ShrHoldr
05/17/04 - A	Consolidated Edison, Inc. *ED*		209115104			03/29/04		13,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt
	4	Increase Disclosure of Executive Compensation		Against	Against		ShrHoldr
05/21/04 - A	Constellation Energy Group, Inc. *CEG*		210371100			03/19/04		10,250
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Convergys Corp. *CVG*		212485106			03/01/04		8,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/27/04 - A	COOPER INDUSTRIES LTD *CBE*		G24182100			03/01/04		5,800
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	APPROVE THE AMENDED AND RESTATED STOCK INCENTIVE PLAN.		For	For		Mgmt
	4	SHAREHOLDER PROPOSAL RELATING TO SOCIAL AND ENVIRONMENTAL ISSUES RELATED TO SUSTAINABILITY.		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 24

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	SHAREHOLDER PROPOSAL RELATING TO EXECUTIVE EQUITY COMPENSATION PLANS.		Against	Against		ShrHoldr
05/04/04 - A	Cooper Tire & Rubber Co. *CTB*		216831107			03/09/04		4,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		Against	For		ShrHoldr
10/03/03 - S	Coors (Adolph) Company *RKY*		217016104			08/25/03		2,500
	1	Change State of Incorporation from Colorado to Delaware		For	For		Mgmt
	2	Adjourn Meeting		For	Against		Mgmt
04/29/04 - A	Corning Inc. *GLW*		219350105			03/01/04		83,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
01/29/04 - A	Costco Wholesale Corporation *COST*		22160K105			12/05/03		29,912
	1	Elect Directors		For	For		Mgmt
		Shareholder Proposals
	2	Declassify the Board of Directors		Against	For		ShrHoldr
	3	Develop Land Procurement Policy		Against	Against		ShrHoldr
		Management Proposal
	4	Ratify Auditors		For	For		Mgmt
01/09/04 - S	Countrywide Financial Corp. *CFC*		222372104			11/28/03		9,000
	1	Increase Authorized Common Stock		For	For		Mgmt
06/16/04 - A	Countrywide Financial Corp. *CFC*		222372104			04/19/04		16,599
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
04/26/04 - A	Crane Co. *CR*		224399105			02/27/04		3,650
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 25

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Implement MacBride Principles		Against	Against		ShrHoldr
05/05/04 -A	CSX Corp. *CSX*		126408103			03/05/04		13,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Limit Awards to Executives		Against	For		ShrHoldr
04/06/04 -A	Cummins, Inc. *CMI*		231021106			02/16/04		2,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/12/04 -A	CVS Corporation *CVS*		126650100			03/15/04		24,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
04/19/04 -A	Dana Corp. *DCN*		235811106			03/01/04		9,309
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
05/04/04 -A	Danaher Corp. *DHR*		235851102			03/10/04		9,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Develop Charter Language on Board Diversity		Against	Against		ShrHoldr
09/25/03 -A	Darden Restaurants, Inc. *DRI*		237194105			07/28/03		11,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 26

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
02/25/04 - A	Deere & Co. *DE*		244199105			12/31/03		15,500
	1	Elect Directors		For	For		Mgmt
07/18/03 - A	Dell Inc. *DELL*		247025109			05/23/03		184,600
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Change Company Name		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/06/04 - A	Delphi Corp. *DPH*		247126105			03/08/04		34,628
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	6	Declassify the Board of Directors		Against	For		ShrHoldr
	7	Amend Workplace Code of Conduct		Against	For		ShrHoldr
04/23/04 - A	Delta Air Lines, Inc. *DAL*		247361108			03/01/04		743
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Restore or Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Limit Awards to Executives		Against	Against		ShrHoldr
	5	Submit Executive Pension Benefit To Vote		Against	For		ShrHoldr
	6	Limit Executive Compensation		Against	Against		ShrHoldr
05/04/04 - A	Deluxe Corp. *DLX*		248019101			03/08/04		500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
06/08/04 - A	Devon Energy Corp. *DVN*		25179M103			04/09/04		14,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 27

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/15/04 - A	Dillard’s, Inc. *DDS*		254067101			03/31/04		5,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Implement ILO Based Code of Conduct		Against	Against		ShrHoldr
05/25/04 - A	Dollar General Corp. *DG*		256669102			03/22/04		17,109
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/23/04 - A	Dominion Resources, Inc. *D*		25746U109			02/27/04		20,150
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Executive Compensation to Vote		Against	Against		ShrHoldr
04/20/04 - A	Dover Corp. *DOV*		260003108			02/27/04		12,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director David H. Benson — For
	1.2	Elect Director Jean-Pierre M. Ergas — For
	1.3	Elect Director Kristiane C. Graham — For
	1.4	Elect Director Ronald L. Hoffman — For
	1.5	Elect Director James L. Koley — For
	1.6	Elect Director Richard K. Lochridge — For
	1.7	Elect Director Thomas L. Reece — For
	1.8	Elect Director Bernard G. Rethore — For
	1.9	Elect Director Gary L. Roubos — Withhold
	1.10	Elect Director Michael B. Stubbs — For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
04/21/04 - A	Dow Jones & Co., Inc. *DJ*		260561105			02/27/04		5,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Irvine O. Hockaday, Jr. — For
	1.2	Elect Director Vernon E. Jordan, Jr. — Withhold
	1.3	Elect Director Lewis B. Campbell — For
	1.4	Elect Director Dieter von Holtzbrinck — Withhold
	1.5	Elect Director Elizabeth Steele — For
	2	Ratify Auditors		For	Against		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 28

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Separate Chairman and CEO Positions		Against	For		ShrHoldr
04/29/04 - A	DTE Energy Co. *DTE*		233331107			03/01/04		10,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Duke Energy Corp. *DUK*		264399106			03/15/04		400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Paul M. Anderson — For
	1.2	Elect Director Ann M. Gray — For
	1.3	Elect Director Michael E.J. Phelps — Withhold
	1.4	Elect Director James T. Rhodes — For
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
05/20/04 - A	Dynegy, Inc. *DYN*		26816Q101			03/31/04		22,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Conversion of Securities		For	For		Mgmt
	3	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Submit Executive Compensation to Vote		Against	For		ShrHoldr
	6	Develop Equity Compensation Plans and Utilize Time-Based & Restricted Share Programs in Lieu of Stock Options		Against	Against		ShrHoldr
04/28/04 - A	E.I. Du Pont De Nemours & Co. *DD*		263534109			03/09/04		61,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Executive Ties to Government		Against	Against		ShrHoldr
	4	Adopt and Report on a Code of Corporate Conduct		Against	Against		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
05/06/04 - A	Eastman Chemical Co. *EMN*		277432100			03/15/04		4,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Awards to Executives		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 29

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/12/04 - A	Eastman Kodak Co. *EK*		277461109			03/15/04		7,547
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Adopt Chemical Policy		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
04/28/04 - A	Eaton Corp. *ETN*		278058102			03/01/04		9,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/24/04 - A	eBay Inc. *EBAY*		278642103			04/26/04		38,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	Against		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Expense Stock Options		Against	For		ShrHoldr
05/07/04 - A	Ecolab, Inc. *ECL*		278865100			03/16/04		15,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/20/04 - A	Edison International *EIX*		281020107			03/22/04		19,900
	1	Elect Directors		For	For		Mgmt
	2	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	Against		ShrHoldr
07/31/03 - A	Electronic Arts, Inc. *ERTS*		285512109			06/04/03		10,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/25/04 - A	Electronic Data Systems Corp. *EDS*		285661104			03/29/04		4,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 30

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
04/19/04 - A	Eli Lilly and Co. *LLY*		532457108			02/13/04		70,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Report on Drug Pricing		Against	Against		ShrHoldr
05/05/04 - A	EMC Corp. *EMC*		268648102			03/08/04		148,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
02/03/04 - A	Emerson Electric Co. *EMR*		291011104			11/24/03		27,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/06/04 - A	Engelhard Corp. *EC*		292845104			03/15/04		7,650
	1	Elect Directors		For	For		Mgmt
05/14/04 - A	Entergy Corp. *ETR*		29364G103			03/17/04		14,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	Against		ShrHoldr
	4	Restore or Provide for Cumulative Voting		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
05/04/04 - A	EOG Resources, Inc. *EOG*		26875P101			03/08/04		7,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Other Business		For	Against		Mgmt
04/28/04 - A	Equifax Inc. *EFX*		294429105			02/18/04		100
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 31

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/19/04 - A	Equity Office Properties Trust *EOP*		294741103			03/12/04		24,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/28/04 - A	Equity Residential *EQR*		29476L107			03/29/04		16,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Articles/Bylaws/Charter to Remove Antitakeover Provision(s)		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Exelon Corp. *EXC*		30161N101			03/01/04		20,450
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/26/04 - A	Express Scripts, Inc. *ESRX*		302182100			03/31/04		900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gary G. Benanav — For
	1.2	Elect Director Frank J. Borelli — For
	1.3	Elect Director Nicholas J. LaHowchic — For
	1.4	Elect Director Thomas P. Mac Mahon — Withhold
	1.5	Elect Director John O. Parker, Jr. — For
	1.6	Elect Director George Paz — For
	1.7	Elect Director Samuel K. Skinner — For
	1.8	Elect Director Seymour Sternberg — For
	1.9	Elect Director Barrett A. Toan — For
	1.10	Elect Director Howard L. Waltman — For
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/26/04 - A	Exxon Mobil Corp. *XOM*		30231G102			04/05/04		397,260
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Restricted Stock Plan		For	For		Mgmt
	4	Affirm Political Nonpartisanship		Against	Against		ShrHoldr
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 32

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Report on Equatorial Guinea		Against	Against		ShrHoldr
	7	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	8	Prohibit Awards to Executives		Against	Against		ShrHoldr
	9	Report on Stock Option Distribution by Race and Gender		Against	Against		ShrHoldr
	10	Amend EEO Statement to Include Reference to Sexual Orientation		Against	For		ShrHoldr
	11	Report on Climate Change Research		Against	Against		ShrHoldr
01/15/04 - A	Family Dollar Stores, Inc. *FDO*		307000109			11/24/03		11,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/25/04 - A	Fannie Mae *FNM*		313586109			04/06/04		58,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Provide for Cumulative Voting		Against	For		ShrHoldr
05/21/04 - A	Federated Department Stores, Inc. *FD*		31410H101			04/02/04		11,000
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
09/29/03 - A	FedEx Corporation *FDX*		31428X106			08/04/03		20,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director August A. Busch IV — For
	1.2	Elect Director John A. Edwardson — For
	1.3	Elect Director George J. Mitchell — Withhold
	1.4	Elect Director Joshua I. Smith — For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposal
	4	Declassify the Board of Directors		Against	For		ShrHoldr
03/23/04 - A	Fifth Third Bancorp *FITB*		316773100			01/30/04		36,005
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 33

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Ratify Auditors		For	For		Mgmt
	4	Adopt Sexual Orientation Non-Discrimination Policy		None	For		ShrHoldr
05/19/04 - A	First Data Corp. *FDC*		319963104			03/22/04		54,949
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/04 - A	FirstEnergy Corporation *FE*		337932107			03/23/04		20,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Reduce Supermajority Vote Requirement		For	For		Mgmt
	5	Approve Deferred Compensation Plan		For	For		Mgmt
	6	Approve Deferred Compensation Plan		For	For		Mgmt
	7	Expense Stock Options		Against	For		ShrHoldr
	8	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	9	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	10	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
04/06/04 - A	Fiserv, Inc. *FISV*		337738108			02/13/04		12,250
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
03/17/04 - S	FleetBoston Financial Corp.		339030108			01/26/04		67,352
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	Against		Mgmt
04/28/04 - A	Fluor Corp. *FLR*		343412102			03/03/04		5,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James T. Hackett — Withhold
	1.2	Elect Director Kent Kresa — For
	1.3	Elect Director Robin W. Renwick — Withhold
	1.4	Elect Director Martha R. Seger — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Non-Employee Director Restricted Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 34

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/13/04 - A	Ford Motor Company *F*		345370860			03/17/04		109,195
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John R. H. Bond — Withhold
	1.2	Elect Director Stephen G. Butler — For
	1.3	Elect Director Kimberly A. Casiano — For
	1.4	Elect Director Edsel B. Ford II — For
	1.5	Elect Director William Clay Ford — For
	1.6	Elect Director William Clay Ford, Jr. — For
	1.7	Elect Director Irvine O. Hockaday, Jr. — For
	1.8	Elect Director Marie-Josee Kravis — For
	1.9	Elect Director Richard A. Manoogian — For
	1.10	Elect Director Ellen R. Marram — For
	1.11	Elect Director Homer A. Neal — For
	1.12	Elect Director Jorma Ollila — For
	1.13	Elect Director Carl E. Reichardt — For
	1.14	Elect Director Robert E. Rubin — Withhold
	1.15	Elect Director Nicholas V. Scheele — For
	1.16	Elect Director John L. Thornton — For
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Disclosure of Executive Compensation		Against	Against		ShrHoldr
	4	Establish Other Board Committee		Against	For		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Amend By Laws Relating to Board Independence		Against	Against		ShrHoldr
	7	Report on Greenhouse Gas Emissions		Against	Against		ShrHoldr
08/11/03 - A	Forest Laboratories, Inc. *FRX*		345838106			06/20/03		25,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Howard Solomon — Withhold
	1.2	Elect Director William J. Candee, III — For
	1.3	Elect Director George S. Cohan — For
	1.4	Elect Director Dan L. Goldwasser — For
	1.5	Elect Director Lester B. Salans, M.D. — For
	1.6	Elect Director Kenneth E. Goodman — Withhold

Mgmt Rec - Company Management Recommended Vote Page 35

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.7	Elect Director Phillip M. Satow — Withhold
	2	Increase Authorized Common Stock		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Fortune Brands, Inc. *FO*		349631101			02/27/04		9,100
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
05/21/04 - A	FPL Group, Inc. *FPL*		302571104			03/16/04		11,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	6	Increase Authorized Common Stock		For	For		Mgmt
01/29/04 - A	Franklin Resources, Inc. *BEN*		354613101			12/01/03		16,530
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
03/31/04 - A	Freddie Mac *FRE*		313400301			02/20/04		43,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/06/04 - A	Freeport-McMoRan Copper & Gold Inc. *FCX*		35671D857			03/12/04		11,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert J. Allison, Jr. — For
	1.2	Elect Director R. Leigh Clifford — Withhold
	1.3	Elect Director James R. Moffett — For
	1.4	Elect Director B. M. Rankin, Jr. — For
	1.5	Elect Director J. Taylor Wharton — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 36

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Halt Payments to Indonesian Military		Against	Against		ShrHoldr
05/04/04 - A	Gannett Co., Inc. *GCI*		364730101			03/05/04		16,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/20/04 - A	Gateway Inc *GTW*		367626108			03/25/04		22,860
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Douglas L. Lacey — For
	1.2	Elect Director Wayne R. Inouye — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr
	5	Board Diversity		Against	Against		ShrHoldr
05/05/04 - A	General Dynamics Corp. *GD*		369550108			03/12/04		12,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	4	Report on Foreign Military Sales		Against	Against		ShrHoldr
04/28/04 - A	General Electric Co. *GE*		369604103			03/01/04		627,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James I. Cash, Jr. — For
	1.2	Elect Director Dennis D. Dammerman — For
	1.3	Elect Director Ann M. Fudge — For
	1.4	Elect Director Claudio X. Gonzalez — Withhold
	1.5	Elect Director Jeffrey R. Immelt — For
	1.6	Elect Director Andrea Jung — For
	1.7	Elect Director Alan G. Lafley — For
	1.8	Elect Director Kenneth G. Langone — For
	1.9	Elect Director Ralph S. Larsen — For
	1.10	Elect Director Rochelle B. Lazarus — For
	1.11	Elect Director Sam Nunn — For
	1.12	Elect Director Roger S. Penske — For

Mgmt Rec - Company Management Recommended Vote Page 37

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.13	Elect Director Robert J. Swieringa — For
	1.14	Elect Director Douglas A. Warner III — For
	1.15	Elect Director Robert C. Wright — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Provide for Cumulative Voting		Against	Against		ShrHoldr
	5	Eliminate Animal Testing		Against	Against		ShrHoldr
	6	Report on Nuclear Fuel Storage Risks		Against	Against		ShrHoldr
	7	Report on PCB Clean-up		Against	Against		ShrHoldr
	8	Report on Foreign Outsourcing		Against	Against		ShrHoldr
	9	Prepare Sustainability Report		Against	Against		ShrHoldr
	10	Limit Composition of Management Development and Compensation Committee to Independent Directors		Against	Against		ShrHoldr
	11	Report on Pay Disparity		Against	Against		ShrHoldr
	12	Limit Awards to Executives		Against	Against		ShrHoldr
	13	Limit Board Service for Other Companies		Against	For		ShrHoldr
	14	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	15	Hire Advisor/Maximize Shareholder Value		Against	Against		ShrHoldr
	16	Adopt a Retention Ratio for Executives and Directors		Against	Against		ShrHoldr
	17	Require 70% to 80% Independent Board		Against	Against		ShrHoldr
	18	Report on Political Contributions/Activities		Against	Against		ShrHoldr
09/22/03 - A	General Mills, Inc. *GIS*		370334104			07/24/03		25,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
10/03/03 - WC	General Motors Corp. *GM*		370442105			08/01/03		1,300
	1	Amend Articles		For	For		Mgmt
	2	Amend Articles		For	For		Mgmt
	3	Approve Hughes Split-Off		For	For		Mgmt
	4	Approve GM/News Stock Sale		For	For		Mgmt
	5	Approve News Stock Acquisition		For	For		Mgmt
	6	Amend Articles		For	For		Mgmt
06/02/04 - A	General Motors Corp. *GM*		370442105			04/05/04		15,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prohibit Awards to Executives		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 38

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Prohibit Awards to Executives		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	6	Limit Composition of Committees to Independent Directors		Against	Against		ShrHoldr
	7	Report on Greenhouse Gas Emissions		Against	Against		ShrHoldr
	8	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	9	Establish Executive and Director Stock Ownership Guidelines		Against	Against		ShrHoldr
04/19/04 - A	Genuine Parts Co. *GPC*		372460105			02/12/04		11,050
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Company-Specific — Shareholder Miscellaneous		Against	Against		ShrHoldr
05/27/04 - A	Genzyme Corp. *GENZ*		372917104			03/31/04		13,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	5	Increase Authorized Preferred Stock		For	Against		Mgmt
	6	Ratify Auditors		For	For		Mgmt
	7	Limit Awards to Executives		Against	Against		ShrHoldr
05/04/04 - A	Georgia-Pacific Corp. *GP*		373298108			03/10/04		15,702
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Barbara L. Bowles — Withhold
	1.2	Elect Director Donald V. Fites — Withhold
	1.3	Elect Director David R. Goode — Withhold
	1.4	Elect Director Karen N. Horn — For
	1.5	Elect Director William R. Johnson — For
	1.6	Elect Director James B. Williams — Withhold
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 39

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/27/04 - A	Golden West Financial Corp. *GDW*		381317106			03/01/04		9,600
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Goodrich Corporation *GR*		382388106			03/08/04		7,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/04 - A	Guidant Corp. *GDT*		401698105			03/11/04		19,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
09/10/03 - A	H&R Block, Inc. *HRB*		093671105			07/08/03		12,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
09/12/03 - A	H. J. Heinz Co. *HNZ*		423074103			07/18/03		24,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/04 - A	Halliburton Co. *HAL*		406216101			03/22/04		26,800
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Review/Report on Operations in Iran		Against	Against		ShrHoldr
	4	Require Affirmative Vote of a Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/29/04 - A	Harrah’s Entertainment, Inc. *HET*		413619107			03/01/04		7,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 40

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/20/04 - A	Hasbro, Inc. *HAS*		418056107			03/31/04		10,550
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Implement and Monitor Code of Corporate Conduct - ILO Standards		Against	Against		ShrHoldr
05/27/04 - A	HCA, Inc. *HCA*		404119109			04/01/04		30,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Management Stock Purchase Plan		For	For		Mgmt
02/17/04 - A	Health Management Associates, Inc. *HMA*		421933102			12/19/03		14,969
	1	Elect Directors		For	For		Mgmt
07/25/03 - PC	Hercules Inc. *HPC*		427056106			06/06/03		7,700
		Dissident Proxy (WHITE CARD)
	1	Elect Directors (Opposition Slate)		For	DoNotVote		Mgmt
	2	Ratify Auditors		None	DoNotVote		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		Against	DoNotVote		Mgmt
		Shareholder Proposals
	4	Redemption of the company’s Rights Agreement		For	DoNotVote		ShrHoldr
	5	Amend Articles to reinstate the rights of the shareholders — Call Special Meetings and Act by Written Consent		For	DoNotVote		ShrHoldr
		Management Proxy (GOLD CARD)
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposals
	4	Redemption of the company’s Rights Agreement		Against	For		ShrHoldr
	5	Amend Articles to reinstate the rights of the shareholders — Call Special Meetings and Act by Written Consent		Against	For		ShrHoldr
05/12/04 - A	Hercules Inc. *HPC*		427056106			03/22/04		6,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Articles to Elect Directors by Plurality Vote		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 41

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Ratify Auditors		For	For		Mgmt
	4	Amend Articles to Provide Shareholders with Right to Act by Written Consent and Call Special Meetings		For	For		Mgmt
04/28/04 - A	Hershey Foods Corp. *HSY*		427866108			03/01/04		8,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
03/17/04 - A	Hewlett-Packard Co. *HPQ*		428236103			01/20/04		195,298
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director L.T. Babbio, Jr. — For
	1.2	Elect Director P.C. Dunn — For
	1.3	Elect Director C.S. Fiorina — For
	1.4	Elect Director R.A. Hackborn — For
	1.5	Elect Director G.A. Keyworth II — For
	1.6	Elect Director R.E. Knowling, Jr. — For
	1.7	Elect Director S.M. Litvack — Withhold
	1.8	Elect Director R.L. Ryan — For
	1.9	Elect Director L.S. Salhany — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
05/27/04 - A	Hilton Hotels Corp. *HLT*		432848109			03/29/04		23,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Incentive Bonus Plan		For	For		Mgmt
	5	Declassify the Board of Directors		Against	For		ShrHoldr
	6	Require Majority of Independent Directors on Board		Against	For		ShrHoldr
05/27/04 - A	Home Depot, Inc. (The) *HD*		437076102			03/29/04		138,697
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gregory D. Brenneman — For
	1.2	Elect Director Richard H. Brown — For
	1.3	Elect Director John L. Clendenin — For
	1.4	Elect Director Berry R. Cox — For
	1.5	Elect Director Claudio X. Gonzalez — Withhold
	1.6	Elect Director Milledge A. Hart, III — For
	1.7	Elect Director Bonnie G. Hill — For

Mgmt Rec - Company Management Recommended Vote Page 42

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.8	Elect Director Kenneth G. Langone — For
	1.9	Elect Director Robert L. Nardelli — For
	1.10	Elect Director Roger S. Penske — For
	2	Ratify Auditors		For	For		Mgmt
	3	Establish Term Limits for Directors		Against	Against		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Performance— Based/Indexed Options		Against	For		ShrHoldr
	6	Adopt ILO Based Code of Conduct		Against	Against		ShrHoldr
	7	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	8	Require Affirmative Vote of the Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
04/26/04 - A	Honeywell International, Inc. *HON*		438516106			02/27/04		53,575
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James J. Howard — Withhold
	1.2	Elect Director Bruce Karatz — Withhold
	1.3	Elect Director Russell E. Palmer — Withhold
	1.4	Elect Director Ivan G. Seidenberg — Withhold
	1.5	Elect Director Eric K. Shinseki — For
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
	5	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	6	Report on Pay Disparity		Against	Against		ShrHoldr
	7	Provide for Cumulative Voting		Against	For		ShrHoldr
04/22/04 - A	Humana Inc. *HUM*		444859102			03/01/04		10,100
	1	Elect Directors		For	For		Mgmt
04/27/04 - A	Huntington Bancshares Inc. *HBAN*		446150104			02/20/04		14,249
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 43

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/07/04 - A	Illinois Tool Works Inc. *ITW*		452308109			03/09/04		19,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/07/04 - A	IMS Health Inc. *RX*		449934108			03/05/04		14,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
06/02/04 - A	Ingersoll-Rand Company Limited *IR*		G4776G101			04/02/04		10,600
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	ADOPTION OF AMENDED AND RESTATED INCENTIVE STOCK PLAN OF 1998.		For	For		Mgmt
	3	APPROVAL OF AMENDED AND RESTATED BYE-LAWS.		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	SHAREHOLDER PROPOSAL TO DECLASSIFY THE BOARD OF DIRECTORS.		Against	For		ShrHoldr
	6	SHAREHOLDER PROPOSAL TO CHANGE THE COMPANY S JURISDICTION OF INCORPORATION.		Against	Against		ShrHoldr
	7	SHAREHOLDER PROPOSAL TO REQUIRE THE SEPARATION OF THE CHIEF EXECUTIVE OFFICER AND THE CHAIR OF THE BOARD.		Against	Against		ShrHoldr
05/19/04 - A	Intel Corp. *INTC*		458140100			03/22/04		399,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Craig R. Barrett — For
	1.2	Elect Director Charlene Barshefsky — For
	1.3	Elect Director E. John P. Browne — For
	1.4	Elect Director Andrew S. Grove — For
	1.5	Elect Director D. James Guzy — Withhold
	1.6	Elect Director Reed E. Hundt — For
	1.7	Elect Director Paul S. Otellini — For
	1.8	Elect Director David S. Pottruck — For
	1.9	Elect Director Jane E. Shaw — For
	1.10	Elect Director John L. Thornton — For

Mgmt Rec - Company Management Recommended Vote Page 44

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.11	Elect Director David B. Yoffie — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Limit/Prohibit Awards to Executives		Against	For		ShrHoldr
	6	Performance- Based/Indexed Options		Against	For		ShrHoldr
04/27/04 - A	International Business Machines Corp. *IBM*		459200101			02/27/04		107,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Ratify Auditors for the Company’s Business Consulting Services Unit		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Provide for Cumulative Voting		Against	For		ShrHoldr
	6	Amend Pension and Retirement Medical Insurance Plans		Against	Against		ShrHoldr
	7	Submit Executive Compensation to Vote		Against	For		ShrHoldr
	8	Expense Stock Options		Against	For		ShrHoldr
	9	Limit Awards to Executives		Against	Against		ShrHoldr
	10	China Principles		Against	Against		ShrHoldr
	11	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	12	Report on Executive Compensation		Against	Against		ShrHoldr
05/11/04 - A	International Flavors & Fragrances Inc. *IFF*		459506101			03/23/04		5,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
03/02/04 - A	International Game Technology *IGT*		459902102			01/02/04		22,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director G. Thomas Baker — For
	1.2	Elect Director Neil Barsky — For
	1.3	Elect Director Robert A. Bittman — For
	1.4	Elect Director Richard R. Burt — For
	1.5	Elect Director Leslie S. Heisz — For
	1.6	Elect Director Robert A. Mathewson — For
	1.7	Elect Director Thomas J. Matthews — For
	1.8	Elect Director Robert Miller — Withhold
	1.9	Elect Director Frederick B. Rentschler — For

Mgmt Rec - Company Management Recommended Vote Page 45

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/11/04 - A	International Paper Co. *IP*		460146103			03/17/04		29,340
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Martha F. Brooks — For
	1.2	Elect Director James A. Henderson — For
	1.3	Elect Director Robert D. Kennedy — For
	1.4	Elect Director W. Craig McClelland — Withhold
	1.5	Elect Director Robert M. Amen — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
10/30/03 - A	Intuit, Inc. *INTU*		461202103			09/02/03		14,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/11/04 - A	ITT Industries, Inc. *ITT*		450911102			03/19/04		5,700
	1	Ratify Auditors		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
05/14/04 - A	J. C. Penney Co., Inc (HLDG CO) *JCP*		708160106			03/15/04		16,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Colleen C. Barrett — For
	1.2	Elect Director M.Anthony Burns — Withhold
	1.3	Elect Director Maxine K. Clark — For
	1.4	Elect Director Allen Questrom — Withhold
	2	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Janus Capital Group Inc. *JNS*		47102X105			03/18/04		14,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 46

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
11/06/03 - A	JDS Uniphase Corp. *JDSU*		46612J101			09/15/03		97,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/04 - A	Jefferson-Pilot Corp. *JP*		475070108			03/01/04		8,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
02/24/04 – S	John Hancock Financial Services, Inc.		41014S106			01/02/04		18,600
	1	Approve Merger Agreement		For	For		Mgmt
04/22/04 - A	Johnson & Johnson *JNJ*		478160104			02/24/04		185,960
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Cease Charitable Contributions		Against	Against		ShrHoldr
01/28/04 - A	Johnson Controls, Inc. *JCI*		478366107			11/20/03		6,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	6	Amend Restricted Stock Plan		For	For		Mgmt
05/19/04 - A	Jones Apparel Group, Inc. *JNY*		480074103			03/19/04		7,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
05/25/04 - A	JP Morgan Chase & Co. *JPM*		46625H100			04/02/04		124,718
	1	Approve Merger Agreement		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Adjourn Meeting		For	Against		Mgmt
	6	Establish Term Limits for Directors		Against	Against		ShrHoldr
	7	Charitable Contributions		Against	Against		ShrHoldr
	8	Political Contributions		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 47

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	9	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	10	Provide Adequate Disclosure for over the counter Derivatives		Against	Against		ShrHoldr
	11	Auditor Independence		Against	Against		ShrHoldr
	12	Submit Non-Employee Director Compensation to Vote		Against	Against		ShrHoldr
	13	Report on Pay Disparity		Against	Against		ShrHoldr
04/01/04 - A	KB Home *KBH*		48666K109			02/12/04		2,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/23/04 - A	Kellogg Co. *K*		487836108			03/04/04		25,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
05/11/04 - A	Kerr-McGee Corp. *KMG*		492386107			03/12/04		6,181
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Establishment of an Office of the Board of Directors		Against	For		ShrHoldr
06/25/04 - S	Kerr-McGee Corp. *KMG*		492386107			05/20/04		5,881
	1	Approve Merger Agreement		For	For		Mgmt
05/13/04 - A	KeyCorp *KEY*		493267108			03/16/04		25,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/20/04 - A	KeySpan Corporation *KSE*		49337W100			03/22/04		9,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
04/29/04 - A	Kimberly-Clark Corp. *KMB*		494368103			03/01/04		31,440
	1	Elect Directors		For	Withhold		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 48

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
05/11/04 - A	Kinder Morgan, Inc. *KMI*		49455P101			03/12/04		7,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Charles W. Battey — Withhold
	1.2	Elect Director H. A. True, III — For
	1.3	Elect Director Fayez Sarofim — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Prepare a Sustainability Report		Against	For		ShrHoldr
	5	Expense Stock Options		Against	For		ShrHoldr
11/04/03 - A	King Pharmaceuticals Inc. *KG*		495582108			09/05/03		16,366
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/05/03 - A	KLA-Tencor Corp. *KLAC*		482480100			09/15/03		13,000
	1.a	Elect Director H. Raymond Bingham		For	For		Mgmt
	1.b	Elect Director Robert T. Bond		For	For		Mgmt
	1.c	Elect Director Richard J. Elkus, Jr.		For	For		Mgmt
	1.d	Elect Director Michael E. Marks		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/04/04 - A	Knight-Ridder, Inc. *KRI*		499040103			03/15/04		4,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/04 - A	Kohl’s Corp. *KSS*		500255104			03/03/04		18,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Wayne Embry — For
	1.2	Elect Director John F. Herma — Withhold
	1.3	Elect Director R. Lawrence Montgomery — Withhold
	1.4	Elect Director Frank V. Sica — For
	2	Ratify Auditors		For	For		Mgmt
	3	Performance-Based Stock/Indexed Options		Against	For		ShrHoldr
	4	Separate Chairman and CEO Positions		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 49

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/05/04 - A	Leggett & Platt, Inc. *LEG*		524660107			03/15/04		11,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
04/02/04 - A	Lehman Brothers Holdings Inc. *LEH*		524908100			02/13/04		17,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/22/04 - A	Lexmark International, Inc. *LXK*		529771107			03/05/04		8,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/17/04 - A	Limited Brands *LTD*		532716107			03/31/04		31,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
05/13/04 - A	Lincoln National Corp. *LNC*		534187109			02/20/04		11,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Deferred Compensation Plan		For	For		Mgmt
11/05/03 - A	Linear Technology Corp. *LLTC*		535678106			09/08/03		21,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert H. Swanson, Jr. — Withhold
	1.2	Elect Director David S. Lee — For
	1.3	Elect Director Leo T. McCarthy — For
	1.4	Elect Director Richard M. Moley — For
	1.5	Elect Director Thomas S. Volpe — For
	2	Ratify Auditors		For	For		Mgmt
05/20/04 - A	Liz Claiborne, Inc. *LIZ*		539320101			03/22/04		6,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 50

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/22/04 - A	Lockheed Martin Corp. *LMT*		539830109			03/01/04		28,282
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director E.C. ‘Pete’ Aldridge, Jr. — For
	1.2	Elect Director Nolan D. Archibald — For
	1.3	Elect Director Norman R. Augustine — Withhold
	1.4	Elect Director Marcus C. Bennett — For
	1.5	Elect Director Vance D. Coffman — For
	1.6	Elect Director Gwendolyn S. King — For
	1.7	Elect Director Douglas H. McCorkindale — For
	1.8	Elect Director Eugene F. Murphy — For
	1.9	Elect Director Joseph W. Ralston — Withhold
	1.10	Elect Director Frank Savage — For
	1.11	Elect Director Anne Stevens — For
	1.12	Elect Director Robert J. Stevens — For
	1.13	Elect Director James R. Ukropina — For
	1.14	Elect Director Douglas C. Yearley — For
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Executive Ties to Government		Against	Against		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	Against		ShrHoldr
	5	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	6	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
05/11/04 - A	Loews Corp. *LTR*		540424108			03/15/04		11,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	Against		ShrHoldr
	4	Support Legislation and Make Public Statements on Environmental Tobacco Smoke		Against	For		ShrHoldr
	5	Cease Charitable Contributions		Against	Against		ShrHoldr
05/03/04 - A	Louisiana-Pacific Corp *LPX*		546347105			03/05/04		6,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Dustan E. McCoy — For
	1.2	Elect Director Lee C. Simpson — Withhold
	1.3	Elect Director Colin D. Watson — For
	2	Amend Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 51

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Amend Non-Employee Director Restricted Stock Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	5	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	6	Ratify Auditors		For	For		Mgmt
	7	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	8	Report on Greenhouse Gas Emissions		Against	Against		ShrHoldr
05/28/04 - A	Lowe *LOW*		548661107			04/01/04		47,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Leonard L. Berry — For
	1.2	Elect Director Paul Fulton — For
	1.3	Elect Director Dawn E. Hudson — Withhold
	1.4	Elect Director Marshall O. Larsen — For
	1.5	Elect Director Robert A. Niblock — For
	1.6	Elect Director Stephen F. Page — For
	1.7	Elect Director O. Temple Sloan, Jr. — For
	1.8	Elect Director Robert L. Tillman — For
	2	Ratify Auditors		For	For		Mgmt
05/06/04 - A	LSI Logic Corp. *LSI*		502161102			03/11/04		23,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	Against		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Approve/Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
02/18/04 - A	Lucent Technologies Inc. *LU*		549463107			12/22/03		98,200
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors and Amend Director Removal Provision		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Approve Reverse Stock Split		For	For		Mgmt
		Shareholder Proposals
	5	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	6	Prohibit Awards to Executives		Against	Against		ShrHoldr
05/05/04 - A	Manor Care, Inc. *HCR*		564055101			03/12/04		5,500
	1	Elect Directors		For	Split		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 52

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.1	Elect Director Virgis W. Colbert — Withhold
	1.2	Elect Director William H. Longfield — For
	1.3	Elect Director Paul A. Ormond — For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Ratify Auditors		For	Against		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
04/28/04 -A	Marathon Oil Corp *MRO*		565849106			03/01/04		19,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Greenhouse Gas Emissions		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
04/30/04 - A	Marriott International Inc. (New) *MAR*		571903202			03/08/04		14,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	For		ShrHoldr
05/20/04 - A	Marsh & McLennan Companies, Inc. *MMC*		571748102			03/22/04		32,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Marshall & Ilsley Corp. *MI*		571834100			03/01/04		14,200
	1	Elect Directors		For	For		Mgmt
05/11/04 - A	Masco Corp. *MAS*		574599106			03/15/04		28,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Mattel, Inc. *MAT*		577081102			03/17/04		26,212
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Awards to Executives		Against	Against		ShrHoldr
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 53

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
11/13/03 - A	Maxim Integrated Products, Inc. *MXIM*		57772K101			09/15/03		22,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James R. Bergman — For
	1.2	Elect Director John F. Gifford — Withhold
	1.3	Elect Director B. Kipling Hagopian — For
	1.4	Elect Director M. D. Sampels — For
	1.5	Elect Director A. R. Frank Wazzan — For
	2	Amend Stock Option Plan		For	Against		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Maytag Corp. *MYG*		578592107			03/16/04		4,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Wayland R. Hicks — Withhold
	1.2	Elect Director James A. McCaslin — For
	1.3	Elect Director W. Ann Reynolds — Withhold
	1.4	Elect Director Fred G. Steingraber — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Amend Articles		For	For		Mgmt
	5	Declassify the Board of Directors		Against	For		ShrHoldr
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
05/06/04 - A	MBIA Inc. *MBI*		55262C100			03/18/04		8,850
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/03/04 - A	MBNA Corp. *KRB*		55262L100			02/13/04		80,477
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James H. Berick — Withhold
	1.2	Elect Director Benjamin R. Civiletti — Withhold
	1.3	Elect Director Bruce L. Hammonds — Withhold
	1.4	Elect Director William L. Jews — For
	1.5	Elect Director Randolph D. Lerner — Withhold
	1.6	Elect Director Stuart L. Markowitz — For

Mgmt Rec - Company Management Recommended Vote Page 54

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.7	Elect Director William B. Milstead — For
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Require Majority of Independent Directors on Board		Against	For		ShrHoldr
05/20/04 - A	McDonald’s Corp. *MCD*		580135101			03/22/04		77,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve/Amend Executive Incentive Bonus Plan		For	For		Mgmt
07/30/03 - A	McKesson Corp. *MCK*		58155Q103			06/03/03		20,614
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
		Shareholder Proposal
	3	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
04/27/04 - A	MeadWestvaco Corp. *MWV*		583334107			03/01/04		12,398
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/04 - A	MEDCO Health Solutions Inc *MHS*		58405U102			03/10/04		16,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/04 - A	MedImmune, Inc. *MEDI*		584699102			03/31/04		15,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/28/03 - A	Medtronic, Inc. *MDT*		585055106			07/03/03		86,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard H. Anderson — For
	1.2	Elect Director Michael R. Bonsignore — For
	1.3	Elect Director Gordon M. Sprenger — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 55

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/20/04 - A	Mellon Financial Corp. *MEL*		58551A108			02/06/04		27,200
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Merck & Co., Inc. *MRK*		589331107			02/24/04		139,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Prohibit Awards to Executives		Against	Against		ShrHoldr
	5	Develop Ethical Criteria for Patent Extension		Against	Against		ShrHoldr
	6	Link Executive Compensation to Social Issues		Against	Against		ShrHoldr
	7	Report on Political Contributions		Against	Against		ShrHoldr
	8	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
05/19/04 - A	Mercury Interactive Corp. *MERQ*		589405109			03/22/04		5,500
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
11/10/03 - A	Meredith Corp. *MDP*		589433101			09/11/03		3,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Herbert M. Baum — For
	1.2	Elect Director Frederick B. Henry — Withhold
	1.3	Elect Director William T. Kerr — For
	1.4	Elect Director Nicholas L. Reding — For
	2	Amend Director & Officer Indemnification/Liability Provisions		For	For		Mgmt
04/23/04 - A	Merrill Lynch & Co., Inc. *MER*		590188108			02/24/04		59,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Restore or Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Separate Chairman and CEO Positions		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 56

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/27/04 - A	Metlife, Inc *MET*		59156R108			03/01/04		47,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Curtis H. Barnette — For
	1.2	Elect Director John C. Danforth — Withhold
	1.3	Elect Director Burton A. Dole, Jr. — For
	1.4	Elect Director Harry P. Kamen — Withhold
	1.5	Elect Director Charles M. Leighton — For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Limit Executive Compensation		Against	Against		ShrHoldr
05/13/04 - A	MGIC Investment Corp. *MTG*		552848103			03/15/04		6,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/21/03 - A	Micron Technology, Inc. *MU*		595112103			09/22/03		27,515
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
11/11/03 - A	Microsoft Corp. *MSFT*		594918104			09/12/03		730,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director William H. Gates, III — For
	1.2	Elect Director Steven A. Ballmer — For
	1.3	Elect Director James I. Cash, Jr., Ph.D. — For
	1.4	Elect Director Raymond V. Gilmartin — For
	1.5	Elect Director Ann McLaughlin Korologos — For
	1.6	Elect Director David F. Marquardt — For
	1.7	Elect Director Charles H. Noski — For
	1.8	Elect Director Dr. Helmut Panke — For
	1.9	Elect Director Wm. G. Reed, Jr. — For
	1.10	Elect Director Jon A. Shirley — Withhold
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 57

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
		Shareholder Proposal
	4	Refrain from Giving Charitable Contributions		Against	Against		ShrHoldr
04/28/04 - A	Millipore Corp. *MIL*		601073109			03/05/04		3,000
	1	Elect Directors		For	For		Mgmt
10/24/03 - A	Molex Incorporated *MOLX*		608554101			08/29/03		13,025
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
01/29/04 - A	Monsanto Co. *MON*		61166W101			12/01/03		17,227
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposals
	4	Report on Impact of Genetically Engineered Seed		Against	Against		ShrHoldr
	5	Report on Export of Hazardous Pesticides		Against	Against		ShrHoldr
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
06/16/04 - A	Monster Worldwide, Inc. *MNST*		611742107			04/26/04		2,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
04/27/04 - A	Moody’s Corporation *MCO*		615369105			03/01/04		9,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Performance- Based		Against	Against		ShrHoldr
04/20/04 - A	Morgan Stanley *MWD*		617446448			02/20/04		67,834
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John W. Madigan — Withhold
	1.2	Elect Director Dr. Klaus Zumwinkel — For
	1.3	Elect Director Sir Howard Davies — For
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 58

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
05/03/04 - A	Motorola, Inc. *MOT*		620076109			03/05/04		143,935
	1	Elect Directors		For	For		Mgmt
	2	Limit Executive Compensation		Against	Against		ShrHoldr
	3	Limit Awards to Executives		Against	Against		ShrHoldr
06/01/04 - A	Nabors Industries, Ltd. *NBR*		G6359F103			04/08/04		8,900
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	SHAREHOLDER PROPOSAL TO CHANGE NABORS JURISDICTION OF INCORPORATION FROM BERMUDA TO DELAWARE.		Against	Against		Mgmt
04/27/04 - A	National City Corp. *NCC*		635405103			03/05/04		37,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
09/26/03 - A	National Semiconductor Corp. *NSM*		637640103			08/14/03		12,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Brian L. Halla — For
	1.2	Elect Director Steven R. Appleton — For
	1.3	Elect Director Gary P. Arnold — Withhold
	1.4	Elect Director Richard J. Danzig — For
	1.5	Elect Director Robert J. Frankenberg — For
	1.6	Elect Director E. Floyd Kvamme — For
	1.7	Elect Director Modesto A. Maidique — For
	1.8	Elect Director Edward R. Mccracken — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 59

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
02/17/04 - A	Navistar International Corp. *NAV*		63934E108			01/05/04		3,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/28/04 - A	NCR Corporation *NCR*		62886E108			02/09/04		6,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	4	Prohibit Awards to Executives		Against	Against		ShrHoldr
09/02/03 - A	Network Appliance, Inc. *NTAP*		64120L104			07/07/03		20,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Other Business		For	Against		Mgmt
05/12/04 - A	Newell Rubbermaid Inc. *NWL*		651229106			03/15/04		13,293
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/04 - A	Newmont Mining Corp. (Holding Company) *NEM*		651639106			03/02/04		26,811
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
05/27/04 - A	Nextel Communications, Inc. *NXTL*		65332V103			04/02/04		66,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
04/15/04 - A	Nicor Inc. *GAS*		654086107			02/17/04		2,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert M. Beavers, Jr. — For

Mgmt Rec - Company Management Recommended Vote Page 60

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director Bruce P. Bickner — For
	1.3	Elect Director John H. Birdsall, III — Withhold
	1.4	Elect Director Thomas A. Donahoe — For
	1.5	Elect Director Thomas L. Fisher — For
	1.6	Elect Director John E. Jones — For
	1.7	Elect Director Dennis J. Keller — For
	1.8	Elect Director William A. Osborn — For
	1.9	Elect Director John Rau — For
	1.10	Elect Director John F. Riordan — For
	1.11	Elect Director Russ M. Strobel — For
	1.12	Elect Director Patricia A. Wier — For
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
09/22/03 - A	Nike, Inc. *NKE*		654106103			07/25/03		18,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Thomas E. Clarke as Class A Director — For
	1.2	Elect Director Ralph D. DeNunzio as Class A Director — For
	1.3	Elect Director Richard K. Donahue as Class A Director — Withhold
	1.4	Elect Director Delbert J. Hayes as Class A Director — For
	1.5	Elect Director Douglas G. Houser as Class A Director — For
	1.6	Elect Director Jeanne P. Jackson as Class A Director — For
	1.7	Elect Director Philip H. Knight as Class A Director — For
	1.8	Elect Director Charles W. Robinson as Class A Director — For
	1.9	Elect Director John R. Thompson, Jr. as Class A Director — Withhold
	1.10	Elect Director Jill K. Conway as Class B Director — For
	1.11	Elect Director Alan B. Graf, Jr. as Class B Director — For
	1.12	Elect Director John E. Jaqua as Class B Director — For
	1.13	Elect Director A. Michael Spence as Class B Director — For
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 61

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/11/04 - A	NiSource Inc. *NI*		65473P105			03/16/04		16,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/22/04 - A	Nordstrom, Inc. *JWN*		655664100			03/17/04		8,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Norfolk Southern Corp. *NSC*		655844108			03/05/04		4,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/04 - A	North Fork Bancorporation, Inc. *NFB*		659424105			03/01/04		9,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/20/04 - A	Northern Trust Corp. *NTRS*		665859104			03/01/04		13,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Duane L. Burnham — For
	1.2	Elect Director Dolores E. Cross — For
	1.3	Elect Director Susan Crown — For
	1.4	Elect Director Robert S. Hamada — For
	1.5	Elect Director Robert A. Helman — Withhold
	1.6	Elect Director Dipak C. Jain — For
	1.7	Elect Director Arthur L. Kelly — For
	1.8	Elect Director Robert C. Mccormack — For
	1.9	Elect Director Edward J. Mooney — For
	1.10	Elect Director William A. Osborn — For
	1.11	Elect Director John W. Rowe — For
	1.12	Elect Director Harold B. Smith — For
	1.13	Elect Director William D. Smithburg — For
	2	Ratify Auditors		For	For		Mgmt
05/18/04 - A	Northrop Grumman Corp. *NOC*		666807102			03/22/04		11,246
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 62

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	4	Declassify the Board of Directors		Against	For		ShrHoldr
04/15/04 - A	Novell, Inc. *NOVL*		670006105			02/20/04		23,300
	1	Elect Directors		For	For		Mgmt
	2	Expense Stock Options		Against	For		ShrHoldr
	3	Performance-Based/Indexed Options		Against	For		ShrHoldr
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
04/16/04 - A	Novellus Systems, Inc. *NVLS*		670008101			02/17/04		9,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provision of Non-Audit Services by Independent Auditors		Against	Against		ShrHoldr
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/13/04 - A	Nucor Corp. *NUE*		670346105			03/15/04		4,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
07/10/03 - A	Nvidia Corporation *NVDA*		67066G104			05/15/03		1,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/30/04 - A	Occidental Petroleum Corp. *OXY*		674599105			03/03/04		23,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Non-Employee Director Restricted Stock Plan		For	For		Mgmt
	4	Prohibit Awards to Executives		Against	Against		ShrHoldr
05/14/04 - A	Office Depot, Inc. *ODP*		676220106			03/10/04		3,426
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Lee A. Ault III — Withhold
	1.2	Elect Director Neil R. Austrian — Withhold
	1.3	Elect Director David W. Bernauer — For
	1.4	Elect Director Abelardo E. Bru — For
	1.5	Elect Director David I. Fuente — Withhold

Mgmt Rec - Company Management Recommended Vote Page 63

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.6	Elect Director Brenda J. Gaines — Withhold
	1.7	Elect Director Myra M. Hart — For
	1.8	Elect Director W. Scott Hedrick — Withhold
	1.9	Elect Director James L. Heskett — Withhold
	1.10	Elect Director Patricia H. McKay — For
	1.11	Elect Director Michael J. Myers — Withhold
	1.12	Elect Director Bruce Nelson — Withhold
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/25/04 - A	Omnicom Group Inc. *OMC*		681919106			04/09/04		3,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
10/13/03 - A	Oracle Corp. *ORCL*		68389X105			08/21/03		360,720
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
		Shareholder Proposal
	5	Implement China Principles		Against	Against		ShrHoldr
04/27/04 - A	Paccar Inc. *PCAR*		693718108			03/01/04		100
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Deferred Compensation Plan		For	For		Mgmt
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Limit Awards to Executives		Against	Against		ShrHoldr
05/14/04 - A	Pactiv Corp. *PTV*		695257105			03/19/04		9,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/19/03 - A	Pall Corp. *PLL*		696429307			10/01/03		8,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 64

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Amend Restricted Stock Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
03/03/04 -A	Parametric Technology Corp. *PMTC*		699173100			01/09/04		17,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
10/22/03 -A	Parker-Hannifin Corp. *PH*		701094104			08/29/03		8,075
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
10/02/03 -A	Paychex, Inc. *PAYX*		704326107			08/04/03		26,050
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director B. Thomas Golisano — Withhold
	1.2	Elect Director Betsy S. Atkins — For
	1.3	Elect Director G. Thomas Clark — Withhold
	1.4	Elect Director David J. S. Flaschen — For
	1.5	Elect Director Phillip Horsley — For
	1.6	Elect Director Grant M. Inman — For
	1.7	Elect Director J. Robert Sebo — Withhold
	1.8	Elect Director Joseph M. Tucci — Withhold
02/27/04 -A	Peoples Energy Corp. *PGL*		711030106			12/31/03		2,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
03/25/04 -A	PeopleSoft, Inc. *PSFT*		712713106			02/10/04		23,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
05/05/04 -A	PepsiCo, Inc. *PEP*		713448108			03/12/04		105,610
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 65

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
04/27/04 -A	PerkinElmer Inc. *PKI*		714046109			02/27/04		7,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
04/22/04 -A	Pfizer Inc. *PFE*		717081103			02/27/04		474,384
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	5	Cease Political Contributions/Activities		Against	Against		ShrHoldr
	6	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	7	Establish Term Limits for Directors		Against	Against		ShrHoldr
	8	Report on Drug Pricing		Against	Against		ShrHoldr
	9	Limit Awards to Executives		Against	Against		ShrHoldr
	10	Amend Animal Testing Policy		Against	Against		ShrHoldr
04/21/04 -A	PG&E Corp. *PCG*		69331C108			02/23/04		11,903
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	5	Require Directors be a Link-Free Directors		Against	Against		ShrHoldr
	6	Adopt Radioactive Waste Policy		Against	Against		ShrHoldr
	7	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	8	Limit Executive Compensation		Against	Against		ShrHoldr
05/28/04 -A	Phelps Dodge Corp. *PD*		717265102			04/08/04		5,600
	1	Elect Directors		For	For		Mgmt
	2	Cease Charitable Contributions		Against	Against		ShrHoldr
05/19/04 - A	Pinnacle West Capital Corp. *PNW*		723484101			03/19/04		5,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Nuclear Fuel Storage Risks		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 66

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/10/04 -A	Pitney Bowes Inc. *PBI*		724479100			03/12/04		14,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Political Contributions/Activities		Against	Against		ShrHoldr
05/04/04 -A	Plum Creek Timber Company, Inc. *PCL*		729251108			03/15/04		11,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Rick R. Holley — For
	1.2	Elect Director Ian B. Davidson — For
	1.3	Elect Director Robin Josephs — For
	1.4	Elect Director David D. Leland — Withhold
	1.5	Elect Director John G. McDonald — For
	1.6	Elect Director Hamid R. Moghadam — For
	1.7	Elect Director John H. Scully — For
	1.8	Elect Director Stephen C. Tobias — For
	1.9	Elect Director Carl B. Webb — For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Endorse CERES Principles		Against	Against		ShrHoldr
05/14/04 -A	PMC-Sierra, Inc. *PMCS*		69344F106			03/15/04		10,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert Bailey — For
	1.2	Elect Director Alexandre Balkanski — For
	1.3	Elect Director Richard Belluzzo — For
	1.4	Elect Director James Diller — Withhold
	1.5	Elect Director Jonathan Judge — For
	1.6	Elect Director William Kurtz — For
	1.7	Elect Director Frank Marshall — For
	1.8	Elect Director Lewis Wilks — For
	2	Ratify Auditors		For	For		Mgmt
04/27/04 -A	PNC Financial Services Group, Inc. *PNC*		693475105			02/27/04		17,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Paul Chellgren — For
	1.2	Elect Director Robert Clay — For
	1.3	Elect Director J. Gary Cooper — For

Mgmt Rec - Company Management Recommended Vote Page 67

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.4	Elect Director George Davidson, Jr. — For
	1.5	Elect Director Richard Kelson — Withhold
	1.6	Elect Director Bruce Lindsay — For
	1.7	Elect Director Anthony Massaro — For
	1.8	Elect Director Thomas O’Brien — For
	1.9	Elect Director Jane Pepper — For
	1.10	Elect Director James Rohr — For
	1.11	Elect Director Lorene Steffes — For
	1.12	Elect Director Dennis Strigl — For
	1.13	Elect Director Stephen Thieke — For
	1.14	Elect Director Thomas Usher — For
	1.15	Elect Director Milton Washington — For
	1.16	Elect Director Helge Wehmeier — For
05/04/04 -A	Power-One, Inc. *PWER*		739308104			03/12/04		5,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/15/04 - A	PPG Industries, Inc. *PPG*		693506107			02/17/04		10,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/23/04 - A	PPL Corp. *PPL*		69351T106			02/27/04		11,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/04 - A	Praxair, Inc. *PX*		74005P104			03/01/04		20,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Approve Stockholder Protection Rights Agreement		For	For		Mgmt
05/18/04 - A	Principal Financial Group, Inc. *PFG*		74251V102			03/19/04		19,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 68

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/12/04 -A	Progress Energy, Inc. *PGN*		743263105			03/05/04		15,177
	1	Elect Directors		For	For		Mgmt
	2	Prohibit Awards to Executives		Against	Against		ShrHoldr
05/18/04 -A	ProLogis *PLD*		743410102			03/17/04		11,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/13/04 -A	Providian Financial Corp. *PVN*		74406A102			03/15/04		17,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/08/04 -A	Prudential Financial Inc *PRU*		744320102			04/12/04		32,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Cease Charitable Contributions		Against	Against		ShrHoldr
	4	Declassify the Board of Directors		Against	For		ShrHoldr
04/20/04 -A	Public Service Enterprise Group Inc. *PEG*		744573106			02/20/04		14,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Require Two Candidates for Each Board Seat		Against	Against		ShrHoldr
05/13/04 -A	Pulte Homes Inc. *PHM*		745867101			03/16/04		7,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditor		Against	For		ShrHoldr
08/26/03 -A	QLogic Corp. *QLGC*		747277101			07/01/03		1,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
03/02/04 -A	QUALCOMM Inc. *QCOM*		747525103			01/02/04		27,460
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Adelia A. Coffman — Withhold

Mgmt Rec - Company Management Recommended Vote Page 69

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director Raymond V. Dittamore — For
	1.3	Elect Director Irwin Mark Jacobs — For
	1.4	Elect Director Richard Sulpizio — For
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
05/04/04 - A	Quest Diagnostics, Incorporated *DGX*		74834L100			03/08/04		6,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
09/25/03 - S	Quintiles Transnational Corp. *QTRN*		748767100			08/19/03		8,100
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	Against		Mgmt
12/16/03 - A	Qwest Communications International Inc. *Q*		749121109			10/27/03		113,163
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Philip F. Anschutz — Withhold
	1.2	Elect Director Richard C. Notebaert — For
	1.3	Elect Director Frank F. Popoff — For
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
		Shareholder Proposals
	3	Exclude Pension Credits from Net Income When Determining Executive Compensation		For	For		ShrHoldr
	4	Declassify the Board of Directors		For	For		ShrHoldr
	5	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		For	For		ShrHoldr
	6	Require Majority of Independent Directors on Board		Against	For		ShrHoldr
	7	Performance - Based/Indexed Options		Against	Against		ShrHoldr
	8	Performance - Based/Indexed Options		Against	For		ShrHoldr
	9	Expense Stock Options		Against	For		ShrHoldr
05/25/04 - A	Qwest Communications International Inc. *Q*		749121109			03/26/04		107,763
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	4	Submit Executive Pension Benefit to Vote		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 70

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	Require Majority of Independent Directors on Board		Against	For		ShrHoldr
02/23/04 - S	R. R. Donnelley & Sons Co. *RRD*		257867101			01/15/04		100
	1	Issue Shares in Connection with an Acquisition		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
05/20/04 - A	Radioshack Corp. *RSH*		750438103			03/23/04		10,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Frank J. Belatti — For
	1.2	Elect Director Ronald E. Elmquist — For
	1.3	Elect Director Robert S. Falcone — For
	1.4	Elect Director Daniel R. Feehan — For
	1.5	Elect Director Richard J. Hernandez — For
	1.6	Elect Director Lawrence V. Jackson — Withhold
	1.7	Elect Director Robert J. Kamerschen — For
	1.8	Elect Director H. Eugene Lockhart — For
	1.9	Elect Director Jack L. Messman — For
	1.10	Elect Director William G. Morton, Jr. — For
	1.11	Elect Director Thomas G. Plaskett — For
	1.12	Elect Director Leonard H. Roberts — For
	1.13	Elect Director Edwina D. Woodbury — For
	2	Approve Deferred Compensation Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/05/04 - A	Raytheon Co. *RTN*		755111507			03/08/04		25,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Declassify the Board of Directors		Against	For		ShrHoldr
	6	Implement MacBride Principles		Against	Against		ShrHoldr
	7	Expense Stock Options		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 71

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	8	Submit Executive Pension Benefit to Vote		Against	For		ShrHoldr
	9	Limit Executive Compensation		Against	Against		ShrHoldr
05/04/04 - A	Reebok International Ltd. *RBK*		758110100			03/05/04		3,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/08/04 - A	Regions Financial Corp. *RF*		758940100			04/27/04		2,752
	1	Approve Merger Agreement		For	For		Mgmt
	2	Elect Directors		For	Split		Mgmt
	2.1	Elect Director Margaret H. Greene — Withhold
	2.2	Elect Director Carl E. Jones, Jr. — For
	2.3	Elect Director Susan W. Matlock — For
	2.4	Elect Director John H. Watson — For
	3	Ratify Auditors		For	For		Mgmt
	4	Adjourn Meeting		For	Against		Mgmt
	5	Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr
05/04/04 - A	Robert Half International Inc. *RHI*		770323103			03/11/04		600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/04/04 - A	Rockwell Automation Inc *ROK*		773903109			12/08/03		12,200
	A.1	Elect Director Don H. Davis, Jr.		For	For		Mgmt
	A.2	Elect Director William H. Gray, III		For	For		Mgmt
	A.3	Elect Director William T. McCormick, Jr.		For	For		Mgmt
	A.4	Elect Director Keith D. Nosbusch		For	For		Mgmt
	B	Ratify Auditors		For	For		Mgmt
	C	Amend Omnibus Stock Plan		For	For		Mgmt
02/10/04 - A	Rockwell Collins, Inc. *COL*		774341101			12/15/03		11,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/03/04 - A	Rohm and Haas Co. *ROH*		775371107			03/05/04		13,775
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 72

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Other Business		For	Against		Mgmt
04/23/04 - A	Rowan Companies, Inc. *RDC*		779382100			03/01/04		6,400
	1	Elect Directors		For	For		Mgmt
05/07/04 - A	Ryder System, Inc. *R*		783549108			03/12/04		3,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/04/04 - A	Sabre Holdings Corporation *TSG*		785905100			03/15/04		7,696
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
05/05/04 - A	SAFECO Corp. *SAFC*		786429100			03/08/04		8,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
05/20/04 -A	Safeway Inc. *SWY*		786514208			03/25/04		27,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Steven A. Burd — Withhold
	1.2	Elect Director Robert I. MacDonnell — For
	1.3	Elect Director William Y. Tauscher — For
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Approve Repricing of Options		For	For		Mgmt
	5	Amend Bylaws to Require Independent Director as Chairman of the Board		Against	For		ShrHoldr
	6	Provide for Cumulative Voting		Against	For		ShrHoldr
	7	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	8	Prepare Sustainability Report		Against	For		ShrHoldr
	9	Report on Political Contributions		Against	Against		ShrHoldr
	10	Expense Stock Options		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 73

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
01/26/04 -A	Sanmina-SCI Corp. *SANM*		800907107			12/01/03		8,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
10/30/03 -A	Sara Lee Corp. *SLE*		803111103			09/02/03		53,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
		Shareholder Proposals
	3	Report on Charitable Contributions		Against	Against		ShrHoldr
	4	Implement and Monitor Code of Corporate Conduct - ILO Standards		Against	Against		ShrHoldr
04/30/04 - A	SBC Communications Inc. *SBC*		78387G103			03/02/04		205,798
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Bylaws		For	For		Mgmt
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Change Size of Board of Directors		Against	Against		ShrHoldr
04/27/04 - A	Schering-Plough Corp. *SGP*		806605101			03/05/04		90,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
04/14/04 - A	Schlumberger Ltd. *SLB*		806857108			02/25/04		36,500
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	ADOPTION AND APPROVAL OF FINANCIALS AND DIVIDENDS		For	For		Mgmt
	3	APPROVAL OF ADOPTION OF THE 2004 STOCK AND DEFERRAL PLAN FOR NON-EMPLOYEE DIRECTORS		For	For		Mgmt
	4	APPROVAL OF AUDITORS		For	For		Mgmt
05/05/04 - A	Sealed Air Corp. *SEE*		81211K100			03/08/04		5,308
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/13/04 - A	Sears, Roebuck & Co. *S*		812387108			03/15/04		900
	1	Elect Directors		For	Split		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 74

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.1	Elect Director William L. Bax — For
	1.2	Elect Director Donald J. Carty — Withhold
	1.3	Elect Director Alan J. Lacy — Withhold
	1.4	Elect Director Hugh B. Price — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	5	Establish Other Board Committee		Against	For		ShrHoldr
05/04/04 - A	Sempra Energy *SRE*		816851109			03/09/04		14,013
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	6	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	7	Separate Chairman and CEO Positions		Against	For		ShrHoldr
06/23/04 - A	Siebel Systems, Inc. *SEBL*		826170102			04/29/04		29,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Abstain	For		ShrHoldr
05/04/04 - A	Sigma-Aldrich Corp. *SIAL*		826552101			03/05/04		4,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
05/05/04 - A	Simon Property Group, Inc. *SPG*		828806109			03/08/04		11,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Separate Chairman and CEO Positions		Against	For		ShrHoldr
05/13/04 - A	SLM Corp. *SLM*		78442P106			03/15/04		27,771
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/22/04 - A	Snap-on Incorporated *SNA*		833034101			02/23/04		3,600
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 75

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
01/07/04 - A	Solectron Corp. *SLR*		834182107			11/18/03		55,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Option Exchange Program		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/26/04 - A	Southern Company *SO*		842587107			03/29/04		44,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Outside Director Stock in Lieu of Cash		For	For		Mgmt
04/21/04 - A	SouthTrust Corp. *SOTR*		844730101			02/20/04		20,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
05/19/04 - A	Southwest Airlines Co. *LUV*		844741108			03/23/04		47,918
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Herbert D. Kelleher — Withhold
	1.2	Elect Director Rollin W. King — For
	1.3	Elect Director June M. Morris — Withhold
	1.4	Elect Director C. Webb Crockett — Withhold
	1.5	Elect Director William P. Hobby — For
	1.6	Elect Director Travis C. Johnson — For
	2	Ratify Auditors		For	For		Mgmt
04/20/04 - A	Sprint Corp. *FON*		852061100			02/20/04		56,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gordon M. Bethune — For
	1.2	Elect Director E. Linn Draper, Jr. — For
	1.3	Elect Director Deborah A. Henretta — For
	1.4	Elect Director Linda Koch Lorimer — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Performance- Based/Indexed Options		Against	For		ShrHoldr
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 76

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Report on Foreign Outsourcing		Against	Against		ShrHoldr
04/20/04 - A	Sprint Corp. *FON*		852061506			02/20/04		2,975
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gordon M. Bethune — For
	1.2	Elect Director E. Linn Draper, Jr. — For
	1.3	Elect Director Deborah A. Henretta — For
	1.4	Elect Director Linda Koch Lorimer — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Performance - Based/Indexed Options		Against	For		ShrHoldr
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	6	Report on Foreign Outsourcing		Against	Against		ShrHoldr
05/12/04 - A	St. Jude Medical, Inc. *STJ*		790849103			03/15/04		10,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
06/17/04 - A	Staples, Inc. *SPLS*		855030102			04/19/04		29,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	Against		ShrHoldr
	7	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	8	Limit Executive Compensation		Against	Against		ShrHoldr
	9	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
03/30/04 - A	Starbucks Corp. *SBUX*		855244109			01/26/04		25,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/07/04 - A	Starwood Hotels & Resorts Worldwide, Inc. *HOT*		85590A203			03/19/04		12,400
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 77

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Declassify the Board of Directors		For	For		Mgmt
04/21/04 - A	State Street Corp. (Boston) *STT*		857477103			02/27/04		20,800
	1	Elect Directors		For	For		Mgmt
	2	Exempt Board of Directors from Massachusetts General Laws, Chapter 156B, Section 50A(a)		Against	For		ShrHoldr
04/20/04 - A	Stryker Corp. *SYK*		863667101			02/27/04		12,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John W. Brown — For
	1.2	Elect Director Howard E. Cox, Jr. — For
	1.3	Elect Director Donald M. Engelman, Ph.D. — Withhold
	1.4	Elect Director Jerome H. Grossman, M.D. — For
	1.5	Elect Director John S. Lillard — For
	1.6	Elect Director William U. Parfet — For
	1.7	Elect Director Ronda E. Stryker — Withhold
	2	Increase Authorized Common Stock		For	For		Mgmt
11/13/03 - A	Sun Microsystems, Inc. *SUNW*		866810104			09/15/03		219,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
		Shareholder Proposal
	4	Implement China Principles		Against	Against		ShrHoldr
05/14/04 - A	SunGard Data Systems Inc. *SDS*		867363103			03/15/04		17,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gregory S. Bentley — Withhold
	1.2	Elect Director Michael C. Brooks — For
	1.3	Elect Director Cristobal Conde — For
	1.4	Elect Director Ramon de Oliveira — For
	1.5	Elect Director Henry C. Duques — For
	1.6	Elect Director Albert A. Eisenstat — For
	1.7	Elect Director Bernard Goldstein — For
	1.8	Elect Director Janet Brutschea Haugen — For

Mgmt Rec - Company Management Recommended Vote Page 78

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.9	Elect Director James L. Mann — For
	1.10	Elect Director Malcolm I. Ruddock — For
	2	Ratify Auditors		For	For		Mgmt
05/06/04 - A	Sunoco, Inc. *SUN*		86764P109			02/10/04		4,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/20/04 - A	SunTrust Banks, Inc. *STI*		867914103			02/20/04		17,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/26/04 - A	SUPERVALU Inc. *SVU*		868536103			04/01/04		8,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require Affirmative Vote of the Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
04/26/04 - A	Symbol Technologies, Inc. *SBL*		871508107			03/01/04		14,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/22/04 - A	Synovus Financial Corp. *SNV*		87161C105			02/17/04		19,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/07/03 - A	SYSCO Corporation *SYY*		871829107			09/09/03		44,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Jonathan Golden as Class II Director — Withhold
	1.2	Elect Director Joseph A. Hafner, Jr. as Class II Director — For
	1.3	Elect Director Thomas E. Lankford as Class II Director — Withhold
	1.4	Elect Director Richard J. Schnieders as Class II Director — Withhold
	1.5	Elect Director John K. Stubblefield, Jr. as Class III Director — For

Mgmt Rec - Company Management Recommended Vote Page 79

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
		Shareholder Proposal
	4	Report on the Impact of Genetically Engineered Products		Against	Against		ShrHoldr
04/08/04 - A	T. Rowe Price Group, Inc. *TROW*		74144T108			02/06/04		7,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
	4	Other Business		For	Against		Mgmt
05/19/04 - A	Target Corporation *TGT*		87612E106			03/22/04		55,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
04/28/04 - A	TECO Energy, Inc. *TE*		872375100			02/18/04		375
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Expense Stock Options		Against	For		ShrHoldr
09/25/03 - A	Tektronix, Inc. *TEK*		879131100			07/21/03		5,900
	1	Elect Directors		For	For		Mgmt
		Shareholder Proposal
	2	Refrain from Doing Business in China		Against	Against		ShrHoldr
04/22/04 - A	Tellabs, Inc. *TLAB*		879664100			02/23/04		26,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/07/04 - A	Temple-Inland Inc. *TIN*		879868107			03/10/04		3,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
07/23/03 - A	Tenet Healthcare Corp. *THC*		88033G100			06/02/03		33,350
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 80

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
		Shareholder Proposal
	4	Require Majority of Independent Directors on Board		Against	Against		ShrHoldr
05/06/04 - A	Tenet Healthcare Corp. *THC*		88033G100			03/11/04		200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/27/04 - A	Teradyne, Inc. *TER*		880770102			04/05/04		11,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/15/04 - A	Texas Instruments Inc. *TXN*		882508104			02/17/04		109,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
04/28/04 - A	Textron Inc. *TXT*		883203101			03/05/04		8,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Stock-for-Salary/Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Foreign Weapons Sales		Against	Against		ShrHoldr
	6	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	7	Cease Charitable Contributions		Against	Against		ShrHoldr
04/28/04 - A	The AES Corp. *AES*		00130H105			03/03/04		38,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/04 - A	The Allstate Corp. *ALL*		020002101			03/19/04		43,038
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Provide for Cumulative Voting		Against	For		ShrHoldr
04/13/04 - A	The Bank Of New York Co., Inc. *BK*		064057102			02/23/04		48,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 81

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Report on Political Contributions		Against	Against		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Limit Composition of Committee to Independent Directors		Against	Against		ShrHoldr
	7	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
03/31/04 - A	The Bear Stearns Companies Inc. *BSC*		073902108			02/19/04		6,152
	1	Elect Directors		For	For		Mgmt
	2	Amend the Capital Accumulation Plan for Senior Managing Directors		For	Against		Mgmt
	3	Amend Stock Option Plan		For	Against		Mgmt
	4	Approve Restricted Stock Plan		For	Against		Mgmt
	5	Ratify Auditors		For	For		Mgmt
04/27/04 - A	The Black & Decker Corp. *BDK*		091797100			02/17/04		4,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Restricted Stock Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/03/04 - A	The Boeing Co. *BA*		097023105			03/05/04		52,038
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John H. Biggs — Withhold
	1.2	Elect Director John E. Bryson — Withhold
	1.3	Elect Director Linda Z. Cook — For
	1.4	Elect Director Rozanne L. Ridgway — Withhold
	2	Reduce Supermajority Vote Requirement		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	5	Adopt Amended Workplace Code of Conduct		Against	For		ShrHoldr
	6	Declassify the Board of Directors		Against	For		ShrHoldr
	7	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
	8	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	9	Adopt a Policy that will Commit Executive & Directors to Hold at least 75% of their Shares		Against	For		ShrHoldr
	10	Provide Employees Choice of Pension Plans at Retirement or Termination		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 82

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/17/04 - A	The Charles Schwab Corp. *SCH*		808513105			03/18/04		83,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
04/27/04 - A	The Chubb Corp. *CB*		171232101			03/08/04		11,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
11/19/03 - A	The Clorox Company *CLX*		189054109			09/22/03		14,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Deferred Compensation Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/21/04 - A	The Coca-Cola Company *KO*		191216100			02/23/04		153,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Herbert A. Allen — For
	1.2	Elect Director Ronald W. Allen — For
	1.3	Elect Director Cathleen P. Black — For
	1.4	Elect Director Warren E. Buffett — Withhold
	1.5	Elect Director Douglas N. Daft — For
	1.6	Elect Director Barry Diller — For
	1.7	Elect Director Donald R. Keough — For
	1.8	Elect Director Susan Bennett King — For
	1.9	Elect Director Maria Elena Lagomasino — For
	1.10	Elect Director Donald F. Mchenry — For
	1.11	Elect Director Robert L. Nardelli — For
	1.12	Elect Director Sam Nunn — For
	1.13	Elect Director J. Pedro Reinhard — For
	1.14	Elect Director James D. Robinson III — For
	1.15	Elect Director Peter V. Ueberroth — For
	1.16	Elect Director James B. Williams — For
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 83

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Report on Operational Impact of HIV/AIDS Pandemic		For	For		ShrHoldr
	4	Report on Stock Option Distribution by Race and Gender		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Submit Executive Compensation to Vote		Against	For		ShrHoldr
	7	Submit Executive Compensation to Vote		Against	Against		ShrHoldr
	8	Implement China Principles		Against	Against		ShrHoldr
	9	Separate Chairman and CEO Positions		Against	For		ShrHoldr
05/13/04 - A	The Dow Chemical Company *DOW*		260543103			03/15/04		56,677
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Report on Social Initiatives in Bhopal		Against	Against		ShrHoldr
05/12/04 - A	The Gap, Inc. *GPS*		364760108			03/15/04		19,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
05/20/04 - A	The Gillette Co. *G*		375766102			03/22/04		61,800
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	6	Expense Stock Options		Against	For		ShrHoldr
03/31/04 - A	The Goldman Sachs Group, Inc. *GS*		38141G104			02/02/04		30,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
06/30/04 - A	The Goodyear Tire & Rubber Co. *GT*		382550101			05/10/04		578
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 84

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/20/04 - A	The Hartford Financial Services Group, Inc. *HIG*		416515104			03/22/04		17,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
05/18/04 - A	The Interpublic Group of Companies, Inc. *IPG*		460690100			03/26/04		25,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director David A. Bell — For
	1.2	Elect Director Frank J. Borell — For
	1.3	Elect Director Reginald K. Brack — For
	1.4	Elect Director Jill M. Considine — For
	1.5	Elect Director Christopher J. Coughlin — For
	1.6	Elect Director John J. Donner, Jr. — For
	1.7	Elect Director Richard A. Goldstein — For
	1.8	Elect Director H. John Greenlaus — For
	1.9	Elect Director Michael I. Roth — For
	1.10	Elect Director J. Phillip Samper — Withhold
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	MacBride Principles		Against	Against		ShrHoldr
06/24/04 - A	The Kroger Co. *KR*		501044101			04/26/04		44,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	5	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	Against		ShrHoldr
05/21/04 - A	The May Department Stores Co. *MAY*		577778103			04/02/04		200
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Declassify the Board of Directors		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 85

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/04 - A	The McGraw-Hill Companies, Inc. *MHP*		580645109			03/09/04		11,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
04/13/04 - A	The New York Times Co. *NYT*		650111107			02/17/04		9,400
	1	Elect Directors		For	For		Mgmt
	2	Approve A Non-Employee Director Stock Incentive Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/26/04 - A	The Pepsi Bottling Group, Inc. *PBG*		713409100			03/29/04		16,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
10/14/03 - A	The Procter & Gamble Company *PG*		742718109			08/01/03		89,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	Against		Mgmt
		Shareholder Proposals
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Label Genetically Engineered Foods		Against	Against		ShrHoldr
04/16/04 - A	The Progressive Corp. *PGR*		743315103			02/18/04		13,700
	1	Elect Directors		For	For		Mgmt
	2	Amend Articles to Issue Shares without Issuing Physical Certificates		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/28/04 - A	The Sherwin-Williams Co. *SHW*		824348106			02/23/04		9,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James C. Boland — For
	1.2	Elect Director John G. Breen — For
	1.3	Elect Director Duane E. Collins — For

Mgmt Rec - Company Management Recommended Vote Page 86

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.4	Elect Director Christopher M. Connor — For
	1.5	Elect Director Daniel E. Evans — For
	1.6	Elect Director Susan J. Kropf — Withhold
	1.7	Elect Director Robert W. Mahoney — For
	1.8	Elect Director Gary E. McCullough — For
	1.9	Elect Director A. Malachi Mixon, III — For
	1.10	Elect Director Curtis E. Moll — Withhold
	1.11	Elect Director Joseph M. Scaminace — For
	1.12	Elect Director Richard K. Smucker — For
	2	Amend Bylaws		For	Against		Mgmt
	3	Amend Bylaws		For	For		Mgmt
	4	Amend Nomination Procedures for the Board		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
04/23/04 - A	The Stanley Works *SWK*		854616109			02/27/04		5,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
06/01/04 - A	The TJX Companies, Inc. *TJX*		872540109			04/12/04		30,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Implement ILO Based Code of Conduct		Against	Against		ShrHoldr
	4	Report on Vendor Standards		Against	Against		ShrHoldr
	5	Declassify the Board of Directors		Against	For		ShrHoldr
03/03/04 - A	The Walt Disney Company *DIS*		254687106			01/16/04		131,029
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John E. Bryson — For
	1.2	Elect Director John S. Chen — For
	1.3	Elect Director Michael D. Eisner — Withhold
	1.4	Elect Director Judith L. Estrin — For
	1.5	Elect Director Robert A. Iger — For
	1.6	Elect Director Aylwin B. Lewis — For
	1.7	Elect Director Monica C. Lozano — For
	1.8	Elect Director Robert W. Matschullat — For

Mgmt Rec - Company Management Recommended Vote Page 87

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.9	Elect Director George J. Mitchell — For
	1.10	Elect Director Leo J. O’Donovan, S.J. — For
	1.11	Elect Director Gary L. Wilson — For
	2	Ratify Auditors		For	For		Mgmt
	3	China Principles		Against	Against		ShrHoldr
	4	Report on Supplier Labor Standards in China		Against	For		ShrHoldr
	5	Report on Amusement Park Safety		Against	Against		ShrHoldr
05/20/04 - A	The Williams Companies, Inc. *WMB*		969457100			03/26/04		31,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Awards to Executives		Against	Against		ShrHoldr
05/18/04 - A	Thermo Electron Corp. *TMO*		883556102			03/26/04		9,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Awards to Executives		Against	Against		ShrHoldr
05/05/04 - A	Thomas & Betts Corp. *TNB*		884315102			03/15/04		3,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
05/20/04 - A	Tiffany & Co. *TIF*		886547108			03/25/04		8,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/21/04 - A	Time Warner Inc *TWX*		887317105			03/23/04		275,698
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt China Principles		Against	Against		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr
04/29/04 - A	Torchmark Corp. *TMK*		891027104			03/05/04		7,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 88

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Divest Investments in Tobacco Companies		Against	Against		ShrHoldr
06/02/04 - A	Toys ‘R’ Us, Inc. *TOY*		892335100			04/09/04		12,800
	1	Elect Directors		For	For		Mgmt
	2	Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr
05/13/04 - A	Transocean Inc. *RIG*		G90078109			03/18/04		400
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	APPROVAL OF THE AMENDMENT OF OUR LONG-TERM INCENTIVE PLAN AS DESCRIBED IN THE PROXY STATEMENT.		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
03/19/04 - S	Travelers Property Casualty Corp.		89420G406			02/06/04		63,561
	1	Approve Merger Agreement		For	For		Mgmt
05/12/04 - A	Tribune Co. *TRB*		896047107			03/17/04		20,187
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
05/12/04 - A	Tupperware Corp. *TUP*		899896104			03/15/04		3,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/21/04 - A	TXU Corp. *TXU*		873168108			03/22/04		1,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
03/25/04 - A	Tyco International Ltd. *TYC*		902124106			03/25/04		128,037
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	ADOPTION OF THE AMENDED AND RESTATED BYE-LAWS.		For	For		Mgmt
	4	APPROVAL OF TYCO 2004 STOCK AND INCENTIVE PLAN.		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 89

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	SHAREHOLDER PROPOSAL REGARDING ENVIRONMENTAL REPORTING.		For	For		ShrHoldr
	6	SHAREHOLDER PROPOSAL TO CHANGE TYCO’S JURISDICTION OF INCORPORATION FROM BERMUDA TO A U.S. STATE.		Against	Against		ShrHoldr
	7	SHAREHOLDER PROPOSAL ON COMMON SENSE EXECUTIVE COMPENSATION.		Against	Against		ShrHoldr
04/20/04 - A	U.S. Bancorp *USB*		902973304			02/26/04		120,334
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Submit Executive Compensation to Vote		Against	For		ShrHoldr
	5	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
04/16/04 - A	Union Pacific Corp. *UNP*		907818108			02/06/04		16,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Report on Political Contributions/Activities		Against	Against		ShrHoldr
06/08/04 - A	Union Planters Corp. *UPC*		908068109			04/21/04		11,300
	1	Approve Merger Agreement		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Adjourn Meeting		For	Against		Mgmt
	5	Limit Executive Compensation		Against	Against		ShrHoldr
04/22/04 - A	Unisys Corp. *UIS*		909214108			02/27/04		20,500
	1	Elect Directors		For	For		Mgmt
05/06/04 - A	United Parcel Service, Inc. *UPS*		911312106			03/08/04		67,962
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/04 - A	United States Steel Corp. *X*		912909108			02/27/04		6,420
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 90

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/14/04 - A	United Technologies Corp. *UTX*		913017109			02/17/04		29,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Disclosure of Executive Compensation		Against	Against		ShrHoldr
	4	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	5	Performance-Based/Indexed Options		Against	For		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
05/12/04 - A	UnitedHealth Group Incorporated *UNH*		91324P102			03/15/04		38,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Limit Awards to Executives		Against	Against		ShrHoldr
05/12/04 - A	Univision Communications Inc. *UVN*		914906102			03/15/04		19,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director A. Jerrold Perenchio — Withhold
	1.2	Elect Director Fernando Aguirre — For
	1.3	Elect Director Harold Gaba — For
	1.4	Elect Director Alan F. Horn — For
	1.5	Elect Director John G. Perenchio — Withhold
	1.6	Elect Director Ray Rodriguez — Withhold
	1.7	Elect Director McHenry T. Tichenor, Jr. — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/24/04 - A	Unocal Corp. *UCL*		915289102			03/25/04		15,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Deferred Compensation Plan		For	For		Mgmt
	5	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	6	Limit Awards to Executives		Against	Against		ShrHoldr
	7	Establish Other Board Committee		Against	For		ShrHoldr
	8	Report on Greenhouse Gas Emissions		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 91

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/13/04 - A	UnumProvident Corporation *UNM*		91529Y106			03/26/04		18,018
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Require Affirmative Vote of the Majority of the Shares to Elect Directors		Against	Against		ShrHoldr
	6	Establish Other Board Committee		Against	For		ShrHoldr
05/04/04 - A	UST Inc. *UST*		902911106			03/05/04		10,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		None	For		ShrHoldr
	4	Reduce Nitrosamines in Oral Snuff		Against	Against		ShrHoldr
04/28/04 - A	Verizon Communications *VZ*		92343V104			03/01/04		172,430
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Restore or Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Require Majority of Independent Directors on Board		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	Against		ShrHoldr
	7	Submit Executive Compensation to Vote		Against	For		ShrHoldr
	8	Prohibit Awards to Executives		Against	Against		ShrHoldr
	9	Report on Stock Option Distribution by Race and Gender		Against	Against		ShrHoldr
	10	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	11	Cease Charitable Contributions		Against	Against		ShrHoldr
04/27/04 - A	VF Corp. *VFC*		918204108			03/09/04		4,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Edward E. Crutchfield — Withhold
	1.2	Elect Director George Fellows — Withhold
	1.3	Elect Director Daniel R. Hesse — Withhold
	1.4	Elect Director Clarence Otis, Jr. — For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 92

dVote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Adopt ILO Based Code of Conduct		Against	Against		ShrHoldr
05/12/04 - A	Visteon Corporation *VC*		92839U107			03/15/04		8,035
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	5	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	Against		ShrHoldr
	6	Amend and Report on an International Code of Conduct		Against	Against		ShrHoldr
	7	Permit Voting Leverage for Shareowners		Against	Against		ShrHoldr
05/14/04 - A	Vulcan Materials Co. *VMC*		929160109			03/15/04		6,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Restricted Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/28/04 - A	W.W. Grainger, Inc. *GWW*		384802104			03/01/04		5,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/20/04 - A	Wachovia Corp. *WB*		929903102			02/18/04		83,196
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require Two Candidates for Each Board Seat		Against	Against		ShrHoldr
	4	Report on Political Contributions/Activities		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
06/04/04 - A	Wal-Mart Stores, Inc. *WMT*		931142103			04/05/04		262,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Stock Option Plan		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Amend Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	7	Prepare Sustainability Report		Against	For		ShrHoldr
	8	Report on Stock Option Distribution by Race and Gender		Against	For		ShrHoldr
	9	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 93

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	10	Prepare Diversity Report		Against	For		ShrHoldr
	11	Submit Executive Compensation to Vote		Against	For		ShrHoldr
01/14/04 - A	Walgreen Co. *WAG*		931422109			11/17/03		68,000
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Omnibus Stock Plan		For	Against		Mgmt
04/20/04 - A	Washington Mutual, Inc *WM*		939322103			02/27/04		55,874
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
05/14/04 - A	Waste Management, Inc. *WMI*		94106L109			03/19/04		35,535
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/04/04 - A	Waters Corp. *WAT*		941848103			03/15/04		7,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Joshua Bekenstein — For
	1.2	Elect Director M.J. Berendt, Ph.D. — For
	1.3	Elect Director Douglas A. Berthiaume — For
	1.4	Elect Director Philip Caldwell — For
	1.5	Elect Director Edward Conard — Withhold
	1.6	Elect Director L.H. Glimcher, M.D. — For
	1.7	Elect Director William J. Miller — For
	1.8	Elect Director Thomas P. Salice — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/17/04 - A	Watson Pharmaceuticals, Inc. *WPI*		942683103			03/19/04		5,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Review Executive Compensation		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 94

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/28/04 - S	WellPoint Health Networks Inc. *WLP*		94973H108			05/10/04		9,200
	1	Approve Merger Agreement		For	For		Mgmt
04/27/04 - A	Wells Fargo & Company *WFC*		949746101			03/09/04		104,730
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director J.A. Blanchard III — For
	1.2	Elect Director Susan E. Engel — For
	1.3	Elect Director Enrique Hernandez, Jr. — For
	1.4	Elect Director Robert L. Joss — For
	1.5	Elect Director Reatha Clark King — For
	1.6	Elect Director Richard M. Kovacevich — For
	1.7	Elect Director Richard D. McCormick — For
	1.8	Elect Director Cynthia H. Milligan — For
	1.9	Elect Director Philip J. Quigley — For
	1.10	Elect Director Donald B. Rice — Withhold
	1.11	Elect Director Judith M. Runstad — Withhold
	1.12	Elect Director Stephen W. Sanger — For
	1.13	Elect Director Susan G. Swenson — For
	1.14	Elect Director Michael W. Wright — Withhold
	2	Approve Retirement Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
	6	Link Executive Compensation to Social Issues		Against	Against		ShrHoldr
	7	Report on Political Contributions/Activities		Against	Against		ShrHoldr
04/22/04 - A	Wendy’s International, Inc. *WEN*		950590109			03/01/04		7,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/13/04 - A	Weyerhaeuser Co. *WY*		962166104			02/20/04		13,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 95

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Declassify the Board of Directors		Against	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Implement Restricted Share Executive Compensation Plan		Against	For		ShrHoldr
	6	Report on Greenhouse Gas Emissions		Against	Against		ShrHoldr
	7	Develop Policy Regarding Old Growth Forests		Against	Against		ShrHoldr
	8	Ratify Auditors		For	For		Mgmt
04/20/04 - A	Whirlpool Corp. *WHR*		963320106			02/27/04		4,300
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
10/08/03 - A	Winn-Dixie Stores, Inc. *WIN*		974280109			08/01/03		9,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
09/25/03 - A	Worthington Industries Inc. *WOR*		981811102			08/01/03		5,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
04/22/04 - A	Wyeth *WYE*		983024100			03/12/04		82,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Drug Pricing		Against	Against		ShrHoldr
	4	Amend Animal Testing Policy		Against	Against		ShrHoldr
05/20/04 - A	Xcel Energy Inc. *XEL*		98389B100			03/22/04		12,310
	1	Declassify the Board of Directors		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
05/20/04 - A	Xerox Corp. *XRX*		984121103			03/23/04		100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Glenn A. Britt — For
	1.2	Elect Director Richard J. Harrington — For

Mgmt Rec - Company Management Recommended Vote Page 96

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.3	Elect Director William Curt Hunter — For
	1.4	Elect Director Vernon E. Jordan, Jr. — Withhold
	1.5	Elect Director Hilmar Kopper — For
	1.6	Elect Director Ralph S. Larsen — For
	1.7	Elect Director Anne M. Mulcahy — For
	1.8	Elect Director N.J. Nicholas, Jr. — For
	1.9	Elect Director John E. Pepper — For
	1.10	Elect Director Ann N. Reese — For
	1.11	Elect Director Stephen Robert — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
08/07/03 - A	Xilinx, Inc. *XLNX*		983919101			06/09/03		23,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/30/04 - A	Xl Capital Ltd (Formerly Exel Ltd. ) *XL*		G98255105			03/15/04		8,500
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/21/04 - A	Yahoo!, Inc. *YHOO*		984332106			03/25/04		39,900
	1	Elect Directors		For	Withhold		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
05/20/04 - A	Yum Brands, Inc. *YUM*		988498101			03/22/04		18,020
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Adopt Smoke-Free Restaurant Policy		Against	Against		ShrHoldr
	5	Prepare a Sustainability Report		Against	For		ShrHoldr
	6	Adopt MacBride Principles		Against	Against		ShrHoldr
	7	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	8	Report on Animal Welfare Standards		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 97

Vote Summary Report

Jul 01, 2003 - Jun 30, 2004

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/22/03 – S	Zimmer Holdings Inc *ZMH*		98956P102			06/16/03		13,770
	1	Issue Shares in Connection with an Acquisition		For	For		Mgmt
05/10/04 - A	Zimmer Holdings Inc *ZMH*		98956P102			03/15/04		14,870
	1	Elect Directors		For	Withhold		Mgmt
	2	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	3	Ratify Auditors		Against	For		ShrHoldr
04/30/04 - A	Zions Bancorporation *ZION*		989701107			02/23/04		5,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 98

AIT Select Investment Grade Income Fund

Because it invests exclusively in fixed-income securities, AIT Select Investment Grade Income Fund does not vote proxies in connection with securities held in its portfolio.

AIT Government Bond Fund

Because it invests exclusively in fixed-income securities, AIT Government Bond Fund does not vote proxies in connection with securities held in its portfolio.

AIT Money Market Fund

Because it invests exclusively in fixed-income securities, AIT Money Market Fund does not vote proxies in connection with securities held in its portfolio.

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SIGNATURES:

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Allmerica Investment Trust

By	(Signature & Title)	/s/    John P. Kavanaugh
		John P. Kavanaugh, President

Date August 18, 2004