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)

Sheila B. St. Hilaire, 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, 2005

Item 1. Proxy Voting Record

AIT Select Capital Appreciation Fund				Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.1	M	Elect Director Betty G. Amos	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.2	M	Elect Director Mark Andrews	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.3	M	Elect Director Ernst Biekert, Ph.D.	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.4	M	Elect Director Paul L. Cejas	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.5	M	Elect Director Jack Fishman, Ph.D.	For	Withhold
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.6	M	Elect Director Neil Flanzraich	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.7	M	Elect Director Phillip Frost, M.D.	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.8	M	Elect Director Bruce W. Greer	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.9	M	Elect Director Jane Hsiao, Ph.D.	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.1	M	Elect Director David A. Lieberman	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.11	M	Elect Director Richard C. Pfenniger, Jr.	For	Withhold
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	1.12	M	Elect Director Bertram Pitt, M.D.	For	For
IVAX Corp.	IVX	465823102	07/15/04	Annual	63,700	2	M	Approve Omnibus Stock Plan	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.1	M	Elect Director Frances D. Cook	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.2	M	Elect Director Gilbert F. Decker	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.3	M	Elect Director Ronald R. Fogleman	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.4	M	Elect Director Jonathan G. Guss	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.5	M	Elect Director David E. Jeremiah	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.6	M	Elect Director Roman Martinez Iv	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.7	M	Elect Director Paul David Miller	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.8	M	Elect Director Daniel J. Murphy, Jr.	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.9	M	Elect Director Robert W. Riscassi	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.1	M	Elect Director Michael T. Smith	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	1.11	M	Elect Director William G. Van Dyke	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	2	M	Ratify Auditors	For	For
Alliant Techsystems Inc.	ATK	18804104	08/03/04	Annual	32,031	3	S	Report on the Weaponization of Space	Against	Against
Microchip Technology, Inc.	MCHP	595017104	08/20/04	Annual	83,000	1.1	M	Elect Director Steve Sanghi	For	For
Microchip Technology, Inc.	MCHP	595017104	08/20/04	Annual	83,000	1.2	M	Elect Director Albert J. Hugo-Martinez	For	For
Microchip Technology, Inc.	MCHP	595017104	08/20/04	Annual	83,000	1.3	M	Elect Director L.B. Day	For	For
Microchip Technology, Inc.	MCHP	595017104	08/20/04	Annual	83,000	1.4	M	Elect Director Matthew W. Chapman	For	For
Microchip Technology, Inc.	MCHP	595017104	08/20/04	Annual	83,000	1.5	M	Elect Director Wade F. Meyercord	For	For
Microchip Technology, Inc.	MCHP	595017104	08/20/04	Annual	83,000	2	M	Amend Employee Stock Purchase Plan	For	For
Microchip Technology, Inc.	MCHP	595017104	08/20/04	Annual	83,000	3	M	Approve Omnibus Stock Plan	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.1	M	Elect Director Heather Douglas	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.2	M	Elect Director Michael Friedman	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.3	M	Elect Director Eric Johnston	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.4	M	Elect Director Gad Keren	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.5	M	Elect Director Barrie Levitt	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.6	M	Elect Director Tal Levitt	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.7	M	Elect Director Daniel Moros	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	1.8	M	Elect Director Myron Strober	For	For
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	2	M	Ratify Auditors	For	For
								APPROVE THE AUDITORS REPORT AND
								CONSOLIDATED FINANCIAL STATEMENTS OF THE
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	3	M	COMPANY FOR THE YEAR ENDED DECEMBER 31, 2003.	For	For

Page 1 of 21

AIT Select Capital Appreciation Fund						Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	4	M	APPROVE AN AMENDMENT TO THE COMPANY S 1999 STOCK INCENTIVE PLAN AUTHORIZING THE GRANT OF STOCK OPTIONS TO THE COMPANY S INDEPENDENT DIRECTORS.	For	Against
Taro Pharmaceuticals Industries		M8737E108	08/05/04	Annual	14,847	5	M	APPROVE THE GRANT OF STOCK OPTIONS TO THE COMPANY S INDEPENDENT DIRECTORS.	For	Against
BearingPoint, Inc.	BE	74002106	08/03/04	Annual	131,000	1.1	M	Elect Director Douglas C. Allred	For	For
BearingPoint, Inc.	BE	74002106	08/03/04	Annual	131,000	1.2	M	Elect Director Betsy J. Bernard	For	For
BearingPoint, Inc.	BE	74002106	08/03/04	Annual	131,000	2	M	Ratify Auditors	For	For
QLogic Corp.	QLGC	747277101	08/24/04	Annual	52,000	1.1	M	Elect Director H.K. Desai	For	For
QLogic Corp.	QLGC	747277101	08/24/04	Annual	52,000	1.2	M	Elect Director Larry R. Carter	For	For
QLogic Corp.	QLGC	747277101	08/24/04	Annual	52,000	1.3	M	Elect Director James R. Fiebiger	For	For
QLogic Corp.	QLGC	747277101	08/24/04	Annual	52,000	1.4	M	Elect Director Balakrishnan S. Iyer	For	For
QLogic Corp.	QLGC	747277101	08/24/04	Annual	52,000	1.5	M	Elect Director Carol L. Miltner	For	For
QLogic Corp.	QLGC	747277101	08/24/04	Annual	52,000	1.6	M	Elect Director George D. Wells	For	For
QLogic Corp.	QLGC	747277101	08/24/04	Annual	52,000	2	M	Ratify Auditors	For	For
Scholastic Corp.	SCHL	807066105	09/21/04	Annual	34,600	1.1	M	Elect Director John L. Davies	For	For
Scholastic Corp.	SCHL	807066105	09/21/04	Annual	34,600	1.2	M	Elect Director Peter M. Mayer	For	For
Scholastic Corp.	SCHL	807066105	09/21/04	Annual	34,600	1.3	M	Elect Director John G. McDonald	For	For
Red Hat, Inc.	RHAT	756577102	09/21/04	Annual	13,914	1.1	M	Elect Director Gen. H. Hugh Shelton	For	For
Red Hat, Inc.	RHAT	756577102	09/21/04	Annual	13,914	1.2	M	Elect Director Eugene J. Mcdonald	For	For
Red Hat, Inc.	RHAT	756577102	09/21/04	Annual	13,914	1.3	M	Elect Director Matthew J. Szulik	For	For
Red Hat, Inc.	RHAT	756577102	09/21/04	Annual	13,914	2	M	Ratify Auditors	For	For
Red Hat, Inc.	RHAT	756577102	09/21/04	Annual	13,914	3	M	Approve Omnibus Stock Plan	For	For
WebMD Corporation	HLTH	94769M105	09/23/04	Annual	19	1.1	M	Elect Director Mark J. Adler, M.D.	For	For
WebMD Corporation	HLTH	94769M105	09/23/04	Annual	19	1.2	M	Elect Director Herman Sarkowsky	For	For
WebMD Corporation	HLTH	94769M105	09/23/04	Annual	19	2	M	Amend Charter	For	For
WebMD Corporation	HLTH	94769M105	09/23/04	Annual	19	3	M	Reduce Authorized Preferred Stock	For	For
WebMD Corporation	HLTH	94769M105	09/23/04	Annual	19	4	M	Authorize New Class of Preferred Stock	For	For
Hewitt Associates, Inc.	HEW	42822Q100	09/30/04	Special	83,000	1	M	Approve Merger Agreement	For	For
Hewitt Associates, Inc.	HEW	42822Q100	09/30/04	Special	83,000	2	M	Adjourn Meeting	For	Against
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.1	M	Elect Director Bruce L. Downey	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.2	M	Elect Director Paul M. Bisaro	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.3	M	Elect Director Carole S. Ben-Maimon	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.4	M	Elect Director George P. Stephan	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.5	M	Elect Director Jack M. Kay	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.6	M	Elect Director Harold N. Chefitz	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.7	M	Elect Director Richard R. Frankovic	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.8	M	Elect Director Peter R. Seaver	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	1.9	M	Elect Director James S. Gilmore, III	For	For
Barr Pharmaceuticals Inc	BRL	68306109	10/28/04	Annual	65,000	2	M	Ratify Auditors	For	For
Integrated Circuit Systems, Inc.	ICST	45811K208	10/28/04	Annual	6,000	1.1	M	Elect Director Lewis C. Eggebrecht	For	For
Integrated Circuit Systems, Inc.	ICST	45811K208	10/28/04	Annual	6,000	1.2	M	Elect Director Henry I. Boreen	For	Withhold
Integrated Circuit Systems, Inc.	ICST	45811K208	10/28/04	Annual	6,000	1.3	M	Elect Director David Dominik	For	For
CheckFree Corp.	CKFR	162813109	10/27/04	Annual	19,000	1.1	M	Elect Director Peter J. Kight	For	For
CheckFree Corp.	CKFR	162813109	10/27/04	Annual	19,000	1.2	M	Elect Director Lewis C. Levin	For	Withhold
CheckFree Corp.	CKFR	162813109	10/27/04	Annual	19,000	1.3	M	Elect Director Jeffrey M. Wilkins	For	For

Page 2 of 21

AIT Select Capital Appreciation Fund				Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Jack Henry & Associates, Inc.	JKHY	426281101	10/26/04	Annual	62,000	1.1	M	Elect Director J. Henry	For	For
Jack Henry & Associates, Inc.	JKHY	426281101	10/26/04	Annual	62,000	1.2	M	Elect Director J. Hall	For	For
Jack Henry & Associates, Inc.	JKHY	426281101	10/26/04	Annual	62,000	1.3	M	Elect Director M. Henry	For	For
Jack Henry & Associates, Inc.	JKHY	426281101	10/26/04	Annual	62,000	1.4	M	Elect Director J. Ellis	For	For
Jack Henry & Associates, Inc.	JKHY	426281101	10/26/04	Annual	62,000	1.5	M	Elect Director B. George	For	For
Jack Henry & Associates, Inc.	JKHY	426281101	10/26/04	Annual	62,000	1.6	M	Elect Director J. Maliekel	For	For
Jack Henry & Associates, Inc.	JKHY	426281101	10/26/04	Annual	62,000	1.7	M	Elect Director C. Curry	For	For
Education Management Corp.	EDMC	28139T101	11/23/04	Annual	58,000	1.1	M	Elect Director Michael J. Emmi	For	For
Education Management Corp.	EDMC	28139T101	11/23/04	Annual	58,000	1.2	M	Elect Director Martin L. Garcia	For	For
Education Management Corp.	EDMC	28139T101	11/23/04	Annual	58,000	1.3	M	Elect Director Jerry L. Johnson	For	For
Education Management Corp.	EDMC	28139T101	11/23/04	Annual	58,000	1.4	M	Elect Director Miryam L. Knutson	For	For
Education Management Corp.	EDMC	28139T101	11/23/04	Annual	58,000	2	M	Ratify Auditors	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	12/09/04	Special	37,000	1	M	TO AMEND THE BYE-LAWS OF AXIS CAPITAL HOLDINGS LIMITED AS DESCRIBED IN THE PROXY STATEMENT.	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	12/09/04	Special	37,000	2	M	TO AMEND THE BYE-LAWS OF AXIS SPECIALTY LIMITED AS DESCRIBED IN THE PROXY STATEMENT.	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	12/09/04	Special	37,000	3	M	TO AMEND THE ARTICLES OF ASSOCIATION OF AXIS SPECIALTY HOLDINGS IRELAND LIMITED AS DESCRIBED IN THE PROXY STATEMENT.	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	12/09/04	Special	37,000	4	M	TO AUTHORIZE THE ELECTIONS BY AXIS CAPITAL HOLDINGS LIMITED AND AXIS SPECIALTY HOLDINGS IRELAND LIMITED TO DISPENSE WITH THE ANNUAL GENERAL MEETINGS OF THE IRISH SUBSIDIARIES OF AXIS CAPITAL HOLDINGS LIMITED.	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	12/09/04	Special	37,000	5	M	TO AMEND THE ARTICLES OF ASSOCIATION OF AXIS SPECIALTY UK IRELAND LIMITED AS DESCRIBED IN THE PROXY STATEMENT.	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	12/09/04	Special	37,000	6	M	TO AUTHORIZE THE LIQUIDATION OF AXIS SPECIALTY UK HOLDINGS LIMITED.	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	12/09/04	Special	37,000	7	M	TO AUTHORIZE THE DISSOLUTION OF AXIS SPECIALTY (BARBADOS) LIMITED.	For	For
XTO Energy Inc	XTO	98385X106	11/16/04	Special	86,999	1	M	Approve Omnibus Stock Plan	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.1	M	Elect Director Stephen M. Bennett	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.2	M	Elect Director Christopher W. Brody	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.3	M	Elect Director William V. Campbell	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.4	M	Elect Director Scott D. Cook	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.5	M	Elect Director L. John Doerr	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.6	M	Elect Director Donna L. Dubinsky	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.7	M	Elect Director Michael R. Hallman	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.8	M	Elect Director Dennis D. Powell	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	1.9	M	Elect Director Stratton D. Sclavos	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	2	M	Ratify Auditors	For	For
Intuit Inc.	INTU	461202103	12/09/04	Annual	31,000	3	M	Approve Omnibus Stock Plan	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.1	M	Elect Director Herbert W. Anderson	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.2	M	Elect Director Michael J. Bayer	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.3	M	Elect Director Peter A. Derow	For	For

Page 3 of 21

AIT Select Capital Appreciation Fund							Vote Summary Report -Jul 01, 2004 -Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.4	M	Elect Director Richard L. Leatherwood	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.5	M	Elect Director J. Phillip London	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.6	M	Elect Director Barbara A. McNamara	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.7	M	Elect Director Arthur L. Money	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.8	M	Elect Director Warren R. Phillips	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.9	M	Elect Director Charles P. Revoile	For	Withhold
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.1	M	Elect Director John M. Toups	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	1.11	M	Elect Director Larry D. Welch	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	2	M	Ratify Auditors	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	3	M	Amend Omnibus Stock Plan	For	For
CACI International, Inc.	CAI	127190304	12/01/04	Annual	29,000	4	M	Adjourn Meeting	For	Against
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	1.1	M	Elect Director Mark R. Bernstein	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	1.2	M	Elect Director Sharon Allred Decker	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	1.3	M	Elect Director Edward C. Dolby	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	1.4	M	Elect Director Glenn A. Eisenberg	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	1.5	M	Elect Director Howard R. Levine	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	1.6	M	Elect Director George R. Mahoney, Jr.	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	1.7	M	Elect Director James G. Martin	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	2	M	Amend Stock Option Plan	For	For
Family Dollar Stores, Inc.	FDO	307000109	01/20/05	Annual	86,000	3	M	Ratify Auditors	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	1.1	M	Elect Director Mitchell Jacobson	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	1.2	M	Elect Director David Sandler	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	1.3	M	Elect Director Charles Boehlke	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	1.4	M	Elect Director Roger Fradin	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	1.5	M	Elect Director Denis Kelly	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	1.6	M	Elect Director Raymond Langton	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	1.7	M	Elect Director Philip Peller	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	2	M	Amend Restricted Stock Plan	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	3	M	Amend Employee Stock Purchase Plan	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	4	M	Ratify Auditors	For	For
MSC Industrial Direct Co., Inc.	MSM	553530106	01/04/05	Annual	11,000	5	M	Other Business	For	Against
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.1	M	Elect Director William D. Morean	For	Withhold
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.2	M	Elect Director Thomas A. Sansone	For	Withhold
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.3	M	Elect Director Timothy L. Main	For	Withhold
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.4	M	Elect Director Lawrence J. Murphy	For	Withhold
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.5	M	Elect Director Mel S. Lavitt	For	For
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.6	M	Elect Director Steven A. Raymund	For	For
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.7	M	Elect Director Frank A. Newman	For	For
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	1.8	M	Elect Director Laurence S. Grafstein	For	For
Jabil Circuit, Inc.	JBL	466313103	01/20/05	Annual	82,000	2	M	Ratify Auditors	For	For
Hewitt Associates, Inc.	HEW	42822Q100	02/02/05	Annual	58,200	1.1	M	Elect Director Cheryl A. Francis	For	For
Hewitt Associates, Inc.	HEW	42822Q100	02/02/05	Annual	58,200	1.2	M	Elect Director Dale L. Gifford	For	For
Hewitt Associates, Inc.	HEW	42822Q100	02/02/05	Annual	58,200	1.3	M	Elect Director Thomas J. Neff	For	For
Hewitt Associates, Inc.	HEW	42822Q100	02/02/05	Annual	58,200	2	M	Ratify Auditors	For	For
Oshkosh Truck Corp.	OSK	688239201	02/01/05	Annual	38,000	1.1	M	Elect Director Richard M. Donnelly	For	For
Oshkosh Truck Corp.	OSK	688239201	02/01/05	Annual	38,000	1.2	M	Elect Director Donald V. Fites	For	For
Oshkosh Truck Corp.	OSK	688239201	02/01/05	Annual	38,000	1.3	M	Elect Director Richard G. Sim	For	For

Page 4 of 21

AIT Select Capital Appreciation Fund					Vote Summary Report -Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Oshkosh Truck Corp.	OSK	688239201	02/01/05	Annual	38,000	2	M	Increase Authorized Common Stock	For	For
Rockwell Collins, Inc.	COL	774341101	02/15/05	Annual	99,000	1.1	M	Elect Director M.P.C. Carns	For	For
Rockwell Collins, Inc.	COL	774341101	02/15/05	Annual	99,000	1.2	M	Elect Director C.A. Davis	For	For
Rockwell Collins, Inc.	COL	774341101	02/15/05	Annual	99,000	1.3	M	Elect Director J.F. Toot, Jr.	For	For
Rockwell Collins, Inc.	COL	774341101	02/15/05	Annual	99,000	2	M	Ratify Auditors	For	For
Varian Medical Systems Inc	VAR	92220P105	02/17/05	Annual	5,200	1.1	M	Elect Director Susan L. Bostrom	For	For
Varian Medical Systems Inc	VAR	92220P105	02/17/05	Annual	5,200	1.2	M	Elect Director Richard M. Levy	For	For
Varian Medical Systems Inc	VAR	92220P105	02/17/05	Annual	5,200	1.3	M	Elect Director Allen S. Lichter, M.D.	For	For
Varian Medical Systems Inc	VAR	92220P105	02/17/05	Annual	5,200	1.4	M	Elect Director R. Andrew Eckert	For	For
Varian Medical Systems Inc	VAR	92220P105	02/17/05	Annual	5,200	2	M	Approve Omnibus Stock Plan	For	For
Varian Medical Systems Inc	VAR	92220P105	02/17/05	Annual	5,200	3	M	Ratify Auditors	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.1	M	Elect Director William J. Schoen	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.2	M	Elect Director Joseph V. Vumbacco	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.3	M	Elect Director Kent P. Dauten	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.4	M	Elect Director Donald E. Kiernan	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.5	M	Elect Director Robert A. Knox	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.6	M	Elect Director William E. Mayberry, M.D.	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.7	M	Elect Director William C. Steere, Jr.	For	For
Health Management Associates, Inc.	HMA	421933102	02/15/05	Proxy Contest	3,083	1.8	M	Elect Director R.W. Westerfield, Ph.D.	For	For
Ameritrade Holdings Corp.	AMTD	03074K100	02/16/05	Annual	184,000	1.1	M	Elect Director J. Joe Ricketts	For	For
Ameritrade Holdings Corp.	AMTD	03074K100	02/16/05	Annual	184,000	1.2	M	Elect Director Dan W. Cook III	For	For
Ameritrade Holdings Corp.	AMTD	03074K100	02/16/05	Annual	184,000	2	M	Ratify Auditors	For	For
Ameritrade Holdings Corp.	AMTD	03074K100	02/16/05	Annual	184,000	3	M	Other Business	For	Against
AmerisourceBergen Corp	ABC	3.073E+108	03/04/05	Annual	10,000	1.1	M	Elect Director Rodney H. Brady	For	For
AmerisourceBergen Corp	ABC	3.073E+108	03/04/05	Annual	10,000	1.2	M	Elect Director Charles H. Cotros	For	For
AmerisourceBergen Corp	ABC	3.073E+108	03/04/05	Annual	10,000	1.3	M	Elect Director Jane E. Henney, M.D.	For	For
AmerisourceBergen Corp	ABC	3.073E+108	03/04/05	Annual	10,000	1.4	M	Elect Director R. David Yost	For	For
AmerisourceBergen Corp	ABC	3.073E+108	03/04/05	Annual	10,000	2	M	Ratify Auditors	For	For
BJ Services Company	BJS	55482103	03/24/05	Annual	46,800	1.1	M	Elect Director L. William Heiligbrodt	For	For
BJ Services Company	BJS	55482103	03/24/05	Annual	46,800	1.2	M	Elect Director James L. Payne	For	For
BJ Services Company	BJS	55482103	03/24/05	Annual	46,800	1.3	M	Elect Director J.W. Stewart	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.1	M	Elect Director Glen A. Barton	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.2	M	Elect Director Vincent A. Calarco	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.3	M	Elect Director Michael s. Hamson	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.4	M	Elect Director Leo I. Higdon, Jr.	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.5	M	Elect Director Pierre Lassonde	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.6	M	Elect Director Robert J. Miller	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.7	M	Elect Director Wayne W. Murdy	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.8	M	Elect Director Robin A. Plumbridge	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.9	M	Elect Director John B. Prescott	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.1	M	Elect Director Donald C. Roth	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.11	M	Elect Director Seymour Schulich	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	1.12	M	Elect Director James V. Taranik	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	2	M	Ratify Auditors	For	For
Newmont Mining Corp. (Holding Company)	NEM	651639106	04/27/05	Annual	44,000	3	M	Approve Omnibus Stock Plan	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.1	M	Elect Colin J. Adair as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.2	M	Elect W. John Bennett as Director	For	For

Page 5 of 21

AIT Select Capital Appreciation Fund					Vote Summary Report - Jul 01, 2004 -Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.3	M	Elect Serge Gouin as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.4	M	Elect Stephen H. Halperin as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.5	M	Elect Betty Jane Hess as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.6	M	Elect Philip B. Livingston as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.7	M	Elect Christine A. Magee as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.8	M	Elect Andrew Prozes as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.9	M	Elect John K. Sheppard as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.1	M	Elect Donald G. Watt as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	1.11	M	Elect Frank E. Weise III as Director	For	For
Cott Corp.	BCB	22163N106	04/21/05	Annual	20,000	2	M	Ratify PricewaterhouseCoopers LLP as Auditors	For	For
FAIRMONT HOTELS & RESORTS	FHR.	305204109	05/03/05	Annual/Special	46,700	1	M	Elect Stephen E. Bachand, Terence P. Badour, William R. Fatt, Peter C. Godsoe, Michael J. Kowalski, David P. O’Brien, Karen M. Rose, John L. Sharpe, L. Peter Sharpe, and Robert S. Singer as Directors	For	For
FAIRMONT HOTELS & RESORTS	FHR.	305204109	05/03/05	Annual/Special	46,700	2	M	Ratify PricewaterhouseCoopers LLP as Auditors	For	For
FAIRMONT HOTELS & RESORTS	FHR.	305204109	05/03/05	Annual/Special	46,700	3	M	Approve the Amended and Restated Rights Plan (Poison Pill)	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.1	M	Elect Director Glenn K. Murphy	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.2	M	Elect Director Joshua Bekenstein	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.3	M	Elect Director Kim Davis	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.4	M	Elect Director James H. Greene, Jr.	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.5	M	Elect Director Eva L. Kwok	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.6	M	Elect Director Dean Metcalf	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.7	M	Elect Director Paul E. Raether	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.8	M	Elect Director Leslee J. Thompson	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	1.9	M	Elect Director David M. Williams	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	2	M	Ratify Deloitte & Touche LLP as Auditors	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	3	M	Adopt Shareholder Rights Plan (Poison Pill)	For	For
SHOPPERS DRUG MART CORP	SC.	82509W103	05/11/05	Annual/Special	11,000	4	M	Amend Bylaw No. 2B Re: Executive Committee	For	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	1	M	Amend Minimum Number of Directors	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	2	M	Amend Notice of Articles Re: Pre-Existing Company Provisions	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	3	M	Eliminate Cumulative Voting	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	4	M	Amend Rights of Common and Non-Voting Shares Re: Foreign Ownership Requirements	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.1	M	Elect Director R.H. Auchinleck	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.2	M	Elect Director A. Charles Baillie	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.3	M	Elect Director Micheline Bouchard	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.4	M	Elect Director R. John Butler	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.5	M	Elect Director Brian A. Canfield	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.6	M	Elect Director Darren Entwistle	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.7	M	Elect Director Ruston E.T. Goepel	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.8	M	Elect Director John S. Lacey	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.9	M	Elect Director Brian F. MacNeill	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.1	M	Elect Director Ronald P. Triffo	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	5.11	M	Elect Director Donald P. Woodley	For

Page 6 of 21

AIT Select Capital Appreciation Fund						Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	6	M	Approve Deloitte & Touche LLP as Auditors and Authorize Board to Fix Remuneration of Auditors	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	7	M	Amend Management Share Option Plan Re: Increase the Size	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	8	M	Amend Management Share Option Plan Re: Stock Settlement Feature	For
Telus Corp. (frmrly. BC Telecom)	T.	87971M103	05/04/05	Annual/Special	59,400	9	M	Reconfirm Shareholder Rights Plan (Poison Pill)	For
Fiserv, Inc.	FISV	337738108	04/06/05	Annual	40,000	1.1	M	Elect Director D.F. Dillon	For	For
Fiserv, Inc.	FISV	337738108	04/06/05	Annual	40,000	1.2	M	Elect Director G.J. Levy	For	For
Fiserv, Inc.	FISV	337738108	04/06/05	Annual	40,000	1.3	M	Elect Director G.M. Renwick	For	For
Fiserv, Inc.	FISV	337738108	04/06/05	Annual	40,000	2	M	Ratify Auditors	For	For
Fiserv, Inc.	FISV	337738108	04/06/05	Annual	40,000	3	M	Approve Executive Incentive Bonus Plan	For	For
Fiserv, Inc.	FISV	337738108	04/06/05	Annual	40,000	4	M	Approve Omnibus Stock Plan	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.1	M	Elect Director Diane C. Creel	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.2	M	Elect Director George A. Davidson Jr.	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.3	M	Elect Director Harris E. DeLoach, Jr.	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.4	M	Elect Director James W. Griffith	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.5	M	Elect Director William R. Holland	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.6	M	Elect Director Marshall O. Larsen	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.7	M	Elect Director Douglas E. Olesen	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.8	M	Elect Director Alfred M. Rankin, Jr.	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.9	M	Elect Director James R. Wilson	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	1.1	M	Elect Director Thomas Young	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	2	M	Ratify Auditors	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	3	M	Amend Omnibus Stock Plan	For	For
Goodrich Corporation	GR	382388106	04/19/05	Annual	36,000	4	M	Amend Executive Incentive Bonus Plan	For	For
Investors Financial Services Corp.	IFIN	461915100	04/14/05	Annual	26,000	1.1	M	Elect Director Phyllis S. Swersky	For	For
Investors Financial Services Corp.	IFIN	461915100	04/14/05	Annual	26,000	1.2	M	Elect Director Edward F. Hines, Jr.	For	For
Investors Financial Services Corp.	IFIN	461915100	04/14/05	Annual	26,000	2	M	Approve Omnibus Stock Plan	For	For
Investors Financial Services Corp.	IFIN	461915100	04/14/05	Annual	26,000	3	M	Ratify Auditors	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	1.1	M	Elect Director David W. Dupree	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	1.2	M	Elect Director Gabrielle E. Greene	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	1.3	M	Elect Director John P. Mackey	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	1.4	M	Elect Director Linda A. Mason	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	1.5	M	Elect Director Morris J. Siegel	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	2	M	Ratify Auditors	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	3	M	Increase Authorized Common Stock	For	For
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	4	M	Amend Stock Option Plan	For	Against
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	5	S	Label Genetically Modified Ingredients	Against	Against
Whole Foods Market, Inc.	WFMI	966837106	04/04/05	Annual	21,000	6	S	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote	Against	For
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	1.1	M	Elect Director Carol Mills	For	For
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	1.2	M	Elect Director Colleen M. Pouliot	For	For
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	1.3	M	Elect Director Robert Sedgewick	For	For
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	1.4	M	Elect Director John E. Warnock	For	For
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	2	M	Amend Omnibus Stock Plan	For	Against
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	3	M	Amend Non-Employee Director Stock Option Plan	For	For

Page 7 of 21

AIT Select Capital Appreciation Fund								Vote Summary Report - Jul 01, 2004 -Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	4	S	Expense Stock Options	Against	Against
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	5	S	Review/Limit Executive Compensation	Against	For
Adobe Systems Inc.	ADBE	00724F101	04/28/05	Annual	23,000	6	M	Ratify Auditors	For	For
Activision, Inc.	ATVI	4930202	04/04/05	Special	46,000	1	M	Increase Authorized Common Stock	For	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.1	M	Elect Director A. Jerrold Perenchio	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.1	M	Elect Director A. Jerrold Perenchio	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.2	M	Elect Director Anthony Cassara	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.2	M	Elect Director Anthony Cassara	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.3	M	Elect Director Harold Gaba	For	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.3	M	Elect Director Harold Gaba	For	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.4	M	Elect Director Alan F. Horn	For	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.4	M	Elect Director Alan F. Horn	For	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.5	M	Elect Director John G. Perenchio	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.5	M	Elect Director John G. Perenchio	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.6	M	Elect Director Ray Rodriguez	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.6	M	Elect Director Ray Rodriguez	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.7	M	Elect Director Mchenry T. Tichenor, Jr.	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	1.7	M	Elect Director Mchenry T. Tichenor, Jr.	For	Withhold
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	2	M	Ratify Auditors	For	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	2	M	Ratify Auditors	For	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	3	S	Adopt Recapitalization Plan Regarding Votes Per Share	Against	For
Univision Communications Inc.	UVN	914906102	05/11/05	Annual	6,000	3	S	Adopt Recapitalization Plan Regarding Votes Per Share	Against	For
American Standard Companies Inc.	ASD	29712106	05/03/05	Annual	53,000	1.1	M	Elect Director Jared L. Cohon	For	For
American Standard Companies Inc.	ASD	29712106	05/03/05	Annual	53,000	1.2	M	Elect Director Paul J. Curlander	For	For
American Standard Companies Inc.	ASD	29712106	05/03/05	Annual	53,000	1.3	M	Elect Director Frederic M. Poses	For	For
American Standard Companies Inc.	ASD	29712106	05/03/05	Annual	53,000	2	M	Ratify Auditors	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.1	M	Elect Director Richard S. Hill	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.2	M	Elect Director Neil R. Bonke	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.3	M	Elect Director Youssef A. EL-Mansey	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.4	M	Elect Director J. David Litster	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.5	M	Elect Director Yoshio Nishi	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.6	M	Elect Director Glen G. Possley	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.7	M	Elect Director Ann D. Rhoads	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.8	M	Elect Director William R. Spivey	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	1.9	M	Elect Director Delbert A. Whitaker	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	2	M	Amend Omnibus Stock Plan	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	3	M	Amend Qualified Employee Stock Purchase Plan	For	For
Novellus Systems, Inc.	NVLS	670008101	04/29/05	Annual	78,000	4	M	Ratify Auditors	For	For
Manpower Inc.	MAN	56418H100	04/26/05	Annual	66,000	1.1	M	Elect Director J. Thomas Bouchard	For	For
Manpower Inc.	MAN	56418H100	04/26/05	Annual	66,000	1.2	M	Elect Director Rozanne L. Ridgway	For	For
Manpower Inc.	MAN	56418H100	04/26/05	Annual	66,000	1.3	M	Elect Director Edward J. Zore	For	For
Manpower Inc.	MAN	56418H100	04/26/05	Annual	66,000	2	M	Amend Qualified Employee Stock Purchase Plan	For	For
Manpower Inc.	MAN	56418H100	04/26/05	Annual	66,000	3	M	Amend Omnibus Stock Plan	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.1	M	Elect Director Louis V. Bockius III	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.2	M	Elect Director Christopher M. Connor	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.3	M	Elect Director Richard L. Crandall	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.4	M	Elect Director Eric C. Evans	For	For

Page 8 of 21

AIT Select Capital Appreciation Fund							Vote Summary Report -Jul 01, 2004 -Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.5	M	Elect Director Gale S. Fitzgerald	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.6	M	Elect Director Phillip B. Lassiter	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.7	M	Elect Director John N. Lauer	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.8	M	Elect Director William F. Massy	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.9	M	Elect Director Walden W. O’Dell	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.1	M	Elect Director Eric J. Roorda	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.11	M	Elect Director W.R. Timken, Jr.	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	1.12	M	Elect Director Henry D.G. Wallace	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	2	M	Ratify Auditors	For	For
Diebold, Inc.	DBD	253651103	04/28/05	Annual	37,000	3	M	Approve Executive Incentive Bonus Plan	For	For
Waddell & Reed Financial, Inc.	WDR	930059100	04/27/05	Annual	99,000	1.1	M	Elect Director Alan W. Kosloff	For	For
Waddell & Reed Financial, Inc.	WDR	930059100	04/27/05	Annual	99,000	1.2	M	Elect Director Keith A. Tucker	For	For
Waddell & Reed Financial, Inc.	WDR	930059100	04/27/05	Annual	99,000	1.3	M	Elect Director Jerry W. Walton	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	05/05/05	Annual	45,000	1.1	M	Elect Director Robert L. Friedman	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	05/05/05	Annual	45,000	1.2	M	Elect Director Donald J. Greene	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	05/05/05	Annual	45,000	1.3	M	Elect Director Juergen Grupe	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	05/05/05	Annual	45,000	1.4	M	Elect Director Frank J. Tasco	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	05/05/05	Annual	45,000	2	M	Ratify Auditors	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	05/05/05	Annual	45,000	3	M	TO AUTHORIZE THE ELECTION OF THREE NOMINEES AS DIRECTORS OF AXIS SPECIALTY LIMITED.	For	For
AXIS CAPITAL HOLDINGS LTD	AXS	G0692U109	05/05/05	Annual	45,000	4	M	TO AUTHORIZE THE LIQUIDATION OF AXIS SPECIALTY UK LIMITED.	For	For
FLIR Systems, Inc.	FLIR	302445101	04/20/05	Annual	56,000	1.1	M	Elect Director John C. Hart	For	Withhold
FLIR Systems, Inc.	FLIR	302445101	04/20/05	Annual	56,000	1.2	M	Elect Director Angus L. Macdonald	For	For
FLIR Systems, Inc.	FLIR	302445101	04/20/05	Annual	56,000	2	M	Increase Authorized Common Stock	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.1	M	Elect Director Eric A. Benhamou	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.2	M	Elect Director David M. Clapper	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.3	M	Elect Director Roger F. Dunbar	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.4	M	Elect Director Joel P. Friedman	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.5	M	Elect Director G. Felda Hardymon	For	Withhold
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.6	M	Elect Director Alex W. ‘Pete’ Hart	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.7	M	Elect Director C. Richard Kramlich	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.8	M	Elect Director James R. Porter	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.9	M	Elect Director Michaela K. Rodeno	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.1	M	Elect Director Larry W. Sonsini	For	Withhold
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	1.11	M	Elect Director Kenneth P. Wilcox	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	2	M	Change Company Name	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	3	M	Amend Omnibus Stock Plan	For	Against
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	4	M	Approve Stock Award to Executive	For	For
SVB FINANCIAL GROUP	SIVB	827064106	04/21/05	Annual	165	5	M	Ratify Auditors	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	1.1	M	Elect Director Joshua Bekenstein	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	1.2	M	Elect Director Michael J. Berendt, Ph. D.	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	1.3	M	Elect Director Douglas A. Berthiaume	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	1.4	M	Elect Director Edward Conard	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	1.5	M	Elect Director Laurie H. Glimcher	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	1.6	M	Elect Director William J. Miller	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	1.7	M	Elect Director Thomas P. Salice	For	For

Page 9 of 21

AIT Select Capital Appreciation Fund								Vote Summary Report -Jul 01, 2004 -Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	2	M	Ratify Auditors	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	3	M	Amend Omnibus Stock Plan	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	4	M	Approve Executive Incentive Bonus Plan	For	For
Waters Corp.	WAT	941848103	05/04/05	Annual	31,000	5	M	Other Business	For	Against
Invitrogen Corp.	IVGN	46185R100	04/20/05	Annual	10,142	1.1	M	Elect Director Balakrishnan S. Iyer	For	For
Invitrogen Corp.	IVGN	46185R100	04/20/05	Annual	10,142	1.2	M	Elect Director Ronald A. Matricaria	For	For
Invitrogen Corp.	IVGN	46185R100	04/20/05	Annual	10,142	1.3	M	Elect Director W. Ann Reynolds, Ph.D.	For	For
Invitrogen Corp.	IVGN	46185R100	04/20/05	Annual	10,142	1.4	M	Elect Director Jay M. Short, Ph.D.	For	For
Invitrogen Corp.	IVGN	46185R100	04/20/05	Annual	10,142	2	M	Ratify Auditors	For	For
TRW AUTOMOTIVE HLDGS CORP	TRW	87264S106	05/13/05	Annual	54,300	1.1	M	Elect Director Joshua H. Astrof	For	Withhold
TRW AUTOMOTIVE HLDGS CORP	TRW	87264S106	05/13/05	Annual	54,300	1.2	M	Elect Director Francois J. Castaing	For	For
TRW AUTOMOTIVE HLDGS CORP	TRW	87264S106	05/13/05	Annual	54,300	1.3	M	Elect Director Paul H. O’Neill	For	Withhold
TRW AUTOMOTIVE HLDGS CORP	TRW	87264S106	05/13/05	Annual	54,300	2	M	Ratify Auditors	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.1	M	Elect Director Frank W. Blue	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.2	M	Elect Director George S. Dembroski	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.3	M	Elect Director Claiborne P. Deming	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.4	M	Elect Director Robert A. Hermes	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.5	M	Elect Director R. Madison Murphy	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.6	M	Elect Director William C. Nolan, Jr.	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.7	M	Elect Director Ivar B. Ramberg	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.8	M	Elect Director Neal E. Schmale	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.9	M	Elect Director David J.H. Smith	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	1.1	M	Elect Director Caroline G. Theus	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	2	M	Increase Authorized Common Stock	For	For
Murphy Oil Corp.	MUR	626717102	05/11/05	Annual	37,000	3	M	Ratify Auditors	For	For
Danaher Corp.	DHR	235851102	05/04/05	Annual	41,000	1.1	M	Elect Director H. Lawrence Culp, Jr.	For	For
Danaher Corp.	DHR	235851102	05/04/05	Annual	41,000	1.2	M	Elect Director Mitchell P. Rales	For	For
Danaher Corp.	DHR	235851102	05/04/05	Annual	41,000	1.3	M	Elect Director A. Emmet Stephenson, Jr.	For	For
Danaher Corp.	DHR	235851102	05/04/05	Annual	41,000	2	M	Ratify Auditors	For	For
Danaher Corp.	DHR	235851102	05/04/05	Annual	41,000	3	M	Amend Omnibus Stock Plan	For	For
Danaher Corp.	DHR	235851102	05/04/05	Annual	41,000	4	S	Require a Majority Vote for the Election of Directors	Against	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.1	M	Elect Director Paul Berg	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.2	M	Elect Director Etienne F. Davignon	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.3	M	Elect Director James M. Denny	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.4	M	Elect Director John C. Martin	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.5	M	Elect Director Gordon E. Moore	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.6	M	Elect Director Nicholas G. Moore	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.7	M	Elect Director George P. Shultz	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	1.8	M	Elect Director Gayle E. Wilson	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	2	M	Ratify Auditors	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	3	M	Amend Omnibus Stock Plan	For	For
Gilead Sciences, Inc.	GILD	375558103	05/10/05	Annual	73,000	4	S	Report on Impact of HIV/AIDS, TB, and Malaria Pandemics	Against	Against
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.1	M	Elect Director John J. McMahon, Jr.	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.2	M	Elect Director James S.M. French	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.3	M	Elect Director John D. Johns	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.4	M	Elect Director Donald M. James	For	For

Page 10 of 21

AIT Select Capital Appreciation Fund								Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.5	M	Elect Director J. Gary Cooper	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.6	M	Elect Director H. Corbin Day	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.7	M	Elect Director W. Michael Warren, Jr.	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.8	M	Elect Director Malcolm Portera	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.9	M	Elect Director Thomas L. Hamby	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.1	M	Elect Director Vanessa Leonard	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	1.11	M	Elect Director William A. Terry	For	For
Protective Life Corp.	PL	743674103	05/02/05	Annual	25,000	2	M	Ratify Auditors	For	For
Teleflex Inc.	TFX	879369106	04/29/05	Annual	35,000	1.1	M	Elect Director Lennox K. Black	For	For
Teleflex Inc.	TFX	879369106	04/29/05	Annual	35,000	1.2	M	Elect Director William R. Cook	For	For
Teleflex Inc.	TFX	879369106	04/29/05	Annual	35,000	1.3	M	Elect Director George Babich, Jr.	For	For
Teleflex Inc.	TFX	879369106	04/29/05	Annual	35,000	1.4	M	Elect Director Benson F. Smith	For	For
Teleflex Inc.	TFX	879369106	04/29/05	Annual	35,000	2	M	Ratify Auditors	For	For
Principal Financial Group, Inc.	PFG	74251V102	05/17/05	Annual	44,000	1.1	M	Elect Director Betsy J. Bernard	For	For
Principal Financial Group, Inc.	PFG	74251V102	05/17/05	Annual	44,000	1.2	M	Elect Director Jocelyn Carter-Miller	For	For
Principal Financial Group, Inc.	PFG	74251V102	05/17/05	Annual	44,000	1.3	M	Elect Director Gary E. Costley	For	For
Principal Financial Group, Inc.	PFG	74251V102	05/17/05	Annual	44,000	1.4	M	Elect Director William T. Kerr	For	For
Principal Financial Group, Inc.	PFG	74251V102	05/17/05	Annual	44,000	2	M	Approve Non-Employee Director Omnibus Stock Plan	For	For
Principal Financial Group, Inc.	PFG	74251V102	05/17/05	Annual	44,000	3	M	Ratify Auditors	For	For
Principal Financial Group, Inc.	PFG	74251V102	05/17/05	Annual	44,000	4	M	Approve Omnibus Stock Plan	For	For
Nucor Corp.	NUE	670346105	05/12/05	Annual	41,000	1.1	M	Elect Director Peter C. Browing	For	For
Nucor Corp.	NUE	670346105	05/12/05	Annual	41,000	1.2	M	Elect Director Victoria F. Haynes	For	For
Nucor Corp.	NUE	670346105	05/12/05	Annual	41,000	1.3	M	Elect Director Thomas A. Waltermire	For	For
Nucor Corp.	NUE	670346105	05/12/05	Annual	41,000	2	M	Ratify Auditors	For	For
Nucor Corp.	NUE	670346105	05/12/05	Annual	41,000	3	M	Increase Authorized Common Stock	For	For
Nucor Corp.	NUE	670346105	05/12/05	Annual	41,000	4	M	Approve Omnibus Stock Plan	For	For
Smith International, Inc.	SII	832110100	04/26/05	Annual	52,000	1.1	M	Elect Director G. Clyde Buck	For	For
Smith International, Inc.	SII	832110100	04/26/05	Annual	52,000	1.2	M	Elect Director Loren K. Carroll	For	For
Smith International, Inc.	SII	832110100	04/26/05	Annual	52,000	1.3	M	Elect Director Dod A. Fraser	For	For
Smith International, Inc.	SII	832110100	04/26/05	Annual	52,000	2	M	Increase Authorized Common Stock	For	For
Smith International, Inc.	SII	832110100	04/26/05	Annual	52,000	3	M	Amend Omnibus Stock Plan	For	For
Smith International, Inc.	SII	832110100	04/26/05	Annual	52,000	4	M	Ratify Auditors	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.1	M	Elect Director George A. Alcorn	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.2	M	Elect Director Charles R. Crisp	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.3	M	Elect Director Mark G. Papa	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.4	M	Elect Director Edmund P. Segner, III	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.5	M	Elect Director William D. Stevens	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.6	M	Elect Director H. Leighton Steward	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.7	M	Elect Director Donald F. Textor	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	1.8	M	Elect Director Frank G. Wisner	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	2	M	Ratify Auditors	For	For
EOG Resources, Inc.	EOG	26875P101	05/03/05	Annual	60,000	3	M	Increase Authorized Common Stock	For	For
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	1.1	M	Elect Director Amnon Landan	For	For
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	1.2	M	Elect Director Brad Boston	For	For
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	1.3	M	Elect Director Igal Kohavi	For	For
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	1.4	M	Elect Director Clyde Ostler	For	For
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	1.5	M	Elect Director Yair Shamir	For	For

Page 11 of 21

AIT Select Capital Appreciation Fund								Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	1.6	M	Elect Director Giora Yaron	For	For
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	1.7	M	Elect Director Anthony Zingale	For	For
Mercury Interactive Corp.	MERQ	589405109	05/19/05	Annual	4,599	2	M	Ratify Auditors	For	For
ChoicePoint Inc.	CPS	170388102	04/28/05	Annual	91,000	1.1	M	Elect Director Ray M. Robinson	For	For
ChoicePoint Inc.	CPS	170388102	04/28/05	Annual	91,000	1.2	M	Elect Director John J. Hamre	For	For
ChoicePoint Inc.	CPS	170388102	04/28/05	Annual	91,000	1.3	M	Elect Director John B. McCoy	For	For
ChoicePoint Inc.	CPS	170388102	04/28/05	Annual	91,000	1.4	M	Elect Director Terrence Murray	For	For
ChoicePoint Inc.	CPS	170388102	04/28/05	Annual	91,000	2	M	Amend Omnibus Stock Plan	For	Against
ChoicePoint Inc.	CPS	170388102	04/28/05	Annual	91,000	3	M	Ratify Auditors	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	1.1	M	Elect Director Peter J. Rose	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	1.2	M	Elect Director James L.K. Wang	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	1.3	M	Elect Director R. Jordan Gates	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	1.4	M	Elect Director James J. Casey	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	1.5	M	Elect Director Dan P. Kourkoumelis	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	1.6	M	Elect Director Michael J. Malone	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	1.7	M	Elect Director John W. Meisenbach	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	2	M	Approve Stock Option Plan	For	For
Expeditors International Of Washington, Inc.	EXPD	302130109	05/04/05	Annual	13,000	3	S	Ratification of Auditors be Submitted to Shareholders	Against	For
Brunswick Corp.	BC	117043109	05/04/05	Annual	71,000	1.1	M	Elect Director George W. Buckley	For	For
Brunswick Corp.	BC	117043109	05/04/05	Annual	71,000	1.2	M	Elect Director Peter Harf	For	For
Brunswick Corp.	BC	117043109	05/04/05	Annual	71,000	1.3	M	Elect Director Ralph C. Stayer	For	For
Brunswick Corp.	BC	117043109	05/04/05	Annual	71,000	2	M	Ratify Auditors	For	For
Getty Images, Inc.	GYI	374276103	05/03/05	Annual	442	1.1	M	Elect Director Christopher H. Sporborg	For	For
Getty Images, Inc.	GYI	374276103	05/03/05	Annual	442	1.2	M	Elect Director Mark H. Getty	For	For
Getty Images, Inc.	GYI	374276103	05/03/05	Annual	442	2	M	Ratify Auditors	For	For
Getty Images, Inc.	GYI	374276103	05/03/05	Annual	442	3	M	Amend Omnibus Stock Plan	For	For
DST Systems, Inc.	DST	233326107	05/10/05	Annual	28,229	1.1	M	Elect Director Thomas A. McDonnell	For	For
DST Systems, Inc.	DST	233326107	05/10/05	Annual	28,229	1.2	M	Elect Director M. Jeannine Strandjord	For	For
DST Systems, Inc.	DST	233326107	05/10/05	Annual	28,229	2	M	Approve Omnibus Stock Plan	For	For
DST Systems, Inc.	DST	233326107	05/10/05	Annual	28,229	3	M	Approve Non-Employee Director Omnibus Stock Plan	For	For
DST Systems, Inc.	DST	233326107	05/10/05	Annual	28,229	4	M	Ratify Auditors	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.1	M	Elect Director Gordon M. Bethune	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.2	M	Elect Director William W. Bradley	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.3	M	Elect Director Joseph A. Califano, Jr.	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.4	M	Elect Director James R. Fisher	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.5	M	Elect Director Perry Golkin	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.6	M	Elect Director Paul M. Hazen	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.7	M	Elect Director Wendy E. Lane	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.8	M	Elect Director James F. Mccann	For	Withhold
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.9	M	Elect Director Scott C. Nuttall	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.1	M	Elect Director Joseph J. Plumeri	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	1.11	M	Elect Director Douglas B. Roberts	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	2	M	Ratify Auditors	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	3	M	AMENDMENTS TO THE 2001 SHARE PURCHASE AND OPTION PLAN: INCREASE IN THE NUMBER OF SHARES AVAILABLE	For	For

Page 12 of 21

AIT Select Capital Appreciation Fund								Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	4	M	AMENDMENTS TO THE 2001 SHARE PURCHASE AND OPTION PLAN: INCLUSION OF NON-EMPLOYEE DIRECTORS IN THE 2001 PLAN	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	5	M	ADOPTION OF THE WILLIS GROUP SENIOR MANAGEMENT INCENTIVE PLAN	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	6	M	AMENDMENTS TO THE COMPANY S BYE-LAWS: BYE- LAW 133(II), INCREASE IN MAXIMUM RECORD DATE PERIOD	For	For
WILLIS GROUP HOLDINGS LTD	WSH	G96655108	04/29/05	Annual	49,000	7	M	AMENDMENTS TO THE COMPANY S BYE-LAWS: BYE- LAW 149 SUBSTITUTION OF MAY WITH SHALL TO THE MAXIMUM EXTENT PERMITTED BY LAW	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.1	M	Elect Director Steven R. Loranger	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.2	M	Elect Director Curtis J. Crawford	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.3	M	Elect Director Christina A. Gold	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.4	M	Elect Director Ralph F. Hake	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.5	M	Elect Director John J. Hamre	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.6	M	Elect Director Raymond W. LeBoeuf	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.7	M	Elect Director Frank T. MacInnis	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.8	M	Elect Director Linda S. Sanford	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	1.9	M	Elect Director Markos I. Tambakeras	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	2	M	Ratify Auditors	For	For
ITT Industries, Inc.	ITT	450911102	05/10/05	Annual	29,000	3	M	Increase Authorized Common Stock	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.1	M	Elect Director Juanita P. Baranco	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.2	M	Elect Director G. Dennis Berry	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.3	M	Elect Director Richard A. Ferguson	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.4	M	Elect Director Paul M. Hughes	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.5	M	Elect Director James C. Kennedy	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.6	M	Elect Director Marc W. Morgan	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.7	M	Elect Director Robert F. Neil	For	For
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	1.8	M	Elect Director Nicholas D. Trigony	For	Withhold
Cox Radio, Inc.	CXR	224051102	05/03/05	Annual	56,000	2	M	Amend Omnibus Stock Plan	For	For
Western Gas Resources, Inc.	WGR	958259103	05/06/05	Annual	34,700	1.1	M	Elect Director Richard B. Robinson	For	For
Western Gas Resources, Inc.	WGR	958259103	05/06/05	Annual	34,700	1.2	M	Elect Director Brion G. Wise	For	For
Western Gas Resources, Inc.	WGR	958259103	05/06/05	Annual	34,700	1.3	M	Elect Director Peter A. Dea	For	For
Western Gas Resources, Inc.	WGR	958259103	05/06/05	Annual	34,700	2	M	Approve Omnibus Stock Plan	For	For
MoneyGram International, Inc.	MGI	60935Y109	05/10/05	Annual	99,000	1.1	M	Elect Director Judith K. Hofer	For	For
MoneyGram International, Inc.	MGI	60935Y109	05/10/05	Annual	99,000	1.2	M	Elect Director Robert C. Krueger	For	For
MoneyGram International, Inc.	MGI	60935Y109	05/10/05	Annual	99,000	1.3	M	Elect Director Philip W. Milne	For	For
MoneyGram International, Inc.	MGI	60935Y109	05/10/05	Annual	99,000	2	M	Approve Omnibus Stock Plan	For	For
MoneyGram International, Inc.	MGI	60935Y109	05/10/05	Annual	99,000	3	M	Ratify Auditors	For	For
Viad Corp.	VVI	92552R406	05/17/05	Annual	25,955	1.1	M	Elect Director Wayne G. Allcott	For	For
Viad Corp.	VVI	92552R406	05/17/05	Annual	25,955	1.2	M	Elect Director Judith K. Hofer	For	For
Viad Corp.	VVI	92552R406	05/17/05	Annual	25,955	2	M	Ratify Auditors	For	For
NAVTEQ Corporation	NVT	63936L100	05/11/05	Annual	56,000	1.1	M	Elect Director Richard J.A. de Lange	For	Withhold
NAVTEQ Corporation	NVT	63936L100	05/11/05	Annual	56,000	1.2	M	Elect Director Christopher Galvin	For	For
NAVTEQ Corporation	NVT	63936L100	05/11/05	Annual	56,000	1.3	M	Elect Director Judson C. Green	For	For
NAVTEQ Corporation	NVT	63936L100	05/11/05	Annual	56,000	1.4	M	Elect Director Wilhelmus C.M. Groenhuysen	For	For

Page 13 of 21

AIT Select Capital Appreciation Fund Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
NAVTEQ Corporation	NVT	63936L100	05/11/05	Annual	56,000	1.5	M	Elect Director William Kimsey	For	For
NAVTEQ Corporation	NVT	63936L100	05/11/05	Annual	56,000	1.6	M	Elect Director Scott D. Miller	For	For
NAVTEQ Corporation	NVT	63936L100	05/11/05	Annual	56,000	1.7	M	Elect Director Dirk-Jan Van Ommeren	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.1	M	Elect Director James S. Tisch	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.2	M	Elect Director Lawrence R. Dickerson	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.3	M	Elect Director Alan R. Batkin	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.4	M	Elect Director Charles L. Fabrikant	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.5	M	Elect Director Paul G. Gaffney, II	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.6	M	Elect Director Herbert C. Hofmann	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.7	M	Elect Director Arthur L. Rebell	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	1.8	M	Elect Director Raymond S. Troubh	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	2	M	Amend Stock Option Plan	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	3	M	Approve Executive Incentive Bonus Plan	For	For
Diamond Offshore Drilling, Inc.	DO	25271C102	05/23/05	Annual	3,000	4	M	Ratify Auditors	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	1.1	M	Elect Director David J. Berkman	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	1.2	M	Elect Director Daniel E. Gold	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	1.3	M	Elect Director Joseph M. Field	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	1.4	M	Elect Director David J. Field	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	1.5	M	Elect Director John C. Donlevie	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	1.6	M	Elect Director Edward H. West	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	1.7	M	Elect Director Robert S. Wiesenthal	For	For
Entercom Communications Corp.	ETM	293639100	05/06/05	Annual	32,891	2	M	Amend Omnibus Stock Plan	For	Against
FMC Technologies, Inc.	FTI	30249U101	04/28/05	Annual	67,000	1.1	M	Elect Director Thomas M. Hamilton	For	For
FMC Technologies, Inc.	FTI	30249U101	04/28/05	Annual	67,000	1.2	M	Elect Director Richard A. Pattarozzi	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	1.1	M	Elect Director Richard M. Beyer	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	1.2	M	Elect Director Dr. Robert W. Conn	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	1.3	M	Elect Director James V. Diller	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	1.4	M	Elect Director Gary E. Gist	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	1.5	M	Elect Director Jan Peeters	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	1.6	M	Elect Director Robert N. Pokelwaldt	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	1.7	M	Elect Director James A. Urry	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	2	M	Ratify Auditors	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	3	M	Amend Omnibus Stock Plan	For	For
Intersil Corporation	ISIL	46069S109	05/11/05	Annual	120,000	4	M	Amend Articles of Incorporation	For	For
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	1.1	M	Elect Director Mark C. Smith	For	Withhold
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	1.2	M	Elect Director Howard A. Thrailkill	For	Withhold
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	1.3	M	Elect Director Richard A. Anderson	For	Withhold
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	1.4	M	Elect Director W. Frank Blount	For	Withhold
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	1.5	M	Elect Director H. Fenwick Huss	For	For
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	1.6	M	Elect Director William L. Marks	For	For
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	1.7	M	Elect Director Roy J. Nichols	For	For
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	2	M	Ratify Auditors	For	For
ADTRAN, Inc.	ADTN	00738A106	05/18/05	Annual	87,000	3	M	Amend Non-Employee Director Stock Option Plan	For	Against
Manor Care, Inc.	HCR	564055101	05/10/05	Annual	88,000	1.1	M	Elect Director Mary Taylor Behrens	For	For
Manor Care, Inc.	HCR	564055101	05/10/05	Annual	88,000	1.2	M	Elect Director Joseph F. Damico	For	For
Manor Care, Inc.	HCR	564055101	05/10/05	Annual	88,000	1.3	M	Elect Director John T. Schwieters	For	For
Manor Care, Inc.	HCR	564055101	05/10/05	Annual	88,000	1.4	M	Elect Director Gail R. Wilensky	For	For

Page 14 of 21

AIT Select Capital Appreciation Fund Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Manor Care, Inc.	HCR	564055101	05/10/05	Annual	88,000	2	M	Approve Executive Incentive Bonus Plan	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.1	M	Elect Director H. Raymond Bingham	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.2	M	Elect Director Michael J. Fister	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.3	M	Elect Director Donald L. Lucas	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.4	M	Elect Director Alberto Sangiovanni-Vincentelli	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.5	M	Elect Director George M. Scalise	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.6	M	Elect Director John B. Shoven	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.7	M	Elect Director Roger S. Siboni	For	For
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	1.8	M	Elect Director Lip-Bu Tan	For	Withhold
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	2	M	Amend Non-Employee Director Stock Option Plan	For	Against
Cadence Design Systems, Inc.	CDN	127387108	05/11/05	Annual	156,000	3	M	Ratify Auditors	For	For
CNET Networks, Inc.	CNET	12613R104	05/16/05	Annual	1,902	1	M	Elect Director Betsey Nelson	For	For
CNET Networks, Inc.	CNET	12613R104	05/16/05	Annual	1,902	2	M	Ratify Auditors	For	For
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.1	M	Elect Director Frank Baldino, Jr., Ph.D.	For	For
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.2	M	Elect Director William P. Egan	For	For
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.3	M	Elect Director Martyn D. Greenacre	For	Withhold
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.4	M	Elect Director Vaughn M. Kailian	For	For
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.5	M	Elect Director Charles A. Sanders, M.D.	For	Withhold
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.6	M	Elect Director Gail R. Wilensky, Ph.D.	For	For
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.7	M	Elect Director Dennis L. Winger	For	For
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	1.8	M	Elect Director Horst Witzel, Dr.-Ing	For	For
Cephalon, Inc.	CEPH	156708109	05/18/05	Annual	5,890	2	M	Ratify Auditors	For	For
Juniper Networks, Inc.	JNPR	48203R104	05/18/05	Annual	48,000	1.1	M	Elect Director William R. Hearst III	For	For
Juniper Networks, Inc.	JNPR	48203R104	05/18/05	Annual	48,000	1.2	M	Elect Director Kenneth Goldman	For	For
Juniper Networks, Inc.	JNPR	48203R104	05/18/05	Annual	48,000	1.3	M	Elect Director Frank Marshall	For	For
Juniper Networks, Inc.	JNPR	48203R104	05/18/05	Annual	48,000	2	M	Ratify Auditors	For	For
CERTEGY INC	CEY	156880106	05/24/05	Annual	86,000	1.1	M	Elect Director Charles T. Doyle	For	For
CERTEGY INC	CEY	156880106	05/24/05	Annual	86,000	1.2	M	Elect Director Kenneth A. Guenther	For	For
CERTEGY INC	CEY	156880106	05/24/05	Annual	86,000	1.3	M	Elect Director Keith W. Hughes	For	For
CERTEGY INC	CEY	156880106	05/24/05	Annual	86,000	2	M	Ratify Auditors	For	For
Southwest Airlines Co.	LUV	844741108	05/18/05	Annual	131,000	1.1	M	Elect Director Colleen C. Barrett	For	For
Southwest Airlines Co.	LUV	844741108	05/18/05	Annual	131,000	1.2	M	Elect Director Gary C. Kelly	For	For
Southwest Airlines Co.	LUV	844741108	05/18/05	Annual	131,000	1.3	M	Elect Director John T. Montford	For	For
Southwest Airlines Co.	LUV	844741108	05/18/05	Annual	131,000	2	M	Ratify Auditors	For	For
Community Health Systems, Inc.	CYH	203668108	05/25/05	Annual	51,000	1.1	M	Elect Director Dale F. Frey	For
Community Health Systems, Inc.	CYH	203668108	05/25/05	Annual	51,000	1.2	M	Elect Director John A. Fry	For
Community Health Systems, Inc.	CYH	203668108	05/25/05	Annual	51,000	2	M	Amend Omnibus Stock Plan	For
Community Health Systems, Inc.	CYH	203668108	05/25/05	Annual	51,000	3	M	Ratify Auditors	For
Community Health Systems, Inc.	CYH	203668108	05/25/05	Annual	51,000	4	S	Expense Stock Options	Against
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.1	M	Elect Director Michael J. Kowalski	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.2	M	Elect Director Rose Marie Bravo	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.3	M	Elect Director William R. Chaney	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.4	M	Elect Director Samuel L. Hayes III	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.5	M	Elect Director Abby F. Kohnstamm	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.6	M	Elect Director Charles K. Marquis	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.7	M	Elect Director J. Thomas Presby	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.8	M	Elect Director James E. Quinn	For	For

Page 15 of 21

AIT Select Capital Appreciation Fund Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	1.9	M	Elect Director William A. Shutzer	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	2	M	Ratify Auditor	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	3	M	Amend Omnibus Stock Plan	For	For
Tiffany & Co.	TIF	886547108	05/19/05	Annual	32,000	4	M	Approve Omnibus Stock Plan	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.1	M	Elect Director Edward L. Hutton	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.2	M	Elect Director Joel F. Gemunder	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.3	M	Elect Director John T. Crotty	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.4	M	Elect Director Charles H. Erhart, Jr.	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.5	M	Elect Director David W. Froesel, Jr.	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.6	M	Elect Director Sandra E. Laney	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.7	M	Elect Director Andrea R. Lindell, DNSc, RN	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.8	M	Elect Director John H. Timoney	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	1.9	M	Elect Director Amy Wallman	For	For
Omnicare, Inc.	OCR	681904108	05/17/05	Annual	113,000	2	M	Ratify Auditors	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.1	M	Elect Director Nancy-Ann DeParle	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.2	M	Elect Director Richard B. Fontaine	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.3	M	Elect Director Peter T. Grauer	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.4	M	Elect Director Michele J. Hooper	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.5	M	Elect Director C. Raymond Larkin, Jr.	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.6	M	Elect Director John M. Nehra	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.7	M	Elect Director William L. Roper, M.D.	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	1.8	M	Elect Director Kent J. Thiry	For	For
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	2	M	Amend Executive Incentive Bonus Plan	For	Against
DaVita Inc.	DVA	23918K108	05/13/05	Annual	21,000	3	M	Ratify Auditors	For	For
Gen-Probe, Inc.	GPRO	36866T103	05/19/05	Annual	21,000	1.1	M	Elect Director Raymond V. Dittamore	For	For
Gen-Probe, Inc.	GPRO	36866T103	05/19/05	Annual	21,000	1.2	M	Elect Director Abraham D. Sofaer	For	For
Gen-Probe, Inc.	GPRO	36866T103	05/19/05	Annual	21,000	1.3	M	Elect Director Phillip M. Schneider	For	For
Gen-Probe, Inc.	GPRO	36866T103	05/19/05	Annual	21,000	2	M	Ratify Auditors	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	1.1	M	Elect Director Thomas P. Mac Mahon	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	1.2	M	Elect Director Jean-Luc Belingard	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	1.3	M	Elect Director Wendy E. Lane	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	1.4	M	Elect Director Robert E. Mittelstaedt, Jr.	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	1.5	M	Elect Director Arthur H. Rubenstein, MBBCh	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	1.6	M	Elect Director Andrew G. Wallace, M.D.	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	1.7	M	Elect Director M. Keith Weikel, Ph.D.	For	For
Laboratory Corporation of America Holdings	LH	50540R409	05/18/05	Annual	59,000	2	M	Ratify Auditors	For	For
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.1	M	Elect Director Wayne T. Hockmeyer, Ph.D.	For	For
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.2	M	Elect Director David M. Mott	For	For
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.3	M	Elect Director David Baltimore, Ph.D.	For	For
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.4	M	Elect Director M. James Barrett, Ph.D.	For	Withhold
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.5	M	Elect Director James H. Cavanaugh, Ph.D.	For	Withhold
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.6	M	Elect Director Barbara Hackman Franklin	For	Withhold
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.7	M	Elect Director Gordon S. Macklin	For	Withhold
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.8	M	Elect Director George M. Miline, Jr., Ph.D.	For	For
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	1.9	M	Elect Director Elizabeth H.S. Wyatt	For	For
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	2	M	Amend Omnibus Stock Plan	For	For
MedImmune, Inc.	MEDI	584699102	05/19/05	Annual	150,600	3	M	Ratify Auditors	For	For

Page 16 of 21

AIT Select Capital Appreciation Fund Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
XTO Energy Inc.	XTO	98385X106	05/17/05	Annual	98,666	1.1	M	Elect Director Herbert D. Simons	For	For
XTO Energy Inc.	XTO	98385X106	05/17/05	Annual	98,666	1.2	M	Elect Director William A. Adams, III	For	For
XTO Energy Inc.	XTO	98385X106	05/17/05	Annual	98,666	1.3	M	Elect Director Keith A. Hutton	For	For
XTO Energy Inc.	XTO	98385X106	05/17/05	Annual	98,666	1.4	M	Elect Director Jack P. Randall	For	For
MCAFEE INC.	MFE	579064106	05/25/05	Annual	107,000	1.1	M	Elect Director Mr. Robert Bucknam	For	For
MCAFEE INC.	MFE	579064106	05/25/05	Annual	107,000	1.2	M	Elect Director Ms. Liane Wilson	For	For
MCAFEE INC.	MFE	579064106	05/25/05	Annual	107,000	2	M	Amend Omnibus Stock Plan	For	For
MCAFEE INC.	MFE	579064106	05/25/05	Annual	107,000	3	M	Amend Qualified Employee Stock Purchase Plan	For	For
MCAFEE INC.	MFE	579064106	05/25/05	Annual	107,000	4	M	Ratify Auditors	For	For
Citadel Broadcasting Corp.	CDL	17285T106	05/24/05	Annual	7,782	1.1	M	Elect Director Katherine Brown	For	Withhold
Citadel Broadcasting Corp.	CDL	17285T106	05/24/05	Annual	7,782	1.2	M	Elect Director Gordon A. Holmes	For	Withhold
Citadel Broadcasting Corp.	CDL	17285T106	05/24/05	Annual	7,782	1.3	M	Elect Director Sandra J. Horbach	For	Withhold
Citadel Broadcasting Corp.	CDL	17285T106	05/24/05	Annual	7,782	1.4	M	Elect Director Herbert J. Siegel	For	Withhold
Citadel Broadcasting Corp.	CDL	17285T106	05/24/05	Annual	7,782	2	M	Amend Omnibus Stock Plan	For	For
Citadel Broadcasting Corp.	CDL	17285T106	05/24/05	Annual	7,782	3	M	Ratify Auditors	For	For
Citadel Broadcasting Corp.	CDL	17285T106	05/24/05	Annual	7,782	4	M	Other Business	For	Against
Crown Castle International Corp.	CCI	228227104	05/26/05	Annual	137,000	1.1	M	Elect Director Dale N. Hatfield	For	For
Crown Castle International Corp.	CCI	228227104	05/26/05	Annual	137,000	1.2	M	Elect Director Lee W. Hogan	For	For
Crown Castle International Corp.	CCI	228227104	05/26/05	Annual	137,000	1.3	M	Elect Director Robert F. McKenzie	For	For
Crown Castle International Corp.	CCI	228227104	05/26/05	Annual	137,000	1.4	M	Elect Director Robert E. Garrison, II	For	For
Crown Castle International Corp.	CCI	228227104	05/26/05	Annual	137,000	2	M	Ratify Auditors	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.1	M	Elect Director W. Howard Lester	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.2	M	Elect Director Edward A. Mueller	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.3	M	Elect Director Sanjiv Ahuja	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.4	M	Elect Director Adrian D.P. Bellamy	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.5	M	Elect Director Patrick J. Connolly	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.6	M	Elect Director Adrian T. Dillon	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.7	M	Elect Director Jeanne P. Jackson	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.8	M	Elect Director Michael R. Lynch	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	1.9	M	Elect Director Richard T. Robertson	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	2	M	Amend Executive Incentive Bonus Plan	For	For
Williams-Sonoma, Inc.	WSM	969904101	05/18/05	Annual	5,905	3	M	Ratify Auditors	For	For
Andrx Corp.	ADRX	34553107	05/20/05	Annual	54,000	1.1	M	Elect Director Tamara A. Baum	For	For
Andrx Corp.	ADRX	34553107	05/20/05	Annual	54,000	1.2	M	Elect Director Melvin Sharoky, M.D.	For	Withhold
Andrx Corp.	ADRX	34553107	05/20/05	Annual	54,000	2	M	Ratify Auditors	For	For
C.H. Robinson Worldwide, Inc.	CHRW	12541W100	05/19/05	Annual	21,197	1.1	M	Elect Director Robert Ezrilov	For	For
C.H. Robinson Worldwide, Inc.	CHRW	12541W100	05/19/05	Annual	21,197	1.2	M	Elect Director Wayne M. Fortun	For	For
C.H. Robinson Worldwide, Inc.	CHRW	12541W100	05/19/05	Annual	21,197	1.3	M	Elect Director Brian P. Short	For	For
C.H. Robinson Worldwide, Inc.	CHRW	12541W100	05/19/05	Annual	21,197	2	M	Ratify Auditors	For	For
C.H. Robinson Worldwide, Inc.	CHRW	12541W100	05/19/05	Annual	21,197	3	M	Approve Executive Incentive Bonus Plan	For	For
C.H. Robinson Worldwide, Inc.	CHRW	12541W100	05/19/05	Annual	21,197	4	M	Amend Omnibus Stock Plan	For	For
Coventry Health Care Inc.	CVH	222862104	05/19/05	Annual	22,000	1.1	M	Elect Director Joel Ackerman	For	For
Coventry Health Care Inc.	CVH	222862104	05/19/05	Annual	22,000	1.2	M	Elect Director Emerson D. Farley, Jr., M.D.	For	For
Coventry Health Care Inc.	CVH	222862104	05/19/05	Annual	22,000	1.3	M	Elect Director Lawrence N. Kugelman	For	Withhold
Coventry Health Care Inc.	CVH	222862104	05/19/05	Annual	22,000	1.4	M	Elect Director Dale B. Wolf	For	For
Coventry Health Care Inc.	CVH	222862104	05/19/05	Annual	22,000	2	M	Ratify Auditors	For	For
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	1.1	M	Elect Director Robert Bailey	For	For

Page 17 of 21

AIT Select Capital Appreciation Fund								Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	1.2	M	Elect Director Richard Belluzo	For	For
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	1.3	M	Elect Director James Diller, Sr	For	Withhold
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	1.4	M	Elect Director Jonathan Judge	For	For
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	1.5	M	Elect Director William Kurtz	For	For
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	1.6	M	Elect Director Frank Marshall	For	For
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	1.7	M	Elect Director Lewis Wilks	For	For
PMC-Sierra, Inc.	PMCS	69344F106	05/25/05	Annual	58,542	2	M	Ratify Auditors	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.1	M	Elect Director David C. Carney	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.2	M	Elect Director Howard B. Culang	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.3	M	Elect Director Stephen T. Hopkins	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.4	M	Elect Director Sanford A. Ibrahim	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.5	M	Elect Director James W. Jennings	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.6	M	Elect Director Roy J. Kasmar	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.7	M	Elect Director Ronald W. Moore	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.8	M	Elect Director Jan Nicholson	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.9	M	Elect Director Robert W. Richards	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.1	M	Elect Director Anthony W. Schweiger	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	1.11	M	Elect Director Herbert Wender	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	2	M	Approve Omnibus Stock Plan	For	For
Radian Group Inc.	RDN	750236101	05/10/05	Annual	28,000	3	M	Ratify Auditors	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.1	M	Elect Director Gary M. Parsons	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.2	M	Elect Director Hugh Panero	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.3	M	Elect Director Nathaniel A. Davis	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.4	M	Elect Director Thomas J. Donohue	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.5	M	Elect Director Eddy W. Hartenstein	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.6	M	Elect Director George W. Haywood	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.7	M	Elect Director Chester A. Huber, Jr.	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.8	M	Elect Director John Mendel	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.9	M	Elect Director Jarl Mohn	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.1	M	Elect Director Pierce J. Roberts, Jr.	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	1.11	M	Elect Director Jack Shaw	For	For
XM Satellite Radio Holdings Inc.	XMSR	983759101	05/26/05	Annual	5,553	2	M	Ratify Auditors	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.1	M	Elect Director David L. Bere	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.2	M	Elect Director Dennis C. Bottorff	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.3	M	Elect Director Barbara L. Bowles	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.4	M	Elect Director James L. Clayton	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.5	M	Elect Director Reginald D. Dickson	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.6	M	Elect Director E. Gordon Gee	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.7	M	Elect Director Barbara M. Knuckles	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.8	M	Elect Director David A. Perdue	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.9	M	Elect Director J. Neal Purcell	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.1	M	Elect Director James D. Robbins	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	1.11	M	Elect Director David M. Wilds	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	2	M	Approve Executive Incentive Bonus Plan	For	For
Dollar General Corp.	DG	256669102	05/24/05	Annual	31,500	3	M	Ratify Auditors	For	For
The Cheesecake Factory, Inc.	CAKE	163072101	05/24/05	Annual	41,138	1.1	M	Elect Director David Overton	For	For
The Cheesecake Factory, Inc.	CAKE	163072101	05/24/05	Annual	41,138	1.2	M	Elect Director Karl L. Matthies	For	For

Page 18 of 21

AIT Select Capital Appreciation Fund Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
The Cheesecake Factory, Inc.	CAKE	163072101	05/24/05	Annual	41,138	2	M	Approve Executive Incentive Bonus Plan	For	For
The Cheesecake Factory, Inc.	CAKE	163072101	05/24/05	Annual	41,138	3	M	Increase Authorized Common Stock	For	For
Human Genome Sciences, Inc.	HGSI	444903108	05/25/05	Annual	48,000	1.1	M	Elect Director Max Link, Ph.D.	For	Withhold
Human Genome Sciences, Inc.	HGSI	444903108	05/25/05	Annual	48,000	1.2	M	Elect Director Craig A. Rosen, Ph.D.	For	For
Human Genome Sciences, Inc.	HGSI	444903108	05/25/05	Annual	48,000	2	M	Ratify Auditors	For	For
Valeant Pharmaceuticals Intl.	VRX	91911X104	05/24/05	Annual	1,000	1.1	M	Elect Director Richard H. Koppes	For	For
Valeant Pharmaceuticals Intl.	VRX	91911X104	05/24/05	Annual	1,000	1.2	M	Elect Director Robert W. O’Leary	For	For
Valeant Pharmaceuticals Intl.	VRX	91911X104	05/24/05	Annual	1,000	1.3	M	Elect Director Randy H. Thurman	For	For
Valeant Pharmaceuticals Intl.	VRX	91911X104	05/24/05	Annual	1,000	2	M	Ratify Auditors	For	For
Ross Stores, Inc.	ROST	778296103	05/19/05	Annual	68,000	1.1	M	Elect Director Stuart G. Moldaw	For	For
Ross Stores, Inc.	ROST	778296103	05/19/05	Annual	68,000	1.2	M	Elect Director George P. Orban	For	For
Ross Stores, Inc.	ROST	778296103	05/19/05	Annual	68,000	1.3	M	Elect Director Donald H. Seiler	For	For
Ross Stores, Inc.	ROST	778296103	05/19/05	Annual	68,000	2	M	Ratify Auditors	For	For
Neurocrine Biosciences, Inc.	NBIX	64125C109	05/25/05	Annual	29,000	1	M	Elect Director Gary A. Lyons	For	For
Neurocrine Biosciences, Inc.	NBIX	64125C109	05/25/05	Annual	29,000	2	M	Ratify Auditors	For	For
Neurocrine Biosciences, Inc.	NBIX	64125C109	05/25/05	Annual	29,000	3	M	Amend Omnibus Stock Plan	For	For
Kinetic Concepts, Inc.	KCI	49460W208	05/24/05	Annual	37,000	1.1	M	Elect Director James R. Leininger, M.D.	For	For
Kinetic Concepts, Inc.	KCI	49460W208	05/24/05	Annual	37,000	1.2	M	Elect Director Dennert O. Ware	For	For
Kinetic Concepts, Inc.	KCI	49460W208	05/24/05	Annual	37,000	2	M	Ratify Auditors	For	For
VeriSign Inc.	VRSN	9.2343E+106	05/26/05	Annual	111,000	1.1	M	Elect Director Scott G. Kriens	For	For
VeriSign Inc.	VRSN	9.2343E+106	05/26/05	Annual	111,000	1.2	M	Elect Director Len J. Lauer	For	For
VeriSign Inc.	VRSN	9.2343E+106	05/26/05	Annual	111,000	1.3	M	Elect Director Stratton D. Sclavos	For	For
VeriSign Inc.	VRSN	9.2343E+106	05/26/05	Annual	111,000	2	M	Amend Non-Employee Director Stock Option Plan	For	Against
VeriSign Inc.	VRSN	9.2343E+106	05/26/05	Annual	111,000	3	M	Ratify Auditors	For	For
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.1	M	Elect Director Dipanjan Deb	For	Withhold
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.2	M	Elect Director Christine King	For	For
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.3	M	Elect Director S. Atiq Raza	For	Withhold
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.4	M	Elect Director Paul C. Schorr, IV	For	Withhold
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.5	M	Elect Director Colin L. Slade	For	Withhold
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.6	M	Elect Director David Stanton	For	Withhold
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.7	M	Elect Director William N. Starling, Jr.	For	For
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.8	M	Elect Director James A. Urry	For	Withhold
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	1.9	M	Elect Director Gregory L. Williams	For	Withhold
Amis Holdings Inc.	AMIS.2	31538101	06/02/05	Annual	64,000	2	M	Ratify Auditors	For	Against
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	1.1	M	Elect Director Andrew J. McKelvey	For	For
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	1.2	M	Elect Director George R. Eisele	For	For
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	1.3	M	Elect Director John Gaulding	For	For
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	1.4	M	Elect Director Michael Kaufman	For	For
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	1.5	M	Elect Director Ronald J. Kramer	For	For
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	1.6	M	Elect Director David A. Stein	For	For
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	1.7	M	Elect Director John Swann	For	For
Monster Worldwide, Inc.	MNST	611742107	06/16/05	Annual	66,000	2	M	Amend Non-Employee Director Omnibus Stock Plan	For	For
ASSURANT INC	AIZ	04621X108	06/02/05	Annual	87,000	1.1	M	Elect Director John Michael Palms Ph.D., D. Sc.	For	For
ASSURANT INC	AIZ	04621X108	06/02/05	Annual	87,000	1.2	M	Elect Director J. Kerry Clayton	For	For
ASSURANT INC	AIZ	04621X108	06/02/05	Annual	87,000	1.3	M	Elect Director Dr. Robert J. Blendon, Sc.D.	For	For
ASSURANT INC	AIZ	04621X108	06/02/05	Annual	87,000	1.4	M	Elect Director Beth L. Bronner	For	For
ASSURANT INC	AIZ	04621X108	06/02/05	Annual	87,000	2	M	Ratify Auditors	For	For

Page 19 of 21

AIT Select Capital Appreciation Fund Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
Roper Industries, Inc.	ROP	776696106	06/06/05	Annual	59,000	1.1	M	Elect Director Donald G. Calder	For	For
Roper Industries, Inc.	ROP	776696106	06/06/05	Annual	59,000	1.2	M	Elect Director Derrick N. Key	For	For
Roper Industries, Inc.	ROP	776696106	06/06/05	Annual	59,000	1.3	M	Elect Director Christopher Wright	For	For
Roper Industries, Inc.	ROP	776696106	06/06/05	Annual	59,000	2	M	Increase Authorized Common Stock	For	For
Roper Industries, Inc.	ROP	776696106	06/06/05	Annual	59,000	3	M	Other Business	For	Against
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.1	M	Elect Director Clarke H. Bailey	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.2	M	Elect Director Constantin R. Boden	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.3	M	Elect Director Kent P. Dauten	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.4	M	Elect Director B. Thomas Golisano	For	Withhold
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.5	M	Elect Director John F. Kenny, Jr.	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.6	M	Elect Director Arthur D. Little	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.7	M	Elect Director C. Richard Reese	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	1.8	M	Elect Director Vincent J. Ryan	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	2	M	Approve Merger Agreement	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	3	M	Amend Qualified Employee Stock Purchase Plan	For	For
Iron Mountain Inc.	IRM	462846106	05/26/05	Annual	86,000	4	M	Ratify Auditors	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.1	M	Elect Director Andrew G. Bodnar, M.D., J.D.	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.2	M	Elect Director William W. Crouse	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.3	M	Elect Director Vincent T. DeVita, Jr., M.D.	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.4	M	Elect Director John A. Fazio	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.5	M	Elect Director Joseph L. Fischer	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.6	M	Elect Director David M. Kies	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.7	M	Elect Director Daniel S. Lynch	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.8	M	Elect Director William R. Miller	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	1.9	M	Elect Director David Sidransky, M.D.	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	2	M	Ratify Auditors	For	For
ImClone Systems Inc.	IMCL	45245W109	06/15/05	Annual	5,718	3	M	Approve Omnibus Stock Plan	For	Against
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	1.1	M	Elect Director Kobi Alexander	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	1.2	M	Elect Director Raz Alon	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	1.3	M	Elect Director Itsik Danziger	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	1.4	M	Elect Director John H. Friedman	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	1.5	M	Elect Director Ron Hiram	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	1.6	M	Elect Director Sam Oolie	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	1.7	M	Elect Director William F. Sorin	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	2	M	Approve Omnibus Stock Plan	For	For
Comverse Technology, Inc.	CMVT	205862402	06/16/05	Annual	44,000	3	M	Ratify Auditors	For	For
Protein Design Labs, Inc.	PDLI	74369L103	06/08/05	Annual	35,000	1.1	M	Elect Director Jon S. Saxe, Esq.	For	Withhold
Protein Design Labs, Inc.	PDLI	74369L103	06/08/05	Annual	35,000	1.2	M	Elect Director L. Patrick Gage, Ph.D.	For	For
Protein Design Labs, Inc.	PDLI	74369L103	06/08/05	Annual	35,000	2	M	Approve Omnibus Stock Plan	For	For
Protein Design Labs, Inc.	PDLI	74369L103	06/08/05	Annual	35,000	3	M	Amend Non-Employee Director Stock Option Plan	For	For
Protein Design Labs, Inc.	PDLI	74369L103	06/08/05	Annual	35,000	4	M	Change Company Name	For	For
Protein Design Labs, Inc.	PDLI	74369L103	06/08/05	Annual	35,000	5	M	Ratify Auditors	For	For
Protein Design Labs, Inc.	PDLI	74369L103	06/08/05	Annual	35,000	6	M	Adjourn Meeting	For	Against
PETsMART	PETM	716768106	06/23/05	Annual	3,100	1.1	M	Elect Director L.A. Del Santo	For	For
PETsMART	PETM	716768106	06/23/05	Annual	3,100	1.2	M	Elect Director P.L. Francis	For	For
PETsMART	PETM	716768106	06/23/05	Annual	3,100	1.3	M	Elect Director G.P. Josefowicz	For	For
PETsMART	PETM	716768106	06/23/05	Annual	3,100	1.4	M	Elect Director R.K. Lochridge	For	For

Page 20 of 21

AIT Select Capital Appreciation Fund Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Name	Ticker	Security ID	Meeting Date	Meeting Type	Ballot Shares	Ballot Item Number	M or S	Item Description	Mgt Rec Vote	Vote Cast
PETsMART	PETM	716768106	06/23/05	Annual	3,100	1.5	M	Elect Director A.I. Khalifa	For	For
PETsMART	PETM	716768106	06/23/05	Annual	3,100	2	M	Ratify Auditors	For	For
PETsMART	PETM	716768106	06/23/05	Annual	3,100	3	M	Increase Authorized Common Stock	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.1	M	Elect Director John W. Jackson	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.2	M	Elect Director Sol J. Barer, Ph.D.	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.3	M	Elect Director Robert J. Hugin	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.4	M	Elect Director Jack L. Bowman	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.5	M	Elect Director Frank T. Cary	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.6	M	Elect Director Michael D. Casey	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.7	M	Elect Director Arthur Hull Hayes, Jr., M.D.	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.8	M	Elect Director Gilla Kaplan, Ph.D.	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.9	M	Elect Director Richard C.E. Morgan	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	1.1	M	Elect Director Walter L. Robb, Ph.D.	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	2	M	Amend Omnibus Stock Plan	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	3	M	Amend Non-Employee Director Stock Option Plan	For	For
Celgene Corp.	CELG	151020104	06/15/05	Annual	25,000	4	M	Ratify Auditors	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.1	M	Elect Director Glen M. Antle	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.2	M	Elect Director James P. Burra	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.3	M	Elect Director Jason L. Carlson	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.4	M	Elect Director Rockell N. Hankin	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.5	M	Elect Director James T. Lindstrom	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.6	M	Elect Director John L. Piotrowski	For	Withhold
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.7	M	Elect Director John D. Poe	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	1.8	M	Elect Director James T. Schraith	For	For
Semtech Corp.	SMTC	816850101	06/16/05	Annual	50,000	2	M	Ratify Auditors	For	For
Rogers Communications Inc.	RCI.B	775109200	06/29/05	Special	115	1	M	Amend Restricted Share Unit Plan	For	For
Best Buy Co., Inc.	BBY	86516101	06/23/05	Annual	48,000	1.1	M	Elect Director Ronald James	For	For
Best Buy Co., Inc.	BBY	86516101	06/23/05	Annual	48,000	1.2	M	Elect Director Elliot S. Kaplan	For	For
Best Buy Co., Inc.	BBY	86516101	06/23/05	Annual	48,000	1.3	M	Elect Director Matthew H. Paull	For	For
Best Buy Co., Inc.	BBY	86516101	06/23/05	Annual	48,000	1.4	M	Elect Director Richard M. Schulze	For	For
Best Buy Co., Inc.	BBY	86516101	06/23/05	Annual	48,000	1.5	M	Elect Director Mary A. Tolan	For	For
Best Buy Co., Inc.	BBY	86516101	06/23/05	Annual	48,000	1.6	M	Elect Director Hatim A. Tyabji	For	For
Best Buy Co., Inc.	BBY	86516101	06/23/05	Annual	48,000	2	M	Ratify Auditors	For	For

Page 21 of 21

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 1 of 20

CONSTELLATION BRANDS, INC.			STZ	Annual Meeting Date: 07/20/2004
Issuer: 21036P108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	Against	Yes
03	AMEND LONG TERM INCENTIVE PLAN		Management	Against	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	108	124,700	124,700	07/19/2004
AIRGAS, INC.			ARG	Annual Meeting Date: 08/04/2004
Issuer: 009363102		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	AMEND 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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	102	400,000	400,000	07/27/2004
NORTH FORK BANCORPORATION, INC.			NFB	Special Meeting Date: 08/31/2004
Issuer: 659424105		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	APPROVE MERGER AGREEMENT		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	105	36,450	36,450	08/26/2004

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 2 of 20

NDCHEALTH CORPORATION			NDC	Annual Meeting Date: 10/28/2004
Issuer: 639480102		ISIN:
SEDOL:
Vote Group: GLOBAL
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	ADOPT INCENTIVE STOCK OPTION PLAN		Management	Against	Yes
03	CHANGE STOCK EXCHANGE LISTING		Management	For
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	102	119,600	119,600	10/27/2004
INTRAWEST CORPORATION			IDR	Annual Meeting Date: 11/08/2004
Issuer: 460915200		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	APPOINT 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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	200	220,300	220,300	11/03/2004

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 3 of 20

HYPERION SOLUTIONS CORPORATION			HYSL	Annual Meeting Date: 11/10/2004
Issuer: 44914M104		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	104	15,271	15,271	11/05/2004
THE BISYS GROUP, INC.			BSG	Annual Meeting Date: 11/11/2004
Issuer: 055472104		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	ADOPT 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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	104	263,874	263,874	11/08/2004
THOR INDUSTRIES, INC.			THO	Annual Meeting Date: 12/07/2004
Issuer: 885160101		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	101	233,400	233,400	12/02/2004

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 4 of 20

FIDELITY NATIONAL FINANCIAL, INC.			FNF	Annual Meeting Date: 12/16/2004
Issuer: 316326107		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No
04	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No
05	AMEND STOCK OPTION PLAN		Management	For	No
06	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	107	161,800	161,800	12/13/2004
MOOG INC.			MOGA	Annual Meeting Date: 01/12/2005
Issuer: 615394202		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No
02	ELECTION OF DIRECTORS		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	202	142,750	142,750	01/07/2005
AMDOCS LIMITED			DOX	Annual Meeting Date: 01/20/2005
Issuer: G02602103		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	RECEIVE CONSOLIDATED FINANCIAL STATEMENTS		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	103	147,500	147,500	01/18/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 5 of 20

OSHKOSH TRUCK CORPORATION			OSK	Annual Meeting Date: 02/01/2005
Issuer: 688239201		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
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	201	94,700	94,700	01/31/2005
ESTERLINE TECHNOLOGIES CORPORATION			ESL	Annual Meeting Date: 03/02/2005
Issuer: 297425100		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	100	193,400	193,400	02/28/2005
NCI BUILDING SYSTEMS, INC.			NCS	Annual Meeting Date: 03/11/2005
Issuer: 628852105		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
A	ELECTION OF DIRECTORS		Management	For	No
B	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	105	164,600	164,600	02/28/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 6 of 20

UNITED AUTO GROUP, INC.			UAG	Annual Meeting Date: 04/14/2005
Issuer: 909440109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	109	126,300	0
GOODRICH CORPORATION			GR	Annual Meeting Date: 04/19/2005
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
03	AMEND STOCK OPTION PLAN		Management	For	No
04	ADOPT/AMEND EXECUTIVE INCENTIVE BONUS PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	106	191,700	191,700	04/13/2005
CARLISLE COMPANIES INCORPORATED			CSL	Annual Meeting Date: 04/20/2005
Issuer: 142339100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management
02	ADOPT NON-EMPLOYEE DIRECTOR PLAN		Management
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	100	15,200	0

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 7 of 20

HIBERNIA CORPORATION			HIB	Annual Meeting Date: 04/20/2005
Issuer: 428656102		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	102	105,300	105,300	04/13/2005
PG&E CORPORATION			PCG	Annual Meeting Date: 04/20/2005
Issuer: 69331C108		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 OMNIBUS STOCK OPTION PLAN		Management	For	No
04	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	For	Yes
05	S/H PROPOSAL - ENVIRONMENTAL		Shareholder	Against	No
06	S/H PROPOSAL - RESCIND OR ALLOW SHAREHOLDER TO RATIFY POISON PILL		Shareholder	Against	No
07	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	For	Yes
08	S/H PROPOSAL - PUT GOLDEN PARACHUTE TO SHAREHOLDER VOTE		Shareholder	For	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	108	6,300	6,300	04/18/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 8 of 20

CYTEC INDUSTRIES INC.			CYT	Annual Meeting Date: 04/21/2005
Issuer: 232820100		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	100	160,700	160,700	04/18/2005
MANPOWER INC.			MAN	Annual Meeting Date: 04/26/2005
Issuer: 56418H100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT STOCK PURCHASE PLAN		Management	For	No
03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	100	150,910	150,910	04/25/2005
MILLIPORE CORPORATION			MIL	Annual Meeting Date: 04/27/2005
Issuer: 601073109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	109	89,800	89,800	04/26/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 9 of 20

THE STANLEY WORKS			SWK	Annual Meeting Date: 04/27/2005
Issuer: 854616109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	Withheld	Yes
02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
04	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	109	53,155	53,155	04/26/2005
ANNTAYLOR STORES CORPORATION			ANN	Annual Meeting Date: 04/28/2005
Issuer: 036115103		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	103	147,300	147,300	04/26/2005
BRASCAN CORPORATION			BNN	Special Meeting Date: 04/29/2005
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

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 10 of 20

02	ELECTION OF DIRECTORS		Management	For	No
03	APPOINT AUDITORS AND APPROVE REMUNERATION		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	606	50,000	50,000	04/27/2005
IMS HEALTH INCORPORATED			RX	Annual Meeting Date: 04/29/2005
Issuer: 449934108		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 - ADD SUNSET PROVISION TO POISON PILL		Shareholder	For	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	108	180,100	180,100	04/27/2005
PROTECTIVE LIFE CORPORATION			PL	Annual Meeting Date: 05/02/2005
Issuer: 743674103		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	103	160,700	160,700	04/27/2005
AMBAC FINANCIAL GROUP, INC.			ABK	Annual Meeting Date: 05/03/2005
Issuer: 023139108		ISIN:
SEDOL:

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 11 of 20

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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	108	80,300	80,300	04/27/2005
NORTH FORK BANCORPORATION, INC.			NFB	Annual Meeting Date: 05/03/2005
Issuer: 659424105		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	105	248,925	248,925	04/28/2005
CSX CORPORATION			CSX	Annual Meeting Date: 05/04/2005
Issuer: 126408103		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
04	S/H PROPOSAL - PROXY PROCESS/STATEMENT		Shareholder	For	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	103	133,600	133,600	04/28/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 12 of 20

WATTS WATER TECHNOLOGIES, INC.			WTS	Annual Meeting Date: 05/04/2005
Issuer: 942749102		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	102	147,300	147,300	04/28/2005
LYONDELL CHEMICAL COMPANY			LYO	Annual Meeting Date: 05/05/2005
Issuer: 552078107		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	107	158,300	158,300	04/28/2005
METHANEX CORPORATION			MEOH	Annual Meeting Date: 05/05/2005
Issuer: 59151K108		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	APPOINT 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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	108	593,200	593,200	04/28/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 13 of 20

ENTERCOM COMMUNICATIONS CORP.			ETM	Annual Meeting Date: 05/06/2005
Issuer: 293639100		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
02	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE SHARES		Management	Against	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	100	125,300	125,300	04/28/2005
SOUTHERN UNION COMPANY			SUG	Annual Meeting Date: 05/09/2005
Issuer: 844030106		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	DECLASSIFY BOARD		Management	For	No
02	APPROVE DIRECTOR REMOVAL ONLY FOR CAUSE		Management	For	No
03	ELIMINATE CUMULATIVE VOTING		Management	Against	Yes
04	APPROVE CHARTER AMENDMENT		Management	Against	Yes
05	APPROVE DIRECTOR REMOVAL ONLY FOR CAUSE		Management	For	No
06	ELECTION OF DIRECTORS		Management		Yes
07A	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	No
07B	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	No
07C	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	No
07D	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	No
08	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	106	229,500	229,500	04/28/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 14 of 20

INTERNATIONAL FLAVORS & FRAGRANCES I			IFF	Annual Meeting Date: 05/10/2005
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
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	101	116,100	116,100	05/09/2005
CDW CORPORATION			CDWC	Annual Meeting Date: 05/11/2005
Issuer: 12512N105		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 MANAGEMENT INCENTIVE PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	105	2,500	2,500	05/10/2005
PRIDE INTERNATIONAL, INC.			PDE	Annual Meeting Date: 05/12/2005
Issuer: 74153Q102		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
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	102	184,500	184,500	05/11/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 15 of 20

WEATHERFORD INTERNATIONAL LTD.			WFT	Annual Meeting Date: 05/13/2005
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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	101	66,700	66,700	05/11/2005
QUESTAR CORPORATION			STR	Annual Meeting Date: 05/17/2005
Issuer: 748356102		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	ADOPT MANAGEMENT INCENTIVE PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	102	113,600	113,600	05/16/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 16 of 20

ROYAL CARIBBEAN CRUISES LTD.			RCL	Annual Meeting Date: 05/17/2005
Issuer: V7780T103		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	103	35,700	35,700	05/16/2005
THE ST. JOE COMPANY			JOE	Annual Meeting Date: 05/17/2005
Issuer: 790148100		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	100	80,700	80,700	05/16/2005
TUESDAY MORNING CORPORATION			TUES	Annual Meeting Date: 05/17/2005
Issuer: 899035505		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	505	100,000	100,000	05/16/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 17 of 20

UNOVA, INC.			UNA	Annual Meeting Date: 05/18/2005
Issuer: 91529B106		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management	For	No
02	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	For	Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	106	112,926	112,926	05/16/2005
AMPHENOL CORPORATION			APH	Annual Meeting Date: 05/25/2005
Issuer: 032095101		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	101	108,700	108,700	05/20/2005
ARRIS GROUP, INC.			ARRS	Annual Meeting Date: 05/25/2005
Issuer: 04269Q100		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	100	98,113	98,113	05/18/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 18 of 20

EVEREST RE GROUP, LTD.			RE	Annual Meeting Date: 05/25/2005
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
03	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
04	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	108	72,990	72,990	05/18/2005
REINSURANCE GROUP OF AMERICA, INC.			RGA	Annual Meeting Date: 05/25/2005
Issuer: 759351109		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	ELECTION OF DIRECTORS		Management		Yes
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	109	101,300	101,300	05/24/2005
E*TRADE FINANCIAL CORPORATION			ET	Annual Meeting Date: 05/26/2005
Issuer: 269246104		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	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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	104	624,500	624,500	05/25/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 19 of 20

R.R. DONNELLEY & SONS COMPANY			RRD	Annual Meeting Date: 05/26/2005
Issuer: 257867101		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	101	97,012	97,012	05/25/2005
ASSURANT, INC.			AIZ	Annual Meeting Date: 06/02/2005
Issuer: 04621X108		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	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	108	96,500	96,500	05/27/2005
CENTERPOINT ENERGY, INC.			CNP	Annual Meeting Date: 06/02/2005
Issuer: 15189T107		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
1 2	ELECTION OF DIRECTORS		Management	For	No
03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No
04	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Yes
05	TRANSACT OTHER BUSINESS		Management	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	107	578,900	578,900	06/01/2005

Vote Summary Report 07/01/2004 to 06/30/2005 AIT Select Value Opportunity Fund Report Date: 07/01/2005 Page 20 of 20

DOLLAR TREE STORES, INC.			DLTR	Annual Meeting Date: 06/16/2005
Issuer: 256747106		ISIN:
SEDOL:
Vote Group: UNASSIGNED
Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.
01	AMEND ARTICLES/BYLAW/CHARTER-ORGANIZATION RELATED		Management	For	No
02	ELECTION OF DIRECTORS		Management	For	No
03	AMEND STOCK PURCHASE PLAN		Management	For	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	106	42,107	42,107	06/14/2005
CLAIRE’S STORES, INC.			CLE	Annual Meeting Date: 06/28/2005
Issuer: 179584107		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	S/H PROPOSAL - NORTHERN IRELAND		Sahreholder	Against	No
	Account Name	Custodian Account	Stock Class	Ballot Shares	Voted Shares	Vote Date
	ALLMERICA INVESTMENT TRUST	000000005823	107	318,200	318,200	06/20/2005

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Natuzzi Spa (Formerly Industrie Natuzzi Spa)	63905A101	04/30/05	1	M	APPROVAL OF THE UNCONSOLIDATED FINANCIAL STATEMENTS OF NATUZZI S.P.A. ( THE COMPANY ) FOR THE FISCAL YEAR ENDED ON DECEMBER 31, 2004 AND THE RELATED REPORTS OF THE BOARD OF DIRECTORS, THE BOARD OF STATUTORY AUDITORS AND COMPANY S EXTERNAL AUDITORS AND PR	For	For
Natuzzi Spa (Formerly Industrie Natuzzi Spa)	63905A101	04/30/05	2	M	APPROVAL OF THE PROPOSED DISTRIBUTION OF DIVIDENDS WITH RESPECT TO EARNINGS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004.	For	Against
Natuzzi Spa (Formerly Industrie Natuzzi Spa)	63905A101	04/30/05	3	M	APPROVAL OF THE APPOINTMENT OF MR. DANIELE TRANCHINI, CHIEF SALES & MARKETING OFFICER, AS NEW DIRECTOR.	For	For
MAN AG	DE0005937007	06/03/05	1	M	Receive Financial Statements and Statutory Reports for Fiscal 2004	None	None
MAN AG	DE0005937007	06/03/05	2	M	Approve Allocation of Income and Dividends of EUR 1.05 per Share	For	For
MAN AG	DE0005937007	06/03/05	3	M	Approve Discharge of Management Board for Fiscal 2004	For	For
MAN AG	DE0005937007	06/03/05	4	M	Approve Discharge of Supervisory Board for Fiscal 2004	For	For
MAN AG	DE0005937007	06/03/05	5	M	Approve Creation of EUR 188.2 Million Pool of Conditional Capital without Preemptive Rights	For	Against
MAN AG	DE0005937007	06/03/05	6	M	Approve Issuance of Convertible Bonds and/or Bonds with Warrants Attached up to Aggregate Nominal Amount of EUR 1.5 Billion without Preemptive Rights; Approve Creation of EUR 76.8 Million Pool of Conditional Capital to Guarantee Conversion Rights	For	For
MAN AG	DE0005937007	06/03/05	7	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For
MAN AG	DE0005937007	06/03/05	8	M	Amend Articles Re: Registration for Shareholder Meetings Due to Proposed Changes in German Law (Law on Company Integrity and Modernization of Shareholder Lawsuits)	For	For
MAN AG	DE0005937007	06/03/05	9	M	Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors for Fiscal 2005	For	For
MAN AG	DE0005937007	06/03/05	10.1	M	Elect Renate Koecher to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.2	M	Elect Michael Behrendt to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.3	M	Elect Herbert Demel to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.4	M	Elect Klaus Eberhardt to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.5	M	Elect Hubertus von Gruenberg to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.6	M	Elect Karl-Ludwig Kley to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.7	M	Elect Joachim Milberg to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.8	M	Elect Rudolf Rupprecht to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.9	M	Elect Ekkehard Schulz to the Supervisory Board	For	For
MAN AG	DE0005937007	06/03/05	10.1	M	Elect Hanns-Helge Stechl to the Supervisory Board	For	For
TELSTRA CORP.	AU000000TLS2	10/28/04	1	M	Chairman and CEO Presentations	None	None
TELSTRA CORP.	AU000000TLS2	10/28/04	2	M	Accept Financial Statements and Statutory Reports	None	None
TELSTRA CORP.	AU000000TLS2	10/28/04	3a	M	Elect Charles Macek as Director	For	For
TELSTRA CORP.	AU000000TLS2	10/28/04	3b	S	Elect Leonard Cooper as Director	Against	Against
TELSTRA CORP.	AU000000TLS2	10/28/04	3c	S	Elect Paul Higgins as Director	Against	Against
TELSTRA CORP.	AU000000TLS2	10/28/04	3d	S	Elect Mervyn Vogt as Director	Against	Against
TELSTRA CORP.	AU000000TLS2	10/28/04	3e	S	Elect Megan Cornelius as Director	Against	Against
TELSTRA CORP.	AU000000TLS2	10/28/04	3f	S	Elect Ange Kenos as Director	Against	Against
TELSTRA CORP.	AU000000TLS2	10/28/04	3g	M	Elect Belinda Hutchinson as Director	For	For
Barratt Developments PLC	GB0000811801	11/11/04	1	M	Accept Financial Statements and Statutory Reports	For	For
Barratt Developments PLC	GB0000811801	11/11/04	2	M	Approve Final Dividend of 14.68 Pence Per Share	For	For
Barratt Developments PLC	GB0000811801	11/11/04	3	M	Re-elect Colin Dearlove as Director	For	For
Barratt Developments PLC	GB0000811801	11/11/04	4	M	Re-elect Alan Kilburn as Director	For	For
Barratt Developments PLC	GB0000811801	11/11/04	5	M	Re-elect Michael Pescod as Director	For	For
Barratt Developments PLC	GB0000811801	11/11/04	6	M	Elect Bob Davies as Director	For	For
Barratt Developments PLC	GB0000811801	11/11/04	7	M	Reappoint PricewaterhouseCoopers LLP as Auditors and Authorise Board to Fix Remuneration of Auditors	For	For
Barratt Developments PLC	GB0000811801	11/11/04	8	M	Approve Remuneration Report	For	For
Barratt Developments PLC	GB0000811801	11/11/04	9	M	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 5,996,666	For	For
Barratt Developments PLC	GB0000811801	11/11/04	10	M	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 1,200,167	For	For
Barratt Developments PLC	GB0000811801	11/11/04	11	M	Authorise 24,003,334 Shares for Market Purchase	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Daimlerchrysler AG	DE0007100000	04/06/05	2	M	Approve Allocation of Income and Dividends of EUR 1.50 per Share	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	3	M	Approve Discharge of Management Board for Fiscal 2004	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	4	M	Approve Discharge of Supervisory Board for Fiscal 2004	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	5	M	Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors for Fiscal 2005	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	6	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Daimlerchrysler AG	DE0007100000	04/06/05	7	M	Elect Arnaud Lagardere to the Supervisory Board	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	8	M	Approve Cancellation of Conditional Capital I and II; Amend Conditional Capital IV	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	9	M	Approve Issuance of Convertible Bonds and/or Bonds with Warrants Attached up to Aggregate Nominal Amount of EUR 15 Billion with Preemptive Rights; Approve Creation of EUR 300 Million Pool of Conditional Capital to Guarantee Conversion Rights	For	For
Daimlerchrysler AG	DE0007100000	04/06/05	10	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings	For	For
Adidas-Salomon Ag	DE0005003404	05/04/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Adidas-Salomon Ag	DE0005003404	05/04/05	2	M	Approve Allocation of Income and Dividends of EUR 1.30 per Share	For	For
Adidas-Salomon Ag	DE0005003404	05/04/05	3	M	Approve Discharge of Management Board for Fiscal Year 2004	For	For
Adidas-Salomon Ag	DE0005003404	05/04/05	4	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
Adidas-Salomon Ag	DE0005003404	05/04/05	5	M	Approve Creation of EUR 41 Million Pool of Conditional Capital with Preemptive Rights	For	For
Adidas-Salomon Ag	DE0005003404	05/04/05	6	M	Approve Creation of EUR 4 Million Pool of Conditional Capital without Preemptive Rights	For	For
Adidas-Salomon Ag	DE0005003404	05/04/05	7	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For
Adidas-Salomon Ag	DE0005003404	05/04/05	8	M	Ratify KPMG Deutsche Treuhand-Gesellschaft as Auditors for Fiscal Year 2005	For	For
Basf AG	DE0005151005	04/28/05	1	M	Receive Financial Statements and Statutory Reports for Fiscal Year 2004	None	None
Basf AG	DE0005151005	04/28/05	2	M	Approve Allocation of Income and Dividends of EUR 1.70 per Share	For	For
Basf AG	DE0005151005	04/28/05	3	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
Basf AG	DE0005151005	04/28/05	4	M	Approve Discharge of Management Board for Fiscal Year 2004	For	For
Basf AG	DE0005151005	04/28/05	5	M	Ratify Deloitte & Touche GmbH as Auditors for Fiscal Year 2005	For	For
Basf AG	DE0005151005	04/28/05	6	M	Authorize Repurchase of up to Ten Percent of Issued Share Capital	For	For
Basf AG	DE0005151005	04/28/05	7	M	Authorize Use of Financial Derivatives when Repurchasing Shares	For	For
Basf AG	DE0005151005	04/28/05	8	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Proposed Changes in German Law (Company Integrity and Modernization of Shareholder Lawsuits Regulation)	For	For
Celesio AG (formerly Gehe AG)	DE0005858005	04/29/05	1	M	Receive Financial Statements and Statutory Reports for Fiscal 2004	None	None
Celesio AG (formerly Gehe AG)	DE0005858005	04/29/05	2	M	Approve Allocation of Income and Dividends of EUR 1.20 per Share for Fiscal 2004	For	For
Celesio AG (formerly Gehe AG)	DE0005858005	04/29/05	3	M	Approve Discharge of Management Board for Fiscal 2004	For	For
Celesio AG (formerly Gehe AG)	DE0005858005	04/29/05	4	M	Approve Discharge of Supervisory Board for Fiscal 2004	For	For
Celesio AG (formerly Gehe AG)	DE0005858005	04/29/05	5	M	Ratify PwC Deutsche Revision AG as Auditors	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	1	M	Receive Financial Statements and Statutory Reports	None	None
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	2	M	Approve Allocation of Income and Dividends of EUR 2.35 per Share	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	3	M	Approve Discharge of Management Board for Fiscal Year 2004	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	4	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	5	M	Approve Creation of EUR 540 Million Pool of Conditional Capital with Preemptive Rights	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	6	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	7	M	Approve Affiliation Agreements with Subsidiaries	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	8	M	Amend Articles Re: Changes to the Remuneration of the Supervisory Board Members	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	9	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Proposed Changes in German Law (Company Integrity and Modernization of Shareholder Lawsuits Regulation)	For	For
E.ON AG (formerly Veba Ag)	DE0007614406	04/27/05	10	M	Ratify PwC Deutsche Revision AG as Auditors	For	For
Bayerische Motoren Werke AG (BMW)	DE0005190003	05/12/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Bayerische Motoren Werke AG (BMW)	DE0005190003	05/12/05	2	M	Approve Allocation of Income and Dividends of EUR 0.62 per Common Share and EUR 0.64 per Preferred Share	For	Against
Bayerische Motoren Werke AG (BMW)	DE0005190003	05/12/05	3	M	Approve Discharge of Management Board for Fiscal 2004	For	For
Bayerische Motoren Werke AG (BMW)	DE0005190003	05/12/05	4	M	Approve Discharge of Supervisory Board for Fiscal 2004	For	For
Bayerische Motoren Werke AG (BMW)	DE0005190003	05/12/05	5	M	Ratify KPMG Deutsche Treuhand-Gesellschaft as Auditors	For	For
Bayerische Motoren Werke AG (BMW)	DE0005190003	05/12/05	6	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Pending Changes in German Law (Law on Company Integrity and Modernization of Shareholder Lawsuits)	For	For
Bayerische Motoren Werke AG (BMW)	DE0005190003	05/12/05	7	M	Authorize Share Repurchase Program and Cancellation of Repurchased Shares	For	For
RWE AG	DE0007037129	04/14/05	1	M	Receive Financial Statements and Statutory Reports	None	None
RWE AG	DE0007037129	04/14/05	2	M	Approve Allocation of Income and Dividends of EUR 1.50 per Share	For	For
RWE AG	DE0007037129	04/14/05	3	M	Approve Discharge of Management Board for Fiscal Year 2004	For	For
RWE AG	DE0007037129	04/14/05	4	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
RWE AG	DE0007037129	04/14/05	5	M	Ratify PwC Deutsche Revision AG as Auditors for Fiscal Year 2005	For	For
RWE AG	DE0007037129	04/14/05	6	M	Elect Thomas Fischer and Dagmar Muehlenfeld to the Supervisory Board	For	For
RWE AG	DE0007037129	04/14/05	7	M	Authorize Repurchase of up to Ten Percent of Issued Share Capital	For	For
RWE AG	DE0007037129	04/14/05	8	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings	For	For
RWE AG	DE0007037129	04/14/05	9	M	Amend Article Re: Chairmanship of General Meetings (to Reflect Pending German Legislation)	For	For
Schwarz Pharma AG	DE0007221905	05/11/05	1	M	Receive Financial Statements and Statutory Reports	None	None

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Schwarz Pharma AG	DE0007221905	05/11/05	2	M	Approve Allocation of Income and Dividends of EUR 0.20 per Share	For	For
Schwarz Pharma AG	DE0007221905	05/11/05	3	M	Approve Discharge of Management Board for Fiscal 2004	For	For
Schwarz Pharma AG	DE0007221905	05/11/05	4	M	Approve Discharge of Supervisory Board for Fiscal 2004	For	For
Schwarz Pharma AG	DE0007221905	05/11/05	5	M	Ratify Ernst & Young AG as Auditors for Fiscal 2005	For	For
Schwarz Pharma AG	DE0007221905	05/11/05	6	M	Authorize Share Repurchase Program and Reissuance or Cancellation of Repurchased Shares	For	For
Schwarz Pharma AG	DE0007221905	05/11/05	7	M	Amend Authorized Capital by Extending Date of Expiration	For	For
Schwarz Pharma AG	DE0007221905	05/11/05	8	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Pending Changes in German Law (Law on Company Integrity and Modernization of Shareholder Lawsuits)	For	For
Volkswagen AG (VW)	DE0007664005	04/21/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Volkswagen AG (VW)	DE0007664005	04/21/05	2	M	Approve Allocation of Income and Dividends of EUR 1.05 per Common Share and EUR 1.11 per Preference Share	For	For
Volkswagen AG (VW)	DE0007664005	04/21/05	3	M	Approve Discharge of Management Board for Fiscal Year 2004	For	For
Volkswagen AG (VW)	DE0007664005	04/21/05	4	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
Volkswagen AG (VW)	DE0007664005	04/21/05	5	M	Amend Articles Re: Designate Electronic Publications for Meeting Announcements and Invitation to Shareholder Meetings; Use of Electronic Means at Supervisory Board Meetings; Use of Paper Deeds	For	For
Volkswagen AG (VW)	DE0007664005	04/21/05	6	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings; Time Designation at Shareholder Meetings	For	For
Volkswagen AG (VW)	DE0007664005	04/21/05	7	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For
Volkswagen AG (VW)	DE0007664005	04/21/05	8	M	Ratify PwC Deutsche Revision AG as Auditors for Fiscal Year 2005	For	For
Schering AG	DE0007172009	04/14/05	1	M	Receive Financial Statements and Statutory Reports for Fiscal Year 2004	None	None
Schering AG	DE0007172009	04/14/05	2	M	Approve Allocation of Income and Dividends of EUR 1.00 per Dividend-Bearing Share	For	For
Schering AG	DE0007172009	04/14/05	3	M	Approve Discharge of Management Board for Fiscal Year 2004	For	For
Schering AG	DE0007172009	04/14/05	4	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
Schering AG	DE0007172009	04/14/05	5	M	Ratify BDO Deutsche Warentreuhand AG as Auditors for Fiscal Year 2005	For	For
Schering AG	DE0007172009	04/14/05	6	M	Amend Articles Re: Supervisory Board Remuneration Scheme	For	For
Schering AG	DE0007172009	04/14/05	7	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Proposed Changes in German Law (Company Integrity and Modernization of Shareholder Lawsuits Regulation)	For	For
Schering AG	DE0007172009	04/14/05	8	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For
Schering AG	DE0007172009	04/14/05	9	M	Approve Control and Profit and Loss Transfer Agreement with a Subsidiary (Scheradmin 01 GmbH)	For	For
Schering AG	DE0007172009	04/14/05	10	M	Approve Transformation of Profit and Loss Transfer Agreements into Control and Profit and Loss Transfer Agreements	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	1	M	Chairman’s Address, Presentation by the Managing Director and Chief Executive Officer, and an Address by the Chairman of the Human Resources Committee	None	None
National Australia Bank (Nab)	AU000000NAB4	01/31/05	2	M	Receive Financial Statements and Statutory Reports	None	None
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.1	M	Elect Graham Kraehe as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2a	M	Elect Michael A. Chaney as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2b	M	Elect Robert G. Elstone as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2c	M	Elect Ahmed Fahour as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2d	M	Elect Daniel T. Gilbert as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2e	M	Elect Paul J. Rizzo as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2f	M	Elect Jillian S. Segal as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2g	M	Elect Michael J. Ullmer as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	3.2h	M	Elect G. Malcolm Williamson as Director	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	4	S	Remove Geoffrey Tomlinson as a Director	Against	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	5	M	Approve Ernst & Young as Auditors and Authorize Board to Fix Their Remuneration	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	6	M	Approve Grant of Options, Performance Rights and Shares to John Stewart, Managing Director and Chief Executive Officer	For	For
National Australia Bank (Nab)	AU000000NAB4	01/31/05	7	M	Authorize Share Repurchase Program	For	For
Fortis SA/NV	BE0003801181	05/25/05	1	M	Open Meeting	None	None
Fortis SA/NV	BE0003801181	05/25/05	2.1	M	Discuss Statutory Reports (Non-Voting)	None	None
Fortis SA/NV	BE0003801181	05/25/05	2.2	M	Discuss Consolidated Financial Statements	None	None
Fortis SA/NV	BE0003801181	05/25/05	2.3	M	Accept Financial Statements	For	For
Fortis SA/NV	BE0003801181	05/25/05	2.4	M	Adopt Allocation of Income For Fiscal Year 2003	For	For
Fortis SA/NV	BE0003801181	05/25/05	2.5	M	Discuss Dividend Policy	None	None
Fortis SA/NV	BE0003801181	05/25/05	2.6	M	Approve Dividends of EUR 1.04 Per Fortis Unit	For	For
Fortis SA/NV	BE0003801181	05/25/05	2.7	M	Approve Discharge of Directors	For	For
Fortis SA/NV	BE0003801181	05/25/05	2.8	M	Approve Discharge of Auditors	For	For
Fortis SA/NV	BE0003801181	05/25/05	3	M	Discuss Implementation of Belgian Corporate Governance Code	None	None

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Fortis SA/NV	BE0003801181	05/25/05	4.1	M	Reelect Maurice Lippens as Director	For	For
Fortis SA/NV	BE0003801181	05/25/05	4.2	M	Reelect Baron Daniel Janssen as Director	For	For
Fortis SA/NV	BE0003801181	05/25/05	4.3	M	Elect Jean-Paul Votron as Director	For	For
Fortis SA/NV	BE0003801181	05/25/05	5	M	Authorize Share Repurchase Program and Cancellation of Repurchased Shares	For	For
Fortis SA/NV	BE0003801181	05/25/05	6	M	Close Meeting	None	None
Heineken Nv	NL0000009165	04/20/05	1	M	Receive Report of Management Board	None	None
Heineken Nv	NL0000009165	04/20/05	2	M	Approve Financial Statements and Statutory Reports	For	For
Heineken Nv	NL0000009165	04/20/05	3	M	Receive Explanation of Company’s Reserves and Dividend Policy	None	None
Heineken Nv	NL0000009165	04/20/05	4	M	Approve Allocation of Income and Dividends	For	For
Heineken Nv	NL0000009165	04/20/05	5	M	Approve Discharge of Executive Board	For	For
Heineken Nv	NL0000009165	04/20/05	6	M	Approve Discharge of Supervisory Board	For	For
Heineken Nv	NL0000009165	04/20/05	7	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	For	For
Heineken Nv	NL0000009165	04/20/05	8	M	Approve Remuneration Report Containing Remuneration Policy for Executive Board Members	For	For
Heineken Nv	NL0000009165	04/20/05	9	M	Approve Long-Term Incentive Plan for Executive Board	For	For
Heineken Nv	NL0000009165	04/20/05	10	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Heineken Nv	NL0000009165	04/20/05	11	M	Grant Board Authority to Issue Authorized Yet Unissued Shares Up to Ten Percent Restricting/Excluding Preemptive Rights	For	For
Heineken Nv	NL0000009165	04/20/05	12.1A	M	Reelect Maarten Das to Supervisory Board	For	For
Heineken Nv	NL0000009165	04/20/05	12.1B	M	Elect Ruud Overgaauw to Supervisory Board	Against	Against
Heineken Nv	NL0000009165	04/20/05	12.2A	M	Reelect Jan Michiel Hessels to Supervisory Board	For	For
Heineken Nv	NL0000009165	04/20/05	12.2B	M	Elect Jos Buijs to Supervisory Board	Against	Against
Heineken Nv	NL0000009165	04/20/05	13	M	Approve Remuneration of Supervisory Board	For	For
Heineken Nv	NL0000009165	04/20/05	14	M	Discussion about Company’s Corporate Governance Code	None	None
Heineken Nv	NL0000009165	04/20/05	15	M	Approve English as Official Language of Annual Report	For	For
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	1	M	Receive Financial Statements and Statutory Reports	None
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	2a	M	Elect Ron McNeilly as Director	For
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	2b	M	Elect Diane Grady as Director	For
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	3	M	Approve Grant of Share Rights to Kirby Adams, Managing Director and Chief Executive Officer, Pursuant to the Long Term Incentive Plan	For
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	4	S	Amend Constitution Re: Maximum Term of 10 Years for Non-Executive Directors	Against
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	5	S	Amend Constitution Re: Restriction on Retirement Benefits for Directors	Against
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	6	S	Amend Constitution Re: Restriction on the Number of Directorships of Other Listed Companies Held by Directors	Against
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	7	S	Amend Constitution Re: Cap on Remuneration of Managing Director or an Executive Director	Against
Bluescope Steel Ltd (formerly BHP STEEL LTD)	AU000000BSL0	10/19/04	8	S	Amend Constitution Re: Cap on Executive and Employee Remuneration	Against
Boral Limited	AU000000BLD2	10/21/04	1	M	Accept Financial Statements and Statutory Reports for the Year Ended June 30, 2004	None	None
Boral Limited	AU000000BLD2	10/21/04	2	M	Elect Ken Moss as Director	For	For
Boral Limited	AU000000BLD2	10/21/04	3	M	Elect Mark Rayner as Director	For	For
Boral Limited	AU000000BLD2	10/21/04	4	M	Elect Richard Longes as Director	For	For
Boral Limited	AU000000BLD2	10/21/04	5	M	Approve Grant of Options and Offer of Rights to Shares to Rod Pearse, Chief Executive Officer and Managing Director Under the Boral Senior Executive Option Plan	For	For
Boral Limited	AU000000BLD2	10/21/04	6	M	Approval of Termination Payments Payable to Rod Pearse, Chief Executive Officer and Managing Director of the Company, Under the New Executive Service Contract	For	For
Boral Limited	AU000000BLD2	10/21/04	7	M	Approve Grant of Options and Offers of Rights to Shares to Rod Pearse, Chief Executive Officer and Managing Director of the Company, Under the New Executive Service Contract	For	For
Guoco Group Ltd.	BMG420981224	10/15/04	1	M	Accept Financial Statements and Statutory Reports for the Year Ended June 30, 2004	For
Guoco Group Ltd.	BMG420981224	10/15/04	2	M	Approve Final Dividend	For
Guoco Group Ltd.	BMG420981224	10/15/04	3a	M	Approve Directors’ Fees of HK$ 1.4 Million for the Year Ended June 30, 2004	For
Guoco Group Ltd.	BMG420981224	10/15/04	3b1	M	Reelect Sat Pal Khattar as Director	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Guoco Group Ltd.	BMG420981224	10/15/04	3b2	M	Reelect James Eng as Director	For
Guoco Group Ltd.	BMG420981224	10/15/04	3b3	M	Reelect Volker Stoeckel as Director	For
Guoco Group Ltd.	BMG420981224	10/15/04	4	M	Appoint KPMG as Auditors and Authorize Board to Fix Their Remuneration	For
Guoco Group Ltd.	BMG420981224	10/15/04	5	M	Amend Bylaws Re: Update Provisions in Conformance with Changes in the Rules Governing the Securities on The Stock Exchange of Hong Kong Limited	For
Guoco Group Ltd.	BMG420981224	10/15/04	6a	M	Approve Repurchase of Issued Capital	For
Guoco Group Ltd.	BMG420981224	10/15/04	6b	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For
Guoco Group Ltd.	BMG420981224	10/15/04	6c	M	Authorize Reissuance of Repurchased Shares	For
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	1	M	Accept Financial Statements and Statutory Reports	None	None
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	2	M	Elect G.J. Bradley as Director	For	For
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	3	M	Elect H.C. Thorburn as Director	For	For
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	4	M	Elect N.F. Greiner as Director	For	For
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	5	M	Approve Stockland Incentive Share Plan	For	Against
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	6	M	Adopt New Constitution	For	For
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	7	M	Approve Grant of 160,000 Stapled Securities to Matthew Quinn, Managing Director Pursuant to Stockland Incentive Share Plan	For	Against
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	8	M	Approve Grant of 90,000 Stapled Securities to Hugh Thorburn, Finance Director Pursuant to Stockland Incentive Share Plan	For	Against
Stockland Corporation Ltd.(Trust Group)	AU000000SGP0	10/26/04	9	M	Ratify Past Issuance of 39 Million Stapled Securities on Feb. 27, 2004 at AUD 5.20 per Stapled Security	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	1	M	Accept Financial Statements and Statutory Reports	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	2	M	Approve Remuneration Report	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	3	M	Approve Final Dividend of 17 Pence Per Ordinary Share	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	4	M	Re-elect Lord Hollick of Notting Hill as Director	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	5	M	Re-elect Nick Rose as Director	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	6	M	Re-elect Paul Walker as Director	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	7	M	Elect Todd Stitzer as Director	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	8	M	Elect Jon Symonds as Director	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	9	M	Reappoint KPMG Audit Plc as Auditors and Authorise Board to Fix Remuneration of Auditors	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	10	M	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 44,234,986	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	11	M	Amend Articles of Association Re: Treasury Shares	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	12	M	Authorise 305,752,223 Shares for Market Purchase	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	13	M	Amend Diageo Long Term Incentive Plan	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	14	M	Amend Diageo Executive Share Option Plan	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	15	M	Amend Discretionary Incentive Plan	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	16	M	Amend Diageo 2001 Share Incentive Plan	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	17	M	Amend Diageo UK Sharesave Scheme 2000	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	18	M	Amend Diageo 1999 Irish Sharesave Scheme	For	For
Diageo Plc (Formerly Guinness Plc)	GB0002374006	10/20/04	19	M	Amend Diageo Long Term Incentive Plan	For	For
Telecom Italia Spa.( formerly Olivetti Spa )	IT0003497176	10/25/04	1	M	Approve Report Re: Utilization of Savings Shares’ Special Reserve	None	For
Telecom Italia Spa.( formerly Olivetti Spa )	IT0003497176	10/25/04	2.1.A	M	Reelect Current Board Representative for Holders of Savings Shares, Carlo Pasteris	None	For
Telecom Italia Spa.( formerly Olivetti Spa )	IT0003497176	10/25/04	2.1.B	M	Elect New Candidate Designated by Saving Shareholders as Board Representative for Holders of Savings Shares	None	Against
Telecom Italia Spa.( formerly Olivetti Spa )	IT0003497176	10/25/04	2.2.A	M	Fix Board Representative for Holders of Savings Shares’ Term in Office to Three Years	None	For
Telecom Italia Spa.( formerly Olivetti Spa )	IT0003497176	10/25/04	2.2.B	M	Fix Board Representative of Holders of Savings Shares’ Term in Office To the Newly Proposed Term Presented by Saving Shareholders	None	Against
Telecom Italia Spa.( formerly Olivetti Spa )	IT0003497176	10/25/04	2.3.A	M	Fix Board Representative for Holders of Savings Shares’ Remuneration at EUR 36,152	None	For
Telecom Italia Spa.( formerly Olivetti Spa )	IT0003497176	10/25/04	2.3.B	M	Fix Board Representative for Holders of Savings Shares’ Remuneration To the Newly Proposed Amount Presented by Saving Shareholders	None	Against
Guoco Group Ltd.	BMG420981224	10/15/04	1	M	Approve Continuing Connected Transactions with a Related Party	For
Guoco Group Ltd.	BMG420981224	10/15/04	2	M	Approve Amendments to the Executive Share Option Scheme of GuocoLand Ltd. to Allow Options Over Existing GuocoLand Ltd. Shares	For
Guoco Group Ltd.	BMG420981224	10/15/04	3	M	Approve Amendments to the Executive Share Option Scheme of GuocoLand Ltd. to Comply with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Ltd.	For
Banco Santander Central Hispano (frmly banco Santander)	ES0113900J37	10/20/04	1	M	Issue 1.5 Billion Shares in Connection with Acquisition of Abbey National plc	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Banco Santander Central Hispano (frmly banco Santander)	ES0113900J37	10/20/04	2	M	Approve Continuation of Employee Stock Option Plan of Abbey National plc	For	For
Banco Santander Central Hispano (frmly banco Santander)	ES0113900J37	10/20/04	3	M	Authorize the Allocation of 100 Santander Shares to Each Abbey National Employee as Part of Compensation for Acquisition	For	Against
Banco Santander Central Hispano (frmly banco Santander)	ES0113900J37	10/20/04	4	M	Ratify Appointment of Management Board Member	For	For
Banco Santander Central Hispano (frmly banco Santander)	ES0113900J37	10/20/04	5	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Centrica PLC	GB0005734388	10/21/04	1	M	Approve Sub-Division of Ordinary Shares of 5 5/9 Pence Each into New Ordinary Shares of 50/81 of a Penny Each; and Consolidation of All New Ordinary Shares of 50/81 of a Penny Each into New Ordinary Shares of 6 14/81 Pence Each	For	For
Centrica PLC	GB0005734388	10/21/04	2	M	Authorise 349,705,272 Shares for Market Purchase	For	For
Kesko	FI0009000202	11/09/04	1	M	Approve Special Dividends of EUR 1 for Fiscal Year 2003	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	1	M	Accept Financial Statements and Statutory Reports	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	2	M	Elect David Gonski as Director	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	3	M	Elect Stephen Johns as Director	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	4	M	Elect Steven Lowy as Director	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	5	M	Elect Roy Furman as Director	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	6	M	Elect John Studdy as Director	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	7	M	Elect Gary Weiss as Director	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	8	M	Elect Francis Vincent as Director	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	9	M	Amend Articles RE: Increase Maximum Board Size from Twelve to Sixteen Directors	For	For
WESTFIELD GROUP	AU000000WDC7	11/12/04	10	M	Approve Remuneration of Directors in the Amount of AUD 1.8 Million	For	For
Wolseley PLC	GB0009764027	11/18/04	1	M	Accept Financial Statements and Statutory Reports	For	For
Wolseley PLC	GB0009764027	11/18/04	2	M	Approve Remuneration Report	For	For
Wolseley PLC	GB0009764027	11/18/04	3	M	Approve Final Dividend of 16 Pence Per Share	For	For
Wolseley PLC	GB0009764027	11/18/04	4	M	Elect Nigel Stein as Director	For	For
Wolseley PLC	GB0009764027	11/18/04	5	M	Elect Andy Duff as Director	For	For
Wolseley PLC	GB0009764027	11/18/04	6	M	Re-elect Charles Banks as Director	For	For
Wolseley PLC	GB0009764027	11/18/04	7	M	Re-elect Chip Hornsby as Director	For	For
Wolseley PLC	GB0009764027	11/18/04	8	M	Re-elect James Murray as Director	For	For
Wolseley PLC	GB0009764027	11/18/04	9	M	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	For	For
Wolseley PLC	GB0009764027	11/18/04	10	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Wolseley PLC	GB0009764027	11/18/04	11	M	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 50,000,000	For	For
Wolseley PLC	GB0009764027	11/18/04	12	M	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 7,313,728	For	For
Wolseley PLC	GB0009764027	11/18/04	13	M	Authorise 58,509,827 Shares for Market Purchase	For	For
Wolseley PLC	GB0009764027	11/18/04	14	M	Amend Wolseley plc 2002 Long-Term Incentive Scheme	For	For
Wolseley PLC	GB0009764027	11/18/04	15	M	Authorise EU Political Donations up to Aggregate Nominal Amount of GBP 125,000	For	For
Wolseley PLC	GB0009764027	11/18/04	16	M	Approve Increase in Remuneration of Non-Executive Directors from GBP 500,000 to GBP 750,000	For	For
General Property Trust	AU000000GPT8	11/17/04	1	M	Amend Constitution Re: Merger with Lend Lease Corporation Ltd.	For	For
General Property Trust	AU000000GPT8	11/17/04	2	M	Approve Merger with Lend Lease Corporation Ltd.	For	For
General Property Trust	AU000000GPT8	11/17/04	3	M	Approve Lend Lease Corporation Ltd. Subscription	For	For
General Property Trust	AU000000GPT8	11/17/04	4	M	Approve 3 Percent Creep by Lend Lease Corporation Ltd.	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	1	M	Open Meeting	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	2	M	Receive Report of Management Board	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	3	M	Discussion on Annual Report 2004 and Supervisory Board’s Report	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	4	M	Discussion about Company’s Corporate Governance Report	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	5a	M	Approve Financial Statements and Statutory Reports	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	5b	M	Approve Total Dividend of EUR 0.57 Per Ordinary Share	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	5c	M	Approve Discharge of Management Board	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	5d	M	Approve Discharge of Supervisory Board	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	6	M	Approve Remuneration Report Containing Remuneration Policy for Management Board Members	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	7	M	Approve Remuneration of Supervisory Board	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	8	M	Reelect H.M. Koorstra to Management Board	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	9a	M	Announce Vacancies on Supervisory Board	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	9b	M	Opportunity to Recommend Persons for Appointment to Supervisory Board	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	9c	M	Announcement by Supervisory Board of J.H.M. Hommen, G. Monnas, and S. Levy Nominated for Appointment	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	9d	M	Elect J.H.M. Hommen, G. Monnas, and S. Levy to Supervisory Board	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	9e	M	Announce Expected Vacancies on Supervisory Board in 2006	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	10a	M	Grant Board Authority to Issue Ordinary Shares Up to 10 Percent of Issued Share Capital (20 Percent in Connection with Merger or Acquisition)	For	Against
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	10b	M	Authorize Board to Restrict/Exclude Preemptive Rights from Issuance Under Item 10a	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	11	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	12	M	Approve Reduction of Share Capital via Cancellation of 20.7 Million Ordinary Shares	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	13	M	Amend Articles in Respect to Amendments to Book 2 of Dutch Civil Code in Connection with Adjustment to Large Companies Regime Act; Change Company Name to TNT N.V; Approve Technical Amendments	For	For
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	14	M	Allow Questions	None	None
TNT N.V.(frmely TPG and Tnt Post Group Nv)	NL0000009058	04/07/05	15	M	Close Meeting	None	None
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	1	M	Accept Financial Statements and Statutory Reports for the Year Ended June 30, 2004	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	2	M	Approve Final Dividend	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	3a	M	Reelect H.K. Cheng as Director	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	3b	M	Reelect Simon Ip as Director	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	3c	M	Reelect Terry Ng as Director	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	3d	M	Authorize Board to Fix Directors’ Remuneration	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	4	M	Reappoint Auditors and Authorize Board to Fix Their Remuneration	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	5a	M	Approve Repurchase of Up to 10 Percent of Issued Capital	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	5b	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	Against
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	5c	M	Authorize Reissuance of Repurchased Shares	For	For
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	6	M	Amend Articles Re: Voting at General Meetings, Removal of Directors, Indemnification of Directors or Officers of the Company	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Hang Lung Group Limited (Fm. Hang Lung Development Co.).	HK0010000088	11/23/04	7	M	Other Business (Voting)	For	Against
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	12/01/04	1	M	Approve Special Dividend of EUR 1 Per Share for Fiscal Year 2003	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	12/01/04	2	M	Authorize EUR 108 Million Capitalization of Reserves for 1:2 Bonus Issue	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	12/01/04	3	M	Amend Articles Re: Minimum (EUR 200 Million) and Maximum (EUR 800 Million) Size of Issued Share Capital	For	For
NEXT PLC	GB0032089863	11/29/04	1	M	Authorise 6 Million Shares Representing 2.3 Percent of the Company’s Issued Share Capital for Off-Market Purchase Pursuant to a Programme Agreement between the Company and Goldman Sachs International	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	1	M	Approve Merger by Absorption of Aventis by Sanofi-Aventis; Authorize Issuance of 19.1 Million Shares to Compensate Aventis Minority Shareholders	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	2	M	Approve Accounting Treatment of Absorption	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	3	M	Assume Obligations of 257,248 Outstanding Aventis Warrants; Authorize Issuance of Up to 301,984 Sanofi-Aventis Shares to Satisfy Conversion of Aventis Warrants	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	4	M	Assume Obligations of 48.08 Million Outstanding Aventis Stock Options; Authorize Issuance of Sanofi-Aventis Shares to Satisfy Conversion of Aventis Stock Options	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	5	M	Set Dec. 31, 2004, as Effective Date of Merger and Related Capital Increase to Aventis Minority Shareholders	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	6	M	Amend Articles to Reflect Changes in Capital	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	7	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo )	FR0000120578	12/13/04	8	M	Authorize Filing of Required Documents/Other Formalities	For	For
Norsk Hydro Asa	NO0005052605	12/01/04	1	M	Approve NOK 91.5 Million Reduction in Share Capital via Share Cancellation	For	For
Norsk Hydro Asa	NO0005052605	12/01/04	2	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Allied Domecq Plc	GB0007294571	01/28/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Allied Domecq Plc	GB0007294571	01/28/05	2	M	Approve Final Dividend of 9.67 Pence Per Share	For	For
Allied Domecq Plc	GB0007294571	01/28/05	3	M	Approve Remuneration Report	For	For
Allied Domecq Plc	GB0007294571	01/28/05	4	M	Re-elect Graham Hetherington as Director	For	For
Allied Domecq Plc	GB0007294571	01/28/05	5	M	Re-elect David Scotland as Director	For	For
Allied Domecq Plc	GB0007294571	01/28/05	6	M	Re-elect Richard Turner as Director	For	For
Allied Domecq Plc	GB0007294571	01/28/05	7	M	Reappoint KPMG Audit Plc as Auditors of the Company	For	For
Allied Domecq Plc	GB0007294571	01/28/05	8	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Allied Domecq Plc	GB0007294571	01/28/05	9	M	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 92,214,192.75	For	For
Allied Domecq Plc	GB0007294571	01/28/05	10	M	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 13,832,128.75	For	For
Allied Domecq Plc	GB0007294571	01/28/05	11	M	Authorise 110,657,031 Shares for Market Purchase	For	For
Allied Domecq Plc	GB0007294571	01/28/05	12	M	Authorise EU Political Donations up to GBP 80,000 and to Incur EU Political Expenditure up to GBP 20,000	For	For
Allied Domecq Plc	GB0007294571	01/28/05	13	M	Approve Allied Domecq PLC Performance Share Plan 2005	For	For
Allied Domecq Plc	GB0007294571	01/28/05	14	M	Amend Allied Domecq PLC Long Tern Incentive Scheme 1999	For	For
Stockmann AB OY	FI0009000236	12/08/04	1	M	Approve Special Dividend of EUR 1 Per Share for Fiscal Year 2003	For	For
Stockmann AB OY	FI0009000251	12/08/04	1	M	Approve Special Dividend of EUR 1 Per Share for Fiscal Year 2003	For	For
Australia & NZ Banking Group Ltd. (formerly	AU000000ANZ3	12/17/04	1	M	Accept Financial Statements and Statutory Reports	None	None
Australia & New
Australia & NZ Banking Group Ltd. (formerly	AU000000ANZ3	12/17/04	2a	M	Elect J. K. Ellis as Director	For	For
Australia & New
Australia & NZ Banking Group Ltd. (formerly	AU000000ANZ3	12/17/04	2b	M	Elect M. A. Jackson as Director	For	For
Australia & New
Australia & NZ Banking Group Ltd. (formerly	AU000000ANZ3	12/17/04	2c	M	Elect G. J. Clark as Director	For	For
Australia & New
Australia & NZ Banking Group Ltd. (formerly	AU000000ANZ3	12/17/04	2d	M	Elect D. E. Meiklejohn as Director	For	For
Australia & New
Australia & NZ Banking Group Ltd. (formerly	AU000000ANZ3	12/17/04	2e	M	Elect J. P. Morschel as Director	For	For
Australia & New
Australia & NZ Banking Group Ltd. (formerly	AU000000ANZ3	12/17/04	3	M	Approve Grant of 175,000 Performance Shares to John McFarlane, Managing Director and CEO	For	Against
Australia & New

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	2	M	Declare Final and Special Dividends of SGD 0.10 Per Share and SGD 0.11 Per Share, Respectively	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	3a	M	Reappoint Lim Chin Beng as Director	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	3b	M	Reappoint Lee Ek Tieng as Director	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	4a	M	Reelect Cheong Choong Kong as Director	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	4b	M	Reelect Yeo Ning Hong as Director	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	4c	M	Reelect Cham Tao Soon as Director	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	4d	M	Reelect Willie Cheng Jue Hiang as Director	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	5	M	Approve Directors’ Fees of SGD 787,500	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	6	M	Appoint Auditors and Authorize Board to Fix Their Remuneration	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	7	M	Other Business (Voting)	For	Against
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	8a	M	Approve Issuance of Shares without Preemptive Rights	For	For
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	8b	M	Approve Issuance of Shares and Grant of Options Pursuant to the Share Option Scheme	For	Against
Singapore Press Holdings Ltd.	SG1P66918738	12/06/04	8c	M	Authorize Share Repurchase Program	For	For
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	1	M	Open Meeting	None	None
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	2	M	Receive Report of Management Board	None	None
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	3	M	Approve Financial Statements and Statutory Reports	For	For
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	4	M	Discussion on Company’s Corporate Governance Structure	None	None
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	5	M	Receive Explanation on Company’s Reserves and Dividend Policy	None	None
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	6	M	Approve Dividend of EUR 2.39 Per Share	For	For
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	7	M	Approve Discharge of Management Board	For	For
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	8	M	Approve Discharge of Supervisory Board	For	For
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	9	M	Discussion on Supervisory Board Profile	None	None
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	10	M	Reelect KPMG Accountants N.V. as Auditors	For	For
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	11	M	Other Business (Non-Voting)	None	None
Corio N.V. (formerly VIB)	NL0000288967	04/27/05	12	M	Close Meeting	None	None
Abn Amro Holding Nv	NL0000301109	04/28/05	1	M	Receive Report of Management Board	None	None
Abn Amro Holding Nv	NL0000301109	04/28/05	2a	M	Approve Financial Statements and Statutory Reports	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	2b	M	Presentation on Dividend and Reserve Policy; Approve Dividend	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	2c	M	Approve Discharge of Management Board	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	2d	M	Approve Discharge of Supervisory Board	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	3	M	Approve Remuneration Report Containing Remuneration Policy for Management Board Members	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	4a	M	Elect Robert van den Bergh to Supervisory Board	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	4b	M	Elect Anthony Ruys to Supervisory Board	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	5a	M	Discussion about Company’s Corporate Governance Structure	None	None
Abn Amro Holding Nv	NL0000301109	04/28/05	5b	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	6	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	7a	M	Grant Board Authority to Issue Authorized Yet Unissued Ordinary Shares, Convertible Preference Shares, and Preference Financing Shares Up to 20 Percent of Issued Capital	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	7b	M	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 7a	For	For
Abn Amro Holding Nv	NL0000301109	04/28/05	8	M	Other Business (Non-Voting)	None	None
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	1	M	Open Meeting	None	None
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	2	M	Approve Indemnification of Supervisory Board Members	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	3	M	Approve Indemnification of Management Board Members	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	4	M	Approve Remuneration Report Containing Remuneration Policy for Management Board	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	5	M	Amend Articles	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.1A	M	Reelect B. Vos to Supervisory Board	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.1B	M	Elect H. Porte to Supervisory Board	Against	Against
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.2A	M	Reelect W. Borgdorff to Supervisory Board	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.2B	M	Elect H. Hanekamp to Supervisory Board	Against	Against
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.3A	M	Elect J. Doets to Supervisory Board	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.3B	M	Elect H. Porte to Supervisory Board	Against	Against
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.4A	M	Elect D. Doijer to Supervisory Board	For	For
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	6.4B	M	Elect H. Hanekamp to Supervisory Board	Against	Against
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	7	M	Other Business (Non-Voting)	None	None
Corio N.V. (formerly VIB)	NL0000288967	12/10/04	8	M	Close Meeting	None	None

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Cheung Kong Infrastructure	BMG2098R1025	12/14/04	1	M	Approve Acquisition of 100 Ordinary Shares in Blackwater F Ltd. and the Shareholders’ Agreement Relating to Gas Network Ltd.	For	For
Cheung Kong Infrastructure	BMG2098R1025	12/14/04	2	M	Approve Sale of the Entire Issued Capital of Alpha Central Profits Ltd.	For	For
Cheung Kong Infrastructure	BMG2098R1025	12/14/04	3	M	Approve Sale of 99 Ordinary Shares in the Capital of Gas Network Ltd.	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	12/14/04	1	M	Approve Acquisition of the Entire Issued Capital of Alpha Central Profits Ltd. and Ancillary Transactions	For	For
SMI (Societa Metallurgica Italiana SpA)	IT0003667257	12/29/04	1	M	Fix Number of Directors on the Board; Elect Directors for Fiscal Years 2004 and 2005; Determine Directors’ Remuneration	For	For
SMI (Societa Metallurgica Italiana SpA)	IT0003667257	12/29/04	1	M	Revoke Resolution Approved on May 13, 2004, Re: Merger Agreement of the Company into G.I.M. Generale Industrie Metallurgiche SpA	For	For
Isuzu Motors Ltd.	JP3137200006	12/22/04	1	M	Approve Capital Reduction Through Retirement of Class II Preferred Shares	For	For
Isuzu Motors Ltd.	JP3137200006	12/22/04	2	M	Approve Reduction in Capital Reserves	For	For
Isuzu Motors Ltd.	JP3137200006	12/22/04	3	M	Amend Articles to: Decrease Authorized Capital to Reflect Cancellation of Class II Preferred Shares	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	1	M	Accept Financial Statements and Statutory Reports	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	2	M	Approve Remuneration Report	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	3	M	Approve Final Dividend of 8 Pence Per Share	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	4a	M	Re-elect John Barton as Director	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	4b	M	Re-elect MT Rainey as Director	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	4c	M	Re-elect Kate Swann as Director	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	5a	M	Elect Walker Boyd as Director [NOTE: This Resolution will not be put to the Meeting]	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	5b	M	Elect Robert Walker as Director	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	6	M	Reappoint Deloitte & Touche LLP as Auditors and Authorise Board to Fix Remuneration of Auditors	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	7	M	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 1,299,252	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	8	M	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 194,887	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	9	M	Authorise 18,041,045 Shares for Market Purchase	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	10	M	Authorise Off-Market Purchases of 5 3/4 Percent Cumulative Preference Shares of GBP 1 each From Cazenove & Co Ltd	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	11	M	Authorise (i) Reduction of Share Capital by the Cancellation and Repayment of all of the Issued 5 3/4 Percent Cumulative Preference Shares of GBP 1 each; (ii) Deletion Preference Shares from the Articles of Association	For	For
WH Smith plc	GB00B02Q4M50	01/27/05	12	M	Amend Articles of Association Re: Treasury Shares, Unclaimed Dividends, Retirement of Directors and Electronic Communications	For	For
Merck KGAA	DE0006599905	03/31/05	1	M	Receive Financial Statements and Statutory Reports for Fiscal Year 2004	None	None
Merck KGAA	DE0006599905	03/31/05	2	M	Accept Financial Statements and Statutory Reports for Fiscal Year 2004	For	For
Merck KGAA	DE0006599905	03/31/05	3	M	Approve Allocation of Income and Dividends of EUR 0.80 per Share and Bonus Dividend of EUR 0.20 per Share	For	For
Merck KGAA	DE0006599905	03/31/05	4	M	Approve Discharge of Personally Liable Partners for Fiscal Year 2004	For	For
Merck KGAA	DE0006599905	03/31/05	5	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
Merck KGAA	DE0006599905	03/31/05	6	M	Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors for Fiscal Year 2005	For	For
Merck KGAA	DE0006599905	03/31/05	7	M	Approve Affiliation Agreements with Subsidiaries	For	For
Merck KGAA	DE0006599905	03/31/05	8	M	Adopt New Articles of Association	For	For
Merck KGAA	DE0006599905	03/31/05	9	M	Approve Creation of EUR 64.3 Million Pool of Conditional Capital with Partial Exclusion of Preemptive Rights	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	2	M	Approve Remuneration Report	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	3	M	Approve Final Dividend of 35 Pence Per Share	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	4	M	Re-elect Anthony Alexander as Director	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	5	M	Re-elect Derek Bonham as Director	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	6	M	Re-elect Gareth Davis as Director	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	7	M	Re-elect Robert Dyrbus as Director	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	8	M	Elect Susan Murray as Director	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	9	M	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	10	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	11.1	M	Authorise the Company to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000 and Incur EU Political Expenditure Not Exceeding GBP 25,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	11.2	M	Authorise Imperial Tobacco Ltd. to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000 and Incur EU Political Expenditure Not Exceeding GBP 25,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	11.3	M	Authorise Imperial Tobacco International Ltd. to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000 and Incur EU Political Expenditure Not Exceeding GBP 25,000	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Imperial Tobacco Group Plc	GB0004544929	02/01/05	11.4	M	Authorise Van Nelle Tabak Nederland B.V. to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000 and Incur EU Political Expenditure Not Exceeding GBP 25,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	11.5	M	Authorise John Player & Sons Ltd. to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000 and Incur EU Political Expenditure Not Exceeding GBP 25,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	11.6	M	Authorise Reemtsma Cigarettenfabriken GmbH to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000 and Incur EU Political Expenditure Not Exceeding GBP 25,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	11.7	M	Authorise Ets L. Lacroix Fils NV/SA to Make EU Political Donations up to Aggregate Nominal Amount of GBP 25,000 and Incur EU Political Expenditure Not Exceeding GBP 25,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	12	M	Approve Imperial Tobacco Group International Sharesave Plan	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	13	M	Amend Imperial Tobacco Group Share Matching Scheme	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	14	M	Amend Imperial Tobacco Group Long Term Incentive Plan	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	15	M	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 24,300,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	16	M	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 3,645,000	For	For
Imperial Tobacco Group Plc	GB0004544929	02/01/05	17	M	Authorise 72,900,000 Shares for Market Purchase	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	01/12/05	1	M	Open Meeting	None	None
Wessanen (Formerly Bolswessanen)	NL0000395309	01/12/05	2	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	01/12/05	3	M	Elect Management Board Member	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	01/12/05	4	M	Close Meeting	None	None
Nokia Corp.	FI0009000681	04/07/05	1	M	Receive Presentation on Annual Accounts	None	None
Nokia Corp.	FI0009000681	04/07/05	2	M	Accept Financial Statements and Statutory Reports	For	For
Nokia Corp.	FI0009000681	04/07/05	3	M	Approve Allocation of Income and Dividends of EUR 0.33 Per Share	For	For
Nokia Corp.	FI0009000681	04/07/05	4	M	Approve Discharge of Board and President	For	For
Nokia Corp.	FI0009000681	04/07/05	5	M	Approve Remuneration of Directors	For	For
Nokia Corp.	FI0009000681	04/07/05	6	M	Increase Number of Directors from Eight to Ten	For	For
Nokia Corp.	FI0009000681	04/07/05	7	M	Reelect Paul Collins, Georg Ehrnrooth, Bengt Holmstroem, Per Karlsson, Jorma Ollila, Marjorie Scardino, Vesa Vainio, and Arne Wessberg; Elect Dan Hesse and Edouard Michelin as New Directors	For	For
Nokia Corp.	FI0009000681	04/07/05	8	M	Approve Remuneration of Auditors	For	For
Nokia Corp.	FI0009000681	04/07/05	9	M	Reelect PricewaterhouseCoopers as Auditors	For	For
Nokia Corp.	FI0009000681	04/07/05	10	M	Approve Stock Option Plan for Selected Personnel; Approve Creation of EUR 1.5 Million Pool of Conditional Capital to Guarantee Conversion Rights	For	For
Nokia Corp.	FI0009000681	04/07/05	11	M	Approve Between EUR 10.56 Million and EUR 13.80 Million Reduction in Share Capital via Share Cancellation	For	For
Nokia Corp.	FI0009000681	04/07/05	12	M	Approve Creation of Maximum EUR 53.16 Million Pool of Conditional Capital without Preemptive Rights	For	For
Nokia Corp.	FI0009000681	04/07/05	13	M	Authorize Repurchase of Up to 221.60 Million Shares (Up to 443.20 Million Shares Subject to Pending Legislation)	For	For
Nokia Corp.	FI0009000681	04/07/05	14	M	Authorize Reissuance of Repurchased Shares	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.1	M	Elect Director Lawrence S. Bloomberg	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.2	M	Elect Director Pierre Bourgie	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.3	M	Elect Director Gerard Coulombe	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.4	M	Elect Director Bernard Cyr	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.5	M	Elect Director Shirley A. Dawe	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.6	M	Elect Director Nicole Diamond-Gelinas	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.7	M	Elect Director Jean Douville	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.8	M	Elect Director Marcel Dutil	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.9	M	Elect Director Jean Gaulin	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.1	M	Elect Director Paul Gobeil	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.11	M	Elect Director Real Raymond	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.12	M	Elect Director Roseann Runte	For	For
National Bank Of Canada	CA6330671034	03/02/05	1.13	M	Elect Director Marc P. Tellier	For	For
National Bank Of Canada	CA6330671034	03/02/05	2	M	Ratify Samson Belair/Deloitte & Touche as Auditors	For	For
National Bank Of Canada	CA6330671034	03/02/05	3	S	Close Subsidiaries in Tax Havens	Against	Against
National Bank Of Canada	CA6330671034	03/02/05	4	S	Fix a Maximum Wage Ceiling for Executive Officers	Against	Against
National Bank Of Canada	CA6330671034	03/02/05	5	S	Establish Term Limits for Directors	Against	Against
National Bank Of Canada	CA6330671034	03/02/05	6	S	Provide for Cumulative Voting	Against	Against
National Bank Of Canada	CA6330671034	03/02/05	7	S	Replace Executive Stock Option Plan With Restricted Share Plan	Against	Against
Fraser and Neave, Limited	SG1O43912722	01/27/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	2	M	Declare Final Dividend of SGD 0.35 Per Share	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Fraser and Neave, Limited	SG1O43912722	01/27/05	3a	M	Reappoint Michael Fam as Director	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	3b	M	Reappoint Lee Ek Tieng as Director	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	3c	M	Reappoint Stephen Lee as Director	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	4	M	Approve Directors’ Fees of SGD 547,000 for the Year Ended Sept. 30, 2005	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	5	M	Reappoint Auditors and Authorize Board to Fix Their Remuneration	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	6	M	Approve Issuance of Shares without Preemptive Rights	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	7	M	Approve Issuance of Shares and Grant of Options Pursuant to the Fraser and Neave, Limited Executives Share Option Scheme	For	For
Fraser and Neave, Limited	SG1O43912722	01/27/05	8	M	Approve Issuance of Shares and Grant of Options Pursuant to the Fraser and Neave, Limited Executives Share Option Scheme 1999	For	Against
Fraser and Neave, Limited	SG1O43912722	01/27/05	9	M	Other Business	For	Against
Rautaruukki Oy	FI0009003552	03/23/05	1.1	M	Receive Financial Statements and Statutory Reports	None	None
Rautaruukki Oy	FI0009003552	03/23/05	1.2	M	Receive Auditors’ Report	None	None
Rautaruukki Oy	FI0009003552	03/23/05	1.3	M	Receive Supervisory Board Report	None	None
Rautaruukki Oy	FI0009003552	03/23/05	1.4	M	Accept Financial Statements and Statutory Reports	For	For
Rautaruukki Oy	FI0009003552	03/23/05	1.5	M	Approve Allocation of Income and Dividends of EUR 0.80 Per Share	For	For
Rautaruukki Oy	FI0009003552	03/23/05	1.6	M	Approve Discharge of Supervisory Board, Board of Directors, and CEO	For	For
Rautaruukki Oy	FI0009003552	03/23/05	1.7	M	Approve Remuneration of Supervisory Board, Board of Directors, and Auditors	For	For
Rautaruukki Oy	FI0009003552	03/23/05	1.8	M	Fix Number of Supervisory Board Members; Elect Supervisory Board	For	For
Rautaruukki Oy	FI0009003552	03/23/05	1.9	M	Fix Number of Members of Board of Directors at 7; Reelect Jukka Viinanen, Georg Ehrnrooth, Christer Granskog, Pirkko Juntti, and Maarit Aarni; Elect Kalle J. Korhonen and Kiuri Schalin as New Directors	For	For
Rautaruukki Oy	FI0009003552	03/23/05	1.1	M	Appoint Ernst & Young Oy as Auditor	For	For
Rautaruukki Oy	FI0009003552	03/23/05	1.11	M	Other Business (Non-Voting)	None	None
Rautaruukki Oy	FI0009003552	03/23/05	2	M	Authorize Repurchase of Up to Five Percent of Issued Share Capital	For	For
Rautaruukki Oy	FI0009003552	03/23/05	3	M	Approve Creation of Pool of Conditional Capital without Preemptive Rights	For	For
Rautaruukki Oy	FI0009003552	03/23/05	4	S	Shareholder Proposal: Establish a Nominating Committee	None	Against
Rautaruukki Oy	FI0009003552	03/23/05	5	S	Shareholder Proposal: Increase Mandatory Retirement Age for Directors to 68	None	For
Rautaruukki Oy	FI0009003552	03/23/05	6	M	Reelect Jukka Viinanen, Georg Ehrnrooth, Christer Granskog, Pirkko Juntti, and Maarit Aarni; Elect Kalle J. Korhonen and Kiuri Schalin to Board of Directors	For	For
Rautaruukki Oy	FI0009003552	03/23/05	7	M	Appoint Ernst & Young Oy as Auditor	For	For
Rautaruukki Oy	FI0009003552	03/23/05	8	M	Approve Dividend of EUR 0.80 Per Share	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	1	M	Open Meeting	None	None
Akzo-Nobel Nv	NL0000009132	04/21/05	2	M	Receive Report of Management Board	None	None
Akzo-Nobel Nv	NL0000009132	04/21/05	3a	M	Approve Financial Statements and Statutory Reports	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	3b	M	Receive Explanation of Company’s Reserves and Dividend Policy	None	None
Akzo-Nobel Nv	NL0000009132	04/21/05	3c	M	Adoption of Dividend Proposal	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	4a	M	Approve Discharge of Management Board	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	4b	M	Approve Discharge of Supervisory Board	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	5	M	Fix Number of Members of Management Board at 4	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	6	M	Elect M.A. van den Bergh and Reelect A.E. Cohen to Supervisory Board	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	7	M	Discussion of Corporate Governance	None	None
Akzo-Nobel Nv	NL0000009132	04/21/05	8a	M	Approve Remuneration Report Containing Remuneration Policy for Management Board Members	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	8b	M	Approve Performance Related Share Plan for Executives	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	8c	M	Approve Revised Performance Related Option Plan for Executives	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	9	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	10a	M	Grant Board Authority to Issue Authorized Yet Unissued Common and/or Preferred Shares Up to 10 Percent of Issued Share Capital (20 Percent in Connection with Merger or Acquisition)	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	10b	M	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 10a	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	11	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Akzo-Nobel Nv	NL0000009132	04/21/05	12	M	Other Business (Non-Voting)	None	None
Kesko	FI0009000202	03/30/05	1.1	M	Receive Financial Statements and Statutory Reports	None	None
Kesko	FI0009000202	03/30/05	1.2	M	Receive Auditors’ Report	None	None
Kesko	FI0009000202	03/30/05	1.3	M	Accept Financial Statements and Statutory Reports	For	For
Kesko	FI0009000202	03/30/05	1.4	M	Approve Allocation of Income and Dividends of EUR 1 Per Share	For	For
Kesko	FI0009000202	03/30/05	1.5	M	Approve Discharge of Board and President	For	For
Kesko	FI0009000202	03/30/05	1.6	M	Approve Remuneration of Directors and Auditors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Kesko	FI0009000202	03/30/05	1.7	M	Fix Number of Directors at 7	For	For
Kesko	FI0009000202	03/30/05	1.8	M	Elect Kari Salminen as New Director	For	For
Kesko	FI0009000202	03/30/05	1.9	M	Appoint PricewaterhouseCoopers Oy as Auditors	For	For
Kesko	FI0009000202	03/30/05	2	M	Change Terms and Conditions of the 2000 Stock Option Scheme	For	Against
Societe Generale	FR0000130809	05/09/05	1	M	Approve Financial Statements and Statutory Reports	For
Societe Generale	FR0000130809	05/09/05	2	M	Approve Allocation of Income and Dividends of EUR 3.3 per Share	For
Societe Generale	FR0000130809	05/09/05	3	M	Accept Consolidated Financial Statements and Statutory Reports	For
Societe Generale	FR0000130809	05/09/05	4	M	Approve Special Auditors’ Report Regarding Absence Related-Party Transactions	For
Societe Generale	FR0000130809	05/09/05	5	M	Reelect Jean Azema as Director	For
Societe Generale	FR0000130809	05/09/05	6	M	Reelect Elisabeth Lulin as Director	For
Societe Generale	FR0000130809	05/09/05	7	M	Reelect Patrick Ricard as Director	For
Societe Generale	FR0000130809	05/09/05	8	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For
Societe Generale	FR0000130809	05/09/05	9	M	Reduce Range of Board Size from 15 to 13 Board Members; Reduce Number of Representatives of Employee Shareholders From 3 to 2, and Allow Use of Electronic Voting for Elections of Representatives of Employee Shareholders	For
Societe Generale	FR0000130809	05/09/05	10	M	Amend Articles to Increase Shareholding Disclosure Threshold from 0.5 Percent to 1.5 Percent	For
Societe Generale	FR0000130809	05/09/05	11	M	Authorize Up to One Percent of Issued Capital for Use in Restricted Stock Plan	For
Societe Generale	FR0000130809	05/09/05	12	M	Authorize Capital Increase of Up to Ten Percent Of Issued Capital for Future Acquisitions	For
Societe Generale	FR0000130809	05/09/05	A	S	Shareholder Proposal: Amend Articles of Association to Remove Voting Right Limitation of 15 Percent	Against
Societe Generale	FR0000130809	05/09/05	13	M	Authorize Filing of Required Documents/Other Formalities	For
Yue Yuen Industrial	BMG988031446	02/24/05	1	M	Accept Financial Statements and Statutory Reports for the Year Ended Sept. 30, 2004	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	2	M	Approve Final Dividend of HK$0.46 Per Share for the Year Ended Sept. 30, 2004	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	3a	M	Reelect Edward Y. Ku as Director	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	3b	M	Reelect Chan Lu Min as Director	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	3c	M	Reelect John J. D. Sy as Director	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	3d	M	Reelect So Kwan Lok as Director	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	3e	M	Reelect Poon Yiu Kin, Samuel as Director	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	3f	M	Reelect Tsai Pei Chun, Patty as Director	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	3g	M	Authorize Board to Fix the Remuneration of Directors	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	4	M	Approve Auditors and Authorize Board to Fix Their Remuneration	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	5a	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	Against
Yue Yuen Industrial	BMG988031446	02/24/05	5b	M	Approve Repurchase of Up to 10 Percent of Issued Capital	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	5c	M	Authorize Reissuance of Repurchased Shares	For	For
Yue Yuen Industrial	BMG988031446	02/24/05	6	M	Adopt New Bylaws of the Company	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	1	M	Open Meeting	None	None
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	2	M	Receive Report of Supervisory Board	None	None
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	3	M	Receive Report of Management Board	None	None
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	4a	M	Approve Financial Statements and Statutory Reports	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	4b	M	Approve Allocation of Income and Dividends of EUR 0.43 Per Share	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	5a	M	Approve Discharge of Management Board	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	5b	M	Approve Discharge of Supervisory Board	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	6	M	Grant Board Authority to Issue Authorized Yet Unissued Ordinary and Preference Shares up to 50 Percent of Issued Share Capital	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	7	M	Authorize Board to Limit or Exclude Preemptive Rights from Share Issuance Under Item 6	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	8	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	9	M	Reelect J. Brentjes and F. de Wit to Supervisory Board	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	10	M	Reelect S. Bergsma, J. Boll and L. Traas to Board of Stichting Administratiekantoor Preferente Aandelen Oce	For	For
Oce NV (Formerly Oce Van Der Grinten)	NL0000354934	04/15/05	11	M	Announcements, Allow Questions, and Close Meeting (non-voting)	None	None
Aegon NV	NL0000301760	04/21/05	1	M	Open Meeting	None	None
Aegon NV	NL0000301760	04/21/05	2a	M	Discussion of Annual Report	None	None
Aegon NV	NL0000301760	04/21/05	2b	M	Approve Financial Statements and Statutory Reports	For	For
Aegon NV	NL0000301760	04/21/05	2c	M	Discussion about Company’s Reserves and Dividend Policy	None	None
Aegon NV	NL0000301760	04/21/05	2d	M	Approve Total Dividend of EUR 0.42	For	For
Aegon NV	NL0000301760	04/21/05	2e	M	Approve Discharge of Executive Board	For	For
Aegon NV	NL0000301760	04/21/05	2f	M	Approve Discharge of Supervisory Board	For	For
Aegon NV	NL0000301760	04/21/05	3	M	Ratify Ernst & Young as Auditors	For	For
Aegon NV	NL0000301760	04/21/05	4	M	Discussion about Company’s Corporate Governance	None	None

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Aegon NV	NL0000301760	04/21/05	5a	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	For	For
Aegon NV	NL0000301760	04/21/05	5b	M	Authorize J.B.M. Streppel and E. Lagendijk to Execute Amendment to Articles of Incorporation	For	For
Aegon NV	NL0000301760	04/21/05	6	M	Approve Remuneration of Supervisory Board	For	For
Aegon NV	NL0000301760	04/21/05	7a	M	Reelect D.J. Shephard to Executive Board	For	For
Aegon NV	NL0000301760	04/21/05	7b	M	Reelect J.B.M. Streppel to Executive Board	For	For
Aegon NV	NL0000301760	04/21/05	8a	M	Elect S. Levy to Supervisory Board	For	For
Aegon NV	NL0000301760	04/21/05	8b	M	Reelect D.G. Eustace to Supervisory Board	For	For
Aegon NV	NL0000301760	04/21/05	8c	M	Reelect W.F.C. Stevens to Supervisory Board	For	For
Aegon NV	NL0000301760	04/21/05	8d	M	Announce Vacancies on Supervisory Board in 2006	None	None
Aegon NV	NL0000301760	04/21/05	9a	M	Grant Board Authority to Issue Authorized Yet Unissued Common Shares Up to 10 Percent of Issued Share Capital (20 Percent in Connection with Acquisition)	For	Against
Aegon NV	NL0000301760	04/21/05	9b	M	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 9a	For	For
Aegon NV	NL0000301760	04/21/05	9c	M	Authorize Board to Issue Common Shares Up to 1 Percent of Issued Share Capital for Incentive Plans	For	For
Aegon NV	NL0000301760	04/21/05	9d	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Aegon NV	NL0000301760	04/21/05	10	M	Other Business (Non-Voting)	None	None
Aegon NV	NL0000301760	04/21/05	11	M	Close Meeting	None	None
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	1	M	Open Meeting	None	None
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	2	M	Receive Report of Executive and Supervisory Boards	None	None
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	3a	M	Approve Financial Statements and Statutory Reports	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	3b	M	Approve Total Dividend of EUR 0.58 Per Share	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	3c	M	Approve Discharge of Executive Board	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	3d	M	Approve Discharge of Supervisory Board	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	4	M	Ratify KPMG Accountants as Auditors	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	5	M	Implementation of Corporate Governance Code	None	None
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	6	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	7a	M	Elect D.I. Jager to Supervisory Board	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	7b	M	Elect L.M. de Kool to Supervisory Board	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	7c	M	Elect F.H.J. Koffrie to Supervisory Board	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	8	M	Elect D.G. Viestra to Management Board	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	9	M	Approve Remuneration Report Containing Remuneration Policy for Executive Board Members	For	Against
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	10	M	Approve Remuneration of Supervisory Board	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	11	M	Grant Board Authority to Issue Authorized Yet Unissued Shares Up to 10 Percent of Issued Share Capital (20 Percent in Connection with Merger or Acquisition) Restricting/Excluding Preemptive Rights	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	12	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Wessanen (Formerly Bolswessanen)	NL0000395309	04/27/05	13	M	Close Meeting	None	None
Novo Nordisk A/S	DK0010280817	03/09/05	1	M	Receive Report of Board	None	None
Novo Nordisk A/S	DK0010280817	03/09/05	2	M	Receive and Accept Financial Statements and Statutory Reports; Approve Remuneration of Directors	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	3	M	Approve Allocation of Income	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.1	M	Reelect Mads Oevlisen as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.2	M	Reelect Sten Scheibye as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.3	M	Reelect Kurt Briner as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.4	M	Reelect Niels Jacobsen as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.5	M	Reelect Kurt Anker Nielsen as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.6	M	Reelect Joergen Wedel as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.7	M	Elect Henrik Guertler as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	4.8	M	Elect Goeran Ando as Director	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	5	M	Ratify PricewaterhouseCoopers as Auditors	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	6	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Novo Nordisk A/S	DK0010280817	03/09/05	7	M	Other Business (Non-Voting)	None	None
Electrabel	BE0003637486	05/12/05	1	M	Receive Directors’ and Auditors’ Reports on Annual Accounts and Consolidated Accounts	None	None
Electrabel	BE0003637486	05/12/05	2	M	Approve Allocation of Income and Dividends of EUR 15.76 per Share	For	For
Electrabel	BE0003637486	05/12/05	3	M	Approve Discharge of Directors	For	For
Electrabel	BE0003637486	05/12/05	4	M	Approve Discharge of Auditors	For	For
Electrabel	BE0003637486	05/12/05	5.1	M	Confirm Non-Reelection of Jacques Laurent	For	For
Electrabel	BE0003637486	05/12/05	5.2	M	Elect Yves de Gaulle as Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Electrabel	BE0003637486	05/12/05	5.3	M	Elect Robert-Olivier Leyssens as Director	For	For
Electrabel	BE0003637486	05/12/05	5.4	M	Approve Resignation of Klynveld Peat Marwick Goerdeler Reviseurs d’Entreprises/Bedrijfsrevisoren as Auditors	For	For
Electrabel	BE0003637486	05/12/05	5.5	M	Ratify Ernst & Young, Represented by Pierre Anciaux and Vincent Etienne, as Auditors	For	For
Electrabel	BE0003637486	05/12/05	5.6	M	Reappoint Deloitte & Touche, Represented by Philip Maeyaert and Josephus Vlaminckx as Auditors	For	For
Electrabel	BE0003637486	05/12/05	5.7	M	Approve Annual Remuneration of Auditors of EUR 1.38 Million	For	For
Electrabel	BE0003637486	05/12/05	6	M	Discuss Information on the Implementation of Belgian Corporate Governance Code	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	1	M	Receive Directors Reports	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	2	M	Receive Auditors’ Reports	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	3	M	Receive Consolidated Financial Statements and Statutory Reports (Non-Voting)	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	4	M	Receive Information Regarding Corporate Governance Issues	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	5	M	Accept Financial Statements and Dividends of EUR 1.12 Per Share	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	6	M	Approve Discharge of Directors	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	7	M	Approve Discharge of Auditors	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	8.1	M	Receive Notification on the Resignation of Director Baron Gui de Vaucleroy	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	8.2	M	Receive Notification on the Resignation of Director Baron Edgar-Charles de Cooman	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	8.3	M	Receive Notification on the Resignation of Director Frans Vreys	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	8.4	M	Reelect Compte Arnoud de Pret Roose de Calesberg as Director	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	8.5	M	Elect Luc Vansteenkiste as Director	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	8.6	M	Elect Jacques de Vaucleroy as Director	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	8.7	M	Elect Hugh G. Farrington as Director	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	9.1	M	Appoint Count de Pret Roose de Calesberg as Independent Director in Accordance with the Requirements of the Belgian Companies Code	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	9.2	M	Appoint Luc Vansteenkiste as Independent Director in Accordance with the Requirements of the Belgian Companies Code	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	9.3	M	Appoint Jacques de Vaucleroy as Independent Director in Accordance with the Requirements of the Belgian Companies Code	For	Against
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	9.4	M	Appoint Hugh G. Farrington as Independent Director in Accordance with the Requirements of the Belgian Companies Code	For	Against
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	10	M	Ratify Deloitte & Touche as Auditors	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	11	M	Approve Stock Option Plan	For	Against
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	12	M	Authorize Anticipated Exercising of Options With Respect to Performance Cash Plan	For	Against
SEGA SAMMY HOLDINGS INC.	JP3419050004	02/15/05	1	M	Approve Reduction in Legal Reserves	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	1	M	Receive Financial Statements, Annual Reports, and Auditors’ Reports For Past Three Fiscal Years for Almanij and KBC Bancassurance Holding S.A.; Receive Directors’ and Auditors’ Reports on Merger Agreement between Almanij and KBC Bancassurance Holding S.A.	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	2	M	Receive Communication Concerning Significant Changes to the Situation of the Assets and Liabilities of each Merging Company	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	3	M	Approve Merger By Absorption of Almanij by KBC Bancassurance Holding S.A.	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	4	M	Issue 264.4 Million Shares in Connection with Acquisition	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	5	M	Authorize Cancellation of Shares Repurchased Pursuant to the Merger	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	6	M	Amend Articles/Charter to Reflect Changes in Capital	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	7	M	Change Company Name to KBC Group	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	8	M	Allow Board to Use All Outstanding Capital Authorizations in the Event of a Public Tender Offer or Share Exchange Offer	For	Against
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	9	M	Amend Articles Re: Composition of Executive Committee, Interest of Executive Committee Members in Transactions, Representation of Executive Committee and Board of Directors, and Procedure for Shareholder Proposals	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	10	M	Approve Changes in Board Re: Confirm Resignations and Approve Election of Directors	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	11	M	Authorize the Board to Implement Approved Resolutions	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	12	M	Authorize Christel Haverans to File Amended Articles of Association	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	03/02/05	13	M	Authorize Peggy De Bock and Christel Haverans to File Required Documents/Formalities at Relevant Authorities	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.1	M	Receive Financial Statements and Statutory Reports	None	None
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.2	M	Receive Auditors’ Report	None	None
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.3	M	Accept Financial Statements and Statutory Reports	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.4	M	Approve Allocation of Income and Dividends of EUR 0.90 Per Share	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.5	M	Approve Discharge of Board and President	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.6	M	Approve Remuneration of Directors	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.7	M	Fix Number of Directors	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.8	M	Approve Remuneration of Auditors	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.9	M	Fix Number of Auditors	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.1	M	Elect Directors	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	1.11	M	Elect KPMG Wideri Oy Ab as Auditors	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	2a	M	Authorize Repurchase of Up to Five Percent of Issued Share Capital	For	For
Wartsila Oyj (Formerly Metra Oy)	FI0009003719	03/21/05	2b	M	Authorize Reissuance of Repurchased Shares	For	For
Dsm Nv	NL0000009769	04/06/05	1	M	Open Meeting	None	None
Dsm Nv	NL0000009769	04/06/05	2.a	M	Receive Report of Management Board	None	None
Dsm Nv	NL0000009769	04/06/05	2.b	M	Receive Presentation on Corporate Governance (Non-Voting)	None	None
Dsm Nv	NL0000009769	04/06/05	3.a	M	Approve Financial Statements and Statutory Reports	For	For
Dsm Nv	NL0000009769	04/06/05	3.b	M	Approve Dividends of EUR 1.75 Per Share (Whereof EUR 0.58 Interim Dividend Paid in Aug. 2004)	For	For
Dsm Nv	NL0000009769	04/06/05	3.c	M	Approve Discharge of Management Board	For	For
Dsm Nv	NL0000009769	04/06/05	3.d	M	Approve Discharge of Supervisory Board	For	For
Dsm Nv	NL0000009769	04/06/05	4	M	Presentation of Reserve and Dividend Policy (Non-Voting)	None	None
Dsm Nv	NL0000009769	04/06/05	5.a	M	Approve Remuneration Policy for Management Board Members, Including Approval of Option Scheme	For	For
Dsm Nv	NL0000009769	04/06/05	5.b	M	Adjust Remuneration of Supervisory Board	For	For
Dsm Nv	NL0000009769	04/06/05	6.a	M	Reelect Okko Muller to Supervisory Board	For	For
Dsm Nv	NL0000009769	04/06/05	6.b.1	M	Elect Claudio Sonder to Supervisory Board	For	For
Dsm Nv	NL0000009769	04/06/05	6.b.2	M	Elect Pierre Hochuli to Supervisory Board	For	For
Dsm Nv	NL0000009769	04/06/05	7	M	Elect Chris Goppelsroeder to Management Board	For	For
Dsm Nv	NL0000009769	04/06/05	8.a	M	Grant Board Authority to Issue Authorized Yet Unissued Shares up to 10% of Issued Share Capital (20% in Connection with Merger or Acquisition) and to Issue All Authorized Yet Unissued Preference Shares	For	Against
Dsm Nv	NL0000009769	04/06/05	8.b	M	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 8.a	For	For
Dsm Nv	NL0000009769	04/06/05	9	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Dsm Nv	NL0000009769	04/06/05	10	M	Other Business (Non-Voting)	None	None
Dsm Nv	NL0000009769	04/06/05	11	M	Close Meeting	None	None
Wereldhave NV	NL0000289213	03/31/05	1	M	Open Meeting	None	None
Wereldhave NV	NL0000289213	03/31/05	2	M	Discuss Minutes of Previous Meeting	None	None
Wereldhave NV	NL0000289213	03/31/05	3	M	Receive Report of Management Board	None	None
Wereldhave NV	NL0000289213	03/31/05	4	M	Explanation of Reserves and Dividend Policy	None	None
Wereldhave NV	NL0000289213	03/31/05	5	M	Possibility to Pose Questions to Auditor	None	None
Wereldhave NV	NL0000289213	03/31/05	6	M	Approve Financial Statements and Statutory Reports and Approve Dividend of EUR 4.50 per Ordinary Share	For	For
Wereldhave NV	NL0000289213	03/31/05	7	M	Approve Discharge of Management Board	For	For
Wereldhave NV	NL0000289213	03/31/05	8	M	Approve Discharge of Supervisory Board	For	For
Wereldhave NV	NL0000289213	03/31/05	9	M	Approve Remuneration Policy for Management Board; Approve Unchanged Remuneration for Supervisory Board	For	For
Wereldhave NV	NL0000289213	03/31/05	10.1A	M	Elect P. Essers to Supervisory Board	For	For
Wereldhave NV	NL0000289213	03/31/05	10.1B	M	Elect M. den Boogert to Supervisory Board	Against	Against
Wereldhave NV	NL0000289213	03/31/05	10.2A	M	Elect F. Arp to Supervisory Board	For	For
Wereldhave NV	NL0000289213	03/31/05	10.2B	M	Elect H. Oosters to Supervisory Board	Against	Against
Wereldhave NV	NL0000289213	03/31/05	11	M	Ratify PricewaterhouseCoopers N.V. as Auditors	For	For
Wereldhave NV	NL0000289213	03/31/05	12	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code	For	For
Wereldhave NV	NL0000289213	03/31/05	13	M	Allow Questions	None	None
Wereldhave NV	NL0000289213	03/31/05	14	M	Close Meeting	None	None
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	02/22/05	1	M	Approve Merger Agreement with Konami Computer Entertainment Studio, Konami Computer Entertainment Tokyo, and Konami Computer Entertainment Japan	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.1	M	Elect Director Michael N. Chernoff	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.2	M	Elect Director Ralph S. Cunningham	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.3	M	Elect Director Patrick D. Daniel	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.4	M	Elect Director Ian W. Delaney	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.5	M	Elect Director William R. Fatt	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.6	M	Elect Director Michael A. Grandin	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.7	M	Elect Director Barry W. Harrison	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.8	M	Elect Director Dale A. Lucas	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.9	M	Elect Director Ken F. McCready	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.1	M	Elect Director Gwyn Morgan	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.11	M	Elect Director Valerie A.A. Nielsen	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.12	M	Elect Director David P. O’Brien	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.13	M	Elect Director Jane L. Peverett	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.14	M	Elect Director Dennis A. Sharp	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	1.15	M	Elect Director James M. Stanford	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	2	M	Approve Auditors and Authorize Board to Fix Remuneration of Auditors	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	3	M	Amend Employee Stock Option Plan	For	For
ENCANA CORP[formerly PANCANADIAN ENERGY CORP	CA2925051047	04/27/05	4	M	Approve 2:1 Stock Split	For	For
ENDESA S.A.	ES0130670112	05/26/05	1	M	Approve Individual and Consolidated Financial Statements and Statutory Reports, and Discharge Directors	For	For
ENDESA S.A.	ES0130670112	05/26/05	2	M	Approve Allocation of Income and Dividends	For	For
ENDESA S.A.	ES0130670112	05/26/05	3	M	Approve Auditors for Company and Consolidated Group	For	For
ENDESA S.A.	ES0130670112	05/26/05	4	M	Authorize Repurchase of Shares	For	For
ENDESA S.A.	ES0130670112	05/26/05	5	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	For
ENDESA S.A.	ES0130670112	05/26/05	6	M	Authorize Issuance of Non-Convertible Debt Securities and Approve Listing of Securities on Secondary Markets	For	For
ENDESA S.A.	ES0130670112	05/26/05	7	M	Reelect Management Board Members	For	For
ENDESA S.A.	ES0130670112	05/26/05	8	M	Elect Members to Management Board	For	For
ENDESA S.A.	ES0130670112	05/26/05	9	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Sacyr Vallehrmoso (frmely Vallehermoso, S.A.)	ES0182870214	05/10/05	1	M	Approve Individual and Consolidated Financial Statements, and Statutory Reports for Fiscal Year Ended 12-31-04; Approve Discharge Directors	For	For
Sacyr Vallehrmoso (frmely Vallehermoso, S.A.)	ES0182870214	05/10/05	2	M	Approve Allocation of Income; Approve Increase of Voluntary Reserves Charged to Merger Revaluation Account (Law 76/1980), Finance Ministry Reserves Account (Order of 6/25/58), and Contingency Investment Account	For	For
Sacyr Vallehrmoso (frmely Vallehermoso, S.A.)	ES0182870214	05/10/05	3	M	Fix Number of and Elect Directors	For	For
Sacyr Vallehrmoso (frmely Vallehermoso, S.A.)	ES0182870214	05/10/05	4	M	Authorize Repurchase of Shares By Company and Subsidiaries	For	For
Sacyr Vallehrmoso (frmely Vallehermoso, S.A.)	ES0182870214	05/10/05	5	M	Approve EUR 8.3 Million Capital Increase Via Issuance of 8.3 Million Shares at EUR 1 Charged to Merger Revaluation Reserves; Amend Article 5; and Approve Listing of New Shares in Madrid, Barcelona, Bilbao, and Valencia Stock Exchanges, and Euronext Lisbon	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Sacyr Vallehrmoso (frmely Vallehermoso, S.A.)	ES0182870214	05/10/05	6	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Canadian Natural Resources Ltd.	CA1363851017	05/05/05	1	M	Elect Catherine M. Best, N. Murray Edwards, Gordon D. Giffin, John G. Langille, Keith A.J MacPhail, Allan B. Markin, James S Palmer, Eldon R. Smith and David A. Tuer as Directors	For	For
Canadian Natural Resources Ltd.	CA1363851017	05/05/05	2	M	Approve PricewaterhouseCoopers LLP as Auditors and Authorize Board to Fix Remuneration of Auditors	For	For
Canadian Natural Resources Ltd.	CA1363851017	05/05/05	3	M	Approve 2:1 Stock Split	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.1	M	Elect Director Michael R. Armellino	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.2	M	Elect Director A. Charles Baillie	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.3	M	Elect Director Hugh J. Bolton	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.4	M	Elect Director Purdy Crawford	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.5	M	Elect Director J.V. Raymond Cyr	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.6	M	Elect Director Gordon D. Giffin	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.7	M	Elect Director James K. Gray	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.8	M	Elect Director E. Hunter Harrison	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.9	M	Elect Director Edith E. Holiday	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.1	M	Elect Director V. Maureen Kempston Darkes	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.11	M	Elect Director Gilbert H. Lamphere	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.12	M	Elect Director Denis Losier	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.13	M	Elect Director Edward C. Lumley	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.14	M	Elect Director David G.A. McLean	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	1.15	M	Elect Director Robert Pace	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	2	M	Ratify KPMG LLP as Auditors	For	For
Canadian National Railway Co.	CA1363751027	04/21/05	3	M	Amend Management Long-Term Incentive Plan	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.1	M	Receive Financial Statements and Statutory Reports	None	None
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.2	M	Receive Auditors’ Report	None	None
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.3	M	Accept Financial Statements and Statutory Reports	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.4	M	Approve Allocation of Income and Dividends of EUR 0.20 Per Share	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.5	M	Approve Discharge of Board and President	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.6	M	Fix Number of Directors at 8; Approve Their Remuneration	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.7	M	Fix Numer of Auditors at 1; Approve Their Remuneration	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.8	M	Reelect Tom Berglund, Anne Brunila, Georg Ehrnrooth, Jyrki Juusela, Olli-Pekka Kallasvuo, Christoffer Taxell, Matti Vuoria, and Bjoern Wahlroos as Directors	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	1.9	M	Elect Ernst & Young as Auditors	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	2	M	Authorize Repurchase of Up to Five Percent of Series A Shares	For	For
Sampo Oyj (Formerly Sampo-Leonia Insurance Co.	FI0009003305	04/11/05	3	M	Amend Articles Re: Change Domicile from Turku to Helsinki; Remove Mandatory Retirement Age; Remove Requirement That Meeting Notice Be Published in at Least One Newspaper in Turku	For	For
Quebecor Inc.	CA7481932084	05/11/05	1	M	Elect Francoise Bertrand, Jean-Marc Eustache, Jean La Couture as Directors	For	For
Quebecor Inc.	CA7481932084	05/11/05	2	M	Approve KPMG LLP as Auditors and Authorize Board to Fix Remuneration of Auditors	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	1	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	2	M	Approve Financial Statements and Statutory Reports	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	3	M	Approve Allocation of Income and Dividends of EUR 2 per Share	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	5	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	6	M	Reelect Jean-Francois Lepetit as Director	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	7	M	Reelect Gerhard Cromme as Director	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	8	M	Reelect Francois Grappotte as Director	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	9	M	Reelect Helene Ploix as Director	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	10	M	Reelect Baudoin Prot as Director	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	11	M	Elect Loyola De Palacio Del Valle-Lersundi as Director to Replace Jacques Friedmann	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	12	M	Approve Remuneration of Directors in the Aggregate Amount of EUR 780,000	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	13	M	Authorize Filing of Required Documents/Other Formalities	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	14	M	Approve Stock Option Plan Grants	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	15	M	Approve Restricted Stock Plan to Directors and Employees of Company and its Subsidiaries	For	Against
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	16	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	17	M	Approve Change In Number Of Directors Elected By Employees	For	For
BNP Paribas SA (Fm. Banque Nationale De Paris)	FR0000131104	05/18/05	18	M	Authorize Filing of Required Documents/Other Formalities	For	For
Iberdrola S.A.	ES0144580018	03/17/05	1.1	M	Accept Individual and Consolidated Financial Statements	For	For
Iberdrola S.A.	ES0144580018	03/17/05	1.2	M	Accept Statutory Reports for Fiscal Year Ended December 31, 2004; Approve Discharge Directors	For	For
Iberdrola S.A.	ES0144580018	03/17/05	2	M	Approve Allocation of Income and Dividends for Fiscal Year Ended December 31, 2004	For	For
Iberdrola S.A.	ES0144580018	03/17/05	3	M	Authorize Issuance of Bonds/Debentures up to Aggregate Nominal Amount of EUR 5 Billion and Promisory Notes in the Amount of EUR 3 Billion	For	For
Iberdrola S.A.	ES0144580018	03/17/05	4	M	Authorize Repurchase of Shares and Subsequent Capital Reduction; Modify Article 5 of the Bylaws	For	For
Iberdrola S.A.	ES0144580018	03/17/05	5	M	Approve Listing and Delisting of Shares on Secondary Exchanges in Spain and Overseas	For	For
Iberdrola S.A.	ES0144580018	03/17/05	6	M	Approve Creation of Foundation	For	For
Iberdrola S.A.	ES0144580018	03/17/05	7	M	Reelect Auditors for Fiscal Year 2005	For	For
Iberdrola S.A.	ES0144580018	03/17/05	8	M	Ratify Appointment of Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	9.1	M	Elect Jose Ignacio Snachez Galan as Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	9.2	M	Elect Victor de Urrutia Vallejo as Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	9.3	M	Elect Ricardo Alvarez Isasi as Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	9.4	M	Elect Jose Ignacio Berroeta Echevarria as Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	9.5	M	Elect Juan Luis Arregui Ciarsolo as Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	9.6	M	Elect Julio de Miguel Aynat as Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	9.7	M	Elect Sebastian Battaner Arias as Director	For	For
Iberdrola S.A.	ES0144580018	03/17/05	10	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Iberdrola S.A.	ES0144580018	03/17/05	11	M	Elect Members to the Board of Directors	For	For
Fortis SA/NV	BE0003801181	05/25/05	1	M	Open Meeting	None	None
Fortis SA/NV	BE0003801181	05/25/05	2	M	Authorize Share Repurchase Program and Cancellation of Repurchased Shares	For	For
Fortis SA/NV	BE0003801181	05/25/05	3	M	Close Meeting	None	None
Zurich Financial Services AG	CH0011075394	04/19/05	1	M	Share Re-registration Consent	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	2	M	Approve Allocation of Income and Ommission of Dividends	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	3	M	Approve CHF 576 Million Reduction in Share Capital via Reduction of Par Value and Repayment of CHF 4.00 to Shareholders	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	4	M	Extend Authorization Term for Creation of CHF 39 Million Conditional Capital	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	5	M	Approve Discharge of Board and Senior Management	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	6.1.1	M	Elect Manfred Gentz as Director	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	6.1.2	M	Reelect Rosalind Gilmore as Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Zurich Financial Services AG	CH0011075394	04/19/05	6.1.3	M	Reelect Dana Mead as Director	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	6.1.4	M	Reelect Gerhard Schulmeyer as Director	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	6.2.1	M	Ratify PricewaterhouseCoopers AG as Auditors	For	For
Zurich Financial Services AG	CH0011075394	04/19/05	6.2.2	M	Ratify OBT AG as Special Statutory Auditors	For	For
Magna International Inc.	CA5592224011	05/03/05	1.1	M	Elect Director William H. Fike	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.2	M	Elect Director Manfred Gingl	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.3	M	Elect Director Michael D. Harris	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.4	M	Elect Director Edward C. Lumley	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.5	M	Elect Director Klaus Mangold	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.6	M	Elect Director Donald Resnick	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.7	M	Elect Director Royden R. Richardson	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.8	M	Elect Director Frank Stronach	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.9	M	Elect Director Franz Vranitzky	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	1.1	M	Elect Director Siegfried Wolf	For	Withhold
Magna International Inc.	CA5592224011	05/03/05	2	M	Approve Ernst & Young LLP as Auditors and Authorize the Audit Committee to Fix Their Remuneration	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	1	M	Share Re-registration Consent	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	1	M	Elect Claes Beyer as Chairman of Meeting	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	2	M	Prepare and Approve List of Shareholders	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	3	M	Approve Agenda of Meeting	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	4	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	5	M	Acknowledge Proper Convening of Meeting	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	6	M	Receive Financial Statements and Statutory Reports; Receive Report From Board and President	None	None
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	7	M	Accept Financial Statements and Statutory Reports	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	8	M	Approve Allocation of Income and Dividends of EUR 0.28 Per Share	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	9	M	Approve Discharge of Board and President	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	10	M	Determine Number of Members (11) and Deputy Members (0) of Board	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	11	M	Approve Remuneration of Directors in the Amount of EUR 220,000 for Chairman, EUR 90,000 for Vice Chairman, and EUR 70,000 for Other Directors Plus EUR 1,000 Per Extraordinary Board Meeting And Committee Meeting; Approve Remuneration of Auditors	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	12	M	Reelect Kjell Aamot, Harald Arnkvaern, Hans Dalborg, Gunnel Duveblad, Birgitta Kantola, Claus Madsen, Lars Nordstroem, Joergen Pedersen, Timo Peltola, and Maija Torkko as Directors; Elect Anne Lundholt as New Director	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	13	M	Authorize Chairman of Board and Representatives of Four of Company’s Largest Shareholders to Serve on Nominating Committee	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	14	M	Amend Corporate Purpose	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	15	M	Approve EUR 55.5 Million Reduction in Share Capital via Share Cancellation	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	16	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital For Purposes Other Than Equity Trading	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	17	M	Authorize Repurchase of Up to One Percent of Issued Share Capital For Equity Trading Purposes	For	For
Nordea Bank AB (formerly Nordea AB)	SE0000427361	04/08/05	18	M	Approve Remuneration Policy And Other Terms of Employment For Executive Management	For	For
Finnair Oy	FI0009003230	03/23/05	1	M	Share Re-registration Consent	For	For
Finnair Oy	FI0009003230	03/23/05	1.1	M	Receive Financial Statements and Statutory Reports	None	None
Finnair Oy	FI0009003230	03/23/05	1.2	M	Receive Auditors’ Report	None	None
Finnair Oy	FI0009003230	03/23/05	1.3	M	Accept Financial Statements and Statutory Reports	For	For
Finnair Oy	FI0009003230	03/23/05	1.4	M	Approve Allocation of Income and Dividends	For	For
Finnair Oy	FI0009003230	03/23/05	1.5	M	Approve Discharge of Board and President	For	For
Finnair Oy	FI0009003230	03/23/05	1.6	M	Approve Remuneration of Directors and Auditors	For	For
Finnair Oy	FI0009003230	03/23/05	1.7	M	Fix Number of Directors	For	For
Finnair Oy	FI0009003230	03/23/05	1.8	M	Reelect Christoffer Taxell, Samuli Haapasalo, Markku Hyvaerinen, Kari Jordan, Veli Sundbaeck, Helena Terho, and Kaisa Vikkula as Directors	For	For
Finnair Oy	FI0009003230	03/23/05	1.9	M	Elect PricewaterhouseCoopers Oy and Jyri Heikkinen as Auditors; Elect Matti Nykaenen and Tuomas Honkamaeki as Deputy Auditors	For	For
Finnair Oy	FI0009003230	03/23/05	2	M	Authorize Repurchase of Up to Five Percent of Issued Share Capital	For	For
Finnair Oy	FI0009003230	03/23/05	3	M	Authorize Reissuance of Repurchased Shares	For	For
Solvay S.A.	BE0003470755	06/02/05	1	M	Receive Directors’ and Auditors’ Reports	None	None
Solvay S.A.	BE0003470755	06/02/05	2	M	Receive Corporate Governance Report	None	None
Solvay S.A.	BE0003470755	06/02/05	3	M	Approve Financial Statements, Allocation of Income, and Dividends in the Amount of EUR 2.35 Per Share	For	For
Solvay S.A.	BE0003470755	06/02/05	4	M	Approve Discharge of Directors and Auditors	For	For
Solvay S.A.	BE0003470755	06/02/05	5.1	M	Elect Christian Jourquin as Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Solvay S.A.	BE0003470755	06/02/05	5.2	M	Elect Bernard de Laguiche as Director	For	For
Solvay S.A.	BE0003470755	06/02/05	5.3	M	Reelect Hubert de Wagen, Guy de Selliers de Moranville and Uwe-Ernst Bufe as Directors	For	For
Solvay S.A.	BE0003470755	06/02/05	5.4	M	Confirm Hubert de Wagen, Guy de Selliers de Moranville and Uwe-Ernst Bufe as Independent Directors	For	For
Solvay S.A.	BE0003470755	06/02/05	5.5	M	Confirm Whiston Sadler as Independent Director	For	Against
Solvay S.A.	BE0003470755	06/02/05	6	M	Approve Remuneration of Directors	For	For
Solvay S.A.	BE0003470755	06/02/05	7	M	Transact Other Business	None	None
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	1	M	Receive Directors’ Reports	None	None
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	2	M	Receive Auditors’ Reports	None	None
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	3	M	Acknowledge Information Received by Commission	None	None
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	4	M	Receive Consolidated Financial Statements and Statutory Reports (Non-Voting)	None	None
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	5	M	Approve Financial Statements, Allocation of Income and Dividends of EUR 1.64 per Share	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	6	M	Approve Discharge of Directors	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	7	M	Approve Discharge of Auditors	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	8.1	M	Approve Remuneration of Oren Shaffer	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	8.2	M	Approve Remuneration of Theo Dilissen	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	9	M	Transact Other Business	None	None
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	1	M	Share Re-registration Consent	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	1	M	Open Meeting	None	None
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	2	M	Elect Chairman of Meeting	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	3	M	Prepare and Approve List of Shareholders	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	4	M	Approve Agenda of Meeting	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	5	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	6	M	Acknowledge Proper Convening of Meeting	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	7	M	Receive Financial Statements and Statutory Reports; Receive President’s Report	None	None
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	8	M	Allow Questions	None	None
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	9	M	Accept Financial Statements and Statutory Reports	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	10	M	Approve Allocation of Income and Dividends of SEK 10 Per Share	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	11	M	Approve Discharge of Board and President	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	12	M	Determine Number of Members (9) and Deputy Members (0) of Board	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	13	M	Approve Remuneration of Directors in the Aggregate Amount of SEK 2.3 Million; Approve Remuneration of Auditors	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	14	M	Reelect Fredrik Lundberg, Carl Kempe, Hans Larsson, Goeran Lundin, Arne Maartensson, Bengt Pettersson, Lilian Fossum, Ulf Lundahl, and Magnus Hall as Directors	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	15	M	Receive Information Concerning Term of Auditors (KPMG Bohlins AB)	None	None
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	16	M	Authorize Chairman of Board and Representatives of Three of Company’s Largest Shareholders to Serve on Nominating Committee	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	17	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital and Reissuance of Repurchased Shares	For	For
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	18	S	Shareholder Proposal: Question to Board Concerning Absence of Policy on Human Rights	None	None
Holmen AB (Formerly Mo Och Domsjoe)	SE0000109290	04/05/05	20	M	Close Meeting	None	None
Gamma Holding NV	NL0000355824	04/28/05	1	M	Open Meeting	None	None
Gamma Holding NV	NL0000355824	04/28/05	2	M	Receive Report of Executive Board	None	None
Gamma Holding NV	NL0000355824	04/28/05	3	M	Approve Financial Statements and Statutory Reports	For	For
Gamma Holding NV	NL0000355824	04/28/05	4a	M	Receive Explanation on Company’s Reserves and Dividend Policy	None	None
Gamma Holding NV	NL0000355824	04/28/05	4b	M	Approve Allocation of Income and Dividends	For	For
Gamma Holding NV	NL0000355824	04/28/05	5a	M	Approve Discharge of Executive Board	For	For
Gamma Holding NV	NL0000355824	04/28/05	5b	M	Approve Discharge of Supervisory Board	For	For
Gamma Holding NV	NL0000355824	04/28/05	6a	M	Approve Remuneration Report Containing Remuneration Policy for Executive Board Members	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund-Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Gamma Holding NV	NL0000355824	04/28/05	6b	M	Approve Incentive Share Plan for Members of Executive Board	For	For
Gamma Holding NV	NL0000355824	04/28/05	7a	M	Discussion about Supervisory Board Profile	None	None
Gamma Holding NV	NL0000355824	04/28/05	7b	M	Reelect J.F. van Duyne to Supervisory Board; Elect A. Wateler to Supervisory Board	For	For
Gamma Holding NV	NL0000355824	04/28/05	8	M	Approve Remuneration of Supervisory Board	For	For
Gamma Holding NV	NL0000355824	04/28/05	9	M	Discussion about Company’s Corporate Governance Structure	None	None
Gamma Holding NV	NL0000355824	04/28/05	10	M	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	For	For
Gamma Holding NV	NL0000355824	04/28/05	11	M	Ratify PricewaterhouseCoopers Accountants N.V. as Auditors	For	For
Gamma Holding NV	NL0000355824	04/28/05	12a	M	Grant Board Authority to Issue Authorized Yet Unissued Shares Up to 10 Percent of Share Capital Restricting/Excluding Preemptive Rights	For	For
Gamma Holding NV	NL0000355824	04/28/05	12b	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Gamma Holding NV	NL0000355824	04/28/05	13	M	Other Business (Non-Voting)	None	None
Gamma Holding NV	NL0000355824	04/28/05	14	M	Close Meeting	None	None
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1	M	Share Re-registration Consent	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.1	M	Receive Financial Statements and Statutory Reports	None	None
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.2	M	Receive Auditors’ Report	None	None
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.3	M	Receive Supervisory Board Report	None	None
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.4	M	Accept Financial Statements and Statutory Reports	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.5	M	Approve Allocation of Income and Dividends of EUR 0.58 Per Share	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.6	M	Approve Discharge of Board and President	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.7	M	Approve Remuneration of Supervisory Board and Auditors	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.8	M	Fix Number of Members of Supervisory Board and Auditors	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.9	M	Elect Supervisory Board	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.1	M	Reelect Peter Fagernas, Birgitta Kantola, Birgitta Johansson-Hedberg, Lasse Kurkilahti, and Erkki Virtanen as Directors; Elect Matti Lehti and Marianne Lie as New Members	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	1.11	M	Reelect PricewaterhouseCoopers Ltd as Auditors	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	2	M	Approve Distribution of Neste Oil Corporation Shares as Dividend	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	3	M	Amend Articles 2,6,8,9,11,13, and 18	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	4	M	Approve Establishment of Fortumin Taidesaatio Foundation; Approve Donation of Initial Capital	For	For
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	5	S	Shareholder Proposal: Dissolve Supervisory Board	None	Against
Fortum Oyj (Formerly Neste Oy)	FI0009007132	03/31/05	6	S	Shareholder Proposal: Establish Nomination Committee	None	Against
Orkla A/S	NO0003733800	04/14/05	1	M	Approve Financial Statements and Statutory Reports; Approve Allocation of Income and Ordinary Dividends of NOK 4.50 per Share and Special Dividends of NOK 5 per Share	For	For
Orkla A/S	NO0003733800	04/14/05	2	M	Amend Articles Re: Stipulate that General Meeting Elect Two to Four Representatives to Serve on Nominating Committee with Chairman of Corporate Assembly; Specify Tasks of Nominating Committee	For	For
Orkla A/S	NO0003733800	04/14/05	3	M	Approve NOK 25.1 Million Reduction in Share Capital via Share Cancellation	For	For
Orkla A/S	NO0003733800	04/14/05	4	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital Until Next AGM	For	For
Orkla A/S	NO0003733800	04/14/05	5	M	Approve Creation of NOK 90 Million Pool of Conditional Capital without Preemptive Rights	For	For
Orkla A/S	NO0003733800	04/14/05	6	M	Reelect Arnkvaern, Grieg, Lie, Andresen, Aaser, and Kreutzer as Members of Corporate Assembly; Elect Sletteberg as New Member of Corporate Assembly; Elect Venold, Fossum, Hokholt, Roedsaether, Hoeegh, and Johnson as Deputy Members of Corporate Assembly	For	For
Orkla A/S	NO0003733800	04/14/05	7	M	Elect Rune Selmar and Leiv Askvig as New Members of Nominating Committee	For	For
Orkla A/S	NO0003733800	04/14/05	8	M	Approve Remuneration of Auditors	For	For
Sandvik Ab	SE0000667891	05/03/05	1	M	Share Re-registration Consent	For	For
Sandvik Ab	SE0000667891	05/03/05	1	M	Open Meeting	None	None
Sandvik Ab	SE0000667891	05/03/05	2	M	Elect Chairman of Meeting	For	For
Sandvik Ab	SE0000667891	05/03/05	3	M	Prepare and Approve List of Shareholders	For	For
Sandvik Ab	SE0000667891	05/03/05	4	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Sandvik Ab	SE0000667891	05/03/05	5	M	Approve Agenda of Meeting	For	For
Sandvik Ab	SE0000667891	05/03/05	6	M	Acknowledge Proper Convening of Meeting	For	For
Sandvik Ab	SE0000667891	05/03/05	7	M	Receive Financial Statements and Statutory Reports	None	None
Sandvik Ab	SE0000667891	05/03/05	8	M	Accept Financial Statements and Statutory Reports	For	For
Sandvik Ab	SE0000667891	05/03/05	9	M	Approve Discharge of Board and President	For	For
Sandvik Ab	SE0000667891	05/03/05	10	M	Approve Allocation of Income and Dividends of SEK 11 Per Share	For	For
Sandvik Ab	SE0000667891	05/03/05	11	M	Determine Number of Members (8) and Deputy Members (0) of Board	For	For
Sandvik Ab	SE0000667891	05/03/05	12	M	Approve Remuneration of Directors and Auditors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Sandvik Ab	SE0000667891	05/03/05	13	M	Reelect Georg Ehrnrooth, Clas Aake Hedstroem, Sigrun Hjelmquist, Egil Myklebust, Arne Maartensson, Lars Nyberg, Anders Nyren, and Lars Petterson as Directors	For	For
Sandvik Ab	SE0000667891	05/03/05	14	M	Amend Articles	For	For
Sandvik Ab	SE0000667891	05/03/05	15	M	Amend Articles Re: Redemption of Shares	For	For
Sandvik Ab	SE0000667891	05/03/05	16	M	Authorize Chairman of Board and Representatives of Four Largest Shareholders to Serve on Nominating Committee	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	1	M	Relect Andersen, Froestrup, Johannson, Larre, Leroey, Mohn, Roarsen, and Schilbred as Members of Supervisory Board; Elect Graendsen and Toemeraas as New Members of Supervisory Board; Elect 20 Deputy Members of Supervisory Board	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	2	M	Elect Helge Andresen, Frode Hassel, Kristin Normann, and Thorstein Oeverland as Members of Control Committee; Elect Svein Brustad and Anita Roarsen as Deputy Members of Control Committee	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	3	M	Elect Per Moeller and Benedicte Schilbred as Members of Nominating Committee	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	4	M	Approve Financial Statements and Statutory Reports; Approve Allocation of Income and Dividends of NOK 2.55 Per Share	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	5	M	Approve Remuneration of Auditors in the Amount of NOK 450,000 for 2004	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	6	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	7	M	Amend Articles Re: Editorial Changes; Establish Term of Board of Directors (One Year)	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	8	M	Establish Work Description for Nominating Committee	For	For
DNB NOR ASA(frmly DNB Holding ASA (Formerly Den Norske Bank AS))	NO0010031479	04/21/05	9	M	Receive Company Report on Corporate Governance	None	None
Skanska AB	SE0000113250	04/07/05	1	M	Share Re-registration Consent	For	For
Skanska AB	SE0000113250	04/07/05	1	M	Open Meeting	None	None
Skanska AB	SE0000113250	04/07/05	2	M	Elect Chairman of Meeting	For	For
Skanska AB	SE0000113250	04/07/05	3	M	Prepare and Approve List of Shareholders	For	For
Skanska AB	SE0000113250	04/07/05	4	M	Approve Agenda of Meeting	For	For
Skanska AB	SE0000113250	04/07/05	5	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Skanska AB	SE0000113250	04/07/05	6	M	Acknowledge Proper Convening of Meeting	For	For
Skanska AB	SE0000113250	04/07/05	7	M	Receive Chairman’s and President’s Reports	None	None
Skanska AB	SE0000113250	04/07/05	8	M	Receive Financial Statements and Statutory Reports; Receive Audit Committee Report	None	None
Skanska AB	SE0000113250	04/07/05	9	M	Accept Financial Statements and Statutory Reports	For	For
Skanska AB	SE0000113250	04/07/05	10	M	Approve Allocation of Income and Dividends of SEK 4 Per Share	For	For
Skanska AB	SE0000113250	04/07/05	11	M	Approve Discharge of Board and President	For	For
Skanska AB	SE0000113250	04/07/05	12	M	Amend Articles Re: Change Location of Registered Office from Malmoe to Solna; Specify that Audit Firm or Individual May be Appointed as Auditor; Editorial Changes	For	For
Skanska AB	SE0000113250	04/07/05	13	M	Determine Number of Members (9) and Deputy Members (0) of Board	For	For
Skanska AB	SE0000113250	04/07/05	14	M	Determine Number of Auditors (1 Auditing Company) and Deputy Auditors (0)	For	For
Skanska AB	SE0000113250	04/07/05	15	M	Approve Remuneration of Directors in the Aggregate Amount of SEK 4.1 Million; Approve Remuneration of Auditors	For	For
Skanska AB	SE0000113250	04/07/05	16	M	Reelect Roger Flanagan, Ulrika Francke, Jane Garvey, Stuart Graham, Soeren Gyll, Finn Johnsson, Sverker Martin-Loef, Arne Maartensson, and Anders Nyren as Directors	For	For
Skanska AB	SE0000113250	04/07/05	17	M	Ratify KPMG Bohlins as Auditors	For	For
Skanska AB	SE0000113250	04/07/05	18	M	Authorize Chairman of Board and Representatives of Five of Company’s Largest Shareholders to Serve on Nominating Committee	For	For
Skanska AB	SE0000113250	04/07/05	19.1	M	Approve Share Award Plan for Key Employees	For	Against
Skanska AB	SE0000113250	04/07/05	19.2	M	Create New Class of Shares (Class D Shares) in Connection with Share Award Plan (Item 19.1)	For	Against
Skanska AB	SE0000113250	04/07/05	19.3	M	Approve Issuance of 4.5 Million Class D Shares to Industrivaerden AB in Connection with Share Award Plan (Item 19.1)	For	Against
Skanska AB	SE0000113250	04/07/05	19.4	M	Authorize Repurchase of All Outstanding Class D Shares in Connection with Share Award Plan (Item 19.1)	For	Against
Skanska AB	SE0000113250	04/07/05	19.5	M	Authorize Reissuance of Repurchased Class D Shares to Key Employees for Share Award Plan (Item 19.1)	For	Against
Skanska AB	SE0000113250	04/07/05	20	M	Close Meeting	None	None
Norsk Hydro Asa	NO0005052605	05/03/05	1	M	Approve Financial Statements, Allocation of Income and Dividends of NOK 20 Per Share	For	For
Norsk Hydro Asa	NO0005052605	05/03/05	2	M	Receive Information Regarding Guidelines for Remuneration of Executive Management	None	None

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Norsk Hydro Asa	NO0005052605	05/03/05	3	M	Approve Remuneration of Auditor	For	For
Norsk Hydro Asa	NO0005052605	05/03/05	4	M	Reelect Westye Hoeegh and Reier Soeberg as Members of Nominating Committee	For	For
Norsk Hydro Asa	NO0005052605	05/03/05	5	S	Shareholder Proposal: Increase Allocation of Funds for Research & Development from 0.5 Percent to 2 Percent of Company’s Turnover	Against	Against
Canon Sales Co. Inc.	JP3243600008	03/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 11, Final JY 11, Special JY 0	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	2	M	Amend Articles to: Amend Business Lines	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.1	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.2	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.3	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.4	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.5	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.6	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.7	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.8	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.9	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.1	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.11	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.12	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.13	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.14	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.15	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	3.16	M	Elect Director	For	For
Canon Sales Co. Inc.	JP3243600008	03/29/05	4	M	Approve Retirement Bonus for Director	For	For
Dexia	BE0003796134	05/11/05	1	M	Accept Financial Statements	For	For
Dexia	BE0003796134	05/11/05	2	M	Approve Allocation of Income and Dividends of EUR 0.62 per Share	For	For
Dexia	BE0003796134	05/11/05	3	M	Approve Discharge of Directors	For	For
Dexia	BE0003796134	05/11/05	4	M	Approve Discharge of Auditors	For	For
Dexia	BE0003796134	05/11/05	5	M	Reelect Elio Di Rupo as Director	For	For
Dexia	BE0003796134	05/11/05	6	M	Reelect Francis Vermeiren as Director	For	For
Dexia	BE0003796134	05/11/05	7	M	Elect Director to Replace Thierry Breton Who Resigned	For	For
Dexia	BE0003796134	05/11/05	8	M	Ratify Gilles Benoist, Anne-Marie Idrac, Denis Kessler, Andre Levy-Lang, Roberto Mazzotta, Gaston Schwerter, Anne-Claire Taittinger, and Sir Brian Unwin as Independent Directors in Accordance with the Requirements of the Belgian Companies Code	For	For
Dexia	BE0003796134	05/11/05	9	M	Ratify PricewaterhouseCoopers, represented by Robert Pierce, as Auditors	For	For
Dexia	BE0003796134	05/11/05	10	M	Approve Remuneration of Auditors in the Amount of EUR 200,000	For	For
Dexia	BE0003796134	05/11/05	11	M	Approve Employee Stock Purchase Plan for Employees of U.S. Subsidiaries	For	For
Elkem ASA	NO0004031303	05/02/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Elkem ASA	NO0004031303	05/02/05	2	M	Approve Allocation of Income	For	For
Elkem ASA	NO0004031303	05/02/05	3	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Elkem ASA	NO0004031303	05/02/05	4	M	Elect Members and Deputy Members of Corporate Assembly	For	For
Elkem ASA	NO0004031303	05/02/05	5	M	Approve Remuneration of Members of Corporate Assembly	For	For
Elkem ASA	NO0004031303	05/02/05	6	M	Approve Remuneration of Auditors	For	For
Elkem ASA	NO0004031303	05/02/05	7	M	Approve Transformation of Company from Public Limited Company into Limited Liability Company	For	For
Elkem ASA	NO0004031303	05/02/05	8	M	Amend Articles to Reflect Proposal Under Item 7	For	For
Elkem ASA	NO0004031303	05/02/05	9	M	Approve Delisting of Shares from Oslo Stock Exchange	For	For
Elkem ASA	NO0004031303	05/02/05	10	M	Abolish Nominating Committee	For	For
Yara International ASA	NO0010208051	05/19/05	1	M	Elect Harald Arnkvaern as Chairman of Meeting; Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Yara International ASA	NO0010208051	05/19/05	2	M	Approve Financial Statements and Statutory Reports; Approve Allocation of Income and Dividends of NOK 2.25 Per Share	For	For
Yara International ASA	NO0010208051	05/19/05	3	M	Approve Remuneration of Auditors	For	For
Yara International ASA	NO0010208051	05/19/05	4	M	Approve Remuneration of Members of Nominating Committee	For	For
Yara International ASA	NO0010208051	05/19/05	5	M	Authorize Cancellation of 3 Million Repurchased Shares and Redemption of 1.7 Million Shares Held by Norwegian State	For	For
Yara International ASA	NO0010208051	05/19/05	6	M	Authorize Repurchase of Up to Five Percent of Issued Share Capital	For	For
Finmeccanica Spa	IT0001407847	05/31/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Finmeccanica Spa	IT0001407847	05/31/05	2	M	Elect Directors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Finmeccanica Spa	IT0001407847	05/31/05	3	M	Increase Remuneration of External Auditors, PriceWaterhouseCoopers Spa, In Connection To Introduction of International Accounting Standards	For	For
Finmeccanica Spa	IT0001407847	05/31/05	4	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares in Connection to Incentive Plans	For	Against
Finmeccanica Spa	IT0001407847	05/31/05	1	M	Approve 20:1 Share Consolidation	For	For
Finmeccanica Spa	IT0001407847	05/31/05	2	M	Amend Article 8 of the Bylaws	For	Against
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	1	M	Re-elect David Allen as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	2	M	Re-elect Lord Browne of Madingley as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	3	M	Re-elect John Bryan as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	4	M	Re-elect Antony Burgmans as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	5	M	Elect Iain Conn as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	6	M	Re-elect Erroll Davis, Jr. as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	7	M	Elect Douglas Flint as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	8	M	Re-elect Byron Grote as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	9	M	Re-elect Tony Hayward as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	10	M	Re-elect DeAnne Julius as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	11	M	Elect Sir Tom McKillop as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	12	M	Re-elect John Manzoni as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	13	M	Re-elect Walter Massey as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	14	M	Re-elect Michael Miles as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	15	M	Re-elect Sir Ian Prosser as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	16	M	Re-elect Michael Wilson as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	17	M	Re-elect Peter Sutherland as Director	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	18	M	Reappoint Ernst & Young LLP as Auditors and Authorise the Board to Determine Their Remuneration	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	19	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of USD 1,770 Million	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	20	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of USD 256 Million	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	21	M	Authorise 2.1 Billion Ordinary Shares for Market Purchase	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	22	M	Approve Remuneration Report	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	23	M	Approve Share Incentive Plan	For	For
BP PLC (Form. Bp Amoco Plc )	GB0007980591	04/14/05	24	M	Accept Financial Statements and Statutory Reports	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	1	M	Approve Financial Statements and Statutory Reports	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	2	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	3	M	Approve Allocation of Income and Dividends of EUR 5.40 per Share of which EUR 3.00 Remains to be Distributed	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	Against
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	5	M	Authorize Repurchase of Up to 24.4 Million Shares	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	6	M	Reelect Paul Desmarais Jr as Director	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	7	M	Reelect Bertrand Jacquillat as Director	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	8	M	Reelect Maurice Lippens as Director	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	9	M	Elect Lord Levene of Portsoken KBE as Director	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	10	M	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 4 Billion	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	11	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 1.8 Billion	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	12	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	For
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	13	M	Authorize Up to One Percent of Issued Capital for Use in Restricted Stock Plan	For	Against
Total SA (Formerly Total Fina Elf S.A )	FR0000120271	05/17/05	A	S	Shareholder Proposal: Authorize Up to One Percent of Issued Capital for Use in Restricted Stock Plan	Against	Against
HBOS PLC	GB0030587504	04/27/05	1	M	Accept Financial Statements and Statutory Reports	For	For
HBOS PLC	GB0030587504	04/27/05	2	M	Approve Remuneration Report	For	For
HBOS PLC	GB0030587504	04/27/05	3	M	Approve Final Dividend of 22.15 Pence Per Ordinary Share	For	For
HBOS PLC	GB0030587504	04/27/05	4	M	Elect Mark Tucker as Director	None	None
HBOS PLC	GB0030587504	04/27/05	5	M	Re-elect Dennis Stevenson as Director	For	For
HBOS PLC	GB0030587504	04/27/05	6	M	Re-elect Charles Dunstone as Director	For	For
HBOS PLC	GB0030587504	04/27/05	7	M	Re-elect Colin Matthew as Director	For	For
HBOS PLC	GB0030587504	04/27/05	8	M	Re-elect Anthony Hobson as Director	For	For
HBOS PLC	GB0030587504	04/27/05	9	M	Reappoint KPMG Audit Plc as Auditors and Authorise the Board to Determine Their Remuneration	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
HBOS PLC	GB0030587504	04/27/05	10	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 49,080,217	For	For
HBOS PLC	GB0030587504	04/27/05	11	M	Authorise 392,565,936 Ordinary Shares for Market Purchase	For	For
HBOS PLC	GB0030587504	04/27/05	12	M	Approve EU Political Donations up to GBP 100,000 and EU Political Expenditure up to GBP 100,000	For	For
HBOS PLC	GB0030587504	04/27/05	13	M	Approve Increase in Authorised Capital to GBP 4,685,000,000, EUR 3,000,000,000 and USD 4,500,000,000 by the Creation of Preference Shares	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	2	M	Confirm First Interim Dividend of USD 0.295 Per Share and Confirm as Final Dividend the Second Interim Dividend of USD 0.645 Per Share	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	3	M	Reappoint KPMG Audit Plc as Auditors of the Company	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	4	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5a	M	Re-elect Louis Schweitzer as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5b	M	Re-elect Hakan Mogren as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5c	M	Re-elect Sir Tom McKillop as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5d	M	Re-elect Jonathan Symonds as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5e	M	Elect John Patterson as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5f	M	Elect David Brennan as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5g	M	Re-elect Sir Peter Bonfield as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5h	M	Re-elect John Buchanan as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5i	M	Re-elect Jane Henney as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5j	M	Re-elect Michele Hooper as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5k	M	Re-elect Joe Jimenez as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5l	M	Re-elect Erna Moller as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5m	M	Re-elect Dame Bridget Ogilvie as Director	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	5n	M	Re-elect Marcus Wallenberg as Director	For	Against
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	6	M	Approve Remuneration Report	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	7	M	Approve AstraZeneca Performance Share Plan	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	8	M	Approve EU Political Donations and EU Political Expenditure up to USD 150,000	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	9	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of USD 136,488,521	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	10	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of USD 20,473,278	For	For
Astrazeneca Plc (Formerly Zeneca Plc)	GB0009895292	04/28/05	11	M	Authorise up to Ten Percent of the Issued Share Capital for Market Purchase	For	For
Barclays Plc	GB0031348658	04/28/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Barclays Plc	GB0031348658	04/28/05	2	M	Approve Remuneration Report	For	For
Barclays Plc	GB0031348658	04/28/05	3	M	Re-elect Sir Andrew Likierman as Director	For	For
Barclays Plc	GB0031348658	04/28/05	4	M	Re-elect Richard Clifford as Director	For	For
Barclays Plc	GB0031348658	04/28/05	5	M	Re-elect Matthew Barrett as Director	For	For
Barclays Plc	GB0031348658	04/28/05	6	M	Re-elect John Varley as Director	For	For
Barclays Plc	GB0031348658	04/28/05	7	M	Re-elect David Arculus as Director	For	For
Barclays Plc	GB0031348658	04/28/05	8	M	Re-elect Sir Nigel Rudd as Director	For	For
Barclays Plc	GB0031348658	04/28/05	9	M	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	For	For
Barclays Plc	GB0031348658	04/28/05	10	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Barclays Plc	GB0031348658	04/28/05	11	M	Approve Barclays PLC Performance Share Plan	For	For
Barclays Plc	GB0031348658	04/28/05	12	M	Authorise the Directors to Establish Supplements or Appendices to the Performance Share Plan	For	For
Barclays Plc	GB0031348658	04/28/05	13	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 538,163,237	For	For
Barclays Plc	GB0031348658	04/28/05	14	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 80,724,485	For	For
Barclays Plc	GB0031348658	04/28/05	15	M	Authorise 968,600,000 Ordinary Shares for Market Purchase	For	For
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 18, Final JY 18, Special JY 0	For	For
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	2.1	M	Elect Director	For	For
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	2.2	M	Elect Director	For	For
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	2.3	M	Elect Director	For	For
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	2.4	M	Elect Director	For	For
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	2.5	M	Elect Director	For	For
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	2.6	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Tonen General Sekiyu K.K.	JP3428600005	03/25/05	3	M	Appoint Alternate Internal Statutory Auditor	For	Against
Allied Irish Banks Plc	IE0000197834	04/27/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	2	M	Declare the Final Dividend of EUR 0.39	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3A	M	Elect Michael Buckley as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3B	M	Elect Adrian Burke as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3C	M	Elect Kieran Crowley as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3D	M	Elect Colm Doherty as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3E	M	Elect Padraic M. Fallon as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3F	M	Elect Dermot Gleeson as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3G	M	Elect Don Godson as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3H	M	Elect Derek Higgs as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3I	M	Elect Gary Kennedy as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3J	M	Elect John B. McGuckian as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3K	M	Elect Aidan McKeon as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3L	M	Elect Jim O’Leary as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3M	M	Elect Michael J. Sullivan as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3N	M	Elect Robert G. Wilmers as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	3O	M	Elect Jennifer Winter as a Director	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	4	M	Authorize Board to Fix Remuneration of KPMG Auditors	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	5	M	Authorize Share Repurchase of 90 Million Shares, Representing 10 Percent of the Share Capital	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	6	M	Set the Price Range for the Off-Market Reissue of Treasury Shares	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	7	M	Renew the Directors’ Authority to Allot Shares Representing 5 Percent of the Share Capital	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	8	M	Approve 2005 Performance Share Plan	For	For
Allied Irish Banks Plc	IE0000197834	04/27/05	9	S	Remove KPMG as Auditors	Against	Against
Allied Irish Banks Plc	IE0000197834	04/27/05	10	S	Appoint Niall Murphy, a Shareholder Nominee, as a Director	Against	Against
Kirin Brewery Co.	JP3258000003	03/30/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 6.5, Final JY 7, Special JY 0	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.1	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.2	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.3	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.4	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.5	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.6	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.7	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.8	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.9	M	Elect Director	For	For
Kirin Brewery Co.	JP3258000003	03/30/05	2.1	M	Elect Director	For	For
George Wimpey Plc	GB0009713446	04/14/05	1	M	Accept Financial Statements and Statutory Reports	For	For
George Wimpey Plc	GB0009713446	04/14/05	2	M	Approve Final Dividend of 10.8 Pence Per Share	For	For
George Wimpey Plc	GB0009713446	04/14/05	3	M	Re-elect Peter Johnson as Director	For	For
George Wimpey Plc	GB0009713446	04/14/05	4	M	Re-elect Andrew Carr-Locke as Director	For	For
George Wimpey Plc	GB0009713446	04/14/05	5	M	Re-elect Christine Cross as Director	For	For
George Wimpey Plc	GB0009713446	04/14/05	6	M	Re-appoint Peter Redfern as Director	For	For
George Wimpey Plc	GB0009713446	04/14/05	7	M	Reappoint PricewaterhouseCoopers LLP as Auditors and Authorise the Board to Determine Their Remuneration	For	For
George Wimpey Plc	GB0009713446	04/14/05	8	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 32,649,568	For	For
George Wimpey Plc	GB0009713446	04/14/05	9	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 4,897,435	For	For
George Wimpey Plc	GB0009713446	04/14/05	10	M	Authorise 39,179,481 Ordinary Shares for Market Purchase	For	For
George Wimpey Plc	GB0009713446	04/14/05	11	M	Approve Remuneration Report	For	Against
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	1	M	Approve Financial Statements, Allocation of Income, and Discharge Directors for Fiscal Year Ended 12-31-04	For	For
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	2	M	Present Amendments of the Board Governance Guidelines	For	For
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	3	M	Amend Articles 40, 47, and 38 of The Bylaws and Amend Chapter 2, Title 4 of the Board Governance Guidelines	For	For
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	4	M	Elect Directors	For	For
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	5	M	Approve Auditors for Company and Consolidated Group	For	For
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	6	M	Authorize Share Repurchase Program	For	For
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	7	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	For
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	8	M	Authorize Issuance of Convertible and Non-convertible Bonds without Preemptive Rights	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Repsol Ypf SA (Formerly Repsol, S.A.)	ES0173516115	05/30/05	9	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Bridgestone Corp.	JP3830800003	03/30/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 8, Final JY 6, Special JY 5	For	For
Bridgestone Corp.	JP3830800003	03/30/05	2	M	Authorize Share Repurchase Program	For	For
Bridgestone Corp.	JP3830800003	03/30/05	3	M	Amend Articles to: Decrease Authorized Capital from 1.5 Billion to 1.47 Billion to Reflect Share Repurchase	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.1	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.2	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.3	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.4	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.5	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.6	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.7	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.8	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.9	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	4.1	M	Elect Director	For	For
Bridgestone Corp.	JP3830800003	03/30/05	5	M	Appoint Internal Statutory Auditor	For	For
Bridgestone Corp.	JP3830800003	03/30/05	6	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	For
Bridgestone Corp.	JP3830800003	03/30/05	7	M	Approve Executive Stock Option Plan	For	For
Banca Intesa SPA (Formerly IntesaBci Spa )	IT0000072618	04/14/05	1	M	Accept Financial Statements and Statutory Reports; Accept Financial Statements and Statutory Reports of the Subsidiary Intesa Sistemi e Servizi Spa	For	For
Banca Intesa SPA (Formerly IntesaBci Spa )	IT0000072618	04/14/05	2	M	Elect Directors	For	For
Banca Intesa SPA (Formerly IntesaBci Spa )	IT0000072618	04/14/05	3.a	M	Appoint Board of Internal Statutory Auditors and its Chairman for Three-Year Term 2005-2007 - Majority Shareholder Slate	None	Against
Banca Intesa SPA (Formerly IntesaBci Spa )	IT0000072618	04/14/05	3.b	M	Appoint Internal Statutory Auditors and its Chairman for the Three-Year Term 2005-2007 - Minority Shareholder(s) Slate	None	For
Banca Intesa SPA (Formerly IntesaBci Spa )	IT0000072618	04/14/05	3.c	M	Approve Remuneration of Internal Statutory Auditors	None	For
Yamazaki Baking Co. Ltd.	JP3935600001	03/30/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 12, Special JY 0	For	For
Electrolux AB	SE0000103814	04/20/05	1	M	Share Re-registration Consent	For	For
Electrolux AB	SE0000103814	04/20/05	1	M	Elect Michael Treschow as Chairman of Meeting	For	For
Electrolux AB	SE0000103814	04/20/05	2	M	Prepare and Approve List of Shareholders	For	For
Electrolux AB	SE0000103814	04/20/05	3	M	Approve Agenda of Meeting	For	For
Electrolux AB	SE0000103814	04/20/05	4	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Electrolux AB	SE0000103814	04/20/05	5	M	Acknowledge Proper Convening of Meeting	For	For
Electrolux AB	SE0000103814	04/20/05	6	M	Receive Financial Statements and Statutory Reports	None	None
Electrolux AB	SE0000103814	04/20/05	7	M	Receive President’s Report	None	None
Electrolux AB	SE0000103814	04/20/05	8	M	Receive Board and Committee Reports; Receive Auditor’s Report	None	None
Electrolux AB	SE0000103814	04/20/05	9	M	Accept Financial Statements and Statutory Reports	For	For
Electrolux AB	SE0000103814	04/20/05	10	M	Approve Discharge of Board and President	For	For
Electrolux AB	SE0000103814	04/20/05	11	M	Approve Allocation of Income and Dividends of SEK 7 Per Share	For	For
Electrolux AB	SE0000103814	04/20/05	12	M	Determine Number of Members (10) and Deputy Members (0) of Board	For	For
Electrolux AB	SE0000103814	04/20/05	13	M	Approve Remuneration of Directors in the Aggregate Amount of SEK 4.6 Million; Approve Remuneration of Auditors	For	For
Electrolux AB	SE0000103814	04/20/05	14	M	Reelect Michael Treschow (Chair), Peggy Bruzelius, Hans Straaberg, Aina Nilsson Stroem, Barbara Thoralfsson, and Karel Vuursteen as Directors; Elect Louis Hughes, Tom Johnstone, Caroline Sundewall, and Marcus Wallenberg as New Directors	For	For
Electrolux AB	SE0000103814	04/20/05	15.1	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Electrolux AB	SE0000103814	04/20/05	15.2	M	Authorize Reissuance of Repurchased Shares	For	For
Electrolux AB	SE0000103814	04/20/05	16.1	M	Approve Restricted Stock Plan for Key Employees	For	Against
Electrolux AB	SE0000103814	04/20/05	16.2	M	Approve Reissuance of 1.5 Million Repurchased Class B Shares for Restricted Stock Plan (Item 16.1)	For	Against
Electrolux AB	SE0000103814	04/20/05	16.3	M	Approve Reissuance of 1.3 Million Repurchased Shares to Cover Expenses Connected to 1999-2003 Stock Option Plans	For	For
Electrolux AB	SE0000103814	04/20/05	17	M	Authorize Chairman of Board and Representatives of Four of Company’s Largest Shareholders to Serve on Nominating Committee	For	For
Electrolux AB	SE0000103814	04/20/05	18	M	Close Meeting	None	None
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	1	M	Accept Consolidated Financial Statements and Statutory Reports	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	2	M	Approve Financial Statements and Discharge Directors	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	3	M	Approve Allocation of Income and Dividends of EUR 1.2 per Share	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	5	M	Reelect Patrick Faure as Director	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	6	M	Reelect Bernard Huvelin as Director	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	7	M	Confirm Name Change of Auditor to Deloitte & Associes	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	8	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	9	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	10	M	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 400 Million	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	11	M	Authorize Issuance of Convertible Bonds with Preemptive Rights	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	12	M	Authorize Issuance of Convertible Bonds without Preemptive Rights	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	13	M	Authorize Board to Increase Capital in the Event of Demand Exceeding Amounts Proposed in Issuance Authorities	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	14	M	Authorize Capital Increase of Up to Ten Percent for Future Acquisitions	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	15	M	Approve Stock Option Plan Grants	For	Against
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	16	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	Against
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	17	M	Approve Capital Increase Reserved for Employees of Vinci International Subsidiaries Participating in Savings-Related Share Purchase Plan	For	Against
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	18	M	Authorize up to Ten Percent of Issued Capital for Use in Restricted Stock Plan	For	Against
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	19	M	Approve 2-for-1 Stock Split and Reduce Par Value from EUR 10 to EUR 5; Amend Articles 6 and 11 Accordingly	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	20	M	Authorize Issuance of Securities Convertible into Debt	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	21	M	Amend Article 11 to Reduce Board Term From Six to Four Years	For	For
Vinci (Formerly Societe Generale d’Entreprises)	FR0000125486	04/28/05	22	M	Authorize Filing of Required Documents/Other Formalities	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	2	M	Approve Final Dividend of 8.1 Pence Per Ordinary Share	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	3	M	Approve Remuneration Report	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	4	M	Re-elect Iain Napier as Director	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	5	M	Re-elect Peter Johnson as Director	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	6	M	Re-elect Andrew Dougal as Director	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	7	M	Reappoint Deloitte & Touche LLP as Auditors of the Company	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	8	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	9	M	Amend Taylor Woodrow 2004 Performance Share Plan	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	10	M	Authorise 58,555,012 Ordinary Shares as the Fixed Limit of Shares Available under the Taylor Woodrow Employee Stock Purchase Plan	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	11	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 47,333,883	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	12	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 7,341,154	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Taylor Woodrow PLC	GB0008782301	04/26/05	13	M	Authorise 58,729,236 Ordinary Shares for Market Purchase	For	For
Taylor Woodrow PLC	GB0008782301	04/26/05	14	M	Amend Articles of Association Re: Alternate Directors	For	For
Persimmon plc	GB0006825383	04/21/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Persimmon plc	GB0006825383	04/21/05	2	M	Approve Final Dividend of 27.5 Pence Per Ordinary Share	For	For
Persimmon plc	GB0006825383	04/21/05	3	M	Re-elect Duncan Davidson as Director	For	For
Persimmon plc	GB0006825383	04/21/05	4	M	Re-elect Michael Killoran as Director	For	For
Persimmon plc	GB0006825383	04/21/05	5	M	Re-elect John Millar as Director	For	For
Persimmon plc	GB0006825383	04/21/05	6	M	Re-elect Sir Chips Keswick as Director	For	Against
Persimmon plc	GB0006825383	04/21/05	7	M	Re-elect Hamish Melville as Director	For	For
Persimmon plc	GB0006825383	04/21/05	8	M	Reappoint KPMG Audit Plc as Auditors and Authorise the Board to Determine Their Remuneration	For	For
Persimmon plc	GB0006825383	04/21/05	9	M	Approve Remuneration Report	For	For
Persimmon plc	GB0006825383	04/21/05	10	M	Authorise 28,911,176 Ordinary Shares for Market Purchase	For	For
Persimmon plc	GB0006825383	04/21/05	11	M	Amend Articles of Association Re: Electronic Communications, CREST and Indemnification of Directors and Auditors	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	1	M	Share Re-registration Consent	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	1	M	Open Meeting; Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	2.1	M	Receive Report of Board	None	None
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	2.2	M	Approve Financial Statements and Consolidated Financial Statements for 2004; Approve Allocation of Income and Omission of Dividends	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	2.3	M	Approve Remuneration of Directors for 2004	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	2.4	M	Approve Remuneration of Auditors for 2004	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	2.5	M	Elect Directors	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	2.6	M	Elect Members of Nominating Committee	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	3.1	M	Amend Articles Re: Number of Members of Board of Directors (3-6 Members and Up To 3 Deputy Members); Number of Members of Nominating Committee (At Least 3 Members); Right to Sign for Company	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	3.2	M	Approve Transfer of NOK 1.2 Billion from Share Premium Reserve to Other Equity	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	3.3	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Kvaerner ASA (Formerly Aker Kvaerner AS)	NO0004684408	03/31/05	3.4	M	Approve Acquisition of AllShares in Kvaerner Philadelphia Shipyard	For	Against
Swisscom Ag	CH0008742519	04/26/05	1	M	Share Re-registration Consent	For	For
Swisscom Ag	CH0008742519	04/26/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Swisscom Ag	CH0008742519	04/26/05	2	M	Approve Allocation of Income and Dividends	For	For
Swisscom Ag	CH0008742519	04/26/05	3	M	Approve CHF 4.7 Million Reduction in Share Capital via Cancellation of Shares	For	For
Swisscom Ag	CH0008742519	04/26/05	4	M	Approve Discharge of Board and Senior Management	For	For
Swisscom Ag	CH0008742519	04/26/05	5.1	M	Reelect Markus Rauh as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	5.2.1	M	Reelect Francoise Demierre as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	5.2.2	M	Reelect Michel Gobet as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	5.2.3	M	Reelect Thorsten Kreindl as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	5.2.4	M	Reelect Richard Roy as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	5.2.5	M	Reelect Fides Baldesberger as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	5.2.6	M	Reelect Anton Scherrer as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	5.2.7	M	Reelect Othmar Vock as Director	For	For
Swisscom Ag	CH0008742519	04/26/05	6	M	Ratify KPMG Klynveld Peat Marwick Goerdeler SA as Auditors	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports for the Year Ended December 31, 2004	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	2	M	Declare Final Dividend of SGD 0.03007 Per Share Less Income Tax	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	3	M	Approve Directors’ Fees of SGD 433,500 for the Year Ended December 31, 2004 (2003: SGD 377,891)	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	4	M	Reelect Wang Kai Yuen as Director	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	5	M	Reelect Oo Soon Hee as Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	6	M	Reelect Ong Ah Heng as Director	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	7	M	Reappoint Deloitte & Touche as Auditors and Authorize Board to Fix Their Remuneration	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	8	M	Approve Issuance of Shares without Preemptive Rights	For	For
COMFORTDELGRO CORP LTD	SG1N31909426	04/29/05	9	M	Approve Issuance of Shares and Grant of Options Pursuant to the ComfortDelGro Employees Share Option Scheme	For	Against
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	2	M	Approve Final Dividend of 14.07 Pence Per Ordinary Share	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	3	M	Approve Remuneration Report	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	4	M	Elect Sir Richard Broadbent as Director	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	5	M	Re-elect Steve Lonsdale as Director	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	6	M	Re-elect Steve Clayton as Director	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	7	M	Re-elect David Martin as Director	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	8	M	Reappoint PricewaterhouseCoopers LLP as Auditors and Authorise the Board to Determine Their Remuneration	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	9	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to the Authorised but Unissued Share Capital of the Company at the Date of the Passing of this Resolution	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	10	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 489,374	For	For
Arriva PLC (formerly Cowie Group)	GB0002303468	04/20/05	11	M	Authorise 29,362,485 Ordinary Shares for Market Purchase	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	1	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	2	M	Amend Articles to Authorize Shareholders to Vote by Mail	For	For
Groupe Belgacom(frmly BELGACOM SA DE DROIT PUBLIC)	BE0003810273	04/13/05	3	M	Authorize Implementation of Approved Resolutions and Filing of Required Documents/Formalities at Trade Registry	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	1	M	Share Re-registration Consent	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	2	M	Approve Discharge of Board and Senior Management	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	3	M	Approve Allocation of Income and Omission of Dividends	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	4.1	M	Reelect Andreas Gubler as Director	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	4.2	M	Elect Werner Kuster as Director	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	4.3	M	Ratify PricewaterhouseCoopers AG as Auditors	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	5	M	Approve CHF 2.7 Million Reduction in Share Capital Via Cancellation of Repurchased Shares	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	6	M	Approve CHF 29.7 Million Reduction in Share Capital via Repayment of CHF 9 to Shareholders	For	For
Valora Holding AG (formerly Merkur Holding)	CH0002088976	04/27/05	7	M	Amend Articles Re: Reduce Threshold for Submitting Shareholder Proposals	For	For
Michelin Et Cie.	FR0000121261	05/20/05	1	M	Approve Financial Statements and Statutory Reports	For	For
Michelin Et Cie.	FR0000121261	05/20/05	2	M	Approve Allocation of Income and Dividends of EUR 1.25 per Share	For	For
Michelin Et Cie.	FR0000121261	05/20/05	3	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Michelin Et Cie.	FR0000121261	05/20/05	4	M	Approve Special Auditors’ Report Regarding Absence of Related-Party Transactions	For	For
Michelin Et Cie.	FR0000121261	05/20/05	5	M	Approve Accounting Transfer from Long-Term Capital Gains Accounts to Other Reserve	For	For
Michelin Et Cie.	FR0000121261	05/20/05	6	M	Reelect Laurence Parisot as Supervisory Board Member	For	For
Michelin Et Cie.	FR0000121261	05/20/05	7	M	Reelect Patrick Cox as Supervisory Board Member	For	For
Michelin Et Cie.	FR0000121261	05/20/05	8	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Michelin Et Cie.	FR0000121261	05/20/05	9	M	Amend Articles of Association to Adopt Michel Rollier as Limited Managing Partner	For	For
Michelin Et Cie.	FR0000121261	05/20/05	10	M	Amend Articles of Association to Remove Nationality Requirement to Qualify for Double Voting Rights	For	For
Acciona Sa (Formerly Grupo Acciona Sa (Formerly Cubiertas Y	ES0125220311	05/12/05	1	M	Accept Individual and Consolidated Financial Statements and Statutory Reports for Fiscal Year 2004	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Acciona Sa (Formerly Grupo Acciona Sa (Formerly Cubiertas Y	ES0125220311	05/12/05	2	M	Accept Statutory Reports; Approve Discharge of Directors	For	For
Acciona Sa (Formerly Grupo Acciona Sa (Formerly Cubiertas Y	ES0125220311	05/12/05	3	M	Approve Allocation of Income and Dividends of EUR 0.99	For	For
Acciona Sa (Formerly Grupo Acciona Sa (Formerly Cubiertas Y	ES0125220311	05/12/05	4	M	Authorize Repurchase of Shares By Company and Subsidiaries	For	For
Acciona Sa (Formerly Grupo Acciona Sa (Formerly Cubiertas Y	ES0125220311	05/12/05	5	M	Elect Management Board	For	For
Acciona Sa (Formerly Grupo Acciona Sa (Formerly Cubiertas Y	ES0125220311	05/12/05	6	M	Reelect Auditors for Company and Consolidated Group	For	For
Acciona Sa (Formerly Grupo Acciona Sa (Formerly Cubiertas Y	ES0125220311	05/12/05	7	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	1	M	Share Re-registration Consent	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	1	M	Open Meeting	None	None
Banque Cantonale Vaudoise	CH0015251710	05/12/05	2	M	Receive Directors’ Report	None	None
Banque Cantonale Vaudoise	CH0015251710	05/12/05	3	M	Accept Financial Statements and Statutory Reports	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	4	M	Approve Discharge of Board and Senior Management	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	5	M	Approve Allocation of Income	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	6	M	Ratify Auditors	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	7	M	Approve Conversion of Participation Certificates into Registered Shares	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	8	M	Approve Reduction in Share Capital	For	For
Banque Cantonale Vaudoise	CH0015251710	05/12/05	9	M	Transact Other Business (Non-Voting)	None	None
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	1	M	Elect Sven Unger as Chairman of Meeting	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	2	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	3	M	Prepare and Approve List of Shareholders	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	4	M	Approve Agenda of Meeting	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	5	M	Acknowledge Proper Convening of Meeting	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	6	M	Receive Consolited Financial Statements and Statutory Reports; Receive President’s Report	None	None
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	7	M	Accept Financial Statements and Statutory Reports	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	8	M	Approve Allocation of Income and Dividends of SEK 1.20 Per Share	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	9	M	Approve Discharge of Board and President	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	10	M	Determine Number of Members (8) and Deputy Members (0) of Board	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	11	M	Approve Remuneration of Directors in the Amount of SEK 750,000 for Chairman, SEK 550,000 for Deputy Chairman, and SEK 400,000 for Other Board Members; Approve Remuneration of Audit Committee	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	12	M	Reelect Carl Bennet, Eva Liljeblom, Lennart Laaftman, Sven-Christer Nilsson, Timo Peltola, Paul Smits, Caroline Sundewall, and Tom von Weymarn as Directors	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	13	M	Elect Tom von Weymarn as Chairman and Carl Bennet as Deputy Chairman of Board of Directors	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	14	M	Authorize Share Repurchase Program; Allow Company to Acquire a Maximum of 187 Million Shares From TeliaSonera Shareholders	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	15	M	Approve Reduction in Share Premium Account by SEK 52.7 Billion	For	For
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	16	S	Shareholder Proposal: Authorize General Meeting to Elect Members (5 to 7) of Election Committee Including Chairman of the Board, Four Representatives of Company’s Largest Shareholders, and Two Other Members	None	Against
Teliasonera AB (Formerly TELIA AB)	SE0000667925	04/26/05	17	S	Shareholder Proposal: Authorize Board to Pay Compensation to Former Management Team of Sonera Corporation U.S.	None	Against
CRH Plc	IE0001827041	05/04/05	1	M	Accept Financial Statements and Statutory Reports	For	For
CRH Plc	IE0001827041	05/04/05	2	M	Declare Dividend	For	For
CRH Plc	IE0001827041	05/04/05	3a	M	Elect T.W. Hill as Director	For	For
CRH Plc	IE0001827041	05/04/05	3b	M	Elect D.M. Kennedy as Director	For	For
CRH Plc	IE0001827041	05/04/05	3c	M	Elect K. McGowan as Director	For	For
CRH Plc	IE0001827041	05/04/05	3d	M	Elect A. O’Brien as Director	For	For
CRH Plc	IE0001827041	05/04/05	3e	M	Elect J.L. Wittstock as Director	For	For
CRH Plc	IE0001827041	05/04/05	3f	M	Elect N. Hartery as Director	For	For
CRH Plc	IE0001827041	05/04/05	3g	M	Elect J.M.C. O’Connor as Director	For	For
CRH Plc	IE0001827041	05/04/05	4	M	Authorize Board to Fix Remuneration of Auditors	For	For
CRH Plc	IE0001827041	05/04/05	5	M	Approve Remuneration of Directors	For	For
CRH Plc	IE0001827041	05/04/05	6	M	Authorize Share Repurchase Program of 10% of Outstanding Ordinary Share Capital	For	For
CRH Plc	IE0001827041	05/04/05	7	M	Authorize Reissuance of Repurchased Shares	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
CRH Plc	IE0001827041	05/04/05	8	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to the Aggregate Nominal Value of EUR 9,056,000	For	For
Altana AG	DE0007600801	05/04/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Altana AG	DE0007600801	05/04/05	2	M	Approve Allocation of Income and Dividends of EUR 0.95 per Share	For	For
Altana AG	DE0007600801	05/04/05	3	M	Approve Discharge of Management Board for Fiscal Year 2004	For	For
Altana AG	DE0007600801	05/04/05	4	M	Approve Discharge of Supervisory Board for Fiscal Year 2004	For	For
Altana AG	DE0007600801	05/04/05	5	M	Ratify PwC Deutsche Revision AG as Auditors for Fiscal Year 2005	For	For
Altana AG	DE0007600801	05/04/05	6	M	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Proposed Changes in German Law (Company Integrity and Modernization of Shareholder Lawsuits Regulation)	For	For
Altana AG	DE0007600801	05/04/05	7	M	Authorize Share Repurchase Program and Reissuance or Cancellation of Repurchased Shares	For	For
Swedish Match Ab	SE0000310336	04/27/05	1	M	Share Re-registration Consent	For	For
Swedish Match Ab	SE0000310336	04/27/05	1	M	Elect Chairman of Meeting	For	For
Swedish Match Ab	SE0000310336	04/27/05	2	M	Prepare and Approve List of Shareholders	For	For
Swedish Match Ab	SE0000310336	04/27/05	3	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Swedish Match Ab	SE0000310336	04/27/05	4	M	Acknowledge Proper Convening of Meeting	For	For
Swedish Match Ab	SE0000310336	04/27/05	5	M	Approve Agenda of Meeting	For	For
Swedish Match Ab	SE0000310336	04/27/05	6	M	Receive Financial Statements and Statutory Reports; Receive President’s, Board, and Committee Reports	None	None
Swedish Match Ab	SE0000310336	04/27/05	7	M	Accept Financial Statements and Statutory Reports	For	For
Swedish Match Ab	SE0000310336	04/27/05	8	M	Approve Allocation of Income and Dividends of SEK 1.90 Per Share	For	For
Swedish Match Ab	SE0000310336	04/27/05	9	M	Approve Stock Option Plan for Key Employees	For	For
Swedish Match Ab	SE0000310336	04/27/05	10	M	Amend Articles Re: Set Range for Minimum (SEK 300 Million) and Maximum (SEK 1.2 Billion) Issued Share Capital	For	For
Swedish Match Ab	SE0000310336	04/27/05	11	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Swedish Match Ab	SE0000310336	04/27/05	12	M	Approve Reissuance of 907,408 Repurchased Shares for 1999-2004 Stock Option Plans	For	For
Swedish Match Ab	SE0000310336	04/27/05	13	M	Approve SEK 28.8 Million Reduction in Share Capital via Share Cancellation	For	For
Swedish Match Ab	SE0000310336	04/27/05	14	M	Approve Reduction in Share Capital via Lowering of Par Value from SEK 2.40 to SEK 1.20	For	For
Swedish Match Ab	SE0000310336	04/27/05	15	M	Approve SEK 114 Million Transfer of Reserves to Unrestricted Shareholders’ Equity	For	For
Swedish Match Ab	SE0000310336	04/27/05	16	M	Approve Discharge of Board and President	For	For
Swedish Match Ab	SE0000310336	04/27/05	17	M	Determine Number of Members (8) and Deputy Members (0) of Board	For	For
Swedish Match Ab	SE0000310336	04/27/05	18	M	Approve Remuneration of Directors in the Amount of SEK 750,000 for Chairman and SEK 300,000 for Other Directors; Approve Remuneration for Committee Work in the Aggregate Amount of SEK 400,000	For	For
Swedish Match Ab	SE0000310336	04/27/05	19	M	Reelect Bernt Magnusson, Jan Blomberg, Tuve Johannesson, Arne Jurbrant, Karsten Slotte, and Meg Tiveus as Directors; Elect Sven Hindrikes and Kersti Strandqvist as New Directors	For	For
Swedish Match Ab	SE0000310336	04/27/05	20	M	Approve Amendment of Instructions for Nomination Committee	For	For
Swedish Match Ab	SE0000310336	04/27/05	21	M	Elect Joachim Spetz, Marianne Nilsson, Carl Rosen, Pernilla Klein, and Bernt Magnusson as Members of Nominating Committee	For	For
Swedish Match Ab	SE0000310336	04/27/05	22	M	Amend Articles Re: Stipulate that General Meeting Approves Remuneration of Chairman, Other Directors, and Committee Members, Respectively; Stipulate that Board Chairman Be Elected By General Meeting	For	For
Swedish Match Ab	SE0000310336	04/27/05	23	M	Other Business (Non-Voting)	None	None
Sembcorp Industries Limited	SG1G26864940	04/26/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports for the Year Ended December 31, 2004	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	2	M	Declare Final Dividend of SGD 0.05 Per Share Less Income Tax	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	3	M	Reelect Peter Seah Lim Huat as Director	For	Against
Sembcorp Industries Limited	SG1G26864940	04/26/05	4	M	Reelect Lua Cheng Eng as Director	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	5	M	Reelect Colin Au Fook Yew as Director	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	6	M	Reelect Evert Henkes as Director	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	7	M	Approve Directors’ Fees of SGD 635,166 for the Year Ended December 31, 2004 (2003: SGD 675,321)	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	8	M	Reappoint KPMG as Auditors and Authorize Board to Fix Their Remuneration	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	9	M	Approve Issuance of Shares without Preemptive Rights	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	10	M	Approve Issuance of Shares and Grant of Options Pursuant to the SembCorp Industries Share Option Plan, SembCorp Industries Performance Share Plan and SembCorp Industries Restricted Stock Plan	For	Against
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	2	M	Approve Final Dividend	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	3a1	M	Reelect Ho Hau Chong, Norman as Director	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	3a2	M	Reelect Kan Yuet Loong, Michael as Director	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	3a3	M	Reelect Lau Yum Chuen, Eddie as Director	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	3a4	M	Reelect Au Siu Kee, Alexander as Director	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	3a5	M	Reelect Wu King Cheong as Director	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	3b	M	Authorize Board to Fix the Remuneration of the Directors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	4	M	Reappoint KPMG as Auditors and Authorize Board to Fix Their Remuneration	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	5	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	Against
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	6	M	Approve Repurchase of Up to 10 Percent of Issued Capital	For	For
Hong Kong Ferry (Holdings) Co. Ltd.	HK0050000345	05/06/05	7	M	Authorize Reissuance of Repurchased Shares	For	For
Capitaland Limited	SG1J27887962	04/29/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports for the Year Ended December 31, 2004	For	For
Capitaland Limited	SG1J27887962	04/29/05	2	M	Declare First and Final Dividend of SGD 0.05 Per Share and Special Dividend of SGD 0.01 Per Share	For	For
Capitaland Limited	SG1J27887962	04/29/05	3	M	Approve Directors’ Fees of SGD 1.0 Million for the Year Ended December 31, 2004 (2003: SGD 971,340)	For	For
Capitaland Limited	SG1J27887962	04/29/05	4a	M	Reelect Liew Mun Leong as Director	For	Against
Capitaland Limited	SG1J27887962	04/29/05	4b	M	Reelect Richard Edward Hale as Director	For	For
Capitaland Limited	SG1J27887962	04/29/05	4c	M	Reelect Peter Seah Lim Huat as Director	For	For
Capitaland Limited	SG1J27887962	04/29/05	5a	M	Reelect Richard Hu Tsu Tau as Director	For	For
Capitaland Limited	SG1J27887962	04/29/05	5b	M	Reelect Hsuan Owyang as Director	For	For
Capitaland Limited	SG1J27887962	04/29/05	5c	M	Reelect Lim Chin Beng as Director	For	For
Capitaland Limited	SG1J27887962	04/29/05	6	M	Reappoint KPMG as Auditors and Authorize Board to Fix Their Remuneration	For	For
Capitaland Limited	SG1J27887962	04/29/05	7	M	Other Business (Voting)	For	Against
Capitaland Limited	SG1J27887962	04/29/05	8a	M	Approve Issuance of Shares without Preemptive Rights	For	For
Capitaland Limited	SG1J27887962	04/29/05	8b	M	Approve Issuance of Shares and Grant of Options Pursuant to the CapitaLand Share Option Plan, the CapitaLand Performance Share Plan and the CapitaLand Restricted Stock Plan	For	Against
Bongrain SA	FR0000120107	04/27/05	1	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	Against
Bongrain SA	FR0000120107	04/27/05	2	M	Approve Financial Statements and Statutory Reports	For	For
Bongrain SA	FR0000120107	04/27/05	3	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Bongrain SA	FR0000120107	04/27/05	4	M	Approve Allocation of Income and Dividends of EUR 1.60 per Share	For	For
Bongrain SA	FR0000120107	04/27/05	5	M	Approve Accounting Transfer from Special Long-Term Capital Gains Account to Other Reserve	For	For
Bongrain SA	FR0000120107	04/27/05	6	M	Ratify Daniel Bracquart as Director	For	Against
Bongrain SA	FR0000120107	04/27/05	7	M	Reelect Alex Bongrain, Armand Bongrain, Daniel Bracquart, Jacques Gairard, Michel Godet, Bernard Houlot, Jean-William Mattras, Jorge Mercader Miro, Xavier Paul-Renard, Jurgen Reimnitz, Georges Robin, and Jean-Hugues Vadot as Directors	For	Against
Bongrain SA	FR0000120107	04/27/05	8	M	Authorize Repurchase of Up to 6.75 Percent of Issued Share Capital	For	For
Bongrain SA	FR0000120107	04/27/05	9	M	Authorize Filing of Required Documents/Other Formalities	For	For
Bongrain SA	FR0000120107	04/27/05	1	M	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 61.7 Million	For	Against
Bongrain SA	FR0000120107	04/27/05	2	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	For
Bongrain SA	FR0000120107	04/27/05	3	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
Bongrain SA	FR0000120107	04/27/05	4	M	Approve Stock Option Plan Grants	For	Against
Bongrain SA	FR0000120107	04/27/05	5	M	Amend Articles of Association Re: Appointment of Vice-Chairman	For	For
Bongrain SA	FR0000120107	04/27/05	6	M	Amend Articles of ASsociation Re: Organization and Convening of Board Meetings	For	For
Bongrain SA	FR0000120107	04/27/05	7	M	Authorize Filing of Required Documents/Other Formalities	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	1	M	Share Re-registration Consent	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	1	M	Elect Sven Unger as Chairman of Meeting	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	2	M	Receive President’s Report	None	None
Hennes & Mauritz AB	SE0000106270	04/26/05	3	M	Prepare and Approve List of Shareholders	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	4	M	Approve Agenda of Meeting	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	5	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	6	M	Acknowledge Proper Convening of Meeting	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	7.1	M	Receive Auditor’s Report and Audit Committee Report	None	None
Hennes & Mauritz AB	SE0000106270	04/26/05	7.2	M	Receive Board’s Report	None	None
Hennes & Mauritz AB	SE0000106270	04/26/05	7.3	M	Receive Report of Nominating Committee	None	None
Hennes & Mauritz AB	SE0000106270	04/26/05	8.1	M	Accept Financial Statements and Statutory Reports	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	8.2	M	Approve Allocation of Income and Dividends of SEK 8 Per Share	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	8.3	M	Approve Discharge of Board and President	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	9	M	Determine Number of Members (7) and Deputy Members (2) of Board	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	10	M	Approve Remuneration of Directors in the Aggregate Amount of SEK 3.9 Million; Approve Remuneration of Auditors	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	11	M	Reelect Fred Andersson, Werner Hofer, Sussi Kvart, Bo Lundquist, Stig Nordfelt, Stefan Persson, and Melker Schoerling as Directors; Reelect Jan Jacobsen and Rolf Eriksen as Deputy Members	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	12	M	Ratify Aasa Lundvall and Erik Aastroem as Auditors; Ratify Torsten Lyth and Anders Wiger as Deputy Auditors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Hennes & Mauritz AB	SE0000106270	04/26/05	13	M	Authorize Chairman of Board and Representatives of Five of Company’s Largest Shareholders to Serve on Nominating Committee	For	For
Hennes & Mauritz AB	SE0000106270	04/26/05	14	M	Other Business (Non-Voting)	None	None
NEXT PLC	GB0032089863	05/18/05	1	M	Accept Financial Statements and Statutory Reports	For	For
NEXT PLC	GB0032089863	05/18/05	2	M	Approve Remuneration Report	For	For
NEXT PLC	GB0032089863	05/18/05	3	M	Approve Final Dividend of 28 Pence Per Ordinary Share	For	For
NEXT PLC	GB0032089863	05/18/05	4	M	Elect Jonathan Dawson as Director	For	For
NEXT PLC	GB0032089863	05/18/05	5	M	Elect Christine Cross as Director	For	For
NEXT PLC	GB0032089863	05/18/05	6	M	Re-elect Simon Wolfson as Director	For	For
NEXT PLC	GB0032089863	05/18/05	7	M	Re-elect Andrew Varley as Director	For	For
NEXT PLC	GB0032089863	05/18/05	8	M	Reappoint Ernst & Young LLP as Auditors and Authorise the Board to Determine Their Remuneration	For	For
NEXT PLC	GB0032089863	05/18/05	9	M	Approve Next Management Share Option Plan	For	For
NEXT PLC	GB0032089863	05/18/05	10	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 8,500,000	For	For
NEXT PLC	GB0032089863	05/18/05	11	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 1,300,000	For	For
NEXT PLC	GB0032089863	05/18/05	12	M	Authorise 39,000,000 Ordinary Shares for Market Purchase	For	For
NEXT PLC	GB0032089863	05/18/05	13	M	Authorise the Company to Enter Into Contingent Share Purchase Contracts with Each of Goldman Sachs International, UBS AG and Deutsche Bank AG.	For	For
NEXT PLC	GB0032089863	05/18/05	14	M	Amend Articles of Association Re: Indemnification of Directors	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	1	M	Share Re-registration Consent	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	2	M	Approve Discharge of Board and Senior Management	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	3	M	Approve Allocation of Income and Dividends of CHF 1.50 per Share	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	4	M	Authorize Repurchase of up to Ten Percent of Issued Share Capital	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	5.1	M	Reelect Peter Brabeck-Letmathe, Thomas Bechtler, Robert Benmosche and Ernst Tanner as Directors; Elect Jean Lanier and Anton van Rossum as Directors	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	5.2	M	Ratify KPMG Klynveld Peat Marwick Goerdeler SA as Auditors	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	5.3	M	Ratify BDO Visura as Special Auditors	For	For
Credit Suisse Group (Formerly Cs Holding)	CH0012138530	04/29/05	6	M	Extend Authorization Term for Creation of CHF 22.7 Million Conditional Capital	For	For
SMI (Societa Metallurgica Italiana SpA)	IT0003667257	04/27/05	1	M	Accept Financial Statements and Statutory Reports	For	For
SMI (Societa Metallurgica Italiana SpA)	IT0003667257	04/27/05	2	M	Fix Number of Directors on the Board for Fiscal Year 2005; Elect Directors; Determine Directors’ Remuneration	For	For
SMI (Societa Metallurgica Italiana SpA)	IT0003667257	04/27/05	3	M	Elect External Auditors for the Three-Year Term 2005-2007; Fix Auditors’ Remuneration	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports for the Year Ended December 31, 2004	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	2	M	Declare First and Final Dividend of SGD 0.025 Per Share	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	3	M	Declare Special Dividend of SGD 0.025 Per Share	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	4	M	Approve Directors’ Fees of SGD 240,000 for the Year Ended December 31, 2004 (2003: SGD 240,000)	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	5	M	Reappoint Auditors and Authorize Board to Fix Their Remuneration	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	6	M	Reelect Peter Fu Yun Siak as Director	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	7	M	Reelect Gordon Seow Li Ming as Director	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	8	M	Reelect Joseph Grimberg as Director	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	9	M	Reelect Christopher Lim Tien Lock as Director	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	10	M	Reelect Arthur Tan Keng Hock as Director	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	11	M	Approve Issuance of Shares without Preemptive Rights	For	For
Hotel Properties Ltd.	SG2P14002527	04/29/05	12	M	Approve Issuance of Shares and Grant of Options Pursuant to the Hotel Properties Limited Share Option Scheme 2000	For	Against
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports for the Year Ended December 31, 2004	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	2	M	Declare First and Final Dividend of SGD 0.015 Per Share	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	3	M	Approve Directors’ Fees of SGD 380,500 for the Year Ended December 31, 2004 (2003: SGD 380,500)	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	4a	M	Reelect Pang Cheng Lian as Director	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	4b	M	Reelect Gn Hiang Meng as Director	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	4c	M	Reelect Wee Ee Lim as Director	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	5a	M	Reelect Wee Cho Yaw as Director	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	5b	M	Reelect John Gokongwei, Jr. as Director	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	5c	M	Reelect Gabriel C. Singson as Director	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	5d	M	Reelect Tan Boon Teik as Director	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	6	M	Reappoint PricewaterhouseCoopers as Auditors and Authorize Board to Fix Their Remuneration	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	7	M	Approve Issuance of Shares without Preemptive Rights	For	For
United Industrial Corporation Ltd.	SG1K37001643	04/29/05	8	M	Other Business (Voting)	For	Against
Santos Ltd.	AU000000STO6	05/20/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Santos Ltd.	AU000000STO6	05/20/05	2a	M	Elect Kenneth A. Dean as Director	For	For
Santos Ltd.	AU000000STO6	05/20/05	2b	M	Elect Christopher J. Recny as Director	For	For
Santos Ltd.	AU000000STO6	05/20/05	2c	M	Elect Peter C. Barnett as Director	For	Against
Santos Ltd.	AU000000STO6	05/20/05	2d	M	Elect Michael A. O’Leary as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	2	M	Approve Final Dividend of 16 Pence Per Share	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	3	M	Elect Richard Goeltz as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	4	M	Elect Andrew Moss as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	5	M	Elect Lord Sharman of Redlynch as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	6	M	Elect Russell Walls as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	7	M	Re-elect Guillermo de la Dehesa as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	8	M	Re-elect Wim Dik as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	9	M	Re-elect Derek Stevens as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	10	M	Re-elect Andre Villeneuve as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	11	M	Re-elect George Paul as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	12	M	Re-elect Elizabeth Vallance as Director	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	13	M	Reappoint Ernst & Young LLP as Auditors of the Company	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	14	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	15	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 179,000,000	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	16	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 28,000,000	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	17	M	Approve Remuneration Report	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	18	M	Approve Aviva Annual Bonus Matching Plan 2005	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	19	M	Approve Aviva Long-Term Incentive Plan 2005	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	20	M	Approve Aviva Executive Share Option Plan 2005	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	21	M	Approve Increase in Remuneration of Non-Executive Directors to GBP 1,500,000	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	22	M	Approve Inc. in Auth. Cap. from GBP 950,000,000 to GBP 1,450,000,000 and EUR 700,000,000; Auth. Issue of Equity without Pre-emptive Rights up to the New Pref. Shares; and Amend Articles of Association	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	23	M	Authorise 228,000,000 Ordinary Shares for Market Purchase	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	24	M	Authorise 100,000,000 8 3/4 Percent Preference Shares for Market Purchase	For	For
Aviva Plc (formerly CGNU Plc)	GB0002162385	04/26/05	25	M	Authorise 100,000,000 8 3/8 Percent Preference Shares for Market Purchase	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	1	M	Accept Financial Statements and Statutory Reports	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	2	M	Approve Remuneration Report	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	3	M	Elect Sir Christopher Gent as Director	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	4	M	Elect Sir Deryck Maughan as Director	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	5	M	Elect Julian Heslop as Director	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	6	M	Re-elect Jean-Pierre Garnier as Director	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	7	M	Re-elect Sir Ian Prosser as Director	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	8	M	Re-elect Ronaldo Schmitz as Director	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	9	M	Re-elect Lucy Shapiro as Director	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	10	M	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	11	M	Authorise the Audit Committee to Fix Remuneration of the Auditors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	12	M	Approve EU Political Donations up to GBP 50,000 and Incur EU Political Expenditure up to GBP 50,000	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	13	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 73,301,955	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	14	M	Authorise 586,415,642 Ordinary Shares for Market Purchase	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	15	M	Amend Articles of Association Re: Shareholder Resolutions	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	16	M	Amend Articles of Association Re: Indemnification of Directors	For	For
GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )	GB0009252882	05/25/05	17	M	Amend Articles of Association Re: Participation of a Proxy in a Meeting	For	For
Wienerberger AG (Fm. Wienerberger Baustoffindustrie AG)	AT0000831706	05/12/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Wienerberger AG (Fm. Wienerberger Baustoffindustrie AG)	AT0000831706	05/12/05	2	M	Approve Allocation of Income	For	For
Wienerberger AG (Fm. Wienerberger Baustoffindustrie AG)	AT0000831706	05/12/05	3	M	Approve Discharge of Management and Supervisory Boards	For	For
Wienerberger AG (Fm. Wienerberger Baustoffindustrie AG)	AT0000831706	05/12/05	4	M	Ratify Auditors	For	For
Wienerberger AG (Fm. Wienerberger Baustoffindustrie AG)	AT0000831706	05/12/05	5	M	Elect Supervisory Board Members	For	For
Wienerberger AG (Fm. Wienerberger Baustoffindustrie AG)	AT0000831706	05/12/05	6	M	Authorize Share Repurchase Program and Reissuance or Cancellation of Repurchased Shares	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	2a	M	Approve Final Dividend of HK$0.73 Per Share	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	2b	M	Approve Special Final Dividend of HK$0.15 Per Share	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	3a	M	Reelect Andrew Clifford Winawer Brandler as Director	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	3b	M	Reelect Michael David Kadoorie as Director	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	3c	M	Reelect Chung Sze Yuen as Director	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	3d	M	Reelect John Andrew Harry Leigh as Director	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	3e	M	Reelect Kan Man Lok Paul as Director	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	4	M	Reappoint PricewaterhouseCoopers as Auditors and Authorize Board to Fix Their Remuneration	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	5	M	Approve Term of Appointment for Non-Executive Directors	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	6	M	Amend Articles Re: Editing Change	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	7	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	Against
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	8	M	Approve Repurchase of Up to 10 Percent of Issued Capital	For	For
Clp Holdings (Formerly China Light & Power)	HK0002007356	04/28/05	9	M	Authorize Reissuance of Repurchased Shares	For	For
Amp Limited	AU000000AMP6	05/19/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Amp Limited	AU000000AMP6	05/19/05	2a	M	Elect John Frederick Astbury as Director	For	For
Amp Limited	AU000000AMP6	05/19/05	2b	M	Elect Richard John Grellman as Director	For	For
Amp Limited	AU000000AMP6	05/19/05	3	M	Approve Reduction in Stated Capital	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Amp Limited	AU000000AMP6	05/19/05	4	M	Amend Constitution Re: Closing Dates, Methods for Payments of Dividends, Electronic Media for Serving Notices, and Certain Terminology	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	1	M	Adopt Financial Statements and Directors' and Auditors’ Reports	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	2	M	Declare Final Dividend of SGD 0.11 Per Share	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	3	M	Reelect Tony Chew Leong-Chee as Director	For	Against
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	4	M	Reelect Lim Chee Onn as Director	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	5	M	Reelect Teo Soon Hoe as Director	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	6	M	Reelect Oon Kum Loon as Director	For	Against
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	7	M	Reelect Tow Heng Tan as Director	For	Against
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	8	M	Approve Directors’ Fees of SGD 467,000 for the Year Ended Dec. 31, 2004	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	9	M	Reappoint Auditors and Authorize Board to Fix Their Remuneration	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	10	M	Authorize Share Repurchase Program	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	11	M	Approve Issuance of Shares without Preemptive Rights	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	12	M	Approve Mandate for Transactions with Related Parties	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	13	M	Amend Articles of Association	For	For
KEPPEL CORPORATION LTD	SG1E04001251	04/29/05	1	M	Approve Reduction of the Sum Standing to the Credit of the Share Premium Account by Up to SGD 159.0 Million and that the Reduction be Returned to Shareholders on the Basis of SGD 0.20 in Cash for Each Issued Ordinary Share in the Capital of the Company	For	For
Centrica PLC	GB00B033F229	05/09/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Centrica PLC	GB00B033F229	05/09/05	2	M	Approve Remuneration Report	For	For
Centrica PLC	GB00B033F229	05/09/05	3	M	Approve Final Dividend of 6.1 Pence Per Ordinary Share	For	For
Centrica PLC	GB00B033F229	05/09/05	4	M	Re-elect Patricia Mann as Director	For	For
Centrica PLC	GB00B033F229	05/09/05	5	M	Elect Mary Francis as Director	For	For
Centrica PLC	GB00B033F229	05/09/05	6	M	Elect Paul Rayner as Director	For	For
Centrica PLC	GB00B033F229	05/09/05	7	M	Elect Jake Ulrich as Director	For	For
Centrica PLC	GB00B033F229	05/09/05	8	M	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	For	For
Centrica PLC	GB00B033F229	05/09/05	9	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Centrica PLC	GB00B033F229	05/09/05	10	M	Approve EU Political Organisation Donations up to GBP 125,000 and Incur EU Political Expenditure up to GBP 125,000	For	For
Centrica PLC	GB00B033F229	05/09/05	11	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 43,564,579	For	For
Centrica PLC	GB00B033F229	05/09/05	12	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 11,571,771	For	For
Centrica PLC	GB00B033F229	05/09/05	13	M	Authorise 374,925,383 Ordinary Shares for Market Purchase	For	For
Centrica PLC	GB00B033F229	05/09/05	14	M	Amend Memorandum and Articles of Association Re: The Indemnification of Directors	For	For
Centrica PLC	GB00B033F229	05/09/05	15	M	Amend Articles of Association Re: Treausry Shares, Retirement of Directors, Voting by Poll and Borrowing Powers	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	2	M	Approve Remuneration Report	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	3a	M	Elect Sir Julian Horn-Smith as Director	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	3b	M	Elect Truett Tate as Director	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	4a	M	Re-elect Gavin Gemmell as Director	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	4b	M	Re-elect Michael Fairey as Director	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	4c	M	Re-elect DeAnne Julius as Director	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	5	M	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	6	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	7	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 332,373,048, USD 40,000,000, EUR 40,000,000 and JPY 1,250,000,000	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	8	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 70,942,899	For	For
Lloyds TSB Group plc (formerly TSB Group)	GB0008706128	05/05/05	9	M	Authorise 567,000,000 Shares for Market Purchase	For	For
Flughafen Wien Ag	AT0000911805	04/21/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Flughafen Wien Ag	AT0000911805	04/21/05	2	M	Approve Allocation of Income	For	For
Flughafen Wien Ag	AT0000911805	04/21/05	3	M	Approve Discharge of Management and Supervisory Boards	For	For
Flughafen Wien Ag	AT0000911805	04/21/05	4	M	Approve Remuneration of Supervisory Board Members	For	For
Flughafen Wien Ag	AT0000911805	04/21/05	5	M	Ratify Auditors	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	1	M	Discuss Consolidated Financial Statements Received by Almanij SA Board	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	2	M	Discuss Auditor Reports on Almanij SA Consolidated and Non-Consolidated Financial Statements	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	3	M	Accept Almanij SA Consolidated Financial Statements	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	4	M	Accept Almanij SA Financial Statements	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	5	M	Discuss Consolidated Financial Statements Received by KBC Bancassurance Holding SA Board	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	6	M	Discuss Auditor Reports on KBC Bancassurance Holding SA Consolidated and Non-Consolidated Financial Statements	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	7	M	Receive KBC Bancassurance Holding SA. Consolidated Financial Statements	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	8	M	Accept KBC Bancassurance Holding SA Financial Statements	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	9	M	Approve Allocation of Income and Dividends of EUR 1.84 per Share	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	10	M	Approve Discharge of Almanaji SA Directors	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	11	M	Approve Discharge of KBC Bancassurance Holding SA Directors	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	12	M	Approve Discharge of Almanaji SA Auditors	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	13	M	Approve Discharge of KBC Bancassurance Holding SA Auditors	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	14	M	Reelect Luc Philips as Director	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	15	M	Approve Renumeration of Auditors of EUR 60,000	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	16	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	17	M	Discuss Corporate Governance	None	None
KBC Groupe (frm. KBC Bank and Insurance Holding Company)	BE0003565737	04/28/05	18	M	Transact Other Business	None	None
Imerys (Formerly Imetal)	FR0000120859	05/03/05	1	M	Approve Financial Statements and Statutory Reports	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	2	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	3	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	4	M	Approve Accounting Transfer from Long-Term Capital Gains Accounts to Other Reserve	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	5	M	Approve Allocation of Income and Dividends of EUR 1.5 per Share	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	6	M	Confirm Appointment of Deloitte & Associes as Auditor	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	7	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	8	M	Change Location of Headquarters	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	9	M	Adopt Unitary Board Structure	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	10	M	Adopt New Articles of Asscociation to Reflect Unitary Board Structure	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	11	M	Elect Jacques Drijard as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	12	M	Elect Patrick Kron as Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Imerys (Formerly Imetal)	FR0000120859	05/03/05	13	M	Elect Jocelyn Lefebvre as Director	For	Against
Imerys (Formerly Imetal)	FR0000120859	05/03/05	14	M	Elect Eric Le Moyne de Serigny as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	15	M	Elect Paul Desmarais, Jr. as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	16	M	Elect Yves-Rene Nanot as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	17	M	Elect Gregoire Olivier as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	18	M	Elect Robert Peugeot as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	19	M	Reelect Thierry de Rudder as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	20	M	Reelect Aimery Langlois-Meurinne as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	21	M	Reelect Gerard Buffiere as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	22	M	Reelect Aldo Cardoso as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	23	M	Reelect Maximilien de Limburg as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	24	M	Reelect Jacques Veyrat as Director	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	25	M	Approve Remuneration of Directors in the Aggregate Amount of EUR 800,000	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	26	M	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 60 Million	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	27	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 60 Million	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	28	M	Set Global Limit for Capital Increase to Result from All Issuance Requests at EUR 90 Million	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	29	M	Authorize Board to Set Issue Price for Capital Increase of Up to Ten Percent Without Preemptive Rights	For	Against
Imerys (Formerly Imetal)	FR0000120859	05/03/05	30	M	Authorize Capital Increase of Up to 10 Percent of Issued Capital for Future Acquisitions	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	31	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	32	M	Authorize EUR 5.5 Million for Use in Restricted Stock Plan	For	Against
Imerys (Formerly Imetal)	FR0000120859	05/03/05	33	M	Approve Stock Option Plan Grants	For	Against
Imerys (Formerly Imetal)	FR0000120859	05/03/05	34	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	35	M	Transfer Outstanding Authorities from Supervisory Board to Board of Directors, Subject to Approval of Items 9 and 10	For	For
Imerys (Formerly Imetal)	FR0000120859	05/03/05	36	M	Authorize Filing of Required Documents/Other Formalities	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	1	M	Approve Mandate for Transactions with Related Parties	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	2	M	Approve Capital Reduction and Cash Distribution to Shareholders	For	For
Sembcorp Industries Limited	SG1G26864940	04/26/05	3	M	Amend SembCorp Industries Executives’ Share Option Scheme, SembCorp Industries Share Option Plan, SembCorp Industries Performance Share Plan, and SembCorp Industries Restricted Stock Plan	For	Against
Cadbury Schweppes Plc	GB0006107006	05/19/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	2	M	Approve Final Dividend of 8.7 Pence Per Ordinary Share	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	3	M	Approve Remuneration Report	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	4	M	Re-elect Wolfgang Berndt as Director	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	5	M	Re-elect Bob Stack as Director	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	6	M	Elect Rosemary Thorne as Director	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	7	M	Re-elect Baroness Wilcox as Director	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	8	M	Reappoint Deloitte & Touche LLP as Auditors of the Company	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	9	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	10	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 85,680,000	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	11	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 12,980,000	For	For
Cadbury Schweppes Plc	GB0006107006	05/19/05	12	M	Authorise 25,960,000 Ordinary Shares for Market Purchase	For	For
BBA Group plc	GB0000677483	04/28/05	1	M	Accept Financial Statements and Statutory Reports	For	For
BBA Group plc	GB0000677483	04/28/05	2	M	Approve Final Dividend of 7.95 Pence Per Ordinary Share	For	For
BBA Group plc	GB0000677483	04/28/05	3	M	Re-elect John Roques as Director	For	For
BBA Group plc	GB0000677483	04/28/05	4	M	Re-elect David Rough as Director	For	For
BBA Group plc	GB0000677483	04/28/05	5	M	Re-elect Bruce Van Allen as Director	For	For
BBA Group plc	GB0000677483	04/28/05	6	M	Elect Michael Harper as Director	For	For
BBA Group plc	GB0000677483	04/28/05	7	M	Reappoint Deloitte & Touche LLP as Auditors of the Company	For	For
BBA Group plc	GB0000677483	04/28/05	8	M	Authorise Board to Fix Remuneration of the Auditors	For	For
BBA Group plc	GB0000677483	04/28/05	9	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 37,595,902	For	For
BBA Group plc	GB0000677483	04/28/05	10	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 5,645,030	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
BBA Group plc	GB0000677483	04/28/05	11	M	Authorise 67,695,205 Ordinary Shares for Market Purchase	For	For
BBA Group plc	GB0000677483	04/28/05	12	M	Authorise 8,394,508 Preferred Shares for Market Purchase	For	For
BBA Group plc	GB0000677483	04/28/05	13	M	Approve Remuneration Report	For	For
IMI PLC	GB0004579636	05/13/05	1	M	Accept Financial Statements and Statutory Reports	For	For
IMI PLC	GB0004579636	05/13/05	2	M	Approve Remuneration Report	For	For
IMI PLC	GB0004579636	05/13/05	3	M	Approve Final Dividend of 10.2 Pence Per Share	For	For
IMI PLC	GB0004579636	05/13/05	4	M	Re-elect Martin Lamb as Director	For	For
IMI PLC	GB0004579636	05/13/05	5	M	Re-elect Lance Browne as Director	For	For
IMI PLC	GB0004579636	05/13/05	6	M	Re-elect Kevin Beeston as Director	For	For
IMI PLC	GB0004579636	05/13/05	7	M	Reappoint KPMG Audit Plc as Auditors of the Company	For	For
IMI PLC	GB0004579636	05/13/05	8	M	Authorise Board to Fix Remuneration of the Auditors	For	For
IMI PLC	GB0004579636	05/13/05	9	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 29,600,000	For	For
IMI PLC	GB0004579636	05/13/05	10	M	Approve IMI Plc Deferred Bonus Plan	For	For
IMI PLC	GB0004579636	05/13/05	11	M	Approve IMI Plc 2005 Long-Term Incentive Plan	For	For
IMI PLC	GB0004579636	05/13/05	A	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 4,400,000	For	For
IMI PLC	GB0004579636	05/13/05	B	M	Authorise 35,500,000 Ordinary Shares for Market Purchase	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	1.1	M	Receive Directors’ Report Re: Authorization to Increase Capital in the Event of a Public Tender Offer or Share Exchange Offer	None	None
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	1.2	M	Authorize Board to Issue Shares in the Event of a Public Tender Offer or Share Exchange Offer	For	Against
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	2.1	M	Authorize Board to Repurchase Shares in the Event of a Public Tender Offer or Share Exchange Offer	For	Against
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	2.2	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Delhaize Group (formerly Delhaize Le Lion)	BE0003562700	05/26/05	3	M	Authorize Implementation of Approved Resolutions and Filing of Required Documents/Formalities at Trade Registry	For	For
Arcelor S.A.	LU0140205948	04/29/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Arcelor S.A.	LU0140205948	04/29/05	2	M	Accept Financial Statements	For	For
Arcelor S.A.	LU0140205948	04/29/05	3	M	Accept Consolidated Financial Statements	For	For
Arcelor S.A.	LU0140205948	04/29/05	4	M	Approve Allocation of Income, Directors’ Fees, and Dividend	For	For
Arcelor S.A.	LU0140205948	04/29/05	5	M	Approve Discharge of Directors	For	For
Arcelor S.A.	LU0140205948	04/29/05	6	M	Elect Directors	For	For
Arcelor S.A.	LU0140205948	04/29/05	7	M	Authorize Repurchase of Company’s Shares	For	For
Boehler-Uddeholm Ag	AT0000903851	05/10/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Boehler-Uddeholm Ag	AT0000903851	05/10/05	2	M	Approve Allocation of Income	For	For
Boehler-Uddeholm Ag	AT0000903851	05/10/05	3	M	Approve Discharge of Management and Supervisory Boards	For	For
Boehler-Uddeholm Ag	AT0000903851	05/10/05	4	M	Approve Remuneration of Supervisory Board Members	For	For
Boehler-Uddeholm Ag	AT0000903851	05/10/05	5	M	Ratify Auditors	For	For
Boehler-Uddeholm Ag	AT0000903851	05/10/05	6a	M	Approve Creation of EUR 18.2 Million Pool of Conditional Capital without Preemptive Rights	For	Against
Boehler-Uddeholm Ag	AT0000903851	05/10/05	6b	M	Amend Articles to Reflect Changes in Capital	For	Against
Bank Austria Creditanstalt	AT0000995006	05/19/05	1	M	Receive Financial Statements and Statutory Reports	None	None
Bank Austria Creditanstalt	AT0000995006	05/19/05	2	M	Approve Allocation of Income	For	For
Bank Austria Creditanstalt	AT0000995006	05/19/05	3	M	Approve Discharge of Management and Supervisory Boards	For	For
Bank Austria Creditanstalt	AT0000995006	05/19/05	4	M	Approve Creation of EUR 534.5 Million Pool of Conditional Capital with Preemptive Rights	For	For
Bank Austria Creditanstalt	AT0000995006	05/19/05	5	M	Authorize Repurchase of Share Capital for Trading Purposes	For	For
Bank Austria Creditanstalt	AT0000995006	05/19/05	6	M	Ratify Auditors	For	For
Bank Austria Creditanstalt	AT0000995006	05/19/05	7	M	Elect Supervisory Board Members	For	For
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	1	M	Receive Financial Statements and Statutory Reports	None	None
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	2	M	Approve Allocation of Income	For	For
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	3	M	Approve Discharge of Management and Supervisory Boards	For	For
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	4	M	Approve Remuneration of Supervisory Board Members	For	For
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	5	M	Approve Creation of EUR 50.1 Million Pool of Conditional Capital without Preemptive Rights	For	Against
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	6	M	Authorize Issuance of Repurchased Share Capital for Issuance to Management Board Members and Key Employees	For	Against

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	7	M	Amend Articles Re: Remove Option to Reduce offer Price in Connection with Takeover Bid	For	For
RHI AG (Fm. Radex Heraklith Industriebeteiligungs AG)	AT0000676903	05/19/05	8	M	Ratify Auditors	For	For
OMV AG	AT0000743059	05/18/05	1	M	Receive Financial Statements and Statutory Reports	None	None
OMV AG	AT0000743059	05/18/05	2	M	Approve Allocation of Income	For	For
OMV AG	AT0000743059	05/18/05	3	M	Approve EUR 81.9 Million Capitalization of Reserves Issue	For	For
OMV AG	AT0000743059	05/18/05	4	M	Approve 10:1 Stock Split	For	For
OMV AG	AT0000743059	05/18/05	5	M	Amend Articles Re: Supervisory Board Resolutions	For	For
OMV AG	AT0000743059	05/18/05	6	M	Approve Discharge of Management and Supervisory Boards	For	For
OMV AG	AT0000743059	05/18/05	7	M	Approve Remuneration of Supervisory Board Members	For	For
OMV AG	AT0000743059	05/18/05	8	M	Approve Stock Option Plan for Key Employees	For	For
OMV AG	AT0000743059	05/18/05	9	M	Ratify Auditors	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	2	M	Approve Final Dividend	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3a	M	Elect George C. Magnus as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3b	M	Elect Canning Fok Kin-ning as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3c	M	Elect Tso Kai-sum as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3d	M	Elect Ronald J. Arculli as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3e	M	Elect Susan M.F. Chow as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3f	M	Elect Andrew Hunter as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3g	M	Elect Kam Hing-lam as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3h	M	Elect Holger Kluge as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3i	M	Elect Victor Li Tzar-kuoi as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	3j	M	Elect Ewan Yee Lup-yuen as Director	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	4	M	Reappoint KPMG as Auditors and Authorize Board to Fix Their Remuneration	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	5	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	Against
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	6	M	Approve Repurchase of Up to 10 Percent of Issued Capital	For	For
Hongkong Electric Holdings Ltd.	HK0006000050	05/12/05	7	M	Authorize Reissuance of Repurchased Shares	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	1	M	Authorize Share Repurchase Program	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports for the Year Ended December 31, 2004	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	2a	M	Declare Final Dividend of SGD 0.22 Per Ordinary Share	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	2b	M	Declare Final Dividend of SGD 0.12 Per Non-Voting Convertible Preference Share	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	2c	M	Declare Final Dividend of SGD 0.12 Per Non-Voting Redeemable Convertible Preference Share	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	3	M	Approve Directors' Fees of SGD 976,689 for 2004 (2003: SGD 647,851)	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	4	M	Appoint Ernst & Young as Auditors and Authorize Board to Fix Their Remuneration	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	5a1	M	Reelect Jackson Tai as Director	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	5a2	M	Reelect CY Leung as Director	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	5a3	M	Reelect Peter Ong as Director	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	5a4	M	Reelect John Ross as Director	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	5b1	M	Reelect Ang Kong Hua as Director	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	5b2	M	Reelect Goh Geok Ling as Director	For	For
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	5b3	M	Reelect Wong Ngit Liong as Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	6a	M	Approve Issuance of Shares and Grant of Options Pursuant to the DBSH Share Option Plan	For	Against
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	6b	M	Approve Issuance of Shares and Grant of Options Pursuant to the DBSH Performance Share Plan	For	Against
DBS Group Holdings Ltd. (Formerly Development Bank of Singapore)	SG1L01001701	04/29/05	6c	M	Approve Issuance of Shares without Preemptive Rights	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05		S			None
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	1	M	Approve Financial Statements and Statutory Reports	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	2	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	3	M	Approve Allocation of Income and Dividends of EUR 1.20 per Share	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	5	M	Ratify PricewaterhouseCoopers Audit as Auditor	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	6	M	Ratify Pierre Coll as Alternate Auditor	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	7	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	8	M	Cancel Outstanding Debt Issuance Authority	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	9	M	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 1.4 Billion; Authorize Global Limit of EUR 1.6 Billion	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	10	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 840 Million	For	Against
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	11	M	Authorize Capitalization of Reserves of Up to EUR 500 Million for Bonus Issue or Increase in Par Value	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	12	M	Authorize Board to Increase Capital in the Event of Demand Exceeding Amounts Proposed in Issuance Authorities Above	For	Against
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	13	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	14	M	Approve Stock Option Plan Grants	For	Against
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	15	M	Authorize Up to 1 Percent of Issued Capital For Use in Restricted Stock Plan	For	Against
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	16	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
Sanofi-Aventis (Formerly Sanofi-Synthelabo)	FR0000120578	05/31/05	17	M	Authorize Filing of Required Documents/Other Formalities	For	For
Solvay S.A.	BE0003470755	06/02/05	1	M	Receive Directors’ Report	None	None
Solvay S.A.	BE0003470755	06/02/05	2.1	M	Authorize Capital Increase Up to EUR 25 Million	For	For
Solvay S.A.	BE0003470755	06/02/05	2.2	M	Authorize Board to Repurchase Shares in the Event of a Public Tender Offer or Share Exchange Offer	For	Against
Solvay S.A.	BE0003470755	06/02/05	2.3	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Solvay S.A.	BE0003470755	06/02/05	2.4	M	Reduce Directors’ Terms from Six to Four Years	For	For
Solvay S.A.	BE0003470755	06/02/05	2.5	M	Amend Articles to Authorize the Creation of an Audit Committee	For	For
Solvay S.A.	BE0003470755	06/02/05	2.6	M	Amend Article to Set Date of the Annual Shareholder Meeting on the 2nd Tuesday in May at 14:30	For	For
Solvay S.A.	BE0003470755	06/02/05	2.7	M	Amend Article Re: Convening General Meeting	For	For
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	1	M	Adopt Financial Statements and Directors’ and Auditors’ Reports for the Year Ended December 31, 2004	For	For
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	2	M	Reelect Micheal Hwang as Director	For	For
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	3a	M	Reelect Howe Yoon Chong as Director	For	Against
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	3b	M	Reelect Tang I-Fang as Director	For	Against
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	3c	M	Reelect Tun Ibrahim Bin Ismail as Director	For	For
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	3d	M	Reelect Michael Wong Pakshong as Director	For	Against
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	3e	M	Reelect Lim Chong Yah as Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	4	M	Approve Directors’ Fees of SGD 466,000 for the Year Ended December 31, 2004 (2003: SGD 459,000)	For	For
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	5	M	Appoint Auditors and Authorize Board to Fix Their Remuneration	For	For
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	6	M	Approve Issuance of Shares without Preemptive Rights	For	For
Straits Trading Co. Ltd.	SG1J49001550	04/27/05	7	M	Other Business (Voting)	For	Against
Compagnie De Saint Gobain	FR0000125007	06/09/05	1	M	Approve Financial Statements and Statutory Reports	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	2	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	3	M	Approve Allocation of Income and Dividends of EUR 1.28 per Share	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	5	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	6	M	Reelect Gian Paolo Caccini as Director	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	7	M	Reelect Jean-Martin Folz as Director	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	8	M	Reelect Michel Pebereau as Director	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	9	M	Elect Gerhard Cromme as Director	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	10	M	Elect Jean-Cyril Spinetta as Director	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	11	M	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 680 Million	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	12	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 270 Million	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	13	M	Authorize Capitalization of Reserves of Up to EUR 84 Million for Bonus Issue or Increase in Par Value	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	14	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	Against
Compagnie De Saint Gobain	FR0000125007	06/09/05	15	M	Approve Stock Option Plan Grants	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	16	M	Authorize Up to 3 Percent of Issued Capital For Use in Restricted Stock Plan	For	Against
Compagnie De Saint Gobain	FR0000125007	06/09/05	17	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
Compagnie De Saint Gobain	FR0000125007	06/09/05	18	M	Authorize Filing of Required Documents/Other Formalities	For	For
Whitbread Plc	GB0030345457	04/22/05	1	M	Approve Sale of Marriott Hotel Business	For	For
Whitbread Plc	GB0030345457	04/22/05	2	M	Approve Sub-Division of Each 50 Pence Share into Shares of 8 1/3 Pence Each (Intermediate Shares); and Approve Consolidation of the Intermediate Shares of 8 1/3 Pence into New Ordinary Shares of 58 1/3 Pence	For	For
Italmobiliare SpA	IT0000074598	05/18/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Italmobiliare SpA	IT0000074598	05/18/05	2	M	Fix Number of Directors on the Board; Elect Directors; Determine Directors’ Term and Remuneration	For	Against
Italmobiliare SpA	IT0000074598	05/18/05	3	M	Appoint Internal Statutory Auditors; Approve Remuneration of Auditors	For	For
Italmobiliare SpA	IT0000074598	05/18/05	4	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For
Italmobiliare SpA	IT0000074598	05/18/05	5	M	Increase Remuneration of External Auditors, Reconte Ernst & Young, In Connection To Introduction of International	For	For
					Accounting Standards
Dexia	BE0003796134	05/11/05	1	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Dexia	BE0003796134	05/11/05	2	M	Approve Cancellation of Repurchased Shares; Amend Articles Accordingly	For	For
Dexia	BE0003796134	05/11/05	3	M	Authorize Issuance of Up to One Million Warrants to Participants in Company’s 2005 Employee Shareholding Plan	For	For
Dexia	BE0003796134	05/11/05	4	M	Authorize Implementation of Approved Resolutions and Filing of Required Documents/Formalities at Trade Registry	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	2	M	Approve Final Dividend	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3a	M	Elect Li Tzar Kuoi, Victor as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3b	M	Elect Kam Hing Lam as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3c	M	Elect George Colin Magnus as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3d	M	Elect Ip Tak Chuen, Edmond as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3e	M	Elect Frank John Sixt as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3f	M	Elect Lee Pui Ling, Angelina as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3g	M	Elect Kwok Eva Lee as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3h	M	Elect Sng Sow-Mei (Phoon Sui Moy, alias Poon Sow Mei) as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3i	M	Elect Colin Stevens Russel as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	3j	M	Elect Lan Hong Tsung, David as Director	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	4	M	Appoint Auditors and Authorize Board to Fix Their Remuneration	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	5a	M	Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	Against
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	5b	M	Approve Repurchase of Up to 10 Percent of Issued Capital	For	For
Cheung Kong Infrastructure	BMG2098R1025	05/12/05	5c	M	Authorize Reissuance of Repurchased Shares	For	For
Ahold Kon Nv	NL0000331817	05/18/05	1	M	Open Meeting	None	None
Ahold Kon Nv	NL0000331817	05/18/05	2	M	Receive Report of Management Board	None	None
Ahold Kon Nv	NL0000331817	05/18/05	3a	M	Approve Financial Statements and Statutory Reports	For	For
Ahold Kon Nv	NL0000331817	05/18/05	3b	M	Receive Explanation of Company's Reserves and Dividend Policy (Non-Voting)	None	None

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Ahold Kon Nv	NL0000331817	05/18/05	4a	M	Elect D. Doijer to Supervisory Board	For	For
Ahold Kon Nv	NL0000331817	05/18/05	4b	M	Elect M. Hart to Supervisory Board	For	For
Ahold Kon Nv	NL0000331817	05/18/05	4c	M	Elect B. Hoogendoorn to Supervisory Board	For	For
Ahold Kon Nv	NL0000331817	05/18/05	4d	M	Elect S. Shern to Supervisory Board	For	For
Ahold Kon Nv	NL0000331817	05/18/05	5	M	Approve Remuneration of Supervisory Board	For	For
Ahold Kon Nv	NL0000331817	05/18/05	6a	M	Grant Board Authority to Issue Common Shares Up to 10 Percent of Issued Share Capital (20 Percent in Connection with Merger or Acquisition)	For	For
Ahold Kon Nv	NL0000331817	05/18/05	6b	M	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 6a	For	For
Ahold Kon Nv	NL0000331817	05/18/05	7	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Ahold Kon Nv	NL0000331817	05/18/05	8	M	Other Business (Non-Voting)	None	None
Ahold Kon Nv	NL0000331817	05/18/05	9	M	Close Meeting	None	None
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	2	M	Approve Remuneration Report	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	3	M	Approve Final Dividend of 21.80 Pence Per Ordinary Share	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	4	M	Re-elect Gordon Page as Director	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	5	M	Re-elect Alex Hannam as Director	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	6	M	Reappoint PricewaterhouseCoopers LLP as Auditors and Authorise the Board to Determine Their Remuneration	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	7	M	Approve Sub-Division of 147.92 Million Issued and Unissued Ordinary Shares of 25 Pence Each Into 10 Ordinary Shares of 2.5 Pence Each	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	8	M	Adopt New Articles of Association	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	9	M	Authorise 11,186,781 Ordinary Shares for Market Purchase, or Subject to the Passing of Item 7, up to 111,867,810 Ordinary Shares	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	10	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 9,013,047	For	For
Cobham plc (formerly FR Group)	GB0003430062	06/08/05	11	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 1,398,347	For	For
Alpha Bank (formerly Alpha Credit Bank )	GRS015013006	05/24/05	1	M	Approve Stock Option Plan for Directors and Employees of the Company and Company Subsidiaries	For	Against
Peugeot S.A.	FR0000121501	05/25/05	1	M	Approve Financial Statements and Statutory Reports	For	For
Peugeot S.A.	FR0000121501	05/25/05	2	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Peugeot S.A.	FR0000121501	05/25/05	3	M	Approve Allocation of Income and Dividends of EUR 1.35 per Share	For	For
Peugeot S.A.	FR0000121501	05/25/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
Peugeot S.A.	FR0000121501	05/25/05	5	M	Reelect Marie-Helene Roncoroni as Supervisory Board Member	For	For
Peugeot S.A.	FR0000121501	05/25/05	6	M	Reelect Pierre Banzet as Supervisory Board Member	For	For
Peugeot S.A.	FR0000121501	05/25/05	7	M	Reelect Jean-Louis Masurel as Supervisory Board Member	For	For
Peugeot S.A.	FR0000121501	05/25/05	8	M	Reelect Jean-Paul Parayre as Supervisory Board Member	For	For
Peugeot S.A.	FR0000121501	05/25/05	9	M	Ratify Pricewaterhousecoopers Audit S.A as Auditor	For	For
Peugeot S.A.	FR0000121501	05/25/05	10	M	Ratify Yves Nicolas as Alternate Auditor	For	For
Peugeot S.A.	FR0000121501	05/25/05	11	M	Ratify Mazars & Guerard as Auditor	For	For
Peugeot S.A.	FR0000121501	05/25/05	12	M	Ratify Patrick de Cambourg Alternate Auditor	For	For
Peugeot S.A.	FR0000121501	05/25/05	13	M	Authorize Repurchase of Up to 24 Million Peugeot Shares	For	For
Peugeot S.A.	FR0000121501	05/25/05	14	M	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR	For	For
					156.89 Million
Peugeot S.A.	FR0000121501	05/25/05	15	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR	For	Against
					156.89 Million
Peugeot S.A.	FR0000121501	05/25/05	16	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	For
Peugeot S.A.	FR0000121501	05/25/05	17	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
Peugeot S.A.	FR0000121501	05/25/05	18	M	Amend Articles Board Related Re: Powers of Management Board	For	For
Kingfisher Plc	GB0033195214	05/27/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Kingfisher Plc	GB0033195214	05/27/05	2	M	Approve Remuneration Report	For	For
Kingfisher Plc	GB0033195214	05/27/05	3	M	Approve Final Dividend of 6.8 Pence Per Ordinary Share	For	For
Kingfisher Plc	GB0033195214	05/27/05	4	M	Re-elect Phil Bentley as Director	For	For
Kingfisher Plc	GB0033195214	05/27/05	5	M	Re-elect Gerry Murphy as Director	For	For
Kingfisher Plc	GB0033195214	05/27/05	6	M	Re-elect John Nelson as Director	For	For
Kingfisher Plc	GB0033195214	05/27/05	7	M	Reappoint PricewaterhouseCoopers LLP as Auditors and Authorise the Board to Determine Their Remuneration	For	For
Kingfisher Plc	GB0033195214	05/27/05	8	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 105,980,861	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Kingfisher Plc	GB0033195214	05/27/05	9	M	Authorise Issue 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
Kingfisher Plc	GB0033195214	05/27/05	10	M	Authorise 234,830,336 Ordinary Shares for Market Purchase	For	For
Fiat Spa	IT0001976403	06/23/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Fiat Spa	IT0001976411	06/23/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Fiat Spa	IT0001976403	06/23/05	2	M	Fix Number of Directors on the Board; Elect Directors; Determine Directors’ Remuneration	For	Against
Fiat Spa	IT0001976411	06/23/05	2	M	Fix Number of Directors on the Board; Elect Directors; Determine Directors’ Remuneration	For	Against
Fiat Spa	IT0001976403	06/23/05	3	M	Approve Additional Internal Auditors’ Indemnification/Liability Provisions Following Extension of Their Responsibilities	For	For
Fiat Spa	IT0001976411	06/23/05	3	M	Approve Additional Internal Auditors’ Indemnification/Liability Provisions Following Extension of Their Responsibilities	For	For
Fiat Spa	IT0001976403	06/23/05	4	M	Amend Rules Governing Shareholder Meetings	For	Against
Fiat Spa	IT0001976411	06/23/05	4	M	Amend Rules Governing Shareholder Meetings	For	Against
Fiat Spa	IT0001976403	06/23/05	5	M	Amend Articles 8 and 12 of the Bylaws Re: Shareholders’ Participation to, and Proxy Representation in, General Meetings;	For	Against
					Directors’ Responsibilities, Special Committees Participation, and Remuneration
Fiat Spa	IT0001976411	06/23/05	5	M	Amend Articles 8 and 12 of the Bylaws Re: Shareholders’ Participation to, and Proxy Representation in, General Meetings;	For	Against
					Directors’ Responsibilities, Special Committees Participation, and Remuneration
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	1	M	Approve Individual and Consolidated Financial Statements and Statutory Reports; Approve Allocation of Income	For	For
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	2	M	Approve Discharge of Management	For	For
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	3	M	Elect Members to Management Board	For	For
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	4	M	Authorize Repurchase of Shares	For	For
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	5	M	Approve Auditors for Company and Consolidated Group	For	For
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	6	M	Amend Company’s Stock Option Plan Approved at 5-20-04 AGM	For	For
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	7	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Acs, Actividades De Construcciones (Formerly Gines Navarro C	ES0167050915	05/18/05	8	M	Approve Minutes of Meeting	For	For
Scor	FR0000130304	05/31/05		S			None
Scor	FR0000130304	05/31/05	1	M	Approve Financial Statements and Statutory Reports	For	For
Scor	FR0000130304	05/31/05	2	M	Approve Allocation of Income and Dividends of EUR 0.03 per Share	For	For
Scor	FR0000130304	05/31/05	3	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Scor	FR0000130304	05/31/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
Scor	FR0000130304	05/31/05	5	M	Reelect Allan Chapin as Director	For	For
Scor	FR0000130304	05/31/05	6	M	Reelect Daniel Havis as Director	For	For
Scor	FR0000130304	05/31/05	7	M	Reelect Jean Simonnet as Director	For	For
Scor	FR0000130304	05/31/05	8	M	Ratify Cooptation of Helman Le Pas de Secheval as Director	For	For
Scor	FR0000130304	05/31/05	9	M	Appoint Georges Chodron de Courcel as Censor	For	For
Scor	FR0000130304	05/31/05	10	M	Approve Remuneration of Directors in the Aggregate Amount of EUR 800,000	For	For
Scor	FR0000130304	05/31/05	11	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For
Scor	FR0000130304	05/31/05	12	M	Authorize Filing of Required Documents/Other Formalities	For	For
Scor	FR0000130304	05/31/05	13	M	Authorize Capital Increase of Up to Ten Percent of Issued Capital for Acquisition of IRP Holdings Ltd.	For	For
Scor	FR0000130304	05/31/05	14	M	Authorize Issuance of Up to 150 Million Shares with Preemptive Rights to Finance Acquisition of IRP Holdings Ltd.	For	For
Scor	FR0000130304	05/31/05	15	M	Authorize Issuance of Up to 150 Million Shares without Preemptive Rights to Finance Acquisition of IRP Holdings Ltd.	For	For
Scor	FR0000130304	05/31/05	16	M	Authorize Board to Increase Capital in the Event of Demand Exceeding Amounts Proposed in Issue Authority Above	For	For
Scor	FR0000130304	05/31/05	17	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
Scor	FR0000130304	05/31/05	18	M	Approve Stock Option Plan Grants	For	Against
Scor	FR0000130304	05/31/05	19	M	Authorize Issuance of Up to 14.5 Million Shares For Use in Restricted Stock Plan	For	Against
Scor	FR0000130304	05/31/05	20	M	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	For	For
Scor	FR0000130304	05/31/05	21	M	Set Global Limit for Capital Increase to Result from All Issuance Requests at EUR 148.5 Million	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Scor	FR0000130304	05/31/05	22	M	Amend Article 7 of Bylaws to Reflect Jun. 24, 2004 Legal Changes Re: Custodian	For	For
Scor	FR0000130304	05/31/05	23	M	Authorize Filing of Required Documents/Other Formalities	For	For
Italcementi Spa	IT0001465167	06/07/05	1	M	Elect Board Representative for Holders of Savings Shares For the Three-Year term 2005-2007; Approve Representative's	For	For
					Remuneration
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	1	M	Accept Financial Statements and Statutory Reports	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	2	M	Approve Remuneration Report	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	3	M	Elect Peter Voser as Director	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	4	M	Re-elect Sir Peter Job as Director	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	5	M	Re-elect Lord Oxburgh as Director	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	6	M	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	7	M	Authorise Board to Fix Remuneration of the Auditors	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	8	M	Authorise 480,000,000 Ordinary Shares for Market Purchase	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	9	M	Approve Long-Term Incentive Plan	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	10	M	Approve Deferred Bonus Plan	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	11	M	Approve Restricted Share Plan	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 19, Final JY 19, Special JY 0	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.1	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.2	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.3	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.4	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.5	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.6	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.7	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.8	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.9	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.1	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.11	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.12	M	Elect Director	For	For
FamilyMart Co. Ltd.	JP3802600001	05/26/05	2.13	M	Elect Director	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	1	M	Approve Scheme of Arrangement	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	1	M	Approve Reduction in Capital by Cancelling and Extinguishing the First Preference Shares of GBP 1 Each	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	2	M	Conditional on the Passing of Resolution 1, Approve Reduction in Capital by Cancelling and Extinguishing the Second Preference Shares of GBP 1 Each	For	For
Shell Transport And Trading Company Plc (The)	GB0008034141	06/28/05	3	M	Approve Scheme of Arrangement;Reduce Cap. by Cancelling the Scheme Shares;Increase Cap. by Creating Such No. of Ord. Shares of 25p and 1 Dividend Access Share of 25P; Issue of Equity with Pre-emp. Rights up to the Created Ord. Shares; Amend Art. of Assoc.	For	For
Fromageries Bel	FR0000121857	06/23/05	1	M	Approve Financial Statements and Discharge Directors	For	For
Fromageries Bel	FR0000121857	06/23/05	2	M	Accept Consolidated Financial Statements and Statutory Reports	For	For
Fromageries Bel	FR0000121857	06/23/05	3	M	Approve Standard Accounting Transfer from Special Long-Term Capital Gains Account to Ordinary Reserves Account; Approve Allocation of Income and Dividends of EUR 3.15 per Share	For	For
Fromageries Bel	FR0000121857	06/23/05	4	M	Approve Special Auditors’ Report Regarding Related-Party Transactions	For	For
Fromageries Bel	FR0000121857	06/23/05	5	M	Change Location of Registered Office/Headquarters	For	For
Fromageries Bel	FR0000121857	06/23/05	6	M	Confirm Auditor Name Change to Deloitte & Associes	For	For
Fromageries Bel	FR0000121857	06/23/05	7	M	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Fromageries Bel	FR0000121857	06/23/05	8	M	Authorize Filing of Required Documents/Other Formalities	For	For
Fromageries Bel	FR0000121857	06/23/05	9	M	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	For	For
IFI (Istituto Finanziario Industriale)	IT0001353157	06/28/05	1	M	Accept Financial Statements and Statutory Reports	For	For
IFI (Istituto Finanziario Industriale)	IT0001353157	06/28/05	2	M	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	For	For
IFI (Istituto Finanziario Industriale)	IT0001353157	06/28/05	3	M	Decisions Inherent to the Board of Directors	For	Against
IFI (Istituto Finanziario Industriale)	IT0001353157	06/28/05	4	M	Amend Rules Governing General Meetings Partially In Connection To Changes to the Company Bylaws	For	Against
Teijin Ltd.	JP3544000007	06/23/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 3, Final JY 3.5, Special JY 0	For	For
Teijin Ltd.	JP3544000007	06/23/05	2	M	Amend Articles to: Cancel Year-End Closure of Shareholder Register - Clarify Board’s Authority to Vary AGM Record Date	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.1	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.2	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.3	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.4	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.5	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.6	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.7	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.8	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.9	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	3.1	M	Elect Director	For	For
Teijin Ltd.	JP3544000007	06/23/05	4	M	Appoint Internal Statutory Auditor	For	For
Teijin Ltd.	JP3544000007	06/23/05	5	M	Approve Executive Stock Option Plan	For	For
Teijin Ltd.	JP3544000007	06/23/05	6	M	Approve Retirement Bonuses for Directors	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 28, Final JY 37, Special JY 0	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	2	M	Amend Articles to: Reduce Maximum Board Size - Decrease Authorized Capital to Reflect Share Repurchase	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.1	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.2	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.3	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.4	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.5	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.6	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.7	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.8	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.9	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.1	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.11	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.12	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.13	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.14	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.15	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.16	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.17	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.18	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.19	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.2	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	3.21	M	Elect Director	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	4	M	Appoint Internal Statutory Auditor	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	5	M	Appoint External Auditors	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	6	M	Approve Reduction in Aggregate Compensation Ceiling for Directors	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	7	M	Approve Payment of Annual Bonuses to Directors and Statutory Auditors	For	For
Honda Motor Co. Ltd.	JP3854600008	06/23/05	8	M	Approve Retirement Bonuses for Directors	For	For
Yamada Denki Co.	JP3939000000	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 20, Special JY 1	For	For
Yamada Denki Co.	JP3939000000	06/29/05	2	M	Amend Articles to: Expand Business Lines	For	For
Yamada Denki Co.	JP3939000000	06/29/05	3.1	M	Elect Director	For	For
Yamada Denki Co.	JP3939000000	06/29/05	3.2	M	Elect Director	For	For
Yamada Denki Co.	JP3939000000	06/29/05	3.3	M	Elect Director	For	For
Yamada Denki Co.	JP3939000000	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Yamada Denki Co.	JP3939000000	06/29/05	5	M	Approve Increase in Aggregate Compensation Ceiling for Directors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Yamada Denki Co.	JP3939000000	06/29/05	6	M	Approve Retirement Bonuses for Director and Statutory Auditor, and Special Bonus for Family of Deceased Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 3, Final JY 3, Special JY 0	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	2	M	Amend Articles to: Decrease Authorized Capital to Reflect Share Repurchase	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.1	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.2	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.3	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.4	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.5	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.6	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.7	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.8	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.9	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.1	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.11	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.12	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.13	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.14	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.15	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.16	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.17	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.18	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.19	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	3.2	M	Elect Director	For	For
Osaka Gas Co. Ltd.	JP3180400008	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	1	M	Amend Articles to: Increase Authorized Capital from 700 Million to 1.1 Billion Shares - Clarify Director Authorities - Authorize Public Announcements in Electronic Format - Introduce Statement of Corporate Philosophy	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.1	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.2	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.3	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.4	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.5	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.6	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.7	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.8	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.9	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.1	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.11	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	2.12	M	Elect Director	For	For
Eisai Co. Ltd.	JP3160400002	06/24/05	3	M	Approve Executive Stock Option Plan	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	1	M	Accept Report Regarding the Modifications to Board Guidelines at Previous Shareholder Meeting	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	2	M	Approve Individual and Consolidated Financial Statements and Discharge Directors	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	3	M	Approve Allocation of Income	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	4	M	Amend Articles 2, 18, 29, 32, 35, 36, 37, 38, and 39 of the Bylaws	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	5	M	Modify Article 9 and Article 10 of Shareholder Meeting Guidelines	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	6	M	Elect Members to Management Board	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	7	M	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	8	M	Authorize Issuance of Bonds/Debentures	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	9	M	Authorize Repurchase of Shares	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	10	M	Reelect Auditors	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	11	M	Authorize Board to Ratify and Execute Approved Resolutions	For	For
Fomento de Construcciones y Contratas, S.A.	ES0122060314	06/21/05	12	M	Approve Minutes of Meeting	For	For
Orix Corp.	JP3200450009	06/21/05	1	M	Amend Articles to: Expand Business Lines - Cancel Year-End Closure of Shareholder Register and Clarify Board’s Authority to Vary AGM Record Date	For	For
Orix Corp.	JP3200450009	06/21/05	2.1	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.2	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.3	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.4	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.5	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.6	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.7	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.8	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.9	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.1	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.11	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	2.12	M	Elect Director	For	For
Orix Corp.	JP3200450009	06/21/05	3	M	Approve Executive Stock Option Plan	For	For
Promise Co Ltd.	JP3833750007	06/21/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 50, Final JY 50, Special JY 5	For	For
Promise Co Ltd.	JP3833750007	06/21/05	2	M	Amend Articles to: Authorize Public Announcements in Electronic Format	For	For
Promise Co Ltd.	JP3833750007	06/21/05	3.1	M	Elect Director	For	For
Promise Co Ltd.	JP3833750007	06/21/05	3.2	M	Elect Director	For	For
Promise Co Ltd.	JP3833750007	06/21/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Promise Co Ltd.	JP3833750007	06/21/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Promise Co Ltd.	JP3833750007	06/21/05	5	M	Approve Retirement Bonuses for Statutory Auditors	For	For
Kao Corp.	JP3205800000	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 19, Final JY 19, Special JY 0	For	For
Kao Corp.	JP3205800000	06/29/05	2	M	Authorize Share Repurchase Program	For	For
Kao Corp.	JP3205800000	06/29/05	3	M	Amend Articles to: Expand Business Lines - Restore Previous Level of Authorized Capital Following Share Repurchase and Cancellation	For	For
Kao Corp.	JP3205800000	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Kao Corp.	JP3205800000	06/29/05	5	M	Approve Executive Stock Option Plan	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 27, Final JY 27, Special JY 0	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	2	M	Amend Articles to: Expand Business Lines - Reduce Maximum Board Size - Authorize Public Announcements in Electronic Format	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.1	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.2	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.3	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.4	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.5	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.6	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.7	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	3.8	M	Elect Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	4	M	Appoint Internal Statutory Auditor	For	Against
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	5	M	Approve Retirement Bonus for Director	For	For
Konami Corp. (formerly Konami Co. Ltd.)	JP3300200007	06/23/05	6	M	Approve Nine Executive Stock Option Plans	For	For
WPP Group Plc	GB0009740423	06/27/05	1	M	Accept Financial Statements and Statutory Reports	For	For
WPP Group Plc	GB0009740423	06/27/05	2	M	Approve Final Dividend of 5.28 Pence Per Ordinary Share	For	For
WPP Group Plc	GB0009740423	06/27/05	3	M	Elect Lubna Olayan as Director	For	For
WPP Group Plc	GB0009740423	06/27/05	4	M	Elect Jeffrey Rosen as Director	For	For
WPP Group Plc	GB0009740423	06/27/05	5	M	Elect Mark Read as Director	For	For
WPP Group Plc	GB0009740423	06/27/05	6	M	Re-elect Sir Martin Sorrell as Director	For	For
WPP Group Plc	GB0009740423	06/27/05	7	M	Re-elect Stanley Morten as Director	For	Abstain

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
WPP Group Plc	GB0009740423	06/27/05	8	M	Re-elect John Quelch as Director	For	For
WPP Group Plc	GB0009740423	06/27/05	9	M	Reappoint Deloitte & Touche LLP as Auditors and Authorise the Board to Determine Their Remuneration	For	For
WPP Group Plc	GB0009740423	06/27/05	10	M	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 42,115,797	For	For
WPP Group Plc	GB0009740423	06/27/05	11	M	Authorise 126,473,866 Ordinary Shares for Market Purchase	For	For
WPP Group Plc	GB0009740423	06/27/05	12	M	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 6,323,693	For	For
WPP Group Plc	GB0009740423	06/27/05	13	M	Approve Remuneration Report	For	For
Aiful Corp.	JP3105040004	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 30, Final JY 30, Special JY 0	For	For
Aiful Corp.	JP3105040004	06/24/05	2.1	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.2	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.3	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.4	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.5	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.6	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.7	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.8	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.9	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.1	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.11	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.12	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.13	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.14	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.15	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	2.16	M	Elect Director	For	For
Aiful Corp.	JP3105040004	06/24/05	3.1	M	Appoint Internal Statutory Auditor	For	For
Aiful Corp.	JP3105040004	06/24/05	3.2	M	Appoint Internal Statutory Auditor	For	For
Aiful Corp.	JP3105040004	06/24/05	4	M	Approve Retirement Bonus for Director	For	For
Aiful Corp.	JP3105040004	06/24/05	5	M	Approve Adjustment to Aggregate Compensation Ceiling for Directors	For	For
Aiful Corp.	JP3105040004	06/24/05	6	M	Approve Executive Stock Option Plan	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 7.5, Final JY 8.5, Special JY 0	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	2	M	Amend Articles to: Authorize Public Announcements in Electronic Format - Cancel Year-End Closure of Shareholder Register - Streamline Board Structure	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	3.1	M	Elect Director	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	3.2	M	Elect Director	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	3.3	M	Elect Director	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	3.4	M	Elect Director	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	3.5	M	Elect Director	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	3.6	M	Elect Director	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	5	M	Approve Retirement Bonuses for Director and Statutory Auditor and Approve Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	6	M	Approve Adjustment to Aggregate Compensation Ceiling for Statutory Auditors	For	For
Mitsui O.S.K. Lines Ltd.	JP3362700001	06/23/05	7	M	Approve Executive Stock Option Plan	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 15, Final JY 25, Special JY 0	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	2	M	Approve Formation of Joint Holding Company with Sankyo Co. Ltd.	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	3	M	Amend Articles to: Amend Business Lines - Reduce Directors Term in Office - Limit Legal Liability of Outside Directors	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.1	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.2	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.3	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.4	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.5	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.6	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.7	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.8	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.9	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.1	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.11	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.12	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	4.13	M	Elect Director	For	For
Daiichi Pharmaceutical Co. Ltd.	JP3476600006	06/29/05	5	M	Approve Retirement Bonuses for Directors	For	For
Terumo Corp.	JP3546800008	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 8, Final JY 12, Special JY 0	For	For
Terumo Corp.	JP3546800008	06/29/05	2	M	Amend Articles to: Expand Business Lines - Increase Authorized Capital from 500 Million to 840 Million Shares - Decrease Maximum Board Size	For	Against
Terumo Corp.	JP3546800008	06/29/05	3.1	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.2	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.3	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.4	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.5	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.6	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.7	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.8	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.9	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.1	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	3.11	M	Elect Director	For	For
Terumo Corp.	JP3546800008	06/29/05	4	M	Approve Retirement Bonuses for Directors	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 3, Special JY 0	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	2	M	Approve Transfer of Company's Aluminum Can Business to Joint Venture with Hokkai Can Co. Ltd.	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	3	M	Amend Articles to: Reduce Maximum Board Size	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	4.1	M	Elect Director	For	Against
Mitsubishi Materials Corp.	JP3903000002	06/29/05	4.2	M	Elect Director	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	4.3	M	Elect Director	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	4.4	M	Elect Director	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	5	M	Approve Adjustment to Aggregate Compensation Ceiling for Directors	For	For
Mitsubishi Materials Corp.	JP3903000002	06/29/05	6	M	Approve Retirement Bonus for Director	For	Against
Sankyo Co. Ltd.	JP3326400003	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 15, Final JY 25, Special JY 0	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	2	M	Approve Formation of Joint Holding Company with Daiichi Pharmaceutical Co. Ltd.	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.1	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.2	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.3	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.4	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.5	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.6	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.7	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.8	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	3.9	M	Elect Director	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	4	M	Approve Retirement Bonuses for Directors	For	For
Sankyo Co. Ltd.	JP3326400003	06/29/05	5	M	Approve Adjustment to Aggregate Compensation Ceilings for Directors and Statutory Auditors	For	For
Sumitomo Corp.	JP3404600003	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 4, Final JY 7, Special JY 0	For	For
Sumitomo Corp.	JP3404600003	06/24/05	2	M	Amend Articles to: Expand Business Lines - Reduce Directors Term in Office	For	For
Sumitomo Corp.	JP3404600003	06/24/05	3.1	M	Elect Director	For	For
Sumitomo Corp.	JP3404600003	06/24/05	3.2	M	Elect Director	For	For
Sumitomo Corp.	JP3404600003	06/24/05	3.3	M	Elect Director	For	For
Sumitomo Corp.	JP3404600003	06/24/05	3.4	M	Elect Director	For	For
Sumitomo Corp.	JP3404600003	06/24/05	3.5	M	Elect Director	For	For
Sumitomo Corp.	JP3404600003	06/24/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Sumitomo Corp.	JP3404600003	06/24/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Sumitomo Corp.	JP3404600003	06/24/05	4.3	M	Appoint Internal Statutory Auditor	For	For
Sumitomo Corp.	JP3404600003	06/24/05	5	M	Approve Executive Stock Option Plan	For	For
Sumitomo Corp.	JP3404600003	06/24/05	6	M	Approve Retirement Bonuses for Directors and Statutory Auditors	For	For
Marubeni Corp.	JP3877600001	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends on Ordinary Shares : Interim JY 0, Final JY 4, Special JY 0	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Marubeni Corp.	JP3877600001	06/24/05	2	M	Approve Reduction in Capital Reserves	For	For
Marubeni Corp.	JP3877600001	06/24/05	3	M	Amend Articles to: Expand Business Lines - Authorize Share Repurchases at Board’s Discretion - Streamline Board Structure in Connection with Introduction of Executive Officer System	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.1	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.2	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.3	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.4	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.5	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.6	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.7	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.8	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.9	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.1	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.11	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	4.12	M	Elect Director	For	For
Marubeni Corp.	JP3877600001	06/24/05	5.1	M	Appoint Internal Statutory Auditor	For	For
Marubeni Corp.	JP3877600001	06/24/05	5.2	M	Appoint Internal Statutory Auditor	For	Against
Marubeni Corp.	JP3877600001	06/24/05	6	M	Approve Adjustment to Aggregate Compensation Ceiling for Directors and Statutory Auditors	For	For
Marubeni Corp.	JP3877600001	06/24/05	7	M	Approve Retirement Bonuses for Directors and Statutory Auditors	For	Against
Mitsubishi Corp.	JP3898400001	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 6, Final JY 12, Special JY 0	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	2	M	Amend Articles to: Amend Business Objectives Clause	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.1	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.2	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.3	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.4	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.5	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.6	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.7	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.8	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.9	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.1	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.11	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.12	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.13	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.14	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.15	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.16	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	3.17	M	Elect Director	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	4	M	Approve Executive Stock Option Plan	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	5	M	Approve Deep Discount Stock Option Plan	For	For
Mitsubishi Corp.	JP3898400001	06/24/05	6	M	Approve Retirement Bonuses for Directors and Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System for Outsiders	For	Against
Nippon Yusen K.K.	JP3753000003	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 7.5, Final JY 8.5, Special JY 2	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	2	M	Amend Articles to: Cancel Year-End Closure of Shareholder Register - Reduce Maximum Board Size - Clarify Director Authorities	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	3.1	M	Elect Director	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	3.2	M	Elect Director	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	3.3	M	Elect Director	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	3.4	M	Elect Director	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	3.5	M	Elect Director	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	3.6	M	Elect Director	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	3.7	M	Elect Director	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Nippon Yusen K.K.	JP3753000003	06/28/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor and Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Nippon Yusen K.K.	JP3753000003	06/28/05	6	M	Approve Adjustment to Aggregate Compensation Ceiling for Directors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 4.5, Final JY 4.5, Special JY 0	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	2.1	M	Elect Director	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	2.2	M	Elect Director	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	2.3	M	Elect Director	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	2.4	M	Elect Director	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	2.5	M	Elect Director	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	2.6	M	Elect Director	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	2.7	M	Elect Director	For	For
Fuji Heavy Industries Ltd.	JP3814800003	06/24/05	3	M	Approve Retirement Bonuses for Directors	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 2.5, Special JY 0	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	2	M	Amend Articles to: Authorize Appointment of Alternate Statutory Auditors - Reduce Maximum Board Size - Reduce Directors Term in Office	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.1	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.2	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.3	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.4	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.5	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.6	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.7	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.8	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	3.9	M	Elect Director	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	4.1	M	Appoint Internal Statutory Auditor	For	Against
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	4.3	M	Appoint Internal Statutory Auditor	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	4.4	M	Appoint Alternate Internal Statutory Auditor	For	For
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditors	For	Against
Kawasaki Heavy Industry Ltd.	JP3224200000	06/28/05	6	M	Approve Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Acom Co. Ltd.	JP3108600002	06/23/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 45, Final JY 55, Special JY 0	For	For
Acom Co. Ltd.	JP3108600002	06/23/05	2	M	Amend Articles to: Expand Business Lines	For	For
Acom Co. Ltd.	JP3108600002	06/23/05	3.1	M	Elect Director	For	For
Acom Co. Ltd.	JP3108600002	06/23/05	3.2	M	Elect Director	For	For
Acom Co. Ltd.	JP3108600002	06/23/05	4	M	Approve Retirement Bonuses for Directors	For	For
Japan Tobacco Inc	JP3726800000	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 5000, Final JY 7000, Special JY 1000	For	For
Japan Tobacco Inc	JP3726800000	06/24/05	2.1	M	Elect Director	For	For
Japan Tobacco Inc	JP3726800000	06/24/05	2.2	M	Elect Director	For	For
Japan Tobacco Inc	JP3726800000	06/24/05	3	M	Appoint Internal Statutory Auditor	For	For
Japan Tobacco Inc	JP3726800000	06/24/05	4	M	Approve Retirement Bonuses for Director and Statutory Auditor	For	Against
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	1	M	Approve Allocation of Income, with No Dividends	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	2	M	Amend Articles to: Authorize Share Repurchases at Board’s Discretion	For	Against
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.1	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.2	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.3	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.4	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.5	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.6	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.7	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.8	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.9	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	3.1	M	Elect Director	For	For
Furukawa Electric Co. Ltd.	JP3827200001	06/29/05	4	M	Appoint Internal Statutory Auditor	For	Against
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 34, Final JY 37, Special JY 0	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	2	M	Amend Articles to: Expand Business Lines - Decrease Authorized Capital from 335.43 Million Shares to 332.26 Million Shares	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.1	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.2	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.3	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.4	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.5	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.6	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.7	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.8	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	3.9	M	Elect Director	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Daito Trust Construction Co. Ltd.	JP3486800000	06/29/05	5	M	Approve Retirement Bonus for Director	For	For
Kikkoman Corp.	JP3240400006	06/27/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 8, Special JY 2	For	For
Kikkoman Corp.	JP3240400006	06/27/05	2.1	M	Elect Director	For	For
Kikkoman Corp.	JP3240400006	06/27/05	2.2	M	Elect Director	For	For
Kikkoman Corp.	JP3240400006	06/27/05	2.3	M	Elect Director	For	For
Kikkoman Corp.	JP3240400006	06/27/05	2.4	M	Elect Director	For	For
Kikkoman Corp.	JP3240400006	06/27/05	2.5	M	Elect Director	For	For
Kikkoman Corp.	JP3240400006	06/27/05	3	M	Appoint Internal Statutory Auditor	For	For
Kikkoman Corp.	JP3240400006	06/27/05	4	M	Approve Retirement Bonuses for Directors and Special Bonus for Family of Deceased Director	For	Against
Kikkoman Corp.	JP3240400006	06/27/05	5	M	Approve Adjustment to Aggregate Compensation Ceiling for Directors	For	For
Kikkoman Corp.	JP3240400006	06/27/05	6	M	Approve Executive Stock Option Plan	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 44, Final JY 44, Special JY 0	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	2	M	Amend Articles to: Increase Authorized Capital from 2.4 Billion to 3.5 Billion Shares - Set Maximum Number of Internal Auditors - Clarify Board’s Authority to Vary AGM Record Date - Set Maximum Board Size	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	3.1	M	Elect Director	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	3.2	M	Elect Director	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	3.3	M	Elect Director	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	3.4	M	Elect Director	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	3.5	M	Elect Director	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Takeda Pharmaceutical Co. Ltd.	JP3463000004	06/29/05	5	M	Approve Retirement Bonuses for Director and Statutory Auditor	For	Against
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 30, Final JY 30, Special JY 0	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.1	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.2	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.3	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.4	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.5	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.6	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.7	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.8	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.9	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.1	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.11	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.12	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.13	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.14	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.15	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.16	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.17	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.18	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	2.19	M	Elect Director	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	3	M	Approve Retirement Bonuses for Directors and Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	4	M	Approve Adjustment to Aggregate Compensation Ceilings for Directors and Statutory Auditors	For	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	5	S	Approve Alternate Allocation of Income	Against	Against
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	6	S	Amend Articles to Require Prompt Disclosure of Individual Director Remuneration Levels	Against	For
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	7	S	Amend Articles to Give Shareholders the Right to Investigate Management Problems and Demand the Creation of an Investigation Committee	Against	Against
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	8	S	Amend Articles to Require Shutdown of All Nuclear Reactors Designed in 1978 or Earlier	Against	Against

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	9	S	Amend Articles to Require Local Community Consent for Operation of Nuclear Facilities in Which Damage Has Been Discovered	Against	Against
Tokyo Electric Power Co. Ltd.	JP3585800000	06/28/05	10	S	Amend Articles to Require Company to Not Provide Spent Nuclear Fuel to Rokkasho Reprocessing Plant	Against	Against
Komatsu Ltd.	JP3304200003	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 5, Final JY 6, Special JY 0	For	For
Komatsu Ltd.	JP3304200003	06/24/05	2	M	Amend Articles to: Authorize Public Announcements in Electronic Format - Reduce Maximum Board Size - Streamline Board Structure	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.1	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.2	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.3	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.4	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.5	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.6	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.7	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.8	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.9	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	3.1	M	Elect Director	For	For
Komatsu Ltd.	JP3304200003	06/24/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Komatsu Ltd.	JP3304200003	06/24/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Komatsu Ltd.	JP3304200003	06/24/05	5	M	Approve Executive Stock Option Plan	For	For
Komatsu Ltd.	JP3304200003	06/24/05	6	M	Approve Retirement Bonuses for Directors	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends on Ordinary Shares: Interim JY 0, Final JY 1.5, Special JY 0	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	2.1	M	Elect Director	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	2.2	M	Elect Director	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	2.3	M	Elect Director	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	2.4	M	Elect Director	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	2.5	M	Elect Director	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	3.1	M	Appoint Internal Statutory Auditor	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	3.2	M	Appoint Internal Statutory Auditor	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	3.3	M	Appoint Internal Statutory Auditor	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	3.4	M	Appoint Internal Statutory Auditor	For	For
Isuzu Motors Ltd.	JP3137200006	06/29/05	4	M	Approve Retirement Bonuses for Directors and Statutory Auditor, and Special Payments to Continuing Directors and Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Isuzu Motors Ltd.	JP3137200006	06/29/05	5	M	Approve Increase in Aggregate Compensation Ceiling for Statutory Auditors	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 35, Special JY 0	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.1	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.2	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.3	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.4	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.5	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.6	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.7	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.8	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.9	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.1	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.11	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.12	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.13	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.14	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.15	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.16	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.17	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.18	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	2.19	M	Elect Director	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	3	M	Appoint Internal Statutory Auditor	For	For
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	4	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	Against
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	5	S	Amend Articles to Specify that Renewable Energy Will Be Main Form of Power Generation	Against	Against

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	6	S	Amend Articles to Require Designation of Directors Responsible for Information Disclosure in Public Forum	Against	Against
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	7	S	Amend Articles to Add Declaration on Reduction of Greenhouse Gases	Against	Against
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	8	S	Amend Articles to Add Declaration on Abandonment of Plans for Plutonium Thermal Project	Against	Against
Kyushu Electric Power Co. Inc.	JP3246400000	06/29/05	9	S	Amend Articles to Add Declaration of Non-Participation in Active Testing at Nuclear Fuel Reprocessing Plant	Against	Against
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 25, Special JY 0	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	2	M	Amend Articles to: Reduce Maximum Board Size - Streamline Board Structure	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.1	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.2	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.3	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.4	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.5	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.6	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.7	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.8	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.9	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.1	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.11	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.12	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.13	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.14	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	3.15	M	Elect Director	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	4.2	M	Appoint Internal Statutory Auditor	For	Against
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditors and Special Payment for Family of Deceased Statutory Auditor	For	Against
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	6	S	Approve Alternate Income Allocation Proposal	Against	Against
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	7	S	Amend Articles to Require Disclosure of Director and Statutory Auditor Compensation on an Individual Basis	Against	For
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	8	S	Amend Articles to Require Establishment of an Internal Company System	Against	Against
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	9	S	Amend Articles to Require Company to Establish Standards for Decommissioning Nuclear Reactors	Against	Against
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	10	S	Amend Articles to Forbid Company from Participating in Nuclear Fuel Reprocessing	Against	Against
Tohoku Electric Power Co. Inc.	JP3605400005	06/29/05	11	S	Approve Reduced Retirement Bonuses for Directors and Statutory Auditors	Against	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 25, Special JY 0	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	2	M	Amend Articles to: Reduce Maximum Board Size - Decrease Authorized Capital to Reflect Share Repurchase - Reduce	For	For
					Directors Term in Office - Authorize Public Announcements in Electronic Format
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.1	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.2	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.3	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.4	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.5	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.6	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.7	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.8	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.9	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.1	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.11	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	3.12	M	Elect Director	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	5	M	Approve Retirement Bonuses for Directors	For	For
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	6	S	Approve Alternate Income Allocation Proposal	Against	Against
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	7	S	Amend Articles to Reduce Maximum Board Size and Require Appointment of at Least One Female Director	Against	Against
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	8	S	Amend Articles to Require Establishment of Committee to Evaluate Economics of Nuclear Power Generation	Against	Against
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	9	S	Amend Articles to Require Reevaluation of Standards for Earthquake and Tsunami Damage to Nuclear Plant	Against	Against
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	10	S	Amend Articles to Require Company to Postpone Participation in Nuclear Fuel Reprocessing Tests	Against	Against
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	11	S	Amend Articles to Require Company to Train Personnel and Establish a Technical Department for Entry into the Fuel Cell Field	Against	Against
Hokkaido Electric Power Co. Inc.	JP3850200001	06/29/05	12	S	Amend Articles to Require Company to Limit Publicity and Educational Programs Related to Nuclear Power	Against	Against
Taisei Corp.	JP3443600006	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 2.5, Final JY 2.5, Special JY 0	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Taisei Corp.	JP3443600006	06/28/05	2	M	Amend Articles to: Increase Authorized Capital from 1.145 Billion to 2.2 Billion Shares	For	For
Taisei Corp.	JP3443600006	06/28/05	3.1	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.2	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.3	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.4	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.5	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.6	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.7	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.8	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.9	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.1	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.11	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.12	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.13	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	3.14	M	Elect Director	For	For
Taisei Corp.	JP3443600006	06/28/05	4	M	Approve Retirement Bonus for Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 10, Special JY 0	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	2	M	Amend Articles to: Authorize Public Announcements in Electronic Format	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.1	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.2	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.3	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.4	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.5	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.6	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.7	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.8	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.9	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.1	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.11	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.12	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	3.13	M	Elect Director	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	4	M	Approve Deep Discount Stock Option Plan	For	For
NIPPON MINING HOLDINGS INC.	JP3379550001	06/28/05	5	M	Approve Retirement Bonus for Director and Special Payments to Continuing Directors in Connection with Abolition of	For	For
					Retirement Bonus System
Sandvik Ab	SE0000667891	06/28/05	1	M	Share Re-registration Consent	For	For
Sandvik Ab	SE0000667891	06/28/05	1	M	Open Meeting	None	None
Sandvik Ab	SE0000667891	06/28/05	2	M	Elect Chairman of Meeting	For	For
Sandvik Ab	SE0000667891	06/28/05	3	M	Prepare and Approve List of Shareholders	For	For
Sandvik Ab	SE0000667891	06/28/05	4	M	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	For	For
Sandvik Ab	SE0000667891	06/28/05	5	M	Approve Agenda of Meeting	For	For
Sandvik Ab	SE0000667891	06/28/05	6	M	Acknowledge Proper Convening of Meeting	For	For
Sandvik Ab	SE0000667891	06/28/05	7.1	M	Approve Reduction in Share Capital via Share Cancellation	For	For
Sandvik Ab	SE0000667891	06/28/05	7.2	M	Approve Issuance of Class C Shares to Facilitate Reduction in Share Capital	For	For
Sandvik Ab	SE0000667891	06/28/05	7.3	M	Approve Reduction in Share Capital via Cancellation of Class C Shares	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 7.5, Final JY 9, Special JY 0	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	2	M	Amend Articles to: Expand Business Lines - Authorize Public Announcements in Electronic Format	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	3	M	Approve Executive Stock Option Plan	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	4	M	Amend Stock Option Plans Approved at 2002-2004 AGMs	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.1	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.2	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.3	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.4	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.5	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.6	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.7	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.8	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.9	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund- Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.1	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.11	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.12	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.13	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.14	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.15	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	5.16	M	Elect Director	For	For
KAWASAKI KISEN KAISHA LTD	JP3223800008	06/29/05	6	M	Approve Retirement Bonuses for Directors	For	For
Itochu Corp.	JP3143600009	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 7, Special JY 0	For	For
Itochu Corp.	JP3143600009	06/29/05	2	M	Amend Articles to: Expand Business Lines - Authorize Share Repurchases at Board’s Discretion - Limit Directors’ and Internal Auditors’ Legal Liability - Authorize Public Announcements in Electronic Format	For	For
Itochu Corp.	JP3143600009	06/29/05	3.1	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	3.2	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	3.3	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	3.4	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	3.5	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	3.6	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	3.7	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	3.8	M	Elect Director	For	For
Itochu Corp.	JP3143600009	06/29/05	4	M	Appoint Internal Statutory Auditor	For	Against
Itochu Corp.	JP3143600009	06/29/05	5	M	Approve Retirement Bonus for Director and Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	For
Itochu Corp.	JP3143600009	06/29/05	6	M	Approve Adjustment to Aggregate Compensation Ceiling for Statutory Auditors	For	For
Ono Pharmaceutical Co. Ltd.	JP3197600004	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 55, Special JY 10	For	For
Ono Pharmaceutical Co. Ltd.	JP3197600004	06/29/05	2	M	Amend Articles to: Clarify Director Authorities	For	For
Tosoh Corp.	JP3595200001	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 5, Special JY 1	For	For
Tosoh Corp.	JP3595200001	06/29/05	2	M	Amend Articles to: Increase Number of Internal Auditors - Authorize Public Announcements in Electronic Format	For	For
Tosoh Corp.	JP3595200001	06/29/05	3.1	M	Elect Director	For	For
Tosoh Corp.	JP3595200001	06/29/05	3.2	M	Elect Director	For	For
Tosoh Corp.	JP3595200001	06/29/05	3.3	M	Elect Director	For	For
Tosoh Corp.	JP3595200001	06/29/05	3.4	M	Elect Director	For	For
Tosoh Corp.	JP3595200001	06/29/05	3.5	M	Elect Director	For	For
Tosoh Corp.	JP3595200001	06/29/05	3.6	M	Elect Director	For	For
Tosoh Corp.	JP3595200001	06/29/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Tosoh Corp.	JP3595200001	06/29/05	4.2	M	Appoint Internal Statutory Auditor	For	Against
Tosoh Corp.	JP3595200001	06/29/05	4.3	M	Appoint Internal Statutory Auditor	For	For
Tosoh Corp.	JP3595200001	06/29/05	5.1	M	Appoint Alternate Internal Statutory Auditor	For	For
Tosoh Corp.	JP3595200001	06/29/05	5.2	M	Appoint Alternate Internal Statutory Auditor	For	Against
Tosoh Corp.	JP3595200001	06/29/05	6	M	Approve Retirement Bonuses for Director and Statutory Auditor	For	For
Makita Corp.	JP3862400003	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 9, Interim Special JY 2, Final JY 9, Special JY 27	For	For
Makita Corp.	JP3862400003	06/29/05	2	M	Amend Articles to: Increase Authorized Capital from 287 Million to 500 Million Shares - Limit Outside Directors’ Legal Liability - Authorize Public Announcements in Electronic Format	For	Against
Makita Corp.	JP3862400003	06/29/05	3.1	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.2	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.3	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.4	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.5	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.6	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.7	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.8	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.9	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.1	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.11	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.12	M	Elect Director	For	For
Makita Corp.	JP3862400003	06/29/05	3.13	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 4, Final JY 6, Special JY 0	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	2	M	Amend Articles to: Increase Authorized Capital from 2 Billion Shares to 5 Billion Shares - Authorize Public Announcements in Electronic Format	For	Against
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.1	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.2	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.3	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.4	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.5	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.6	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.7	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi	JP3679700009	06/29/05	3.8	M	Elect Director	For	For
Oil Co.)
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.9	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.1	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.11	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi	JP3679700009	06/29/05	3.12	M	Elect Director	For	For
Oil Co.)
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.13	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi	JP3679700009	06/29/05	3.14	M	Elect Director	For	For
Oil Co.)
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.15	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.16	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.17	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.18	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	3.19	M	Elect Director	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Nippon Oil Corp. (Formerly Nippon Mitsubishi Oil Co.)	JP3679700009	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor and Special Payments to Continuing Directors and Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Toyota Motor Corp.	JP3633400001	06/23/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 40, Special JY 0	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.1	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.2	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.3	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.4	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.5	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.6	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.7	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.8	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.9	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.1	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Toyota Motor Corp.	JP3633400001	06/23/05	2.11	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.12	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.13	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.14	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.15	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.16	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.17	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.18	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.19	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.2	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.21	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.22	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.23	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.24	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.25	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	2.26	M	Elect Director	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	3	M	Appoint Internal Statutory Auditor	For	Against
Toyota Motor Corp.	JP3633400001	06/23/05	4	M	Approve Executive Stock Option Plan	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	5	M	Authorize Share Repurchase Program	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	6	M	Approve Retirement Bonuses for Directors	For	For
Toyota Motor Corp.	JP3633400001	06/23/05	7	S	Amend Articles of Incorporation to Require Disclosure of Individual Compensation Levels of Directors and Statutory Auditors	Against	For
Toyota Motor Corp.	JP3633400001	06/23/05	8	S	Amend Articles of Incorporation to Require Reporting of Contributions to Political Parties and Political Fundraising Organizations	Against	Against
Denso Corp.	JP3551500006	06/22/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 13, Final JY 19, Special JY 0	For	For
Denso Corp.	JP3551500006	06/22/05	2	M	Authorize Share Repurchase Program	For	For
Denso Corp.	JP3551500006	06/22/05	3	M	Amend Articles to: Authorize Public Announcements in Electronic Format	For	For
Denso Corp.	JP3551500006	06/22/05	4.1	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.2	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.3	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.4	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.5	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.6	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.7	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.8	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.9	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.1	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.11	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.12	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	4.13	M	Elect Director	For	For
Denso Corp.	JP3551500006	06/22/05	5.1	M	Appoint Internal Statutory Auditor	For	For
Denso Corp.	JP3551500006	06/22/05	5.2	M	Appoint Internal Statutory Auditor	For	For
Denso Corp.	JP3551500006	06/22/05	6	M	Approve Executive Stock Option Plan	For	For
Denso Corp.	JP3551500006	06/22/05	7	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	Against
Mazda Motor Corp.	JP3868400007	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 3, Special JY 0	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	2	M	Approve Reduction in Legal Reserves	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	3	M	Approve Executive Stock Option Plan	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	4	M	Authorize Share Repurchase Program	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	5.1	M	Elect Director	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	5.2	M	Elect Director	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	5.3	M	Elect Director	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	5.4	M	Elect Director	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	6.1	M	Appoint Internal Statutory Auditor	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	6.2	M	Appoint Internal Statutory Auditor	For	Against
Mazda Motor Corp.	JP3868400007	06/24/05	6.3	M	Appoint Internal Statutory Auditor	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	6.4	M	Appoint Internal Statutory Auditor	For	For
Mazda Motor Corp.	JP3868400007	06/24/05	7	M	Approve Retirement Bonuses for Director and Statutory Auditors	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Ryosan Co. Ltd.	JP3975400007	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 20, Final JY 40, Special JY 0	For	For
Ryosan Co. Ltd.	JP3975400007	06/24/05	2	M	Amend Articles to: Decrease Authorized Capital to Reflect Share Repurchase	For	For
Ryosan Co. Ltd.	JP3975400007	06/24/05	3.1	M	Elect Director	For	For
Ryosan Co. Ltd.	JP3975400007	06/24/05	3.2	M	Elect Director	For	For
Ryosan Co. Ltd.	JP3975400007	06/24/05	3.3	M	Elect Director	For	For
Ryosan Co. Ltd.	JP3975400007	06/24/05	3.4	M	Elect Director	For	For
Ryosan Co. Ltd.	JP3975400007	06/24/05	3.5	M	Elect Director	For	For
Sumitomo Chemical Co. Ltd.	JP3401400001	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 3, Final JY 3, Special JY 2	For	For
Sumitomo Chemical Co. Ltd.	JP3401400001	06/24/05	2	M	Amend Articles to: Reduce Directors Term in Office - Streamline Board Structure	For	For
Sumitomo Chemical Co. Ltd.	JP3401400001	06/24/05	3.1	M	Elect Director	For	For
Sumitomo Chemical Co. Ltd.	JP3401400001	06/24/05	3.2	M	Elect Director	For	For
Sumitomo Chemical Co. Ltd.	JP3401400001	06/24/05	4	M	Appoint Internal Statutory Auditor	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 10, Final JY 14, Special JY 0	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	2	M	Amend Articles to: Reduce Maximum Board Size - Authorize Public Announcements in Electronic Format - Streamline Board Structure	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	3	M	Approve Executive Stock Option Plan	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.1	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.2	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.3	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.4	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.5	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.6	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.7	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.8	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.9	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.1	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.11	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.12	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.13	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.14	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.15	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.16	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.17	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.18	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	4.19	M	Elect Director	For	For
Aisin Seiki Co. Ltd.	JP3102000001	06/23/05	5	M	Approve Retirement Bonuses for Directors	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 25, Special JY 0	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	2	M	Amend Articles to: Expand Business Lines - Increase Number of Internal Auditors	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.1	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.2	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.3	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.4	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.5	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.6	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.7	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.8	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.9	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.1	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.11	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.12	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.13	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.14	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.15	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.16	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.17	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.18	M	Elect Director	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	3.19	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	4.1	M	Appoint Internal Statutory Auditor	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	For
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	6	S	Approve Alternate Income Allocation Proposal	Against	Against
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	7	S	Amend Articles to Require Phase-Out of Nuclear Power Generation	Against	Against
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	8	S	Amend Articles to Forbid Use of Mixed-Oxide Fuels Containing Plutonium	Against	Against
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	9	S	Amend Articles to Require Establishment of Earthquake Countermeasure Study Committee	Against	Against
Chugoku Electric Power Co. Inc.	JP3522200009	06/29/05	10	S	Amend Articles to Forbid Appointment of Those with Regulatory Authority Over the Company’s Business or Facilities as Outside Directors	Against	Against
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 30, Final JY 30, Special JY 0	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	2	M	Amend Articles to: Reduce Maximum Board Size - Reduce Directors Term in Office	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.1	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.2	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.3	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.4	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.5	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.6	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.7	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.8	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.9	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.1	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.11	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.12	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.13	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.14	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.15	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.16	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.17	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.18	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.19	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	3.2	M	Elect Director	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	4	M	Appoint Internal Statutory Auditor	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	6	S	Amend Articles to Require Disclosure of Individual Director Compensation	Against	For
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	7	S	Amend Articles to Forbid Participation in Active Testing at Nuclear Fuel Reprocessing Plant	Against	Against
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	8	S	Amend Articles to Require Assessment of Risk-Reducing Impact of Anti-Earthquake Measures	Against	Against
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	9	S	Amend Articles to Require System to Reflect Views of Citizens in Communities Where Nuclear Plants are Located	Against	Against
Chubu Electric Power Co. Inc.	JP3526600006	06/28/05	10	S	Amend Articles to Require Active Disclosure of All Safety-Related Information	Against	Against
Wacoal Corp.	JP3992400006	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 20, Special JY 0	For	For
Wacoal Corp.	JP3992400006	06/29/05	2	M	Approve Adoption of Holding Company Structure and Transfer of Business to Wholly-Owned Subsidiary	For	For
Wacoal Corp.	JP3992400006	06/29/05	3	M	Amend Articles to: Increase Authorized Capital from 229.9 Million to 500 Million Shares - Reduce Maximum Board Size -	For	Against
					Abolish Retirement Bonus System - Limit Outside Directors’ Legal Liability - Change Name to Wacoal Holdings Corp.
Wacoal Corp.	JP3992400006	06/29/05	4.1	M	Elect Director	For	For
Wacoal Corp.	JP3992400006	06/29/05	4.2	M	Elect Director	For	For
Wacoal Corp.	JP3992400006	06/29/05	4.3	M	Elect Director	For	For
Wacoal Corp.	JP3992400006	06/29/05	4.4	M	Elect Director	For	For
Wacoal Corp.	JP3992400006	06/29/05	5	M	Appoint Internal Statutory Auditor	For	For
Wacoal Corp.	JP3992400006	06/29/05	6	M	Approve Retirement Bonuses for Directors and Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Wacoal Corp.	JP3992400006	06/29/05	7	M	Approve Adjustment to Aggregate Compensation Ceilings for Directors and Statutory Auditors	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 40, Special JY 20	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	2	M	Amend Articles to: Authorize Public Announcements in Electronic Format	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	3.1	M	Elect Director	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	3.2	M	Elect Director	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	3.3	M	Elect Director	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	3.4	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	3.5	M	Elect Director	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	3.6	M	Elect Director	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	3.7	M	Elect Director	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	4.1	M	Appoint Internal Statutory Auditor	For	Against
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	4.2	M	Appoint Internal Statutory Auditor	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	4.3	M	Appoint Internal Statutory Auditor	For	Against
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	4.4	M	Appoint Internal Statutory Auditor	For	For
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	5	M	Appoint Alternate Internal Statutory Auditor	For	Against
SEGA SAMMY HOLDINGS INC.	JP3419050004	06/24/05	6	M	Approve Executive Stock Option Plan	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 3.50, Final JY 5, Special JY 0	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	2	M	Amend Articles to: Increase Number of Internal Auditors - Clarify Director Authorities - Expand Board Eligibility	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.1	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.2	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.3	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.4	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.5	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.6	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.7	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.8	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.9	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	3.1	M	Elect Director	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	4	M	Appoint Internal Statutory Auditor	For	For
Shizuoka Bank Ltd.	JP3351200005	06/28/05	5	M	Approve Retirement Bonuses for Directors and to Special Payment to Director Smitching to Part-time Status	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 10, Special JY 0	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.1	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.2	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.3	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.4	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.5	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.6	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.7	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.8	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.9	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	2.1	M	Elect Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	3.1	M	Appoint Internal Statutory Auditor	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	3.2	M	Appoint Internal Statutory Auditor	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	4	M	Approve Retirement Bonus for Director	For	For
Nagase & Co. Ltd.	JP3647800006	06/28/05	5	M	Approve Executive Stock Option Plan	For	For
NISSHIN OILLIO GROUP LTD (formerly	JP3677200002	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 3.50, Final JY 3.50, Special JY 0	For	For
Nisshin Oil Mills Ltd.)
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	2	M	Amend Articles to: Authorize Public Announcements in Electronic Format	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.1	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.2	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.3	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.4	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.5	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.6	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.7	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.8	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.9	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.1	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.11	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.12	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.13	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.14	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.15	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.16	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.17	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	3.18	M	Elect Director	For	For
NISSHIN OILLIO GROUP LTD (formerly Nisshin Oil Mills Ltd.)	JP3677200002	06/28/05	4	M	Approve Retirement Bonus for Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 6, Final JY 6, Special JY 0	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.1	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.2	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.3	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.4	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.5	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.6	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.7	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.8	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.9	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.1	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	2.11	M	Elect Director	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	3.1	M	Appoint Internal Statutory Auditor	For	Against
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	3.2	M	Appoint Internal Statutory Auditor	For	For
Daiwa Kosho Lease Co. Ltd.	JP3501400000	06/28/05	4	M	Approve Retirement Bonus for Statutory Auditor and Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Shimizu Corp.	JP3358800005	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 2.50, Final JY 2.50, Special JY 0	For	For
Shimizu Corp.	JP3358800005	06/29/05	2	M	Amend Articles to: Provide for Sale of Supplemental Shares to Odd-Lot Holders	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.1	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.2	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.3	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.4	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.5	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.6	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.7	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.8	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	3.9	M	Elect Director	For	For
Shimizu Corp.	JP3358800005	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Shimizu Corp.	JP3358800005	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 15, Special JY 0	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	2	M	Amend Articles to: Expand Business Lines	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.1	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.2	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Leopalace21 Corp.	JP3167500002	06/29/05	3.3	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.4	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.5	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.6	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.7	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.8	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.9	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.1	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.11	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.12	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.13	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.14	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	3.15	M	Elect Director	For	For
Leopalace21 Corp.	JP3167500002	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Cosmo Oil Co. Ltd.	JP3298600002	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 3, Final JY 5, Special JY 0	For	For
Cosmo Oil Co. Ltd.	JP3298600002	06/29/05	2.1	M	Elect Director	For	For
Cosmo Oil Co. Ltd.	JP3298600002	06/29/05	2.2	M	Elect Director	For	For
Cosmo Oil Co. Ltd.	JP3298600002	06/29/05	2.3	M	Elect Director	For	For
Cosmo Oil Co. Ltd.	JP3298600002	06/29/05	3	M	Appoint Internal Statutory Auditor	For	For
Cosmo Oil Co. Ltd.	JP3298600002	06/29/05	4	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 3.5, Final JY 3.5, Special JY 3	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	2	M	Amend Articles to: Expand Business Lines	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.1	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.2	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.3	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.4	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.5	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.6	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.7	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.8	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.9	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.1	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.11	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.12	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.13	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.14	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.15	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.16	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.17	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.18	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.19	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.2	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	3.21	M	Elect Director	For	For
Japan Airport Terminal Co. Ltd.	JP3699400002	06/29/05	4	M	Approve Special Bonus for Family of Deceased Director and Retirement Bonuses for Directors	For	Against
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 18, Final JY 21, Special JY 6	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	2	M	Amend Articles to: Expand Business Lines	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.1	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.2	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.3	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.4	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.5	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.6	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.7	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.8	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.9	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	3.1	M	Elect Director	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	4.1	M	Appoint Internal Statutory Auditor	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Autobacs Seven Co. Ltd.	JP3172500005	06/28/05	5	M	Approve Retirement Bonuses for Director and Statutory Auditor	For	For
Itoham Foods Inc.	JP3144400003	06/28/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 8, Special JY 0	For	For
Itoham Foods Inc.	JP3144400003	06/28/05	2.1	M	Elect Director	For	For
Itoham Foods Inc.	JP3144400003	06/28/05	2.2	M	Elect Director	For	For
Itoham Foods Inc.	JP3144400003	06/28/05	2.3	M	Elect Director	For	For
Itoham Foods Inc.	JP3144400003	06/28/05	2.4	M	Elect Director	For	For
Itoham Foods Inc.	JP3144400003	06/28/05	3	M	Appoint Internal Statutory Auditor	For	For
Itoham Foods Inc.	JP3144400003	06/28/05	4	M	Approve Retirement Bonus for Statutory Auditor	For	For
Taisho Pharmaceutical Co. Ltd.	JP3442800003	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 25, Special JY 0	For	For
Taisho Pharmaceutical Co. Ltd.	JP3442800003	06/29/05	2	M	Amend Articles to: Decrease Authorized Capital to Reflect Share Repurchase	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 25, Special JY 0	For	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.1	M	Elect Director	For	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.2	M	Elect Director	For	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.3	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.4	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.5	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.6	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.7	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.8	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.9	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.1	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.11	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.12	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.13	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.14	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.15	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.16	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.17	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.18	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.19	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.2	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.21	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.22	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.23	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.24	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.25	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	2.26	M	Elect Director	For	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	3	M	Approve Retirement Bonuses for Directors	For	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	4	S	Amend Articles to Cap Board Size at 12	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	5	S	Amend Articles to Limit Number of Statutory Auditors and Require One Auditor From Environmental NGO	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	6	S	Amend Articles to Require Efforts to Prevent Global Warming	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	7	S	Amend Articles to Declare Switch From Nuclear to Natural Energy	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	8	S	Amend Articles to Require All Employees to Re-Study Compliance Manual	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	9	S	Amend Articles to Require Prioritization of Skilled Employees	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	10	S	Amend Articles to Prevent Cuts in Repair and Maintenance Expenditures	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	11	S	Approve Alternate Income Allocation Proposal	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	12	S	Remove Two Directors from Office	Against	For
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	13	S	Amend Articles to Limit Board Size and Require Appointment of Director to Be Responsible for Victims of Nuclear Accidents	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	14	S	Abolish Retirement Bonus System	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	15	S	Amend Articles to Require Appointment of Environmental Management Committee	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	16	S	Amend Articles to Require Appointment of Nuclear Power Earthquake Countermeasure Committee	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	17	S	Amend Articles to Prohibit Participation in Reprocessing Activities	Against	Against
Kansai Electric Power Co. Inc.	JP3228600007	06/29/05	18	S	Amend Articles to Prohibit Use of Plutonium	Against	Against
Kandenko Co. Ltd.	JP3230600003	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 5, Final JY 5, Special JY 2	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Kandenko Co. Ltd.	JP3230600003	06/29/05	2	M	Amend Articles to: Increase Authorized Capital from 610 Million to 820 Million Shares - Expand Board Eligibility - Authorize Public Announcements in Electronic Format	For	Against
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.1	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.2	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.3	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.4	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.5	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.6	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.7	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.8	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.9	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.1	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.11	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.12	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.13	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.14	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.15	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.16	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.17	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.18	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.19	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.2	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.21	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.22	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.23	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.24	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	3.25	M	Elect Director	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	4.1	M	Appoint Internal Statutory Auditor	For	Against
Kandenko Co. Ltd.	JP3230600003	06/29/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Kandenko Co. Ltd.	JP3230600003	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditors	For	Against
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends on Ordinary Shares: Interim JY 0, Final JY 2.5, Special JY 0	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	2.1	M	Elect Director	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	2.2	M	Elect Director	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	2.3	M	Elect Director	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	2.4	M	Elect Director	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	2.5	M	Elect Director	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	3.1	M	Appoint Internal Statutory Auditor	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	3.2	M	Appoint Internal Statutory Auditor	For	For
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	3.3	M	Appoint Internal Statutory Auditor	For	Against
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	3.4	M	Appoint Internal Statutory Auditor	For	Against
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	3.5	M	Appoint Internal Statutory Auditor	For	Against
MITSUI TRUST HOLDINGS INC	JP3892100003	06/29/05	4	M	Approve Retirement Bonuses for Statutory Auditors	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 9, Final JY 9, Special JY 0	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	2	M	Approve Reduction in Legal Reserves	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	3	M	Approve Adoption of Holding Company Structure and Transfer of Delivery Business Operations to Wholly-Owned Subsidiary	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	4	M	Amend Articles to: Expand Business Lines - Increase Authorized Capital - Clarify Director Authorities - Limit Directors’ Legal Liability - Change Company Name	For	Against
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.1	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.2	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.3	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.4	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.5	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.6	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.7	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.8	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.9	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	5.1	M	Elect Director	For	For
Yamato Transport Co. Ltd.	JP3940000007	06/29/05	6	M	Appoint Internal Statutory Auditor	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 70, Final JY 200, Special JY 0	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.1	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.2	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.3	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.4	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.5	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.6	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.7	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.8	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.9	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.1	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.11	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	2.12	M	Elect Director	For	For
Nintendo Co. Ltd.	JP3756600007	06/29/05	3	M	Approve Retirement Bonus for Director and Special Payments to Continuing Directors and Statutory Auditors in Cennection with Abolition of Retirment Bonus System	For	Against
TakeFuji Corp.	JP3463200000	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 50, Final JY 50, Special JY 0	For	For
TakeFuji Corp.	JP3463200000	06/29/05	2	M	Amend Articles to: Expand Business Lines - Reduce Maximum Board Size - Clarify Director Authorities	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.1	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.2	M	Elect Director	For	Against
TakeFuji Corp.	JP3463200000	06/29/05	3.3	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.4	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.5	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.6	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.7	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.8	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.9	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	3.1	M	Elect Director	For	For
TakeFuji Corp.	JP3463200000	06/29/05	4.1	M	Appoint Internal Statutory Auditor	For	For
TakeFuji Corp.	JP3463200000	06/29/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Daido Steel Co. Ltd.	JP3491000000	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 2, Final JY 3, Special JY 0	For	For
Daido Steel Co. Ltd.	JP3491000000	06/29/05	2	M	Amend Articles to: Expand Business Lines - Authorize Appointment of Alternate Statutory Auditors	For	For
Daido Steel Co. Ltd.	JP3491000000	06/29/05	3.1	M	Elect Director	For	For
Daido Steel Co. Ltd.	JP3491000000	06/29/05	3.2	M	Elect Director	For	For
Daido Steel Co. Ltd.	JP3491000000	06/29/05	4	M	Appoint Alternate Internal Statutory Auditor	For	For
Daido Steel Co. Ltd.	JP3491000000	06/29/05	5	M	Approve Retirement Bonus for Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 8.50, Special JY 0	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	2	M	Amend Articles to: Clarify Director Authorities - Expand Board Eligibility	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.1	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.2	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.3	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.4	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.5	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.6	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.7	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.8	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.9	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.1	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.11	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.12	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.13	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.14	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	3.15	M	Elect Director	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Kamigumi Co. Ltd.	JP3219000001	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	Against

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Kajima Corp.	JP3210200006	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 2.50, Final JY 3.50, Special JY 0	For	For
Kajima Corp.	JP3210200006	06/29/05	2	M	Amend Articles to: Increase Authorized Capital from 1.92 Billion to 2.5 Billion Shares - Reduce Maximum Board Size - Streamline Board Structure	For	For
Kajima Corp.	JP3210200006	06/29/05	3.1	M	Elect Director	For	For
Kajima Corp.	JP3210200006	06/29/05	3.2	M	Elect Director	For	For
Kajima Corp.	JP3210200006	06/29/05	3.3	M	Elect Director	For	For
Kajima Corp.	JP3210200006	06/29/05	3.4	M	Elect Director	For	For
Kajima Corp.	JP3210200006	06/29/05	3.5	M	Elect Director	For	For
Kajima Corp.	JP3210200006	06/29/05	4	M	Approve Adjustment to Aggregate Compensation Ceiling for Directors	For	For
Kajima Corp.	JP3210200006	06/29/05	5	M	Approve Retirement Bonuses for Directors	For	For
Maeda Corp.	JP3861200008	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 9, Special JY 0	For	For
Maeda Corp.	JP3861200008	06/29/05	2.1	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.2	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.3	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.4	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.5	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.6	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.7	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.8	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.9	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.1	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.11	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.12	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	2.13	M	Elect Director	For	For
Maeda Corp.	JP3861200008	06/29/05	3	M	Approve Special Bonus for Family of Deceased Director	For	For
Maeda Corp.	JP3861200008	06/29/05	4	M	Approve Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Maeda Corp.	JP3861200008	06/29/05	5	M	Approve Adjustment to Aggregate Compensation Ceilings for Directors and Statutory Auditors	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 9, Special JY 0	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	2	M	Amend Articles to: Cancel Year-End Closure of Shareholder Register - Clarify Board to Vary AGM Record Date - Reduce	For	Against
					Directors Term in Office - Authorize Share Repurchases at Board’s Discretion
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.1	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.2	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.3	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.4	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.5	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.6	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.7	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.8	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.9	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.1	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.11	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.12	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.13	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.14	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.15	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.16	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.17	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.18	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.19	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.2	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.21	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.22	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.23	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.24	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.25	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.26	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.27	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.28	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.29	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.3	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.31	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.32	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.33	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.34	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.35	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.36	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	3.37	M	Elect Director	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	5.1	M	Appoint Alternate Internal Statutory Auditor	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	5.2	M	Appoint Alternate Internal Statutory Auditor	For	For
Nishimatsu Construction Co. Ltd.	JP3659200004	06/29/05	6	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	For
Obayashi Corp.	JP3190000004	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 4, Final JY 4, Special JY 0	For	For
Obayashi Corp.	JP3190000004	06/29/05	2	M	Amend Articles to: Expand Business Lines - Reduce Maximum Board Size - Authorize Public Announcements in Electronic Format - Introduce Executive Officer System	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.1	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.2	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.3	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.4	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.5	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.6	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.7	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.8	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.9	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.1	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	3.11	M	Elect Director	For	For
Obayashi Corp.	JP3190000004	06/29/05	4	M	Approve Retirement Bonuses for Directors and Special Payments to Continuing Directorsand Statutory Auditors in Connection with Abolition of Retirement Bounu System	For	Against
Obayashi Corp.	JP3190000004	06/29/05	5	M	Approve Adjustment to Aggregate Compensation Ceiling for Statutory Auditors	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 3.50, Special JY 0	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	2	M	Amend Articles to: Abolish Retirement Bonus System	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.1	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.2	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.3	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.4	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.5	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.6	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.7	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.8	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.9	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.1	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	3.11	M	Elect Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	4	M	Approve Retirement Bonus for Director	For	For
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	5	M	Approve Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System	For	Against
Nippon Light Metal Co. Ltd.	JP3700000007	06/29/05	6	M	Approve Adjustment to Aggregate Compensation Ceilings for Directors and Statutory Auditors	For	For
Taiheiyo Cement Corp.	JP3449020001	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 2.5, Special JY 0	For	For
Taiheiyo Cement Corp.	JP3449020001	06/29/05	2	M	Approve Reduction in Capital Reserves	For	For
Taiheiyo Cement Corp.	JP3449020001	06/29/05	3.1	M	Elect Director	For	For
Taiheiyo Cement Corp.	JP3449020001	06/29/05	3.2	M	Elect Director	For	For
Taiheiyo Cement Corp.	JP3449020001	06/29/05	4	M	Appoint Internal Statutory Auditor	For	Against
Taiheiyo Cement Corp.	JP3449020001	06/29/05	5	M	Approve Retirement Bonuses for Director and Statutory Auditor	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 30, Special JY 0	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	2	M	Amend Articles to: Increase Authorized Capital - Reduce Maximum Board Size - Authorize Public Announcements in Electronic Format - Eliminate Language Preveating Classfication of Board	For	Against
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.1	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.2	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.3	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.4	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.5	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.6	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.7	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.8	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.9	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.1	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.11	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	3.12	M	Elect Director	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Nissin Food Products Co. Ltd.	JP3675600005	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	Against
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 2.5, Final JY 3.5, Special JY 0	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	2	M	Amend Articles to: Increase Authorized Capital from 380 Million to 1 Billion Shares - Reduce Maximum Board Size - Set Maximum Number of Internal Auditors	For	Against
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.1	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.2	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.3	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.4	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.5	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.6	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.7	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.8	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.9	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	3.1	M	Elect Director	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	4.1	M	Appoint Internal Statutory Auditor	For	Against
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	4.2	M	Appoint Internal Statutory Auditor	For	For
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	5	M	Approve Retirement Bonuses for Statutory Auditors	For	Against
Nippon Suisan Kaisha Ltd.	JP3718800000	06/29/05	6	M	Approve Adjustment to Aggregate Compensation Ceilings for Directors and Statutory Auditors	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 12.50, Final JY 33.44, Special JY 0	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	2	M	Amend Articles to: Abolish Retirement Bonus System	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	3.1	M	Elect Director	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	3.2	M	Elect Director	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	3.3	M	Elect Director	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	3.4	M	Elect Director	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	3.5	M	Elect Director	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	4	M	Appoint Internal Statutory Auditor	For	Against
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	5	M	Approve Retirement Bonus for Director	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	6	M	Approve Special Payments to Continuing Directors Statutory Auditor in Connection with Abolition of Retirement Bonus System	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	7	M	Approve Deep Discount Stock Option Plan	For	For
Maruichi Steel Tube Ltd.	JP3871200006	06/29/05	8	M	Approve Adjustment to Aggregate Compensation Ceiling for Statutory Auditors	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 9, Special JY 3	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	2	M	Amend Articles to: Expand Business Lines	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.1	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.2	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.3	M	Elect Director	For	For

Vote Summary Report

10/01/04 to 06/30/05

AIT Select International Equity Fund - Grantham, Mayo, Van Otterloo & Co. LLC

Name	Security ID	Meeting Date	Ballot Item Number	Proponent Management (M) Shareholder (S)	Item Description	Mgt Rec Vote	Vote Cast
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.4	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.5	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.6	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.7	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.8	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.9	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.1	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	3.11	M	Elect Director	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	4	M	Appoint Internal Statutory Auditor	For	For
Nippo Corp. (formerly Nippon Hodo Co. Ltd.)	JP3750200002	06/29/05	5	M	Approve Retirement Bonuses for Directors and Statutory Auditor	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	1	M	Approve Allocation of Income, Including the Following Dividends: Interim JY 4, Final JY 4, Special JY 0	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	2.1	M	Elect Director	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	2.2	M	Elect Director	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	2.3	M	Elect Director	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	2.4	M	Elect Director	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	2.5	M	Elect Director	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	2.6	M	Elect Director	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	2.7	M	Elect Director	For	For
Toshiba Tec Corp. (formerly Tokyo Electric Co. Ltd.)	JP3594000006	06/29/05	3	M	Approve Retirement Bonus for Director	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
21/10/04 EGM	Centrica PLC		GB0005734388		With	N/A
	1	Approve Sub-Division of Ordinary Shares of 5 5/9 Pence Each into New Ordinary Shares of 50/81 of a Penny Each; and Consolidation of All New Ordinary Shares of 50/81 of a Penny Each into New Ordinary Shares of 6 14/81 Pence Each	Mgmt	For	For
	2	Authorise 349,705,272 Shares for Market Purchase	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	292,900		292,900
		Total:	292,900		292,900
22/10/04 AGM	BHP Billiton Limited		AU000000BHP4		With	10/20/2004
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	3	Elect D.R. Argus as Director of BHP Billiton Ltd.	Mgmt	For	For
	4	Elect D.R. Argus as Director of BHP Billiton PLc.	Mgmt	For	For
	5	Elect D.A. Crawford as Director of BHP Billiton Ltd.	Mgmt	For	For
	6	Elect D.A. Crawford as Director of BHP Billiton PLc.	Mgmt	For	For
	7	Elect C.W. Goodyear as Director of BHP Billiton Ltd.	Mgmt	For	For
	8	Elect C.W. Goodyear as Director of BHP Billiton PLc.	Mgmt	For	For
	9	Elect J.M. Schubert as Director of BHP Billiton Ltd.	Mgmt	For	For
	10	Elect J.M. Schubert as Director of BHP Billiton PLc.	Mgmt	For	For
	11	Approve KPMG Audit Plc as Auditors of BHP Billiton PLc. and Authorize Board to Fix Their Remuneration	Mgmt	For	For
	12	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of USD 265,926,499	Mgmt	For	For
	13	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of USD 61,703,675	Mgmt	For	For
	14	Authorise 246,814,700 BHP Billiton Plc Ordinary Shares for Market	Mgmt	For	For
	15	Approve Remuneration Report For the Year Ended June 30, 2003	Mgmt	For	For
	16	Amend BHP Billiton Ltd. and BHP Billiton Plc Group Incentive Scheme	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	17	Approve BHP Billiton Ltd. and BHP Billiton Plc Long Term Incentive Plan	Mgmt	For	For
	18	Approve Grant of Deferred Shares and Options under the Amended BHP Billiton Ltd. Group Incentive Scheme and Grant of Performance Shares under the BHP Billiton Ltd. Long Term Incentive Plan to Charles Goodyear	Mgmt	For	For
	19	Approve Grant of Deferred Shares and Options under the Amended BHP Billiton Plc Group Incentive Scheme and Grant of Performance Shares under the BHP Billiton Plc Long Term Incentive Plan to Mike Salamon	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	141,600		141,600
		Total:	141,600		141,600
25/10/04 EGM	Telecom Italia SPA		IT0003497176		TNA	10/20/2004
		Meeting For Savings Shareholders
	1	Approve Report Re: Utilization of Savings Shares’ Special Reserve	Mgmt
	2.1.A	Reelect Current Board Representative for Holders of Savings Shares, Carlo Pasteris	Mgmt
	2.1.B	Elect New Candidate Designated by Saving Shareholders as Board Representative for Holders of Savings Shares	Mgmt
	2.2.A	Fix Board Representative for Holders of Savings Shares’ Term in Office to Three Years	Mgmt
	2.2.B	Fix Board Representative of Holders of Savings Shares’ Term in Office To the Newly Proposed Term Presented by Saving Shareholders	Mgmt
	2.3.A	Fix Board Representative for Holders of Savings Shares’ Remuneration at EUR 36,152	Mgmt
	2.3.B	Fix Board Representative for Holders of Savings Shares’ Remuneration To the Newly Proposed Amount Presented by Saving Shareholders	Mgmt
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	688,300		0
		Total:	688,300		0

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
26/10/04 AGM	News Corporation Ltd.		AU000000NCP0		With	10/24/2004
		Annual General Meeting
	1	Elect KE Cowley as Director	Mgmt	For	For
	2	Elect DF DeVoe as Director	Mgmt	For	For
	3	Elect V Dinh as Director	Mgmt	For	For
	4	Elect PL Barnes as Director	Mgmt	For	For
	5	Elect JL Thornton as Director	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	122,500		122,500
		Total:	122,500		122,500
26/10/04 EGM	News Corporation Ltd.		AU000000NCP0		With	N/A
		Notice of Meeting of Ordinary Shareholders and Preferred Shareholders
	1	Approve the Reduction of the Capital of the Company by the Cancellation of All of the Ordinary and Preferred Shares in the Company which will Take Effect on the Implementation of the Share Scheme	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	122,500		122,500
		Total:	122,500		122,500
26/10/04 CRT	News Corporation Ltd.		AU000000NCP0		With	10/24/2004
		Court-Ordered Share Scheme Meeting of Ordinary Shareholders (Other than the Murdoch Family and Their Associates)
	1	Approve Share Scheme	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	122,500		122,500
		Total:	122,500		122,500
18/11/04 AGM	Wolseley PLC		GB0009764027			N/A

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For
	3	Approve Final Dividend of 16 Pence Per Share	Mgmt	For	For
	4	Elect Nigel Stein as Director	Mgmt	For	For
	5	Elect Andy Duff as Director	Mgmt	For	For
	6	Re-elect Charles Banks as Director	Mgmt	For	For
	7	Re-elect Chip Hornsby as Director	Mgmt	For	For
	8	Re-elect James Murray as Director	Mgmt	For	For
	9	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	Mgmt	For	For
	10	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	11	Authorise Issuance of Equity or Equity-Linked Securities with Pre - emptive Rights up to Aggregate Nominal Amount of GBP 50,000,000	Mgmt	For	For
	12	Authorise Issuance of Equity or Equity-Linked Securities without Pre - emptive Rights up to Aggregate Nominal Amount of GBP 7,313,728	Mgmt	For	For
	13	Authorise 58,509,827 Shares for Market Purchase	Mgmt	For	For
	14	Amend Wolseley plc 2002 Long-Term Incentive Scheme	Mgmt	For	Abstain
	15	Authorise EU Political Donations up to Aggregate Nominal Amount of GBP 125,000	Mgmt	For	For
	16	Approve Increase in Remuneration of Non-Executive Directors from GBP 500,000 to GBP 750,000	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	150,200		150,200
		Total:	150,200		150,200
10/12/04 EGM	INTERCONTINENTAL HOTELS GROUP PLC		GB0032612805		With	N/A
	1	Authorise that all Ordinary Shares of GBP 1 each be Sub-divided into New Ordinary Shares of 4 Pence Each; Authorise all New Ordinary Shares of 4 Pence Each be Consolidated into New Ordinary Shares of GBP 1.12 each	Mgmt	For	For
	2	Authorise 93,189,655 Shares for Market Purchase	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	97,500		97,500
		Total:	97,500		97,500
27/01/05 AGM	Siemens AG		DE0007236101		TNA	01/21/2005
	1	Receive Supervisory Board Report
	2	Receive Financial Statements and Statutory Reports
	3	Approve Allocation of Income and Dividends of EUR 1.25 per Share	Mgmt	For
	4	Approve Discharge of Management Board for Fiscal 2003/2004	Mgmt	For
	5	Approve Discharge of Supervisory Board for Fiscal 2003/2004	Mgmt	For
	6	Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors	Mgmt	For
	7	Elect Heinrich v. Pierer to the Supervisory Board; Elect Michael Mirow as Alternate Supervisory Board Memeber	Mgmt	For
	8	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	Mgmt	For
	9	Approve Remuneration of Supervisory Board Members	Mgmt	For
	10	Amend Articles Re: Designate Electronic Publications for Meeting Announcements and Invitation to Shareholder Meetings	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	26,100		0
		Total:	26,100		0
28/01/05 AGM	Allied Domecq Plc		GB0007294571		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Final Dividend of 9.67 Pence Per Share	Mgmt	For	For
	3	Approve Remuneration Report	Mgmt	For	For
	4	Re-elect Graham Hetherington as Director	Mgmt	For	For
	5	Re-elect David Scotland as Director	Mgmt	For	For
	6	Re-elect Richard Turner as Director	Mgmt	For	For
	7	Reappoint KPMG Audit Plc as Auditors of the Company	Mgmt	For	For
	8	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	9	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 92,214,192.75	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	10	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 13,832,128.75	Mgmt	For	For
	11	Authorise 110,657,031 Shares for Market Purchase	Mgmt	For	For
	12	Authorise EU Political Donations up to GBP 80,000 and to Incur EU Political Expenditure up to GBP 20,000	Mgmt	For	For
	13	Approve Allied Domecq PLC Performance Share Plan 2005	Mgmt	For	For
	14	Amend Allied Domecq PLC Long Tern Incentive Scheme 1999	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	121,700		121,700
		Total:	121,700		121,700
25/02/05 AGM	POSCO (formerly Pohang Iron & Steel)		693483109			12/30/2004
		Meeting for the Holders of ADR’s
	1	APPROVAL OF BALANCE SHEET, INCOME STATEMENT, AND THE STATEMENT OF APPROPRIATION OF RETAINED EARNINGS FOR THE 37TH FISCAL YEAR (FROM JANUARY 1, 2004 TO DECEMBER 31, 2004)	Mgmt	For	Abstain
	2	ELECTION OF OUTSIDE DIRECTOR: AHN, CHARLES	Mgmt	For	For
	3	ELECTION OF OUTSIDE DIRECTOR AS AUDIT COMMITTEE MEMBER: KIM, E. HAN	Mgmt	For	For
	4	ELECTION OF OUTSIDE DIRECTOR AS AUDIT COMMITTEE MEMBER: SUN, WOOK	Mgmt	For	For
	5	ELECTION OF STANDING DIRECTOR: LEE, YOUN	Mgmt	For	For
	6	APPROVAL OF THE CEILING AMOUNT OF TOTAL REMUNERATION FOR DIRECTORS IN THE FISCAL YEAR 2005	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		000000005811 Allmerica Select Int’l Equity Fund	18,787		18,787
		Total:	18,787		18,787
28/02/05 AGM	Samsung Electronics Co. Ltd.		US7960508882			12/31/2004
		Meeting for Holders of ADRs

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	1	APPROVAL OF THE BALANCE SHEET, INCOME STATEMENT AND STATEMENT OF APPROPRIATION OF RETAINED EARNINGS (DRAFT) FOR THE 36TH FISCAL YEAR (FROM JANUARY 1, 2004 TO DECEMBER 31, 2004), AS SET FORTH IN THE COMPANY S NOTICE OF MEETING ENCLOSED HEREWITH.	Mgmt	For	Abstain
	2	APPROVAL OF THE APPOINTMENT OF IN-JOO KIM AS AN EXECUTIVE DIRECTOR, AS SET FORTH IN THE COMPANY S NOTICE OF MEETING ENCLOSED HEREWITH.	Mgmt	For	For
	3	APPROVAL OF THE COMPENSATION CEILING FOR THE DIRECTORS, AS SET FORTH IN THE COMPANY S NOTICE OF MEETING ENCLOSED HEREWITH.	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	6,677		6,677
		Total:	6,677		6,677
01/03/05 AGM	Novartis AG		CH0012005267		With	02/15/2005
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Discharge of Board and Senior Management	Mgmt	For	For
	3	Approve Allocation of Income and Dividends of CHF 1.05 per Share	Mgmt	For	For
	4	Approve CHF 19 Million Reduction in Share Capital via Share Cancellation	Mgmt	For	For
	5	Authorize Repurchase of up to Ten Percent of Issued Share Capital	Mgmt	For	For
	6.1	Reelect Birgit Breuel as Director	Mgmt	For	For
	6.2	Reelect Peter Burckhardt as Director	Mgmt	For	For
	6.3	Reelect Alexandre Jetzer as Director	Mgmt	For	For
	6.4	Reelect Pierre Landolt as Director	Mgmt	For	For
	6.5	Reelect Ulrich Lehner as Director	Mgmt	For	For
	7	Ratify PricewaterhouseCoopers AG as Auditors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	39,100		39,100
		Total:	39,100		39,100

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
11/03/05 AGM	SK Telecom		78440P108			12/31/2004
		Meeting For the Holders of ADR’s
	1	APPROVAL OF THE BALANCE SHEET, THE STATEMENT OF INCOME, AND THE STATEMENT OF APPROPRIATION OF RETAINED EARNINGS OF THE 21ST FISCAL YEAR, AS SET FORTH IN THE COMPANY’S AGENDA.	Mgmt	For	Against
	2	APPROVAL OF THE AMENDMENT OF THE ARTICLES OF INCORPORATION, AS SET FORTH IN THE COMPANY’S AGENDA.	Mgmt	For	For
	3	APPROVAL OF THE CEILING AMOUNT OF THE REMUNERATION OF DIRECTORS, AS SET FORTH IN THE COMPANY’S AGENDA.	Mgmt	For	For
	4	APPROVAL OF THE APPOINTMENT OF DIRECTORS, AS SET FORTH IN THE COMPANY’S AGENDA.	Mgmt	For	For
	5	APPROVAL OF THE APPOINTMENT OF OUTSIDE DIRECTORS WHO WILL NOT BE AUDIT COMMITTEE MEMBERS, AS SET FORTH IN THE COMPANY’S AGENDA.	Mgmt	For	For
	6	APPROVAL OF THE APPOINTMENT OF OUTSIDE DIRECTORS WHO WILL BE AUDIT COMMITTEE MEMBERS, AS SET FORTH IN THE COMPANY’S AGENDA.	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		000000005811 Allmerica Select Int’l Equity Fund	32,100		32,100
		Total:	32,100		32,100
23/03/05 AGM	Chugai Pharmaceutical Co. Ltd.		JP3519400000		With	12/31/2004
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 9, Final JY 9, Special JY 0	Mgmt	For	For
	2	Amend Articles to: Allow Company to Limit Legal Liability of Outside Directors	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	4	Appoint Internal Statutory Auditor	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	5	Approve Executive Stock Option Plan	Mgmt	For	For
	6	Approve Retirement Bonus for Statutory Auditor	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	58,500		58,500
		Total:	58,500		58,500
30/03/05 AGM	Canon Inc.		JP3242800005		With	12/31/2004
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 40, Special JY 0	Mgmt	For	For
	2	Amend Articles to: Expand Business Lines	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For
	3.9	Elect Director	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.11	Elect Director	Mgmt	For	For
	3.12	Elect Director	Mgmt	For	For
	3.13	Elect Director	Mgmt	For	For
	3.14	Elect Director	Mgmt	For	For
	3.15	Elect Director	Mgmt	For	For
	3.16	Elect Director	Mgmt	For	For
	3.17	Elect Director	Mgmt	For	For
	3.18	Elect Director	Mgmt	For	For
	3.19	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.21	Elect Director	Mgmt	For	For
	3.22	Elect Director	Mgmt	For	For
	3.23	Elect Director	Mgmt	For	For
	3.24	Elect Director	Mgmt	For	For
	3.25	Elect Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4	Approve Retirement Bonuses for Directors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	57,800		57,800
		Total:	57,800		57,800
31/03/05 AGM	Philips Electronics Nv		NL0000009538		TNA	03/24/2005
	1	Open Meeting
	2.a	Approve Financial Statements and Statutory Reports	Mgmt	For
	2.b	Receive Explanation on Dividend and Reserve Policy (Non-Voting)
	2.c	Approve Dividend of EUR 0.40 ($0.52) Per Common Share	Mgmt	For
	2.d	Approve Discharge of Management Board	Mgmt	For
	2.e	Approve Discharge of Supervisory Board	Mgmt	For
	3.a	Discussion of Corporate Governance Structure (Non-Voting)
	3.b	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code	Mgmt	For
	4	Ratify KPMG Accountants NV as Auditors	Mgmt	For
	5.a	Reelect G. Kleisterlee as President and CEO and Member of Management Board	Mgmt	For
	5.b	Elect P. Sivignon to Management Board	Mgmt	For
	6.a	Reelect L. Schweitzer to Supervisory Board	Mgmt	For
	6.b	Elect N. Wong to Supervisory Board	Mgmt	For
	6.c	Elect J. Schiro to Supervisory Board	Mgmt	For
	7	Approve Remuneration of Supervisory Board	Mgmt	For
	8	Grant Board Authority to Issue Authorized Yet Unissued Shares up to 10% (20% in Connection with Merger or Acquisition) of Issued Shares Restricting/Excluding Preemptive Rights	Mgmt	For
	9	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	10	Other Business (Non-Voting)
	11	Close Meeting
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	65,300		0
		Total:	65,300		0

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
06/04/05 AGM	Ericsson (Telefonaktiebolaget L M Ericsson)		SE0000108656		With	03/24/2005
	1	Share Re-registration Consent	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	525,200		525,200
		Total:	525,200		525,200
06/04/05 AGM	Ericsson (Telefonaktiebolaget L M Ericsson)		SE0000108656		With	03/24/2005
	1	Elect Chairman of Meeting	Mgmt	For	For
	2	Prepare and Approve List of Shareholders	Mgmt	For	For
	3	Approve Agenda of Meeting	Mgmt	For	For
	4	Acknowledge Proper Convening of Meeting	Mgmt	For	For
	5	Designate Inspector or Shareholder Representative(s) of Minutes of Meeting	Mgmt	For	For
	6.1	Receive Financial Statements and Statutory Reports
	6.2	Receive Board and Committee Reports
	6.3	Receive President’s Report; Allow Questions
	6.4	Receive Presentation of Audit Work in 2004
	7.1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	7.2	Approve Discharge of Board and President	Mgmt	For	For
	7.3	Approve Allocation of Income and Dividends of SEK 0.25 Per Share	Mgmt	For	For
	8	Determine Number of Members (9) and Deputy Members (0) of Board	Mgmt	For	For
	9	Approve Remuneration of Directors in the Amount of SEK 3 Million for Chairman and SEK 600,000 for Other Directors; Approve Remuneration of Committee Members	Mgmt	For	For
	10	Reelect Michael Treschow, Arne Maartensson, Marcus Wallenberg, Peter Bonfield, Sverker Martin-Loef, Nancy McKinstry, Eckhard Pfeiffer, and Carl-Henrik Svanberg as Directors; Election Ulf Johansson as New Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	11	Approve Remuneration of Auditors	Mgmt	For	For
	12	Elect Bjoern Svedberg, Bengt Belfrage, Christer Elmehagen, Michael Treschow, and Curt Kaellstroemer as Members of Nominating Committee	Mgmt	For	For
	13.1	Approve Implementation of 2005 Long-Term Incentive Plan	Mgmt	For	For
	13.2	Authorize Reissuance of 39.3 Million Repurchased Class B Shares for 2005 Long-Term Incentive Plan for Key Employees	Mgmt	For	For
	14	Authorize Reissuance of 60 Million Repurchased Class B Shares in Connection with 2001 Global Stock Incentive Program, 2003 Stock Purchase Plan, and 2004 Long-Term Incentive Plan	Mgmt	For	For
	15	Close Meeting
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	525,200		525,200
		Total:	525,200		525,200
07/04/05 AGM	Nokia Corp.		FI0009000681		With	03/28/2005
	1	Receive Presentation on Annual Accounts
	2	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	3	Approve Allocation of Income and Dividends of EUR 0.33 Per Share	Mgmt	For	For
	4	Approve Discharge of Board and President	Mgmt	For	For
	5	Approve Remuneration of Directors	Mgmt	For	For
	6	Increase Number of Directors from Eight to Ten	Mgmt	For	For
	7	Reelect Paul Collins, Georg Ehrnrooth, Bengt Holmstroem, Per Karlsson, Jorma Ollila, Marjorie Scardino, Vesa Vainio, and Arne Wessberg; Elect Dan Hesse and Edouard Michelin as New Directors	Mgmt	For	For
	8	Approve Remuneration of Auditors	Mgmt	For	For
	9	Reelect PricewaterhouseCoopers as Auditors	Mgmt	For	For
	10	Approve Stock Option Plan for Selected Personnel; Approve Creation of EUR 1.5 Million Pool of Conditional Capital to Guarantee Conversion Rights	Mgmt	For	For
	11	Approve Between EUR 10.56 Million and EUR 13.80 Million Reduction in Share Capital via Share Cancellation	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	12	Approve Creation of Maximum EUR 53.16 Million Pool of Conditional Capital without Preemptive Rights	Mgmt	For	For
	13	Authorize Repurchase of Up to 221.60 Million Shares (Up to 443.20 Million Shares Subject to Pending Legislation)	Mgmt	For	For
	14	Authorize Reissuance of Repurchased Shares	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	113,300		113,300
		Total:	113,300		113,300
14/04/05 AGM	Nestle Sa		CH0012056047		With	03/18/2005
	1	Share Re-registration Consent	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	1,300		1,300
		Total:	1,300		1,300
14/04/05 AGM	Schering AG		DE0007172009		TNA	N/A
	1	Receive Financial Statements and Statutory Reports for Fiscal Year 2004
	2	Approve Allocation of Income and Dividends of EUR 1.00 per Dividend-Bearing Share	Mgmt	For
	3	Approve Discharge of Management Board for Fiscal Year 2004	Mgmt	For
	4	Approve Discharge of Supervisory Board for Fiscal Year 2004	Mgmt	For
	5	Ratify BDO Deutsche Warentreuhand AG as Auditors for Fiscal Year 2005	Mgmt	For
	6	Amend Articles Re: Supervisory Board Remuneration Scheme	Mgmt	For
	7	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Proposed Changes in German Law (Company Integrity and Modernization of Shareholder Lawsuits Regulation)	Mgmt	For
	8	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	Mgmt	For
	9	Approve Control and Profit and Loss Transfer Agreement with a Subsidiary (Scheradmin 01 GmbH)	Mgmt	For
	10	Approve Transformation of Profit and Loss Transfer Agreements into Control and Profit and Loss Transfer Agreements	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	20,000		0
		Total:	20,000		0
14/04/05 AGM	Nestle SA		CH0012056047		TNA	03/18/2005
		Management Proposals
	1a	Accept Financial Statements and Statutory Reports	Mgmt	For
	1b	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For
	2	Approve Discharge of Board and Senior Management	Mgmt	For
	3	Approve Allocation of Income and Dividends of CHF 8.00 per Share	Mgmt	For
		Shareholder Proposals Submitted by Ethos Group
	4a	Amend Articles of Association to Separate Position of CEO and Chairman of the Board	ShrHoldr	Against
	4b	Amend Articles of Association to Reduce Board Terms from Five Years to Three Years; Approve Individual Election of Board Members	ShrHoldr	Against
	4c	Amend Articles of Association to Reduce Threshold for Submitting Shareholder Proposals From CHF 1 Million to CHF 100,000	ShrHoldr	Against
		Management Proposals
	5	Elect Guenter Blobel as Director	Mgmt	For
	6	Ratify KPMG Klynveld Peat Marwick Goerdeler SA as Auditors	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	1,300		0
		Total:	1,300		0
14/04/05 AGM	Wolters Kluwer Nv		NL0000395887		TNA	04/07/2005
	1	Open Meeting
	2a	Receive Report of Management Board
	2b	Receive Report of Supervisory Board
	2c	Receive Explanation of Company’s Reserves and Dividend Policy
	2d	Approve Financial Statements and Statutory Reports	Mgmt	For
	2e	Approve Dividend of EUR 0.55 Per Ordinary Share	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	3a	Approve Discharge of Management Board	Mgmt	For
	3b	Approve Discharge of Supervisory Board	Mgmt	For
	4	Discussion on Company’s Corporate Governance Report
	5	Amend Articles to Reflect Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	Mgmt	For
	6a	Reelect A.J. Frost to Supervisory Board	Mgmt	For
	6b	Reelect P.N. Wakkie to Supervisory Board	Mgmt	For
	7	Approve Remuneration of Supervisory Board	Mgmt	For
	8a	Grant Board Authority to Issue Authorized Yet Unissued Shares Up To 10% of Issued Capital To Be Increased By 10% In Case of Merger or Acquisition	Mgmt	For
	8b	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 8a	Mgmt	For
	9	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	10	Ratify KPMG as Auditors	Mgmt	For
	11	Other Business (Non-Voting)
	12	Close Meeting
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	77,100		0
		Total:	77,100		0
19/04/05 AGM	Zurich Financial Services AG		CH0011075394		With	04/05/2005
	1	Share Re-registration Consent	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	9,100		9,100
		Total:	9,100		9,100
19/04/05 AGM	Schroders PLC		GB0002405495		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Final Dividend of 13.5 Pence Per Ordinary and Non-Voting Ordinary Share	Mgmt	For	For
	3	Approve Remuneration Report	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4	Elect Andrew Beeson as Director	Mgmt	For	For
	5	Re-elect George Mallinckrodt as Director	Mgmt	For	For
	6	Re-elect Bruno Schroder as Director	Mgmt	For	For
	7	Re-elect Jonathan Asquith as Director	Mgmt	For	For
	8	Re-elect Michael Dobson as Director	Mgmt	For	For
	9	Re-elect Sir Peter Job as Director	Mgmt	For	For
	10	Re-elect Massimo Tosato as Director	Mgmt	For	For
	11	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	Mgmt	For	For
	12	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	13	Authorise 14,750,000 Shares for Market Purchase	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	82,540		82,540
		Total:	82,540		82,540
19/04/05 AGM	Zurich Financial Services AG		CH0011075394	TNA		N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For
	2	Approve Allocation of Income and Ommission of Dividends	Mgmt	For
	3	Approve CHF 576 Million Reduction in Share Capital via Reduction of Par Value and Repayment of CHF 4.00 to Shareholders	Mgmt	For
	4	Extend Authorization Term for Creation of CHF 39 Million Conditional Capital	Mgmt	For
	5	Approve Discharge of Board and Senior Management	Mgmt	For
	6.1.1	Elect Manfred Gentz as Director	Mgmt	For
	6.1.2	Reelect Rosalind Gilmore as Director	Mgmt	For
	6.1.3	Reelect Dana Mead as Director	Mgmt	For
	6.1.4	Reelect Gerhard Schulmeyer as Director	Mgmt	For
	6.2.1	Ratify PricewaterhouseCoopers AG as Auditors	Mgmt	For
	6.2.2	Ratify OBT AG as Special Statutory Auditors	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	9,100		0
		Total:	9,100		0

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
20/04/05 AGM	Royal Bank Of Scotland Group Plc (The)		GB0007547838		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For
	3	Approve Final Dividend of 41.2 Pence Per Share	Mgmt	For	For
	4	Re-elect Jim Currie as Director	Mgmt	For	For
	5	Re-elect Sir Fred Goodwin as Director	Mgmt	For	For
	6	Re-elect Sir Steve Robson as Director	Mgmt	For	For
	7	Elect Archie Hunter as Director	Mgmt	For	For
	8	Elect Charles Koch as Director	Mgmt	For	For
	9	Elect Joe MacHale as Director	Mgmt	For	For
	10	Reappoint Deloitte & Touche LLP as Auditors of the Company	Mgmt	For	For
	11	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	12	Approve Increase in Authorised Share Capital; Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 264,579,936	Mgmt	For	For
	13	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 39,686,990	Mgmt	For	For
	14	Authorise 317,495,924 Shares for Market Purchase	Mgmt	For	For
	15	Approve 71 M Category II Non-Cumulative US$ Pref. Shares; Allot the Newly Created and 179.5 M Unissued Category II Non-Cumulative US$ Pref. Shares, the 64.75 M Unissued Non-Cumulative Euro Pref. Shares and 300 M Unissued Non-Cumulative GBP Pref. Shares	Mgmt	For	For
	16	Approve Citizens Financial Group, Inc. Long Term Incentive Plan	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	92,300		92,300
		Total:	92,300		92,300

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
20/04/05 MIX	Axa (Formerly Axa-Uap)		FR0000120628			N/A
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports	Mgmt	For	For
	2	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For	For
	3	Approve Allocation of Income and Dividends of EUR 0.61 per Share	Mgmt	For	For
	4	Approve Accounting Transfer from Special Long-Term Capital Gains Account to Ordinary Reserve	Mgmt	For	For
	5	Approve Special Auditors’ Report Regarding Related-Party Transactions	Mgmt	For	For
	6	Confirm Resignation and Non-Reelection of Thierry Breton as Supervisory Board Member	Mgmt	For	For
	7	Reelect Anthony Hamilton as Supervisory Board Member	Mgmt	For	For
	8	Reelect Henri Lachmann as Supervisory Board Member	Mgmt	For	For
	9	Reelect Michel Pebereau as Supervisory Board Member	Mgmt	For	For
	10	Ratify Appointment of Leo Apotheker as Supervisory Board Member	Mgmt	For	For
	11	Elect Jacques de Chateauvieux as Supervisory Board Member	Mgmt	For	For
	12	Elect Dominique Reiniche as Supervisory Board Member	Mgmt	For	For
	13	Approve Remuneration of Directors in the Aggregate Amount of EUR 1 Million	Mgmt	For	For
	14	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For	For
		Special Business
	15	Authorize Capitalization of Reserves of Up to EUR 1 Billion for Bonus Issue or Increase in Par Value	Mgmt	For	For
	16	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 1.5 Billion	Mgmt	For	For
	17	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 1 Billion	Mgmt	For	For
	18	Authorize Management Board to Set Issue Price for Ten Percent of Issued Capital Pursuant to Issue Authority without Preemptive Rights	Mgmt	For	For
	19	Authorize Board to Increase Capital in the Event of Demand Exceeding Amounts Submitted to Shareholder Vote Above	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	20	Authorize Capital Increase of Up to EUR 1 Billion for Future Exchange Offers	Mgmt	For	For
	21	Authorize Capital Increase of Up to Ten Percent of Issued Capital for Future Exchange Offers	Mgmt	For	For
	22	Authorize Issuance of Equity Upon Conversion of a Subsidiary’s Equity-Linked Securities	Mgmt	For	For
	23	Approve Issuance of Securities Convertible into Debt	Mgmt	For	For
	24	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	Mgmt	For	For
	25	Authorize Up to 0.5 Percent of Issued Capital for Use in Restricted Stock Plan	Mgmt	For	Against
	26	Approve Stock Option Plan Grants	Mgmt	For	For
	27	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	Mgmt	For	For
	28	Amend Articles of Association Re: Definition of Related-Party Transactions	Mgmt	For	For
	29	Amend Articles Re: Stock Option and Restricted Stock Plans	Mgmt	For	For
	30	Authorize Filing of Required Documents/Other Formalities	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	600		600
		Total:	600		600
21/04/05 AGM	UBS AG		CH0012032030		With	04/13/2005
	1	Share Re-registration Consent	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	15,940		15,940
		Total:	15,940		15,940
21/04/05 AGM	UBS AG		CH0012032030		TNA	04/13/2005
	1	Accept Financial Statements and Statutory Reports	Mgmt	For
	2	Approve Allocation of Income and Dividends of CHF 3.00 per Share	Mgmt	For
	3	Approve Discharge of Board and Senior Management	Mgmt	For
	4.1.1	Reelect Marcel Ospel as Director	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4.1.2	Reelect Lawrence Weinbach as Director	Mgmt	For
	4.2.1	Elect Marco Suter as Director	Mgmt	For
	4.2.2	Elect Peter Voser as Director	Mgmt	For
	4.3	Ratify Ernst & Young Ltd. as Auditors	Mgmt	For
	5.1	Approve CHF 31.9 Million Reduction in Share Capital via Cancellation of Repurchased Shares	Mgmt	For
	5.2	Authorize Repurchase of Issued Share Capital	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	15,940		0
		Total:	15,940		0
26/04/05 AGM	ING Group NV		NL0000303600		With	04/19/2005
	1	Open Meeting
	2a	Receive Reports of Executive and Supervisory Boards
	2b	Discussion on Profit Retention and Distribution Policy
	3a	Approve Financial Statements and Statutory Reports	Mgmt	For	For
	3b	Approve Allocation of Income and Total Dividends of EUR 1.07 Per Share	Mgmt	For	For
	4a	Approve Discharge of Executive Board	Mgmt	For	For
	4b	Approve Discharge of Supervisory Board	Mgmt	For	For
	5a	Discuss and Approve Implementation of Dutch Corporate Governance Code by Company	Mgmt	For	For
	5b	Discuss Executive Board Profile
	5c	Discuss Supervisory Board Profile
	6a	Reelect Luella Gross Goldberg to Supervisory Board	Mgmt	For	For
	6b	Reelect Godfried van der Lugt to Supervisory Board	Mgmt	For	For
	6c	Elect Jan Hommen to Supervisory Board	Mgmt	For	For
	6d	Elect Christine Lagarde to Supervisory Board	Mgmt	For	For
	7	Approve Stock Option and Incentive Stock Grants for Members of Executive Board	Mgmt	For	For
	8a	Grant Board Authority to Issue 220 Million Ordinary Shares Restricting/Excluding Preemptive Rights (Plus 220 Million Ordinary Shares in Connection with Merger)	Mgmt	For	For
	8b	Grant Board Authority to Issue 10 Million Preference B Shares in Connection with Conversion of ING Perpetuals III	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	9	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For	For
	10	Other Business (Non-Voting)
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	54,760		54,760
		Total:	54,760		54,760
27/04/05 AGM	Mediaset Spa		IT0001063210		TNA	04/22/2005
		Annual Meeting Agenda
	1	Accept Financial Statements and Statutory Reports	Mgmt	For
	2	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	Mgmt	For
	3	Elect External Auditors for the Three-Year Term 2005-2007; Fix Auditors’ Remuneration	Mgmt	For
	4	Appoint Board of Internal Statutory Auditors and its Chairman; Approve Remuneration of Auditors	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	19,800		0
		Total:	19,800		0
27/04/05 AGM	Companhia Vale Do Rio Doce		204412209			03/29/2005
		Meeting for Holders of ADR’s
	1	APPRECIATION OF THE MANAGEMENT S REPORT AND ANALYSIS, DISCUSSION AND VOTE ON THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Mgmt	For	For
	2	PROPOSAL FOR THE DESTINATION OF THE PROFITS OF THE SAID FISCAL YEAR AND APPROVAL OF THE INVESTMENT BUDGET OF THE COMPANY.	Mgmt	For	For
	3	ELECTION OF THE MEMBERS OF THE BOARD OF DIRECTORS.	Mgmt	For	For
	4	ELECTION OF THE MEMBERS OF THE FISCAL COUNCIL.	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	5	ESTABLISHMENT OF THE REMUNERATION OF THE SENIOR MANAGEMENT AND FISCAL COUNCIL MEMBERS.	Mgmt	For	For
	6	PROPOSAL FOR THE INCREASE OF CAPITAL, VIA CAPITALIZATION OF RESERVES, WITHOUT ISSUE OF SHARES, AND WITH THE CONSEQUENT ALTERATION OF THE MAIN SECTION OF ARTICLE 5 OF THE COMPANY BYLAWS.	Mgmt	For	For
	7	NEW VERSION OF CVRD S DIVIDEND POLICY.	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		000000005811 Allmerica Select Int’l Equity Fund	46,000		46,000
		Total:	46,000		46,000
28/04/05 AGM	Basf AG		DE0005151005		TNA	N/A
	1	Receive Financial Statements and Statutory Reports for Fiscal Year 2004
	2	Approve Allocation of Income and Dividends of EUR 1.70 per Share	Mgmt	For
	3	Approve Discharge of Supervisory Board for Fiscal Year 2004	Mgmt	For
	4	Approve Discharge of Management Board for Fiscal Year 2004	Mgmt	For
	5	Ratify Deloitte & Touche GmbH as Auditors for Fiscal Year 2005	Mgmt	For
	6	Authorize Repurchase of up to Ten Percent of Issued Share Capital	Mgmt	For
	7	Authorize Use of Financial Derivatives when Repurchasing Shares	Mgmt	For
	8	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Proposed Changes in German Law (Company Integrity and Modernization of Shareholder Lawsuits Regulation)	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	17,300		0
		Total:	17,300		0
28/04/05 AGM	Barclays Plc		GB0031348658		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For
	3	Re-elect Sir Andrew Likierman as Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4	Re-elect Richard Clifford as Director	Mgmt	For	For
	5	Re-elect Matthew Barrett as Director	Mgmt	For	For
	6	Re-elect John Varley as Director	Mgmt	For	For
	7	Re-elect David Arculus as Director	Mgmt	For	For
	8	Re-elect Sir Nigel Rudd as Director	Mgmt	For	For
	9	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	Mgmt	For	For
	10	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	11	Approve Barclays PLC Performance Share Plan	Mgmt	For	For
	12	Authorise the Directors to Establish Supplements or Appendices to the Performance Share Plan	Mgmt	For	For
	13	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 538,163,237	Mgmt	For	For
	14	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 80,724,485	Mgmt	For	For
	15	Authorise 968,600,000 Ordinary Shares for Market Purchase	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	265,900		265,900
		Total:	265,900		265,900
28/04/05 AGM	Reed Elsevier NV (Formerly Elsevier Nv)		NL0000349488		TNA	04/21/2005
	1	Open Meeting
	2	Receive Report of Executive Board
	3	Approve Financial Statements and Statutory Reports	Mgmt	For
	4	Discussion about Company’s Corporate Governance Structure
	5	Approve Remuneration Report Containing Remuneration Policy for Executive Board Members	Mgmt	For
	6a	Receive Explanation of Company’s Reserves and Dividend Policy
	6b	Approve Allocation of Income and Total Dividend of EUR 0.33 Per Share	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	7	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	Mgmt	For
	8a	Approve Discharge of Executive Board	Mgmt	For
	8b	Approve Discharge of Supervisory Board	Mgmt	For
	9	Ratify Deloitte Accountants B.V. as Auditors	Mgmt	For
	10a	Elect Jan Hommen to Supervisory Board	Mgmt	For
	10b	Elect Strauss Zelnick to Supervisory Board	Mgmt	For
	11a	Elect Erik Engstrom to Executive Board	Mgmt	For
	11b	Reelect Mark Armour to Executive Board	Mgmt	For
	11c	Reelect Sir Crispin Davis to Executive Board	Mgmt	For
	11d	Reelect Andrew Prozes to Executive Board	Mgmt	For
	12	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	13a	Grant Board Authority to Issue Authorized Yet Unissued Shares Up to 10 Percent of Issued Share Capital	Mgmt	For
	13b	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 13a	Mgmt	For
	14	Other Business (Non-Voting)
	15	Close Meeting
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	83,200		0
		Total:	83,200		0
28/04/05 AGM	Abn Amro Holding Nv		NL0000301109		TNA	04/21/2005
	1	Receive Report of Management Board
	2a	Approve Financial Statements and Statutory Reports	Mgmt	For
	2b	Presentation on Dividend and Reserve Policy; Approve Dividend	Mgmt	For
	2c	Approve Discharge of Management Board	Mgmt	For
	2d	Approve Discharge of Supervisory Board	Mgmt	For
	3	Approve Remuneration Report Containing Remuneration Policy for Management Board Members	Mgmt	For
	4a	Elect Robert van den Bergh to Supervisory Board	Mgmt	For
	4b	Elect Anthony Ruys to Supervisory Board	Mgmt	For
	5a	Discussion about Company’s Corporate Governance Structure

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	5b	Amend Articles to Reflect Recommendations of Dutch Corporate Governance Code and Amendments to Book 2 of Dutch Civil Code on Two-tiered Company Regime	Mgmt	For
	6	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	7a	Grant Board Authority to Issue Authorized Yet Unissued Ordinary Shares, Convertible Preference Shares, and Preference Financing Shares Up to 20 Percent of Issued Capital	Mgmt	For
	7b	Authorize Board to Exclude Preemptive Rights from Issuance Under Item 7a	Mgmt	For
	8	Other Business (Non-Voting)
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	1,000		0
		Total:	1,000		0
03/05/05 AGM	Holcim Ltd. (formerly Holderbank Financiere Glarus)		CH0012214059		With	04/21/2005
	1	Share Re-registration Consent	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	32,400		32,400
		Total:	32,400		32,400
03/05/05 MIX	Imerys (Formerly Imetal)		FR0000120859			N/A
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports	Mgmt	For
	2	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For
	3	Approve Special Auditors’ Report Regarding Related-Party Transactions	Mgmt	For
	4	Approve Accounting Transfer from Long-Term Capital Gains Accounts to Other Reserve	Mgmt	For
	5	Approve Allocation of Income and Dividends of EUR 1.5 per Share	Mgmt	For
	6	Confirm Appointment of Deloitte & Associes as Auditor	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	7	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	8	Change Location of Headquarters	Mgmt	For
		Ordinary Business
	9	Adopt Unitary Board Structure	Mgmt	For
	10	Adopt New Articles of Asscociation to Reflect Unitary Board Structure	Mgmt	For
	11	Elect Jacques Drijard as Director	Mgmt	For
	12	Elect Patrick Kron as Director	Mgmt	For
	13	Elect Jocelyn Lefebvre as Director	Mgmt	For
	14	Elect Eric Le Moyne de Serigny as Director	Mgmt	For
	15	Elect Paul Desmarais, Jr. as Director	Mgmt	For
	16	Elect Yves-Rene Nanot as Director	Mgmt	For
	17	Elect Gregoire Olivier as Director	Mgmt	For
	18	Elect Robert Peugeot as Director	Mgmt	For
	19	Reelect Thierry de Rudder as Director	Mgmt	For
	20	Reelect Aimery Langlois-Meurinne as Director	Mgmt	For
	21	Reelect Gerard Buffiere as Director	Mgmt	For
	22	Reelect Aldo Cardoso as Director	Mgmt	For
	23	Reelect Maximilien de Limburg as Director	Mgmt	For
	24	Reelect Jacques Veyrat as Director	Mgmt	For
	25	Approve Remuneration of Directors in the Aggregate Amount of EUR 800,000	Mgmt	For
	26	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 60 Million	Mgmt	For
	27	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 60 Million	Mgmt	For
	28	Set Global Limit for Capital Increase to Result from All Issuance Requests at EUR 90 Million	Mgmt	For
	29	Authorize Board to Set Issue Price for Capital Increase of Up to Ten Percent Without Preemptive Rights	Mgmt	For
	30	Authorize Capital Increase of Up to 10 Percent of Issued Capital for Future Acquisitions	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	31	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	Mgmt	For
	32	Authorize EUR 5.5 Million for Use in Restricted Stock Plan	Mgmt	For
	33	Approve Stock Option Plan Grants	Mgmt	For
	34	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	Mgmt	For
	35	Transfer Outstanding Authorities from Supervisory Board to Board of Directors, Subject to Approval of Items 9 and 10	Mgmt	For
	36	Authorize Filing of Required Documents/Other Formalities	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	19,600		0
		Total:	19,600		0
03/05/05 AGM	Holcim Ltd. (formerly Holderbank Financiere Glarus)		CH0012214059		TNA	04/21/2005
	1	Accept Financial Statements and Statutory Reports	Mgmt	For
	2	Approve Discharge of Board and Senior Management	Mgmt	For
	3	Approve Allocation of Income and Dividends of CHF 1.25 per Share	Mgmt	For
	4.1	Reelect Willy Kissling, Erich Hunziker, Andreas von Planta, and Gilbert Probst as Directors; Elect Thomas Schmidheiny, Wolfgang Schuerer, and Dieter Spaelti as Directors	Mgmt	For
	4.2	Ratify Ernst & Young Ltd. as Auditors	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	32,400		0
		Total:	32,400		0
04/05/05 AGM	BG Group Plc (frm. BG Plc)		GB0008762899		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For
	3	Approve Final Dividend of 2.08 Pence Per Ordinary Share	Mgmt	For	For
	4	Elect Baroness Hogg as Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	5	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	Mgmt	For	For
	6	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	7	Approve EU Political Donations up to GBP 25,000 and EU Political Expenditure up to GBP 25,000	Mgmt	For	For
	8	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 123,368,432	Mgmt	For	For
	9	Approve Increase in Remuneration of Non-Executive Directors to GBP 1,000,000	Mgmt	For	For
	10	Authorise Issue of Equity or Equity-Linked Securities without Pre- emptive Rights up to Aggregate Nominal Amount of GBP 17,692,165	Mgmt	For	For
	11	Authorise 353,843,302 Ordinary Shares for Market Purchase	Mgmt	For	For
	12	Amend Articles of Association Re: Indemnities and Defence Funding	Mgmt	For	For
	13	Amend Articles of Association Re: Treasury Shares and CREST	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	318,900		318,900
		Total:	318,900		318,900
05/05/05 AGM	Standard Chartered PLC		GB0004082847		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Final Dividend of 40.44 US Cents Per Share	Mgmt	For	For
	3	Approve Remuneration Report	Mgmt	For	For
	4	Elect Val Gooding as Director	Mgmt	For	For
	5	Elect Oliver Stocken as Director	Mgmt	For	For
	6	Re-elect Sir CK Chow as Director	Mgmt	For	For
	7	Re-elect Ho KwonPing as Director	Mgmt	For	For
	8	Re-elect Richard Meddings as Director	Mgmt	For	For
	9	Re-elect Kaikhushru Nargolwala as Director	Mgmt	For	For
	10	Re-elect Hugh Norton as Director	Mgmt	For	For
	11	Reappoint KPMG Audit Plc as Auditors of the Company	Mgmt	For	For
	12	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	13	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of USD 233,412,206 (Relevant Securities, Scrip Dividend Schemes and Exchangeable Securities); and otherwise up to USD 129,701,049	Mgmt	For	For
	14	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount Equal to the Company’s Share Capital Repurchased by the Company Pursuant to Resolution 16	Mgmt	For	For
	15	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of USD 32,425,262	Mgmt	For	For
	16	Authorise 129,701,049 Ordinary Shares for Market Purchase	Mgmt	For	For
	17	Authorise up to 328,388 Dollar Preference Shares and up to 195,285,000 Sterling Preference Shares for Market Purchase	Mgmt	For	For
	18	Adopt New Articles of Association	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	92,000		92,000
		Total:	92,000		92,000
05/05/05 AGM	Smith & Nephew PLC		GB0009223206		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Final Dividend of 3.2 Pence Per Share	Mgmt	For	For
	3	Approve Remuneration Report	Mgmt	For	For
	4	Re-elect John Buchanan as Director	Mgmt	For	For
	5	Re-elect Brian Larcombe as Director	Mgmt	For	For
	6	Re-elect Pamela Kirby as Director	Mgmt	For	For
	7	Reappoint Ernst & Young LLP as Auditors of the Company	Mgmt	For	For
	8	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	9	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 32,717,742	Mgmt	For	For
	10	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 5,728,869	Mgmt	For	For
	11	Authorise 93,745,121 Ordinary Shares for Market Purchase	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	152,621		152,621
		Total:	152,621		152,621
09/05/05 AGM	Centrica PLC		GB00B033F229		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For
	3	Approve Final Dividend of 6.1 Pence Per Ordinary Share	Mgmt	For	For
	4	Re-elect Patricia Mann as Director	Mgmt	For	For
	5	Elect Mary Francis as Director	Mgmt	For	For
	6	Elect Paul Rayner as Director	Mgmt	For	For
	7	Elect Jake Ulrich as Director	Mgmt	For	For
	8	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	Mgmt	For	For
	9	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	10	Approve EU Political Organisation Donations up to GBP 125,000 and Incur EU Political Expenditure up to GBP 125,000	Mgmt	For	For
	11	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 43,564,579	Mgmt	For	For
	12	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 11,571,771	Mgmt	For	For
	13	Authorise 374,925,383 Ordinary Shares for Market Purchase	Mgmt	For	For
	14	Amend Memorandum and Articles of Association Re: The Indemnification of Directors	Mgmt	For	For
	15	Amend Articles of Association Re: Treasury Shares, Retirement of Directors, Voting by Poll and Borrowing Powers	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	365,277		365,277
		Total:	365,277		365,277
11/05/05 AGM	Dexia		BE0003796134		With	N/A
		Annual Meeting Agenda

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	1	Accept Financial Statements	Mgmt	For	For
	2	Approve Allocation of Income and Dividends of EUR 0.62 per Share	Mgmt	For	For
	3	Approve Discharge of Directors	Mgmt	For	For
	4	Approve Discharge of Auditors	Mgmt	For	For
	5	Reelect Elio Di Rupo as Director	Mgmt	For	For
	6	Reelect Francis Vermeiren as Director	Mgmt	For	For
	7	Elect Director to Replace Thierry Breton Who Resigned	Mgmt	For	For
	8	Ratify Gilles Benoist, Anne-Marie Idrac, Denis Kessler, Andre Levy- Lang, Roberto Mazzotta, Gaston Schwerter, Anne-Claire Taittinger, and Sir Brian Unwin as Independent Directors in Accordance with the Requirements of the Belgian Companies Code	Mgmt	For	For
	9	Ratify PricewaterhouseCoopers, represented by Robert Pierce, as Auditors	Mgmt	For	For
	10	Approve Remuneration of Auditors in the Amount of EUR 200,000	Mgmt	For	For
	11	Approve Employee Stock Purchase Plan for Employees of U.S. Subsidiaries	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	4,656		4,656
		Total:	4,656		4,656
11/05/05 EGM	Dexia		BE0003796134		TNA	N/A
		Special Business
	1	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	2	Approve Cancellation of Repurchased Shares; Amend Articles Accordingly	Mgmt	For
	3	Authorize Issuance of Up to One Million Warrants to Participants in Company’s 2005 Employee Shareholding Plan	Mgmt	For
	4	Authorize Implementation of Approved Resolutions and Filing of Required Documents/Formalities at Trade Registry	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	4,656		0

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Total:	4,656		0
12/05/05 AGM	Bayerische Motoren Werke AG (BMW)		DE0005190003		TNA	N/A
	1	Receive Financial Statements and Statutory Reports
	2	Approve Allocation of Income and Dividends of EUR 0.62 per Common Share and EUR 0.64 per Preferred Share	Mgmt	For
	3	Approve Discharge of Management Board for Fiscal 2004	Mgmt	For
	4	Approve Discharge of Supervisory Board for Fiscal 2004	Mgmt	For
	5	Ratify KPMG Deutsche Treuhand-Gesellschaft as Auditors	Mgmt	For
	6	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Pending Changes in German Law (Law on Company Integrity and Modernization of Shareholder Lawsuits)	Mgmt	For
	7	Authorize Share Repurchase Program and Cancellation of Repurchased Shares	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	48,800		0
		Total:	48,800		0
12/05/05 AGM	SAP AG		DE0007164600			N/A
	1	Receive Financial Statements and Statutory Reports
	2	Approve Allocation of Income and Dividends of EUR 1.10 per Share	Mgmt	For	For
	3	Approve Discharge of Management Board for Fiscal 2004	Mgmt	For	For
	4	Approve Discharge of Supervisory Board for Fiscal 2004	Mgmt	For	For
	5	Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors	Mgmt	For	For
	6	Elect Erhard Schipporeit to the Supervisory Board	Mgmt	For	For
	7	Amend Articles Re: Share Capital; Conditional Captial IIa; Conditional Capital IIIa	Mgmt	For	For
	8	Change Company Name to SAP AG	Mgmt	For	For
	9	Amend Articles Re: Calling of and Registration for Shareholder Meetings due to Proposed Changes in German Law (Company Integrity and Modernization of Shareholder Lawsuits Regulation)	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	10	Approve Creation of EUR 60 Million Pool of Conditional Capital with Preemptive Rights; Approve Creation of EUR 60 Million Pool of Conditional Capital without Preemptive Rights	Mgmt	For	For
	11	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	Mgmt	For	For
	12	Authorize Use of Financial Derivatives Method when Repurchasing Shares	Mgmt	For	Against
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	7,100		7,100
		Total:	7,100		7,100
17/05/05 MIX	Total S.A. (Formerly Total Fina Elf S.A )		FR0000120271			N/A
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports	Mgmt	For	For
	2	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For	For
	3	Approve Allocation of Income and Dividends of EUR 5.40 per Share of which EUR 3.00 Remains to be Distributed	Mgmt	For	For
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions	Mgmt	For	For
	5	Authorize Repurchase of Up to 24.4 Million Shares	Mgmt	For	For
	6	Reelect Paul Desmarais Jr as Director	Mgmt	For	For
	7	Reelect Bertrand Jacquillat as Director	Mgmt	For	For
	8	Reelect Maurice Lippens as Director	Mgmt	For	For
	9	Elect Lord Levene of Portsoken KBE as Director	Mgmt	For	For
		Special Business
	10	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 4 Billion	Mgmt	For	For
	11	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 1.8 Billion	Mgmt	For	For
	12	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	13	Authorize Up to One Percent of Issued Capital for Use in Restricted Stock Plan	Mgmt	For	For
		Shareholder Proposals
	A	Shareholder Proposal: Authorize Up to One Percent of Issued Capital for Use in Restricted Stock Plan	ShrHoldr	Against	Abstain
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	28,700		28,700
		Total:	28,700		28,700
18/05/05 MIX	BNP Paribas SA		FR0000131104		TNA	N/A
		Ordinary Business
	1	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For
	2	Approve Financial Statements and Statutory Reports	Mgmt	For
	3	Approve Allocation of Income and Dividends of EUR 2 per Share	Mgmt	For
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions	Mgmt	For
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	6	Reelect Jean-Francois Lepetit as Director	Mgmt	For
	7	Reelect Gerhard Cromme as Director	Mgmt	For
	8	Reelect Francois Grappotte as Director	Mgmt	For
	9	Reelect Helene Ploix as Director	Mgmt	For
	10	Reelect Baudoin Prot as Director	Mgmt	For
	11	Elect Loyola De Palacio Del Valle-Lersundi as Director to Replace Jacques Friedmann	Mgmt	For
	12	Approve Remuneration of Directors in the Aggregate Amount of EUR 780,000	Mgmt	For
	13	Authorize Filing of Required Documents/Other Formalities	Mgmt	For
		Special Business
	14	Approve Stock Option Plan Grants	Mgmt	For
	15	Approve Restricted Stock Plan to Directors and Employees of Company and its Subsidiaries	Mgmt	For
	16	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	Mgmt	For
	17	Approve Change In Number Of Directors Elected By Employees	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	18	Authorize Filing of Required Documents/Other Formalities	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	517		0
		Total:	517		0
18/05/05 AGM	Deutsche Post AG		DE0005552004		With	05/11/2005
	1	Receive Financial Statements and Statutory Reports
	2	Approve Allocation of Income and Dividends of EUR 0.50 per Share	Mgmt	For	For
	3	Approve Discharge of Management Board for Fiscal 2004	Mgmt	For	For
	4	Approve Discharge of Supervisory Board for Fiscal 2004	Mgmt	For	For
	5	Ratify PwC Deutsche Revision AG as Auditors for Fiscal 2005	Mgmt	For	For
	6	Authorize Share Repurchase Program and Reissuance of Repurchased Shares	Mgmt	For	For
	7	Approve Creation of EUR 250 Million Pool of Conditional Capital without Preemptive Rights	Mgmt	For	For
	8a	Elect Gerd Ehlers to the Supervisory Board	Mgmt	For	For
	8b	Elect Roland Oetker to the Supervisory Board	Mgmt	For	For
	8c	Elect Hans Reich to the Supervisory Board	Mgmt	For	For
	8d	Elect Juergen Weber to the Supervisory Board	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	63,500		63,500
		Total:	63,500		63,500
24/05/05 AGM	Banco Popular Espanol		ES0113790234		With	N/A
	1	Approve Financial Statements, Allocation of Income, and Discharge Directors for Fiscal Year 2004	Mgmt	For	For
	2	Elect Director	Mgmt	For	For
	3	Approve Auditors	Mgmt	For	For
	4	Amend Articles 15 of the Bylaws	Mgmt	For	For
	5	Approve Reduction of Par Value from EUR 0.50 to EUR 0.10 and Consequent Increase in Number of Shares	Mgmt	For	For
	6	Authorize Share Repurchase Program	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	7	Approve Increase in Capital Via Increase of Par Value and/or Issuance of Equity or Equity-Linked Securities without Preemptive Rights	Mgmt	For	For
	8	Authorize Issuance of Non-convertible Bonds/Debentures	Mgmt	For	For
	9	Authorize Issuance of Convertible Bonds without Preemptive Rights	Mgmt	For	For
	10	Authorize Board to Ratify and Execute Approved Resolutions	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	35,800		35,800
		Total:	35,800		35,800
25/05/05 MIX	Lafarge		FR0000120537		TNA	N/A
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports	Mgmt	For
	2	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For
	3	Approve Allocation of Income and Dividends	Mgmt	For
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions	Mgmt	For
	5	Reelect Helene Ploix as Director	Mgmt	For
	6	Reelect Michel Bon as Director	Mgmt	For
	7	Reelect Bertrand Collomb as Director	Mgmt	For
	8	Reelect Juan Gallardo as Director	Mgmt	For
	9	Reelect Alain Joly as Director	Mgmt	For
	10	Elect Jean-Pierre Boisivon as Director	Mgmt	For
	11	Elect Philippe Charrier as Director	Mgmt	For
	12	Elect Oscar Fanjul as Director	Mgmt	For
	13	Elect Bruno Lafont as Director	Mgmt	For
	14	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	15	Authorize Issuance of Bonds/Debentures in the Aggregate Value of EUR 5 Billion	Mgmt	For
		Special Business
	16	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	17	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 200 Million	Mgmt	For
	18	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 135 Million	Mgmt	For
	19	Authorize Capital Increase of Up to EUR 68 Million for Future Acquisitions	Mgmt	For
	20	Authorize Capitalization of Reserves of Up to EUR 100 Million for Bonus Issue or Increase in Par Value	Mgmt	For
	21	Approve Stock Option Plan Grants	Mgmt	For
	22	Authorize Up to One Percent of Issued Capital for Use in Restricted Stock Plan	Mgmt	For
	23	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	Mgmt	For
		Shareholder Proposals
	A	Shareholder Proposal: Remove Voting Right Limitation	ShrHoldr	Against
	24	Authorize Filing of Required Documents/Other Formalities	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	5,100		0
		Total:	5,100		0
25/05/05 AGM	GlaxoSmithKline PLC (formerly Glaxo Wellcome Plc )		GB0009252882		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For
	3	Elect Sir Christopher Gent as Director	Mgmt	For	For
	4	Elect Sir Deryck Maughan as Director	Mgmt	For	For
	5	Elect Julian Heslop as Director	Mgmt	For	For
	6	Re-elect Jean-Pierre Garnier as Director	Mgmt	For	For
	7	Re-elect Sir Ian Prosser as Director	Mgmt	For	For
	8	Re-elect Ronaldo Schmitz as Director	Mgmt	For	For
	9	Re-elect Lucy Shapiro as Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	10	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	Mgmt	For	For
	11	Authorise the Audit Committee to Fix Remuneration of the Auditors	Mgmt	For	For
	12	Approve EU Political Donations up to GBP 50,000 and Incur EU Political Expenditure up to GBP 50,000	Mgmt	For	For
	13	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 73,301,955	Mgmt	For	For
	14	Authorise 586,415,642 Ordinary Shares for Market Purchase	Mgmt	For	For
	15	Amend Articles of Association Re: Shareholder Resolutions	Mgmt	For	For
	16	Amend Articles of Association Re: Indemnification of Directors	Mgmt	For	For
	17	Amend Articles of Association Re: Participation of a Proxy in a Meeting	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	177,400		177,400
		Total:	177,400		177,400
25/05/05 EGM	Fortis SA/NV (frmly Fortis B (Formerly Fortis AG))		BE0003801181		TNA	N/A
		Special Business
	1	Open Meeting
	2	Authorize Share Repurchase Program and Cancellation of Repurchased Shares	Mgmt	For
	3	Close Meeting
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	0		0
		Total:	0		0
25/05/05 MIX	Fortis SA/NV		BE0003801181		TNA	N/A
		Ordinary Business
	1	Open Meeting
	2.1	Discuss Statutory Reports (Non-Voting)

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	2.2	Discuss Consolidated Financial Statements
	2.3	Accept Financial Statements	Mgmt	For
	2.4	Adopt Allocation of Income For Fiscal Year 2003	Mgmt	For
	2.5	Discuss Dividend Policy
	2.6	Approve Dividends of EUR 1.04 Per Fortis Unit	Mgmt	For
	2.7	Approve Discharge of Directors	Mgmt	For
	2.8	Approve Discharge of Auditors	Mgmt	For
	3	Discuss Implementation of Belgian Corporate Governance Code
	4.1	Reelect Maurice Lippens as Director	Mgmt	For
	4.2	Reelect Baron Daniel Janssen as Director	Mgmt	For
	4.3	Elect Jean-Paul Votron as Director	Mgmt	For
	5	Authorize Share Repurchase Program and Cancellation of Repurchased Shares	Mgmt	For
	6	Close Meeting
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	0		0
		Total:	0		0
26/05/05 AGM	Adecco SA		CH0012138605		With	05/11/2005
	1	Share Re-registration Consent	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	38,350		38,350
		Total:	38,350		38,350
26/05/05 AGM	Eni Spa		IT0003132476		TNA	05/24/2005
		Annual Meeting Agenda
	1	Accept Financial Statements, Consolidated Accounts, and Statutory Reports	Mgmt	For
	2	Approve Allocation of Income	Mgmt	For
	3	Authorize Share Repurchase Program	Mgmt	For
	4	Authorize Reissuance of Repurchased Shares To Service Stock Option Plan in Favor of Group Management	Mgmt	For
	5	Fix Number of Directors	Mgmt	For
	6	Set Directors’ Term of Office	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Elect Directors - Elect One of Two Slates (Either Item 7.1 Or Item 7.2)
	7.1	Elect Directors - Slate 1 Submitted by the Ministry of Economy and Finance	Mgmt
	7.2	Elect Directors - Slate 2 Submitted by a Group of Institutional Investors (Minority Slate)	Mgmt
	8	Elect Chairman of the board of Directors	Mgmt	For
	9	Approve Remuneration of Chairman of the Board and of Directors	Mgmt	For
		Appoint Internal Statutory Auditors - Elect One of Two Slates (Either Item 10.1 Or Item 10.2)
	10.1	Elect Internal Statutory Auditors - Slate 1 Submitted by the Ministry of Economy and Finance	Mgmt
	10.2	Elect Internal Statutory Auditors - Slate 1 Submitted by a Group of Institutional Investors (Minority Slate)	Mgmt
	11	Appoint Chairman of the Internal Statutory Auditors’ Board	Mgmt	For
	12	Approve Remuneration of Chairman of Internal Statutory Auditors’ Board and of Primary Internal Statutory Auditors	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	210,200		0
		Total:	210,200		0
26/05/05 AGM	Wm Morrison		GB0006043169			N/A
	Supermarkets PLC
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Final Dividend of 3.075 Pence Per Ordinary Share	Mgmt	For	For
	3	Re-elect David Hutchinson as Director	Mgmt	For	For
	4	Re-elect Sir Kenneth Morrison as Director	Mgmt	For	Abstain
	5	Elect David Jones as Director	Mgmt	For	For
	6	Approve Remuneration Report	Mgmt	For	Against
	7	Reappoint KPMG Audit Plc as Auditors and Authorise the Board to Determine Their Remuneration	Mgmt	For	For
	8	Authorise 151,900,000 Ordinary Shares and 50,379 Convertible Preference Shares for Market Purchase	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	9	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 80,000,000	Mgmt	For	For
	10	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 13,292,227	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	675,600		675,600
		Total:	675,600		675,600
26/05/05 AGM	Adecco SA		CH0012138605		TNA	05/11/2005
	1	Receive Financial Statements and Statutory Reports
	2	Receive Auditor’s Report
	3	Accept Financial Statements and Statutory Reports	Mgmt	For
	4	Approve Allocation of Income and Dividends of CHF 1.00 per Share	Mgmt	For
	5	Approve Discharge of Board and Senior Management	Mgmt	For
	6.1.1	Reelect Jakob Baer as Director	Mgmt	For
	6.1.2	Reelect Juergen Dormann as Director	Mgmt	For
	6.1.3	Reelect Philippe Foriel-Destezet as Director	Mgmt	For
	6.1.4	Reelect Klaus Jacobs as Director	Mgmt	For
	6.1.5	Reelect Philippe Marcel as Director	Mgmt	For
	6.1.6	Reelect Francis Mer as Director	Mgmt	For
	6.1.7	Reelect Thomas O’Neill as Director	Mgmt	For
	6.1.8	Reelect David Prince as Director	Mgmt	For
	6.1.9	Reelect Peter Ueberroth as Director	Mgmt	For
	6.2.1	Ratify Ernst & Young AG as Auditors	Mgmt	For
	6.2.2	Ratify OBT as Special Auditor	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	38,350		0
		Total:	38,350		0
27/05/05 AGM	HSBC Holdings Plc		GB0005405286		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	2.a	Re-elect Sir John Bond as Director	Mgmt	For	For
	2.b	Re-elect R Ch’ien as Director	Mgmt	For	For
	2.c	Re-elect J Coombe as Director	Mgmt	For	For
	2.d	Re-elect Baroness Dunn as Director	Mgmt	For	For
	2.e	Re-elect D Flint as Director	Mgmt	For	For
	2.f	Re-elect J Hughes-Hallet as Director	Mgmt	For	For
	2.g	Re-elect Sir Brian Moffat as Director	Mgmt	For	For
	2.h	Re-elect S Newton as Director	Mgmt	For	For
	2.i	Re-elect H Sohmen as Director	Mgmt	For	For
	3	Reappoint KPMG Audit Plc as Auditors and Authorise the Board to Determine Their Remuneration	Mgmt	For	For
	4	Approve Remuneration Report	Mgmt	For	For
	5	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 100,000 (Preference Shares); USD 100,000 (Preference Shares); EUR 100,000 (Preference Shares); and USD 1,119,000,000 (Ordinary Shares)	Mgmt	For	For
	6	Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of USD 279,750,000	Mgmt	For	For
	7	Authorise 1,119,000,000 Ordinary Shares for Market Purchase	Mgmt	For	For
	8	Amend HSBC Holdings Savings-Related Share Option Plan	Mgmt	For	For
	9	Amend HSBC Holdings Savings-Related Share Option Plan: International	Mgmt	For	For
	10	Approve the HSBC US Employee Stock Plan	Mgmt	For	For
	11	Approve the HSBC Share Plan	Mgmt	For	For
	12	Amend Articles of Association Re: Statutory and Best Practice Changes	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	306,400		306,400
		Total:	306,400		306,400
27/05/05 AGM	Kingfisher Plc		GB0033195214		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	3	Approve Final Dividend of 6.8 Pence Per Ordinary Share	Mgmt	For	For
	4	Re-elect Phil Bentley as Director	Mgmt	For	For
	5	Re-elect Gerry Murphy as Director	Mgmt	For	For
	6	Re-elect John Nelson as Director	Mgmt	For	For
	7	Reappoint PricewaterhouseCoopers LLP as Auditors and Authorise the Board to Determine Their Remuneration	Mgmt	For	For
	8	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 105,980,861	Mgmt	For	For
	9	Authorise Issue 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	Mgmt	For	For
	10	Authorise 234,830,336 Ordinary Shares for Market Purchase	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	339,100		339,100
		Total:	339,100		339,100
08/06/05 MIX	Dassault Systemes Sa		FR0000130650		TNA	N/A
		Ordinary Business
	1	Approve Special Auditors’ Report Regarding Related-Party Transactions	Mgmt	For
	2	Approve Financial Statements and Statutory Reports	Mgmt	For
	3	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For
	4	Approve Allocation of Income and Dividends of EUR 0.38 per Share	Mgmt	For
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	6	Approve Remuneration of Directors in the Aggregate Amount of EUR 170,000	Mgmt	For
	7	Ratify PricewaterhouseCoopers Audit as Auditor	Mgmt	For
	8	Ratify Pierre Coll as Alternate Auditor	Mgmt	For
	9	Reelect Charles Edelstenne as Director	Mgmt	For
	10	Reelect Bernard Charles as Director	Mgmt	For
	11	Reelect Laurent Dassault as Director	Mgmt	For
	12	Reelect Thibault de Tersant as Director	Mgmt	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	13	Reelect Paul R. Brown as Director	Mgmt	For
	14	Ratify Appointment of Arnoud de Meyer as Director	Mgmt	For
	15	Reelect Arnoud de Meyer as Director	Mgmt	For
	16	Ratify Appointment of Behrouz Jean-Pierre Chahid-Nourai as Director	Mgmt	For
	17	Reelect Behrouz Jean-Pierre Chahid-Nourai as Director	Mgmt	For
		Special Business
	18	Amend Articles of Association Pursuant to June 24, 2004 Legal Changes to French Commercial Code	Mgmt	For
	19	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	Mgmt	For
	20	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 15 Million	Mgmt	For
	21	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 15 Million	Mgmt	For
	22	Authorize Board to Increase Capital in the Event Demand Exceeds Amounts Proposed Under Items 20 and 21	Mgmt	For
	23	Authorize Capitalization of Reserves of Up to EUR 15 Million for Bonus Issue or Increase in Par Value	Mgmt	For
	24	Authorize Capital Increase of Up to Ten Percent of Issued Capital for Future Acquisitions	Mgmt	For
	25	Approve Stock Option Plan Grants	Mgmt	For
	26	Authorize Up to One Percent of Issued Capital for Use in Restricted Stock Plan	Mgmt	For
	27	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	Mgmt	For
		Ordinary and Special Business
	28	Authorize Filing of Required Documents/Other Formalities	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	2,500		0
		Total:	2,500		0

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
09/06/05 MIX	Compagnie De Saint Gobain		FR0000125007		TNA	N/A
		Ordinary Business
	1	Approve Financial Statements and Statutory Reports	Mgmt	For
	2	Accept Consolidated Financial Statements and Statutory Reports	Mgmt	For
	3	Approve Allocation of Income and Dividends of EUR 1.28 per Share	Mgmt	For
	4	Approve Special Auditors’ Report Regarding Related-Party Transactions	Mgmt	For
	5	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	Mgmt	For
	6	Reelect Gian Paolo Caccini as Director	Mgmt	For
	7	Reelect Jean-Martin Folz as Director	Mgmt	For
	8	Reelect Michel Pebereau as Director	Mgmt	For
	9	Elect Gerhard Cromme as Director	Mgmt	For
	10	Elect Jean-Cyril Spinetta as Director	Mgmt	For
		Special Business
	11	Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 680 Million	Mgmt	For
	12	Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 270 Million	Mgmt	For
	13	Authorize Capitalization of Reserves of Up to EUR 84 Million for Bonus Issue or Increase in Par Value	Mgmt	For
	14	Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan	Mgmt	For
	15	Approve Stock Option Plan Grants	Mgmt	For
	16	Authorize Up to 3 Percent of Issued Capital For Use in Restricted Stock Plan	Mgmt	For
	17	Approve Reduction in Share Capital via Cancellation of Repurchased Shares	Mgmt	For
	18	Authorize Filing of Required Documents/Other Formalities	Mgmt	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	42,600		0
		Total:	42,600		0

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
17/06/05 AGM	Hoya Corp.		JP3837800006		With	03/31/2005
	1	Amend Articles to: Decrease Authorized Capital to Reflect Share Repurchase and Cancellation	Mgmt	For	For
	2.1	Elect Director	Mgmt	For	For
	2.2	Elect Director	Mgmt	For	For
	2.3	Elect Director	Mgmt	For	For
	2.4	Elect Director	Mgmt	For	For
	2.5	Elect Director	Mgmt	For	For
	2.6	Elect Director	Mgmt	For	For
	2.7	Elect Director	Mgmt	For	For
	2.8	Elect Director	Mgmt	For	For
	3	Approve Executive Stock Option Plan	Mgmt	For	For
	4	Appoint External Audit Firm	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	18,200		18,200
		Total:	18,200		18,200
23/06/05 AGM	Nikko Cordial Corp. (formerly Nikko Securities Co. Ltd.)		JP3670000003		With	03/31/2005
	1	Approve Reverse Stock Split	Mgmt	For	For
	2	Amend Articles to: Expand Business Lines - Decrease Authorized Capital to Reflect Reverse Stock Split - Authorize Public Notices in Electronic Format - Clarify Board Authority to Vary AGM Record Date	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	3.9	Elect Director	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.11	Elect Director	Mgmt	For	For
	3.12	Elect Director	Mgmt	For	For
	4	Approve Deep Discount Stock Option Plan	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	236,000		236,000
		Total:	236,000		236,000
23/06/05 AGM	Honda Motor Co. Ltd.		JP3854600008		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 28, Final JY 37, Special JY 0	Mgmt	For	For
	2	Amend Articles to: Reduce Maximum Board Size - Decrease Authorized Capital to Reflect Share Repurchase	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For
	3.9	Elect Director	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.11	Elect Director	Mgmt	For	For
	3.12	Elect Director	Mgmt	For	For
	3.13	Elect Director	Mgmt	For	For
	3.14	Elect Director	Mgmt	For	For
	3.15	Elect Director	Mgmt	For	For
	3.16	Elect Director	Mgmt	For	For
	3.17	Elect Director	Mgmt	For	For
	3.18	Elect Director	Mgmt	For	For
	3.19	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.21	Elect Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4	Appoint Internal Statutory Auditor	Mgmt	For	For
	5	Appoint External Auditors	Mgmt	For	For
	6	Approve Reduction in Aggregate Compensation Ceiling for Directors	Mgmt	For	For
	7	Approve Payment of Annual Bonuses to Directors and Statutory Auditors	Mgmt	For	For
	8	Approve Retirement Bonuses for Directors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	50,700		50,700
		Total:	50,700		50,700
24/06/05 AGM	Tesco Plc		GB0008847096		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Remuneration Report	Mgmt	For	For
	3	Approve Final Dividend of 5.27 Pence Per Ordinary Share	Mgmt	For	For
	4	Re-elect Rodney Chase as Director	Mgmt	For	For
	5	Re-elect Sir Terry Leahy as Director	Mgmt	For	For
	6	Re-elect Tim Mason as Director	Mgmt	For	For
	7	Re-elect David Potts as Director	Mgmt	For	For
	8	Elect Karen Cook as Director	Mgmt	For	For
	9	Elect Carolyn McCall as Director	Mgmt	For	For
	10	Reappoint PricewaterhouseCooopers LLP as Auditors of the Company	Mgmt	For	For
	11	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For
	12	Approve Increase in Authorised Capital from GBP 530,000,000 to GBP 535,000,000	Mgmt	For	For
	13	Approve Scrip Dividend Program	Mgmt	For	For
	14	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 129,200,000	Mgmt	For	For
	15	Authorise Issue of Equity or Equity-Linked Securities without Pre- emptive Rights up to Aggregate Nominal Amount of GBP 19,470,000	Mgmt	For	For
	16	Authorise 778,700,000 Ordinary Shares for Market Purchase	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	17	Authorise the Company to Make EU Political Organisation Donations up to GBP 100,000 and to Incur EU Political Expenditure up to GBP 100,000	Mgmt	For	For
	18	Authorise Tesco Stores Ltd. to Make EU Political Organisation Donations up to GBP 100,000 and Incur EU Political Expenditure up to GBP 100,000	Mgmt	For	For
	19	Authorise Tesco Ireland Ltd. to Make EU Political Organisation Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000	Mgmt	For	For
	20	Authorise Tesco Vin Plus S.A. to Make EU Political Organisation Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000	Mgmt	For	For
	21	Authorise Tesco Stores CR a.s. to Make EU Political Organisation Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000	Mgmt	For	For
	22	Authorise Tesco Stores SR a.s. to Make EU Political Organisation Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000	Mgmt	For	For
	23	Authorise Tesco Global Rt to Make EU Political Organisation Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000	Mgmt	For	For
	24	Authorise Tesco Polska Sp z.o.o. to Make EU Political Organisation Donations up to GBP 25,000 and Incur EU Political Expenditure up to GBP 25,000	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	490,000		490,000
		Total:	490,000		490,000
24/06/05 AGM	Mitsubishi Corp.		JP3898400001			03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 6, Final JY 12, Special JY 0	Mgmt	For	Against
	2	Amend Articles to: Amend Business Objectives Clause	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date / Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For
	3.9	Elect Director	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.11	Elect Director	Mgmt	For	For
	3.12	Elect Director	Mgmt	For	For
	3.13	Elect Director	Mgmt	For	For
	3.14	Elect Director	Mgmt	For	For
	3.15	Elect Director	Mgmt	For	For
	3.16	Elect Director	Mgmt	For	For
	3.17	Elect Director	Mgmt	For	For
	4	Approve Executive Stock Option Plan	Mgmt	For	For
	5	Approve Deep Discount Stock Option Plan	Mgmt	For	For
	6	Approve Retirement Bonuses for Directors and Special Payments to Continuing Directors and Statutory Auditors in Connection with Abolition of Retirement Bonus System for Outsiders	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	119,200		119,200
		Total:	119,200		119,200
24/06/05 AGM	Sumitomo Corp.		JP3404600003			03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 4, Final JY 7, Special JY 0	Mgmt	For	Against
	2	Amend Articles to: Expand Business Lines - Reduce Directors Term in Office	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	4.1	Appoint Internal Statutory Auditor	Mgmt	For	For
	4.2	Appoint Internal Statutory Auditor	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date / Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4.3	Appoint Internal Statutory Auditor	Mgmt	For	For
	5	Approve Executive Stock Option Plan	Mgmt	For	For
	6	Approve Retirement Bonuses for Directors and Statutory Auditors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	219,000		219,000
		Total:	219,000		219,000
24/06/05 AGM	Astellas Pharma Inc. (frmly. Yamanouchi Pharmaceutical Co. L		JP3942400007		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 15, Final JY 16, Special JY 0	Mgmt	For	For
	2.1	Elect Director	Mgmt	For	For
	2.2	Elect Director	Mgmt	For	For
	3	Approve Retirement Bonuses for Directors and Statutory Auditors, and Special Payments to Continuing Directors and Statutory Auditor in Connection with Abolition of Retirement Bonus System	Mgmt	For	For
	4	Approve Deep Discount Stock Option Plan	Mgmt	For	For
	5	Approve Adjustment to Aggregate Compensation Ceiling for Directors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	61,200		61,200
		Total:	61,200		61,200
24/06/05 AGM	Nitto Denko Corp.		JP3684000007		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Final JY 25, Special JY 0	Mgmt	For	For
	2.1	Elect Director	Mgmt	For	For
	2.2	Elect Director	Mgmt	For	For
	2.3	Elect Director	Mgmt	For	For
	2.4	Elect Director	Mgmt	For	For
	2.5	Elect Director	Mgmt	For	For
	3	Appoint Internal Statutory Auditor	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date / Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4	Approve Executive Stock Option Plan	Mgmt	For	For
	5	Approve Deep Discount Stock Option Plan	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	30,200		30,200
		Total:	30,200		30,200
25/06/05 AGM	Credit Saison Co. Ltd.		JP3271400008			03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 20, Special JY 0	Mgmt	For	Against
	2	Amend Articles to: Expand Business Lines	Mgmt	For	For
	3	Approve Executive Stock Option Plan	Mgmt	For	For
	4.1	Elect Director	Mgmt	For	For
	4.2	Elect Director	Mgmt	For	For
	4.3	Elect Director	Mgmt	For	For
	4.4	Elect Director	Mgmt	For	For
	4.5	Elect Director	Mgmt	For	For
	4.6	Elect Director	Mgmt	For	For
	4.7	Elect Director	Mgmt	For	For
	4.8	Elect Director	Mgmt	For	For
	4.9	Elect Director	Mgmt	For	For
	4.1	Elect Director	Mgmt	For	For
	4.11	Elect Director	Mgmt	For	For
	4.12	Elect Director	Mgmt	For	For
	4.13	Elect Director	Mgmt	For	For
	4.14	Elect Director	Mgmt	For	For
	4.15	Elect Director	Mgmt	For	For
	4.16	Elect Director	Mgmt	For	For
	4.17	Elect Director	Mgmt	For	For
	5	Approve Retirement Bonuses for Directors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	25,300		25,300
		Total:	25,300		25,300
27/06/05 AGM	WPP Group Plc		GB0009740423			N/A

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Approve Final Dividend of 5.28 Pence Per Ordinary Share	Mgmt	For	For
	3	Elect Lubna Olayan as Director	Mgmt	For	For
	4	Elect Jeffrey Rosen as Director	Mgmt	For	For
	5	Elect Mark Read as Director	Mgmt	For	For
	6	Re-elect Sir Martin Sorrell as Director	Mgmt	For	For
	7	Re-elect Stanley Morten as Director	Mgmt	For	Abstain
	8	Re-elect John Quelch as Director	Mgmt	For	For
	9	Reappoint Deloitte & Touche LLP as Auditors and Authorise the Board to Determine Their Remuneration	Mgmt	For	For
	10	Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Mgmt Rights up to Aggregate Nominal Amount of GBP 42,115,797	For	For
	11	Authorise 126,473,866 Ordinary Shares for Market Purchase	Mgmt	For	For
	12	Authorise Issue of Equity or Equity-Linked Securities without Pre - emptive Rights up to Aggregate Nominal Amount of GBP 6,323,693	Mgmt	For	For
	13	Approve Remuneration Report	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	97,520		97,520
		Total:	97,520		97,520
28/06/05 AGM	Nippon Telegraph & Telephone Corp.		JP3735400008		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 3000, Final JY 3000, Special JY 0	Mgmt	For	For
	2	Authorize Share Repurchase Program	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	4	Appoint Internal Statutory Auditor	Mgmt	For	For
	5	Approve Retirement Bonuses for Directors and Statutory Auditor	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	100		100

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Total:	100		100
28/06/05 AGM	Altadis S.A. (formerly Tabacalera, S.A.)		ES0177040013		With	N/A
	1	Approve Individual and Consolidated Financial Statements, Allocation of Income and Distribution of Dividend, and Discharge Directors	Mgmt	For	For
	2	Fix Number of Directors; Ratify and Reelect Directors	Mgmt	For	For
	3	Approve Auditors for Company and Consolidated Group	Mgmt	For	For
	4	Amend Articles Re: Board Composition/Election, Board Meetings, Board Representation, Executive’s Committee Composition and Meetings, Creation of a Strategic, Ethic, and Corporate Governance Committee, and Creation of ‘Consejero Delegado’ Position	Mgmt	For	For
	5	Approve Reduction in Capital Via Amortization of Shares; Amend Articles Accordingly	Mgmt	For	For
	6	Authorize Repurchase of Shares	Mgmt	For	For
	7	Authorize Issuance of Non-Convertible Bonds/Debentures or Other Debt Instruments	Mgmt	For	For
	8	Approve Stock Option Plan for Management, Directors, and Employees	Mgmt	For	For
	9	Authorize Board to Ratify and Execute Approved Resolutions	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	0		0
		Total:	0		0
29/06/05 AGM	TI Automotive Ltd.		GB0030675291		With	N/A
	1	Accept Financial Statements and Statutory Reports	Mgmt	For	For
	2	Re-elect John Harris as Director	Mgmt	For	For
	3	Re-elect Christopher Kinsella as Director	Mgmt	For	For
	4	Re-elect William Laule as Director	Mgmt	For	For
	5	Re-elect Bernard Taylor as Director	Mgmt	For	For
	6	Reappoint PricewaterhouseCoopers LLP as Auditors of the Company	Mgmt	For	For
	7	Authorise Board to Fix Remuneration of the Auditors	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	332,400		332,400
		Total:	332,400		332,400
29/06/05 AGM	Kao Corp.		JP3205800000		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 19, Final JY 19, Special JY 0	Mgmt	For	For
	2	Authorize Share Repurchase Program	Mgmt	For	For
	3	Amend Articles to: Expand Business Lines - Restore Previous Level of Authorized Capital Following Share Repurchase and Cancellation	Mgmt	For	For
	4	Appoint Internal Statutory Auditor	Mgmt	For	For
	5	Approve Executive Stock Option Plan	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	50,400		50,400
		Total:	50,400		50,400
29/06/05 AGM	Matsushita Electric Industrial Co. Ltd.		JP3866800000		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 7.5, Final JY 7.5, Special JY 0	Mgmt	For	For
	2.1	Elect Director	Mgmt	For	For
	2.2	Elect Director	Mgmt	For	For
	2.3	Elect Director	Mgmt	For	For
	2.4	Elect Director	Mgmt	For	For
	2.5	Elect Director	Mgmt	For	For
	2.6	Elect Director	Mgmt	For	For
	2.7	Elect Director	Mgmt	For	For
	2.8	Elect Director	Mgmt	For	For
	2.9	Elect Director	Mgmt	For	For
	2.1	Elect Director	Mgmt	For	For
	2.11	Elect Director	Mgmt	For	For
	2.12	Elect Director	Mgmt	For	For
	2.13	Elect Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	2.14	Elect Director	Mgmt	For	For
	2.15	Elect Director	Mgmt	For	For
	2.16	Elect Director	Mgmt	For	For
	2.17	Elect Director	Mgmt	For	For
	2.18	Elect Director	Mgmt	For	For
	2.19	Elect Director	Mgmt	For	For
	3	Approve Special Bonus for Family of Deceased Director and Retirement Bonuses for Directors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	77,000		77,000
		Total:	77,000		77,000
29/06/05 AGM	Daikin Industries Ltd.		JP3481800005		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends:	Mgmt	For	For
		Interim JY 7, Final JY 9, Special JY 2
	2	Authorize Share Repurchase Program	Mgmt	For	For
	3.1	Appoint Internal Statutory Auditor	Mgmt	For	For
	3.2	Appoint Internal Statutory Auditor	Mgmt	For	For
	4	Approve Executive Stock Option Plan	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	53,100		53,100
		Total:	53,100		53,100
29/06/05 AGM	Fanuc Ltd.		JP3802400006			03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 14, Final JY 31, Special JY 0	Mgmt	For	Against
	2	Amend Articles to: Increase Authorized Capital from 400 Million to 900 Million Shares - Reduce Directors Term in Office	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	Against
	3.2	Elect Director	Mgmt	For	Against
	3.3	Elect Director	Mgmt	For	Against
	3.4	Elect Director	Mgmt	For	Against
	3.5	Elect Director	Mgmt	For	Against
	3.6	Elect Director	Mgmt	For	Against

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	3.7	Elect Director	Mgmt	For	Against
	3.8	Elect Director	Mgmt	For	Against
	3.9	Elect Director	Mgmt	For	Against
	3.1	Elect Director	Mgmt	For	Against
	3.11	Elect Director	Mgmt	For	Against
	3.12	Elect Director	Mgmt	For	Against
	3.13	Elect Director	Mgmt	For	Against
	3.14	Elect Director	Mgmt	For	Against
	3.15	Elect Director	Mgmt	For	Against
	3.16	Elect Director	Mgmt	For	Against
	3.17	Elect Director	Mgmt	For	Against
	3.18	Elect Director	Mgmt	For	Against
	3.19	Elect Director	Mgmt	For	Against
	3.2	Elect Director	Mgmt	For	Against
	3.21	Elect Director	Mgmt	For	Against
	3.22	Elect Director	Mgmt	For	Against
	3.23	Elect Director	Mgmt	For	Against
	3.24	Elect Director	Mgmt	For	Against
	3.25	Elect Director	Mgmt	For	Against
	3.26	Elect Director	Mgmt	For	Against
	3.27	Elect Director	Mgmt	For	Against
	4	Approve Adjustment to Aggregate Compensation Ceiling for Directors	Mgmt	For	For
	5	Approve Retirement Bonuses for Directors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	18,700		18,700
		Total:	18,700		18,700
29/06/05 AGM	Shin-Etsu Chemical Co. Ltd.		JP3371200001			03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 10, Final JY 10, Special JY 0	Mgmt	For	Against
	2	Amend Articles to: Increase Authorized Capital - Cancel Year-End Closure of Shareholder Register - Amend Board Size	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company /Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For
	3.9	Elect Director	Mgmt	For	For
	4	Appoint Internal Statutory Auditor	Mgmt	For	For
	5	Approve Adjustment to Aggregate Compensation Ceiling for Directors	Mgmt	For	For
	6	Approve Retirement Bonuses for Director and Statutory Auditor	Mgmt	For	For
	7	Approve Executive Stock Option Plan	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	38,800		38,800
		Total:	38,800		38,800
29/06/05 AGM	Mitsubishi Tokyo Financial Group Inc		JP3902900004		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends on Ordinary Shares: Interim JY 0, Final JY 6000, Special JY 0	Mgmt	For	For
	2	Amend Articles to: Increase Authorized Preferred Share Capital - Delete References to Cancelled Preferred Shares and Add References to New Classes of Preferred Shares	Mgmt	For	For
	3	Approve Merger Agreement with UFJ Holdings Inc.	Mgmt	For	For
	4.1	Elect Director	Mgmt	For	For
	4.2	Elect Director	Mgmt	For	For
	4.3	Elect Director	Mgmt	For	For
	4.4	Elect Director	Mgmt	For	For
	5.1	Appoint Internal Statutory Auditor	Mgmt	For	For
	5.2	Appoint Internal Statutory Auditor	Mgmt	For	For
	6	Approve Retirement Bonuses for Directors and Statutory Auditors	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	200		200
		Total:	200		200
29/06/05 AGM	SMC Corp.		JP3162600005			03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 19, Final JY 19, Special JY 62	Mgmt	For	Against
	2	Amend Articles to: Change Location of Head Office - Authorize Public Announcements in Electronic Format	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For
	3.9	Elect Director	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.11	Elect Director	Mgmt	For	For
	3.12	Elect Director	Mgmt	For	For
	3.13	Elect Director	Mgmt	For	For
	3.14	Elect Director	Mgmt	For	For
	3.15	Elect Director	Mgmt	For	For
	3.16	Elect Director	Mgmt	For	For
	3.17	Elect Director	Mgmt	For	For
	3.18	Elect Director	Mgmt	For	For
	3.19	Elect Director	Mgmt	For	For
	4	Appoint Internal Statutory Auditor	Mgmt	For	For
	5	Approve Retirement Bonus for Statutory Auditor	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	11,500		11,500
		Total:	11,500		11,500
29/06/05 AGM	Nintendo Co. Ltd.		JP3756600007		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 70, Final JY 200, Special JY 0	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	2.1	Elect Director	Mgmt	For	For
	2.2	Elect Director	Mgmt	For	For
	2.3	Elect Director	Mgmt	For	For
	2.4	Elect Director	Mgmt	For	For
	2.5	Elect Director	Mgmt	For	For
	2.6	Elect Director	Mgmt	For	For
	2.7	Elect Director	Mgmt	For	For
	2.8	Elect Director	Mgmt	For	For
	2.9	Elect Director	Mgmt	For	For
	2.1	Elect Director	Mgmt	For	For
	2.11	Elect Director	Mgmt	For	For
	2.12	Elect Director	Mgmt	For	For
	3	Approve Retirement Bonus for Director and Special Payments to Continuing Directors and Statutory Auditors in Cennection with Abolition of Retirment Bonus System	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	7,900		7,900
		Total:	7,900		7,900
29/06/05 AGM	TakeFuji Corp.		JP3463200000			03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 50, Final JY 50, Special JY 0	Mgmt	For	Against
	2	Amend Articles to: Expand Business Lines - Reduce Maximum Board Size - Clarify Director Authorities	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For
	3.9	Elect Director	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	4.1	Appoint Internal Statutory Auditor	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	4.2	Appoint Internal Statutory Auditor	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	13,000		13,000
		Total:	13,000		13,000
29/06/05 AGM	Hirose Electric Co. Ltd.		JP3799000009		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 10, Final JY 45, Special JY 0	Mgmt	For	For
	2	Amend Articles to: Expand Board Eligibility - Authorize Public Announcements in Electronic Format	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	4	Approve Retirement Bonus for Director	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	7,200		7,200
		Total:	7,200		7,200
29/06/05 AGM	Secom Co. Ltd.		JP3421800008		With	03/31/2005
	1	Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Final JY 50, Special JY 0	Mgmt	For	For
	2	Amend Articles to: Reduce Maximum Board Size	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.2	Elect Director	Mgmt	For	For
	3.3	Elect Director	Mgmt	For	For
	3.4	Elect Director	Mgmt	For	For
	3.5	Elect Director	Mgmt	For	For
	3.6	Elect Director	Mgmt	For	For
	3.7	Elect Director	Mgmt	For	For
	3.8	Elect Director	Mgmt	For	For

Vote Summary Report

01/07/04 to 30/06/05

AIT Select International Equity Fund - J.P. Morgan Investment Management Inc.

Mtg Date /Type	Company / Ballot Issues		Security/ Proponent	Mgmt Rec	Vote Cast	Record Date
	3.9	Elect Director	Mgmt	For	For
	3.1	Elect Director	Mgmt	For	For
	3.11	Elect Director	Mgmt	For	For
	4	Approve Retirement Bonus for Director	Mgmt	For	For
	5	Approve Adjustment to Aggregate Compensation Ceiling for Directors	Mgmt	For	For
		Fund Name	Shares Available		Shares Voted
		05811 534800-Allmerica Select Intl	30,500		30,500
		Total:	30,500		30,500

Vote Summary Report

Jul 01, 2004 - Sep 30, 2004

AIT Select International Equity Fund - Bank of Ireland Asset Management (U.S.) Limited

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/14/04 - A	BT GROUP PLC (formerly British Telecommunications Plc)		GB0030913577			None		470,649
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 5.3 Pence Per Ordinary Share		For	For		Mgmt
	4	Re-elect Sir Christopher Bland as Director		For	For		Mgmt
	5	Re-elect Andy Green as Director		For	For		Mgmt
	6	Re-elect Ian Livingston as Director		For	For		Mgmt
	7	Re-elect John Nelson as Director		For	For		Mgmt
	8	Re-appoint		For	For		Mgmt
		PricewaterhouseCoopers LLP as Auditors and Authorise Board to Fix Remuneration of Auditors
	9	Authorise Issuance of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate Nominal Amount of GBP 142 Million		For	For		Mgmt
	10	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 22 Million		For	For		Mgmt
	11	Authorise 859 Million Ordinary Shares for Market Purchase		For	For		Mgmt
	12	Authorise the Company to Make EU Political Donations up to Aggregate Nominal Amount of GBP 100,000		For	For		Mgmt
07/14/04 - A		Marks & Spencer Group PLC (formerly Marks & Spencer Plc)	GB0031274896			None		139,394
	1	Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2	Approve Remuneration Report		For	For		Mgmt
	3	Approve Final Dividend of 7.1 Pence Per Ordinary Share		For	For		Mgmt
	4	Elect Maurice Helfgott as Director		For	For		Mgmt
	5	Elect Mark McKeon as Director		For	For		Mgmt
	6	Elect Stuart Rose as Director		For	For		Mgmt
	7	Elect Charles Wilson as Director		For	For		Mgmt

Vote Summary Report

Jul 01, 2004 - Sep 30, 2004

AIT Select International Equity Fund - Bank of Ireland Asset Management (U.S.) Limited

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	8	Re-elect Kevin Lomax as Director		For	For		Mgmt
	9	Re-elect Paul Myners as Director		For	For		Mgmt
	10	Re-elect Brian Baldock as Director		For	For		Mgmt
	11	Re-appoint PricewaterhouseCoopers LLP as Auditors and Authorise Board to Fix Remuneration of Auditors		For	For		Mgmt
	12	Authorise Issuance of Equity or Equity-Linked Securities with Pre- emptive Rights up to Aggregate Nominal Amount of GBP 188,790,912		For	For		Mgmt
	13	Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 28,318,636		For	For		Mgmt
	14	Authorise 226 Million Ordinary Shares for Market Purchase		For	For		Mgmt
07/20/04 -	Johnson Electric Holdings Ltd.		BMG5150J1403			########		950,000
A
	1	Accept Financial Statements and Statutory Reports for the Year Ended Mar. 31, 2004		For	For		Mgmt
	2	Approve Final Dividend for the Year Ended Mar. 31, 2004		For	For		Mgmt
	3a	Reelect Peter Wang Kin Chung as Non-Executive Director		For	For		Mgmt
	3b	Reelect Peter Stuart Allenby Edwards as Independent Non- Executive Director		For	For		Mgmt
	3c	Reelect Patrick Blackwell Paul as Independent Non-Executive Director		For	For		Mgmt
	3d	Reelect Michael John Enright as Independent Non-Executive Director		For	For		Mgmt
	4	Fix Directors’ Remuneration		For	For		Mgmt
	5	Reappoint Auditors and Authorize Board to Fix Their Remuneration		For	For		Mgmt
	6	Fix Maximum Number of Directors at 15 and Authorize Board to Appoint Additional Directors Up to Such Maximum Number		For	For		Mgmt

Vote Summary Report

Jul 01, 2004 - Sep 30, 2004

AIT Select International Equity Fund - Bank of Ireland Asset Management (U.S.) Limited

Mtg Date/ Type	Company/ Ballot Issues	Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	7       Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights		For	For		Mgmt
	8       Approve Repurchase of Up to 10 Percent of Issued Capital		For	For		Mgmt
	9       Authorize Reissuance of Repurchased Shares		For	For		Mgmt
	10     Amend Bylaws Re: Voting at General Meetings, Material Interest of Directors in Contracts Entered into by the Company, Nomination of Directors		For	For		Mgmt
07/21/04 -A	GUS PLC (formerly Great Universal Stores)	GB0003847042			None		60,820
	1       Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2       Approve Remuneration Report		For	For		Mgmt
	3       Approve Final Dividend of 19 Pence Per Ordinary Share		For	For		Mgmt
	4       Elect Andy Hornby as Director		For	For		Mgmt
	5       Re-elect Sir Victor Blank as Director		For	For		Mgmt
	6       Re-elect Sir Alan Rudge as Director		For	For		Mgmt
	7       Re-elect Alan Smart as Director		For	For		Mgmt
	8       Re-elect David Tyler as Director		For	For		Mgmt
	9       Re-appoint PricewaterhouseCoopers LLP as Auditors of the Company		For	For		Mgmt
	10     Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	11     Authorise 100 Million Ordinary Shares for Market Purchase		For	For		Mgmt
	12     Authorise Issuance of Equity or Equity-Linked Securities with Pre- emptive Rights up to Aggregate Nominal Amount of GBP 58,395,799		For	For		Mgmt
	13     Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 12,705,210		For	For		Mgmt
07/27/04 -A	Vodafone Group PLC	GB0007192106			None		3,171,365
	1       Accept Financial Statements and Statutory Reports		For	For		Mgmt
	2       Approve Remuneration Report		For	For		Mgmt
	3       Re-elect Peter Bamford as Director		For	For		Mgmt

Vote Summary Report

Jul 01, 2004 - Sep 30, 2004

AIT Select International Equity Fund - Bank of Ireland Asset Management (U.S.) Limited

Mtg Date/ Type	Company/ Ballot Issues	Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4       Re-elect Julian Horn-Smith as Director		For	For		Mgmt
	5       Re-elect Sir David Scholey as Director		For	For		Mgmt
	6       Elect Luc Vandevelde as Director		For	For		Mgmt
	7       Approve Final Dividend of 1.0780 Pence Per Ordinary Share		For	For		Mgmt
	8       Re-appoint Deloitte and Touche LLP as Auditors of the Company		For	For		Mgmt
	9       Authorise Board to Fix Remuneration of the Auditors		For	For		Mgmt
	10     Authorise the Company and Any Company Which is or Becomes a Subsidiary of the Company to Make EU Political Donations or Incur EU Political Expenditure up to Aggregate Nominal Amount of GBP 100,000		For	For		Mgmt
	11     Authorise Issuance of Equity or Equity-Linked Securities with Pre- emptive Rights up to Aggregate Nominal Amount of USD 900 Million		For	For		Mgmt
	12     Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of USD 330 Million		For	For		Mgmt
	13     Authorise 6.6 Billion Ordinary Shares for Market Purchase		For	For		Mgmt
	14     Authorise 660 Million Ordinary Shares for Market Purchase Pursuant to Contingent Purchase Contracts		For	For		Mgmt
08/25/04 -S	Abn Amro Holding Nv	NL0000301109			########		291,135
	1       Amend Articles to Reflect Changes in Capital: Cancel Outstanding Preference Shares and Issuance of New Financing Preference Shares		For	For		Mgmt
	2       Grant Board Authority to Issue Ordinary Shares, Convertible Preference Shares, and Financing Preference Shares up to 20 Percent of Issued Share Capital Restricting/Excluding Preemptive Rights		For	For		Mgmt

Vote Summary Report

Jul 01, 2004 - Sep 30, 2004

AIT Select International Equity Fund - Bank of Ireland Asset Management (U.S.) Limited

Mtg Date/ Type	Company/ Ballot Issues	Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3       Authorize Delisting of ABN AMRO Holding N.V. Securities from Singapore Exchange		For	For		Mgmt
08/27/04 -S	Korea Electric Power Corp	KR7015760002			########		99,060
	1       Elect Director(s)		For	For		Mgmt
09/01/04 -S	France Telecom SA	FR0000133308			None		108,088
	Special Business
	1       Approve Merger by Absorption of Wholly Owned Subsidiary Wanadoo; Approve Accounting Treatment of Merger		For	For		Mgmt
	2       Authorize Assumption of 27.38 Million Non-Exercised Wanadoo Stock Options		For	For		Mgmt
	3       Approve Dissolution of Wanadoo Without Liquidation		For	For		Mgmt
	4       Authorize Board to Issue Up to 100 Million Shares to Signatories of Liquidity Agreement Pursuant to Conversion of Orange SA Stock Options		For	For		Mgmt
	5       Approve Stock Option Plan Grants		For	For		Mgmt
	6       Approve Capital Increase Reserved for Employees Participating in Savings-Related Share Purchase Plan Ordinary Business		For	For		Mgmt
	7       Amend Terms of Share Repurchase of Up to Ten Percent of Issued Capital Submitted to Shareholder Vote at April 9, 2004, Shareholder Meeting		For	For		Mgmt
	8       Authorize Filing of Required Documents/Other Formalities		For	For		Mgmt
09/17/04 -A	James Hardie Industries NV	AU000000JHX1			None		147,225
	1       Elect J.D. Barr to Supervisory Board		For	For		Mgmt
	2       Authorize Barr to Participate in Supervisory Board Stock Purchase Plan		For	For		Mgmt

Vote Summary Report

Jul 01, 2004 - Sep 30, 2004

AIT Select International Equity Fund - Bank of Ireland Asset Management (U.S.) Limited

Mtg Date/Type	Company/ Ballot Issues	Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Authorize Repurchase of Up to Ten Percent of Issued Share Capital	For	For		Mgmt

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Select Growth Fund – GE Asset Management Incorporated

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/02/05 - A	AFLAC Incorporated *AFL*		001055102			02/23/05		169,684
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/05 - A	American Express Co. *AXP*		025816109			02/28/05		69,543
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Company-Specific— Compensation-Related		Against	Against		ShrHoldr
	4	Report on Political Contributions		Against	Against		ShrHoldr
05/11/05 - A	Amgen, Inc. *AMGN*		031162100			03/18/05		124,999
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Eliminate Animal Testing		Against	Against		ShrHoldr
	4	Review/Limit Executive Compensation		Against	Against		ShrHoldr
	5	Adopt Retention Ratio for Executives		Against	Against		ShrHoldr
12/08/04 - A	Cardinal Health, Inc. *CAH*		14149Y108			10/25/04		30,713
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Declassify the Board of Directors		Against	Against		ShrHoldr
04/13/05 - A	Carnival Corp. *CCL*		143658300			02/14/05		184,287
		Meeting for Holders of ADR’s
	1	Elect Directors		For	For		Mgmt
	2	TO APPROVE THE AMENDED AND RESTATED CARNIVAL CORPORATION 2001 OUTSIDE DIRECTOR STOCK PLAN.		For	For		Mgmt
	3	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE SHARE PLAN.		For	For		Mgmt
	4	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE STOCK PURCHASE PLAN.		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	TO AUTHORIZE THE AUDIT COMMITTEE OF CARNIVAL PLC TO AGREE THE REMUNERATION OF THE INDEPENDENT AUDITORS.		For	For		Mgmt
	7	TO RECEIVE THE ACCOUNTS AND REPORTS FOR CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED NOVEMBER 30, 2004.		For	For		Mgmt
	8	TO APPROVE THE DIRECTORS REMUNERATION REPORT OF CARNIVAL PLC.		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 1

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Select Growth Fund – GE Asset Management Incorporated

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	9	TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT SHARES BY CARNIVAL PLC.		For	For		Mgmt
	10	TO APPROVE THE DISAPPLICATION OF PRE-EMPTION RIGHTS FOR CARNIVAL PLC.		For	For		Mgmt
	11	TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL PLC TO BUY BACK CARNIVAL PLC ORDINARY SHARES IN THE OPEN MARKET.		For	For		Mgmt
05/24/05 - A	CERTEGY INC *CEY*		156880106			03/28/05		101,351
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/18/04 - A	Cisco Systems, Inc. *CSCO*		17275R102			09/20/04		668,006
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Pay Disparity		Against	Against		ShrHoldr
04/19/05 - A	Citigroup Inc. *C*		172967101			02/25/05		121,699
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Limit/Prohibit Awards to Executives		Against	Against		ShrHoldr
	5	Report on Political Contributions		Against	Against		ShrHoldr
	6	Prohibit Chairman From Management Duties, Titles or Responsibilities		Against	Against		ShrHoldr
	7	Limit Executive Compensation		Against	Against		ShrHoldr
	8	Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr
	9	Review/Limit Executive Compensation		Against	Against		ShrHoldr
	10	Adopt Simple Majority Vote		Against	Against		ShrHoldr
05/11/05 - A	Dentsply International, Inc. *XRAY*		249030107			03/24/05		48,648
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
04/19/05 - A	Dover Corp. *DOV*		260003108			02/28/05		215,582
	1	Elect Directors		For	For		Mgmt
	2	Other Business		For	Abstain		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 2

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Select Growth Fund – GE Asset Management Incorporated

Mtg Date/ Type	Company/ Ballot Issues	Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/23/05 - A	eBay Inc. *EBAY*	278642103			04/25/05		87,866
	1       Elect Directors		For	For		Mgmt
	2       Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3       Increase Authorized Common Stock		For	For		Mgmt
	4       Ratify Auditors		For	For		Mgmt
	5       Performance - Based/Indexed Options		Against	Against		ShrHoldr
	6       Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr
05/11/05 - A	First Data Corp. *FDC*	319963104			03/14/05		230,881
	1       Elect Directors		For	For		Mgmt
	2       Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
	3       Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4       Ratify Auditors		For	For		Mgmt
	5       Report on Outsourcing		Against	Against		ShrHoldr
	6       Amend Director/Officer Liability/Indemnifications Provisions		Against	Against		ShrHoldr
05/26/05 - A	Home Depot, Inc. (The) *HD*	437076102			03/28/05		195,944
	1       Elect Directors		For	For		Mgmt
	2       Ratify Auditors		For	For		Mgmt
	3       Amend Nomination Procedures for the Board		For	For		Mgmt
	4       Approve Omnibus Stock Plan		For	For		Mgmt
	5       Prepare Diversity Report		Against	Against		ShrHoldr
	6       Require a Majority Vote for the Election of Directors		Against	Against		ShrHoldr
	7       Limit Executive Compensation		Against	Against		ShrHoldr
	8       Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	Against		ShrHoldr
	9       Performance- Based/Indexed Options		Against	Against		ShrHoldr
	10     Performance- Based/Indexed Options		Against	Against		ShrHoldr
	11     Affirm Political Nonpartisanship		Against	Against		ShrHoldr
05/18/05 - A	Intel Corp. *INTC*	458140100			03/21/05		111,486
	1       Elect Directors		For	For		Mgmt
	2       Ratify Auditors		For	For		Mgmt
	3       Amend Omnibus Stock Plan		For	For		Mgmt
	4       Amend Executive Incentive Bonus Plan		For	For		Mgmt
12/09/04 - A	Intuit Inc. *INTU*	461202103			10/11/04		299,452
	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 3

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Select Growth Fund – GE Asset Management Incorporated

Mtg Date/ Type	Company/ Ballot Issues	Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/05 - A	Johnson & Johnson *JNJ*	478160104			03/01/05		128,653
	1       Elect Directors		For	For		Mgmt
	2       Approve Omnibus Stock Plan		For	For		Mgmt
	3       Ratify Auditors		For	For		Mgmt
06/14/05 - A	Liberty Global Inc. *LBTYA*	530719103			05/03/05		92,824
	1       Approve Merger Agreement		For	For		Mgmt
	2       Elect Directors		For	For		Mgmt
	3       Approve Omnibus Stock Plan		For	For		Mgmt
	4       Ratify Auditors		For	For		Mgmt
06/08/05 - A	Liberty Media Corp. *L*	530718105			04/26/05		858,845
	1       Elect Directors		For	For		Mgmt
	2       Ratify Auditors		For	For		Mgmt
05/09/05 - A	Lincare Holdings, Inc. *LNCR*	532791100			03/31/05		84,564
	1       Elect Directors		For	For		Mgmt
11/09/04 - A	Microsoft Corp. *MSFT*	594918104			09/10/04		326,325
	1       Elect Directors		For	For		Mgmt
	2       Amend Bundled Compensation Plans		For	For		Mgmt
	3       Amend Bundled Compensation Plans		For	For		Mgmt
	4       Amend Stock Option Plan		For	For		Mgmt
	5       Ratify Auditors		For	For		Mgmt
01/20/05 - A	Monsanto Co. *MON*	61166W101			11/22/04		33,437
	1       Elect Directors		For	For		Mgmt
	2       Ratify Auditors		For	For		Mgmt
	3       Approve Omnibus Stock Plan		For	For		Mgmt
	4       Report on Genetically Modified Organisms		Against	Against		ShrHoldr
	5       Report on Export of Hazardous Pesticides		Against	Against		ShrHoldr
	6       Adopt Human Rights Policy		Against	Against		ShrHoldr
	7       Eliminate Animal Testing		Against	Against		ShrHoldr
04/28/05 - A	Pfizer Inc. *PFE*	717081103			03/02/05		251,743
	1       Elect Directors		For	For		Mgmt
	2       Ratify Auditors		For	For		Mgmt
	3       Establish Term Limits for Directors		Against	Against		ShrHoldr
	4       Report on Pharmaceutical Price Restraint		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 4

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Select Growth Fund – GE Asset Management Incorporated

Mtg Date/ Type	Company/ Ballot Issues	Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5       Review and Report on Drug Reimportation Policy		Against	Against		ShrHoldr
	6       Report on Political Contributions		Against	Against		ShrHoldr
	7       Report on Product Availability in Canada		Against	Against		ShrHoldr
	8       Separate Chairman and CEO Positions		Against	Against		ShrHoldr
04/13/05 - A	Schlumberger Ltd. *SLB*	806857108			03/02/05		18,222
	Meeting for Holders of ADR’s
	1       Elect Directors		For	For		Mgmt
	2       ADOPTION AND APPROVAL OF FINANCIALS AND DIVIDENDS		For	For		Mgmt
	3       ADOPTION OF MANDATORY AMENDMENTS TO THE ARTICLES OF INCORPORATION		For	For		Mgmt
	4       ADOPTION OF VOLUNTARY AMENDMENTS TO THE ARTICLES OF INCORPORATION		For	For		Mgmt
	5       APPROVAL OF ADOPTION OF THE SCHLUMBERGER 2005 OPTION PLAN		For	For		Mgmt
	6       APPROVAL OF ADOPTION OF AN AMENDMENT TO THE SCHLUMBERGER DISCOUNTED STOCK PURCHASE PLAN		For	For		Mgmt
	7       APPROVAL OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		For	For		Mgmt
05/19/05 - A	SLM Corp. *SLM*	78442P106			03/21/05		152,026
	1       Elect Directors		For	For		Mgmt
	2       Amend Omnibus Stock Plan		For	For		Mgmt
	3       Ratify Auditors		For	For		Mgmt
04/20/05 - A	State Street Corp. (Boston)*STT*	857477103			02/25/05		123,287
	1       Elect Directors		For	For		Mgmt
	2       Ratify Auditors		For	For		Mgmt
05/03/05 - A	UnitedHealth Group Incorporated *UNH*	91324P102			03/07/05		114,745
	1       Elect Directors		For	For		Mgmt
	2       Ratify Auditors		For	For		Mgmt
	3       Performance- Based/Indexed Options		Against	Against		ShrHoldr
	4       Performance- Based/Indexed Options		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 5

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Select Growth Fund – GE Asset Management Incorporated

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/21/05 -A	Wyeth *WYE*		983024100			03/04/05		76,497
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Review and Report on Drug Reimportation Policy		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
	6	Report on Political Contributions		Against	Against		ShrHoldr
	7	Discontinue Promotion of Premarin and Report on Animal Testing		Against	Against		ShrHoldr
05/19/05 -A	Yahoo!, Inc. *YHOO*		984332106			03/23/05		114,864
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/02/05 -A	Zimmer Holdings Inc *ZMH*		98956P102			03/15/05		69,542
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 6

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
American Express	20050427	ANNUAL	AXP	025816109	1.01	Elect Daniel F. Akerson	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.02	Elect Charlene Barshefsky	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.03	Elect William G. Bowen	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.04	Elect Ursula M. Burns	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.05	Elect Kenneth I. Chenault	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.06	Elect Peter R. Dolan	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.07	Elect Vernon E. Jordan Jr.	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.08	Elect Jan Leschly	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.09	Elect Richard A. McGinn	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.10	Elect Edward D. Miller	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.11	Elect Frank P. Popoff	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	1.12	Elect Robert D. Walter	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	2	Ratify selection of auditors	MGMT	FOR	FOR
American Express	20050427	ANNUAL	AXP	025816109	3	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
American Express	20050427	ANNUAL	AXP	025816109	4	SP-Review political spending or lobbying	SHAREHOLDER	AGAINST	AGAINST
Amgen Inc	20050511	ANNUAL	AMGN	031162100	1.01	Elect David Baltimore	MGMT	FOR	FOR
Amgen Inc	20050511	ANNUAL	AMGN	031162100	1.02	Elect Judith C. Pelham	MGMT	FOR	FOR
Amgen Inc	20050511	ANNUAL	AMGN	031162100	1.03	Elect Kevin W. Sharer	MGMT	FOR	FOR
Amgen Inc	20050511	ANNUAL	AMGN	031162100	2	Ratify selection of auditors	MGMT	FOR	FOR
Amgen Inc	20050511	ANNUAL	AMGN	031162100	3.01	SP-Review or promote animal welfare	SHAREHOLDER	AGAINST	AGAINST
Amgen Inc	20050511	ANNUAL	AMGN	031162100	3.02	SP-Link executive pay to social criteria	SHAREHOLDER	AGAINST	AGAINST
Amgen Inc	20050511	ANNUAL	AMGN	031162100	3.03	SP - Require option shares to be held	SHAREHOLDER	AGAINST	AGAINST
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	1.01	Elect Fred D. Anderson	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	1.02	Elect William V. Campbell	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	1.03	Elect Millard S. Drexler	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	1.04	Elect Albert Gore Jr.	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	1.05	Elect Steven P Jobs	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	1.06	Elect Arthur D. Levinson	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	1.07	Elect Jerome B. York	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	2	Approve annual bonus plan	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	3	Adopt Stock Incentive Plan	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	4	Add shares to employee stock purchase plan	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	5	Ratify selection of auditors	MGMT	FOR	FOR
Apple Computer Inc	20050421	ANNUAL	AAPL	037833100	6	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
Cigna Corp	20050427	ANNUAL	CI	125509109	1.01	Elect Peter N. Larson	MGMT	FOR	FOR
Cigna Corp	20050427	ANNUAL	CI	125509109	1.02	Elect Carol Cox Wait	MGMT	FOR	FOR
Cigna Corp	20050427	ANNUAL	CI	125509109	1.03	Elect William D. Zollars	MGMT	FOR	FOR
Cigna Corp	20050427	ANNUAL	CI	125509109	1.04	Elect Marilyn Ware	MGMT	FOR	FOR
Cigna Corp	20050427	ANNUAL	CI	125509109	2	Ratify selection of auditors	MGMT	FOR	FOR
Cigna Corp	20050427	ANNUAL	CI	125509109	3	Amend Stock Incentive Plan	MGMT	FOR	AGAINST
Target Corp	20050518	ANNUAL	TGT	87612E106	1.01	Elect Roxanne S. Austin	MGMT	FOR	FOR
Target Corp	20050518	ANNUAL	TGT	87612E106	1.02	Elect James A. Johnson	MGMT	FOR	FOR
Target Corp	20050518	ANNUAL	TGT	87612E106	2	Ratify selection of auditors	MGMT	FOR	FOR
Genentech Inc	20050414	ANNUAL	DNA	368710406	1.01	Elect Herbert W. Boyer	MGMT	FOR	FOR
Genentech Inc	20050414	ANNUAL	DNA	368710406	1.02	Elect William M. Burns	MGMT	FOR	FOR
Genentech Inc	20050414	ANNUAL	DNA	368710406	1.03	Elect Erich Hunziker	MGMT	FOR	FOR

Page 1 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Genentech Inc	20050414	ANNUAL	DNA	368710406	1.04	Elect Jonathan K. C. Knowles	MGMT	FOR	FOR
Genentech Inc	20050414	ANNUAL	DNA	368710406	1.05	Elect Arthur D. Levinson	MGMT	FOR	FOR
Genentech Inc	20050414	ANNUAL	DNA	368710406	1.06	Elect Charles A. Sanders	MGMT	FOR	FOR
Genentech Inc	20050414	ANNUAL	DNA	368710406	2	Ratify selection of auditors	MGMT	FOR	FOR
Gillette Co	20050512	ANNUAL	G	375766102	1.01	Elect Michael B. Gifford	MGMT	FOR	FOR
Gillette Co	20050512	ANNUAL	G	375766102	1.02	Elect Ray J. Groves	MGMT	FOR	FOR
Gillette Co	20050512	ANNUAL	G	375766102	1.03	Elect Fred Horst Langhammer	MGMT	FOR	FOR
Gillette Co	20050512	ANNUAL	G	375766102	1.04	Elect Marjorie M. Yang	MGMT	FOR	FOR
Gillette Co	20050512	ANNUAL	G	375766102	2	Ratify selection of auditors	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.01	Elect Craig R. Barrett	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.02	Elect Charlene Barshefsky	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.03	Elect E. John P. Browne	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.04	Elect D. James Guzy	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.05	Elect Reed E. Hundt	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.06	Elect Paul S. Otellini	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.07	Elect David S. Pottruck	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.08	Elect Jane E. Shaw	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.09	Elect John L. Thornton	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	1.10	Elect David B. Yoffie	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	2	Ratify selection of auditors	MGMT	FOR	FOR
Intel Corp	20050518	ANNUAL	INTC	458140100	3	Adopt the 2004 Equity Incentive Plan	MGMT	FOR	AGAINST
Intel Corp	20050518	ANNUAL	INTC	458140100	4	Amend annual bonus plan	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.01	Elect Cathleen P. Black	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.02	Elect Kenneth I. Chenault	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.03	Elect Juergen Dormann	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.04	Elect Michael L. Eskew	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.05	Elect Charles F. Knight	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.06	Elect Minoru Makihara	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.07	Elect Lucio A. Noto	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.08	Elect Samuel J. Palmisano	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.09	Elect Joan E. Spero	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.10	Elect Sidney Taurel	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.11	Elect Charles M. Vest	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.12	Elect Lorenzo H. Zambrano Trevino	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	1.13	Misc. board of directors	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	2	Ratify selection of auditors	MGMT	FOR	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	3	SP-Adopt cumulative voting	SHAREHOLDER	AGAINST	AGAINST
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	4	SP-Provide pension choices	SHAREHOLDER	AGAINST	AGAINST
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	5	SP-Pension fund surplus	SHAREHOLDER	AGAINST	FOR
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	6	SP-Expense stock options	SHAREHOLDER	AGAINST	AGAINST
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	7	SP-Disclose executive compensation	SHAREHOLDER	AGAINST	AGAINST
International Business Machines Corp	20050426	ANNUAL	IBM	459200101	8	P-Report on risk to image of globalization strateg	SHAREHOLDER	AGAINST	AGAINST
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	1.01	Elect George M.C. Fisher	MGMT	FOR	FOR
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	1.02	Elect Alfred G. Gilman	MGMT	FOR	FOR
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	1.03	Elect Karen N. Horn	MGMT	FOR	FOR
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	1.04	Elect John Edward Rose	MGMT	FOR	FOR

Page 2 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	2	Ratify selection of auditors	MGMT	FOR	FOR
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	3	SP-Independent board chairman	SHAREHOLDER	AGAINST	AGAINST
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	4	SP-Review drug pricing or distribution	SHAREHOLDER	AGAINST	AGAINST
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	5	SP-Review drug pricing or distribution	SHAREHOLDER	AGAINST	AGAINST
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	6	SP-Review political spending or lobbying	SHAREHOLDER	AGAINST	AGAINST
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	7	SP-Award performance-based stock options	SHAREHOLDER	AGAINST	AGAINST
Lilly (Eli) & Co	20050418	ANNUAL	LLY	532457108	8	SP-Review or promote animal welfare	SHAREHOLDER	AGAINST	AGAINST
Lowe’s Companies Inc	20050527	ANNUAL	LOW	548661107	1.01	Elect Robert Alexander Ingram	MGMT	FOR	FOR
Lowe’s Companies Inc	20050527	ANNUAL	LOW	548661107	1.02	Elect Richard K. Lochridge	MGMT	FOR	FOR
Lowe’s Companies Inc	20050527	ANNUAL	LOW	548661107	1.03	Elect Robert L. Johnson	MGMT	FOR	FOR
Lowe’s Companies Inc	20050527	ANNUAL	LOW	548661107	2	Amend Director Stock Incentive Plan	MGMT	FOR	AGAINST
Lowe’s Companies Inc	20050527	ANNUAL	LOW	548661107	3	Ratify selection of auditors	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.01	Elect John Deutch	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.02	Elect Jamie S. Gorelick	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.03	Elect Andrew Gould	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.04	Elect Tony Isaac	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.05	Elect Adrian Lajous	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.06	Elect Andre Levy-Lang	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.07	Elect Michael E. Marks	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.08	Elect Didier Primat	MGMT	FOR	AGAINST
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.09	Elect Tore I. Sandvold	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.10	Elect Nicolas Seydoux	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.11	Elect Linda Gillespie Stuntz	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	1.12	Elect Rana Talwar	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	2	Approve financial statements	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	3.01	Approve non-technical charter amendments	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	3.01	Restore special meeting	MGMT	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	3.01	Eliminate written consent	MGMT	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	3.02	Approve non-technical charter amendments	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	4	Adopt Stock Incentive Plan	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	5	Add shares to employee stock purchase plan	MGMT	FOR	FOR
Schlumberger Ltd	20050413	ANNUAL	SLB	806857108	6	Ratify selection of auditors	MGMT	FOR	FOR
St Jude Medical Inc	20050511	ANNUAL	STJ	790849103	1.01	Elect Richard R. Devenuti	MGMT	FOR	FOR
St Jude Medical Inc	20050511	ANNUAL	STJ	790849103	1.02	Elect Stuart M. Essig	MGMT	FOR	FOR
St Jude Medical Inc	20050511	ANNUAL	STJ	790849103	1.03	Elect Thomas H. Garrett III	MGMT	FOR	FOR
St Jude Medical Inc	20050511	ANNUAL	STJ	790849103	1.04	Elect Wendy L. Yarno	MGMT	FOR	FOR
St Jude Medical Inc	20050511	ANNUAL	STJ	790849103	2	Ratify selection of auditors	MGMT	FOR	FOR
St Jude Medical Inc	20050511	ANNUAL	STJ	790849103	3	SP-Limit non-audit fees	SHAREHOLDER	AGAINST	AGAINST
Allergan Inc	20050426	ANNUAL	AGN	018490102	1.01	Elect Trevor M. Jones	MGMT	FOR	FOR
Allergan Inc	20050426	ANNUAL	AGN	018490102	1.02	Elect Karen R. Osar	MGMT	FOR	FOR
Allergan Inc	20050426	ANNUAL	AGN	018490102	1.03	Elect Leonard D. Schaeffer	MGMT	FOR	FOR
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	1.01	Elect Carol Mills	MGMT	FOR	FOR
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	1.02	Elect Colleen M. Pouliot	MGMT	FOR	FOR
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	1.03	Elect Robert Sedgewick	MGMT	FOR	FOR
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	1.04	Elect John E. Warnock	MGMT	FOR	FOR
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	2	Add Shares to Stock Incentive Plan	MGMT	FOR	FOR

Page 3 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	3	Add Shares to Director Stock Incentive Plan	MGMT	FOR	FOR
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	4	SP-Expense stock options	SHAREHOLDER	AGAINST	AGAINST
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	5	SP-Require option shares to be held	SHAREHOLDER	AGAINST	AGAINST
Adobe Systems Inc	20050428	ANNUAL	ADBE	00724F101	6	Ratify selection of auditors	MGMT	FOR	AGAINST
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	1.01	Elect Frank C. Herringer	MGMT	FOR	FOR
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	1.02	Elect Stephen T. McLin	MGMT	FOR	FOR
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	1.03	Elect Charles R. Schwab	MGMT	FOR	FOR
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	1.04	Elect Roger O. Walther	MGMT	FOR	FOR
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	1.05	Elect Robert N. Wilson	MGMT	FOR	FOR
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	2	Amend Director Stock Incentive Plan	MGMT	FOR	AGAINST
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	3	Amend annual bonus plan	MGMT	FOR	FOR
Schwab (Charles) Corp	20050519	ANNUAL	SCH	808513105	4	SP-Repeal classified board	SHAREHOLDER	AGAINST	FOR
UnitedHealth Group Inc	20050503	ANNUAL	UNH	91324P102	1.01	Elect Thomas H. Kean	MGMT	FOR	FOR
UnitedHealth Group Inc	20050503	ANNUAL	UNH	91324P102	1.02	Elect Robert L. Ryan	MGMT	FOR	FOR
UnitedHealth Group Inc	20050503	ANNUAL	UNH	91324P102	1.03	Elect William G. Spears	MGMT	FOR	FOR
UnitedHealth Group Inc	20050503	ANNUAL	UNH	91324P102	1.04	Elect Gail R. Wilensky	MGMT	FOR	FOR
UnitedHealth Group Inc	20050503	ANNUAL	UNH	91324P102	2	Ratify selection of auditors	MGMT	FOR	FOR
UnitedHealth Group Inc	20050503	ANNUAL	UNH	91324P102	3	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
UnitedHealth Group Inc	20050503	ANNUAL	UNH	91324P102	4	SP-Award performance-based stock options	SHAREHOLDER	AGAINST	AGAINST
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.01	Elect W. Howard Lester	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.02	Elect Edward A. Mueller	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.03	Elect Sanjiv Ahuja	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.04	Elect Adrian D.P. Bellamy	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.05	Elect Patrick J. Connolly	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.06	Elect Adrian T. Dillon	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.07	Elect Jeanne P. Jackson	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.08	Elect Michael R. Lynch	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	1.09	Elect Richard T. Robertson	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	2	Amend annual bonus plan	MGMT	FOR	FOR
Williams-Sonoma Inc	20050518	ANNUAL	WSM	969904101	3	Ratify selection of auditors	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	1.01	Elect Leonard Feinstein	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	1.02	Elect Robert S. Kaplan	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	1.03	Elect Dean S. Adler	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	1.04	Elect Jordan Heller	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	2	Ratify selection of auditors	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	3	SP-Monitor/adopt ILO conventions	SHAREHOLDER	AGAINST	AGAINST
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	4	SP-Require option shares to be held	SHAREHOLDER	AGAINST	AGAINST
Bed Bath & Beyond Inc	20050630	ANNUAL	BBBY	075896100	5	SP-Repeal classified board	SHAREHOLDER	AGAINST	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.01	Elect Dr.Paul Berg	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.02	Elect Etienne F. Davignon	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.03	Elect James M. Denny	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.04	Elect Dr. John C. Martin	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.05	Elect Gordon E. Moore	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.06	Elect Nicholas G. Moore	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.07	Elect Dr.George P. Shultz	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	1.08	Elect Gayle E. Wilson	MGMT	FOR	FOR

Page 4 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	2	Ratify selection of auditors	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	3	Amend Stock Incentive Plan	MGMT	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	3	Add Shares to Stock Incentive Plan	MGMT	FOR	FOR
Gilead Sciences Inc	20050510	ANNUAL	GILD	375558103	4	SP-Review AIDS pandemic’s impact on company	SHAREHOLDER	AGAINST	AGAINST
Starbucks Corp	20050209	ANNUAL	SBUX	855244109	1.01	Elect Barbara Bass	MGMT	FOR	FOR
Starbucks Corp	20050209	ANNUAL	SBUX	855244109	1.02	Elect Mellody Hobson	MGMT	FOR	FOR
Starbucks Corp	20050209	ANNUAL	SBUX	855244109	1.03	Elect Olden Lee	MGMT	FOR	FOR
Starbucks Corp	20050209	ANNUAL	SBUX	855244109	1.04	Elect Howard Schultz	MGMT	FOR	FOR
Starbucks Corp	20050209	ANNUAL	SBUX	855244109	2	Adopt Stock Incentive Plan	MGMT	FOR	FOR
Starbucks Corp	20050209	ANNUAL	SBUX	855244109	3	Ratify selection of auditors	MGMT	FOR	FOR
Starbucks Corp	20050209	ANNUAL	SBUX	855244109	4	SP-Review global labor practices	SHAREHOLDER	AGAINST	AGAINST
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	1.01	Elect David W. Dupree	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	1.02	Elect Gabrielle E Greene	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	1.03	Elect John Mackey	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	1.04	Elect Linda A. Mason	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	1.05	Elect Morris J. Siegel	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	2	Ratify selection of auditors	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	3	Increase authorized common stock	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	4	Add Shares to Stock Incentive Plan	MGMT	FOR	FOR
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	5	SP-Review or curb bioengineering	SHAREHOLDER	AGAINST	AGAINST
Whole Foods Market Inc	20050404	ANNUAL	WFMI	966837106	6	SP-Redeem or vote on poison pill	SHAREHOLDER	AGAINST	AGAINST
Caremark Rx Inc	20050511	ANNUAL	CMX	141705103	1.01	Elect Edwin M. Crawford	MGMT	FOR	FOR
Caremark Rx Inc	20050511	ANNUAL	CMX	141705103	1.02	Elect Kristen E. Gibney Williams	MGMT	FOR	FOR
Caremark Rx Inc	20050511	ANNUAL	CMX	141705103	1.03	Elect Edward L. Hardin Jr.	MGMT	FOR	FOR
Caremark Rx Inc	20050511	ANNUAL	CMX	141705103	2	SP-Review political spending or lobbying	SHAREHOLDER	AGAINST	AGAINST
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	1.01	Elect Richard D. DiCerchio	MGMT	FOR	FOR
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	1.02	Elect Richard M. Libenson	MGMT	FOR	FOR
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	1.03	Elect John W. Meisenbach	MGMT	FOR	FOR
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	1.04	Elect Charles T. Munger	MGMT	FOR	FOR
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	1.05	Elect Susan L. Decker	MGMT	FOR	FOR
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	2	Amend Stock Incentive Plan	MGMT	FOR	FOR
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	3	SP-Monitor/adopt ILO conventions	SHAREHOLDER	AGAINST	AGAINST
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	4	SP-Preserve/report on natural habitat	SHAREHOLDER	AGAINST	AGAINST
Costco Wholesale Corp	20050127	ANNUAL	COST	22160K105	5	Ratify selection of auditors	MGMT	FOR	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	1.01	Elect Robert E. Kahn	MGMT	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	1.02	Elect Duane A. Nelles	MGMT	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	1.03	Elect Brent Scowcroft	MGMT	FOR	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	2	Eliminate cumulative Voting	MGMT	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	2	Repeal classified board	MGMT	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	3	Increase authorized common stock	MGMT	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	4	Approve technical amendments	MGMT	FOR
Qualcomm Inc	20050308	ANNUAL	QCOM	747525103	5	Ratify selection of auditors	MGMT	FOR
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	1.01	Elect Amnon Landan	MGMT	FOR	FOR
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	1.02	Elect Brad Boston	MGMT	FOR	FOR
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	1.03	Elect Igal Kohavi	MGMT	FOR	FOR
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	1.04	Elect Clyde Ostler	MGMT	FOR	FOR

Page 5 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	1.05	Elect Yair Shamir	MGMT	FOR	FOR
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	1.06	Elect Giora Yaron	MGMT	FOR	FOR
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	1.07	Elect Anthony Zingale	MGMT	FOR	FOR
Mercury Interactive Corp	20050519	ANNUAL	MERQ	589405109	2	Ratify selection of auditors	MGMT	FOR	FOR
Goldman Sachs Group Inc	20050406	ANNUAL	GS	38141G104	1.01	Elect John H. Bryan	MGMT	FOR	FOR
Goldman Sachs Group Inc	20050406	ANNUAL	GS	38141G104	1.02	Elect Stephen Friedman	MGMT	FOR	FOR
Goldman Sachs Group Inc	20050406	ANNUAL	GS	38141G104	1.03	Elect William W. George	MGMT	FOR	FOR
Goldman Sachs Group Inc	20050406	ANNUAL	GS	38141G104	1.04	Elect Henry M. Paulson Jr.	MGMT	FOR	FOR
Goldman Sachs Group Inc	20050406	ANNUAL	GS	38141G104	2	Repeal classified board	MGMT	FOR	FOR
Goldman Sachs Group Inc	20050406	ANNUAL	GS	38141G104	3	Ratify selection of auditors	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	1.01	Elect Fred D. Anderson	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	1.02	Elect Edward W. Barnholt	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	1.03	Elect Scott D. Cook	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	1.04	Elect Robert C. Kagle	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	2	Reapprove option/bonus plan for OBRA	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	3	Increase authorized common stock	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	4	Ratify selection of auditors	MGMT	FOR	FOR
Ebay Inc	20050623	ANNUAL	EBAY	278642103	5	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
Ebay Inc	20050623	ANNUAL	EBAY	278642103	6	SP-Majority vote to elect directors	SHAREHOLDER	AGAINST	FOR
Agilent Technologies Inc	20050301	ANNUAL	A	00846U101	1.01	Elect Heidi Kunz	MGMT	FOR	FOR
Agilent Technologies Inc	20050301	ANNUAL	A	00846U101	1.02	Elect David M. Lawrence	MGMT	FOR	FOR
Agilent Technologies Inc	20050301	ANNUAL	A	00846U101	1.03	Elect Addison Barry Rand	MGMT	FOR	FOR
Agilent Technologies Inc	20050301	ANNUAL	A	00846U101	2	Ratify selection of auditors	MGMT	FOR	FOR
Agilent Technologies Inc	20050301	ANNUAL	A	00846U101	3	Approve annual bonus plan	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.01	Elect John J Beystehner	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.02	Elect Michael L. Eskew	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.03	Elect James P. Kelly	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.04	Elect Ann M. Livermore	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.05	Elect Gary E. MacDougal	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.06	Elect Victor A. Pelson	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.07	Elect Lea N. Soupata	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.08	Elect John W. Thompson	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.09	Elect Carol B. Tome	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	1.10	Elect Ben Verwaayen	MGMT	FOR	FOR
United Parcel Service Inc	20050505	ANNUAL	UPS	911312106	2	Ratify selection of auditors	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	1	Approve financial statements	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	10	Issue stock w/ preemptive rights	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	11	Issue stock w/o preemptive rights	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	12	Authorize share repurchase	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	2	To declare a dividend	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	3	Approve remuneration policy	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	4	To re-elect as a director Wolfgang Berndt	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	5	To re-elect as a director Bob Stack	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	6	To elect as a director Rosemary Thorne	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	7	To re-elect as a director Baroness Wilcox	MGMT	FOR	FOR
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	8	Appoint outside auditors	MGMT	FOR	FOR

Page 6 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Cadbury Schweppes PLC	20050519	ANNUAL	CSG	127209302	9	Set auditors’ fees	MGMT	FOR	FOR
WellPoint Inc	20050510	ANNUAL	WLP	94973V107	1.01	Elect William H.T. Bush	MGMT	FOR	FOR
WellPoint Inc	20050510	ANNUAL	WLP	94973V107	1.02	Elect Warren Y. Jobe	MGMT	FOR	FOR
WellPoint Inc	20050510	ANNUAL	WLP	94973V107	1.03	Elect William G. Mays	MGMT	FOR	FOR
WellPoint Inc	20050510	ANNUAL	WLP	94973V107	1.04	Elect Donald W. Riegle Jr.	MGMT	FOR	FOR
WellPoint Inc	20050510	ANNUAL	WLP	94973V107	1.05	Elect William J. Ryan	MGMT	FOR	FOR
WellPoint Inc	20050510	ANNUAL	WLP	94973V107	2	Ratify selection of auditors	MGMT	FOR	FOR
WellPoint Inc	20050510	ANNUAL	WLP	94973V107	3	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
Novartis AG	20050301	ANNUAL	NVS	66987V109	1	Approve financial statements	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	2	Ratify board acts-legal	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	3	Set dividend/allocate profits	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	4	Reduce authorized capital	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	5	Authorize share repurchase	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	6.01	Elect Birgit Breuel	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	6.02	Elect Peter Burckhardt	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	6.03	Elect Alexandre F. Jetzer	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	6.04	Elect Pierre Landolt	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	6.05	Elect Ulrich Lehner	MGMT	FOR	FOR
Novartis AG	20050301	ANNUAL	NVS	66987V109	7	Appoint outside auditors	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.01	Elect James I. Cash Jr.	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.02	Elect William M. Castell	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.03	Elect Dennis D. Dammerman	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.04	Elect Ann M. Fudge	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.05	Elect Claudio X. Gonzalez Laporte	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.06	Elect Jeffrey R. Immelt	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.07	Elect Andrea Jung	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.08	Elect Alan G. Lafley	MGMT	FOR	AGAINST
General Electric Co	20050427	ANNUAL	GE	369604103	1.09	Elect Ralph S. Larsen	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.10	Elect Rochelle B. Lazarus	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.11	Elect Samuel A. Nunn Jr.	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.12	Elect Roger S. Penske	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.13	Elect Robert J. Swieringa	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.14	Elect Douglas A. Warner III	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	1.15	Elect Robert C. Wright	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	2	Ratify selection of auditors	MGMT	FOR	FOR
General Electric Co	20050427	ANNUAL	GE	369604103	3	SP-Adopt cumulative voting	SHAREHOLDER	AGAINST	AGAINST
General Electric Co	20050427	ANNUAL	GE	369604103	4	SP-Review nuclear facility/waste	SHAREHOLDER	AGAINST	AGAINST
General Electric Co	20050427	ANNUAL	GE	369604103	5	SP-Report on environmental impact or plans	SHAREHOLDER	AGAINST	AGAINST
General Electric Co	20050427	ANNUAL	GE	369604103	6	SP-Limit number of directorships	SHAREHOLDER	AGAINST	AGAINST
General Electric Co	20050427	ANNUAL	GE	369604103	7	SP-Report on sustainability	SHAREHOLDER	AGAINST	AGAINST
General Electric Co	20050427	ANNUAL	GE	369604103	8	SP-Review political spending or lobbying	SHAREHOLDER	AGAINST	AGAINST
General Electric Co	20050427	ANNUAL	GE	369604103	9	SP-Review or promote animal welfare	SHAREHOLDER	AGAINST	AGAINST
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	1.01	Elect A. Jerrold Perenchio	MGMT	FOR	FOR
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	1.02	Elect Anthony Cassara	MGMT	FOR	AGAINST
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	1.03	Elect Harold Gaba	MGMT	FOR	FOR
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	1.04	Elect Alan F. Horn	MGMT	FOR	AGAINST

Page 7 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 -Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	1.05	Elect John G. Perenchio	MGMT	FOR	FOR
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	1.06	Elect Ray Rodriguez	MGMT	FOR	FOR
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	1.07	Elect McHenry T. Tichenor Jr.	MGMT	FOR	FOR
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	2	Ratify selection of auditors	MGMT	FOR	FOR
Univision Communications Inc	20050511	ANNUAL	UVN	914906102	3	SP-Eliminate dual class stock	SHAREHOLDER	AGAINST	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.01	Elect Terry S. Semel	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.02	Elect Jerry Yang	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.03	Elect Roy J. Bostock	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.04	Elect Ronald W. Burkle	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.05	Elect Eric Hippeau	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.06	Elect Arthur H. Kern	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.07	Elect Robert A. Kotick	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.08	Elect Edward R. Kozel	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	1.09	Elect Gary L. Wilson	MGMT	FOR	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	2	Amend Stock Incentive Plan	MGMT	FOR
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	2	Add shares to the 1995 Stock Plan	MGMT	FOR	AGAINST
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	3	Amend Director Stock Incentive Plan	MGMT	FOR	AGAINST
Yahoo Inc	20050519	ANNUAL	YHOO	984332106	4	Ratify selection of auditors	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	1	Approve financial statements	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	2	Set dividend/allocate profits	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	3	Ratify board acts-legal	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	4.01	Elect directors - other markets	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	4.02	Elect directors - other markets	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	4.03	Elect directors - other markets	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	5	Appoint outside auditors	MGMT	FOR	FOR
Alcon Inc	20050503	ANNUAL	ACL	H01301102	6	Appoint appraiser/special auditor	MGMT	FOR	FOR
Marvell Technology Group Ltd	20050610	ANNUAL	MRVL	G5876H105	1	Elect Kuo Wei (Herbert) Chang	MGMT	FOR	FOR
Marvell Technology Group Ltd	20050610	ANNUAL	MRVL	G5876H105	2	Appoint auditors and set their fees	MGMT	FOR	FOR
NAVTEQ Corp	20050511	ANNUAL	NVT	63936L100	1.01	Elect Richard J. A. de Lange	MGMT	FOR	FOR
NAVTEQ Corp	20050511	ANNUAL	NVT	63936L100	1.02	Elect Christopher B. Galvin	MGMT	FOR	FOR
NAVTEQ Corp	20050511	ANNUAL	NVT	63936L100	1.03	Elect Judson C. Green	MGMT	FOR	FOR
NAVTEQ Corp	20050511	ANNUAL	NVT	63936L100	1.04	Elect Wilhelmus C. M. Groenhuysen	MGMT	FOR	FOR
NAVTEQ Corp	20050511	ANNUAL	NVT	63936L100	1.05	Elect William L. Kimsey	MGMT	FOR	FOR
NAVTEQ Corp	20050511	ANNUAL	NVT	63936L100	1.06	Elect Scott D. Miller	MGMT	FOR	FOR
NAVTEQ Corp	20050511	ANNUAL	NVT	63936L100	1.07	Elect Dirk-Jan van Ommeren	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.01	Elect Eric E. Schmidt	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.02	Elect Larry Page	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.03	Elect Sergey Brin	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.04	Elect L. John Doerr	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.05	Elect John L. Hennessy	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.06	Elect Arthur D. Levinson	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.07	Elect Michael Moritz	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.08	Elect Paul S. Otellini	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	1.09	Elect K. Ram Shriram	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	2	Ratify selection of auditors	MGMT	FOR	FOR
Google Inc	20050512	ANNUAL	GOOG	38259P508	3	Amend Stock Incentive Plan	MGMT	FOR

Page 8 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Google Inc	20050512	ANNUAL	GOOG	38259P508	3	Add shares to the 2004 Stock Plan	MGMT	FOR	FOR
Merrill Lynch & Co	20050422	ANNUAL	MER	590188108	1.01	Elect Jill K. Conway	MGMT	FOR	FOR
Merrill Lynch & Co	20050422	ANNUAL	MER	590188108	1.02	Elect Heinz-Joachim Neuburger	MGMT	FOR	FOR
Merrill Lynch & Co	20050422	ANNUAL	MER	590188108	1.03	Elect E. Stanley O’Neal	MGMT	FOR	FOR
Merrill Lynch & Co	20050422	ANNUAL	MER	590188108	2	Ratify selection of auditors	MGMT	FOR	FOR
Merrill Lynch & Co	20050422	ANNUAL	MER	590188108	3	Adopt director stock award plan	MGMT	FOR	AGAINST
Merrill Lynch & Co	20050422	ANNUAL	MER	590188108	4	SP-Adopt cumulative voting	SHAREHOLDER	AGAINST	AGAINST
Merrill Lynch & Co	20050422	ANNUAL	MER	590188108	5	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.01	Elect Hans W. Becherer	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.02	Elect John H. Biggs	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.03	Elect Lawrence A. Bossidy	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.04	Elect Stephen B. Burke	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.05	Elect James S. Crown	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.06	Elect James Dimon	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.07	Elect Ellen V. Futter	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.08	Elect William H. Gray III	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.09	Elect William B. Harrison Jr.	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.10	Elect Laban P. Jackson Jr.	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.11	Elect John W. Kessler	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.12	Elect Robert I. Lipp	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.13	Elect Richard A. Manoogian	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.14	Elect David C. Novak	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.15	Elect Lee R. Raymond	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	1.16	Elect William C. Weldon	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	2	Ratify selection of auditors	MGMT	FOR	FOR
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	3	Adopt the 2005 Long-Term Incentive Plan	MGMT	FOR	AGAINST
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	4	SP-Director tenure/retirement age	SHAREHOLDER	AGAINST	AGAINST
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	5	SP-Independent board chairman	SHAREHOLDER	AGAINST	AGAINST
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	6	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
JPMorgan Chase & Co	20050517	ANNUAL	JPM	46625H100	7	SP-Restrict executive compensation	SHAREHOLDER	AGAINST	AGAINST
Suncor Energy	20050428	ANNUAL		867229106	1.01	Elect Mel E. Benson	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.02	Elect Brian Canfield	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.03	Elect Bryan P. Davies	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.04	Elect Brian A. Felesky	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.05	Elect John T. Ferguson	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.06	Elect W. Douglas Ford	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.07	Elect Richard L. George	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.08	Elect John R. Huff	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.09	Elect Robert W. Korthals	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.10	Elect M. Ann McCaig	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.11	Elect Michael W. O’Brien	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	1.12	Elect JR Shaw	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	2	Appoint outside auditors	MGMT	FOR	FOR
Suncor Energy	20050428	ANNUAL		867229106	3	Adopt poison-pill-style defense	MGMT	FOR	AGAINST
TOTAL SA	20050517	ANNUAL	TOT	89151E109	1	Approve financial statements	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	10	Issue stock w/o preemptive rights	MGMT	FOR	FOR

Page 9 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
TOTAL SA	20050517	ANNUAL	TOT	89151E109	10	Increase authorized capital	MGMT	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	11	Issue stock w/o preemptive rights	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	11	Increase authorized capital	MGMT	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	12	Issue stock w/o preemptive rights	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	12	Increase authorized capital	MGMT	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	13	Issue stock w/o preemptive rights	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	14	Amend resolution 13	SHAREHOLDER	AGAINST	AGAINST
TOTAL SA	20050517	ANNUAL	TOT	89151E109	2	Approve financial statements	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	3	Set Dividend at 5.40	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	4	Approve related party transactions	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	5	Authorize trade in company stock	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	6	Elect Paul Desmarais Jr.	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	7	Elect Bertrand Jacquillat	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	8	Elect Maurice Lippens	MGMT	FOR	FOR
TOTAL SA	20050517	ANNUAL	TOT	89151E109	9	Elect Lord Peter Levene of Portsoken	MGMT	FOR	FOR
Medtronic Inc	20040826	ANNUAL	MDT	585055106	1.01	Elect William R. Brody	MGMT	FOR	FOR
Medtronic Inc	20040826	ANNUAL	MDT	585055106	1.02	Elect Arthur D. Collins Jr.	MGMT	FOR	FOR
Medtronic Inc	20040826	ANNUAL	MDT	585055106	1.03	Elect Antonio M. Gotto Jr.	MGMT	FOR	FOR
Medtronic Inc	20040826	ANNUAL	MDT	585055106	2	Ratify Selection of Auditors	MGMT	FOR	FOR
Medtronic Inc	20040826	ANNUAL	MDT	585055106	3	SP-Limit or End Charitable Giving	SHAREHOLDER	AGAINST	AGAINST
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.01	Elect William H. Gates III	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.02	Elect Steven A. Ballmer	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.03	Elect James I. Cash Jr.	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.04	Elect Raymond V. Gilmartin	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.05	Elect Ann McLaughlin Korologos	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.06	Elect David F. Marquardt	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.07	Elect Charles H. Noski	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.08	Elect Helmut Panke	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	1.09	Elect Jon A. Shirley	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	2	Amend Stock Option Plan	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	3	Amend Director Stock Option Plan	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	4	Reapprove Option/Bonus Plan for OBRA	MGMT	FOR	FOR
Microsoft Corp	20041109	ANNUAL	MSFT	594918104	5	Ratify Selection of Auditors	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.01	Elect Brian L. Halla	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.02	Elect Steven R. Appleton	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.03	Elect Gary P. Arnold	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.04	Elect Richard J. Danzig	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.05	Elect Robert J. Frankenberg	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.06	Elect E. Floyd Kvamme	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.07	Elect Modesto A. Maidique	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	1.08	Elect Edward R. McCracken	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	2	Ratify Selection of Auditors	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	3	Approve Annual Bonus Plan	MGMT	FOR	FOR
National Semiconductor Corp	20041001	ANNUAL	NSM	637640103	4	Adopt Stock Option Plan	MGMT	FOR	AGAINST
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	1.01	Elect R. Kerry Clark	MGMT	FOR	FOR
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	1.02	Elect Joseph T. Gorman	MGMT	FOR	FOR

Page 10 of 13

AIT Select Growth Fund - Jennison Associates LLC Vote Summary Report - Jul 01, 2004 - Jun 30, 2005

Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	1.03	Elect Lynn M. Martin	MGMT	FOR	FOR
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	1.04	Elect Ralph Snyderman	MGMT	FOR	FOR
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	1.05	Elect Robert D. Storey	MGMT	FOR	FOR
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	2	Ratify Selection of Auditors	MGMT	FOR	FOR
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	3	Increase Authorized Common Stock	MGMT	FOR	FOR
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	4	Repeal Classified Board	MGMT	AGAINST	AGAINST
Procter & Gamble Co	20041012	ANNUAL	PG	742718109	5	SP-Review or Promote Animal Welfare	SHAREHOLDER	AGAINST	AGAINST
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.01	Elect Donald J. Carty	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.02	Elect Michael S. Dell	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.03	Elect William H. Gray III	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.04	Elect Judy C. Lewent	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.05	Elect Thomas W. Luce III	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.06	Elect Klaus S. Luft	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.07	Elect Alex J. Mandl	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.08	Elect Michael A. Miles	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.09	Elect Samuel A. Nunn Jr.	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	1.1	Elect Kevin B. Rollins	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	2	Ratify Selection of Auditors	MGMT	FOR	FOR
Dell Inc	20040716	ANNUAL	DELL	24702R101	3	SP-Expense Stock Options	SHAREHOLDER	AGAINST	AGAINST
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.01	Elect M. Richard Asher	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.02	Elect William J. Byron	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.03	Elect Leonard S. Coleman Jr.	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.04	Elect Gary M. Kusin	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.05	Elect Gregory B. Maffei	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.06	Elect Timothy Mott	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.07	Elect Robert W. Pittman	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.08	Elect Lawrence F. Probst III	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	1.09	Elect Linda Srere	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	2	Amend Stock Option Plan	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	2	Add Shares to Stock Option Plan	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	3	Add Shares to Employee Stock Purchase Plan	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	4	Eliminate Dual Class Stock	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	5	Increase Authorized Common Stock	MGMT	FOR	FOR
Electronic Arts Inc	20040729	ANNUAL	ERTS	285512109	6	Ratify Selection of Auditors	MGMT	FOR	FOR
Harman International Industries	20041110	ANNUAL	HAR	413086109	1.01	Elect Bernard A. Girod	MGMT	FOR	FOR
Harman International Industries	20041110	ANNUAL	HAR	413086109	1.02	Elect Ann McLaughlin Korologos	MGMT	FOR	FOR
Maxim Integrated Products	20040917	SPECIAL	MXIM	57772K101	1	Amend Stock Option Plan	MGMT	FOR	FOR
Maxim Integrated Products	20040917	SPECIAL	MXIM	57772K101	1	Add Shares to Stock Option Plan	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.01	Elect Tania Amochaev	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.02	Elect William Coleman	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.03	Elect Franciscus Lion	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.04	Elect David Mahoney	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.05	Elect Robert Stevens Miller Jr.	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.06	Elect George Reyes	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.07	Elect Daniel H. Schulman	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	1.08	Elect John W. Thompson	MGMT	FOR	FOR

Page 11 of 13

AIT Select Growth Fund - Jennison Associates LLC					Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Symantec Corp	20040915	ANNUAL	SYMC	871503108	2	Increase Authorized Common Stock	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	3	Adopt Stock Option Plan	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	4	Add Shares to Director Stock Award Plan	MGMT	FOR	FOR
Symantec Corp	20040915	ANNUAL	SYMC	871503108	5	Ratify Selection of Auditors	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.01	Elect Carol A. Bartz	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.02	Elect M. Michele Burns	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.03	Elect Larry R. Carter	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.04	Elect John T. Chambers	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.05	Elect James F. Gibbons	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.06	Elect John L. Hennessy	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.07	Elect Roderick C. McGeary	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.08	Elect James C. Morgan	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.09	Elect John P. Morgridge	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.1	Elect Donald T. Valentine	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.11	Elect Steven M. West	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	1.12	Elect Jerry Yang	MGMT	FOR	AGAINST
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	2	Ratify Selection of Auditors	MGMT	FOR	FOR
Cisco Systems Inc	20041118	ANNUAL	CSCO	17275R102	3	SP-Link Executive Pay to Social Criteria	SHAREHOLDER	AGAINST	AGAINST
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.01	Elect Betty G. Amos	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.02	Elect Mark Andrews	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.03	Elect Ernst Biekert	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.04	Elect Paul L. Cejas	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.05	Elect Jack Fishman	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.06	Elect Neil Flanzraich	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.07	Elect Phillip Frost	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.08	Elect Bruce W. Greer	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.09	Elect Jane Hsiao	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.1	Elect David A. Lieberman	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.11	Elect Richard C. Pfenniger Jr.	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	1.12	Elect Bertram Pitt	MGMT	FOR	FOR
Ivax Corp	20040715	ANNUAL	IVX	465823102	2	Adopt Stock Option Plan	MGMT	FOR	AGAINST
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	1.01	Elect Warren Eisenberg	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	1.02	Elect Victoria A. Morrison	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	1.03	Elect Fran Stoller	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	1.04	Elect Stanley F. Barshay	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	1.05	Elect Jordan Heller	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	2	Ratify Selection of Auditors	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	3	Adopt Stock Option Plan	MGMT	FOR	FOR
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	4	SP-Report on EEO	SHAREHOLDER	AGAINST	AGAINST
Bed Bath & Beyond Inc	20040701	ANNUAL	BBBY	075896100	5	SP-Require Option Shares to Be Held	SHAREHOLDER	AGAINST	AGAINST
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	1	Approve Financial Statements	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	10	Approve Political Donation	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	11	Issue Stock w/ Preemptive Rights	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	12	Issue Stock w/o Preemptive Rights	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	13	Authorize Share Repurchase	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	14	Approve Put Option Contracts	MGMT	FOR	AGAINST

Page 12 of 13

AIT Select Growth Fund - Jennison Associates LLC					Vote Summary Report - Jul 01, 2004 - Jun 30, 2005
Company	Meeting Date	Meeting Type	Ticker	Cusip	Proposal No.	Proposal	Proposed By:	Management Recommended Vote	Vote Cast
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	2	Approve Remuneration Policy	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	3	Elect Peter Bamford	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	4	Elect Julian Horn-Smith	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	5	Elect Sir David G. Scholey	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	6	Elect Luc Vandevelde	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	7	Set Final Dividend at 1.08p	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	8	Appoint Outside Auditors	MGMT	FOR	FOR
Vodafone Group PLC	20040727	ANNUAL	VOD	92857W100	9	Set Auditors’ Fees	MGMT	FOR	FOR
Lauder (Estee) Cosmetics Inc	20041105	ANNUAL	EL	518439104	1.01	Elect Aerin Lauder	MGMT	FOR	FOR
Lauder (Estee) Cosmetics Inc	20041105	ANNUAL	EL	518439104	1.02	Elect William P. Lauder	MGMT	FOR	FOR
Lauder (Estee) Cosmetics Inc	20041105	ANNUAL	EL	518439104	1.03	Elect Richard D. Parsons	MGMT	FOR	FOR
Lauder (Estee) Cosmetics Inc	20041105	ANNUAL	EL	518439104	1.04	Elect Lynn Forester de Rothschild	MGMT	FOR	FOR
Lauder (Estee) Cosmetics Inc	20041105	ANNUAL	EL	518439104	2	Ratify Selection of Auditors	MGMT	FOR	FOR
Maxim Integrated Products	20041118	ANNUAL	MXIM	57772K101	1.01	Elect James R. Bergman	MGMT	FOR	FOR
Maxim Integrated Products	20041118	ANNUAL	MXIM	57772K101	1.02	Elect John F. Gifford	MGMT	FOR	FOR
Maxim Integrated Products	20041118	ANNUAL	MXIM	57772K101	1.03	Elect B. Kipling Hagopian	MGMT	FOR	FOR
Maxim Integrated Products	20041118	ANNUAL	MXIM	57772K101	1.04	Elect M.D. Sampels	MGMT	FOR	FOR
Maxim Integrated Products	20041118	ANNUAL	MXIM	57772K101	1.05	Elect A.R. Frank Wazzan	MGMT	FOR	FOR
Maxim Integrated Products	20041118	ANNUAL	MXIM	57772K101	2	Add Shares to Employee Stock Purchase Plan	MGMT	FOR	FOR
Maxim Integrated Products	20041118	ANNUAL	MXIM	57772K101	3	Ratify Selection of Auditors	MGMT	FOR	FOR

Page 13 of 13

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
AFLAC Incorporated	05/02/05	AFL	001055102	1.1	Elect Director Daniel P. Amos	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.2	Elect Director John Shelby Amos II	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.3	Elect Director Michael H. Armacost	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.4	Elect Director Kriss Cloninger III	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.5	Elect Director Joe Frank Harris	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.6	Elect Director Elizabeth J. Hudson	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.7	Elect Director Kenneth S. Janke Sr.	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.8	Elect Director Douglas W. Johnson	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.9	Elect Director Robert B. Johnson	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.10	Elect Director Charles B. Knapp	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.11	Elect Director Hidefumi Matsui	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.12	Elect Director E. Stephen Purdom, M.D.	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.13	Elect Director Barbara K. Rimer, Ph.D.	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.14	Elect Director Marvin R. Schuster	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.15	Elect Director David Gary Thompson	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.16	Elect Director Tohru Tonoike	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	1.17	Elect Director Robert L. Wright	M	For	For
AFLAC Incorporated	05/02/05	AFL	001055102	2	Ratify Auditors	M	For	For
Albertson’s, Inc.	06/02/05	ABS	013104104	1.1	Elect Director Henry I. Bryant	M	For	For
Albertson’s, Inc.	06/02/05	ABS	013104104	1.2	Elect Director Bonnie G. Hill	M	For	For
Albertson’s, Inc.	06/02/05	ABS	013104104	1.3	Elect Director Lawrence R. Johnston	M	For	For
Albertson’s, Inc.	06/02/05	ABS	013104104	1.4	Elect Director Kathi P. Siefert	M	For	For
Albertson’s, Inc.	06/02/05	ABS	013104104	2	Ratify Auditors	M	For	For
Albertson’s, Inc.	06/02/05	ABS	013104104	3	Require a Majority Vote for the Election of Directors	S	Against	Against
Albertson’s, Inc.	06/02/05	ABS	013104104	4	Adopt Simply Majority Vote Requirement	S	Against	Against
Albertson’s, Inc.	06/02/05	ABS	013104104	5	Submit Severance Agreement (Change-in-Control) to Shareholder Vote	S	Against	Against
Albertson’s, Inc.	06/02/05	ABS	013104104	6	Separate Chairman and CEO Positions	S	Against	Against
Albertson’s, Inc.	06/02/05	ABS	013104104	7	Performance-Based/Indexed Options	S	Against	Against
American Electric Power Co.	04/26/05	AEP	025537101	1.1	Elect Director E.R. Brooks	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.2	Elect Director Donald M. Carlton	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.3	Elect Director John P. DesBarres	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.4	Elect Director Robert W. Fri	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.5	Elect Director William R. Howell	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.6	Elect Director Lester A. Hudson, Jr.	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.7	Elect Director Michael G. Morris	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.8	Elect Director Lionel L. Nowell III	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.9	Elect Director Richard L. Sandor	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.10	Elect Director Donald G. Smith	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	1.11	Elect Director Kathryn D. Sullivan	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	2	Ratify Auditors	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	3	Amend Omnibus Stock Plan	M	For	For
American Electric Power Co.	04/26/05	AEP	025537101	4	Submit Executive Retirement Plan to Shareholder Vote	S	Against	Against
Bank of America Corp.	04/27/05	BAC	060505104	1.1	Elect Director William Barnet, III	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.2	Elect Director Charles W. Coker	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.3	Elect Director John T. Collins	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.4	Elect Director Gary L. Countryman	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Bank of America Corp.	04/27/05	BAC	060505104	1.5	Elect Director Paul Fulton	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.6	Elect Director Charles K. Gifford	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.7	Elect Director W. Steven Jones	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.8	Elect Director Kenneth D. Lewis	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.9	Elect Director Walter E. Massey	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.10	Elect Director Thomas J. May	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.11	Elect Director Patricia E. Mitchell	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.12	Elect Director Edward L. Romero	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.13	Elect Director Thomas M. Ryan	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.14	Elect Director O. Temple Sloan, Jr.	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.15	Elect Director Meredith R. Spangler	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.16	Elect Director Robert L. Tillman	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	1.17	Elect Director Jackie M. Ward	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	2	Ratify Auditors	M	For	For
Bank of America Corp.	04/27/05	BAC	060505104	3	Report on Political Contributions	S	Against	Against
Bank of America Corp.	04/27/05	BAC	060505104	4	Director Nominee Amendment	S	Against	Against
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	1.1	Elect Director V.D. Coffman	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	1.2	Elect Director J.M. Cornelius	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	1.3	Elect Director P.R. Dolan	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	1.4	Elect Director E.V. Futter	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	1.5	Elect Director L.V. Gershtner, Jr.	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	1.6	Elect Director L. Johansson	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	1.7	Elect Director L.W. Sullivan	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	2	Ratify Auditors	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	3	Amend Articles to Eliminate Certain Supermajority Vote Requirements	M	For	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	4	Report on Political Contributions	S	Against	Against
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	5	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic	S	Against	Against
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	6	Eliminate Animal Testing	S	Against	Against
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	7	Separate Chairman and CEO Positions	S	Against	For
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	8	Proposal Regarding Restatement Situations	S	Against	Against
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	9	Limit/Prohibit Awards to Executives	S	Against	Against
Bristol-Myers Squibb Co.	05/03/05	BMY	110122108	10	Require a Majority Vote for the Election of Directors	S	Against	Against
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.1	Elect Director A.L. Boeckmann	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.2	Elect Director V.S. Martinez	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.3	Elect Director M.F. Racicot	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.4	Elect Director R.S. Roberts	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.5	Elect Director M.K. Rose	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.6	Elect Director M.J. Shapiro	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.7	Elect Director J.C. Watts, Jr.	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.8	Elect Director R.H. West	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.9	Elect Director J.S. Whisler	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	1.10	Elect Director E.E. Whitacre, Jr.	M	For	For
Burlington Northern Santa Fe Corp.	04/20/05	BNI	12189T104	2	Ratify Auditors	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.1	Elect Director C. Michael Armstrong	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.2	Elect Director Alain J.P. Belda	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Citigroup Inc.	04/19/05	C	172967101	1.3	Elect Director George David	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.4	Elect Director Kenneth T. Derr	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.5	Elect Director John M. Deutch	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.6	Elect Director Roberto Hernandez Ramirez	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.7	Elect Director Ann Dibble Jordan	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.8	Elect Director Klaus Kleinfeld	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.9	Elect Director Dudley C. Mecum	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.10	Elect Director Anne Mulcahy	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.11	Elect Director Richard D. Parsons	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.12	Elect Director Charles Prince	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.13	Elect Director Judith Rodin	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.14	Elect Director Robert E. Rubin	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.15	Elect Director Franklin A. Thomas	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.16	Elect Director Sanford I. Weill	M	For	For
Citigroup Inc.	04/19/05	C	172967101	1.17	Elect Director Robert B. Willumstad	M	For	For
Citigroup Inc.	04/19/05	C	172967101	2	Ratify Auditors	M	For	For
Citigroup Inc.	04/19/05	C	172967101	3	Amend Omnibus Stock Plan	M	For	For
Citigroup Inc.	04/19/05	C	172967101	4	Limit/Prohibit Awards to Executives	S	Against	Against
Citigroup Inc.	04/19/05	C	172967101	5	Report on Political Contributions	S	Against	Against
Citigroup Inc.	04/19/05	C	172967101	6	Prohibit Chairman From Management Duties, Titles or Responsibilities	S	Against	Against
Citigroup Inc.	04/19/05	C	172967101	7	Limit Executive Compensation	S	Against	Against
Citigroup Inc.	04/19/05	C	172967101	8	Require a Majority Vote for the Election of Directors	S	Against	Against
Citigroup Inc.	04/19/05	C	172967101	9	Review/Limit Executive Compensation	S	Against	Against
Citigroup Inc.	04/19/05	C	172967101	10	Adopt Simple Majority Vote	S	Against	Against
Costco Wholesale Corporation	01/27/05	COST	22160K105	1.1	Elect Director Richard D. Dicerchio	M	For	For
Costco Wholesale Corporation	01/27/05	COST	22160K105	1.2	Elect Director Richard M. Libenson	M	For	For
Costco Wholesale Corporation	01/27/05	COST	22160K105	1.3	Elect Director John W. Meisenbach	M	For	For
Costco Wholesale Corporation	01/27/05	COST	22160K105	1.4	Elect Director Charles T. Munger	M	For	For
Costco Wholesale Corporation	01/27/05	COST	22160K105	1.5	Elect Director Susan L. Decker	M	For	For
Costco Wholesale Corporation	01/27/05	COST	22160K105	2	Amend Stock Option Plan	M	For	For
Costco Wholesale Corporation	01/27/05	COST	22160K105	3	Adopt Vendor Standards	S	Against	Against
Costco Wholesale Corporation	01/27/05	COST	22160K105	4	Develop Land Procurement Policy	S	Against	Against
Costco Wholesale Corporation	01/27/05	COST	22160K105	5	Ratify Auditors	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.1	Elect Director E.E. Bailey	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.2	Elect Director J.B. Breaux	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.3	Elect Director E.J. Kelly, III	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.4	Elect Director R.D. Kunisch	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.5	Elect Director S.J. Morcott	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.6	Elect Director D.M. Ratcliff	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.7	Elect Director C.E. Rice	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.8	Elect Director W.C. Richardson	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.9	Elect Director F.S. Royal	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.10	Elect Director D.J. Shepard	M	For	For
CSX Corp.	05/04/05	CSX	126408103	1.11	Elect Director M.J. Ward	M	For	For
CSX Corp.	05/04/05	CSX	126408103	2	Ratify Auditors	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
CSX Corp.	05/04/05	CSX	126408103	3	Subject Non-Deductible Executive Compensation to Shareholder Vote	S	Against	Against
CSX Corp.	05/04/05	CSX	126408103	4	Adopt Simple Majority Vote Requirement	S	Against	Against
Equifax Inc.	05/17/05	EFX	294429105	1.1	Elect Director Thomas F. Chapman	M	For	For
Equifax Inc.	05/17/05	EFX	294429105	1.2	Elect Director James E. Copeland, Jr.	M	For	For
Equifax Inc.	05/17/05	EFX	294429105	1.3	Elect Director Lee A. Kennedy	M	For	For
Equifax Inc.	05/17/05	EFX	294429105	1.4	Elect Director D. Raymond Riddle	M	For	For
Equifax Inc.	05/17/05	EFX	294429105	2	Ratify Auditors	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.1	Elect Director Michael J. Boskin	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.2	Elect Director William W. George	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.3	Elect Director James R. Houghton	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.4	Elect Director William R. Howell	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.5	Elect Director Reatha Clark King	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.6	Elect Director Philip E. Lippincott	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.7	Elect Director Henry A. McKinnell, Jr.	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.8	Elect Director Marilyn Carlson Nelson	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.9	Elect Director Lee R. Raymond	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.10	Elect Director Walter V. Shipley	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	1.11	Elect Director Rex W. Tillerson	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	2	Ratify Auditors	M	For	For
Exxon Mobil Corp.	05/25/05	XOM	30231G102	3	Political Contributions/Activities	S	Against	Against
Exxon Mobil Corp.	05/25/05	XOM	30231G102	4	Review/Limit Executive Compensation	S	Against	Against
Exxon Mobil Corp.	05/25/05	XOM	30231G102	5	Nominate Independent Directors with Industry Experience	S	Against	Against
Exxon Mobil Corp.	05/25/05	XOM	30231G102	6	Report on Payments to Indonesian Military	S	Against	Against
Exxon Mobil Corp.	05/25/05	XOM	30231G102	7	Adopt Policy Prohibiting Discrimination based on Sexual Orientation	S	Against	Against
Exxon Mobil Corp.	05/25/05	XOM	30231G102	8	Report on Potential Damage of Drilling in Protected Regions	S	Against	Against
Exxon Mobil Corp.	05/25/05	XOM	30231G102	9	Disclose Information Supporting the Company Position on Climate	S	Against	Against
					Change
Exxon Mobil Corp.	05/25/05	XOM	30231G102	10	Report on Company Policies for Compliance with the Kyoto Protocol	S	Against	Against
FirstEnergy Corporation	05/17/05	FE	337932107	1.1	Elect Director Anthony J. Alexander	M	For	For
FirstEnergy Corporation	05/17/05	FE	337932107	1.2	Elect Director Russell W. Maier	M	For	For
FirstEnergy Corporation	05/17/05	FE	337932107	1.3	Elect Director Robert N. Pokelwaldt	M	For	For
FirstEnergy Corporation	05/17/05	FE	337932107	1.4	Elect Director Wes M. Taylor	M	For	For
FirstEnergy Corporation	05/17/05	FE	337932107	1.5	Elect Director Jesse T. Williams, Sr.	M	For	For
FirstEnergy Corporation	05/17/05	FE	337932107	2	Ratify Auditors	M	For	For
FirstEnergy Corporation	05/17/05	FE	337932107	3	Report on Political Contributions	S	Against	Against
FirstEnergy Corporation	05/17/05	FE	337932107	4	Amend Vote Requirements to Amend Articles/Bylaws/Charter	S	Against	For
FirstEnergy Corporation	05/17/05	FE	337932107	5	Performance - Based/Indexed Options	S	Against	Against
Freddie Mac	11/04/04	FRE	313400301	1.1	Elect Director Barbara T. Alexander	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.2	Elect Director Geoffrey T. Boisi	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.3	Elect Director Michelle Engler	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.4	Elect Director Richard Karl Goeltz	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.5	Elect Director Thomas S. Johnson	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.6	Elect Director William M. Lewis, Jr.	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.7	Elect Director John B. Mccoy	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Freddie Mac	11/04/04	FRE	313400301	1.8	Elect Director Eugene M. Mcquade	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.9	Elect Director Shaun F. O’Malley	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.10	Elect Director Ronald F. Poe	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.11	Elect Director Stephen A. Ross	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.12	Elect Director Richard F. Syron	M	For	For
Freddie Mac	11/04/04	FRE	313400301	1.13	Elect Director William J. Turner	M	For	For
Freddie Mac	11/04/04	FRE	313400301	2	Ratify Auditors	M	For	For
Freddie Mac	11/04/04	FRE	313400301	3	Approve Omnibus Stock Plan	M	For	For
Freddie Mac	11/04/04	FRE	313400301	4	Amend Employee Stock Purchase Plan	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.1	Elect Director L.T. Babbio, Jr.	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.2	Elect Director P.C. Dunn	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.3	Elect Director R.A. Hackborn	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.4	Elect Director G.A. Keyworth	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.5	Elect Director R.E. Knowling, Jr.	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.6	Elect Director T.J. Perkins	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.7	Elect Director R.L. Ryan	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.8	Elect Director L.S. Salhany	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	1.9	Elect Director R.P. Wayman	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	2	Ratify Auditors	M	For	For
Hewlett-Packard Co.	03/16/05	HPQ	428236103	3	Amend Employee Stock Purchase Plan	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.1	Elect Director William F. Aldinger	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.2	Elect Director Michael J. Birck	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.3	Elect Director Marvin D. Brailsford	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.4	Elect Director Susan Crown	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.5	Elect Director Don H. Davis, Jr.	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.6	Elect Director W. James Farrell	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.7	Elect Director Robert C. McCormack	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.8	Elect Director Robert S. Morrison	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	1.9	Elect Director Harold B. Smith	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	2	Ratify Auditors	M	For	For
Illinois Tool Works Inc.	05/06/05	ITW	452308109	3	Implement China Principles	S	Against	Against
Illinois Tool Works Inc.	05/06/05	ITW	452308109	4	Require a Majority Vote for the Election of Directors	S	Against	Against
Johnson & Johnson	04/28/05	JNJ	478160104	1.1	Elect Director Mary Sue Coleman	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.2	Elect Director James G. Cullen	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.3	Elect Director Robert J. Darretta	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.4	Elect Director Michael M. E. Johns	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.5	Elect Director Ann Dibble Jordan	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.6	Elect Director Arnold G. Langbo	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.7	Elect Director Susan L. Lindquist	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.8	Elect Director Leo F. Mullin	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.9	Elect Director Christine A. Poon	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.10	Elect Director Steven S. Reinemund	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.11	Elect Director David Satcher	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	1.12	Elect Director William C. Weldon	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	2	Approve Omnibus Stock Plan	M	For	For
Johnson & Johnson	04/28/05	JNJ	478160104	3	Ratify Auditors	M	For	For
Johnson Controls, Inc.	01/26/05	JCI	478366107	1.1	Elect Director Natalie A. Black	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Johnson Controls, Inc.	01/26/05	JCI	478366107	1.2	Elect Director Robert A. Cornog	M	For	For
Johnson Controls, Inc.	01/26/05	JCI	478366107	1.3	Elect Director William H. Lacy	M	For	For
Johnson Controls, Inc.	01/26/05	JCI	478366107	1.4	Elect Director Stephen A. Roell	M	For	For
Johnson Controls, Inc.	01/26/05	JCI	478366107	2	Ratify Auditors	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.1	Elect Director Director Hans W. Becherer	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.2	Elect Director Director John H. Biggs	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.3	Elect Director Director Lawrence A. Bossidy	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.4	Elect Director Director Stephen B. Burke	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.5	Elect Director Director James S. Crown	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.6	Elect Director Director James Dimon	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.7	Elect Director Director Ellen V. Futter	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.8	Elect Director Director William H. Gray, III	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.9	Elect Director Director William B. Harrison, Jr	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.10	Elect Director Director Laban P. Jackson, Jr.	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.11	Elect Director Director John W. Kessler	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.12	Elect Director Director Robert I. Lipp	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.13	Elect Director Director Richard A. Manoogian	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.14	Elect Director Director David C. Novak	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.15	Elect Director Director Lee R. Raymond	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	1.16	Elect Director Director William C. Weldon	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	2	Ratify Auditors	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	3	Approve Omnibus Stock Plan	M	For	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	4	Establish Term Limits for Directors	S	Against	Against
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	5	Separate Chairman and CEO Positions	S	Against	For
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	6	Limit Executive Compensation	S	Against	Against
JPMorgan Chase & Co.	05/17/05	JPM	46625H100	7	Adopt Executive Benefit Policy	S	Against	Against
Kimberly-Clark Corp.	04/28/05	KMB	494368103	1.1	Elect Director John F. Bergstrom	M	For	For
Kimberly-Clark Corp.	04/28/05	KMB	494368103	1.2	Elect Director Robert W. Decherd	M	For	For
Kimberly-Clark Corp.	04/28/05	KMB	494368103	1.3	Elect Director G. Craig Sullivan	M	For	For
Kimberly-Clark Corp.	04/28/05	KMB	494368103	2	Ratify Auditors	M	For	For
Kimberly-Clark Corp.	04/28/05	KMB	494368103	3	Adopt ILO Based Code of Conduct	S	Against	Against
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.1	Elect Director E.C. ‘Pete’ Aldridge, Jr.	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.2	Elect Director Nolan D. Archibald	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.3	Elect Director Marcus C. Bennett	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.4	Elect Director James O. Ellis, Jr.	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.5	Elect Director Gwendolyn S. King	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.6	Elect Director Douglas H. McCorkindale	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.7	Elect Director Eugene F. Murphy	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.8	Elect Director Joseph W. Ralston	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.9	Elect Director Frank Savage	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.10	Elect Director Anne Stevens	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.11	Elect Director Robert J. Stevens	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.12	Elect Director James R. Ukropina	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	1.13	Elect Director Douglas C. Yearley	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	2	Ratify Auditors	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	3	Amend Omnibus Stock Plan	M	For	For
Lockheed Martin Corp.	04/28/05	LMT	539830109	4	Performance-Based/Indexed Options	S	Against	Against

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Lockheed Martin Corp.	04/28/05	LMT	539830109	5	Adopt Simple Majority Vote Requirement for All Issues	S	Against	Against
Lockheed Martin Corp.	04/28/05	LMT	539830109	6	Report on Pay Disparity	S	Against	Against
Lockheed Martin Corp.	04/28/05	LMT	539830109	7	Review Code of Conduct on Military Contracts and amend its code of conduct and policies related to bidding	S	Against	Against
Marathon Oil Corp	04/27/05	MRO	565849106	1.1	Elect Director Shirley Ann Jackson	M	For	For
Marathon Oil Corp	04/27/05	MRO	565849106	1.2	Elect Director Philip Lader	M	For	For
Marathon Oil Corp	04/27/05	MRO	565849106	1.3	Elect Director Seth E. Schofield	M	For	For
Marathon Oil Corp	04/27/05	MRO	565849106	1.4	Elect Director Douglas C. Yearley	M	For	For
Marathon Oil Corp	04/27/05	MRO	565849106	2	Ratify Auditors	M	For	For
Marathon Oil Corp	04/27/05	MRO	565849106	3	Declassify the Board of Directors	S	Against	Against
Marathon Oil Corp	04/27/05	MRO	565849106	4	Amend Governance Documents Regarding Director Nominees by Affirmative Votes	S	Against	Against
Martin Marietta Materials, Inc.	05/24/05	MLM	573284106	1.1	Elect Director Sue W. Cole	M	For	For
Martin Marietta Materials, Inc.	05/24/05	MLM	573284106	1.2	Elect Director Laree E. Perez	M	For	For
Martin Marietta Materials, Inc.	05/24/05	MLM	573284106	1.3	Elect Director William B. Sansom	M	For	For
Martin Marietta Materials, Inc.	05/24/05	MLM	573284106	1.4	Elect Director Stephen P. Zelnak, Jr.	M	For	For
Martin Marietta Materials, Inc.	05/24/05	MLM	573284106	2	Ratify Auditors	M	For	For
Masco Corp.	05/10/05	MAS	574599106	1.1	Elect Director Verne G. Istock	M	For	For
Masco Corp.	05/10/05	MAS	574599106	1.2	Elect Director David L. Johnston	M	For	For
Masco Corp.	05/10/05	MAS	574599106	1.3	Elect Director J. Michael Losh	M	For	For
Masco Corp.	05/10/05	MAS	574599106	1.4	Elect Director Dennis W. Archer	M	For	For
Masco Corp.	05/10/05	MAS	574599106	2	Approve Omnibus Stock Plan	M	For	For
Masco Corp.	05/10/05	MAS	574599106	3	Ratify Auditors	M	For	For
MEDCO Health Solutions Inc	05/31/05	MHS	58405U102	1.1	Elect Director John L. Cassis	M	For	For
MEDCO Health Solutions Inc	05/31/05	MHS	58405U102	1.2	Elect Director Michael Goldstein	M	For	For
MEDCO Health Solutions Inc	05/31/05	MHS	58405U102	1.3	Elect Director Blenda J. Wilson	M	For	For
MEDCO Health Solutions Inc	05/31/05	MHS	58405U102	2	Ratify Auditors	M	For	For
MEDCO Health Solutions Inc	05/31/05	MHS	58405U102	3	Approve Omnibus Stock Plan	M	For	For
MEDCO Health Solutions Inc	05/31/05	MHS	58405U102	4	Approve Qualified Employee Stock Purchase Plan	M	For	For
MEDCO Health Solutions Inc	05/31/05	MHS	58405U102	5	Approve Executive Incentive Bonus Plan	M	For	For
Mellon Financial Corp.	04/19/05	MEL	58551A108	1.1	Elect Director Ruth E. Bruch	M	For	For
Mellon Financial Corp.	04/19/05	MEL	58551A108	1.2	Elect Director Steven G. Elliott	M	For	For
Mellon Financial Corp.	04/19/05	MEL	58551A108	1.3	Elect Director Edmund F. Kelly	M	For	For
Mellon Financial Corp.	04/19/05	MEL	58551A108	1.4	Elect Director Robert Mehrabian	M	For	For
Mellon Financial Corp.	04/19/05	MEL	58551A108	1.5	Elect Director Wesley W. Von Schack	M	For	For
Mellon Financial Corp.	04/19/05	MEL	58551A108	2	Ratify Auditors	M	For	For
Morgan Stanley	03/15/05	MWD	617446448	1.1	Elect Director John E. Jacob	M	For	For
Morgan Stanley	03/15/05	MWD	617446448	1.2	Elect Director Charles F. Knight	M	For	For
Morgan Stanley	03/15/05	MWD	617446448	1.3	Elect Director Miles L. Marsh	M	For	For
Morgan Stanley	03/15/05	MWD	617446448	1.4	Elect Director Laura D’Andrea Tyson	M	For	For
Morgan Stanley	03/15/05	MWD	617446448	2	Ratify Auditors	M	For	For
Morgan Stanley	03/15/05	MWD	617446448	3	Declassify the Board of Directors	M	For	For
Morgan Stanley	03/15/05	MWD	617446448	4	Limit Executive Compensation	S	Against	Against
NiSource Inc.	05/10/05	NI	65473P105	1.1	Elect Director Steven R. McCracken	M	For	For
NiSource Inc.	05/10/05	NI	65473P105	1.2	Elect Director Ian M. Rolland	M	For	For
NiSource Inc.	05/10/05	NI	65473P105	1.3	Elect Director Robert C. Skaggs, Jr.	M	For	For
NiSource Inc.	05/10/05	NI	65473P105	1.4	Elect Director John W. Thompson	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
NiSource Inc.	05/10/05	NI	65473P105	2	Ratify Auditors	M	For	For
NiSource Inc.	05/10/05	NI	65473P105	3	Amend Omnibus Stock Plan	M	For	For
NiSource Inc.	05/10/05	NI	65473P105	4	Amend Qualified Employee Stock Purchase Plan	M	For	For
NiSource Inc.	05/10/05	NI	65473P105	5	Declassify the Board of Directors	S	Against	Against
NiSource Inc.	05/10/05	NI	65473P105	6	Require a Majority Vote for the Election of Directors	S	Against	Against
Northern Trust Corp.	04/19/05	NTRS	665859104	1.1	Elect Director Duane L. Burnham	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.2	Elect Director Susan Crown	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.3	Elect Director Robert A. Helman	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.4	Elect Director Dipak C. Jain	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.5	Elect Director Arthur L. Kelly	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.6	Elect Director Robert C. McCormack	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.7	Elect Director Edward J. Mooney	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.8	Elect Director William A. Osborn	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.9	Elect Director John W. Rowe	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.10	Elect Director Harold B. Smith	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.11	Elect Director William D. Smithburg	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	1.12	Elect Director Charles A. Tribbett III	M	For	For
Northern Trust Corp.	04/19/05	NTRS	665859104	2	Ratify Auditors	M	For	For
Northrop Grumman Corp.	05/17/05	NOC	666807102	1.1	Elect Director Phillip Frost	M	For	For
Northrop Grumman Corp.	05/17/05	NOC	666807102	1.2	Elect Director John B. Slaughter	M	For	For
Northrop Grumman Corp.	05/17/05	NOC	666807102	2	Ratify Auditors	M	For	For
Northrop Grumman Corp.	05/17/05	NOC	666807102	3	Declassify the Board of Directors	M	For	For
Northrop Grumman Corp.	05/17/05	NOC	666807102	4	Amend Nonemployee Director Plan (Stock Awards in Lieu of Cash)	M	For	For
Northrop Grumman Corp.	05/17/05	NOC	666807102	5	Adopt Simply Majority Vote Requirement	S	Against	Against
Office Depot, Inc.	05/13/05	ODP	676220106	1.1	Elect Director Lee A. Ault III	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.2	Elect Director Neil R. Austrian	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.3	Elect Director David W. Bernauer	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.4	Elect Director Abelardo E. Bru	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.5	Elect Director David I. Fuente	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.6	Elect Director Brenda J. Gaines	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.7	Elect Director Myra M. Hart	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.8	Elect Director W. Scott Hedrick	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.9	Elect Director James L. Heskett	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.10	Elect Director Patricia A. McKay	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.11	Elect Director Michael J. Myers	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	1.12	Elect Director Steve Odland	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	2	Ratify Auditors	M	For	For
Office Depot, Inc.	05/13/05	ODP	676220106	3	Review/Limit Executive Compensation	S	Against	Against
Office Depot, Inc.	05/13/05	ODP	676220106	4	Require a Majority Vote for the Election of Directors	S	Against	Against
Omnicom Group Inc.	05/24/05	OMC	681919106	1.1	Elect Director John D. Wren	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.2	Elect Director Bruce Crawford	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.3	Elect Director Robert Charles Clark	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.4	Elect Director Leonard S. Coleman, Jr.	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.5	Elect Director Errol M. Cook	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.6	Elect Director Susan S. Denison	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.7	Elect Director Michael A. Henning	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.8	Elect Director John R. Murphy	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Omnicom Group Inc.	05/24/05	OMC	681919106	1.9	Elect Director John R. Purcell	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.10	Elect Director Linda Johnson Rice	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	1.11	Elect Director Gary L. Roubos	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	2	Approve Executive Incentive Bonus Plan	M	For	For
Omnicom Group Inc.	05/24/05	OMC	681919106	3	Ratify Auditors	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.1	Elect Director Jeffrey O. Henley	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.2	Elect Director Lawrence J. Ellison	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.3	Elect Director Donald L. Lucas	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.4	Elect Director Michael J. Boskin	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.5	Elect Director Jack F. Kemp	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.6	Elect Director Jeffrey S. Berg	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.7	Elect Director Safra Catz	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.8	Elect Director Hector Garcia-Molina	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.9	Elect Director Joseph A. Grundfest	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.10	Elect Director H. Raymond Bingham	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	1.11	Elect Director Charles E. Phillips, Jr.	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	2	Approve Executive Incentive Bonus Plan	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	3	Ratify Auditors	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	4	Amend Omnibus Stock Plan	M	For	For
Oracle Corp.	10/29/04	ORCL	68389X105	5	Implement China Principles	S	Against	Against
Pepco Holdings, Inc.	05/20/05	POM	713291102	1.1	Elect Director Edmund B. Cronin, Jr.	M	For	For
Pepco Holdings, Inc.	05/20/05	POM	713291102	1.2	Elect Director Pauline A. Schneider	M	For	For
Pepco Holdings, Inc.	05/20/05	POM	713291102	1.3	Elect Director Dennis R. Wraase	M	For	For
Pepco Holdings, Inc.	05/20/05	POM	713291102	2	Declassify the Board of Directors	M	For	For
Pepco Holdings, Inc.	05/20/05	POM	713291102	3	Ratify Auditors	M	For	For
Pepco Holdings, Inc.	05/20/05	POM	713291102	4	Require a Majority Vote for the Election of Directors	S	Against	Against
Pfizer Inc.	04/28/05	PFE	717081103	1.1	Elect Director Michael S. Brown	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.2	Elect Director M. Anthony Burns	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.3	Elect Director Robert N. Burt	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.4	Elect Director W. Don Cornwell	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.5	Elect Director William H. Gray III	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.6	Elect Director Constance J. Horner	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.7	Elect Director William R. Howell	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.8	Elect Director Stanley O. Ikenberry	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.9	Elect Director George A. Lorch	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.10	Elect Director Henry A. McKinnell	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.11	Elect Director Dana G. Mead	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.12	Elect Director Ruth J. Simmons	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.13	Elect Director William C. Steere, Jr.	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	1.14	Elect Director Jean-Paul Valles	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	2	Ratify Auditors	M	For	For
Pfizer Inc.	04/28/05	PFE	717081103	3	Establish Term Limits for Directors	S	Against	Against
Pfizer Inc.	04/28/05	PFE	717081103	4	Report on Pharmaceutical Price Restraint	S	Against	Against
Pfizer Inc.	04/28/05	PFE	717081103	5	Review and Report on Drug Reimportation Policy	S	Against	Against
Pfizer Inc.	04/28/05	PFE	717081103	6	Report on Political Contributions	S	Against	Against
Pfizer Inc.	04/28/05	PFE	717081103	7	Report on Product Availability in Canada	S	Against	Against
Pfizer Inc.	04/28/05	PFE	717081103	8	Separate Chairman and CEO Positions	S	Against	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.1	Elect Director Paul W. Chellgren	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.2	Elect Director Robert N. Clay	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.3	Elect Director J. Gary Cooper	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.4	Elect Director George A. Davidson, Jr.	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.5	Elect Director Richard B. Kelson	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.6	Elect Director Bruce C. Lindsay	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.7	Elect Director Anthony A. Massaro	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.8	Elect Director Thomas H. O’Brien	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.9	Elect Director Jane G. Pepper	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.10	Elect Director James E. Rohr	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.11	Elect Director Lorene K. Steffes	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.12	Elect Director Dennis F. Strigl	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.13	Elect Director Stephen G. Thieke	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.14	Elect Director Thomas J. Usher	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.15	Elect Director Milton A. Washington	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	1.16	Elect Director Heldge H. Wehmeier	M	For	For
PNC Financial Services Group, Inc.	04/26/05	PNC	693475105	2	Ratify Auditors	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.1	Elect Director Gilbert F. Amelio	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.2	Elect Director August A. Busch III	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.3	Elect Director Martin K. Eby, Jr.	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.4	Elect Director James A. Henderson	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.5	Elect Director Charles F. Knight	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.6	Elect Director Lynn M. Martin	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.7	Elect Director John B. McCoy	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.8	Elect Director Mary S. Metz	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.9	Elect Director Toni Rembe	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.10	Elect Director S. Donley Ritchey	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.11	Elect Director Joyce M. Roche	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.12	Elect Director Laura D’Andrea Tyson	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.13	Elect Director Patricia P. Upton	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	1.14	Elect Director Edward E. Whitacre, Jr	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	2	Ratify Auditors	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	3	Approve Nonqualified Employee Stock Purchase Plan	M	For	For
SBC Communications Inc.	04/29/05	SBC	78387G103	4	Report on Political Contributions	S	Against	Against
SBC Communications Inc.	04/29/05	SBC	78387G103	5	Report on Executive Compensation	S	Against	Against
SBC Communications Inc.	04/29/05	SBC	78387G103	6	Performance - Based/Indexed Options	S	Against	Against
SBC Communications Inc.	04/29/05	SBC	78387G103	7	Adopt Simple Majority Vote	S	Against	Against
Sempra Energy	04/05/05	SRE	816851109	1.1	Elect Director Richard A. Collato	M	For	For
Sempra Energy	04/05/05	SRE	816851109	1.2	Elect Director Denise K. Fletcher	M	For	For
Sempra Energy	04/05/05	SRE	816851109	1.3	Elect Director William C. Rusnack	M	For	For
Sempra Energy	04/05/05	SRE	816851109	1.4	Elect Director William P. Rutledge	M	For	For
Sempra Energy	04/05/05	SRE	816851109	2	Ratify Auditors	M	For	For
Sempra Energy	04/05/05	SRE	816851109	3	Approve Option Expensing	S	Against	For
Sempra Energy	04/05/05	SRE	816851109	4	Declassify the Board of Directors	S	Against	Against
Sempra Energy	04/05/05	SRE	816851109	5	Performance-Based/Indexed Options	S	Against	Against
Sempra Energy	04/05/05	SRE	816851109	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote	S	Against	For
The Allstate Corp.	05/17/05	ALL	020002101	1.1	Elect Director F. Duane Ackerman	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
The Allstate Corp.	05/17/05	ALL	020002101	1.2	Elect Director James G. Andress	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.3	Elect Director Edward A. Brennan	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.4	Elect Director W. James Farrell	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.5	Elect Director Jack M. Greenberg	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.6	Elect Director Ronald T. LeMay	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.7	Elect Director Edward M. Liddy	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.8	Elect Director J. Christopher Reyes	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.9	Elect Director H. John Riley, Jr.	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.10	Elect Director Joshua I. Smith	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.11	Elect Director Judith A. Sprieser	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	1.12	Elect Director Mary Alice Taylor	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	2	Ratify Auditors	M	For	For
The Allstate Corp.	05/17/05	ALL	020002101	3	Provide for Cumulative Voting	S	Against	Against
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.1	Elect Director Ramani Ayer	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.2	Elect Director Ronald E. Ferguson	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.3	Elect Director Edward J. Kelly, III	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.4	Elect Director Paul G. Kirk, Jr.	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.5	Elect Director Thomas M. Marra	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.6	Elect Director Gail J. McGovern	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.7	Elect Director Michael G. Morris	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.8	Elect Director Robert W. Selander	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.9	Elect Director Charles B. Strauss	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.10	Elect Director H. Patrick Swygert	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	1.11	Elect Director David K. Zwiener	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	2	Ratify Auditors	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	3	Approve Omnibus Stock Plan	M	For	For
The Hartford Financial Services Group, Inc.	05/18/05	HIG	416515104	4	Amend Executive Incentive Bonus Plan	M	For	For
The Kroger Co.	06/23/05	KR	501044101	1.1	Elect Director Robert D. Beyer	M	For	Withhold
The Kroger Co.	06/23/05	KR	501044101	1.2	Elect Director John T. Lamacchia	M	For	Withhold
The Kroger Co.	06/23/05	KR	501044101	1.3	Elect Director Edward M. Liddy	M	For	Withhold
The Kroger Co.	06/23/05	KR	501044101	1.4	Elect Director Katherine D. Ortega	M	For	Withhold
The Kroger Co.	06/23/05	KR	501044101	1.5	Elect Director Bobby S. Shackouls	M	For	Withhold
The Kroger Co.	06/23/05	KR	501044101	2	Approve Omnibus Stock Plan	M	For	For
The Kroger Co.	06/23/05	KR	501044101	3	Ratify Auditors	M	For	For
The Kroger Co.	06/23/05	KR	501044101	4	Eliminate super-majority provision	S	Against	For
The Kroger Co.	06/23/05	KR	501044101	5	Report on Feasibility of Improving Animal Welfare Standards	S	Against	Against
The Kroger Co.	06/23/05	KR	501044101	6	Submit Severance Agreement (Change-in-Control) to Shareholder Vote	S	Against	Against
Time Warner Inc	05/20/05	TWX	887317105	1.1	Elect Director James L. Barksdale	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.2	Elect Director Stephen F. Bollenbach	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.3	Elect Director Stephen M. Case	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.4	Elect Director Frank J. Caufield	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.5	Elect Director Robert C. Clark	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.6	Elect Director Jessica P. Einhorn	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.7	Elect Director Miles R. Gilburne	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.8	Elect Director Carla A. Hills	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.9	Elect Director Reuben Mark	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Time Warner Inc	05/20/05	TWX	887317105	1.10	Elect Director Michael A. Miles	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.11	Elect Director Kenneth J. Novack	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.12	Elect Director Richard D. Parsons	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.13	Elect Director R. E. Turner	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.14	Elect Director Francis T. Vincent, Jr	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	1.15	Elect Director Deborah C. Wright	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	2	Ratify Auditors	M	For	For
Time Warner Inc	05/20/05	TWX	887317105	3	Report on Pay Disparity	S	Against	Against
Tribune Co.	05/18/05	TRB	896047107	1.1	Elect Director Roger Goodan	M	For	For
Tribune Co.	05/18/05	TRB	896047107	1.2	Elect Director Enrique Hernandez, Jr.	M	For	For
Tribune Co.	05/18/05	TRB	896047107	1.3	Elect Director J. Christopher Reyes	M	For	For
Tribune Co.	05/18/05	TRB	896047107	1.4	Elect Director Dudley S. Taft	M	For	For
Tribune Co.	05/18/05	TRB	896047107	2	Ratify Auditors	M	For	For
UnitedHealth Group Incorporated	05/03/05	UNH	91324P102	1.1	Elect Director Thomas H. Kean	M	For	For
UnitedHealth Group Incorporated	05/03/05	UNH	91324P102	1.2	Elect Director Robert L. Ryan	M	For	For
UnitedHealth Group Incorporated	05/03/05	UNH	91324P102	1.3	Elect Director William G. Spears	M	For	For
UnitedHealth Group Incorporated	05/03/05	UNH	91324P102	1.4	Elect Director Gail R. Wilensky, Ph.D.	M	For	For
UnitedHealth Group Incorporated	05/03/05	UNH	91324P102	2	Ratify Auditors	M	For	For
UnitedHealth Group Incorporated	05/03/05	UNH	91324P102	3	Performance-Based/Indexed Options	S	Against	Against
UnitedHealth Group Incorporated	05/03/05	UNH	91324P102	4	Performance-Based/Indexed Options	S	Against	Against
Wells Fargo & Company	04/26/05	WFC	949746101	1.1	Elect Director J.A. Blanchard III	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.2	Elect Director Susan E. Engel	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.3	Elect Director Enrique Hernandez, Jr.	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.4	Elect Director Robert L. Joss	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.5	Elect Director Reatha Clark King	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.6	Elect Director Richard M. Kovacevich	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.7	Elect Director Richard D. McCormick	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.8	Elect Director Cynthia H. Milligan	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.9	Elect Director Philip J. Quigley	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.10	Elect Director Donald B. Rice	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.11	Elect Director Judith M. Runstad	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.12	Elect Director Stephen W. Sanger	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.13	Elect Director Susan G. Swenson	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	1.14	Elect Director Michael W. Wright	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	2	Amend Omnibus Stock Plan	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	3	Ratify Auditors	M	For	For
Wells Fargo & Company	04/26/05	WFC	949746101	4	Adopt Policy on Payday Lenders	S	Against	Against
Wells Fargo & Company	04/26/05	WFC	949746101	5	Link Executive Compensation to Predatory Lending	S	Against	Against
Wells Fargo & Company	04/26/05	WFC	949746101	6	Performance-Based/Indexed Options	S	Against	Against
Wells Fargo & Company	04/26/05	WFC	949746101	7	Limit Executive Compensation	S	Against	Against
Wells Fargo & Company	04/26/05	WFC	949746101	8	Separate Chairman and CEO Positions	S	Against	Against
Wyeth	04/21/05	WYE	983024100	1.1	Elect Director Richard L. Carrion	M	For	For
Wyeth	04/21/05	WYE	983024100	1.2	Elect Director Robert Essner	M	For	For
Wyeth	04/21/05	WYE	983024100	1.3	Elect Director John D. Feerick	M	For	For
Wyeth	04/21/05	WYE	983024100	1.4	Elect Director Frances D. Fergusson	M	For	For
Wyeth	04/21/05	WYE	983024100	1.5	Elect Director Robert Langer	M	For	For
Wyeth	04/21/05	WYE	983024100	1.6	Elect Director John P. Mascotte	M	For	For

Vote Summary Report

7/01/04 to 06/30/05

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

Name	Meeting Date	Ticker	Security ID	Ballot Item Number	Item Description	Proponent Management (M) Shareholder (S)	Mgt Rec Vote	Vote Cast
Wyeth	04/21/05	WYE	983024100	1.7	Elect Director Mary Lake Polan	M	For	For
Wyeth	04/21/05	WYE	983024100	1.8	Elect Director Ivan G. Seidenberg	M	For	For
Wyeth	04/21/05	WYE	983024100	1.9	Elect Director Walter V. Shipley	M	For	For
Wyeth	04/21/05	WYE	983024100	1.10	Elect Director John R. Torell III	M	For	For
Wyeth	04/21/05	WYE	983024100	2	Ratify Auditors	M	For	For
Wyeth	04/21/05	WYE	983024100	3	Approve Omnibus Stock Plan	M	For	For
Wyeth	04/21/05	WYE	983024100	4	Review and Report on Drug Reimportation Policy	S	Against	Against
Wyeth	04/21/05	WYE	983024100	5	Separate Chairman and CEO Positions	S	Against	For
Wyeth	04/21/05	WYE	983024100	6	Report on Political Contributions	S	Against	Against
Wyeth	04/21/05	WYE	983024100	7	Discontinue Promotion of Premarin and Report on Animal Testing	S	Against	Against

VOTE SUMMARY REPORT: 07/01/2004 - 06/30/2005

AIT CORE EQUITY FUND - GOLDMAN SACHS ASSET MANAGEMENT, L.P.

AMGEN, INC.

Ticker:	AMGN	Security ID:	031162100
Meeting Date:	MAY 11, 2005	Meeting Type:	Annual
Record Date:	MAR 18, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Dr. David Baltimore	For	For	Management
1.2	Elect Director Ms. Judith C. Pelham	For	For	Management
1.3	Elect Director Mr. Kevin W. Sharer	For	For	Management
2	Ratify Auditors	For	For	Management
3	Eliminate Animal Testing	Against	Against	Shareholder
4	Review/Limit Executive Compensation	Against	Against	Shareholder
5	Adopt Retention Ratio for Executives	Against	For	Shareholder

AVON PRODUCTS, INC.

Ticker:	AVP	Security ID:	054303102
Meeting Date:	MAY 5, 2005	Meeting Type:	Annual
Record Date:	MAR 16, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Fred Hassan	For	For	Management
1.2	Elect Director Ann S. Moore	For	For	Management
1.3	Elect Director Lawrence A. Weinbach	For	For	Management
2	Ratify Auditors	For	For	Management
3	Declassify the Board of Directors	For	For	Management
4	Amend Omnibus Stock Plan	For	For	Management
5	Disclose Charitable Contributions and Fundraising Efforts	Against	Against	Shareholder
6	Reformulate Products to Remove Chemicals Banned by EU	Against	Against	Shareholder

CAREMARK RX, INC.

Ticker:	CMX	Security ID:	141705103
Meeting Date:	MAY 11, 2005	Meeting Type:	Annual
Record Date:	MAR 29, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Edwin M. Crawford	For	For	Management
1.2	Elect Director Kristen Gibney Williams	For	For	Management
1.3	Elect Director Edward L. Hardin	For	For	Management
2	Report on Political Contributions	Against	Against	Shareholder

Page 1

CARNIVAL CORP.

Ticker:	CCL	Security ID:	143658300
Meeting Date:	APR 13, 2005	Meeting Type:	Annual
Record Date:	FEB 14, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Micky Arison	For	For	Management
1.2	Elect Director Amb Richard G. Capen Jr	For	For	Management
1.3	Elect Director Robert H. Dickinson	For	For	Management
1.4	Elect Director Arnold W. Donald	For	For	Management
1.5	Elect Director Pier Luigi Foschi	For	For	Management
1.6	Elect Director Howard S. Frank	For	For	Management
1.7	Elect Director Richard J. Glasier	For	For	Management
1.8	Elect Director Baroness Hogg	For	For	Management
1.9	Elect Director A. Kirk Lanterman	For	For	Management
1.10	Elect Director Modesto A. Maidique	For	For	Management
1.11	Elect Director John P. Mcnulty	For	For	Management
1.12	Elect Director Sir John Parker	For	For	Management
1.13	Elect Director Peter G. Ratcliffe	For	For	Management
1.14	Elect Director Stuart Subotnick	For	For	Management
1.15	Elect Director Uzi Zucker	For	For	Management
2	TO APPROVE THE AMENDED AND RESTATED CARNIVAL CORPORATION 2001 OUTSIDE DIRECTOR STOCK PLAN.	For	For	Management
3	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE SHARE PLAN.	For	For	Management
4	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE STOCK PURCHASE PLAN.	For	For	Management
5	Ratify Auditors	For	For	Management
6	TO AUTHORIZE THE AUDIT COMMITTEE OF CARNIVAL PLC TO AGREE THE REMUNERATION OF THE INDEPENDENT AUDITORS.	For	For	Management
7	TO RECEIVE THE ACCOUNTS AND REPORTS FOR CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED NOVEMBER 30, 2004.	For	For	Management
8	TO APPROVE THE DIRECTORS REMUNERATION REPORT OF CARNIVAL PLC.	For	For	Management
9	TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT SHARES BY CARNIVAL PLC.	For	For	Management
10	TO APPROVE THE DISAPPLICATION OF PRE-EMPTION RIGHTS FOR CARNIVAL PLC.	For	For	Management
11	TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL PLC TO BUY BACK CARNIVAL PLC ORDINARY SHARES IN THE OPEN MARKET.	For	For	Management

CENDANT CORPORATION

Ticker:	CD	Security ID:	151313103
Meeting Date:	APR 26, 2005	Meeting Type:	Annual
Record Date:	FEB 28, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Myra J. Biblowit	For	Withhold	Management
1.2	Elect Director Leonard S. Coleman	For	For	Management
1.3	Elect Director Cheryl D. Mills	For	For	Management
1.4	Elect Director Brian Mulroney	For	For	Management
1.5	Elect Director Robert E. Nederlander	For	For	Management
1.6	Elect Director Ronald L. Nelson	For	For	Management
1.7	Elect Director Robert W. Pittman	For	For	Management

Page 2

1.8	Elect Director Pauline D. E. Richards	For	For	Management
1.9	Elect Director Sheli Z. Rosenburg	For	Withhold	Management
1.10	Elect Director Robert F. Smith	For	Withhold	Management
2	Ratify Auditors	For	For	Management
3	Approve Outside Director Stock Awards/Options in Lieu of Cash	For	For	Management
4	Approve Qualified Employee Stock Purchase Plan	For	For	Management
5	Report on Pay Disparity	Against	Against	Shareholder
6	Eliminate or Restrict Severance Agreements (Change-in-Control)	Against	For	Shareholder

CHARLES SCHWAB CORP., THE

Ticker:	SCH	Security ID:	808513105
Meeting Date:	MAY 19, 2005	Meeting Type:	Annual
Record Date:	MAR 21, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Frank C. Herringer	For	For	Management
1.2	Elect Director Stephen T. McLin	For	Withhold	Management
1.3	Elect Director Charles R. Schwab	For	For	Management
1.4	Elect Director Roger O. Walther	For	For	Management
1.5	Elect Director Robert N. Wilson	For	For	Management
2	Amend Omnibus Stock Plan	For	For	Management
3	Approve Executive Incentive Bonus Plan	For	For	Management
4	Declassify the Board of Directors	Against	For	Shareholder

CISCO SYSTEMS, INC.

Ticker:	CSCO	Security ID:	17275R102
Meeting Date:	NOV 18, 2004	Meeting Type:	Annual
Record Date:	SEP 20, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Carol A. Bartz	For	For	Management
1.2	Elect Director M. Michele Burns	For	For	Management
1.3	Elect Director Larry R. Carter	For	For	Management
1.4	Elect Director John T. Chambers	For	For	Management
1.5	Elect Director Dr. James F. Gibbons	For	For	Management
1.6	Elect Director Dr. John L. Hennessy	For	For	Management
1.7	Elect Director Roderick C. McGeary	For	For	Management
1.8	Elect Director James C. Morgan	For	For	Management
1.9	Elect Director John P. Morgridge	For	For	Management
1.10	Elect Director Donald T. Valentine	For	For	Management
1.11	Elect Director Steven M. West	For	For	Management
1.12	Elect Director Jerry Yang	For	For	Management
2	Ratify Auditors	For	For	Management
3	Report on Pay Disparity	Against	Against	Shareholder

Page 3

CLEAR CHANNEL COMMUNICATIONS, INC.

Ticker:	CCU	Security ID:	184502102
Meeting Date:	APR 26, 2005	Meeting Type:	Annual
Record Date:	MAR 11, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Alan D. Feld	For	For	Management
1.2	Elect Director Perry J. Lewis	For	For	Management
1.3	Elect Director L. Lowry Mays	For	For	Management
1.4	Elect Director Mark P. Mays	For	For	Management
1.5	Elect Director Randall T. Mays	For	For	Management
1.6	Elect Director B.J. McCombs	For	For	Management
1.7	Elect Director Phyllis B. Riggins	For	For	Management
1.8	Elect Director Theodore H. Strauss	For	For	Management
1.9	Elect Director J.C. Watts	For	For	Management
1.10	Elect Director John H. Williams	For	For	Management
2	Approve Executive Incentive Bonus Plan	For	For	Management
3	Ratify Auditors	For	For	Management

CROWN CASTLE INTERNATIONAL CORP.

Ticker:	CCI	Security ID:	228227104
Meeting Date:	MAY 26, 2005	Meeting Type:	Annual
Record Date:	APR 1, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Dale N. Hatfield	For	For	Management
1.2	Elect Director Lee W. Hogan	For	For	Management
1.3	Elect Director Robert F. McKenzie	For	For	Management
1.4	Elect Director Robert E. Garrison, II	For	For	Management
2	Ratify Auditors	For	For	Management

DELL INC.

Ticker:	DELL	Security ID:	24702R101
Meeting Date:	JUL 16, 2004	Meeting Type:	Annual
Record Date:	MAY 21, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Donald J. Carty	For	For	Management
1.2	Elect Director Michael S. Dell	For	For	Management
1.3	Elect Director William H. Gray, III	For	For	Management
1.4	Elect Director Judy C. Lewent	For	For	Management
1.5	Elect Director Thomas W. Luce, III	For	For	Management
1.6	Elect Director Klaus S. Luft	For	For	Management
1.7	Elect Director Alex J. Mandl	For	For	Management
1.8	Elect Director Michael A. Miles	For	For	Management
1.9	Elect Director Samuel A. Nunn, Jr.	For	For	Management
1.10	Elect Director Kevin B. Rollins	For	For	Management
2	Ratify Auditors	For	For	Management
3	Expense Stock Options	Against	Against	Shareholder

Page 4

EBAY INC.

Ticker:	EBAY	Security ID:	278642103
Meeting Date:	JUN 23, 2005	Meeting Type:	Annual
Record Date:	APR 25, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Fred D. Anderson	For	For	Management
1.2	Elect Director Edward W. Barnholt	For	For	Management
1.3	Elect Director Scott D. Cook	For	For	Management
1.4	Elect Director Robert C. Kagle	For	For	Management
2	Approve Executive Incentive Bonus Plan	For	For	Management
3	Increase Authorized Common Stock	For	For	Management
4	Ratify Auditors	For	For	Management
5	Performance - Based/Indexed Options	Against	For	Shareholder
6	Require a Majority Vote for the Election of Directors	Against	For	Shareholder

ELI LILLY AND CO.

Ticker:	LLY	Security ID:	532457108
Meeting Date:	APR 18, 2005	Meeting Type:	Annual
Record Date:	FEB 15, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director G.M.C. Fisher	For	Withhold	Management
1.2	Elect Director A.G. Gilman	For	For	Management
1.3	Elect Director K.N. Horn	For	Withhold	Management
1.4	Elect Director J. Rose	For	For	Management
2	Ratify Auditors	For	For	Management
3	Separate Chairman and CEO Positions	Against	For	Shareholder
4	Review and Report on Drug Reimportation Policy	Against	Against	Shareholder
5	Report on Product Availability in Canada	Against	For	Shareholder
6	Report on Political Contributions	Against	Against	Shareholder
7	Adopt Policy on Performance-based Stock Option Grants	Against	For	Shareholder
8	Eliminate Animal Testing	Against	Against	Shareholder

EMC CORP.

Ticker:	EMC	Security ID:	268648102
Meeting Date:	MAY 5, 2005	Meeting Type:	Annual
Record Date:	MAR 7, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Michael J. Cronin	For	For	Management
1.2	Elect Director W. Paul Fitzgerald	For	Withhold	Management
1.3	Elect Director Joseph M. Tucci	For	For	Management
2	Approve Omnibus Stock Plan	For	For	Management
3	Ratify Auditors	For	For	Management
4	Performance- Based/Indexed Options	Against	For	Shareholder
5	Creation of an Independent Audit Committee	Against	Against	Shareholder

Page 5

ENERGIZER HOLDINGS, INC.

Ticker:	ENR	Security ID:	29266R108
Meeting Date:	JAN 25, 2005	Meeting Type:	Annual
Record Date:	NOV 19, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Ward M. Klein	For	For	Management
1.2	Elect Director Richard A. Liddy	For	For	Management
1.3	Elect Director Joe R. Micheletto	For	For	Management
1.4	Elect Director W. Patrick McGinnis	For	For	Management
1.5	Elect Director Bill G. Armstrong	For	For	Management
1.6	Elect Director John C. Hunter	For	For	Management

FIRST DATA CORP.

Ticker:	FDC	Security ID:	319963104
Meeting Date:	MAY 11, 2005	Meeting Type:	Annual
Record Date:	MAR 14, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Alison Davis	For	For	Management
1.2	Elect Director James D. Robinson III	For	For	Management
1.3	Elect Director Bernard L. Schwartz	For	For	Management
1.4	Elect Director Arthur F. Weinbach	For	For	Management
2	Amend Qualified Employee Stock Purchase Plan	For	For	Management
3	Amend Executive Incentive Bonus Plan	For	For	Management
4	Ratify Auditors	For	For	Management
5	Report on Outsourcing	Against	Against	Shareholder
6	Amend Director/Officer Liability/Indemnifications Provisions	Against	Against	Shareholder

FREDDIE MAC

Ticker:	FRE	Security ID:	313400301
Meeting Date:	NOV 4, 2004	Meeting Type:	Annual
Record Date:	SEP 10, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Barbara T. Alexander	For	For	Management
1.2	Elect Director Geoffrey T. Boisi	For	For	Management
1.3	Elect Director Michelle Engler	For	For	Management
1.4	Elect Director Richard Karl Goeltz	For	For	Management
1.5	Elect Director Thomas S. Johnson	For	For	Management
1.6	Elect Director William M. Lewis, Jr.	For	For	Management
1.7	Elect Director John B. Mccoy	For	For	Management
1.8	Elect Director Eugene M. Mcquade	For	For	Management
1.9	Elect Director Shaun F. O'Malley	For	For	Management
1.10	Elect Director Ronald F. Poe	For	For	Management
1.11	Elect Director Stephen A. Ross	For	For	Management
1.12	Elect Director Richard F. Syron	For	For	Management
1.13	Elect Director William J. Turner	For	For	Management
2	Ratify Auditors	For	For	Management
3	Approve Omnibus Stock Plan	For	For	Management
4	Amend Employee Stock Purchase Plan	For	For	Management

Page 6

GANNETT CO., INC.

Ticker:	GCI	Security ID:	364730101
Meeting Date:	APR 14, 2005	Meeting Type:	Annual
Record Date:	MAR 4, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Louis D. Boccardi	For	For	Management
1.2	Elect Director Donna E. Shalala	For	For	Management
2	Ratify Auditors	For	For	Management
3	Performance - Based/Indexed Options	Against	For	Shareholder
4	Require a Majority Vote for the Election of Directors	Against	For	Shareholder

GOOGLE INC

Ticker:	GOOG	Security ID:	38259P508
Meeting Date:	MAY 12, 2005	Meeting Type:	Annual
Record Date:	MAR 28, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Eric Schmidt	For	For	Management
1.2	Elect Director Larry Page	For	For	Management
1.3	Elect Director Sergey Brin	For	For	Management
1.4	Elect Director L. John Doerr	For	For	Management
1.5	Elect Director John L. Hennessy	For	For	Management
1.6	Elect Director Arthur D. Levinson	For	For	Management
1.7	Elect Director Michael Moritz	For	For	Management
1.8	Elect Director Paul S. Otellini	For	For	Management
1.9	Elect Director K. Ram Shriram	For	For	Management
2	Ratify Auditors	For	For	Management
3	Amend Omnibus Stock Plan	For	Against	Management

HARRAH’S ENTERTAINMENT, INC.

Ticker:	HET	Security ID:	413619107
Meeting Date:	MAR 11, 2005	Meeting Type:	Special
Record Date:	JAN 18, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1	Issue Shares in Connection with an Acquisition	For	For	Management
2	Increase Authorized Common Stock	For	For	Management

INTEL CORP.

Ticker:	INTC	Security ID:	458140100
Meeting Date:	MAY 18, 2005	Meeting Type:	Annual
Record Date:	MAR 21, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Craig R. Barrett	For	For	Management
1.2	Elect Director Charlene Barshefsky	For	For	Management
1.3	Elect Director E. John P. Browne	For	For	Management
1.4	Elect Director D. James Guzy	For	For	Management

Page 7

1.5	Elect Director Reed E. Hundt	For	For	Management
1.6	Elect Director Paul S. Otellini	For	For	Management
1.7	Elect Director David S. Pottruck	For	For	Management
1.8	Elect Director Jane E. Shaw	For	For	Management
1.9	Elect Director John L. Thornton	For	For	Management
1.10	Elect Director David B. Yoffie	For	For	Management
2	Ratify Auditors	For	For	Management
3	Amend Omnibus Stock Plan	For	For	Management
4	Amend Executive Incentive Bonus Plan	For	For	Management

JPMORGAN CHASE & CO.

Ticker:	JPM	Security ID:	46625H100
Meeting Date:	MAY 17, 2005	Meeting Type:	Annual
Record Date:	MAR 22, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Director Hans W. Becherer	For	For	Management
1.2	Elect Director Director John H. Biggs	For	For	Management
1.3	Elect Director Director Lawrence A. Bossidy	For	For	Management
1.4	Elect Director Director Stephen B. Burke	For	For	Management
1.5	Elect Director Director James S. Crown	For	For	Management
1.6	Elect Director Director James Dimon	For	For	Management
1.7	Elect Director Director Ellen V. Futter	For	For	Management
1.8	Elect Director Director William H. Gray, III	For	For	Management
1.9	Elect Director Director William B. Harrison, Jr	For	For	Management
1.10	Elect Director Director Laban P. Jackson, Jr.	For	For	Management
1.11	Elect Director Director John W. Kessler	For	For	Management
1.12	Elect Director Director Robert I. Lipp	For	For	Management
1.13	Elect Director Director Richard A. Manoogian	For	For	Management
1.14	Elect Director Director David C. Novak	For	For	Management
1.15	Elect Director Director Lee R. Raymond	For	For	Management
1.16	Elect Director Director William C. Weldon	For	For	Management
2	Ratify Auditors	For	For	Management
3	Approve Omnibus Stock Plan	For	Against	Management
4	Establish Term Limits for Directors	Against	Against	Shareholder
5	Separate Chairman and CEO Positions	Against	For	Shareholder
6	Limit Executive Compensation	Against	Against	Shareholder
7	Adopt Executive Benefit Policy	Against	For	Shareholder

LIBERTY MEDIA CORP.

Ticker:	L	Security ID:	530718105
Meeting Date:	JUN 8, 2005	Meeting Type:	Annual
Record Date:	APR 26, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director David E. Rapley	For	For	Management
1.2	Elect Director Larry E. Romrell	For	For	Management
2	Ratify Auditors	For	For	Management

Page 8

LINEAR TECHNOLOGY CORP.

Ticker:	LLTC	Security ID:	535678106
Meeting Date:	NOV 3, 2004	Meeting Type:	Annual
Record Date:	SEP 8, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Robert H. Swanson, Jr.	For	For	Management
1.2	Elect Director David S. Lee	For	For	Management
1.3	Elect Director Leo T. McCarthy	For	For	Management
1.4	Elect Director Richard M. Moley	For	For	Management
1.5	Elect Director Thomas S. Volpe	For	For	Management
2	Ratify Auditors	For	For	Management

LOWE’S COMPANIES, INC.

Ticker:	LOW	Security ID:	548661107
Meeting Date:	MAY 27, 2005	Meeting Type:	Annual
Record Date:	APR 1, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Robert A. Ingram	For	For	Management
1.2	Elect Director Richard K. Lochridge	For	For	Management
1.3	Elect Director Robert L. Johnson	For	For	Management
2	Amend Non-Employee Director Stock Option Plan	For	For	Management
3	Ratify Auditors	For	For	Management

MARRIOTT INTERNATIONAL INC. (NEW)

Ticker:	MAR	Security ID:	571903202
Meeting Date:	MAY 6, 2005	Meeting Type:	Annual
Record Date:	MAR 15, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director J.W. Marriott, Jr.	For	For	Management
1.2	Elect Director Debra L. Lee	For	For	Management
1.3	Elect Director George Munoz	For	For	Management
1.4	Elect Director William J. Shaw	For	For	Management
2	Ratify Auditors	For	For	Management
3	Amend Omnibus Stock Plan	For	Against	Management
4	Declassify the Board of Directors	Against	For	Shareholder
5	Require a Majority Vote for the Election of Directors	Against	For	Shareholder

Page 9

MBNA CORP.

Ticker:	KRB	Security ID:	55262L100
Meeting Date:	MAY 2, 2005	Meeting Type:	Annual
Record Date:	FEB 4, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director James H. Berick	For	Withhold	Management
1.2	Elect Director Mary M. Boies	For	For	Management
1.3	Elect Director Benjamin R. Civiletti	For	Withhold	Management
1.4	Elect Director Bruce L. Hammonds	For	Withhold	Management
1.5	Elect Director William L. Jews	For	Withhold	Management
1.6	Elect Director Randolph D. Lerner	For	Withhold	Management
1.7	Elect Director Stuart L. Markowitz, M.D.	For	Withhold	Management
1.8	Elect Director William B. Milstead	For	Withhold	Management
1.9	Elect Director Thomas G. Murdough, Jr.	For	For	Management
1.10	Elect Director Laura S. Unger	For	For	Management
2	Ratify Auditors	For	For	Management
3	Expense Stock Options	Against	For	Shareholder
4	Performance- Based/Indexed Options	Against	For	Shareholder

MCGRAW-HILL COMPANIES, INC., THE

Ticker:	MHP	Security ID:	580645109
Meeting Date:	APR 27, 2005	Meeting Type:	Annual
Record Date:	MAR 8, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Sir Winfried Bischoff	For	For	Management
1.2	Elect Director Douglas N. Daft	For	For	Management
1.3	Elect Director Linda Koch Lorimer	For	For	Management
1.4	Elect Director Harold McGraw III	For	For	Management
2	Approve Executive Incentive Bonus Plan	For	For	Management
3	Increase Authorized Common Stock	For	For	Management
4	Ratify Auditors	For	For	Management
5	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote	Against	For	Shareholder

MEDTRONIC, INC.

Ticker:	MDT	Security ID:	585055106
Meeting Date:	AUG 26, 2004	Meeting Type:	Annual
Record Date:	JUL 2, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director William R. Brody, M.D., Ph.D.	For	For	Management
1.2	Elect Director Arthur D. Collins, Jr.	For	For	Management
1.3	Elect Director Antonio M. Gotto, Jr., M.D., D. Phil.	For	For	Management
2	Ratify Auditors	For	For	Management
3	Charitable Contributions	Against	Against	Shareholder

Page 10

MICROSOFT CORP.

Ticker:	MSFT	Security ID:	594918104
Meeting Date:	NOV 9, 2004	Meeting Type:	Annual
Record Date:	SEP 10, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director William H. Gates III	For	For	Management
1.2	Elect Director Steven A. Ballmer	For	For	Management
1.3	Elect Director James I. Cash Jr., Ph.D.	For	For	Management
1.4	Elect Director Raymond V. Gilmartin	For	For	Management
1.5	Elect Director Ann McLaughlin Korologos	For	For	Management
1.6	Elect Director David F. Marquardt	For	For	Management
1.7	Elect Director Charles H. Noski	For	For	Management
1.8	Elect Director Dr. Helmut Panke	For	For	Management
1.9	Elect Director Jon A. Shirley	For	For	Management
2	Amend Bundled Compensation Plans	For	For	Management
3	Amend Bundled Compensation Plans	For	For	Management
4	Amend Stock Option Plan	For	For	Management
5	Ratify Auditors	For	For	Management

MOODY’S CORPORATION

Ticker:	MCO	Security ID:	615369105
Meeting Date:	APR 26, 2005	Meeting Type:	Annual
Record Date:	MAR 1, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Robert R. Glauber	For	For	Management
1.2	Elect Director Connie Mack	For	For	Management
1.3	Elect Director Nancy S. Newcomb	For	For	Management
2	Increase Authorized Common Stock	For	For	Management
3	Ratify Auditors	For	For	Management

PEPSICO, INC.

Ticker:	PEP	Security ID:	713448108
Meeting Date:	MAY 4, 2005	Meeting Type:	Annual
Record Date:	MAR 11, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director John F. Akers	For	For	Management
1.2	Elect Director Robert E. Allen	For	For	Management
1.3	Elect Director Ray L. Hunt	For	For	Management
1.4	Elect Director Arthur C. Martinez	For	For	Management
1.5	Elect Director Indra K. Nooyi	For	For	Management
1.6	Elect Director Steven S Reinemund	For	For	Management
1.7	Elect Director Sharon P. Rockefeller	For	For	Management
1.8	Elect Director James J. Schiro	For	For	Management
1.9	Elect Director Franklin A. Thomas	For	For	Management
1.10	Elect Director Cynthia M. Trudell	For	For	Management
1.11	Elect Director Solomon D. Trujillo	For	For	Management
1.12	Elect Director Daniel Vasella	For	For	Management
2	Ratify Auditors	For	For	Management
3	Report on Corporate Political Contributions	Against	Against	Shareholder

Page 11

PFIZER INC.

Ticker:	PFE	Security ID:	717081103
Meeting Date:	APR 28, 2005	Meeting Type:	Annual
Record Date:	MAR 2, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Michael S. Brown	For	For	Management
1.2	Elect Director M. Anthony Burns	For	For	Management
1.3	Elect Director Robert N. Burt	For	For	Management
1.4	Elect Director W. Don Cornwell	For	For	Management
1.5	Elect Director William H. Gray III	For	For	Management
1.6	Elect Director Constance J. Horner	For	For	Management
1.7	Elect Director William R. Howell	For	For	Management
1.8	Elect Director Stanley O. Ikenberry	For	For	Management
1.9	Elect Director George A. Lorch	For	For	Management
1.10	Elect Director Henry A. McKinnell	For	For	Management
1.11	Elect Director Dana G. Mead	For	For	Management
1.12	Elect Director Ruth J. Simmons	For	For	Management
1.13	Elect Director William C. Steere, Jr.	For	For	Management
1.14	Elect Director Jean-Paul Valles	For	For	Management
2	Ratify Auditors	For	For	Management
3	Establish Term Limits for Directors	Against	Against	Shareholder
4	Report on Pharmaceutical Price Restraint	Against	Against	Shareholder
5	Review and Report on Drug Reimportation Policy	Against	Against	Shareholder
6	Report on Political Contributions	Against	Against	Shareholder
7	Report on Product Availability in Canada	Against	For	Shareholder
8	Separate Chairman and CEO Positions	Against	For	Shareholder

PROCTER & GAMBLE COMPANY, THE

Ticker:	PG	Security ID:	742718109
Meeting Date:	OCT 12, 2004	Meeting Type:	Annual
Record Date:	JUL 30, 2004

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director R. Kerry Clark	For	For	Management
1.2	Elect Director Joseph T. Gorman	For	For	Management
1.3	Elect Director Lynn M. Martin	For	For	Management
1.4	Elect Director Ralph Snyderman, M.D.	For	For	Management
1.5	Elect Director Robert D. Storey	For	For	Management
2	Ratify Auditors	For	For	Management
3	Increase Authorized Common Stock	For	For	Management
4	Declassify the Board of Directors	Against	For	Management
5	Implement/ Report on Animal Welfare Standards	Against	Against	Shareholder

QUALCOMM INC.

Ticker:	QCOM	Security ID:	747525103
Meeting Date:	MAR 8, 2005	Meeting Type:	Annual
Record Date:	JAN 7, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Robert E. Kahn	For	For	Management
1.2	Elect Director Duane A. Nelles	For	Withhold	Management
1.3	Elect Director Brent Scowcroft	For	For	Management
2	Declassify the Board of Directors and Eliminate Cumulative Voting	For	For	Management
3	Increase Authorized Common Stock	For	For	Management
4	Amend Articles	For	For	Management
5	Ratify Auditors	For	For	Management

Page 12

SABRE HOLDINGS CORPORATION

Ticker:	TSG	Security ID:	785905100
Meeting Date:	MAY 17, 2005	Meeting Type:	Annual
Record Date:	MAR 18, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Michael S. Gilliland	For	Withhold	Management
1.2	Elect Director Bob L. Martin	For	For	Management
1.3	Elect Director Richard L. Thomas	For	For	Management
2	Ratify Auditors	For	For	Management
3	Declassify the Board of Directors	For	For	Management
4	Amend Articles	For	For	Management
5	Amend Omnibus Stock Plan	For	For	Management

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Ticker:	HOT	Security ID:	85590A203
Meeting Date:	MAY 5, 2005	Meeting Type:	Annual
Record Date:	MAR 17, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Charlene Barshefsky	For	For	Management
1.2	Elect Director Jean-Marc Chapus	For	For	Management
1.3	Elect Director Bruce W. Duncan	For	For	Management
1.4	Elect Director Steven J. Heyer	For	For	Management
1.5	Elect Director Eric Hippeau	For	For	Management
1.6	Elect Director Steven Quazzo	For	For	Management
1.7	Elect Director Thomas O. Ryder	For	For	Management
1.8	Elect Director Barry S. Sternlicht	For	For	Management
1.9	Elect Director Daniel W. Yih	For	For	Management
1.10	Elect Director Kneeland C. Youngblood	For	For	Management
2	Ratify Auditors	For	For	Management
3	Amend Executive Incentive Bonus Plan	For	For	Management
4	Provide for Confidential Voting	Against	For	Shareholder
5	Expense Stock Options	Against	For	Shareholder

STATE STREET CORP. (BOSTON)

Ticker:	STT	Security ID:	857477103
Meeting Date:	APR 20, 2005	Meeting Type:	Annual
Record Date:	FEB 25, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director T. Albright	For	For	Management
1.2	Elect Director K. Burnes	For	For	Management
1.3	Elect Director T. Casner	For	For	Management
1.4	Elect Director N. Darehshori	For	For	Management
1.5	Elect Director A. Goldstein	For	For	Management
1.6	Elect Director D. Gruber	For	For	Management
1.7	Elect Director L. Hill	For	For	Management

Page 13

1.8	Elect Director C. LaMantia	For	For	Management
1.9	Elect Director R. Logue	For	For	Management
1.10	Elect Director R. Sergel	For	For	Management
1.11	Elect Director R. Skates	For	For	Management
1.12	Elect Director G. Summe	For	For	Management
1.13	Elect Director D. Walsh	For	For	Management
1.14	Elect Director R. Weissman	For	For	Management
2	Ratify Auditors	For	For	Management

STRYKER CORP.

Ticker:	SYK	Security ID:	863667101
Meeting Date:	APR 26, 2005	Meeting Type:	Annual
Record Date:	FEB 28, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director John W. Brown	For	For	Management
1.2	Elect Director Howard E. Cox, Jr.	For	For	Management
1.3	Elect Director Donald M. Engelman, Ph.D.	For	For	Management
1.4	Elect Director Jerome H. Grossman, M.D.	For	For	Management
1.5	Elect Director Stephen P. MacMillan	For	For	Management
1.6	Elect Director William U. Parfet	For	For	Management
1.7	Elect Director Ronda E. Stryker	For	For	Management

TARGET CORPORATION

Ticker:	TGT	Security ID:	87612E106
Meeting Date:	MAY 18, 2005	Meeting Type:	Annual
Record Date:	MAR 21, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Roxanne S. Austin	For	For	Management
1.2	Elect Director James A. Johnson	For	For	Management
2	Ratify Auditors	For	For	Management

TIME WARNER INC

Ticker:	TWX	Security ID:	887317105
Meeting Date:	MAY 20, 2005	Meeting Type:	Annual
Record Date:	MAR 24, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director James L. Barksdale	For	For	Management
1.2	Elect Director Stephen F. Bollenbach	For	For	Management
1.3	Elect Director Stephen M. Case	For	For	Management
1.4	Elect Director Frank J. Caufield	For	For	Management
1.5	Elect Director Robert C. Clark	For	For	Management
1.6	Elect Director Jessica P. Einhorn	For	For	Management
1.7	Elect Director Miles R. Gilburne	For	For	Management
1.8	Elect Director Carla A. Hills	For	For	Management
1.9	Elect Director Reuben Mark	For	For	Management
1.10	Elect Director Michael A. Miles	For	For	Management
1.11	Elect Director Kenneth J. Novack	For	For	Management
1.12	Elect Director Richard D. Parsons	For	For	Management

Page 14

1.13	Elect Director R. E. Turner	For	For	Management
1.14	Elect Director Francis T. Vincent, Jr	For	For	Management
1.15	Elect Director Deborah C. Wright	For	For	Management
2	Ratify Auditors	For	For	Management
3	Report on Pay Disparity	Against	Against	Shareholder

TYCO INTERNATIONAL LTD.

Ticker:	TYC	Security ID:	902124106
Meeting Date:	MAR 10, 2005	Meeting Type:	Annual
Record Date:	JAN 10, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Dennis C. Blair	For	For	Management
1.2	Elect Director Edward D. Breen	For	For	Management
1.3	Elect Director George W. Buckley	For	For	Management
1.4	Elect Director Brian Duperreault	For	For	Management
1.5	Elect Director Bruce S. Gordon	For	For	Management
1.6	Elect Director Rajiv L. Gupta	For	For	Management
1.7	Elect Director John A. Krol	For	For	Management
1.8	Elect Director Mackey J. Mcdonald	For	Withhold	Management
1.9	Elect Director H. Carl Mccall	For	For	Management
1.10	Elect Director Brendan R. O’Neill	For	For	Management
1.11	Elect Director Sandra S. Wijnberg	For	For	Management
1.12	Elect Director Jerome B. York	For	For	Management
2	Ratify Auditors	For	For	Management

VALASSIS COMMUNICATIONS, INC.

Ticker:	VCI	Security ID:	918866104
Meeting Date:	MAY 10, 2005	Meeting Type:	Annual
Record Date:	MAR 21, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Patrick F. Brennan	For	For	Management
1.2	Elect Director Robert L. Recchia	For	For	Management
1.3	Elect Director Kenneth V. Darish	For	For	Management
1.4	Elect Director Marcella A. Sampson	For	For	Management
1.5	Elect Director Seth Goldstein	For	For	Management
1.6	Elect Director Alan F. Schultz	For	For	Management
1.7	Elect Director Barry P. Hoffman	For	For	Management
1.8	Elect Director Faith Whittlesey	For	For	Management
1.9	Elect Director Walter H. Ku	For	Withhold	Management
2	Approve Restricted Stock Plan	For	For	Management
3	Approve Restricted Stock Plan	For	For	Management
4	Ratify Auditors	For	For	Management

Page 15

WAL-MART STORES, INC.

Ticker:	WMT	Security ID:	931142103
Meeting Date:	JUN 3, 2005	Meeting Type:	Annual
Record Date:	APR 5, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director James W. Breyer	For	For	Management
1.2	Elect Director M. Michele Burns	For	For	Management
1.3	Elect Director Douglas N. Daft	For	For	Management
1.4	Elect Director David D. Glass	For	For	Management
1.5	Elect Director Roland A. Hernandez	For	For	Management
1.6	Elect Director John D. Opie	For	For	Management
1.7	Elect Director J. Paul Reason	For	For	Management
1.8	Elect Director H. Lee Scott, Jr.	For	For	Management
1.9	Elect Director Jack C. Shewmaker	For	For	Management
1.10	Elect Director Jose H. Villarreal	For	For	Management
1.11	Elect Director John T. Walton	For	For	Management
1.12	Elect Director S. Robson Walton	For	For	Management
1.13	Elect Director Christopher J. Williams	For	For	Management
1.14	Elect Director Linda S. Wolf	For	For	Management
2	Amend Omnibus Stock Plan	For	For	Management
3	Ratify Auditors	For	For	Management
4	Report on Executive Compensation	Against	For	Shareholder
5	Prepare Sustainability Report	Against	For	Shareholder
6	Report on Stock Option Distribution by Race and Gender	Against	For	Shareholder
7	Report on Political Contributions	Against	Against	Shareholder
8	Prepare Equal Opportunity Report	Against	For	Shareholder
9	Require a Majority Vote for the Election of Directors	Against	For	Shareholder
10	Require Majority of Independent Directors on Board	Against	Against	Shareholder
11	Performance - Based/Indexed Options	Against	Against	Shareholder

WILLIS GROUP HOLDINGS LTD

Ticker:	WSH	Security ID:	G96655108
Meeting Date:	APR 29, 2005	Meeting Type:	Annual
Record Date:	MAR 7, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Gordon M. Bethune	For	For	Management
1.2	Elect Director William W. Bradley	For	For	Management
1.3	Elect Director Joseph A. Califano, Jr.	For	For	Management
1.4	Elect Director James R. Fisher	For	For	Management
1.5	Elect Director Perry Golkin	For	For	Management
1.6	Elect Director Paul M. Hazen	For	For	Management
1.7	Elect Director Wendy E. Lane	For	For	Management
1.8	Elect Director James F. Mccann	For	Withhold	Management
1.9	Elect Director Scott C. Nuttall	For	For	Management
1.10	Elect Director Joseph J. Plumeri	For	For	Management
1.11	Elect Director Douglas B. Roberts	For	For	Management
2	Ratify Auditors	For	For	Management
3	AMENDMENTS TO THE 2001 SHARE PURCHASE AND OPTION PLAN: INCREASE IN THE NUMBER OF SHARES AVAILABLE	For	For	Management
4	AMENDMENTS TO THE 2001 SHARE PURCHASE AND OPTION PLAN: INCLUSION OF NON-EMPLOYEE DIRECTORS IN THE 2001 PLAN	For	For	Management
5	ADOPTION OF THE WILLIS GROUP SENIOR MANAGEMENT INCENTIVE PLAN	For	For	Management
6	AMENDMENTS TO THE COMPANY S BYE-LAWS: BYE-LAW 133(II), INCREASE IN MAXIMUM RECORD DATE PERIOD	For	For	Management
7	AMENDMENTS TO THE COMPANY S BYE-LAWS: BYE-LAW 149 SUBSTITUTION OF MAY WITH SHALL TO THE MAXIMUM EXTENT PERMITTED BY LAW	For	For	3.Management

Page 16

WM. WRIGLEY JR. CO.

Ticker:	WWY	Security ID:	982526105
Meeting Date:	MAR 8, 2005	Meeting Type:	Annual
Record Date:	JAN 14, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director John Rau	For	For	Management
1.2	Elect Director Richard K. Smucker	For	For	Management
1.3	Elect Director William Wrigley, Jr.	For	For	Management
2	Increase Authorized Common Stock	For	Against	Management
3	Ratify Auditors	For	For	Management
4	Proposal Regarding a Change to Proxy Card Features	Against	Against	Shareholder

WYETH

Ticker:	WYE	Security ID:	983024100
Meeting Date:	APR 21, 2005	Meeting Type:	Annual
Record Date:	MAR 4, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Richard L. Carrion	For	For	Management
1.2	Elect Director Robert Essner	For	For	Management
1.3	Elect Director John D. Feerick	For	For	Management
1.4	Elect Director Frances D. Fergusson	For	For	Management
1.5	Elect Director Robert Langer	For	For	Management
1.6	Elect Director John P. Mascotte	For	For	Management
1.7	Elect Director Mary Lake Polan	For	For	Management
1.8	Elect Director Ivan G. Seidenberg	For	For	Management
1.9	Elect Director Walter V. Shipley	For	For	Management
1.10	Elect Director John R. Torell III	For	For	Management
2	Ratify Auditors	For	For	Management
3	Approve Omnibus Stock Plan	For	For	Management
4	Review and Report on Drug Reimportation Policy	Against	For	Shareholder
5	Separate Chairman and CEO Positions	Against	For	Shareholder
6	Report on Political Contributions	Against	Against	Shareholder
7	Discontinue Promotion of Premarin and Report on Animal Testing	Against	Against	Shareholder

YAHOO!, INC.

Ticker:	YHOO	Security ID:	984332106
Meeting Date:	MAY 19, 2005	Meeting Type:	Annual
Record Date:	MAR 23, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director Terry S. Semel	For	For	Management
1.2	Elect Director Jerry Yang	For	For	Management
1.3	Elect Director Roy J. Bostock	For	For	Management

Page 17

1.4	Elect Director Ronald W. Burkle	For	For	Management
1.5	Elect Director Eric Hippeau	For	For	Management
1.6	Elect Director Arthur H. Kern	For	Withhold	Management
1.7	Elect Director Robert A. Kotick	For	Withhold	Management
1.8	Elect Director Edward R. Kozel	For	For	Management
1.9	Elect Director Gary L. Wilson	For	Withhold	Management
2	Amend Omnibus Stock Plan	For	For	Management
3	Amend Non-Employee Director Stock Option Plan	For	For	Management
4	Ratify Auditors	For	For	Management

ZIMMER HOLDINGS INC

Ticker:	ZMH	Security ID:	98956P102
Meeting Date:	MAY 2, 2005	Meeting Type:	Annual
Record Date:	MAR 15, 2005

#	Proposal	Mgt Rec	Vote Cast	Sponsor
1.1	Elect Director J. Raymond Elliott	For	For	Management
2	Amend Stock Option Plan	For	For	Management
3	Ratify Auditors	For	For	Management
4	Prohibit Auditor from Providing Non-Audit Services	Against	Against	Shareholder

========== END NPX REPORT

Page 18

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/01/04 - A	Bed Bath & Beyond Inc. *BBBY*		075896100			05/05/04		17,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Glass Ceiling		Against	Against		ShrHoldr
	5	Adopt Retention Ratio for Executives		Against	For		ShrHoldr
07/15/04 - A	Centex Corp. *CTX*		152312104			05/27/04		7,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
07/16/04 - A	Dell Inc. *DELL*		24702R101			05/21/04		149,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
07/27/04 - A	Marshall Funds		572353100			06/30/04		3,915,090
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
07/28/04 - A	McKesson Corp. *MCK*		58155Q103			06/01/04		17,114
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
07/28/04 - S	Reynolds American Inc *RAI*		76182K105			06/16/04		2,500
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	Against		Mgmt
07/28/04 - A	The St. Paul Travelers Companies, Inc. *STA*		792860108			06/04/04		38,690
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
07/29/04 - A	Electronic Arts, Inc. *ERTS*		285512109			06/08/04		17,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
	4	Amend Articles to Consolidate Common Stock		For	For		Mgmt
	5	Increase Authorized Common Stock		For	For		Mgmt
	6	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 1

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
07/30/04 - A	Mylan Laboratories Inc. *MYL*		628530107			06/11/04		15,500
	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 — Withhold
	1.5	Elect Director Douglas J. Leech — Withhold
	1.6	Elect Director Joseph C. Maroon, M.D. — For
	1.7	Elect Director Rod Piatt — For
	1.8	Elect Director Patricia A. Sunseri — For
	1.9	Elect Director C.B. Todd — For
	1.10	Elect Director R.L. Vanderveen, Ph.D. — For
	1.11	Elect Director Stuart A. Williams, Esq — For
08/05/04 - A	Xilinx, Inc. *XLNX*		983919101			06/07/04		20,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
08/09/04 - A	Computer Sciences Corporation *CSC*		205363104			06/11/04		10,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/11/04 - A	Forest Laboratories, Inc. *FRX*		345838106			06/21/04		21,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Howard Solomon — For
	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 — For
	1.6	Elect Director Kenneth E. Goodman — For
	1.7	Elect Director Phillip M. Satow — Withhold
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 2

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
08/17/04 - S	Countrywide Financial Corp. *CFC*		222372104			07/09/04		16,099
	1	Increase Authorized Common Stock		For	For		Mgmt
08/19/04 - A	Nvidia Corporation *NVDA*		67066G104			06/30/04		9,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
08/23/04 - S	Charter One Financial, Inc.		160903100			07/01/04		12,875
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	Against		Mgmt
08/24/04 - A	BMC Software, Inc. *BMC*		055921100			07/06/04		12,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
08/24/04 - A	Compuware Corp. *CPWR*		205638109			07/01/04		22,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Dennis W. Archer — Withhold
	1.2	Elect Director Gurminder S. Bedi — For
	1.3	Elect Director Elaine K. Didier — For
	1.4	Elect Director William O. Grabe — For
	1.5	Elect Director William R. Halling — For
	1.6	Elect Director Peter Karmanos, Jr. — For
	1.7	Elect Director Faye Alexander Nelson — For
	1.8	Elect Director Glenda D. Price — For
	1.9	Elect Director W. James Prowse — Withhold
	1.10	Elect Director G. Scott Romney — For
	1.11	Elect Director Lowell P. Weicker, Jr. — For
08/24/04 - A	QLogic Corp. *QLGC*		747277101			07/02/04		5,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 3

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
08/25/04 - A	Computer Associates International, Inc. *CA*		204912109			06/30/04		33,650
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Review Executive Compensation		Against	For		ShrHoldr
08/25/04 - A	Veritas Software Corp. *VRTS*		923436109			06/28/04		24,819
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
08/26/04 - A	Medtronic, Inc. *MDT*		585055106			07/02/04		69,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Charitable Contributions		Against	Against		ShrHoldr
08/31/04 - S	North Fork Bancorporation, Inc. *NFB*		659424105			07/23/04		6,140
	1	Approve Merger Agreement		For	For		Mgmt
09/01/04 - A	Applied Micro Circuits Corp. *AMCC*		03822W109			07/06/04		18,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
09/02/04 - A	Network Appliance, Inc. *NTAP*		64120L104			07/08/04		19,900
	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
09/08/04 - A	H&R Block, Inc. *HRB*		093671105			06/30/04		6,700
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Amend Non-Employee Director Stock		For	For		Mgmt
		Option Plan
	4	Amend Stock Option Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
09/08/04 - A	H. J. Heinz Co. *HNZ*		423074103			06/03/04		20,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 4

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
09/13/04 - S	Valero Energy Corp. *VLO*		91913Y100			07/27/04		7,300
	1	Increase Authorized Common Stock		For	For		Mgmt
09/15/04 - A	Symantec Corp. *SYMC*		871503108			07/20/04		17,700
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Outside Director Stock in Lieu of Cash Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
09/17/04 - S	Maxim Integrated Products, Inc. *MXIM*		57772K101			07/21/04		18,300
	1	Amend Omnibus Stock Plan		For	Against		Mgmt
09/18/04 - A	Biomet, Inc. *BMET*		090613100			07/21/04		14,425
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director M. Ray Harroff — Withhold
	1.2	Elect Director Jerry L. Miller — For
	1.3	Elect Director Charles E. Niemier — Withhold
	1.4	Elect Director L. Gene Tanner — For
	2	Ratify Auditors		For	For		Mgmt
09/20/04 - A	Nike, Inc. *NKE*		654106103			07/26/04		15,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
09/23/04 - A	Conagra Foods Inc. *CAG*		205887102			07/26/04		29,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Limit Awards to Executives		Against	Against		ShrHoldr
09/23/04 - A	Tektronix, Inc. *TEK*		879131100			07/19/04		4,800
	1	Elect Directors		For	For		Mgmt
09/27/04 - A	FedEx Corporation *FDX*		31428X106			08/02/04		8,400
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 5

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

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	Ratify Auditors		For	For		Mgmt
09/27/04 - A	General Mills, Inc. *GIS*		370334104			07/29/04		17,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Stephen R. Demeritt — For
	1.2	Elect Director Livio D. Desimone — For
	1.3	Elect Director William T. Esrey — For
	1.4	Elect Director Raymond V. Gilmartin — For
	1.5	Elect Director Judith R. Hope — For
	1.6	Elect Director Robert L. Johnson — Withhold
	1.7	Elect Director Heidi G. Miller — For
	1.8	Elect Director H. Ochoa-Brillembourg — For
	1.9	Elect Director Michael D. Rose — For
	1.10	Elect Director Stephen W. Sanger — For
	1.11	Elect Director A. Michael Spence — For
	1.12	Elect Director Dorothy A. Terrell — For
	2	Ratify Auditors		For	For		Mgmt
	3	Establish Range For Board Size		For	For		Mgmt
09/29/04 - A	Darden Restaurants, Inc. *DRI*		237194105			07/26/04		9,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
09/30/04 - A	Worthington Industries Inc. *WOR*		981811102			08/05/04		4,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
10/01/04 - A	National Semiconductor Corp. *NSM*		637640103			08/13/04		19,900
	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

Mgmt Rec - Company Management Recommended Vote Page 6

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	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 Executive Incentive Bonus Plan		For	For		Mgmt
	4	Approve Executive Stock Option Plan		For	Against		Mgmt
10/06/04 - A	Paychex, Inc. *PAYX*		704326107			08/09/04		21,050
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director B. Thomas Golisano — Withhold
	1.2	Elect Director G. Thomas Clark — Withhold
	1.3	Elect Director David J. S. Flaschen — For
	1.4	Elect Director Phillip Horsley — For
	1.5	Elect Director Grant M. Inman — For
	1.6	Elect Director J. Robert Sebo — Withhold
	1.7	Elect Director Joseph M. Tucci — Withhold
10/12/04 - A	The Procter & Gamble Company *PG*		742718109			07/30/04		144,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		Mgmt
	5	Implement/ Report on Animal Welfare Standards		Against	Against		ShrHoldr
10/18/04 - A	KLA-Tencor Corp. *KLAC*		482480100			08/23/04		10,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
10/19/04 - A	Cintas Corp. *CTAS*		172908105			08/23/04		6,350
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Report on Vendor Standards		For	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 7

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
10/27/04 - A	Parker-Hannifin Corp. *PH*		701094104			08/31/04		6,575
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
10/28/04 - A	Affiliated Computer Services, Inc. *ACS*		008190100			09/17/04		6,350
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
10/28/04 - A	Sara Lee Corp. *SLE*		803111103			09/01/04		43,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Brenda C. Barnes — For
	1.2	Elect Director J.T. Battenberg III — Withhold
	1.3	Elect Director Charles W. Coker — Withhold
	1.4	Elect Director James S. Crown — Withhold
	1.5	Elect Director Willie D. Davis — Withhold
	1.6	Elect Director Vernon E. Jordan, Jr. — Withhold
	1.7	Elect Director Laurette T. Koellner — Withhold
	1.8	Elect Director Cornelis J.A. van Lede — Withhold
	1.9	Elect Director Joan D. Manley — Withhold
	1.10	Elect Director C. Steven McMillan — Withhold
	1.11	Elect Director Sir Ian Prosser — For
	1.12	Elect Director Rozanne L. Ridgway — Withhold
	1.13	Elect Director Richard L. Thomas — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Charitable Contributions		Against	Against		ShrHoldr
10/28/04 - S	SouthTrust Corp.		844730101			09/21/04		18,000
	1	Approve Merger Agreement		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 8

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
10/29/04 - A	Oracle Corp. *ORCL*		68389X105			09/02/04		286,920
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Implement China Principles		Against	Against		ShrHoldr
11/03/04 - A	Coach, Inc. *COH*		189754104			09/15/04		10,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
11/03/04 - A	Linear Technology Corp. *LLTC*		535678106			09/08/04		17,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/03/04 - A	Scientific-Atlanta, Inc. *SFA*		808655104			09/15/04		8,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/04/04 - A	Archer-Daniels-Midland Company *ADM*		039483102			09/15/04		35,649
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Employee Stock Purchase Plan		For	For		Mgmt
	4	Report on Genetically Engineered Products		Against	Against		ShrHoldr
11/04/04 - A	Freddie Mac *FRE*		313400301			09/10/04		38,000
	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
11/08/04 - A	Meredith Corp. *MDP*		589433101			09/09/04		2,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Mary Sue Coleman — For
	1.2	Elect Director D Mell Meredith Frazier — Withhold
	1.3	Elect Director Joel W. Johnson — For
	1.4	Elect Director Stephen M. Lacy — For
	2	Approve Omnibus Stock Plan		For	Against		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 9

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
11/09/04 - A	Automatic Data Processing, Inc. *ADP*		053015103			09/10/04		32,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
11/09/04 - A	Microsoft Corp. *MSFT*		594918104			09/10/04		595,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Bundled Compensation Plans		For	For		Mgmt
	3	Amend Bundled Compensation Plans		For	For		Mgmt
	4	Amend Stock Option Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
11/10/04 - A	Sun Microsystems, Inc. *SUNW*		866810104			09/13/04		182,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Scott G. McNealy — For
	1.2	Elect Director James L. Barksdale — For
	1.3	Elect Director Stephen M. Bennett — For
	1.4	Elect Director L. John Doerr — Withhold
	1.5	Elect Director Robert J. Fisher — For
	1.6	Elect Director Michael E. Lehman — For
	1.7	Elect Director M. Kenneth Oshman — For
	1.8	Elect Director Naomi O. Seligman — For
	1.9	Elect Director Lynn E. Turner — For
	2	Ratify Auditors		For	For		Mgmt
11/12/04 - A	SYSCO Corporation *SYY*		871829107			09/14/04		35,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Report on Genetically Engineered Products		Against	Against		ShrHoldr
11/16/04 - A	JDS Uniphase Corp. *JDSU*		46612J101			09/15/04		79,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 10

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
11/17/04 - A	The Clorox Company *CLX*		189054109			09/20/04		11,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Outside Director Stock		For	For		Mgmt
		Awards/Options in Lieu of Cash
	3	Ratify Auditors		For	For		Mgmt
11/18/04 - A	Campbell Soup Co. *CPB*		134429109			09/21/04		22,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
11/18/04 - A	Cisco Systems, Inc. *CSCO*		17275R102			09/20/04		369,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Pay Disparity		Against	Against		ShrHoldr
11/18/04 - A	EL Paso Corp *EP*		28336L109			09/20/04		35,030
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John M. Bissell — Withhold
	1.2	Elect Director Juan Carlos Braniff — Withhold
	1.3	Elect Director James L. Dunlap — Withhold
	1.4	Elect Director Douglas L. Foshee — For
	1.5	Elect Director Robert W. Goldman — Withhold
	1.6	Elect Director Anthony W. Hall, Jr. — Withhold
	1.7	Elect Director Thomas R. Hix — For
	1.8	Elect Director William H. Joyce — For
	1.9	Elect Director Ronald L. Kuehn, Jr. — Withhold
	1.10	Elect Director J. Michael Talbert — Withhold
	1.11	Elect Director John L. Whitmire — Withhold
	1.12	Elect Director Joe B. Wyatt — Withhold
	2	Ratify Auditors		For	Against		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Limit Executive Compensation		Against	Against		ShrHoldr
11/18/04 - A	Maxim Integrated Products, Inc. *MXIM*		57772K101			09/27/04		17,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James R. Bergman — Withhold

Mgmt Rec - Company Management Recommended Vote Page 11

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director John F. Gifford — Withhold
	1.3	Elect Director B. Kipling Hagopian — For
	1.4	Elect Director M.D. Sampels — Withhold
	1.5	Elect Director A.R. Frank Wazzan — For
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
11/18/04 - A	Micron Technology, Inc. *MU*		595112103			09/20/04		2,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
12/08/04 - A	Cardinal Health, Inc. *CAH*		14149Y108			10/25/04		23,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
12/09/04 - A	Intuit Inc. *INTU*		461202103			10/11/04		10,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
12/16/04 - A	AutoZone, Inc. *AZO*		053332102			10/21/04		4,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
01/12/05 - A	Walgreen Co. *WAG*		931422109			11/15/04		54,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Separate Chairman and CEO Positions		Against	For		ShrHoldr
01/13/05 - A	Solectron Corp. *SLR*		834182107			11/18/04		51,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 12

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
01/20/05 - A	Family Dollar Stores, Inc. *FDO*		307000109			11/24/04		8,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Mark R. Bernstein — Withhold
	1.2	Elect Director Sharon Allred Decker — Withhold
	1.3	Elect Director Edward C. Dolby — For
	1.4	Elect Director Glenn A. Eisenberg — For
	1.5	Elect Director Howard R. Levine — For
	1.6	Elect Director George R. Mahoney, Jr. — For
	1.7	Elect Director James G. Martin — Withhold
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
01/20/05 - A	Jabil Circuit, Inc. *JBL*		466313103			11/22/04		10,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director William D. Morean — Withhold
	1.2	Elect Director Thomas A. Sansone — Withhold
	1.3	Elect Director Timothy L. Main — Withhold
	1.4	Elect Director Lawrence J. Murphy — Withhold
	1.5	Elect Director Mel S. Lavitt — Withhold
	1.6	Elect Director Steven A. Raymund — Withhold
	1.7	Elect Director Frank A. Newman — Withhold
	1.8	Elect Director Laurence S. Grafstein — For
	2	Ratify Auditors		For	For		Mgmt
01/20/05 - A	Monsanto Co. *MON*		61166W101			11/22/04		14,227
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John W. Bachmann — For
	1.2	Elect Director William U. Parfet — Withhold
	1.3	Elect Director George H. Poste — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Report on Genetically Modified Organisms		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 13

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	Report on Export of Hazardous Pesticides		Against	Against		ShrHoldr
	6	Adopt Human Rights Policy		Against	Against		ShrHoldr
	7	Eliminate Animal Testing		Against	Against		ShrHoldr
01/25/05 - A	Franklin Resources, Inc. *BEN*		354613101			11/30/04		9,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
01/26/05 - A	Johnson Controls, Inc. *JCI*		478366107			11/18/04		10,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
01/27/05 - A	Air Products & Chemicals, Inc. *APD*		009158106			11/30/04		12,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
01/27/05 - A	Alberto-Culver Co. *ACV*		013068101			12/01/04		4,850
	1	Elect Directors		For	For		Mgmt
01/27/05 - A	Ashland Inc.		044204105			11/22/04		3,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
01/27/05 - A	Costco Wholesale Corporation *COST*		22160K105			12/03/04		24,412
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard D. Dicerchio — Withhold
	1.2	Elect Director Richard M. Libenson — Withhold
	1.3	Elect Director John W. Meisenbach — Withhold
	1.4	Elect Director Charles T. Munger — Withhold
	1.5	Elect Director Susan L. Decker — For
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Adopt Vendor Standards		Against	Against		ShrHoldr
	4	Develop Land Procurement Policy		Against	Against		ShrHoldr
	5	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 14

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
02/01/05 - A	Becton, Dickinson and Company *BDX*		075887109			12/06/04		13,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Restore or Provide for Cumulative Voting		Against	For		ShrHoldr
02/01/05 - A	Emerson Electric Co. *EMR*		291011104			11/24/04		22,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director		For	For		Mgmt
		Restricted Stock Plan
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Amend Equal Employment Policy Regarding Sexual Orientation		Against	For		ShrHoldr
02/01/05 - S	Molson Coors Brewing Co*TAP*		217016104			11/22/04		2,000
	1	Amend Certificate of Incorporation		For	For		Mgmt
	2	Increase Authorized Common Stock		For	None		Mgmt
	3	Authorize a New Class of Common Stock		For	None		Mgmt
	4	Amend Certificate/Governance-Related		For	None		Mgmt
	5	Amend Certificate/Dividend Right		For	None		Mgmt
	6	Convert Form of Securities		For	None		Mgmt
	7	Convert Form of Securities		For	None		Mgmt
	8	Company Specific — Board-Related		For	None		Mgmt
	9	Amend Certificate/Increase or Decrease Authorized Class B Stock		For	None		Mgmt
	10	Directors May be Removed With/Without Cause		For	None		Mgmt
02/02/05 - A	Rockwell Automation Inc *ROK*		773903109			12/06/04		9,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/08/05 - A	Andrew Corp. *ANDW*		034425108			12/10/04		8,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 15

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Ratify Auditors		For	For		Mgmt
	5	Other Business		For	Against		Mgmt
02/09/05 - A	Starbucks Corp. *SBUX*		855244109			12/02/04		21,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Commit to Free Trade certified Coffee		Against	Against		ShrHoldr
02/11/05 - A	The Walt Disney Company *DIS*		254687106			12/17/04		108,329
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Prohibit Greenmail Payments		Against	For		ShrHoldr
	5	Report on Vendor Standards in China		Against	Against		ShrHoldr
02/15/05 - PC	Health Management Associates, Inc. *HMA*		421933102			12/20/04		100
		Management Proxy (WHITE CARD)
	1	Elect Directors		For	For		Mgmt
	2	Limit Outstanding Option Grants to Executive		Against			ShrHoldr
	3	Policy Regarding Uninsured Low-Income and Insured Patients		Against			ShrHoldr
		Dissident Proxy (WHITE CARD)
	1	Elect Directors (Opposition Slate)		For			Mgmt
	2	Limit Outstanding Option Grants to Executive		For			ShrHoldr
	3	Policy Regarding Uninsured Low-Income and Insured Patients		For			ShrHoldr
02/15/05 - A	Rockwell Collins, Inc. *COL*		774341101			12/17/04		9,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
02/23/05 - A	Deere & Co. *DE*		244199105			12/31/04		13,000
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
02/25/05 - A	Peoples Energy Corp. *PGL*		711030106			12/31/04		2,000
	1	Elect Directors		For	For		Mgmt
	2	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		None	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 16

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
02/28/05 - A	Sanmina-SCI Corp. *SANM*		800907107			01/03/05		2,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Neil R. Bonke — Withhold
	1.2	Elect Director Alain Couder — For
	1.3	Elect Director Randy W. Furr — For
	1.4	Elect Director Mario M. Rosati — Withhold
	1.5	Elect Director A. Eugene Sapp, Jr. — For
	1.6	Elect Director Wayne Shortridge — Withhold
	1.7	Elect Director Peter J. Simone — For
	1.8	Elect Director Jure Sola — For
	1.9	Elect Director Jacquelyn M. Ward — Withhold
	2	Ratify Auditors		For	For		Mgmt
03/01/05 - A	ADC Telecommunications, Inc. *ADCT*		000886101			01/12/05		42,100
	1	Elect Directors		For	For		Mgmt
	2	Redeem Shareholder Rights Plan Agreement		Against	For		ShrHoldr
	3	Ratify Auditors		For	For		Mgmt
03/01/05 - A	Agilent Technologies Inc. *A*		00846U101			01/03/05		25,424
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
03/01/05 - A	International Game Technology *IGT*		459902102			01/06/05		18,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Neil Barsky — For
	1.2	Elect Director Robert A. Bittman — For
	1.3	Elect Director Richard R. Burt — For
	1.4	Elect Director Leslie S. Heisz — For
	1.5	Elect Director Robert A. Mathewson — For
	1.6	Elect Director Thomas J. Matthews — For
	1.7	Elect Director Robert Miller — Withhold
	1.8	Elect Director Frederick B. Rentschler — For

Mgmt Rec - Company Management Recommended Vote Page 17

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
03/04/05 - A	AmerisourceBergen Corp *ABC*		03073E105			01/10/05		500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
03/08/05 - A	Analog Devices, Inc. *ADI*		032654105			01/14/05		19,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
03/08/05 - A	QUALCOMM Inc. *QCOM*		747525103			01/07/05		85,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert E. Kahn — For
	1.2	Elect Director Duane A. Nelles — Withhold
	1.3	Elect Director Brent Scowcroft — For
	2	Declassify the Board of Directors and Eliminate Cumulative Voting		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Amend Articles		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
03/08/05 - A	Wm. Wrigley Jr. Co. *WWY*		982526105			01/14/05		11,700
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Proposal Regarding a Change to Proxy Card Features		Against	Against		ShrHoldr
03/10/05 - A	Parametric Technology Corp. *PMTC*		699173100			01/17/05		14,000
	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
03/10/05 - A	Tyco International Ltd. *TYC*		902124106			01/10/05		105,037
		Meeting for Holders of ADRs
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Dennis C. Blair — For
	1.2	Elect Director Edward D. Breen — For

Mgmt Rec - Company Management Recommended Vote Page 18

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.3	Elect Director George W. Buckley — For
	1.4	Elect Director Brian Duperreault — For
	1.5	Elect Director Bruce S. Gordon — For
	1.6	Elect Director Rajiv L. Gupta — For
	1.7	Elect Director John A. Krol — For
	1.8	Elect Director Mackey J. Mcdonald — Withhold
	1.9	Elect Director H. Carl Mccall — For
	1.10	Elect Director Brendan R. O’Neill — For
	1.11	Elect Director Sandra S. Wijnberg — For
	1.12	Elect Director Jerome B. York — For
	2	Ratify Auditors		For	For		Mgmt
03/11/05 - S	Harrah’s Entertainment, Inc. *HET*		413619107			01/18/05		800
	1	Issue Shares in Connection with an Acquisition		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
03/15/05 - A	Morgan Stanley *MWD*		617446448			01/14/05		57,034
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
03/16/05 - A	CIENA Corporation *CIEN*		171779101			01/18/05		29,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Employee Stock Purchase Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
03/16/05 - A	Hewlett-Packard Co. *HPQ*		428236103			01/18/05		157,198
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Employee Stock Purchase Plan		For	For		Mgmt
03/22/05 - A	Fifth Third Bancorp *FITB*		316773100			01/31/05		18,418
	1	Elect Directors		For	For		Mgmt
	2	Approve Decrease in Size of Board		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 19

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
03/23/05 - A	Applied Materials, Inc. *AMAT*		038222105			01/28/05		87,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
03/23/05 - A	Navistar International Corp. *NAV*		63934E108			02/17/05		500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
03/24/05 - A	BJ Services Company *BJS*		055482103			02/07/05		8,400
	1	Elect Directors		For	For		Mgmt
03/24/05 - S	Sears, Roebuck & Co.		812387108			01/26/05		10,700
	1	Approve Merger Agreement		For	For		Mgmt
04/05/05 - A	Lehman Brothers Holdings Inc. *LEH*		524908100			02/11/05		13,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
04/05/05 - A	Sempra Energy *SRE*		816851109			02/18/05		11,913
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard A. Collato — Withhold
	1.2	Elect Director Denise K. Fletcher — For
	1.3	Elect Director William C. Rusnack — Withhold
	1.4	Elect Director William P. Rutledge — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Option Expensing		Against	For		ShrHoldr
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
04/06/05 - A	Fiserv, Inc. *FISV*		337738108			02/14/05		9,950
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 20

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/06/05 - A	The Goldman Sachs Group, Inc. *GS*		38141G104			02/07/05		24,800
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/07/05 - A	KB Home *KBH*		48666K109			02/14/05		2,400
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/07/05 - A	The Bear Stearns Companies Inc. *BSC*		073902108			02/23/05		5,252
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/12/05 - A	The Bank Of New York Co., Inc. *BK*		064057102			02/22/05		39,400
	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
04/13/05 - A	Carnival Corp. *CCL*		143658300			02/14/05		8,700
		Meeting for Holders of ADR’s
	1	Elect Directors		For	For		Mgmt
	2	TO APPROVE THE AMENDED AND RESTATED CARNIVAL CORPORATION 2001 OUTSIDE DIRECTOR STOCK PLAN.		For	For		Mgmt
	3	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE SHARE PLAN.		For	For		Mgmt
	4	TO APPROVE THE CARNIVAL PLC 2005 EMPLOYEE STOCK PURCHASE PLAN.		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	TO AUTHORIZE THE AUDIT COMMITTEE OF CARNIVAL PLC TO AGREE THE REMUNERATION OF THE INDEPENDENT AUDITORS.		For	For		Mgmt
	7	TO RECEIVE THE ACCOUNTS AND REPORTS FOR CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED NOVEMBER 30, 2004.		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 21

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	8	TO APPROVE THE DIRECTORS REMUNERATION REPORT OF CARNIVAL PLC.		For	For		Mgmt
	9	TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT SHARES BY CARNIVAL PLC.		For	For		Mgmt
	10	TO APPROVE THE DISAPPLICATION OF PRE-EMPTION RIGHTS FOR CARNIVAL PLC.		For	For		Mgmt
	11	TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL PLC TO BUY BACK CARNIVAL PLC ORDINARY SHARES IN THE OPEN MARKET.		For	For		Mgmt
04/13/05 - A	Caterpillar Inc. *CAT*		149123101			02/14/05		17,400
	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	Report on Equipment Sales to Israel		Against	Against		ShrHoldr
	5	Report on Operational Imact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
04/13/05 - A	Schlumberger Ltd. *SLB*		806857108			03/02/05		29,800
		Meeting for Holders of ADR’s
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director J. Deutch — Withhold
	1.2	Elect Director J.S. Gorelick — For
	1.3	Elect Director A. Gould — For
	1.4	Elect Director T. Isaac — For
	1.5	Elect Director A. Lajous — For
	1.6	Elect Director A. Levy-Lang — For
	1.7	Elect Director M.E. Marks — For
	1.8	Elect Director D. Primat — For
	1.9	Elect Director T.I. Sandvold — For
	1.10	Elect Director N. Seydoux — For
	1.11	Elect Director L.G. Stuntz — For
	1.12	Elect Director R. Talwar — For
	2	ADOPTION AND APPROVAL OF FINANCIALS AND DIVIDENDS		For	For		Mgmt
	3	ADOPTION OF MANDATORY AMENDMENTS TO THE ARTICLES OF INCORPORATION		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 22

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	ADOPTION OF VOLUNTARY AMENDMENTS TO THE ARTICLES OF INCORPORATION		For	For		Mgmt
	5	APPROVAL OF ADOPTION OF THE SCHLUMBERGER 2005 OPTION PLAN		For	For		Mgmt
	6	APPROVAL OF ADOPTION OF AN AMENDMENT TO THE SCHLUMBERGER DISCOUNTED STOCK PURCHASE PLAN		For	For		Mgmt
	7	APPROVAL OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		For	For		Mgmt
04/13/05 - A	United Technologies Corp. *UTX*		913017109			02/15/05		26,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Increase Disclosure of Executive Compensation		Against	Against		ShrHoldr
	5	Adopt Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	6	Limit Executive Compensation		Against	Against		ShrHoldr
04/14/05 - A	Gannett Co., Inc. *GCI*		364730101			03/04/05		12,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance- Based/Indexed Options		Against	For		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
04/14/05 - A	Novell, Inc. *NOVL*		670006105			02/15/05		19,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend By-Laws for Performance-Based Equity Compensation		Against	Against		ShrHoldr
04/15/05 - A	The Progressive Corp. *PGR*		743315103			02/17/05		10,200
	1	Elect Directors		For	For		Mgmt
	2	Authorize Board to Fill Vacancies		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/18/05 - A	Compass Bancshares, Inc. *CBSS*		20449H109			03/04/05		6,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 23

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/18/05 - A	Dana Corp. *DCN*		235811106			02/22/05		7,509
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/18/05 - A	Eli Lilly and Co. *LLY*		532457108			02/15/05		57,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director G.M.C. Fisher — Withhold
	1.2	Elect Director A.G. Gilman — For
	1.3	Elect Director K.N. Horn — Withhold
	1.4	Elect Director J. Rose — For
	2	Ratify Auditors		For	For		Mgmt
	3	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	4	Review and Report on Drug Reimportation Policy		Against	Against		ShrHoldr
	5	Report on Product Availability in Canada		Against	For		ShrHoldr
	6	Report on Political Contributions		Against	Against		ShrHoldr
	7	Adopt Policy on Performance-based Stock Option Grants		Against	For		ShrHoldr
	8	Eliminate Animal Testing		Against	Against		ShrHoldr
04/18/05 - A	Genuine Parts Co. *GPC*		372460105			02/11/05		8,950
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Thomas C. Gallagher — For
	1.2	Elect Director John D. Johns — Withhold
	1.3	Elect Director Lawrence G. Steiner — For
	2	Ratify Auditors		For	For		Mgmt
04/19/05 - A	Citigroup Inc. *C*		172967101			02/25/05		262,440
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Limit/Prohibit Awards to Executives		Against	Against		ShrHoldr
	5	Report on Political Contributions		Against	Against		ShrHoldr
	6	Prohibit Chairman From Management Duties, Titles or Responsibilities		Against	For		ShrHoldr
	7	Limit Executive Compensation		Against	Against		ShrHoldr
	8	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	9	Review/Limit Executive Compensation		Against	Against		ShrHoldr
	10	Adopt Simple Majority Vote		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 24

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/19/05 - A	Convergys Corp. *CVG*		212485106			02/28/05		7,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/19/05 - A	Dover Corp. *DOV*		260003108			02/28/05		10,300
	1	Elect Directors		For	For		Mgmt
	2	Other Business		For	Against		Mgmt
04/19/05 - A	First Horizon National Corp *FHN*		320517105			02/25/05		81
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/19/05 - A	Goodrich Corporation *GR*		382388106			02/28/05		6,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
04/19/05 - A	Mellon Financial Corp. *MEL*		58551A108			02/11/05		21,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/19/05 - A	SunTrust Banks, Inc. *STI*		867914103			02/25/05		18,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Management Incentive Plan		For	For		Mgmt
	4	Approve Performance Unit Plan		For	For		Mgmt
04/19/05 - A	The Coca-Cola Company *KO*		191216100			02/22/05		122,800
	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 Barry Diller — For
	1.6	Elect Director E. Neville Isdell — For
	1.7	Elect Director Donald R. Keough — For
	1.8	Elect Director Maria Elena Lagomasino — For

Mgmt Rec - Company Management Recommended Vote Page 25

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.9	Elect Director Donald F. McHenry — For
	1.10	Elect Director Sam Nunn — For
	1.11	Elect Director J. Pedro Reinhard — For
	1.12	Elect Director James D. Robinson III — For
	1.13	Elect Director Peter V. Ueberroth — For
	1.14	Elect Director James B. Williams — For
	2	Ratify Auditors		For	For		Mgmt
	3	Review Labor Rights in Columbia		Against	Against		ShrHoldr
	4	Performance - Based/Indexed Options		Against	For		ShrHoldr
	5	Submit Severance Agreement to Shareholder Vote		Against	For		ShrHoldr
04/19/05 - A	The Hershey Co *HSY*		427866108			02/22/05		12,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director J.A. Boscia — For
	1.2	Elect Director R.H. Campbell — For
	1.3	Elect Director R.F. Cavanaugh — For
	1.4	Elect Director G.P. Coughlan — For
	1.5	Elect Director H. Edelman — For
	1.6	Elect Director B.G. Hill — For
	1.7	Elect Director R.H. Lenny — For
	1.8	Elect Director M.J. McDonald — Withhold
	1.9	Elect Director M.J. Toulantis — For
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	Against		Mgmt
	4	Change Company Name		For	For		Mgmt
04/19/05 - A	U.S. Bancorp *USB*		902973304			02/28/05		94,334
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Joel W. Johnson — Withhold
	1.2	Elect Director David B. O’Maley — For
	1.3	Elect Director O’Dell M. Owens Md, Mph — For
	1.4	Elect Director Craig D. Schnuck — Withhold
	1.5	Elect Director Warren R. Staley — For
	2	Ratify Auditors		For	For		Mgmt
	3	Reduce Supermajority Vote Requirement		For	For		Mgmt
	4	Performance - Based/Indexed Options		Against	For		ShrHoldr
	5	Prohibit Auditor from Providing Non - Audit Services		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 26

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/19/05 - A	Wachovia Corp. *WB*		929903102			02/16/05		81,627
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John D. Baker, II — Withhold
	1.2	Elect Director Peter C. Browing — For
	1.3	Elect Director Donald M. James — For
	1.4	Elect Director Van L. Richey — For
	1.5	Elect Director G. Kennedy Thompson — For
	1.6	Elect Director John C. Whitaker, Jr. — For
	1.7	Elect Director Wallace D. Malone, Jr. — For
	1.8	Elect Director Robert J. Brown — For
	2	Ratify Auditors		For	For		Mgmt
04/19/05 - A	Washington Mutual, Inc *WM*		939322103			02/28/05		44,174
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/20/05 - A	Burlington Northern Santa Fe Corp. *BNI*		12189T104			02/22/05		19,052
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director A.L. Boeckmann — For
	1.2	Elect Director V.S. Martinez — Withhold
	1.3	Elect Director M.F. Racicot — Withhold
	1.4	Elect Director R.S. Roberts — For
	1.5	Elect Director M.K. Rose — For
	1.6	Elect Director M.J. Shapiro — For
	1.7	Elect Director J.C. Watts, Jr. — For
	1.8	Elect Director R.H. West — For
	1.9	Elect Director J.S. Whisler — For
	1.10	Elect Director E.E. Whitacre, Jr. — For
	2	Ratify Auditors		For	For		Mgmt
04/20/05 - A	C. R. Bard, Inc. *BCR*		067383109			02/28/05		5,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt ILO based Code of Conduct		Against	For		ShrHoldr
04/20/05 - A	Dow Jones & Co., Inc. *DJ*		260561105			02/25/05		2,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Irvin O. Hockaday, Jr. — Withhold

Mgmt Rec - Company Management Recommended Vote Page 27

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director Vernon Jordan, Jr. — Withhold
	1.3	Elect Director M. Peter McPherson — Withhold
	1.4	Elect Director William C. Steere — For
	1.5	Elect Director Christopher Bancroft — Withhold
	1.6	Elect Director Lewis B. Campbell — For
	1.7	Elect Director Michael B. Elefante — For
	1.8	Elect Director Leslie Hill — For
	1.9	Elect Director Peter R. Kann — For
	1.10	Elect Director Elizabeth Steele — For
	1.11	Elect Director Dieter Von Holtzbrinck — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Certificate to Reduce Automatic Conversion Threshold for Class B Common Stock		For	Against		Mgmt
	5	Amend Articles/Bylaws/Charter-Non-Routine		For	For		Mgmt
	6	Fix Number of Directors		For	For		Mgmt
	7	Separate Chairman and CEO Positions		Against	For		ShrHoldr
04/20/05 - A	PG&E Corp. *PCG*		69331C108			02/22/05		20,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director David R. Andrews — For
	1.2	Elect Director Leslie S. Biller — For
	1.3	Elect Director David A. Coulter — Withhold
	1.4	Elect Director C. Lee Cox — For
	1.5	Elect Director Peter A. Darbee — For
	1.6	Elect Director Robert D. Glynn, Jr — For
	1.7	Elect Director Mary S. Metz — For
	1.8	Elect Director Barbara L. Rambo — For
	1.9	Elect Director Barry Lawson Williams — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Adopt Policy on Nuclear Waste Storage		Against	Against		ShrHoldr
	6	Amend Terms of Existing Poison Pill		Against	Against		ShrHoldr
	7	Performance- Based/Indexed Options		Against	For		ShrHoldr
	8	Allow Vote on Golden Parachutes		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 28

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/20/05 - A	State Street Corp. (Boston) *STT*		857477103			02/25/05		16,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/20/05 - A	The Sherwin-Williams Co. *SHW*		824348106			02/28/05		7,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/05 - A	ALLTEL Corp. *AT*		020039103			02/24/05		15,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/05 - A	Apple Computer, Inc. *AAPL*		037833100			03/01/05		40,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
	6	Performance- Based/Indexed Options		Against	For		ShrHoldr
04/21/05 - A	PPG Industries, Inc. *PPG*		693506107			02/22/05		8,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/05 - A	Sovereign Bancorp, Inc. *SOV*		845905108			03/01/05		18,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/05 - A	Tellabs, Inc. *TLAB*		879664100			02/22/05		23,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/21/05 - A	Texas Instruments Inc. *TXN*		882508104			02/22/05		87,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Qualified Employee Stock		For	For		Mgmt
	4	Amend Stock Option Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 29

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/21/05 - A	Unisys Corp. *UIS*		909214108			02/28/05		16,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/21/05 - A	Weyerhaeuser Co. *WY*		962166104			02/25/05		12,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director D. Michael Steuart — For
	1.2	Elect Director Martha R. Ingram — Withhold
	1.3	Elect Director John I. Kieckhefer — Withhold
	1.4	Elect Director Arnold G. Langbo — Withhold
	1.5	Elect Director Charles R. Williamson — For
	2	Expense Stock Options		Against	For		ShrHoldr
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Performance- Based/Indexed Options		Against	For		ShrHoldr
	5	Report on Eliminating the Purchase of Timber from National Forests		Against	Against		ShrHoldr
	6	Ratify Auditors		For	For		Mgmt
04/21/05 - A	Wyeth *WYE*		983024100			03/04/05		67,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Review and Report on Drug Reimportation Policy		Against	For		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	6	Report on Political Contributions		Against	Against		ShrHoldr
	7	Discontinue Promotion of Premarin and Report on Animal Testing		Against	Against		ShrHoldr
04/22/05 - A	Abbott Laboratories *ABT*		002824100			02/23/05		79,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Link Executive Compensation to Government Fines		Against	Against		ShrHoldr
	4	Performance- Based/Indexed Options		Against	For		ShrHoldr
	5	Eliminate Animal Testing		Against	Against		ShrHoldr
	6	Report on Political Contributions		Against	Against		ShrHoldr
	7	Report on Operational Imact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	8	Separate Chairman and CEO Positions		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 30

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/22/05 - A	Alcoa Inc. *AA*		013817101			01/24/05		45,108
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/22/05 - A	Allegheny Technologies, Inc. *ATI*		01741R102			03/03/05		4,751
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Re-Approve Performance-Based Goals under Incentive Plan		For	For		Mgmt
04/22/05 - A	Dominion Resources, Inc. *D*		25746U109			02/25/05		16,750
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Greenhouse Gas Emissions		Against	Against		ShrHoldr
04/22/05 - A	Electronic Data Systems Corp. *EDS*		285661104			03/01/05		25,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Eliminate Supermajority Vote Requirement		For	For		Mgmt
04/22/05 - A	Merrill Lynch & Co., Inc. *MER*		590188108			02/22/05		47,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Restricted Stock Plan		For	For		Mgmt
	4	Provide for Cumulative Voting		Against	For		ShrHoldr
	5	Limit Executive Compensation		Against	Against		ShrHoldr
04/22/05 - A	PPL Corp. *PPL*		69351T106			02/28/05		9,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/22/05 - A	Rowan Companies, Inc. *RDC*		779382100			02/28/05		5,400
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 31

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/22/05 - A	Snap-on Incorporated *SNA*		833034101			02/22/05		2,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/23/05 - A	Cincinnati Financial Corp. *CINF*		172062101			02/25/05		8,475
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Approve Stock Option Plan		For	For		Mgmt
	5	Approve Outside Director Stock Awards/Options in Lieu of Cash		For	For		Mgmt
04/25/05 - A	Bellsouth Corp. *BLS*		079860102			03/07/05		92,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director F. Duane Ackerman — For
	1.2	Elect Director Reuben V. Anderson — For
	1.3	Elect Director James H. Blanchard — For
	1.4	Elect Director J. Hyatt Brown — Withhold
	1.5	Elect Director Armando M. Codina — For
	1.6	Elect Director Kathleen F. Feldstein — For
	1.7	Elect Director James P. Kelly — For
	1.8	Elect Director Leo F. Mullin — For
	1.9	Elect Director William S. Stavropoulos — For
	1.10	Elect Director Robin B. Smith — For
	2	Ratify Auditors		For	For		Mgmt
	3	Political Contributions		Against	Against		ShrHoldr
04/25/05 - A	Honeywell International, Inc. *HON*		438516106			02/25/05		43,475
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Amend the Certificate of Incorporation and By-laws		For	For		Mgmt
	5	Establish Other Board Committee		Against	For		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	7	Report on Pay Disparity		Against	Against		ShrHoldr
	8	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	9	Approve Commonsense Executive Compensation Framework		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 32

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/26/05 - A	Allergan, Inc. *AGN*		018490102			03/10/05		6,500
	1	Elect Directors		For	For		Mgmt
04/26/05 - A	Ameren Corporation *AEE*		023608102			03/04/05		1,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Risks of Nuclear Waste Storage		Against	Against		ShrHoldr
	4	Require Independent Director To Serve As Chairman Of The Board		Against	Against		ShrHoldr
04/26/05 - A	American Electric Power Co. *AEP*		025537101			03/02/05		19,940
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director E.R. Brooks — Withhold
	1.2	Elect Director Donald M. Carlton — For
	1.3	Elect Director John P. DesBarres — For
	1.4	Elect Director Robert W. Fri — For
	1.5	Elect Director William R. Howell — For
	1.6	Elect Director Lester A. Hudson, Jr. — For
	1.7	Elect Director Michael G. Morris — For
	1.8	Elect Director Lionel L. Nowell III — For
	1.9	Elect Director Richard L. Sandor — For
	1.10	Elect Director Donald G. Smith — For
	1.11	Elect Director Kathryn D. Sullivan — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Submit Executive Retirement Plan to Shareholder Vote		Against	For		ShrHoldr
04/26/05 - A	BB&T Corporation *BBT*		054937107			03/07/05		27,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Alfred E. Cleveland — Withhold
	1.2	Elect Director Anna R. Cablik — For
	1.3	Elect Director John P. Howe, III — For
	1.4	Elect Director Nido R. Qubein — For
	1.5	Elect Director Albert F. Zettlemoyer — Withhold
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 33

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/26/05 - A	Cendant Corporation *CD*		151313103			02/28/05		53,233
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Myra J. Biblowit — Withhold
	1.2	Elect Director Leonard S. Coleman — For
	1.3	Elect Director Cheryl D. Mills — For
	1.4	Elect Director Brian Mulroney — For
	1.5	Elect Director Robert E. Nederlander — For
	1.6	Elect Director Ronald L. Nelson — For
	1.7	Elect Director Robert W. Pittman — For
	1.8	Elect Director Pauline D. E. Richards — For
	1.9	Elect Director Sheli Z. Rosenburg — Withhold
	1.10	Elect Director Robert F. Smith — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Outside Director Stock Awards/Options in Lieu of Cash		For	For		Mgmt
	4	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
	5	Report on Pay Disparity		Against	Against		ShrHoldr
	6	Eliminate or Restrict Severance Agreements (Change-in-Control)		Against	For		ShrHoldr
04/26/05 - A	Clear Channel Communications, Inc. *CCU*		184502102			03/11/05		28,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Alan D. Feld — For
	1.2	Elect Director Perry J. Lewis — For
	1.3	Elect Director L. Lowry Mays — For
	1.4	Elect Director Mark P. Mays — For
	1.5	Elect Director Randall T. Mays — For
	1.6	Elect Director B.J. McCombs — Withhold
	1.7	Elect Director Phyllis B. Riggins — For
	1.8	Elect Director Theodore H. Strauss — For
	1.9	Elect Director J.C. Watts — For
	1.10	Elect Director John H. Williams — For
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 34

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/26/05 - A	COOPER INDUSTRIES LTD *CBE*		G24182100			03/01/05		4,700
		Meeting for Holders of ADR’s
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	SHAREHOLDER PROPOSAL REQUESTING COOPER TO IMPLEMENT A CODE OF CONDUCT BASED ON INTERNATIONAL LABOR ORGANIZATION HUMAN RIGHTS STANDARDS.		Against	Against		ShrHoldr
04/26/05 - A	Fortune Brands, Inc. *FO*		349631101			02/25/05		7,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
04/26/05 - A	Humana Inc. *HUM*		444859102			03/07/05		8,000
	1	Elect Directors		For	For		Mgmt
04/26/05 - A	International Business Machines Corp. *IBM*		459200101			02/25/05		84,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Cathleen Black — For
	1.2	Elect Director Kenneth I. Chenault — For
	1.3	Elect Director Juergen Dormann — For
	1.4	Elect Director Michael L. Eskew — Withhold
	1.5	Elect Director Carlos Ghosn — For
	1.6	Elect Director Charles F. Knight — For
	1.7	Elect Director Minoru Makihara — For
	1.8	Elect Director Lucio A. Noto — For
	1.9	Elect Director Samuel J. Palmisano — For
	1.10	Elect Director Joan E. Spero — For
	1.11	Elect Director Sidney Taurel — For
	1.12	Elect Director Charles M. Vest — For
	1.13	Elect Director Lorenzo H. Zambrano — For
	2	Ratify Auditors		For	For		Mgmt
	3	Restore or Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Eliminate Age Discrimination in Retirement Benefits		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 35

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	5	Calculate Executive Salary Without		Against	For		ShrHoldr
		Regard to Pension Income
	6	Expense Stock Options		Against	For		ShrHoldr
	7	Report on Executive Compensation		Against	Against		ShrHoldr
	8	Report on Outsourcing		Against	Against		ShrHoldr
04/26/05 - A	L-3 Communications Holdings, Inc. *LLL*		502424104			03/18/05		5,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/26/05 - A	Marshall & Ilsley Corp. *MI*		571834100			03/01/05		11,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/26/05 - A	MeadWestvaco Corp. *MWV*		583334107			03/01/05		10,198
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Require a Majority Vote for the Election		Against	For		ShrHoldr
		of Directors
04/26/05 - A	Metlife, Inc *MET*		59156R108			03/01/05		37,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Cheryl W. Grise — For
	1.2	Elect Director James R. Houghton — For
	1.3	Elect Director Helene L. Kaplan — Withhold
	1.4	Elect Director Sylvia M. Mathews — For
	1.5	Elect Director William C. Steere, Jr. — For
	2	Ratify Auditors		For	For		Mgmt
	3	Establish Other Board Committee		Against	Against		ShrHoldr
04/26/05 - A	Moody’s Corporation *MCO*		615369105			03/01/05		7,500
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/26/05 - A	National City Corp. *NCC*		635405103			03/04/05		34,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditor		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 36

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/26/05 - A	Paccar Inc. *PCAR*		693718108			02/28/05		8,830
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		Against	For		ShrHoldr
	3	Amend Bylaws to Provide for Director Nominees to be Elected by Majority Vote		Against	For		ShrHoldr
04/26/05 - A	PerkinElmer Inc. *PKI*		714046109			02/28/05		6,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/26/05 - A	PNC Financial Services Group, Inc. *PNC*		693475105			02/28/05		14,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/26/05 - A	Praxair, Inc. *PX*		74005P104			03/01/05		16,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/26/05 - A	Schering-Plough Corp. *SGP*		806605101			03/04/05		74,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Eliminate Animal Testing		Against	Against		ShrHoldr
04/26/05 - A	Stryker Corp. *SYK*		863667101			02/28/05		20,300
	1	Elect Directors		For	For		Mgmt
04/26/05 - A	T. Rowe Price Group, Inc. *TROW*		74144T108			02/25/05		6,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
04/26/05 - A	The Chubb Corp. *CB*		171232101			03/07/05		9,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 37

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/26/05 - A	The New York Times Co. *NYT*		650111107			02/28/05		700
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/26/05 - A	United States Steel Corp. *X*		912909108			02/25/05		5,720
	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
04/26/05 - A	VF Corp. *VFC*		918204108			03/08/05		5,600
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/26/05 - A	Wells Fargo & Company *WFC*		949746101			03/08/05		85,130
	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 — Withhold
	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	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Adopt Policy on Payday Lenders		Against	Against		ShrHoldr
	5	Link Executive Compensation to Predatory Lending		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 38

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Performance-Based/Indexed Options		Against	For		ShrHoldr
	7	Limit Executive Compensation		Against	Against		ShrHoldr
	8	Separate Chairman and CEO Positions		Against	For		ShrHoldr
04/27/05 - A	American Express Co. *AXP*		025816109			02/28/05		63,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Company-Specific — Compensation-Related		Against	Against		ShrHoldr
	4	Report on Political Contributions		Against	Against		ShrHoldr
04/27/05 - A	Anheuser-Busch Companies, Inc. *BUD*		035229103			02/28/05		39,900
	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
04/27/05 - A	Ball Corp. *BLL*		058498106			03/01/05		5,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director George M. Smart — For
	1.2	Elect Director Theodore M. Solso — Withhold
	1.3	Elect Director Stuart A. Taylor — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Bundled Compensation Plans		For	For		Mgmt
	4	Increase Authorized Common Stock		For	For		Mgmt
	5	Declassify the Board of Directors		Against	For		ShrHoldr
04/27/05 - A	Bank of America Corp. *BAC*		060505104			03/04/05		203,842
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director William Barnet, III — For
	1.2	Elect Director Charles W. Coker — For
	1.3	Elect Director John T. Collins — For
	1.4	Elect Director Gary L. Countryman — Withhold
	1.5	Elect Director Paul Fulton — For
	1.6	Elect Director Charles K. Gifford — For
	1.7	Elect Director W. Steven Jones — For
	1.8	Elect Director Kenneth D. Lewis — For
	1.9	Elect Director Walter E. Massey — For
	1.10	Elect Director Thomas J. May — For
	1.11	Elect Director Patricia E. Mitchell — For
	1.12	Elect Director Edward L. Romero — For

Mgmt Rec - Company Management Recommended Vote Page 39

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.13	Elect Director Thomas M. Ryan — Withhold
	1.14	Elect Director O. Temple Sloan, Jr. — For
	1.15	Elect Director Meredith R. Spangler — For
	1.16	Elect Director Robert L. Tillman — For
	1.17	Elect Director Jackie M. Ward — For
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Political Contributions		Against	Against		ShrHoldr
	4	Director Nominee Amendment		Against	Against		ShrHoldr
04/27/05 - A	Burlington Resources Inc. *BR*		122014103			02/28/05		19,764
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director B.T. Alexander — For
	1.2	Elect Director R.V. Anderson — For
	1.3	Elect Director L.I. Grant — For
	1.4	Elect Director R.J. Harding — For
	1.5	Elect Director J.T. LaMacchia — For
	1.6	Elect Director R.L. Limbacher — For
	1.7	Elect Director J.F. McDonald — Withhold
	1.8	Elect Director K.W. Orce — Withhold
	1.9	Elect Director D.M. Roberts — For
	1.10	Elect Director J.A. Runde — For
	1.11	Elect Director J.F. Schwarz — For
	1.12	Elect Director W. Scott, Jr. — For
	1.13	Elect Director B.S. Shackouls — For
	1.14	Elect Director S.J. Shapiro — For
	1.15	Elect Director W.E. Wade, Jr — For
	2	Ratify Auditors		For	For		Mgmt
04/27/05 - A	CHEVRON CORP *CVX*		166764100			03/01/05		107,172
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	5	Expense Stock Options		Against	For		ShrHoldr
	6	Eliminate Animal Testing		Against	Against		ShrHoldr
	7	Report on Drilling in Protected Areas		Against	Against		ShrHoldr
	8	Report on Remediation Programs in Ecuador		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 40

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/27/05 - A	CIGNA Corp. *CI*		125509109			02/28/05		6,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/27/05 - A	E.I. Du Pont De Nemours & Co. *DD*		263534109			03/07/05		50,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Government Service of Employees		Against	Against		ShrHoldr
	4	Implement ILO Code of Conduct		Against	Against		ShrHoldr
	5	Executive Compensation		Against	Against		ShrHoldr
	6	Eliminate Animal Testing		Against	Against		ShrHoldr
	7	Report on Genetically Modified Organisms		Against	Against		ShrHoldr
	8	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	9	Report on PFOA Chemical Remediation		Against	Against		ShrHoldr
04/27/05 - A	Eaton Corp. *ETN*		278058102			02/28/05		7,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/05 - A	Fluor Corp. *FLR*		343412102			03/02/05		4,200
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Peter J. Fluor — Withhold
	1.2	Elect Director David P. Gardner — For
	1.3	Elect Director Joseph W. Prueher — For
	1.4	Elect Director Suzanne H. Woolsey — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Governance Documents Regarding Majority Votes for Directors		Against	For		ShrHoldr
04/27/05 - A	General Electric Co. *GE*		369604103			02/28/05		534,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James I. Cash, Jr. — For
	1.2	Elect Director William M. Castell — For
	1.3	Elect Director Dennis D. Dammerman — For
	1.4	Elect Director Ann M. Fudge — For
	1.5	Elect Director Claudio X. Gonzalez — Withhold
	1.6	Elect Director Jeffrey R. Immelt — For
	1.7	Elect Director Andrea Jung — For

Mgmt Rec - Company Management Recommended Vote Page 41

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.8	Elect Director Alan G. Lafley — 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	Provide for Cumulative Voting		Against	Against		ShrHoldr
	4	Report on Nuclear Fuel Storage Risks		Against	Against		ShrHoldr
	5	Report on PCB Clean-up Costs		Against	For		ShrHoldr
	6	Adopt Policy on Overboarded Directors		Against	For		ShrHoldr
	7	Prepare a Sustainability Report		Against	Against		ShrHoldr
	8	Political Contributions/Activities		Against	Against		ShrHoldr
	9	Eliminate Animal Testing		Against	Against		ShrHoldr
04/27/05 - S	Guidant Corp. *GDT*		401698105			03/21/05		15,800
	1	Approve Merger Agreement		For	For		Mgmt
04/27/05 - A	Huntington Bancshares Inc. *HBAN*		446150104			02/18/05		7,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/05 - A	Kohl’s Corp. *KSS*		500255104			03/02/05		17,300
	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
04/27/05 - A	Marathon Oil Corp *MRO*		565849106			02/28/05		17,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Amend Governance Documents Regarding Director Nominees by Affirmative Votes		Against	For		ShrHoldr
04/27/05 - A	Millipore Corp. *MIL*		601073109			03/04/05		2,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 42

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/27/05 - A	NCR Corporation *NCR*		62886E108			02/14/05		9,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Eliminate Domestic Partner Benefits for Executives		Against	Against		ShrHoldr
04/27/05 - A	Newmont Mining Corp. (Holding Company) *NEM*		651639106			03/03/05		22,411
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Glen A. Barton — For
	1.2	Elect Director Vincent A. Calarco — For
	1.3	Elect Director Michael s. Hamson — For
	1.4	Elect Director Leo I. Higdon, Jr. — For
	1.5	Elect Director Pierre Lassonde — For
	1.6	Elect Director Robert J. Miller — Withhold
	1.7	Elect Director Wayne W. Murdy — For
	1.8	Elect Director Robin A. Plumbridge — For
	1.9	Elect Director John B. Prescott — For
	1.10	Elect Director Donald C. Roth — For
	1.11	Elect Director Seymour Schulich — For
	1.12	Elect Director James V. Taranik — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/27/05 - A	TECO Energy, Inc. *TE*		872375100			02/17/05		4,617
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/27/05 - A	Textron Inc. *TXT*		883203101			03/04/05		7,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	4	Performance-Based/Indexed Options		Against	For		ShrHoldr
04/27/05 - A	The McGraw-Hill Companies, Inc. *MHP* 5		80645109			03/08/05		9,600
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 43

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Ratify Auditors		For	For		Mgmt
	5	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
04/27/05 - A	The Stanley Works *SWK*		854616109			02/28/05		4,200
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
04/27/05 - A	W.W. Grainger, Inc. *GWW*		384802104			03/07/05		4,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
04/28/05 - A	Adobe Systems Inc. *ADBE*		00724F101			03/01/05		12,100
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Expense Stock Options		Against	For		ShrHoldr
	5	Review/Limit Executive Compensation		Against	For		ShrHoldr
	6	Ratify Auditors		For	For		Mgmt
04/28/05 - A	Advanced Micro Devices, Inc. *AMD*		007903107			02/28/05		19,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Expense Stock Options		Against	For		ShrHoldr
04/28/05 - A	Altria Group, Inc. *MO*		02209S103			03/07/05		103,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Elizabeth E. Bailey — For
	1.2	Elect Director Harold Brown — For
	1.3	Elect Director Mathis Cabiallavetta — For
	1.4	Elect Director Louis C. Camilleri — For
	1.5	Elect Director J. Dudley Fishburn — For
	1.6	Elect Director Robert E. R. Huntley — For
	1.7	Elect Director Thomas W. Jones — Withhold

Mgmt Rec - Company Management Recommended Vote Page 44

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.8	Elect Director George Munoz — For
	1.9	Elect Director Lucio A. Noto — For
	1.10	Elect Director John S. Reed — For
	1.11	Elect Director Carlos Slim Helu — For
	1.12	Elect Director Stephen M. Wolf — For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Eliminate Animal Testing		Against	Against		ShrHoldr
	6	Product Warnings for Pregnant Women		Against	Against		ShrHoldr
	7	Cease Use of Light and Ultra Light in Cigarette Marketing		Against	Against		ShrHoldr
	8	Apply Fire Safety Standards for Cigarettes		Against	Against		ShrHoldr
04/28/05 - A	Baker Hughes Incorporated *BHI*		057224107			02/25/05		16,980
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Larry D. Brady — For
	1.2	Elect Director Clarence P. Cazalot, Jr. — Withhold
	1.3	Elect Director Anthony G. Fernandes — For
	1.4	Elect Director J. Larry Nichols — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Act on Shareholder Resolutions that Receive Majority Support		Against	For		ShrHoldr
04/28/05 - A	Broadcom Corp. *BRCM*		111320107			03/04/05		16,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director George L. Farinsky — Withhold
	1.2	Elect Director John Major — Withhold
	1.3	Elect Director Scott A. McGregor — For
	1.4	Elect Director Alan E. Ross — For
	1.5	Elect Director Henry Samueli, Ph.D. — For
	1.6	Elect Director Robert E. Switz — Withhold
	1.7	Elect Director Werner F. Wolfen — Withhold
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Link Executive Compensation to Social and Financial Issues		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 45

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/05 - A	Capital One Financial Corp. *COF*		14040H105			02/28/05		1,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Report on Pay Disparity		Against	Against		ShrHoldr
04/28/05 - A	Corning Inc. *GLW*		219350105			03/01/05		70,900
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/28/05 - A	DTE Energy Co. *DTE*		233331107			02/28/05		700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/05 - A	Harrah’s Entertainment, Inc. *HET*		413619107			02/28/05		1,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/05 - A	Johnson & Johnson *JNJ*		478160104			03/01/05		150,060
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
04/28/05 - A	Kimberly-Clark Corp. *KMB*		494368103			02/28/05		24,640
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt ILO Based Code of Conduct		Against	Against		ShrHoldr
04/28/05 - A	Lexmark International, Inc. *LXK*		529771107			03/04/05		6,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director B. Charles Ames — For
	1.2	Elect Director Ralph E. Gomory — For
	1.3	Elect Director Marvin L. Mann — Withhold
	1.4	Elect Director Teresa Beck — For
	2	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 46

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/05 - A	Lockheed Martin Corp. *LMT*		539830109			03/01/05		22,382
	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 Marcus C. Bennett — For
	1.4	Elect Director James O. Ellis, Jr. — For
	1.5	Elect Director Gwendolyn S. King — For
	1.6	Elect Director Douglas H. McCorkindale — For
	1.7	Elect Director Eugene F. Murphy — For
	1.8	Elect Director Joseph W. Ralston — Withhold
	1.9	Elect Director Frank Savage — Withhold
	1.10	Elect Director Anne Stevens — For
	1.11	Elect Director Robert J. Stevens — For
	1.12	Elect Director James R. Ukropina — For
	1.13	Elect Director Douglas C. Yearley — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	5	Adopt Simple Majority Vote Requirement for All Issues		Against	For		ShrHoldr
	6	Report on Pay Disparity		Against	Against		ShrHoldr
	7	and amend its code of conduct and policies related to bidding Review Code of Conduct on Military Contracts		Against	Against		ShrHoldr
04/28/05 - A	NOBLE CORP *NE*		G65422100			03/03/05		6,800
		Meeting for Holders of ADR’s
	1	Elect Directors		For	For		Mgmt
	2	APPROVAL OF ADOPTION OF SPECIAL RESOLUTION OF MEMBERS TO AMEND ARTICLES OF ASSOCIATION TO INCREASE DIRECTOR RETIREMENT AGE.		For	For		Mgmt
	3	APPROVAL OF THE PROPOSAL REGARDING THE AMENDED AND RESTATED NOBLE CORPORATION 1992 NONQUALIFIED STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS.		For	For		Mgmt
	4	APPROVAL OF THE PROPOSAL TO AMEND THE NOBLE CORPORATION EQUITY COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS.		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 47

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/28/05 - A	Pfizer Inc. *PFE*		717081103			03/02/05		380,784
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Establish Term Limits for Directors		Against	Against		ShrHoldr
	4	Report on Pharmaceutical Price Restraint		Against	Against		ShrHoldr
	5	Review and Report on Drug Reimportation Policy		Against	Against		ShrHoldr
	6	Report on Political Contributions		Against	Against		ShrHoldr
	7	Report on Product Availability in Canada		Against	For		ShrHoldr
	8	Separate Chairman and CEO Positions		Against	For		ShrHoldr
04/28/05 - A	Synovus Financial Corp. *SNV*		87161C105			02/17/05		15,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/05 - A	The AES Corp. *AES*		00130H105			03/03/05		32,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
04/28/05 - A	Torchmark Corp. *TMK*		891027104			03/04/05		5,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Make Effort to Locate Women and Minorities for Board Nomination		Against	Against		ShrHoldr
04/28/05 - A	Valero Energy Corp. *VLO*		91913Y100			03/01/05		13,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
04/28/05 - A	Wendy’s International, Inc. *WEN*		950590109			03/07/05		5,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Impact of Genetically Engineered Products		Against	Against		ShrHoldr
	4	Report on Feasibility of Improving Animal Welfare Standards		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 48

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/29/05 - A	Aetna Inc. *AET*		00817Y108			02/25/05		7,498
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Restore or Provide for Cumulative Voting		Against	For		ShrHoldr
	6	Expense Stock Options		Against	For		ShrHoldr
04/29/05 - A	Apartment Investment & Management Co. *AIV*		03748R101			03/04/05		4,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Terry Considine — For
	1.2	Elect Director James N. Bailey — For
	1.3	Elect Director Richard S. Ellwood — For
	1.4	Elect Director J. Landis Martin — Withhold
	1.5	Elect Director Thomas L. Rhodes — For
	1.6	Elect Director Michael A. Stein — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approval of the Sale of High Performance Units		For	For		Mgmt
04/29/05 - A	Coca-Cola Enterprises Inc. *CCE*		191219104			03/02/05		3,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Fernando Aguirre — For
	1.2	Elect Director James E. Copeland, Jr. — For
	1.3	Elect Director Irial Finan — Withhold
	1.4	Elect Director Summerfield K. Johnston, III — Withhold
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Limit Executive Compensation		Against	For		ShrHoldr
	5	Performance- Based/Indexed Options		Against	For		ShrHoldr
	6	Amendment of Governance Documents to Require Election of Directors by Majority Vote		Against	For		ShrHoldr
	7	Performance and Time-Based Restricted Share Grant Program for Senior Executives		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 49

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
04/29/05 - A	Freescale Semiconductor, Inc. *FSL*		35687M206			03/01/05		19,616
	1	Elect Directors		For	For		Mgmt
	2	Amend Articles		For	For		Mgmt
	3	Amend Bylaws		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	Against		Mgmt
	5	Ratify Auditors		For	For		Mgmt
04/29/05 - A	IMS Health Inc. *RX*		449934108			03/04/05		11,700
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director David R. Carlucci — For
	1.2	Elect Director Constantine L. Clemente — Withhold
	1.3	Elect Director Kathryn E. Giusti — Withhold
	1.4	Elect Director M. Bernard Puckett — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Poison Pill to Shareholder Vote		Against	For		ShrHoldr
04/29/05 - A	Kellogg Co. *K*		487836108			03/01/05		20,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Claudio X. Gonzalez — Withhold
	1.2	Elect Director A. D. David Mackay — For
	1.3	Elect Director William C. Richardson — For
	1.4	Elect Director John L. Zabriskie — For
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	4	Employ Financial Advisor to Explore Alternatives to Maximize Value		Against	Against		ShrHoldr
04/29/05 - A	Novellus Systems, Inc. *NVLS*		670008101			03/01/05		7,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Richard S. Hill — For
	1.2	Elect Director Neil R. Bonke — For
	1.3	Elect Director Youssef A. EL-Mansey — Withhold
	1.4	Elect Director J. David Litster — Withhold
	1.5	Elect Director Yoshio Nishi — Withhold

Mgmt Rec - Company Management Recommended Vote Page 50

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.6	Elect Director Glen G. Possley — For
	1.7	Elect Director Ann D. Rhoads — For
	1.8	Elect Director William R. Spivey — Withhold
	1.9	Elect Director Delbert A. Whitaker — Withhold
	2	Amend Omnibus Stock Plan		For	Against		Mgmt
	3	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
04/29/05 - A	SBC Communications Inc. *SBC*		78387G103			03/01/05		96,998
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Nonqualified Employee Stock Purchase Plan		For	For		Mgmt
	4	Report on Political Contributions		Against	Against		ShrHoldr
	5	Report on Executive Compensation		Against	Against		ShrHoldr
	6	Performance- Based/Indexed Options		Against	Against		ShrHoldr
	7	Adopt Simple Majority Vote		Against	For		ShrHoldr
04/29/05 - A	Xl Capital Ltd (Formerly Exel Ltd. ) *XL*		G98255105			03/14/05		6,900
		Meeting for Holders of ADR’s
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	TO APPROVE THE AMENDMENT AND RESTATEMENT OF THE COMPANY S 1991 PERFORMANCE INCENTIVE PROGRAM.		For	For		Mgmt
04/30/05 - A	Harley-Davidson, Inc. *HDI*		412822108			03/09/05		14,500
	1	Elect Directors		For	For		Mgmt
	2	Approve/Amend Employee Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/02/05 - A	AFLAC Incorporated *AFL*		001055102			02/23/05		25,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/02/05 - A	Jefferson-Pilot Corp. *JP*		475070108			03/01/05		6,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 51

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/02/05 - A	Louisiana-Pacific Corp *LPX*		546347105			03/04/05		1,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/02/05 - A	MBNA Corp. *KRB*		55262L100			02/04/05		65,477
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James H. Berick — Withhold
	1.2	Elect Director Mary M. Boies — For
	1.3	Elect Director Benjamin R. Civiletti — Withhold
	1.4	Elect Director Bruce L. Hammonds — Withhold
	1.5	Elect Director William L. Jews — Withhold
	1.6	Elect Director Randolph D. Lerner — Withhold
	1.7	Elect Director Stuart L. Markowitz, M.D. — Withhold
	1.8	Elect Director William B. Milstead — Withhold
	1.9	Elect Director Thomas G. Murdough, Jr. — For
	1.10	Elect Director Laura S. Unger — For
	2	Ratify Auditors		For	For		Mgmt
	3	Expense Stock Options		Against	For		ShrHoldr
	4	Performance-Based/Indexed Options		Against	For		ShrHoldr
05/02/05 - A	Motorola, Inc. *MOT*		620076109			03/04/05		122,835
	1	Elect Directors		For	For		Mgmt
	2	Limit Executive Compensation		Against	Against		ShrHoldr
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/02/05 - A	Rohm and Haas Co. *ROH*		775371107			03/04/05		11,375
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Amend 401(k)/Savings Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Other Business		For	Against		Mgmt
05/02/05 - A	The Boeing Co. *BA*		097023105			03/03/05		42,338
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Kenneth M. Duberstein — Withhold

Mgmt Rec - Company Management Recommended Vote Page 52

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director W. James McNerney, Jr. — Withhold
	1.3	Elect Director Lewis E. Platt — Withhold
	1.4	Elect Director Mike S. Zafirovski — For
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt Human Rights Policy		Against	For		ShrHoldr
	4	Develop Ethical Criteria for Military Contracts		Against	Against		ShrHoldr
	5	Report on Political Contributions		Against	Against		ShrHoldr
	6	Declassify the Board of Directors		Against	For		ShrHoldr
	7	Adopt Simple Majority Vote Requirement		Against	For		ShrHoldr
	8	Establish Other Board Committee		Against	For		ShrHoldr
	9	Separate Chairman and CEO Positions		Against	For		ShrHoldr
05/02/05 - A	Zimmer Holdings Inc *ZMH*		98956P102			03/15/05		12,170
	1	Elect Directors		For	For		Mgmt
	2	Amend Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
05/03/05 - A	Ambac Financial Group, Inc. *ABK*		023139108			03/07/05		5,500
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/05 - A	American Standard Companies Inc. *ASD*		029712106			03/10/05		10,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/03/05 - A	Baxter International Inc. *BAX*		071813109			03/04/05		31,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Restore or Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
	5	Declassify the Board of Directors		None	For		ShrHoldr
05/03/05 - A	Bristol-Myers Squibb Co. *BMY*		110122108			03/07/05		98,100
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 53

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

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	Amend Articles to Eliminate Certain Supermajority Vote Requirements		For	For		Mgmt
	4	Report on Political Contributions		Against	Against		ShrHoldr
	5	Report on Operational Impact of HIV/AIDS, TB, and Malaria Pandemic		Against	Against		ShrHoldr
	6	Eliminate Animal Testing		Against	Against		ShrHoldr
	7	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	8	Proposal Regarding Restatement Situations		Against	Against		ShrHoldr
	9	Limit/Prohibit Awards to Executives		Against	For		ShrHoldr
	10	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/03/05 - A	Cooper Tire & Rubber Co. *CTB*		216831107			03/07/05		82
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prepare Sustainability Report		Against	For		ShrHoldr
05/03/05 - A	EOG Resources, Inc. *EOG*		26875P101			03/07/05		12,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
05/03/05 - A	Georgia-Pacific Corp. *GP*		373298108			03/01/05		13,002
	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		Mgmt
05/03/05 - A	North Fork Bancorporation, Inc. *NFB*		659424105			03/04/05		23,750
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/05 - A	Power-One, Inc. *PWER*		739308104			03/11/05		4,100
	1	Declassify the Board of Directors		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/03/05 - A	Reebok International Ltd. *RBK*		758110100			02/22/05		2,900
	1	Elect Directors		For	Split		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 54

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.1	Elect Director Norman Axelrod — For
	1.2	Elect Director Paul R. Duncan — For
	1.3	Elect Director Richard G. Lesser — For
	1.4	Elect Director Deval L. Patrick — For
	1.5	Elect Director Paul B. Fireman — For
	1.6	Elect Director Dorothy E. Puhy — For
	1.7	Elect Director Thomas M. Ryan — Withhold
	2	Ratify Auditors		For	For		Mgmt
05/03/05 - A	Robert Half International Inc. *RHI*		770323103			03/11/05		8,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/03/05 - A	Sigma-Aldrich Corp. *SIAL*		826552101			03/07/05		3,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/03/05 - A	UnitedHealth Group Incorporated *UNH*		91324P102			03/07/05		33,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance-Based/Indexed Options		Against	For		ShrHoldr
	4	Performance-Based/Indexed Options		Against	For		ShrHoldr
05/03/05 - A	UST Inc. *UST*		902911106			03/09/05		8,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Adopt Policy on Internet Advertising		Against	Against		ShrHoldr
05/04/05 - A	Archstone Smith Trust *ASN*		039583109			03/08/05		9,800
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Trustees		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/04/05 - A	Brunswick Corp. *BC*		117043109			03/03/05		4,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 55

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/04/05 - A	Colgate-Palmolive Co. *CL*		194162103			03/07/05		26,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Stock Option Plan		For	For		Mgmt
	4	Approve Non-Employee Director Stock Option Plan		For	For		Mgmt
	5	Review/Limit Executive Compensation		Against	Against		ShrHoldr
05/04/05 - A	CSX Corp. *CSX*		126408103			03/04/05		10,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Subject Non-Deductible Executive Compensation to Shareholder Vote		Against	Against		ShrHoldr
	4	Adopt Simple Majority Vote Requirement		Against	For		ShrHoldr
05/04/05 - A	Danaher Corp. *DHR*		235851102			03/07/05		15,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/04/05 - A	General Dynamics Corp. *GD*		369550108			03/11/05		9,900
	1	Elect Directors		For	Withhold		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	For		ShrHoldr
	4	Report on Foreign Weapons Sales		Against	Against		ShrHoldr
05/04/05 - A	Leggett & Platt, Inc. *LEG*		524660107			02/28/05		9,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
05/04/05 - A	PepsiCo, Inc. *PEP*		713448108			03/11/05		83,210
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Corporate Political Contributions		Against	Against		ShrHoldr
05/04/05 - A	Raytheon Co. *RTN*		755111507			03/09/05		22,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 56

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

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		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Amend Non-Employee Director Restricted Stock Plan		For	For		Mgmt
	6	Adopt MacBride Principles		Against	Against		ShrHoldr
	7	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	8	Require Director Nominee Qualifications		Against	Against		ShrHoldr
05/04/05 - A	SAFECO Corp. *SAFC*		786429100			03/07/05		6,400
	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
05/04/05 - A	Waters Corp. *WAT*		941848103			03/15/05		6,000
	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	Other Business		For	Against		Mgmt
05/05/05 - A	Apache Corp. *APA*		037411105			03/16/05		16,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Stock Option Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	5	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr
05/05/05 - A	Avon Products, Inc. *AVP*		054303102			03/16/05		23,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Amend Omnibus Stock Plan		For	For		Mgmt
	5	Disclose Charitable Contributions and Fundraising Efforts		Against	Against		ShrHoldr
	6	Reformulate Products to Remove Chemicals Banned by EU		Against	Against		ShrHoldr
05/05/05 - A	Bemis Company, Inc. *BMS*		081437105			03/11/05		5,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Edward N. Perry — For

Mgmt Rec - Company Management Recommended Vote Page 57

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director William J. Scholle — Withhold
	1.3	Elect Director Timothy M. Manganello — For
	1.4	Elect Director Philip G. Weaver — For
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/05/05 - A	Cinergy Corp. *CIN*		172474108			03/04/05		9,643
	2	Ratify Auditors		For			Mgmt
05/05/05 - A	Citrix Systems, Inc. *CTXS*		177376100			03/15/05		8,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Murray J. Demo — For
	1.2	Elect Director John W. White — Withhold
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/05/05 - A	ConocoPhillips *COP*		20825C104			03/10/05		34,095
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/05/05 - A	Eastman Chemical Co. *EMN*		277432100			03/15/05		3,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/05/05 - A	EMC Corp. *EMC*		268648102			03/07/05		120,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael J. Cronin — For
	1.2	Elect Director W. Paul Fitzgerald — Withhold
	1.3	Elect Director Joseph M. Tucci — For
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Performance-Based/Indexed Options		Against	For		ShrHoldr
	5	Creation of an Independent Audit Committee		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 58

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/05/05 - A	Engelhard Corp. *EC*		292845104			03/15/05		6,050
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/05/05 - A	Freeport-McMoRan Copper & Gold Inc. *FCX*		35671D857			03/09/05		8,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	5	Review Payment Policy to Indonesian Military		Against	Against		ShrHoldr
05/05/05 - A	KeyCorp *KEY*		493267108			03/08/05		20,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/05/05 - A	MBIA Inc. *MBI*		55262C100			03/11/05		3,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Remove Supermajority Vote Requirement		For	For		Mgmt
	5	Permit to Act by Written Consent		For	For		Mgmt
	6	Ratify Auditors		For	For		Mgmt
05/05/05 - A	Providian Financial Corp. *PVN*		74406A102			03/07/05		14,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/05/05 - A	Starwood Hotels & Resorts Worldwide, Inc. *HOT*		85590A203			03/17/05		10,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	4	Provide for Confidential Voting		Against	For		ShrHoldr
	5	Expense Stock Options		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 59

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/05/05 - A	Sunoco, Inc. *SUN*		86764P109			02/10/05		3,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert J. Darnall — For
	1.2	Elect Director John G. Drosdick — For
	1.3	Elect Director Ursula O. Fairbairn — For
	1.4	Elect Director Thomas P. Gerrity — For
	1.5	Elect Director Rosemarie B. Greco — For
	1.6	Elect Director James G. Kaiser — For
	1.7	Elect Director Richard H. Lenny — For
	1.8	Elect Director R. Anderson Pew — For
	1.9	Elect Director G. Jackson Ratcliffe — For
	1.10	Elect Director John W. Rowe — Withhold
	1.11	Elect Director John K. Wulff — For
	2	Ratify Auditors		For	For		Mgmt
05/05/05 - A	Union Pacific Corp. *UNP*		907818108			02/25/05		13,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Philip F. Anschutz — For
	1.2	Elect Director Erroll B. Davis, Jr. — Withhold
	1.3	Elect Director Richard K. Davidson — For
	1.4	Elect Director Thomas J. Donohue — For
	1.5	Elect Director Archie W. Dunham — For
	1.6	Elect Director Spencer F. Eccles — For
	1.7	Elect Director Judith Richards Hope — For
	1.8	Elect Director Michael W. McConnell — For
	1.9	Elect Director Steven R. Rogel — For
	1.10	Elect Director James R. Young — For
	1.11	Elect Director Ernesto Zedillo Ponce de Leon — For
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Performance-Based/Indexed Options		Against	Against		ShrHoldr
05/05/05 - A	United Parcel Service, Inc. *UPS*		911312106			03/07/05		56,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John J. Beystehner — For

Mgmt Rec - Company Management Recommended Vote Page 60

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.2	Elect Director Michael L. Eskew — For
	1.3	Elect Director James P. Kelly — For
	1.4	Elect Director Ann M. Livermore — For
	1.5	Elect Director Gary E. Macdougal — For
	1.6	Elect Director Victor A. Pelson — For
	1.7	Elect Director Lea N. Soupata — For
	1.8	Elect Director John W. Thompson — Withhold
	1.9	Elect Director Carol B. Tome — For
	1.10	Elect Director Ben Verwaayen — For
	2	Ratify Auditors		For	For		Mgmt
05/05/05 - A	Verizon Communications *VZ*		92343V104			03/07/05		139,730
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director James R. Barker — For
	1.2	Elect Director Richard L. Carrion — For
	1.3	Elect Director Robert W. Lane — For
	1.4	Elect Director Sandra O. Moose — For
	1.5	Elect Director Joseph Neubauer — Withhold
	1.6	Elect Director Thomas H. O’ Brien — For
	1.7	Elect Director Hugh B. Price — For
	1.8	Elect Director Ivan G. Seidenberg — For
	1.9	Elect Director Walter V. Shipley — For
	1.10	Elect Director John R. Stafford — For
	1.11	Elect Director Robert D. Storey — For
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	5	Require Majority of Independent Directors on Board		Against	Against		ShrHoldr
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	7	Amend Director/Officer		Against	Against		ShrHoldr
		Liability/Indemnifications Provisions
	8	Report on Political Contributions		Against	Against		ShrHoldr
05/06/05 - A	Ecolab, Inc. *ECL*		278865100			03/15/05		2,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 61

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/06/05 - A	Fisher Scientific International Inc. *FSH*		338032204			03/22/05		1,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/06/05 - A	Illinois Tool Works Inc. *ITW*		452308109			03/08/05		14,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Implement China Principles		Against	Against		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/06/05 - A	Marriott International Inc. (New) *MAR*		571903202			03/15/05		11,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
	5	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/06/05 - A	Occidental Petroleum Corp. *OXY*		674599105			03/03/05		19,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Proposal Regarding Board Sponsored Proposals		Against	Against		ShrHoldr
	5	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
05/06/05 - A	Reynolds American Inc *RAI*		761713106			03/08/05		7,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Phase Out Sale of Conventional Cigarettes		Against	Against		ShrHoldr
	5	Adopt Policy on Internet Advertising		Against	Against		ShrHoldr
	6	Apply Fire Safety Standards for Cigarettes		Against	Against		ShrHoldr
05/06/05 - A	Temple-Inland Inc. *TIN*		879868107			03/09/05		2,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 62

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/06/05 - A	Zions Bancorporation *ZION*		989701107			03/02/05		4,400
	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
	5	Other Business		For	Against		Mgmt
05/09/05 - A	Hospira Inc *HSP*		441060100			03/11/05		7,690
	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
05/09/05 - A	Pitney Bowes Inc. *PBI*		724479100			03/11/05		11,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/09/05 - A	Symbol Technologies, Inc. *SBL*		871508107			03/28/05		12,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/10/05 - A	3M CO *MMM*		88579Y101			03/11/05		38,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Eliminate Animal Testing		Against	Against		ShrHoldr
	5	Implement China Principles		Against	Against		ShrHoldr
05/10/05 - A	Boston Scientific Corp. *BSX*		101137107			03/18/05		35,500
	2	Ratify Auditors		For			Mgmt
	3	Require a Majority Vote for the Election of Directors		Against			ShrHoldr
05/10/05 - A	Cummins, Inc. *CMI*		231021106			03/21/05		2,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Implement Labor Rights Standards in China		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 63

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/10/05 - A	Gilead Sciences, Inc. *GILD*		375558103			03/22/05		21,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Report on Impact of HIV/AIDS, TB, and Malaria Pandemics		Against	For		ShrHoldr
05/10/05 - A	International Flavors & Fragrances Inc. *IFF*		459506101			03/22/05		4,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/10/05 - A	International Paper Co. *IP*		460146103			03/17/05		24,040
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr
05/10/05 - A	ITT Industries, Inc. *ITT*		450911102			03/18/05		4,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
05/10/05 - A	Janus Capital Group Inc. *JNS*		47102X105			03/16/05		11,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
05/10/05 - A	Kinder Morgan, Inc. *KMI*		49455P101			03/10/05		6,100
	1	Elect Directors		For	For		Mgmt
	2	Increase Authorized Common Stock		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
05/10/05 - A	Loews Corp. *LTR*		540424108			03/14/05		9,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Provide for Cumulative Voting		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 64

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Report on Political Contributions		Against	Against		ShrHoldr
	7	Support Legislation and Make Public Statements on Environmental Tobacco Smoke		Against	Against		ShrHoldr
	8	Apply Fire Safety Standards for Cigarettes		Against	Against		ShrHoldr
05/10/05 - A	Masco Corp. *MAS*		574599106			03/15/05		22,100
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/10/05 - A	NiSource Inc. *NI*		65473P105			03/15/05		13,300
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Steven R. McCracken — For
	1.2	Elect Director Ian M. Rolland — For
	1.3	Elect Director Robert C. Skaggs, Jr. — For
	1.4	Elect Director John W. Thompson — Withhold
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
	5	Declassify the Board of Directors		Against	For		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/10/05 - A	Quest Diagnostics, Incorporated *DGX*		74834L100			03/14/05		5,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
05/10/05 - A	Wellpoint Inc *WLP*		94973V107			03/18/05		14,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Performance- Based/Indexed Options		Against	For		ShrHoldr
05/11/05 - A	Amgen, Inc. *AMGN*		031162100			03/18/05		62,808
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Eliminate Animal Testing		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 65

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Review/Limit Executive Compensation		Against	Against		ShrHoldr
	5	Adopt Retention Ratio for Executives		Against	For		ShrHoldr
05/11/05 - A	AutoNation, Inc. *AN*		05329W102			03/25/05		13,000
	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 Edward S. Lampert — For
	1.7	Elect Director Irene B. Rosenfeld — For
	2	Ratify Auditors		For	For		Mgmt
05/11/05 - A	Caremark Rx, Inc. *CMX*		141705103			03/29/05		22,900
	1	Elect Directors		For	For		Mgmt
	2	Report on Political Contributions		Against	Against		ShrHoldr
05/11/05 - A	CIT Group Inc *CIT*		125581108			03/25/05		10,400
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Jeffrey M. Peek — For
	1.2	Elect Director Gary C. Butler — Withhold
	1.3	Elect Director William A. Farlinger — For
	1.4	Elect Director William M. Freeman — For
	1.5	Elect Director Hon. Thomas H. Kean — For
	1.6	Elect Director Marianne Miller Parrs — For
	1.7	Elect Director Timothy M. Ring — For
	1.8	Elect Director John R. Ryan — For
	1.9	Elect Director Peter J. Tobin — For
	1.10	Elect Director Lois M. Van Deusen — For
	2	Ratify Auditors		For	For		Mgmt
	3	Other Business		For	Against		Mgmt
05/11/05 - A	First Data Corp. *FDC*		319963104			03/14/05		40,949
	1	Elect Directors		For	For		Mgmt
	2	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 66

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Ratify Auditors		For	For		Mgmt
	5	Report on Outsourcing		Against	Against		ShrHoldr
	6	Amend Director/Officer Liability/Indemnifications Provisions		Against	Against		ShrHoldr
05/11/05 - A	McDonald’s Corp. *MCD*		580135101			03/14/05		62,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Genetically Modified Organisms		Against	Against		ShrHoldr
05/11/05 - A	Molson Coors Brewing Co *TAP*		60871R209			03/28/05		1,000
	1	Elect Directors		For	For		Mgmt
05/11/05 - A	Newell Rubbermaid Inc. *NWL*		651229106			03/15/05		233
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
05/11/05 - A	Plum Creek Timber Company, Inc. *PCL*		729251108			03/24/05		9,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	5	Political Contributions/Activities		Against			ShrHoldr
05/11/05 - A	Progress Energy, Inc. *PGN*		743263105			03/04/05		500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/11/05 - A	Simon Property Group, Inc. *SPG*		828806109			03/14/05		10,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Greenhouse Gas Emissions and Energy Efficiency		Against	Against		ShrHoldr
05/11/05 - A	St. Jude Medical, Inc. *STJ*		790849103			03/14/05		17,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Prohibit Auditor from Providing Non-Audit Services		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 67

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/11/05 - A	Visteon Corporation *VC*		92839U107			03/15/05		6,336
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Marla C. Gottschalk — For
	1.2	Elect Director William H. Gray, III — Withhold
	1.3	Elect Director James D. Thornton — For
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
05/12/05 - A	Anadarko Petroleum Corp. *APC*		032511107			03/14/05		12,279
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Report on Political Contributions		Against	Against		ShrHoldr
05/12/05 - A	CenturyTel, Inc. *CTL*		156700106			03/22/05		6,600
	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	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/12/05 - A	CVS Corporation *CVS*		126650100			03/15/05		19,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director W. Don Cornwell — For
	1.2	Elect Director Thomas P. Gerrity — For
	1.3	Elect Director Stanley P. Goldstein — For
	1.4	Elect Director Marian L. Heard — For
	1.5	Elect Director William H. Joyce — Withhold
	1.6	Elect Director Terrence Murray — For
	1.7	Elect Director Sheli Z. Rosenberg — For
	1.8	Elect Director Thomas M. Ryan — For
	1.9	Elect Director Alfred J. Verrecchia — For
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 68

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	4	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	5	Review/Limit Executive Compensation		Against	Against		ShrHoldr
05/12/05 - A	Duke Energy Corp. *DUK*		264399106			03/14/05		47,234
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/12/05 - A	Ford Motor Company *F*		345370860			03/16/05		90,381
	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, Jr. — For
	1.6	Elect Director Irvine O. Hockaday, Jr. — For
	1.7	Elect Director Marie-Josee Kravis — For
	1.8	Elect Director Richard A. Manoogian — For
	1.9	Elect Director Ellen R. Marram — For
	1.10	Elect Director Homer A. Neal — For
	1.11	Elect Director Jorma Ollila — For
	1.12	Elect Director James J. Padilla — For
	1.13	Elect Director Carl E. Reichardt — For
	1.14	Elect Director Robert E. Rubin — Withhold
	1.15	Elect Director John L. Thornton — For
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Disclosure on Executive Compensation		Against	Against		ShrHoldr
	4	Report on Lobbying Efforts - CAFE Standards		Against	Against		ShrHoldr
	5	Prohibit Awards to Executives		Against	Against		ShrHoldr
	6	Link Executive Compensation to Greenhouse Gas Reduction		Against	Against		ShrHoldr
	7	Adopt Recapitalization Plan		Against	For		ShrHoldr
	8	Establish Other Board Committee		Against	For		ShrHoldr
05/12/05 - A	Lincoln National Corp. *LNC*		534187109			03/07/05		8,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 69

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/12/05 - A	LSI Logic Corp. *LSI*		502161102			03/18/05		19,000
	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	Ratify Auditors		For	For		Mgmt
05/12/05 - A	MGIC Investment Corp. *MTG*		552848103			03/11/05		4,800
	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
05/12/05 - A	Norfolk Southern Corp. *NSC*		655844108			03/07/05		20,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Gerald L. Baliles — Withhold
	1.2	Elect Director Gene R. Carter — For
	1.3	Elect Director Charles W. Moorman — For
	1.4	Elect Director J. Paul Reason — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
05/12/05 - A	Nucor Corp. *NUE*		670346105			03/14/05		7,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
05/12/05 - A	Pulte Homes Inc. *PHM*		745867101			03/22/05		6,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 70

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	5	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/12/05 - A	The Dow Chemical Company *DOW*		260543103			03/14/05		46,577
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Persistent Bioaccumulative and Toxic Chemicals		Against	Against		ShrHoldr
05/12/05 - A	The Gillette Co. *G*		375766102			03/14/05		49,100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael B. Gifford — For
	1.2	Elect Director Ray J. Groves — For
	1.3	Elect Director Fred H. Langhammer — Withhold
	1.4	Elect Director Marjorie M. Yang — Withhold
	2	Ratify Auditors		For	For		Mgmt
05/12/05 - A	Transocean Inc.		G90078109			03/17/05		15,927
		Meeting for Holders of ADR’s
	1	Elect Directors		For	For		Mgmt
	2	APPROVAL OF THE AMENDMENT OF OUR EMPLOYEE STOCK PURCHASE PLAN TO INCREASE THE NUMBER OF ORDINARY SHARES RESERVED FOR ISSUANCE UNDER THE PLAN FROM 2,500,000 TO 3,500,000.		For	For		Mgmt
	3	APPROVAL OF THE APPOINTMENT OF ERNST & YOUNG LLP TO SERVE AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.		For	For		Mgmt
05/13/05 - A	Entergy Corp. *ETR*		29364G103			03/16/05		11,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require the Chairman of the Board Be an Independent Director		Against	For		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 71

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/13/05 - A	Office Depot, Inc. *ODP*		676220106			03/10/05		15,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Review/Limit Executive Compensation		Against	Against		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/13/05 - A	Waste Management, Inc. *WMI*		94106L109			03/18/05		28,235
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Privatization		Against	Against		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	5	Report on Political Contributions		Against	Against		ShrHoldr
	6	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
05/13/05 - A	Watson Pharmaceuticals, Inc. *WPI*		942683103			03/21/05		5,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/16/05 - A	Consolidated Edison, Inc. *ED*		209115104			03/28/05		3,618
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Executive Compensation		Against	Against		ShrHoldr
05/16/05 - A	Limited Brands *LTD*		532716107			03/31/05		19,000
	1	Elect Directors		For	For		Mgmt
05/17/05 - A	Big Lots Inc. *BLI*		089302103			03/25/05		5,500
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
05/17/05 - A	Comerica Inc. *CMA*		200340107			03/18/05		8,450
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/17/05 - A	Equifax Inc. *EFX*		294429105			03/09/05		6,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 72

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/17/05 - A	FirstEnergy Corporation *FE*		337932107			03/22/05		16,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Political Contributions		Against	Against		ShrHoldr
	4	Amend Vote Requirements to Amend Articles/Bylaws/Charter		Against	For		ShrHoldr
	5	Performance - Based/Indexed Options		Against	Against		ShrHoldr
05/17/05 - A	JPMorgan Chase & Co. *JPM*		46625H100			03/22/05		175,925
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt
	4	Establish Term Limits for Directors		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	6	Limit Executive Compensation		Against	Against		ShrHoldr
	7	Adopt Executive Benefit Policy		Against	For		ShrHoldr
05/17/05 - A	Northrop Grumman Corp. *NOC*		666807102			03/21/05		18,192
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Phillip Frost — Withhold
	1.2	Elect Director John B. Slaughter — For
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Amend Nonemployee Director Plan (Stock Awards in Lieu of Cash)		For	For		Mgmt
	5	Adopt Simply Majority Vote Requirement		Against	For		ShrHoldr
05/17/05 - A	Principal Financial Group, Inc. *PFG*		74251V102			03/18/05		15,200
	1	Elect Directors		For	For		Mgmt
	2	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
05/17/05 - A	Sabre Holdings Corporation *TSG*		785905100			03/18/05		6,608
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael S. Gilliland — Withhold
	1.2	Elect Director Bob L. Martin — For

Mgmt Rec - Company Management Recommended Vote Page 73

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.3	Elect Director Richard L. Thomas — For
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Amend Articles		For	For		Mgmt
	5	Amend Omnibus Stock Plan		For	For		Mgmt
05/17/05 - A	The Allstate Corp. *ALL*		020002101			03/18/05		33,938
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	For		ShrHoldr
05/17/05 - A	Thermo Electron Corp. *TMO*		883556102			03/21/05		7,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director John L. LaMattina — For
	1.2	Elect Director Michael E. Porter — Withhold
	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	For		ShrHoldr
05/17/05 - A	XTO Energy Inc *XTO*		98385X106			03/31/05		17,300
	1	Elect Directors		For	For		Mgmt
05/18/05 - A	Halliburton Co. *HAL*		406216101			03/21/05		24,800
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Robert L. Crandall — For
	1.2	Elect Director Kenneth T. Derr — For
	1.3	Elect Director S. Malcolm Gillis — For
	1.4	Elect Director W.R. Howell — For
	1.5	Elect Director Ray L. Hunt — For
	1.6	Elect Director David J. Lesar — For
	1.7	Elect Director J. Landis Martin — Withhold
	1.8	Elect Director Jay A. Precourt — For
	1.9	Elect Director Debra L. Reed — For
	2	Ratify Auditors		For	For		Mgmt
	3	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 74

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/18/05 - A	Intel Corp. *INTC*		458140100			03/21/05		14,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt
05/18/05 - A	Jones Apparel Group, Inc. *JNY*		480074103			03/18/05		6,000
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
05/18/05 - A	Laboratory Corporation of America Holdings *LH*		50540R409			03/31/05		6,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/05 - A	Pinnacle West Capital Corp. *PNW*		723484101			03/18/05		4,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/05 - A	ProLogis *PLD*		743410102			03/21/05		9,100
	1	Elect Directors		For	For		Mgmt
	2	Declassify the Board of Trustees		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Other Business		For	Against		Mgmt
05/18/05 - A	Southwest Airlines Co. *LUV*		844741108			03/23/05		38,418
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/05 - A	Target Corporation *TGT*		87612E106			03/21/05		44,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/18/05 - A	The Hartford Financial Services Group, Inc. *HIG*		416515104			03/22/05		9,447
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Executive Incentive Bonus Plan		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 75

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/18/05 - A	Tribune Co. *TRB*		896047107			03/23/05		15,687
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Dynegy, Inc. *DYN*		26816Q101			03/31/05		100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Charles E. Bayless — For
	1.2	Elect Director David W. Biegler — For
	1.3	Elect Director Linda Walker Bynoe — For
	1.4	Elect Director Thomas D. Clarke, Jr. — For
	1.5	Elect Director Barry J. Galt — Withhold
	1.6	Elect Director Patricia A. Hammick — For
	1.7	Elect Director George L. Mazanec — For
	1.8	Elect Director Robert C. Oelkers — For
	1.9	Elect Director Joe J. Stewart — For
	1.10	Elect Director William L. Trubeck — For
	1.11	Elect Director Bruce A. Williamson — For
	2	Change State of Incorporation from Illinois to Delaware		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Claw-Back of Awards Under Restatement		Against	For		ShrHoldr
05/19/05 - A	Gateway Inc *GTW*		367626108			03/23/05		18,360
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/19/05 - A	Hasbro, Inc. *HAS*		418056107			03/31/05		8,250
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Adopt ILO Based Code of Conduct		Against	Against		ShrHoldr
05/19/05 - A	Liz Claiborne, Inc. *LIZ*		539320101			03/21/05		5,400
	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

Mgmt Rec - Company Management Recommended Vote Page 76

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/19/05 - A	Marsh & McLennan Companies, Inc. *MMC*		571748102			03/21/05		26,000
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Michael G. Cherkasky — For
	1.2	Elect Director Stephen R. Hardis — Withhold
	1.3	Elect Director The Rt. Hon. Lord Lang of Monkton, DL — For
	1.4	Elect Director Morton O. Schapiro — For
	1.5	Elect Director Adele Simmons — For
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Option Exchange Program		For	For		Mgmt
	4	Limit Executive Compensation		Against	Against		ShrHoldr
	5	Request That the Board of Directors Adopt an Executive Compensation Policy That All Future Stock Option Grants to Senior Executives Shall be Performance-Based		Against	For		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/19/05 - A	Mattel, Inc. *MAT*		577081102			03/23/05		20,412
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Eugene P. Beard — For
	1.2	Elect Director Michael J. Dolan — For
	1.3	Elect Director Robert A. Eckert — For
	1.4	Elect Director Tully M. Friedman — For
	1.5	Elect Director Dr. Andrea L. Rich — For
	1.6	Elect Director Ronald L. Sargent — Withhold
	1.7	Elect Director Christopher A. Sinclair — For
	1.8	Elect Director G. Craig Sullivan — For
	1.9	Elect Director John L. Vogelstein — For
	1.10	Elect Director Kathy Brittain White — For
	2	Ratify Auditor		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	5	Workplace Code of Conduct		Against	Against		ShrHoldr
05/19/05 - A	MedImmune, Inc. *MEDI*		584699102			03/31/05		12,500
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 77

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/ Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Mercury Interactive Corp. *MERQ*		589405109			03/22/05		4,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Radioshack Corp. *RSH*		750438103			03/22/05		6,800
	1	Elect Directors		For	For		Mgmt
05/19/05 - A	Regions Financial Corp. *RF*		7591EP100			03/24/05		22,955
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/19/05 - A	SLM Corp. *SLM*		78442P106			03/21/05		21,271
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/19/05 - A	The Charles Schwab Corp. *SCH*		808513105			03/21/05		66,600
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Frank C. Herringer — For
	1.2	Elect Director Stephen T. McLin — Withhold
	1.3	Elect Director Charles R. Schwab — For
	1.4	Elect Director Roger O. Walther — For
	1.5	Elect Director Robert N. Wilson — For
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	4	Declassify the Board of Directors		Against	For		ShrHoldr
05/19/05 - A	The Williams Companies, Inc. *WMB*		969457100			03/28/05		28,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page78

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/19/05 - A	Xerox Corp. *XRX*		984121103			03/24/05		47,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Yahoo!, Inc. *YHOO*		984332106			03/23/05		67,900
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Terry S. Semel — For
	1.2	Elect Director Jerry Yang — For
	1.3	Elect Director Roy J. Bostock — For
	1.4	Elect Director Ronald W. Burkle — For
	1.5	Elect Director Eric Hippeau — For
	1.6	Elect Director Arthur H. Kern — Withhold
	1.7	Elect Director Robert A. Kotick — Withhold
	1.8	Elect Director Edward R. Kozel — For
	1.9	Elect Director Gary L. Wilson — Withhold
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/19/05 - A	Yum Brands, Inc. *YUM*		988498101			03/21/05		14,520
	1	Declassify the Board of Directors		For	For		Mgmt
	2	Elect Directors		For	Split		Mgmt
	2.1	Elect Director David W. Dorman — For
	2.2	Elect Director Massimo Ferragamo — For
	2.3	Elect Director J. David Grissom — For
	2.4	Elect Director Bonnie Hill — For
	2.5	Elect Director Robert Holland, Jr. — For
	2.6	Elect Director Kenneth G. Langone — For
	2.7	Elect Director Jonathan S. Linen — For
	2.8	Elect Director David C. Novak — For
	2.9	Elect Director Andrall E. Pearson — For
	2.10	Elect Director Thomas M. Ryan — Withhold
	2.11	Elect Director Jackie Trujillo — For
	2.12	Elect Director Robert J. Ulrich — For
	3	Elect Directors David W. Dorman, Massimo Ferragamo, Thomas M. Ryan, Robert Ulrich and Jonathan Linen		For	Abstain		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Sustainability Report		Against	For		ShrHoldr
	6	Prepare a Diversity Report		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 79

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	7	Adopt MacBride Principles		Against	Against		ShrHoldr
	8	Report on Genetically Modified Organisms (GMO)		Against	Against		ShrHoldr
	9	Report on Animal Welfare Standards		Against	Against		ShrHoldr
05/20/05 - A	CMS Energy Corp. *CMS*		125896100			03/31/05		9,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/05 - A	Constellation Energy Group, Inc. *CEG*		210371100			03/18/05		8,750
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/05 - A	FPL Group, Inc. *FPL*		302571104			03/22/05		3,500
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Director H. Jesse Arnelle — For
	1.2	Elect Director Director Sherry S. Barrat — For
	1.3	Elect Director Director Robert M. Beall, II — For
	1.4	Elect Director Director J. Hyatt Brown — Withhold
	1.5	Elect Director Director James L. Camaren — For
	1.6	Elect Director Director Lewis Hay, III — For
	1.7	Elect Director Director Rudy E. Schupp — For
	1.8	Elect Director Director Michael H. Thaman — For
	1.9	Elect Director Director Hansel E. Tookes, II — For
	1.10	Elect Director Director Paul R. Tregurtha — For
	1.11	Elect Director Director Frank G. Zarb — For
	2	Ratify Auditors		For	For		Mgmt
05/20/05 - A	J. C. Penney Co., Inc (HLDG CO) *JCP*		708160106			03/21/05		14,100
	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		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 80

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/20/05 - A	KeySpan Corporation *KSE*		49337W100			03/22/05		7,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/05 - A	Pactiv Corp. *PTV*		695257105			03/21/05		7,300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/20/05 - A	Sealed Air Corp. *SEE*		81211K100			03/22/05		4,108
	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
05/20/05 - A	Time Warner Inc *TWX*		887317105			03/24/05		226,198
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Pay Disparity		Against	Against		ShrHoldr
05/20/05 - A	TXU Corp. *TXU*		873168108			03/21/05		100
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/21/05 - A	Dillard’s, Inc. *DDS*		254067101			03/31/05		3,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Restricted Stock Plan		For	Against		Mgmt
	4	Approve Nonqualified Employee Stock Purchase Plan		For	For		Mgmt
	5	Approve Non-Employee Director Restricted Stock Plan		For	Against		Mgmt
	6	ILO Standards		Against	Against		ShrHoldr
05/23/05 - A	Unocal Corp. *UCL*		915289102			04/01/05		13,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Separate Chairman and CEO Positions		Against	Against		ShrHoldr
05/24/05 - A	Dollar General Corp. *DG*		256669102			03/21/05		16,187
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 81

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/24/05 - A	Equity Office Properties Trust *EOP*		294741103			03/17/05		19,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/24/05 - A	Nordstrom, Inc. *JWN*		655664100			03/16/05		6,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/24/05 - A	Omnicom Group Inc. *OMC*		681919106			04/08/05		9,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/25/05 - A	Chiron Corp. *CHIR*		170040109			03/28/05		7,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/25/05 - A	Express Scripts, Inc. *ESRX*		302182100			03/31/05		3,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/25/05 - A	Exxon Mobil Corp. *XOM*		30231G102			04/06/05		318,160
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Political Contributions/Activities		Against	Against		ShrHoldr
	4	Review/Limit Executive Compensation		Against	Against		ShrHoldr
	5	Nominate Independent Directors with Industry Experience		Against	Against		ShrHoldr
	6	Report on Payments to Indonesian Military		Against	Against		ShrHoldr
	7	Adopt Policy Prohibiting Discrimination based on Sexual Orientation		Against	For		ShrHoldr
	8	Report on Potential Damage of Drilling in Protected Regions		Against	Against		ShrHoldr
	9	Disclose Information Supporting the Company Position on Climate Change		Against	Against		ShrHoldr
	10	Report on Company Policies for Compliance with the Kyoto Protocol		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 82

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/25/05 - A	Safeway Inc. *SWY*		786514208			03/28/05		22,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Provide for Cumulative Voting		Against	For		ShrHoldr
	4	Seek Sale of Company		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	6	Prepare a Sustainability Report		Against	For		ShrHoldr
	7	Limit Awards to Executives		Against	Against		ShrHoldr
	8	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	9	Limit Composition of Committee(s) to Independent Directors		Against	Against		ShrHoldr
	10	Proposal Regarding the Office of The Board of Directors		Against	Against		ShrHoldr
05/25/05 - A	Southern Company *SO*		842587107			03/28/05		37,200
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Report on Political Contributions		Against	Against		ShrHoldr
05/25/05 - A	The Pepsi Bottling Group, Inc. *PBG*		713409100			03/31/05		9,800
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	Against		Mgmt
05/25/05 - A	Xcel Energy Inc. *XEL*		98389B100			03/28/05		20,010
	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
05/26/05 - A	Ace Ltd. *ACE*		G0070K103			04/08/05		14,100
		Meeting for Holders of ADRs
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/26/05 - A	Citizens Communications Co. *CZN*		17453B101			03/28/05		300
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Other Business		For	Against		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 83

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/26/05 - A	E*Trade Financial Corp. *ET*		269246104			04/04/05		18,500
	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
05/26/05 - A	EL Paso Corp *EP*		28336L109			03/28/05		32,230
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Juan Carlos Braniff — For
	1.2	Elect Director James L. Dunlap — For
	1.3	Elect Director Douglas L. Foshee — For
	1.4	Elect Director Robert W. Goldman — For
	1.5	Elect Director Anthony W. Hall, Jr. — For
	1.6	Elect Director Thomas R. Hix — For
	1.7	Elect Director William H. Joyce — Withhold
	1.8	Elect Director Ronald L. Kuehn, Jr. — For
	1.9	Elect Director J. Michael Talbert — For
	1.10	Elect Director Robert F. Vagt — For
	1.11	Elect Director John L. Whitmire — For
	1.12	Elect Director Joe B. Wyatt — For
	2	Approve Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
05/26/05 - A	Equity Residential *EQR*		29476L107			03/31/05		14,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/26/05 - A	Genzyme Corp. *GENZ*		372917104			03/31/05		12,400
	1	Elect Directors		For	For		Mgmt
	2	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
	3	Amend Stock Option Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Declassify the Board of Directors		Against	For		ShrHoldr
05/26/05 - A	HCA, Inc. *HCA*		404119109			03/28/05		20,600
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	Against		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 84

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/26/05 - A	Hilton Hotels Corp. *HLT*		432848109			03/28/05		19,200
	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	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
05/26/05 - A	Home Depot, Inc. (The) *HD*		437076102			03/28/05		109,997
	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 Laban P. Jackson, Jr. — For
	1.9	Elect Director Lawrence R. Johnston — For
	1.10	Elect Director Kenneth G. Langone — For
	1.11	Elect Director Robert L. Nardelli — For
	1.12	Elect Director Thomas J. Ridge — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Nomination Procedures for the Board		For	Against		Mgmt
	4	Approve Omnibus Stock Plan		For	For		Mgmt
	5	Prepare Diversity Report		Against	For		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	7	Limit Executive Compensation		Against	Against		ShrHoldr
	8	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
	9	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	10	Performance-Based/Indexed Options		Against	For		ShrHoldr
	11	Affirm Political Nonpartisanship		Against	Against		ShrHoldr
05/26/05 - A	R. R. Donnelley & Sons Co. *RRD*		257867101			04/01/05		10,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Limit Executive Compensation		Against	Against		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 85

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
05/26/05 - A	Tenet Healthcare Corp. *THC*		88033G100			04/01/05		23,350
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/26/05 - A	Teradyne, Inc. *TER*		880770102			04/04/05		9,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
05/27/05 - A	Lowe’s Companies, Inc. *LOW*		548661107			04/01/05		38,600
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Stock Option Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
05/31/05 - A	King Pharmaceuticals Inc. *KG*		495582108			03/28/05		12,066
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
05/31/05 - A	MEDCO Health Solutions Inc *MHS*		58405U102			04/04/05		300
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
	5	Approve Executive Incentive Bonus Plan		For	For		Mgmt
06/01/05 - A	Comcast Corp. *CMCSA*		20030N101			03/24/05		109,578
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director S. Decker Anstrom — For
	1.2	Elect Director Kenneth J. Bacon — For
	1.3	Elect Director Sheldon M. Bonovitz — For
	1.4	Elect Director Edward D. Breen — For
	1.5	Elect Director Julian A. Brodsky — For
	1.6	Elect Director Joseph L. Castle, II — Withhold
	1.7	Elect Director Joseph J. Collins — For

Mgmt Rec - Company Management Recommended Vote Page 86

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	1.8	Elect Director J. Michael Cook — For
	1.9	Elect Director Brian L. Roberts — For
	1.10	Elect Director Ralph J. Roberts — For
	1.11	Elect Director Dr. Judith Rodin — For
	1.12	Elect Director Michael I. Sovern — For
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Restricted Stock Plan		For	For		Mgmt
	4	Report on Political Contributions		Against	Against		ShrHoldr
	5	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	6	Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote		Against	For		ShrHoldr
	7	Approve Recapitalization Plan		Against	For		ShrHoldr
06/01/05 - A	Ingersoll-Rand Company Limited		G4776G101			04/04/05		8,700
		Meeting for Holders of ADR’s
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director A.C. Berzin — For
	1.2	Elect Director H.L. Henkel — For
	1.3	Elect Director H.W. Lichtenberger — For
	1.4	Elect Director T.L. White — Withhold
	2	APPROVAL OF AMENDMENT TO BYE-LAW 10 OF THE BYE-LAWS TO ELIMINATE THE CLASSIFICATION OF THE BOARD OF DIRECTORS.		For	For		Mgmt
	3	APPROVAL OF AMENDMENT TO BYE-LAW 10 OF THE BYE-LAWS TO ELIMINATE CUMULATIVE VOTING IN THE ELECTION OF DIRECTORS.		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
06/02/05 - A	Albertson’s, Inc. *ABS*		013104104			04/13/05		100
	1	Elect Directors		For	Split		Mgmt
	1.1	Elect Director Henry I. Bryant — Withhold
	1.2	Elect Director Bonnie G. Hill — Withhold
	1.3	Elect Director Lawrence R. Johnston — Withhold
	1.4	Elect Director Kathi P. Siefert — For
	2	Ratify Auditors		For	For		Mgmt
	3	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	4	Adopt Simply Majority Vote Requirement		Against	For		ShrHoldr
	5	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 87

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	6	Separate Chairman and CEO Positions		Against	For		ShrHoldr
	7	Performance-Based/Indexed Options		Against	For		ShrHoldr
06/02/05 - A	CENTERPOINT ENERGY INC *CNP*		15189T107			04/04/05		14,398
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		Against	For		ShrHoldr
	4	Other Business		Against	Against		Mgmt
06/03/05 - A	Biogen Idec, Inc. *BIIB*		09062X103			04/06/05		1,017
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Approve Omnibus Stock Plan		For	For		Mgmt
	4	Amend Qualified Employee Stock Purchase Plan		For	For		Mgmt
06/03/05 - A	Wal-Mart Stores, Inc. *WMT*		931142103			04/05/05		168,800
	1	Elect Directors		For	For		Mgmt
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Report on Executive Compensation		Against	For		ShrHoldr
	5	Prepare Sustainability Report		Against	For		ShrHoldr
	6	Report on Stock Option Distribution by Race and Gender		Against	For		ShrHoldr
	7	Report on Political Contributions		Against	Against		ShrHoldr
	8	Prepare Equal Opportunity Report		Against	For		ShrHoldr
	9	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
	10	Require Majority of Independent Directors on Board		Against	Against		ShrHoldr
	11	Performance-Based/Indexed Options		Against	Against		ShrHoldr
06/07/05 - A	Kerr-McGee Corp. *KMG*		492386107			03/11/05		7,481
	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
	5	Establish Office of the Board of Directors		Against	Against		ShrHoldr
06/07/05 - A	Nabors Industries, Ltd. *NBR*		G6359F103			04/08/05		7,000
		Meeting for Holders of ADR’s
	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, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	3	AMENDMENT TO AMENDED AND RESTATED BYE-LAWS TO REQUIRE SHAREHOLDER APPROVAL OF CERTAIN DISPOSITIONS OF COMPANY S ASSETS.		For	For		Mgmt
	4	AMENDMENT TO 2003 EMPLOYEE STOCK PLAN TO MAKE NONEMPLOYEE DIRECTORS ELIGIBLE PARTICIPANTS.		For	Against		Mgmt
	5	SHAREHOLDER PROPOSAL TO REQUIRE THE COMPANY TO ADOPT A POLICY THAT A SIGNIFICANT AMOUNT OF FUTURE STOCK GRANTS TO SENIOR EXECUTIVES BE PERFORMANCE BASED.		Against	For		ShrHoldr
06/07/05 - A	Prudential Financial Inc *PRU*		744320102			04/11/05		26,100
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Approve Qualified Employee Stock Purchase Plan		For	For		Mgmt
06/07/05 - A	The TJX Companies, Inc. *TJX*		872540109			04/18/05		23,800
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Declassify the Board of Directors		For	For		Mgmt
	4	Adopt ILO-Based Code of Conduct		Against	Against		ShrHoldr
	5	Review Vendor Standards		Against	Against		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
06/08/05 - A	Devon Energy Corp. *DVN*		25179M103			04/11/05		23,900
	1	Elect Directors		For	For		Mgmt
	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	For		ShrHoldr
06/08/05 - A	Siebel Systems, Inc. *SEBL*		826170102			04/18/05		25,400
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 89

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/09/05 - A	American Power Conversion Corp. *APCC*		029066107			04/13/05		8,900
	1	Fix Number of Directors		For	For		Mgmt
	2	Elect Directors		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/13/05 - A	Staples, Inc. *SPLS*		855030102			04/19/05		36,700
	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	Against		ShrHoldr
06/15/05 - A	Countrywide Financial Corp. *CFC*		222372104			04/20/05		28,598
	1	Elect Directors		For	For		Mgmt
	2	Amend Executive Incentive Bonus Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/15/05 - A	SUPERVALU Inc. *SVU*		868536103			04/18/05		6,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Amend Omnibus Stock Plan		For	For		Mgmt
	4	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
06/16/05 - A	Comverse Technology, Inc. *CMVT*		205862402			04/25/05		9,700
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
06/16/05 - A	Hercules Inc. *HPC*		427056106			04/18/05		5,500
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/16/05 - A	Monster Worldwide, Inc. *MNST*		611742107			05/04/05		5,900
	1	Elect Directors		For	For		Mgmt
	2	Amend Non-Employee Director Omnibus Stock Plan		For	For		Mgmt
06/21/05 - A	Circuit City Stores, Inc. *CC*		172737108			04/25/05		9,400
	1	Elect Directors		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 90

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
	2	Amend Omnibus Stock Plan		For	For		Mgmt
	3	Approve Nonqualified Employee Stock Purchase Plan		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
06/23/05 - A	Autodesk, Inc. *ADSK*		052769106			05/02/05		11,300
	1	Elect Directors		For	For		Mgmt
	2	Approve Omnibus Stock Plan		For	Against		Mgmt
	3	Approve Increase in Common Stock and a Stock Split		For	For		Mgmt
	4	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	5	Ratify Auditors		For	For		Mgmt
06/23/05 - A	Best Buy Co., Inc. *BBY*		086516101			04/25/05		3,700
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
06/23/05 - A	eBay Inc. *EBAY*		278642103			04/25/05		59,600
	1	Elect Directors		For	For		Mgmt
	2	Approve Executive Incentive Bonus Plan		For	For		Mgmt
	3	Increase Authorized Common Stock		For	For		Mgmt
	4	Ratify Auditors		For	For		Mgmt
	5	Performance-Based/Indexed Options		Against	For		ShrHoldr
	6	Require a Majority Vote for the Election of Directors		Against	For		ShrHoldr
06/23/05 - A	The Kroger Co. *KR*		501044101			04/25/05		36,000
	1	Elect Directors		For	Withhold		Mgmt
	2	Approve Omnibus Stock Plan		For	For		Mgmt
	3	Ratify Auditors		For	For		Mgmt
	4	Eliminate super-majority provision		Against	For		ShrHoldr
	5	Report on Feasibility of Improving Animal Welfare Standards		Against	Against		ShrHoldr
	6	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
06/23/05 - S	Toys ‘R’ Us, Inc. *TOY*		892335100			05/20/05		10,300
	1	Approve Merger Agreement		For	For		Mgmt
06/24/05 - S	Symantec Corp. *SYMC*		871503108			05/12/05		34,300
	1	Approve Merger Agreement		For	For		Mgmt
	2	Increase Authorized Common Stock		For	For		Mgmt
	3	Adjourn Meeting		For	For		Mgmt

Mgmt Rec - Company Management Recommended Vote Page 91

Vote Summary Report

Jul 01, 2004 - Jun 30, 2005

AIT Equity Index Fund

Mtg Date/Type	Company/ Ballot Issues		Security	Mgmt Rec	Vote Cast	Record Date	Prpnent	Shares Voted
06/24/05 - S	Veritas Software Corp. *VRTS*		923436109			05/12/05		20,219
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	For		Mgmt
06/30/05 - A	AT&T Corp. *T*		001957505			05/27/05		38,448
	1	Approve Merger Agreement		For	For		Mgmt
	2	Adjourn Meeting		For	For		Mgmt
	3	Elect Directors		For	Split		Mgmt
	3.1	Elect Director William F. Aldinger — For
	3.2	Elect Director Kenneth T. Derr — For
	3.3	Elect Director D.W. Dorman — For
	3.4	Elect Director M.K. Eickhoff-Smith — For
	3.5	Elect Director H.L. Henkel — For
	3.6	Elect Director F.C. Herringer — For
	3.7	Elect Director Jon C. Madonna — For
	3.8	Elect Director Donald F. McHenry — For
	3.9	Elect Director Tony L. White — Withhold
	4	Ratify Auditors		For	For		Mgmt
	5	Limit Awards to Executives		Against	Against		ShrHoldr
	6	Performance-Based/Indexed Options		Against	Against		ShrHoldr
	7	Report on Executive Compensation		Against	Against		ShrHoldr
	8	Redeem or Vote Poison Pill		Against	For		ShrHoldr
	9	Review Executive Compensation		Against	For		ShrHoldr
	10	Submit Severance Agreement (Change-in-Control) to Shareholder Vote		Against	For		ShrHoldr
06/30/05 - A	Bed Bath & Beyond Inc. *BBBY*		075896100			05/05/05		14,900
	1	Elect Directors		For	For		Mgmt
	2	Ratify Auditors		For	For		Mgmt
	3	Adopt ILO-based Code of Conduct		Against	For		ShrHoldr
	4	Review/Limit Executive Compensation		Against	For		ShrHoldr
	5	Declassify the Board of Directors		Against	For		ShrHoldr

Mgmt Rec - Company Management Recommended Vote Page 92

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 23, 2005