Centaur Mutual Funds Trust N-PX Annual report of proxy voting record

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 811-21606

Tilson Investment Trust

(Exact name of registrant as specified in charter)

145 East 57^th Street, 10^th Floor, New York, New York 10022

(Address of principal executive offices)  (Zip code)

A. Vason Hamrick

116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802

(Name and address of agent for service)

Registrant's telephone number, including area code: 252-972-9922

Date of fiscal year end: October 31

Date of reporting period: July 1, 2008 - June 30, 2009

PROXY VOTING RECORDS

TILSON FOCUS FUND

Item		Proposals	Mngmt Vote	Adv Vote	Sponsor
Issuer:	Greenlight Capital Re Ltd. Cl A
CUSIP:	G4095J109
Ticker:	GLRE
Meeting Date:	7/10/2008
1		Election of Directors	For	For	Management
2		To elect seven directors of Greenlight Reinsurance Ltd or Greenlight Re to serve on the Board until the Annual general meeting of shareholders in 2009 of Greenlight Re.	For	For	Management
3		To amend Article 11 of the company's third amended and restated Articles of Association as set forth in exhibit A to the proxy statement.	For	For	Management
4		To ratify the appointment of BDO Seidman LLP or BDO as the Independent Auditors of the company.	For	For	Management
5		To ratify the appointment of BDO as the Indepenent Auditors of Greenlight Re for the fiscal year ending Dec. 31, 2008.	For	For	Management
Issuer:	Delia's, Inc.
CUSIP:	246911101
Ticker:	DLIA
Meeting Date:	7/30/2008
1		Election of Directors	For	For	Management
2		Ratify the selection of BDO Seidman LLP as the company's Independent Registered Public Accountant for fiscal year 2009.	For	For	Management

Tilson Focus Fund

Issuer:	Celebrate Express, Inc.
CUSIP:	15100A104
Ticker:	BDAY
Meeting Date:	8/28/2008
1		Adoption of the Agreement and plan of merger, dated June 26, 2008, by and among, Celebrate Express and Liberty Media.		For	For	Management
2		To approve the discretion to vote to adjourn the special meeting, if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes in favor of Prop No. 1.		For	For	Management
Issuer:	Premier Exhibitions, Inc.
CUSIP:	74051E102
Ticker:	PRXI
Meeting Date:	10/30/2008
1			Election of Directors	For	For	Management
2			To ratify the selection of Cherry, Bekaert & Holland LLP as the company's Independent Registered Public Accounting Firm for the fiscal year ending Feb. 28, 2009.	For	For	Management
Issuer:	Winn-Dixie Stores, Inc.
CUSIP:	974280307
Ticker:	WINN
Meeting Date:	11/5/2008
1			Election of Directors	For	For	Management
2			Approval of the Winn-Dixie Stores, Inc. Employee Stock Purchase Plan.	For	For	Management

Tilson Focus Fund

3		Ratification of the Appointment of KPMG as the Independent Registered Public Accounting firm for 2009.	For	For	Management
Issuer:	Contango Oil & Gas Company
CUSIP:	21075N204
Ticker:	MCF
Meeting Date:	11/12/2008
1		Election of Directors	For	For	Management
2		Ratification of the selection of Grant Thornton LLP as Independent Public Accountants for fiscal year ended June 30, 2009.	For	For	Management
Issuer:	American Italian Pasta Company
CUSIP:	027070101
Ticker:	AIPC
Meeting Date:	2/19/2009
1		Election of Directors	For	For	Management
2		Proposal to ratify the selection of Grant Thornton LLP as Independent Registered Public Accounting firm for the 2009 fiscal year.	For	For	Management
3		Proposal to approve the American Italian Pasta Company cash bonus plan.	For	For	Management
Issuer:	Resource America Inc. Cl A
CUSIP:	761195205
Ticker:	REXI
Meeting Date:	3/12/2009
1		Election of Directors	For	For	Management

Tilson Focus Fund

2		In their discretion, the proxies are authorized to vote upon such other business as may properly be brought before the meeting or any adjournment thereof.	For	For	Management
Issuer:	US Bancorp
CUSIP:	902973304
Ticker:	USB
Meeting Date:	4/21/2009
1		Election of Directors	For	For	Management
2		Ratify selection of Ernst & Young LLP as Independent Auditor for the 2009 fiscal year.	For	For	Management
3		Advisory vote to approve Executive Compensation Program.	For	For	Management
Issuer:	Citigroup, Inc.
CUSIP:	172967101
Ticker:	C
Meeting Date:	4/21/2009
1		Election of Directors	For	For	Management
2		Ratify the appointment of KPMG LLP as Independent Registered Public Accounting firm for 2009.	For	For	Management
3		To approve the Citigroup 2009 Stock Incentive Plan.	For	Against	Management
4		To approve Citi's 2008 Executive Compensation.	For	Against	Management
5		Request for report on prior governmental service of certain individuals.	Against	For	Shareholder
6		Request for report on political contributions.	Against	For	Shareholder
7		Request for report on predatory credit card practices.	Against	For	Shareholder
8		Request that two candidates be nominated for each board position.	Against	For	Shareholder

Tilson Focus Fund

9 Request for report on the Carbon Principles. Against For Shareholder

10		Request that executive officers retain 75% of the shares acquired through compensation plans for two years following termination of employment.	Against	For	Shareholder
Issuer:	Whirlpool Corporation
CUSIP:	963320106
Ticker:	WHR
Meeting Date:	4/21/2009
1		Election of Directors	For	For	Management
2		Ratification of the appointment of Ernst & Young LLP as independent registered public accounting firm for 2009.	For	For	Management
3		Approval of the Whirlpool Corporation Performance Excellence Plan.	For	For	Management
4		To amend Whirlpool's restated Certificate of Incorporation to declassify Whirlpool's Board of Directors.	For	For	Management
5		To amend article 6 of Whirlpool's restated Certificate of Incorporation to eliminate supermajority vote provisions.	For	For	Management
6		To amend articles 8 and 10 of Whirlpool's restated Certificate of Incorporation to eliminate supermajority vote provisions.	For	For	Management
7		Proposal to elect each director annually.	Against	Against	Shareholder
8		Proposal to eliminate supermajority stockholder vote provisions.	Against	Against	Shareholder

Tilson Focus Fund

Issuer:	General Electric Co.
CUSIP:	369604103
Ticker:	GE
Meeting Date:	4/22/2009
1		Election of Directors	For	For	Management
2		Ratification of KPMG.	For	For	Management
3		Proposals - Cumulative voting; executive compensation; advisory vote; independent study regarding breaking up of GE; dividend policy; golden parachutes.	Against	Against	Shareholder
Issuer:	The Coca-Cola Company
CUSIP:	191216100
Ticker:	KO
Meeting Date:	4/22/2009
1		Election of Directors	For	For	Management
2		Ratification of the appointment of Ernst & Young LLP as Independent Auditors.	For	For	Management
3		Proposal regarding an Advisory Vote on Executive Compensation.	Against	For	Shareholder
4		Proposal regarding an independent Board Chair.	Against	For	Shareholder
5		Proposal regarding a Board Committee on Human Rights.	Against	For	Shareholder
6		Proposal regarding Restricted Stock.	Against	For	Shareholder
Issuer:	Odyssey Re Holdings Corp.
CUSIP:	67612W108
Ticker:	ORH
Meeting Date:	4/22/2009
1		Election of Directors	For	For	Management

Tilson Focus Fund

Issuer:	Johnson & Johnson
CUSIP:	478160104
Ticker:	JNJ
Meeting Date:	4/23/2009
1		Election of Directors	For	For	Management
2		Ratification of appointment of PriceWaterhouseCoopers LLP as Independent Registered Public accounting firm.	For	For	Management
3		Advisory vote on Executive Compensation Policies and Disclosure.	Against	Against	Management
Issuer:	Boulder Growth & Income Fund, Inc.
CUSIP:	101507101
Ticker:	BIF
Meeting Date:	4/24/2009
1		Election of Directors	For	For	Management
Issuer:	American Express Co.
CUSIP:	025816109
Ticker:	AXP
Meeting Date:	4/27/2009
1		Election of Directors	For	For	Management
2		Ratification of appointment of PriceWaterhouseCoopers LLP as independent registered public accounting firm for 2009.	For	For	Management
3		Advisory vote approving executive compensation.	For	For	Management
4		Proposal relating to cumulative voting for Directors.	Against	Against	Shareholder
5		Proposal relating to the calling of special shareholder meetings.	Against	Against	Shareholder

Tilson Focus Fund

Issuer:	Domino's Pizza, Inc.
CUSIP:	25754A201
Ticker:	DPZ
Meeting Date:	4/28/2009
1		Election of Directors	For	For	Management
2		Approval of the amendment to the 2004 Equity Incentive Plan and implementation of the Stock Option Exchange Program.	For	For	Management
3		Ratification of the selection of PriceWaterhouseCoopers LLP as the independent registered public accountants of the company for the current year.	For	For	Management
Issuer:	Commscope, Inc.
CUSIP:	203372107
Ticker:	CTV
Meeting Date:	5/1/2009
1		Election of Directors	For	For	Management
2		Approval of an increase in the number of shares of common stock authorized for issuance under the Commscope, Inc. 2006 LT Incentive Plan.	For	For	Management
3		To ratify the appointment of Ernst & Young LLP as company's Independent Registered Public Accounting Firm for 2009.	For	For	Management
Issuer:	Berkshire Hathaway, Inc. Cl B
CUSIP:	084670207
Ticker:	BRK.B
Meeting Date:	5/2/2009
1		Election of Directors	For	For	Management

Tilson Focus Fund

2		To approve proposal with respect to the production of a sustainability report.	Against	Against	Shareholder
Issuer:	Sears Holding Corporation
CUSIP:	812350106
Ticker:	SHLD
Meeting Date:	5/4/2009		��
1		Election of Directors	For	For	Management
2		Ratify the appointment by the audit committee of Deloitte & Touche LLP as the company's Independent Public Accountants for fiscal year 2009.	For	For	Management
Issuer:	Footstar, Inc.
CUSIP:	344912209
Ticker:	FTAR
Meeting Date:	5/5/2009
1		To approve the amended plan of complete dissolution and liquidation of Footstar, Inc.	For	For	Management
Issuer:	Wesco Financial Corporation
CUSIP:	950817106
Ticker:	WSC
Meeting Date:	5/6/2009
1		Election of Directors	For	For	Management
2		Other Matters. To vote upon such business as may properly come before the meeting.	For	For	Management
Issuer:	Proliance International, Inc.
CUSIP:	74340R104
Ticker:	PLI
Meeting Date:	5/7/2009
1		Election of Directors	For	For	Management

Tilson Focus Fund

2		Approval of an increase in Proliance's Authorized Common Stock.	For	For	Management
3		Appointment of BDO Seidman, LLP as Proliance's Independent Registered Public Accounting Firm.	For	For	Management
Issuer:	Crosstex Energy, LP
CUSIP:	22765U102
Ticker:	XTEX
Meeting Date:	5/7/2009
1		Proposal to approve the Crosstex Energy GP LLC amended and restated long-term incentive plan.	For	For	Management
2		Proposal to approve an amendment to the Crosstex Energy GP LLC amended and restated long-term incentive plan to allow for an option exchange program for employees other than Directors and Ex. Officers.	For	For	Management
Issuer:	Crosstex Energy, Inc.
CUSIP:	22765Y104
Ticker:	XTXI
Meeting Date:	5/7/2009
1		Election of Directors	For	For	Management
2		Proposal to approve the 2009 Long-Term Incentive Plan.	For	For	Management
3		Proposal to ratify the appointment of KPMG LLP as Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2009.	For	For	Management

Tilson Focus Fund

Issuer:	The Goldman Sachs Group, Inc.
CUSIP:	38141G104
Ticker:	GS
Meeting Date:	5/8/2009
1		Election of Directors	For	For	Management
2		Ratification of the appointment of PriceWaterhouseCoopers LLP as Independent registered public accounting firm for 2009 fiscal year.	For	For	Management
3		Advisory vote to approve executive compensation.	For	For	Management
4		Proposal regarding cumulative voting.	Against	For	Shareholder
5		Proposal regarding simple majority vote.	Against	For	Shareholder
6		Proposal to amend by-laws to provide for a board committee on US economic security.	Against	For	Shareholder
7		Proposal regarding political contributions.	Against	For	Shareholder
Issuer:	EchoStar Corporation Cl A
CUSIP:	278768106
Ticker:	SATS
Meeting Date:	5/11/2009
1		Election of Directors	For	For	Management
2		To ratify the appointment of KPMG LLP as Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2009.	For	For	Management
3		To amend and restate our Employee Stock Purchase Plan.	For	For	Management
4		To approve amendments to existing Equity Plans to allow for Stock Award Exchange Programs.	For	For	Management

Tilson Focus Fund

Issuer:	Leucadia National Corporation
CUSIP:	527288104
Ticker:	LUK
Meeting Date:	5/11/2009
1		Election of Directors	For	For	Management
2		To approve certain amendments to the Company's 1999 Stock Option Plan.	For	For	Management
3		To ratify the selection of PriceWaterhouseCoopers LLP as Independent Accountants of the Company for 2009.	For	For	Management
Issuer:	General Growth Properties, Inc.
CUSIP:	370021107
Ticker:	GGWPQ
Meeting Date:	5/13/2009
1		Election of Directors	For	For	Management
2		Ratification of the selection of Independent Public Accountants.	For	For	Management
Issuer:	Helix Energy Solutions Group Inc.
CUSIP:	42330P107
Ticker:	HLX
Meeting Date:	5/13/2009
1		Election of Directors	For	For	Management
Issuer:	Dow Chemical Company
CUSIP:	260543103
Ticker:	DOW
Meeting Date:	5/14/2009
1		Election of Directors	For	For	Management
2		Ratification of the appointment of the Independent Registered Public Accounting Firm.	For	For	Management
3		Proposal on Cumulative Voting.	Against	Against	Shareholder

Tilson Focus Fund

4		Proposal on Special Meetings.	Against	Against	Shareholder
5		Proposal on Executive Stock Retention.	Against	Against	Shareholder
6		Proposal on Say on Executive Pay.	Against	Against	Shareholder
7		Proposal on Environmental Remediation in the Midland Area.	Against	Against	Shareholder
Issuer:	Dr. Pepper Snapple Group, Inc.
CUSIP:	26138E109
Ticker:	DPS
Meeting Date:	5/19/2009
1		Election of Directors	For	For	Management
2		To approve and adopt the management incentive plan related to performance based incentive compensation for certain of our executive officers.	For	For	Management
3		To ratify the appointment of Deloitte & Touche as the corporations Independent Registered Public Accounting Firm for fiscal year 2009.	For	For	Management
4		To approve and adopt the omnibus stock incentive plan of 2009.	For	For	Management
Issuer:	Altria Group, Inc.
CUSIP:	02209S103
Ticker:	MO
Meeting Date:	5/19/2009
1		Election of Directors	For	For	Management
2		Ratification of the Selection of Independent Auditors.	For	For	Management
3		Making Future and/or Expanded Brands Non-addictive.	Against	Against	Shareholder

Tilson Focus Fund

4		Food insecurity and Tobacco use.	Against	Against	Shareholder
5		Endorse Health Care Principles.	Against	Against	Shareholder
6		Create Human Rights Protocols for the Company and its Suppliers.	Against	Against	Shareholder
7		Shareholder say on Executive pay.	Against	Against	Shareholder
8		Disclosure of Political Contributions.	Against	Against	Shareholder
Issuer:	Borders Group, Inc.
CUSIP:	099709107
Ticker:	BGP
Meeting Date:	5/21/2009
1		Election of Directors	For	For	Management
2		Proposal to approve the amended and restated Borders Group, Inc. 2004 Long-Term Incentive Plan.	For	For	Management
3		Ratification of the selection of Ernst & Young LLP as the Company's Independent Registered Public Accounting Firm for fiscal 2009.	For	For	Management
4		Proposal entitled "Special Shareowner Meetings".	Against	Against	Shareholder
Issuer:	TravelCenters of America, LLC
CUSIP:	894174101
Ticker:	TA
Meeting Date:	5/22/2009
1		Election of Directors	For	For	Management
2		Proposal to approve the amended and restated 2007 Equity Compensation Plan, which extends the term of the Plan to May 22, 2019.	For	For	Management

Tilson Focus Fund

Issuer:	Target Corporation
CUSIP:	87612E106
Ticker:	TGT
Meeting Date:	5/28/2009
1		Determination that the number of Directors shall be 12.	For	For	Management
2		Election of Directors	For	For	Management
3		Proposal to justify the appointment of Ernst & Young LLP as the Independent Registered Public Accounting Firm.	For	For	Management
4		Proposal to approve the performance measures available under the Target Corporation Long-Term Incentive Plan.	For	For	Management
5		Proposal regarding annual advisory vote on Executive compensation.	For	For	Management
Issuer:	Wendy's Arby's Group, Inc.
CUSIP:	950587105
Ticker:	WEN
Meeting Date:	5/28/2009
1		Election of Directors	For	For	Management
2		To adopt an amendment and restatement of the company's certificate of incorporation to refer to class A common stock as common stock and make other conforming changes.	For	For	Management
3		To adopt an amendment and restatement of the certificate of incorporation to provide that in absence of the COB, the Vice Chairman, the CEO or a person designated by vote will preside.	For	For	Management

Tilson Focus Fund

4		To adopt an amendment and restatement of the certificate of incorporation to change the advance notice procedures for stockholder proposals and director nominations.	For	For	Management
5		Amendment and restatement of the certificate of incorporation to provide that directors may be removed only by affirmative vote of holders of two-thirds of the voting power of capital stock.	For	For	Management
6		To adopt an amendment and restatement of the certificate of incorporation to repeal article VI thereof.	For	For	Management
7		To reapprove the performance goal bonus awards portion of the company's 1999 executive bonus plan.	For	For	Management
8		To ratify the appointment of Deloitte & Touche LLP as the Company's Independent Registered Public Accountants for 2009.	For	For	Management
Issuer:	Ambassadors International, Inc.
CUSIP:	023178106
Ticker:	AMIE
Meeting Date:	6/9/2009
1		Election of Directors	For	For	Management
2		To effect a reverse stock split and reduce the number of authorized shares.	For	For	Management

Issuer:	Monterey Gourmet Foods, Inc.
CUSIP:	612570101
Ticker:	PSTA
Meeting Date:	6/19/2009
1		Election of Directors	For	For	Management
2		To approve the selection of McGladrey & Pullen, LLP as the Company's Independent Registered Public Accounting Firm for the fiscal year ended December 31, 2009.	For	For	Management

TILSON DIVIDEND FUND

Item		Proposals	Mngmt Vote	Adv Vote	Sponsor
Issuer:	Petmed Express, Inc.
CUSIP:	716382106
Ticker:	PETS
Meeting Date:	8/1/2008
1		Election of Directors	For	For	Management
2		Ratify appointment of McGladrey & Pullen LLP as the Independent Registered Public Accounting Firm for the 2009 fiscal year.	For	For	Management
Issuer:	Cisco Systems, Inc.
CUSIP:	17275R102
Ticker:	CSCO
Meeting Date:	11/13/2008
1		Election of Directors	For	For	Management
2		To ratify the appointment of PriceWaterhouseCoopers LLP as Independent Registered Public Accounting Firm for fiscal year ending July 2009.	For	For	Management
3		Proposal to amend the Company's bylaws to establish a Board Committee on Human Rights.	Against	Against	Shareholder
4		Proposal to provide concrete steps to reduce liklihood that its business practices might enable or encourage violation of human rights.	Against	Against	Shareholder
Issuer:	Microsoft Corporation
CUSIP:	594918104
Ticker:	MSFT
Meeting Date:	11/19/2008
1		Election of Directors	For	For	Management

Tilson Dividend Fund

2		Approval of material terms of performance criteria under the executive officer incentive plan.	For	For	Management
3		Approval of amendments to the 1999 stock option plan for non-employee directors.	For	For	Management
4		Ratification of the selection of Deloitte & Touche LLP as the company's Independent Auditor.	For	For	Management
5		Adoption of policies on internet censorship.	Against	Against	Shareholder
6		Establishment of Board Committee on Human Rights	Against	Against	Shareholder
7		Disclosure of charitable contributions	Against	Against	Shareholder
Issuer:	Prospect Capital Corporation
CUSIP:	74348T102
Ticker:	PSEC
Meeting Date:	12/12/2008
1		Election of Directors	For	For	Management
2		Ratification of the selection of BDO Seidman LLP as Independent Registered Public Accounting Firm for FYE June 30, 2009.	For	For	Management
3		To approve a proposal to authorize company to sell shares of its common stock at a price or prices below current NAV in one or more offerings.	For	For	Management
4		To approve a proposal to authorize company to issue warrants, options or rights to subscribe to, convert to or purchase shares in one or more offerings.	For	For	Management

Tilson Dividend Fund

Issuer:	Syneron Medical Ltd.
CUSIP:	M87245102
Ticker:	ELOS
Meeting Date:	12/23/2008
1		Approval and ratification of Kost, Forer Gabbay & Kasierer as the company's Independent Auditors for 2008 fiscal year ending Dec. 31, 2008.	For	For	Management
2		Election of Doron Gerstel and Re-election of David Schlachet as Class I Directors until Annual Meeting of shareholders to be held in 2011.	For	For	Management
3		Approval of an option grant to Shimon Echhouse, the company chairman of the Board of Directors.	For	For	Management
4		Approval of Option Grants to the company's directors, except for the executive and the external directors.	For	For	Management
Issuer:	Fifth Street Finance Corp.
CUSIP:	31678A103
Ticker:	FSC
Meeting Date:	2/4/2009
1		Election of Directors	For	For	Management
2		To ratify the appointment of Grant Thornton, LLP as the company's Independent Registered Public Accounting firm for the fiscal year ending 9/30/2009.	For	For	Management

Tilson Dividend Fund

Issuer:	Apple, Inc.
CUSIP:	037833100
Ticker:	AAPL
Meeting Date:	2/25/2009
1		Election of Directors	For	For	Management
2		Proposal regarding political contributions and expenditures report, if properly presented at the meeting.	Against	Against	Shareholder
3		Proposal regarding adoption of principles for health care reform, if properly presented at the meeting.	Against	Against	Shareholder
4		Proposal regarding sustainability report, if properly presented at the meeting.	Against	Against	Shareholder
5		Proposal regarding advisory vote on compensation, if properly presented at the meeting.	Against	Against	Shareholder
Issuer:	MVC Capital, Inc.
CUSIP:	553829102
Ticker:	MVC
Meeting Date:	4/14/2009
1		Election of Directors	For	For	Management
2		To approve an amendment and restated investment advisory and management agreement between the fund and TTG Advisors as described in the proxy statement.	For	For	Management
Issuer:	P.F. Chang's China Bistro, Inc.
CUSIP:	69333Y108
Ticker:	PFCB
Meeting Date:	4/28/2009
1		Election of Directors	For	For	Management

Tilson Dividend Fund

2		Appointment of KPMG LLP as the Company's independent registered public accounting firm for the year ending January 2010.	For	For	Management
3		Approval of adjournment of the meeting to solicit additional proxies.	For	For	Management
Issuer:	Ebay, Inc.
CUSIP:	278642103
Ticker:	EBAY
Meeting Date:	4/29/2009
1		Election of Directors	For	For	Management
2		To approve amendments to certain of our existing equity incentive plans to allow for a one-time stock option exchange program for employees other than our named Executive Officers and Directors.	For	For	Management
3		To approve the amendment and restatement of our 2008 Equity Incentive Award plan to increase the aggregate number of shares, add market shares and volume metrics as performance criteria under plan.	For	For	Management
4		To ratify selection of PriceWaterhouseCoopers LLP as our Independent Auditors for our fiscal year ending December 31, 2009.	For	For	Management
Issuer:	Philip Morris International, Inc.
CUSIP:	718172109
Ticker:	PM
Meeting Date:	5/5/2009
1		Election of Directors	For	For	Management

Tilson Dividend Fund

2		Ratification of the selection of Independent Auditors.	For	For	Management
3		Approval of eligibility, business criteria for awards and award limits under the PMI 2008 Performance Incentive Plan.	For	For	Management
Issuer:	Linn Energy LLC
CUSIP:	536020100
Ticker:	LINE
Meeting Date:	5/5/2009
1		Election of Directors	For	For	Management
2		Ratification of appointment of KPMG LLP as Independent Auditors for the fiscal year ending December 31, 2009.	For	For	Management
Issuer:	EMC Corporation
CUSIP:	268648102
Ticker:	EMC
Meeting Date:	5/6/2009
1		Election of Directors	For	For	Management
2		Ratify selection by audit committee of PriceWaterhouseCoopers LLP as company's Independent Auditors.	For	For	Management
3		Approve an amendment to EMC's Employee Stock Purchase Plan to increase shares available by 30 million.	For	For	Management
4		Approve an amendment to EMC's bylaws to reduce the percentage of shares required for shareholders to call a special meeting.	For	For	Management
5		Advisory vote on Executive Compensation.	Against	Against	Shareholder

Tilson Dividend Fund

Issuer:	Laboratory Corp. of America Holdings
CUSIP:	50540R409
Ticker:	LH
Meeting Date:	5/6/2009
1		Election of Directors	For	For	Management
2		Ratification of the appointment of PriceWaterhouseCoopers LLP as Laboratory Corp. of America Holdings Independent registered public accounting firm for 2009.	For	For	Management
Issuer:	Heckmann Corporation
CUSIP:	422680108
Ticker:	HEK
Meeting Date:	5/6/2009
1		Election of Directors	For	For	Management
2		Approval of amendment to our certificate of incorporation to increase the number of authorized shares of common stock from 250 MM to 500 MM.	For	For	Management
3		Approval of Heckmann Corporation 2009 Equity Incentive Plan.	For	For	Management
4		Ratification of the appointment of GHP Horwath PC as independent auditors for the fiscal year ending December 31, 2009.	For	For	Management
5		Approval of any motion to transact such other business as may properly come before the annual meeting of any adjournment.	For	For	Management

Tilson Dividend Fund

Issuer:	Pico Holdings, Inc.
CUSIP:	693366205
Ticker:	PICO
Meeting Date:	5/15/2009
1		Election of Directors	For	For	Management
2		Ratification of Deloitte & Touche LLP to perform the annual audit of the company's 2009 Financial Statements.	For	For	Management
Issuer:	Chipotle Mexican Grill, Inc. Cl A
CUSIP:	169656105
Ticker:	CMG
Meeting Date:	5/21/2009
1		Election of Directors	For	For	Management
2		Proposal to ratify the selection of Ernst & Young as the company's independent registered public accounting firm for the 2009 fiscal year.	For	For	Management
Issuer:	Chipotle Mexican Grill, Inc. Cl B
CUSIP:	169656204
Ticker:	CMG.B
Meeting Date:	5/21/2009
1		Election of Directors	For	For	Management
2		Proposal to ratify the selection of Ernst & Young LLP as the company's independent registered public accounting firm for the 2009 fiscal year.	For	For	Management
Issuer:	Annaly Capital Management, Inc.
CUSIP:	035710409
Ticker:	NLY
Meeting Date:	5/29/2009
1		Election of Directors	For	For	Management

Tilson Dividend Fund

2			Ratification of the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the company for the 2009 fiscal year.	For	For	Management
Issuer:	Dreamworks Animation SKG, Inc. Cl A
CUSIP:	26153C103
Ticker:	DWA
Meeting Date:	6/10/2009
1			Election of Directors	For	For	Management
2			Proposal to approve the amended and restated 2008 Omnibus Incentive Compensation Plan.	For	For	Management
3			Proposal to ratify the appointment of Ernst & Young as the company's Independent Registered Public Accounting Firm for the year ending December 31, 2009.	For	For	Management
Issuer:	Chesapeake Energy Corporation
CUSIP:	165167107
Ticker:	CHK
Meeting Date:	6/12/2009
1		Election of Directors		For	For	Management
2		To approve an amendment to our Certificate of Incorporation to increase the number of authorized shares of common stock.		For	For	Management
3		To approve an amendment to our Long-Term Incentive Plan.		For	For	Management
4		To ratify the appointment of PriceWaterhouseCoopers LLP as our Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2009.		For	For	Management
5		Proposal regarding annual elections for Directors.		Against	Against	Shareholder
6		Proposal regarding majority voting standard for Director elections.		Against	Against	Shareholder

Tilson Dividend Fund

7		Proposal regarding the Company's non-discrimination policy.	Against	Against	Shareholder
Issuer:	Yahoo, Inc.
CUSIP:	984332106
Ticker:	YHOO
Meeting Date:	6/25/2009
1		Election of Directors	For	For	Management
2		Amendment's to the Company's Amended and Restated 1995 Stock Plan.	For	For	Management
3		Amendments to the Company's Amended and Restated 1996 Employee Stock Purchase Plan.	For	For	Management
4		Ratification of the appointment of Independent Registered Public Accounting Firm.	For	For	Management
5		Proposal regarding executive compensation advisory vote, if properly presented at the annual meeting.	Against	Against	Shareholder
Issuer:	Stamps.com, Inc.
CUSIP:	852857200
Ticker:	STMP
Meeting Date:	6/25/2009
1		Election of Directors	For	For	Management
2		To ratify the appointment of Ernst & Young LLP as independent auditors of the Company for 2009.	For	For	Management

SIGNATURES

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

Tilson Investment Trust
 

By: (Signature and Title)                 /s/ Whitney R. Tilson

Whitney R. Tilson

Trustee, President, and Principal Executive Officer

Date: August 28, 2009