Analysts Investment Trust NPX 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 811-7778

Analysts Investment Trust

(Exact name of registrant as specified in charter)

7750 Montgomery Road

Cincinnati, Ohio 45236

(Address of principal executive offices)

(Zip code)

Timothy E. Mackey

7750 Montgomery Road

Cincinnati, Ohio 45236

(Name and address of agent for service)

Registrant's telephone number, including area code: 513-792-5402

Date of fiscal year end: July 31

Date of reporting period: June 30, 2004

Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant’s proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking notes.

A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. PROXY VOTING RECORD:

Disclose the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the registrant was entitled to vote:

(a).

The name of the issuer of the portfolio security;

(b).

The exchange ticker symbol of the portfolio security;

(c).

The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

(d).

The shareholder meeting date;

(e).

A brief identification of the matter voted on;

(f).

Whether the matter was proposed by the issuer or by a security holder;

(g).

Whether the Registrant cast its vote on the matter;

(h).

How the Registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

(i).

Whether the Registrant cast its vote for or against management.

Analyst Investment Trust Stock Fund

AMERICAN INTERNATIONAL GROUP, INC.

	Ticker Symbol:AIG	Cusip Number: 026874107
	Record Date: 3/26/2004	Meeting Date: 5/19/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

ADOPT CHIEF EXECUTIVE OFFICER ANNUAL COMPENSATION PLAN

FOR

ISSUER

FOR

WITH

ADOPT A DIRECTOR STOCK OPTION PLAN

FOR

ISSUER

FOR

WITH

RATIFICATION OF INDEPENDENT ACCOUNTANTS

FOR

ISSUER

FOR

WITH

REGARDING POLITICAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING EXECUTIVE OFFICER COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING INVESTMENTS IN TOBACCO EQUITIES

AGAINST

STOCKHOLDER

AGAINST

WITH

AMGEN INC.

	Ticker Symbol:AMGN	Cusip Number: 031162100
	Record Date: 3/19/2004	Meeting Date: 5/13/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FYE 12/31/04

FOR

ISSUER

FOR

WITH

EEO-1 REPORT

AGAINST

STOCKHOLDER

AGAINST

WITH

STOCK OPTION EXPENSING

AGAINST

STOCKHOLDER

AGAINST

WITH

ANHEUSER-BUSCH COMPANIES, INC

	Ticker Symbol:BUD	Cusip Number: 035229103
	Record Date: 3/1/2004	Meeting Date: 4/28/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

APACHE CORPORATION

	Ticker Symbol:APA	Cusip Number: 037411105
	Record Date: 3/17/2004	Meeting Date: 5/6/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RELATING TO CLIMAT CHANGES

AGAINST

STOCKHOLDER

AGAINST

WITH

BANK OF AMERICA CORPORATION

	Ticker Symbol:BAC	Cusip Number: 060505104
	Record Date: 4/7/2004	Meeting Date: 5/26/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF INDEPENDENT PUBLIC ACCOUNTANTS

FOR

ISSUER

FOR

WITH

ANNUAL MEETING DATE

AGAINST

STOCKHOLDER

AGAINST

WITH

NOMINATION OF DIRECTORS

AGAINST

STOCKHOLDER

AGAINST

WITH

CHARITABLE CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

MUTUAL FUND TRADING POLICIES

AGAINST

STOCKHOLDER

AGAINST

WITH

PRIVACY AND INFORMATION SECURITY

AGAINST

STOCKHOLDER

AGAINST

WITH

CITIGROUP INC

	Ticker Symbol:C	Cusip Number: 172967101
	Record Date: 2/27/2004	Meeting Date: 4/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY KPMG AS INDEPENDENT AUDITORS FOR 2004

FOR

ISSUER

FOR

WITH

A CURB ON EXECUTIVE COMPENSATION. NO FUTURE STOCK OPTION GRANTS AND NO RENEWALS OR EXTENSIONS OF OPTION PLANS

AGAINST

STOCKHOLDER

AGAINST

WITH

A REPORT ON POLITICAL CONTRIBUTIONS

AGAINST

ISSUER

AGAINST

WITH

A DISCONTINUATION OF ALL RIGHTS, OPTIONS SAR'S AND POSSIBLE SEVERANCE PAYMENTS TO THE TOP 5 OF MANAGEMENT

AGAINST

STOCKHOLDER

AGAINST

WITH

THAT THE CHAIRMAN OF THE BOARD HAVE NO MANAGEMENT DUTIES, TITLES OR RESPONSIBILITIES

AGAINST

STOCKHOLDER

AGAINST

WITH

COMCAST CORPORATION

	Ticker Symbol:CMCSA	Cusip Number: 20030N101
	Record Date: 3/15/2004	Meeting Date: 5/26/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

2002 RESTRICTED STOCK PLAN

FOR

ISSUER

FOR

WITH

AMENDMENT TO ARTICLES OF INCORPORATION

FOR

ISSUER

FOR

WITH

ESTABLISH A TWO-THIRDS INDEPENDENT BOARD

AGAINST

STOCKHOLDER

AGAINST

WITH

DISCLOSE POLICITAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

NOMINATE 2 DIRECTORS FOR EVERY OPEN DIRECTORSHIP

AGAINST

STOCKHOLDER

AGAINST

WITH

LIMIT COMPENSATION FOR SENIOR EXECUTIVES

AGAINST

STOCKHOLDER

AGAINST

WITH

ADOPT A RECAPITALIZATION PLAN

AGAINST

STOCKHOLDER

AGAINST

WITH

DIAMOND OFFSHORE DRILLING, INC.

	Ticker Symbol:DO	Cusip Number: 25271C102
	Record Date: 3/22/2004	Meeting Date: 5/18/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

TO CONSIDER AND ACT UPON A PROPOSAL TO APPROVE THE AMENDED AND RESTATED 2000 STOCK OPTION PLAN

FOR

ISSUER

FOR

WITH

TO RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS THE INDEPENDENT AUDITORS FOR THE FISCAL YEAR 2004

FOR

ISSUER

FOR

WITH

EXXON MOBIL CORPORATION

	Ticker Symbol:XOM	Cusip Number: 30231G102
	Record Date: 4/5/2004	Meeting Date: 5/26/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

APPROVAL OF 2004 NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PLAN

FOR

ISSUER

FOR

WITH

POLITICAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

POLITICAL CONTRIBUTIONS REPORT

AGAINST

ISSUER

AGAINST

WITH

MEDIA RESPONSE ON EQUATORIAL GUINEA

AGAINST

STOCKHOLDER

AGAINST

WITH

BOARD CHAIRMAN AND CEO

AGAINST

STOCKHOLDER

AGAINST

WITH

EXECUTIVE COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

EQUITY COMPENSATION REPORT

AGAINST

STOCKHOLDER

AGAINST

WITH

AMENDMENT TO EEO POLICY

AGAINST

STOCKHOLDER

AGAINST

WITH

CLIMATE SCIENCE REPORT

AGAINST

STOCKHOLDER

AGAINST

WITH

FEDERAL HOME LOAN MORTGAGE CORP

	Ticker Symbol:FRE	Cusip Number: 313400301
	Record Date: 2/20/2004	Meeting Date: 3/31/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF PRICEWATERHOUSECOOPERS AS INDEPENDENT AUDITORS FOR THE YEAR 2003

FOR

ISSUER

FOR

WITH

FORTUNE BRANDS, INC.

	Ticker Symbol:FO	Cusip Number: 349631101
	Record Date: 2/27/2004	Meeting Date: 4/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF PRICEWATERHOUSECOOPERS AT INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

RE: SHAREHOLDER VOTE ON POISON PILLS

AGAINST

STOCKHOLDER

AGAINST

WITH

GILEAD SCIENCES, INC.

	Ticker Symbol:GILD	Cusip Number: 375558103
	Record Date: 4/5/2004	Meeting Date: 5/25/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RETIFY TEH SELECTION BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FYE 12/31/04

FOR

ISSUER

FOR

WITH

TO APPROVE THE ADOPTION OF GILEAD'S 2004 EQUITY INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

TO APPROVE AN AMENDMENT TO GILEAD'S RESTATED CERTIFICATE OF INCORPORATION TO INCREASE THE AUTHORIZED NUMBER OF SHARES OF COMMON STOCK FROM 500,000,000 TO 700,000,000 SHARES

FOR

ISSUER

FOR

WITH

HEALTH MANAGMENT ASSOCIATES, INC.

	Ticker Symbol:HMA	Cusip Number: 421933102
	Record Date: 12/19/2003	Meeting Date: 2/17/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

HEWLETT-PACKARD COMPANY

	Ticker Symbol:HPQ	Cusip Number: 428236103
	Record Date: 1/20/2004	Meeting Date: 3/17/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY ERNST & YOUNG AS INDEPENDENT AUDITORS FYE 10/31/04

FOR

ISSUER

FOR

WITH

APPROVAL OF 2004 STOCK INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

RE: STOCK OPTION EXPENSING PROPOSAL

AGAINST

STOCKHOLDER

AGAINST

WITH

ILLINIOS TOOL WORKS INC.

	Ticker Symbol:ITW	Cusip Number: 452308109
	Record Date: 3/9/2004	Meeting Date: 5/7/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF DELOITTE & TOUCHE LLP

FOR

STOCKHOLDER

FOR

WITH

INTEL CORPORATION

	Ticker Symbol:INTC	Cusip Number: 458140100
	Record Date: 3/22/2004	Meeting Date: 5/19/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

APPROVAL OF 2004 EQUITY INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

REQUESTING THE EXPENSING OF STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

REQUESTING THE USE OF PERFORMANCE-VESTING STOCK

AGAINST

STOCKHOLDER

AGAINST

WITH

REQUESTING THE USE OF PERFORMANCE-BASED STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

INTERNATIONAL BUSINESS MACHINES CORP

	Ticker Symbol:IBM	Cusip Number: 459200101
	Record Date: 2/27/2004	Meeting Date: 4/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF INDEPENDENT ACCOUNTANTS (PRICEWATERHOUSECOOPERS)

FOR

ISSUER

FOR

WITH

APPOINTMENT OF INDEPENDENT ACCOUNTANTS FOR THE BUSINESS CONSULTING SERVICES UNIT (ERNST & YOUNG)

FOR

ISSUER

FOR

WITH

APPROVAL OF LONG-TERM INCENTIVE PERFORMANCE TERMS FOR CERTAIN EXECUTIVES

FOR

ISSUER

FOR

WITH

ON CUMULATIVE VOTING

AGAINST

STOCKHOLDER

AGAINST

WITH

ON PENSION AND RETIREMENT MEDICAL

AGAINST

STOCKHOLDER

AGAINST

WITH

ON EXECUTIVE COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

ON EXPENSING STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

DISCLOSURE OF EXECUTIVE COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

ON CHINA BUSINESS PRINCIPLES

AGAINST

STOCKHOLDER

AGAINST

WITH

ON DISCLOSURE OF POLITICAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

ON A REVIEW OF EXECUTIVE COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

JOHNSON & JOHNSON

	Ticker Symbol:JNJ	Cusip Number: 478160104
	Record Date: 2/24/2004	Meeting Date: 4/22/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

STOCKHOLDER

FOR

WITH

APPOINTMENT OF PRICEWATERHOUSECOOPERS AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

ON CHARITABLE CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

L-3 COMMUNICATIONS HOLDINGS, INC.

	Ticker Symbol:LLL	Cusip Number: 502424104
	Record Date: 3/9/2004	Meeting Date: 4/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF PRICEWATERHOUSECOOPERS AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDMENT TO THE 1999 LONG TERM PERFORMANCE PLAN

FOR

ISSUER

FOR

WITH

RATIFICATON OF THE TERMS OF PERFORMANCE-BASED COMPENSATION UNDER THE 1999 LONG TERM PERFORMANCE PLAN

FOR

ISSUER

FOR

WITH

MERRILL LYNCH & CO., INC.

	Ticker Symbol:MER	Cusip Number: 590188108
	Record Date: 2/24/2004	Meeting Date: 4/23/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF DELOITTE & TOUCHE AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

INSTITUTE CUMULATIVE VOTING

AGAINST

STOCKHOLDER

AGAINST

WITH

INDEPENDENT CHAIRMAN SEPARATE FROM CEO

AGAINST

STOCKHOLDER

AGAINST

WITH

NABORS INDUSTRIES LTD

	Ticker Symbol:NBR	Cusip Number: G6359F103
	Record Date: 4/8/2004	Meeting Date: 6/1/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS AND TO AUTHORIZE THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS TO SET AUDITORS RENUMERATION

FOR

ISSUER

FOR

WITH

TO CHANGE NABORS JURISDICTION OF INCORPORATION FROM BERMUDA TO DELAWARE

AGAINST

STOCKHOLDER

AGAINST

WITH

NORFOLK SOUTHERN CORPORATION

	Ticker Symbol:NSC	Cusip Number: 655844108
	Record Date: 3/5/2004	Meeting Date: 5/13/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF APPOINTMENT OF KPMG, LLP, INDEPENDENT PUBLIC ACCOUNTANTS, AS AUDITORS

FOR

ISSUER

FOR

WITH

NORTH FORK BANCORPORATION, INC.

	Ticker Symbol:NFB	Cusip Number: 659424105
	Record Date: 3/1/2004	Meeting Date: 4/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

SELECTION OF KPMG AS INDEPENDENT AUDITORS FYE 12/31/04

FOR

ISSUER

FOR

WITH

OMNICOM GROUP INC.

	Ticker Symbol:OMC	Cusip Number: 681919106
	Record Date: 4/9/2004	Meeting Date: 5/25/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY THE APPOINTMENT OF KPMG AS OUR INDEPENDENT AUDITORS FOR FISCAL 2004

FOR

ISSUER

FOR

WITH

TO APPROVE OUR DIRECTOR EQUITY PLAN

FOR

ISSUER

FOR

WITH

ORACLE CORPORATION

	Ticker Symbol:ORCL	Cusip Number: 68389X105
	Record Date: 8/21/2003	Meeting Date: 10/13/2003

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF THE ADOPTION OF THE FISCAL YEAR 2004 EXECUTIVE BONUS PLAN

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FYE 5/31/04

FOR

ISSUER

FOR

WITH

APPROVAL OF THE AMENDED AND RESTATED 1993 DIRECTORS' STOCK PLAN

FOR

ISSUER

FOR

WITH

ADOPT THE

AGAINST

STOCKHOLDER

AGAINST

WITH

PEPSICO, INC.

	Ticker Symbol:PEP	Cusip Number: 713448108
	Record Date: 3/12/2004	Meeting Date: 5/5/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF AUDITORS

FOR

ISSUER

FOR

WITH

APPROVAL OF THE 2004 EXECUTIVE INCENTIVE COMPENSATION PLAN

FOR

ISSUER

FOR

WITH

POLITICAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

GLOBAL HIV/AIDS PANDEMIC REPORTING

AGAINST

STOCKHOLDER

AGAINST

WITH

PROCTER & GAMBLE

	Ticker Symbol:PG	Cusip Number: 742718109
	Record Date: 8/1/2003	Meeting Date: 10/14/2003

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

APPROVE THE P&G 2003 NON-EMPLOYEE DIRECTOR' STOCK PLAN

FOR

ISSUER

FOR

WITH

RE: BOARD OF DIRECTORS' TERMS

AGAINST

STOCKHOLDER

AGAINST

WITH

RE: LABEL GENETICALLY ENGINEERED FOODS

AGAINST

STOCKHOLDER

AGAINST

WITH

SOUTHWEST AIRLINES CO.

	Ticker Symbol:LUV	Cusip Number: 844741108
	Record Date: 3/23/2004	Meeting Date: 5/19/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF SELECTION OF AUDITOR

FOR

ISSUER

FOR

WITH

SOUTHWEST AIRLINES CO.

	Ticker Symbol:LUV	Cusip Number: 844741108
	Record Date: 3/23/2004	Meeting Date: 5/19/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FOR 2004

FOR

ISSUER

FOR

WITH

SUNGARD DATA SYSTEMS

	Ticker Symbol:SDS	Cusip Number: 867363103
	Record Date: 3/15/2004	Meeting Date: 5/14/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY'S INDEPENDENT AUDITORS FOR 2004

FOR

ISSUER

FOR

WITH

TAIWAN SEMICONDUCTOR MFG CO LTD

	Ticker Symbol:TSM	Cusip Number: 874039100
	Record Date: 3/12/2004	Meeting Date: 5/11/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ACCEPT 2003 BUSINESS REPORT AND FINANCIAL STATEMENTS

FOR

ISSUER

FOR

WITH

TO APPROVE THE PROPOSAL FOR DISTRIBUTION OF 2003 PROFITS

FOR

ISSUER

FOR

WITH

TO APPROVE THE CAPITALIZATION OF 2003 DIVIDENDS AND EMPLOYEE PROFIT SHARING

FOR

ISSUER

FOR

WITH

THE BOEING COMPANY

	Ticker Symbol:BA	Cusip Number: 097002310
	Record Date: 3/5/2004	Meeting Date: 5/3/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVE AMENDMENTS TO ELIMINATE CERTAIN SUPERMAJORITY VOTE REQUIREMENTS

FOR

ISSUER

FOR

WITH

ADVISE ON APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

PREPARE A REPORT ON MILITARY CONTRACTS

AGAINST

STOCKHOLDER

AGAINST

WITH

ADOPT HUMAN RIGHTS POLICIES

AGAINST

STOCKHOLDER

AGAINST

WITH

DECLASSIFY THE BOARD OF DIRECTORS

AGAINST

STOCKHOLDER

AGAINST

WITH

ADOPT SIMPLE MAJORITY VOTE

AGAINST

STOCKHOLDER

AGAINST

WITH

REQUIRE APPROVAL OF SEVERENCE AGREEMENTS

AGAINST

STOCKHOLDER

AGAINST

WITH

ADOPT RETENTION OF STOCK POLICY

AGAINST

STOCKHOLDER

AGAINST

WITH

GIVE EMPLOYEES CHOICE OF PENSION PLANS AT RETIREMENT OR TERMINATION

AGAINST

STOCKHOLDER

AGAINST

WITH

THE DOW CHEMICAL COMPANY

	Ticker Symbol:DOW	Cusip Number: 260543103
	Record Date: 3/15/2004	Meeting Date: 5/13/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS DOW'S INDEPENDENT AUDITORS FOR 2004

FOR

ISSUER

FOR

WITH

AMENDMENT OF THE RESTATED CERTIFICATE OF INCORPORATION FOR THE ANNUAL ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

ON BHOPAL

AGAINST

STOCKHOLDER

AGAINST

WITH

THE HOME DEPOT, INC.

	Ticker Symbol:HD	Cusip Number: 437076102
	Record Date: 3/29/2004	Meeting Date: 5/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

TO RATIFY THE APPOINTMENT OF KPMG LLP AS INDEPENDENT AUDITORS FOR FISCAL 2004

FOR

ISSUER

FOR

WITH

REGARDING OUTSIDE DIRECTOR TERM LIMITS

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING POISON PILL IMPLEMENTATION

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING PERFORMANCE GOALS AS A PREREQUISITE TO VESTING

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING IMPLEMENTATION OF ILO HUMAN RIGHTS STANDARDS

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING FUTURE SEVERENCE AGREEMENTS

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING METHOD OF VOTING FOR DIRECTORS

AGAINST

STOCKHOLDER

AGAINST

WITH

THE WALT DISNEY COMPANY

	Ticker Symbol:DIS	Cusip Number: 254687106
	Record Date: 1/16/2004	Meeting Date: 3/3/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF PRICEWATERHOUSECOOPERS AS INDEPENDENT AUDITORS FOR 2004

FOR

ISSUER

FOR

WITH

RE: LABOR STANDARDS FOR CHINA

FOR

STOCKHOLDER

FOR

WITH

RE: LABOR STANDARDS IN CHINA

FOR

STOCKHOLDER

FOR

WITH

RE: THEME PARK SAFETY REPORTING

FOR

STOCKHOLDER

FOR

WITH

UNITED TECHNOLOGIES CORPORATION

	Ticker Symbol:UTX	Cusip Number: 913017109
	Record Date: 2/17/2004	Meeting Date: 4/14/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

RE: DISCLOSURE OF EXECUTIVE COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

RE: ETHICAL CRITERIA FOR MILITARY CONTRACTS

AGAINST

STOCKHOLDER

AGAINST

WITH

RE: PERFORMANCE BASED SENIOR EXECUTIVE STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

RE: AN INDEPENDENT CHAIRMAN OF THE BOARD

AGAINST

STOCKHOLDER

AGAINST

WITH

UNITEDHEALTH GROUP INC

	Ticker Symbol:UNH	Cusip Number: 91324P102
	Record Date: 3/15/2004	Meeting Date: 5/12/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004

FOR

ISSUER

FOR

WITH

REGARDING EXPENSING OF STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING REPLACEMENT OF STOCK OPTIONS WITH RESTRICTED SHARES

AGAINST

STOCKHOLDER

AGAINST

WITH

WELLS FARGO & COMPANY

	Ticker Symbol:WFC	Cusip Number: 949746101
	Record Date: 3/9/2004	Meeting Date: 4/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVE SUPPLEMENTAL 401(K) PLAN

FOR

ISSUER

FOR

WITH

APPOINTMENT OF KPMG AS INDEPENDENT AUDITORS FOR 2004

FOR

ISSUER

FOR

WITH

REGARDING EXPENSING STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING RESTRICTED STOCK

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING EXECUTIVE COMPENSATION AND PREDATORY LENDING

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING POLITICAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

XL CAPITAL LTD

	Ticker Symbol:XL	Cusip Number: G98255105
	Record Date: 3/26/2004	Meeting Date: 4/30/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF PRICEWATERHOUSECOOPERS AS INDEPENDENT AUDITORS FYE 12/31/04

FOR

ISSUER

FOR

WITH

Analyst Investment Trust Fixed Income Fund

CAPITAL AUTOMOTIVE REIT

	Ticker Symbol:CARS	Cusip Number: 139733109
	Record Date: 3/1/2004	Meeting Date: 5/11/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF APPOINTMENT OF ERNST & YOUNG AS INDEPENDENT ACCOUNTANTS FYE 12/31/04

FOR

ISSUER

FOR

WITH

FIRST INDUSTRIAL REALTY

	Ticker Symbol:FR	Cusip Number: 32054K103
	Record Date: 3/22/2004	Meeting Date: 5/12/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF PRICEWATERHOUSECOOPERS AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

HEALTH CARE PROPERTY INVESTORS, INC.

	Ticker Symbol:HCP	Cusip Number: 421915109
	Record Date: 3/24/2004	Meeting Date: 5/7/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDMENT TO THE CHARTER TO INCREASE COMMON STOCK TO 750,000,000

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDMENT TO CHARTER TO DECLASSIFY THE BOARD

FOR

ISSUER

FOR

WITH

RATIFICATION OF ERNST & YOUNG AS INDEPENDENT AUDITORS FYE 12/31/04

FOR

ISSUER

FOR

WITH

SOVRAN SELF STORAGE, INC.

	Ticker Symbol:SSS	Cusip Number: 84610H108
	Record Date: 4/2/2004	Meeting Date: 5/13/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDMENT TO THE 1995 OUTSIDE DIRECTOR'S STOCK OPTION PLAN

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDMENT TO THE DEFERRED COMPENSATION PLAN FOR DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF APPOINTMENT OF ERNST & YOUNG AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

SUMMIT PROPERTIES INC.

	Ticker Symbol:SMT	Cusip Number: 866239106
	Record Date: 3/19/2004	Meeting Date: 5/26/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

Analyst Investment Trust Aggressive Stock Fnd

ABERCROMBIE & FITCH

	Ticker Symbol:ANF	Cusip Number: 002896207
	Record Date: 3/26/2004	Meeting Date: 5/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

ALLERGAN, INC.

	Ticker Symbol:AGN	Cusip Number: 018490102
	Record Date: 3/8/2004	Meeting Date: 4/28/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF KPMG LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

THE ADOPTION OF A POLICY OF EXPENSING THE COST OF ALL FUTURE STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

PROPOSAL TO BIFURCATE THE ROLES OF CHAIRMAN OF THE BOARD OF DIRECTORS AND CEO

FOR

STOCKHOLDER

AGAINST

CENDANT CORP

	Ticker Symbol:CD	Cusip Number: 151313103
	Record Date: 2/23/2004	Meeting Date: 4/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

AMENDMENT TO ARTICLES OF INCORPORATION TO ELIMINATE CLASSIFICATION OF BOARD OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF DELOITTE & TOUCHE AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

RE SEPARATE CHAIRMAN/CEO

FOR

STOCKHOLDER

AGAINST

RE CEO COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

CHARLES SCHWAB CORP

	Ticker Symbol:SCH	Cusip Number: 808513106
	Record Date: 3/18/2004	Meeting Date: 5/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF 2004 STOCK INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

CITRIX SYSTEMS, INC.

	Ticker Symbol:CTXS	Cusip Number: 177376100
	Record Date: 3/15/2004	Meeting Date: 5/13/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

REGARDING THE EXPENSING OF THE COST OF STOCK OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

FREDDIE MAC

	Ticker Symbol:FRE	Cusip Number: 313400301
	Record Date: 2/20/2004	Meeting Date: 3/31/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF PRICE WATERHOUSE COOPERS LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

GILEAD SCIENCES, INC.

	Ticker Symbol:GILD	Cusip Number: 375558103
	Record Date: 4/5/2004	Meeting Date: 5/25/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF ERNST & YOUNG AS AUDITORS

FOR

ISSUER

FOR

WITH

APPROVE ADOPTION OF 2004 EQUITY INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

APPROVE AMENDMENT TO CERTIFICATE OF INCORPORATION

FOR

ISSUER

FOR

WITH

HALLIBURTON

	Ticker Symbol:HAL	Cusip Number: 406216101
	Record Date: 3/22/2004	Meeting Date: 5/19/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

TO AMEND CERTIFICATE OF INCORPORATION

FOR

ISSUER

FOR

WITH

REGARDING OPERATIONS IN IRAQ

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING DIRECTOR ELECTION VOTE THRESHOLD

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING SEPARATE CHAIRMAN AND CEO

FOR

STOCKHOLDER

AGAINST

JP MORGAN CHASE & CO.

	Ticker Symbol:JPM	Cusip Number: 46625H100
	Record Date: 4/2/2004	Meeting Date: 5/25/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

MERGER PROPOSAL

FOR

ISSUER

FOR

WITH

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPOINTMENT OF EXTERNAL AUDITOR

FOR

ISSUER

FOR

WITH

RE-APPROVAL OF KEY EXECUTIVE PERFORMANCE PLAN

FOR

ISSUER

FOR

WITH

ADJOURNMENT OF MEETING TO SOLICIT ADDITIONAL PROXIES

FOR

ISSUER

FOR

WITH

DIRECTOR TERM LIMITS

AGAINST

STOCKHOLDER

AGAINST

WITH

REPORT ON CHARITABLE CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

REPORT ON POLITICAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

SEPARATION OF CHAIRMAN AND CEO

FOR

STOCKHOLDER

AGAINST

DERIVATIVE DISCLOSURE

AGAINST

STOCKHOLDER

AGAINST

WITH

AUDITOR INDEPENDENCE

AGAINST

STOCKHOLDER

AGAINST

WITH

DIRECTOR COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

PAY DISPARITY

AGAINST

STOCKHOLDER

AGAINST

WITH

KLA-TENCOR CORP

	Ticker Symbol:KLAC	Cusip Number: 482480100
	Record Date: 9/15/2003	Meeting Date: 11/5/2003

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF PRICE WATERHOUSE COOPERS LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

L-3 COMMUNICATIONS HOLDINGS LLC

	Ticker Symbol:LLL	Cusip Number: 502424104
	Record Date: 3/19/2004	Meeting Date: 4/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDMENT TO THE 1999 LONG TERM PERFORMANCE PLAN

FOR

ISSUER

FOR

WITH

RATIFICATION OF THE TERMS OF PERFORMANCED BASED COMPENSATION UNDER THE 1999 LONG TERM PERFORMANCE PLAN

FOR

ISSUER

FOR

WITH

MEDIMMUNE, INC.

	Ticker Symbol:MEDI	Cusip Number: 584699102
	Record Date: 5/20/2004	Meeting Date: 5/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVE 2004 STOCK INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

MORGAN STANLEY

	Ticker Symbol:MWD	Cusip Number: 617446448
	Record Date: 2/20/2004	Meeting Date: 4/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF DELOITTE & TOUCHE AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

DECLASSIFY BOARD OF DIRECTORS

AGAINST

STOCKHOLDER

AGAINST

WITH

REQUIRE SHAREHOLDER APPROVAL OF

AGAINST

STOCKHOLDER

AGAINST

WITH

REQUIRE DISCLOSURE OF POLITIAL CONTRIBUTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

MOTOROLA, INC.

	Ticker Symbol:MOT	Cusip Number: 620076109
	Record Date: 3/5/2004	Meeting Date: 5/3/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

REGARDING COMMON SENSE EXECUTIVE COMPENSATION

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING PERFORMANCE AND TIME-BASED RESTRICTED SHARES

AGAINST

STOCKHOLDER

AGAINST

WITH

NOBLE CORPORATION

	Ticker Symbol:NE	Cusip Number: G65422100
	Record Date: 3/4/2004	Meeting Date: 4/22/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION AND APPOINTMENT OF AUDITORS

FOR

ISSUER

FOR

WITH

NORDSTROM INC.

	Ticker Symbol:JWN	Cusip Number: 655661400
	Record Date: 3/17/2004	Meeting Date: 5/25/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF 2004 EQUITY INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

APPROVAL OF EXECUTIVE MANAGEMENT GROUP BONUS PLAN

FOR

ISSUER

FOR

WITH

RATIFICATION AND APPOINTMENT OF AUDITORS

FOR

ISSUER

FOR

WITH

OIL STATES INTERNATIONAL

	Ticker Symbol:OIS	Cusip Number: 678026105
	Record Date: 4/7/2004	Meeting Date: 5/18/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF ERNST & YOUNG AS AUDITORS

FOR

ISSUER

FOR

WITH

PEDIATRIX MEDICAL GROUP

	Ticker Symbol:PDX	Cusip Number: 705324101
	Record Date: 3/15/2004	Meeting Date: 5/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF 2004 INCENTIVE COMPENSATION PLAN

FOR

ISSUER

FOR

WITH

PERKINELMER INC.

	Ticker Symbol:PKI	Cusip Number: 714046109
	Record Date: 2/27/2004	Meeting Date: 4/27/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF DELOITTE & TOUCHE AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

TO ESTABLISH A POLICY OF EXPENSING IN THE ANNUAL REPORT THE COSTS OF ALL FUTURE STOCK OPTIONS ISSUED BY THE COMPANY

AGAINST

STOCKHOLDER

AGAINST

WITH

PIPER JAFFRAY COMPANIES

	Ticker Symbol:PJC	Cusip Number: 724078100
	Record Date: 3/3/2004	Meeting Date: 4/28/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDED AND RESTATED 2003 ANNUAL LONG-TERM INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

RATIFY APPOINTMENT OF ERNST & YOUNG AS AUDITORS

FOR

ISSUER

FOR

WITH

PORTFOLIO RECOVERY ASSOCIATES

	Ticker Symbol:PRAA	Cusip Number: 73640Q105
	Record Date: 4/2/2004	Meeting Date: 5/12/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVAL OF AMENDED AND RESTATED COMPANY 2002 STOCK OPTION PLAN AND 2004 RESTRICTED PLAN

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

RH DONNELLEY

	Ticker Symbol:RHD	Cusip Number: 74955W307
	Record Date: 3/8/2004	Meeting Date: 5/5/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

REGARDING REDEMPTION OF RIGHTS UNDER THE COMPANY'S RIGHTS PLAN

AGAINST

STOCKHOLDER

AGAINST

WITH

SHERWIN WILLIAMS COMPANY

	Ticker Symbol:SHW	Cusip Number: 824348106
	Record Date: 2/23/2004	Meeting Date: 4/28/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

AMENDMENT TO REGULATIONS TO PERMIT USE OF COMMUNICATIONS EQUIPMENT AND OTHER CHANGES

FOR

ISSUER

FOR

WITH

AMENDMENT TO REGULATIONS TO PROVIDE NOTICE AND OTHER PROCEDURES FOR SHAREHOLDER MEETINGS

FOR

ISSUER

FOR

WITH

AMENDMENT TO REGULATIONS TO PROVIDE NOTICE AND OTHER PROCEDURES FOR SHAREHOLDERS TO NOMINATE DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION AND APPOINTMENT OF AUDITORS

FOR

ISSUER

FOR

WITH

SILICON VALLEY BANCSHARES

	Ticker Symbol:SIVB	Cusip Number: 827064106
	Record Date: 2/24/2004	Meeting Date: 4/22/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

APPROVE AMENDMENT TO EQUITY INCENTIVE PLAN

FOR

ISSUER

FOR

WITH

RATIFY SELECTION OF KPMG LLP AS INDEPENDENT AUDITORS

FOR

ISSUER

FOR

WITH

TEVA PHARMACEUTICAL INDUSTRIES LTD

	Ticker Symbol:TEVA	Cusip Number: 881624209
	Record Date: 4/15/2004	Meeting Date: 5/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

RECEIVE & DISCUSS CONSOLIDATED BALANCE SHEET

FOR

ISSUER

FOR

WITH

APPROVAL FOR DIVIDENDS PAID FYE DECEMBER 31, 2003

FOR

ISSUER

FOR

WITH

ELECT A. COHEN

FOR

ISSUER

FOR

WITH

ELECT L. DAN

FOR

ISSUER

FOR

WITH

ELECT M. HETH

FOR

STOCKHOLDER

FOR

WITH

ELECT M. MANY

FOR

ISSUER

FOR

WITH

ELECT D. SHAFIR

FOR

ISSUER

FOR

WITH

PURCHASE D&O LIABILITY INSURANCE

FOR

ISSUER

FOR

WITH

APPOINT IDEPENDENT AUDITORS FYE DEC 31, 2004 & COMPENSATION FOR AUDITORS

FOR

ISSUER

FOR

WITH

TIME WARNER INC.

	Ticker Symbol:TWX	Cusip Number: 887317105
	Record Date: 3/23/2004	Meeting Date: 5/21/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFICATION OF AUDITORS

FOR

ISSUER

FOR

WITH

REGARDING CHINA BUSINESS PRINCIPLES

AGAINST

STOCKHOLDER

AGAINST

WITH

REGARDING REPORT ON PAY DISPARITY

AGAINST

STOCKHOLDER

AGAINST

WITH

US BANCORP

	Ticker Symbol:USB	Cusip Number: 902973304
	Record Date: 2/26/2004	Meeting Date: 4/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

TO RATIFY APPOINTMENT OF ERNST & YOUNG AS AUDITORS

FOR

ISSUER

FOR

WITH

COMPENSATION SYSTEM FOR SENIOR EXECUTIVES

AGAINST

STOCKHOLDER

AGAINST

WITH

SUPPLEMENTAL EXECUTIVE RETIREMENT BENEFITS

AGAINST

STOCKHOLDER

AGAINST

WITH

SIMPLE MAJORITY VOTING

AGAINST

STOCKHOLDER

AGAINST

WITH

US BANCORP

	Ticker Symbol:USB	Cusip Number: 902973304
	Record Date: 2/26/2004	Meeting Date: 4/20/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

RATIFY ACCOUNTANTS

FOR

ISSUER

FOR

WITH

COMPENSATION SYSTEM FOR SENIOR EXECS

AGAINST

STOCKHOLDER

AGAINST

WITH

SUPPLEMENTAL EXECUTIVE RETIREMENT BENEFITS

AGAINST

STOCKHOLDER

AGAINST

WITH

SIMPLY MAJORITY VOTING

AGAINST

STOCKHOLDER

AGAINST

WITH

WASTE MANAGEMENT INC.

	Ticker Symbol:WMI	Cusip Number: 94106L109
	Record Date: 3/19/2004	Meeting Date: 5/14/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

ABSTAINED

ISSUER

WITH

RATIFY APPT OF ACCOUNTANTS

FOR

ISSUER

FOR

WITH

2004 STOCK INCENTIVE PLAN

ABSTAINED

ISSUER

WITH

2005 ANNUAL INCENTIVE PLAN

ABSTAINED

ISSUER

WITH

YAHOO! INC.

	Ticker Symbol:YHOO	Cusip Number: 984332106
	Record Date: 3/25/2004	Meeting Date: 5/21/2004

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

ELECTION OF DIRECTORS

FOR

ISSUER

FOR

WITH

AMENDMENT OF AMENDED AND RESTATED 1996 EMPLOYEE STOCK PURCHASE PLAN

FOR

ISSUER

FOR

WITH

RATIFICATION AND APPOINTMENT OF AUDITORS

FOR

ISSUER

FOR

WITH

REGARDING THE EXPENSING OF OPTIONS

AGAINST

STOCKHOLDER

AGAINST

WITH

* Management Recommended Vote

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.

Analysts Investment Trust

By Timothy E. Mackey

* President

Timothy E. Mackey

By Mark G. Srofe

* Treasurer

Mark G. Srofe

Date: August 26, 2004

*Print the name and title of each signing officer under his or her signature.

Analysts Investment Trust Inactive N-PXAnnual report of proxy voting record