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: 811-05071**SATURNA INVESTMENT TRUST**    (Exact Name of Registrant as Specified in Charter)**1300 N. State Street    Bellingham, Washington 98225-4730**    (Address of Principal Executive Offices, including ZIP Code)    Nicholas F. Kaiser    1300 N. State Street    Bellingham, Washington 98225-4730    (Name and Address of Agent for Service)    Registrant’s Telephone Number- (360) 734-9900    Date of fiscal year end: November 30, 2008    Date of reporting period: June 30, 2008

 

 

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| **Saturna Investment Trust, Sextant          Growth Fund (SSGFX)**                                         |
| Proxy Voting Record relating to shareholder          meetings held from July 1, 2007 through June 30, 2008 |
|                                                                                                       |
| Proposal #                                                                                                 | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
|                                                                                                       |
|                                                                                                       | Freeport-McMoran Copper & Gold, Inc. | 3,300 | FCX | 35671D857 | 7/10/07 |
| 1                                                                                                          | Directors recommend for election | Issuer | For All | For All |   |
| 2                                                                                                          | Ratification of appointment of Ernst & Young LLP as independent auditors. | Issuer | For | For |   |
| 3                                                                                                          | Adoption of the proposed amendments to the 2006 stock incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Bed Bath & Beyond Inc. | 5,000 | BBBY | 75896100 | 7/10/07 |
| 1                                                                                                          | Directors recommend for election | Issuer | For All | For All |   |
| 2                                                                                                          | Ratification of appointment of KPMG LLP | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal: Climate change report. | Shareholder | Against | Against |   |
| 4                                                                                                          | Shareholder proposal: Executive compensation report. | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareholder proposal: Product content report. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Restoration Hardware, Inc. | 14,275 | RSTO | 76981100 | 7/12/07 |
| 1                                                                                                          | Directors recommend for election | Issuer | For All | For All |   |
| 2                                                                                                          | Adopt the Restoration Hardware, inc. 2007 stock incentive plan. | Issuer | For | For |   |
| 3                                                                                                          | Ratify the section of Deloitte & Touche LLP as the independent auditors        of the fiscal year ending February 2, 2008 | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Advanced Micro Devices, Inc. | 10,000 | AMD | 7903107 | 7/16/07 |
| 1                                                                                                          | Approval of an amendment to our 2000 employee stock purchase plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | John Wiley & Sons Inc. | 5,000 | JW/A | 968223206 | 9/20/07 |
| 1                                                                                                          | Directors recommend for election | Issuer | For All | For All |   |
| 2                                                                                                          | Proposal to ratify the appointment of KPMG LLP as the independent accountants. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | 3COM Corporation | 30,000 | COMS | 885535104 | 9/26/07 |
| 1                                                                                                          | Directors recommend for election | Issuer | For All | For All |   |
| 2                                                                                                          | To ratify the appointment of Deloitte & Touche LLP as the company's        independent public accountants for the fiscal year ending May 30, 2008. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Spectra | 3,000 | SE | 847560109 | 10/31/07 |
| 1                                                                                                          | Directors recommend for election | Issuer | For All | For All |   |
| 2                                                                                                          | Proposal to ratify the selection of Deloitte & Touche LLP as Spectra        Energy's independent public accountants for 2007. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | 3Com Corp | 30000 | COMS | 885535104 | 2/29/08 |
| 1                                                                                                          | Adoption of merger agreement. To adopt the agreement and plan of merger,        dated as of September 20, 2007 by and among 3Com corporation, diamond        II Holdings, Inc. and Diamond II acquisition corp., and indirect wholly-owned        subsidiary of Diamond II holdings, Inc. | Issuer | For | For |   |
| 2                                                                                                          | Adjournment or postponement of the special meeting. To approve the adjournment        or postponement of the special meeting, if necessary or appropriate, to        solicit additional proxies if there are insufficient votes at the time        of the special meeting to adopt the merger agreement | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Washington Banking Co. | 6250 | WBCO | 937303105 | 3/27/08 |
| 1                                                                                                          | Approval of the agreement and plan of merger dated as of September 26,        2007 by and among Washington Banking Company, Whidbey Island Bank, Frontier        Financial Corporation and Frontier Bank. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | KB Home | 5000 | KBH | 48666K109 | 4/3/08 |
| 1A-C                                                                                                       | Directors' recommendation for election | Issuer | For | For |   |
| 2                                                                                                          | Proposal to ratify the appointment of Ernst & Young LLP as KB Home's        independent registered public accounting firm for the fiscal year ending        November 30, 2008. | Issuer | For | For |   |
| 3                                                                                                          | Stockholder proposal relating to executive compensation. | Stockholder | Against | Against |   |
| 4                                                                                                          | Stockholder proposal relating to stockholder approval of severance agreements. | Stockholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Washington Mutual, Inc. | 6750 | WM | 939322103 | 4/15/08 |
| 1a-m                                                                                                       | Directors' recommendation for election | Issuer | For | For |   |
| 2                                                                                                          | Company proposal to ratify the appointment of Deloitte & Touche LLP        as the company's independent auditor for 2008. | Issuer | For | For |   |
| 3                                                                                                          | Company proposal to approve an amendment to the Company's Amended and        Restated 2002 Employee Stock Purchase Plan. | Issuer | For | For |   |
| 4                                                                                                          | Shareholder proposal regarding an independent board chair. | Stockholder | Against | Against |   |
| 5                                                                                                          | Shareholder proposal regarding the company's director election process. | Stockholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Frontier Financial Corp. | 15000 | FTBK | 35907K105 | 4/16/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees |   |   |
| 2                                                                                                          | Shareowner proposal to declassify the board of directors | Issuer | Against |   |   |
| 3                                                                                                          | Ratify Moss Adams LLP as the auditors for Frontier Financial corporation        and subsidiaries | Issuer | For |   |   |
|                                                                                                       |
|                                                                                                       | Weyerhaeuser Company | 4200 | WY | 962166104 | 4/17/08 |
| 1A                                                                                                         | Election of director; John I. Kieckhefer | Issuer | For | For |   |
| IB                                                                                                         | Election of director; Arnold G. Langbo | Issuer | For | For |   |
| 1C                                                                                                         | Election of director; Charles R. Williamson | Issuer | For | For |   |
| 2                                                                                                          | Shareholder proposal on the chairman position | Shareholder | Against | Against |   |
| 3                                                                                                          | Approval on an advisory basis, of the appointment of auditors | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Eli Lilly and Company | 3500 | LLY | 532457108 | 4/21/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment by the audit committee of the board        of directors of Ernst & Young LLP as principal independent auditors for        2008 | Issuer | For | For |   |
| 3                                                                                                          | Approve amendments to the articles of incorporation to provide for the        declassification of the board | Issuer | For | For |   |
| 4                                                                                                          | Approve amendments to the articles of incorporation to provide for election        of directors by majority vote | Issuer | For | For |   |
| 5                                                                                                          | Amending the company's stock plan | Issuer | For | For |   |
| 6                                                                                                          | Proposal by shareholders on international outsourcing of animal research | Shareholder | Against | For |   |
| 7                                                                                                          | Proposal by shareholders on allowing shareholders to amend the company's        bylaws | Shareholder | Against | Against |   |
| 8                                                                                                          | Proposal by shareholders on adopting a simple majority vote standard | Shareholder | Against | Against |   |
| 9                                                                                                          | Proposal by shareholders on reporting company's political contributions | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Lincoln Electric Holdings, Inc. | 4000 | LECO | 533900106 | 4/25/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Approval of amendments to the code of regulations relating to shareholder        meetings, including shareholder proposals and adding provisions regarding        the mechanics of shareholder meetings. | Issuer | For | For |   |
| 3                                                                                                          | Approval of amendments to the code of regulations relating to procedures        for director nominations. | Issuer | For | For |   |
| 4                                                                                                          | Approval of amendments to the code of regulations allowing the board        of directors to amend the code of regulations to the extent permitted        by law. | Issuer | For | For |   |
| 5                                                                                                          | Ratification of independent auditors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Honeywell International, Inc. | 3500 | HON | 438516106 | 4/28/08 |
| 1A-J                                                                                                       | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Approval of Independent Accountants | Issuer | For | For |   |
| 3                                                                                                          | Amendment to the restated certificate of Incorporation-Right to call        a special meeting of shareowners. | Issuer | For | For |   |
| 4                                                                                                          | Pay-for-Superior-Performance Principle. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Regal Beloit Corporation | 4000 | RBC | 758750103 | 4/28/08 |
| 1A-C                                                                                                       | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the selection of Deloitte & Touche LLP as the company's independent        auditors for 2008. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | The Chubb Corporation | 5000 | CB | 171232101 | 4/29/08 |
| 1A-l                                                                                                       | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of Ernst & Young LLP as independent auditor. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Noble Corporation | 8000 | NE | G65422100 | 5/1/08 |
| 1                                                                                                          | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Approval of the appointment of Pricewaterhousecoopers LLP as independent        auditors for 2008. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Amgen, Inc. | 3700 | AMGN | 31162100 | 5/7/08 |
| 1A-K                                                                                                       | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the selection of Ernst & Young LLP as the company's independent        registered public accountants for the fiscal year. | Issuer | For | For |   |
| 3A                                                                                                         | Stockholder proposal- simple majority vote. | Shareholder | Against | Against |   |
| 3B                                                                                                         | Stockholder proposal- animal welfare | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Pepsico, Inc. | 4500 | PEP | 713448108 | 5/7/08 |
| 1A-L                                                                                                       | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Approval of Independent Registered Public Accountants | Issuer | For | For |   |
| 3                                                                                                          | Shareholder Proposal- Beverage container recycling report. | Shareholder | Against | Against |   |
| 4                                                                                                          | Shareholder Proposal- genetically engineered products report. | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareholder Proposal- Right to water policy. | Shareholder | Against | For |   |
| 6                                                                                                          | Shareholder Proposal- Global warming report. | Shareholder | Against | Against |   |
| 7                                                                                                          | Shareholder Proposal- Advisory vote on compensation. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Duke Energy Corporation | 10000 | DUK | 26441C105 | 5/8/08 |
| 1                                                                                                          | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of Deloitte & Touch LLP as Duke Energy Corporation's independent        public accountant for 2008. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the amended and restated Duke energy corporation executive        short-term incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | United Parcel Service, Inc. | 2500 | UPS | 911312106 | 5/8/08 |
| 1                                                                                                          | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of Deloitte & Touch LLP as UPS's independent registered        public accountants for the year ending December 31, 2008. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Spectra Energy Corp | 3000 | SE | 847560109 | 5/8/08 |
| 1                                                                                                          | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Approval of the Spectra Energy corp 2007 long-term incentive plan. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the Spectra Energy corp executive short-term incentive plan. | Issuer | For | For |   |
| 4                                                                                                          | Ratification of Deloitte & touche LLP as Spectra Energy's independent        public accountant for 2008. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Alcoa Inc. | 6000 | AA | 13817101 | 5/8/08 |
| 1                                                                                                          | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the independent auditor. | Issuer | For | For |   |
| 3                                                                                                          | Shareholder requesting report on how Alcoa's action to reduce its impact        on climate change has affected the global climate. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Norfolk Southern Corporation | 4500 | NSC | 655844108 | 5/8/08 |
| 1                                                                                                          | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of KPMG LLP, independent registered        public accounting firm, as Norfolk Southern's independent auditors for        the year ending December 31, 208. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Nucor Corporation | 4000 | NUE | 670346105 | 5/9/08 |
| 1                                                                                                          | Directors' recommendations for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratify the appointment of Pricewaterhousecoopers LLP as Nucor's independent        registered public accounting firm for the year ending December 31, 2008 | Issuer | For | For |   |
| 3                                                                                                          | Approve the annual and long-term senior officers incentive compensation        plans | Issuer | For | For |   |
| 4                                                                                                          | Stockholder proposal | Stockholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Performance Food Group Co. | 3000 | PFGC | 713755106 | 5/14/08 |
| 1                                                                                                          | To approve the a agreement and plan of merger, dated as of January 18,        2008, by and among Performance Food Group Company, Vistar Corporation,        a Colorado corporation and Panda Acquisition, Inc., a Delaware corporation        and a wholly-owned subsidiary of Vistar Corporation, as the merger agreement        may be amended from time to time | Issuer | For | For |   |
| 2                                                                                                          | To approve any proposal to adjourn or postpone the special meeting,        if necessary or appropriate, to solicit additional proxies in favor of        the proposal to approve the merger agreement if there are insufficient        votes at the time of such adjournment or postponement to approve the merger        agreement | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Charles Schwab Corp. | 25000 | SCHW | 808513105 | 5/15/08 |
| 1A-E                                                                                                       | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Stockholder proposal regarding political contributions | Shareholder | Against | Against |   |
| 3                                                                                                          | Stockholder proposal regarding submission of non-binding stockholder        proposals | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Idacorp, Inc. | 6000 | IDA | 451107106 | 5/15/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For | For |   |
| 2                                                                                                          | To ratify the appointment of Deloitte & Touche LP as our independent        registered public accounting firm for the fiscal year ending December        31, 2008 | Issuer | For | For |   |
| 3                                                                                                          | To act upon a shareholder proposal requesting that Idacorp amend its        equal employment opportunity policy to explicitly prohibit discrimination        based upon sexual orientation and gender identity and expression | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Barr Pharmaceuticals, Inc. | 4500 | BRL | 68306109 | 5/15/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the audit committee's selection of the company's independent        registered public accounting firm for the year ended December 31, 2008 | Issuer | For | For |   |
| 3                                                                                                          | To approve the company's proposal to amend the certificate of incorporation        to delete the plurality voting standard for the election of directors | Issuer | For | For |   |
| 4                                                                                                          | To transact such other business as may properly come before the annual        meeting or any adjournment or postponement thereof | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Pharmaceutical Product Development, Inc. | 15000 | PPDI | 717124101 | 5/21/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of Deloitte & Touche LLP as the company's        independent registered public accounting firm for the year ending December        31, 2008 | Issuer | For | For |   |
| 3                                                                                                          | In their discretion, the proxies are authorized to vote upon such other        matters as may properly come before the meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Sempra Energy | 3000 | SRE | 816851109 | 5/22/08 |
| 8-Jan                                                                                                      | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 9                                                                                                          | Ratification of independent registered public accounting firm. | Issuer | For | For |   |
| 10                                                                                                         | Approval of 2008 long term incentive plan. | Issuer | For | For |   |
| 11                                                                                                         | Approval of amended and restated articles of incorporation. | Issuer | For | For |   |
| 12                                                                                                         | Shareholder proposal entitled "Shareholder Say on Pay" | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Red lion Hotels Corporation | 21000 | RLH | 95750P106 | 5/22/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of BDO Seidman, LLP to serve as our independent        registered public accounting firm for 2008. | Issuer | For | For |   |
| 3                                                                                                          | Approval of 2008 employee stock purchase plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Trimble Navigation Limited | 14000 | TRMB | 896239100 | 5/22/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To approve an amendment to the company's employee stock purchase plan. | Issuer | For | For |   |
| 3                                                                                                          | To ratify the appointment of Ernst & Young LLP as the independent auditor        of the company for the current fiscal year ending January 2, 2009. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | FDL Group, Inc. | 7000 | FPL | 302571104 | 5/23/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of Deloitte & Touche LLP as independent        registered public accounting firm for the year 2008. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the FPL group executive annual incentive plan. | Issuer | For | For |   |
| 4                                                                                                          | Shareholder proposal- global warming report | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Ligand Pharmaceuticals Inc. | 10000 | LGND | 53220K207 | 5/29/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of independent registered accounting        firm. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Lowe's Companies, Inc. | 6500 | LOW | 548661107 | 5/30/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of Deloitte & Touche LLP as the company's        independent registered public accounting firm. | Issuer | For | For |   |
| 3                                                                                                          | To approve the amendments to Lowe's articles of incorporation eliminating        the classified structure of the board of directors. | Issuer | For | For |   |
| 4                                                                                                          | Shareholder proposal regarding supermajority vote requirements. | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareholder proposal regarding executive compensation plan. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Devon Energy Corporation | 3000 | DVN | 25179M103 | 6/4/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratify the appointment of the company's independent auditors for 2008. | Issuer | For | For |   |
| 3                                                                                                          | Amend the restated certificate of incorporation to increase the number        of authorized shares of common stock. | Issuer | For | For |   |
| 4                                                                                                          | Amend the restated certificate of incorporation to provide for the annual        election of directors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | VCA Antech, Inc. | 3000 | WOOF | 918194101 | 6/4/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of KPMG LLP as the company's independent public        accountant. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Freeport-McMoran Copper & Gold Inc. | 3300 | FCX | 35671D857 | 6/5/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of Ernst & Young LLp as independent auditors. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the proposed amendment to the Freeport-McMoran Copper &        Gold Inc. amended and restated certificate of incorporation to increase        the number of authorized shares of common stock to 1,800,000,000. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Staples, Inc. | 73400 | SPLS | 855030102 | 6/9/08 |
| 1a-l                                                                                                       | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To approve an amendment to Staples' certificate of incorporation deleting        Article XII in order to remove provisions that require holders of at least        two-thirds of Staples' outstanding voting stock to approve certain significant        corporate transactions. | Issuer | For | For |   |
| 3                                                                                                          | To approve staples' Executive Officer incentive Plan for the fiscal        years 2008 through 2012. | Issuer | For | For |   |
| 4                                                                                                          | To approve an amendment to Staples' Amended and restated 2004 stock        incentive plan increasing the total number of shares of common stock authorized        for issuance under the plan by 15,100,000. | Issuer | For | For |   |
| 5                                                                                                          | To ratify the selection by the Audit Committee of Ernst & Young LLP        as Staples' independent registered public accounting firm for the current        fiscal year. | Issuer | For | For |   |
| 6                                                                                                          | To act on a shareholder proposal regarding stockholders' ability to        call special meetings expected to come before the meeting. | Issuer | For | For |   |
| 7                                                                                                          | In the discretion of the persons named in the proxy, to act upon such        other matters that may properly come before the meeting or any adjournment        or postponement thereof. | Issuer |   |   |   |
|                                                                                                       |
|                                                                                                       | UAL Corporation | 5500 | UAUA | 902549807 | 6/12/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of independent registered public accountants. | Issuer | For | For |   |
| 3                                                                                                          | Approval of 2008 incentive compensation plan. | Issuer | For | For |   |
| 4                                                                                                          | Stockholder proposal on advisory vote on executive compensation. | Stockholder | Against | Against |   |
| 5                                                                                                          | Stockholder proposal on charitable contributions report. | Stockholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Washington Mutual, Inc. | 6750 | WM | 939322103 | 6/24/08 |
| 1                                                                                                          | Company proposal to approve an amendment to the amended and restated        articles of incorporation of the company to increase the number of authorized        shares of common stock from 1,600,000,000 to 3,000,000,000. | Issuer | For | For |   |
| 2                                                                                                          | Company proposal to approve the conversion of the series S and series        T preferred stock into common stock and the exercise of warrants to purchase        common stock, in each case issued to the investors pursuant to the company's        recent equity investment transaction. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Best Buy Co., Inc. | 4000 | BBY | 86516101 | 6/25/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of Deloitte & Touche LLP as the Company's        independent registered public accounting firm for the fiscal year ending        February 28, 2009. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the Best Buy Co., Inc. 2008 Employee stock purchase plan. | Issuer | For | For |   |
| 4                                                                                                          | Approval of an amendment to the Best Buy Co., Inc. restated articles        of incorporation. | Issuer | For | For |   |
| **Saturna Investment Trust, Sextant          International Fund (SSIFX)**                                  |
|------------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to shareholder          meetings held from July 1, 2007 through June 30, 2008 |
|                                                                                                       |
| Proposal #                                                                                                 | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
|                                                                                                       | Air France-KLM | 4000 | AFLYY | 9119108 | 7/12/07 |
| O1                                                                                                         | Approval of corporate financial statements | Issuer | For |   |   |
| O2                                                                                                         | Approval of consolidated financial statements | Issuer | For | Missed voting deadline |   |
| O3                                                                                                         | Appropriation of the net income and dividend distribution | Issuer | For |   |   |
| O4                                                                                                         | Agreements referred to in article L.225-38 of the French Commercial        Code | Issuer | For |   |   |
| O5                                                                                                         | Authorization to be given to the board of directors to perform operations        on the company's shares | Issuer | For |   |   |
| E6                                                                                                         | Authority to the board to issue ordinary shares while maintaining the        shareholders pre-emptive subscription rights | Issuer | For |   |   |
| E7                                                                                                         | Authority to the board to issue ordinary shares with the waiver of the        shareholders pre-emptive subscription rights | Issuer | For |   |   |
| E8                                                                                                         | Delegation to the board to proceed with capital increase amounting to        up to 10% of the company's share capital | Issuer | For |   |   |
| E9                                                                                                         | Delegation to the board to increase the share capital through the capitalization        of reserves, profits or premiums | Issuer | For |   |   |
| E11                                                                                                        | Authorization to issue shares and/or securities giving access to the        company's share capital | Issuer | For |   |   |
| E12                                                                                                        | Amendment of article 17 of the bylaws | Issuer | For |   |   |
| E13                                                                                                        | Cancellation of article 29 of the bylaws | Issuer | For |   |   |
| E14                                                                                                        | Amendment of article 31 of the bylaws | Issuer | For |   |   |
|                                                                                                       |
|                                                                                                       | Hanson PLC | 2100 |   | 411349103 | 7/31/07 |
| CI                                                                                                         | To approve the schemem of arrangement referred to in the notice of court        meeting | Issuer | For | For |   |
| S2                                                                                                         | To authorise the directors of the company to take all such actions as        they consider necessary or appropriate for carrying the scheme of arrangement        into effect; to approve the reduction of the cancellation shares of the        company and subsequent restoration of the share capital of the company;        and to amend the articles of association of the company | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Telecom Corp. of New Zealand LTD. | 2500 | NZT | 879278208 | 8/17/07 |
| 1                                                                                                          | To approve the cancellation of one ordinary share for every nine ordinary        shares as part of the arrangement relating to the return of approximately        $1.1 billion of capital to shareholders as set out in the notice of special        meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Bell Canada Enterprises |   | BCE | 05534B760 | 9/21/07 |
| 1                                                                                                          | Approving the special resolution, the full text of which is reproduced        as appendix "A" to the management proxy circular of BCE Dated August 7,        2007, to approve the plan of arrangement under section 192 of the Canada        Business Corporations Act involveing BCE its common and prefered shareholders        and 6796508 Canada Inc. (The Purchaser), a corporation organized by Ontario        Teachers' pension plan board and affiliates of Providence Equity Partners        Inc. and Madison Dearborn Partners, LLC contemplating the acquistion by        the purchaser of all outstanding common and preferred shares of BCE. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Satyam Computer Services Limited | 6000 | SAY | 804098101 | 8/30/07 |
| 1A                                                                                                         | To receive, consider and adopt: The audited balance sheet as of March        31, 2007. | Issuer | For | For |   |
| 1B                                                                                                         | To receive, consider and adopt: The audited profit and loass acount        for the year ended on that date. | Issuer | For | For |   |
| 1C                                                                                                         | To receive, consider and adopt: The auditors' report, thereon. | Issuer | For | For |   |
| 2                                                                                                          | To declare final dividend on equity shares. | Issuer | For | For |   |
| 4-Mar                                                                                                      | Approval to appoint Director | Issuer | For | For |   |
| 5                                                                                                          | Approval to appoint M/S. Price Waterhouse as auditors of the company,        and to fix their remuneration. | Issuer | For | For |   |
| 6                                                                                                          | Resolved that Mr. T.R. Prasad to hold office to the date of ensuing        annual general meeting. | Issuer | For | For |   |
| 7                                                                                                          | Resolved that Prof. V.S. Raju to hold office to the date of ensuing        annual general meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | 51JOB Inc. | 8000 | JOBS | 316527104 | 8/30/07 |
| 3-Jan                                                                                                      | To re-elect director of company | Issuer | For All | For All |   |
|                                                                                                       |
|                                                                                                       | Bell Canada Enterprises | 5490 | BCE | 05534B760 | 9/21/07 |
| 1                                                                                                          | Approving the special resolution. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | EPCOS AG | 2500 | EPCY | 29410P107 | 2/13/08 |
| 2                                                                                                          | Resolution on appropriation of net income of EPCOS AG | Issuer | For | For |   |
| 3                                                                                                          | Resolution on exoneration of the members of the management board. | Issuer | For | Against |   |
| 4                                                                                                          | Resolution on exoneration of the members of the supervisory board. | Issuer | For | Against |   |
| 5                                                                                                          | Resolution on appointment of independent auditor for fiscal year 2007/2008. | Issuer | For | For |   |
| 6                                                                                                          | Resolution on approval of a profit and loss transfer agreement. | Issuer | For | For |   |
| 7                                                                                                          | Resolution on authorization to purchase and to use EPCOS shares. | Issuer | For | For |   |
| 8                                                                                                          | Resolution on approval on delivery of information via telecommunications        and amendment to section 3 of the articles of association. | Issuer | For | For |   |
| 9                                                                                                          | Resolution on amendment of section 18 of the articles of association. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Infineon Technologies AG | 5000 | IFX | 45662N103 | 2/14/08 |
| 2                                                                                                          | Approva of the acts of the management board. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the acts of the supervisory board. | Issuer | For | For |   |
| 4                                                                                                          | Appointment of the auditor. | Issuer | For | For |   |
| 5                                                                                                          | Purchase and use of own shares. | Issuer | For | For |   |
| 6                                                                                                          | Convertible bonds/conditional capital 2008. | Issuer | For | For |   |
| 7                                                                                                          | Bonds/conditional | Issuer | For | For |   |
| 8                                                                                                          | Dividend in kind. | Issuer | For | For |   |
| 9A                                                                                                         | Further amendment of the articles: Passing of supervisory board resolutions. | Issuer | For | For |   |
| 9B                                                                                                         | Further amendment of the articles: Remuneration for committee members. | Issuer | For | For |   |
| 9C                                                                                                         | Further amendment of the articles: Proxy for annual general meeting. | Issuer | For | For |   |
| 9D                                                                                                         | Further amendment of the articles: Annual financial statement. | Issuer | For | For |   |
| 10                                                                                                         | Approval of a domination and profit and loss transfer agreement. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Novartis Ag. | 3000 | NVS | 66987V109 | 2/26/08 |
| 1                                                                                                          | Approval of the annual repot, the remuneration report, the financial        statements and the consolidated finanical statements | Issuer | For | For |   |
| 2                                                                                                          | Discharge from liablity of the members of the board of directors and        the executive committee | Issuer | For | Abstain |   |
| 3                                                                                                          | Appropriation of available earingings of novartis Ag as per balance        sheeet and delcaration of dividend | Issuer | For | For |   |
| 4                                                                                                          | Reduction of share capital | Issuer | For | For |   |
| 5                                                                                                          | Further share repurchase program | Issuer | For | For |   |
| 6A                                                                                                         | Amendment to the articles of incorporation-special quorum | Issuer | For | For |   |
| 6B                                                                                                         | Amendment to the articles of incorporation -contributions in kind | Issuer | For | For |   |
| 7AA-AD                                                                                                     | Directors' recommendation for re-election | Issuer | For all nominees | For all nominees |   |
| 7B                                                                                                         | Election of Ann Fudge for a three year term | Issuer | For | For |   |
| 8                                                                                                          | Appointment of the auditors and the group auditors | Issuer | For | For |   |
| 9                                                                                                          | Additional and/or counter-proposals presented at the meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Banco Bilbao Vizcaya Argentaria S.A. | 7500 | BBV | 05946K101 | 3/14/08 |
| 1                                                                                                          | Examination and approval, where forthcoming, of the annual financial        statements and management report. | Issuer | For | For |   |
| 2                                                                                                          | Amendment of Article 34 "Number and Election" in the company bylaws        in order to educe the minimum and maximum number of seats on the board        of directors. | Issuer | For | For |   |
| 3                                                                                                          | Amendment of Article 36, "Termof office and renewal" in the company        bylaws, regardin the directors. | Issuer | For | For |   |
| 4A-B                                                                                                       | Re-election of director. | Issuer | For | For |   |
| 5                                                                                                          | To increase by Euro 50 BN, the maximum nominal amount. | Issuer | For | For |   |
| 6                                                                                                          | To confer authority on the board, for a maximum period of 5 years, to        issue up to a maximum of Euro 9 BN, securities that are convertible and/or        exchangeable for company shares. | Issuer | For | For |   |
| 7                                                                                                          | Authorisation for the company to acquire treasury stock directly or        through group companies. | Issuer | For | For |   |
| 8                                                                                                          | Appointment of the auditors for the 2008 accounts. | Issuer | For | For |   |
| 9                                                                                                          | Conferral of authority to the board of directors to formalise, correct,        interpret and implement resolutions adopted by the AGM. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | SK Telecom Co. | 5000 | SKM | 78440P108 | 3/14/08 |
| 1                                                                                                          | Approval of the balance sheets, the statement of income, and statements        of appropriations of retained earnings of the 24th fiscal year, as set        forth in item 1 of the company's agenda enclosed herewith. | Issuer | For | For |   |
| 2                                                                                                          | Approval of the amendment to the articles of incorporaiton, as set forth        in item 2 of the company's agenda enclosed herewith. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the ceiling amount of th remuneration of directors, as set        forth n the company's agenda enclosed herewith. | Issuer | For | For |   |
| 4A                                                                                                         | Election of directors. | Issuer | For | For |   |
| 4B                                                                                                         | Election of independent non-executive directors. | Issuer | For | For |   |
| 4C                                                                                                         | Election of independent non-executive director who will be a member        of the audit committee. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Enersis S.A. | 9000 | ENI | 29274F104 | 4/1/08 |
| 1                                                                                                          | Approval of Enersis' annual report, balance sheet, financial statements        and report from the external auditors and account inspectors for the year        ended on December 31, 2007. | Issuer | For | For |   |
| 2                                                                                                          | Profit distribution for the period and dividend payments. | Issuer | For | For |   |
| 4                                                                                                          | Setting of directors' compensation. | Issuer | For | For |   |
| 5                                                                                                          | Setting of compensation for directors' committee and audit committee        and budget determinations for 2008. | Issuer | For | For |   |
| 7                                                                                                          | Appointment of independent external auditors. | Issuer | For | For |   |
| 8                                                                                                          | Appointment of two account inspectors, including two deptuties, and        setting of their compensation. | Issuer | For | For |   |
| 9                                                                                                          | Appointment of private rating agencies. | Issuer | For | For |   |
| 10                                                                                                         | Approval of the company's investments and finance policy. | Issuer | For | For |   |
| 15                                                                                                         | Other necessary resolutions for the proper implementation of agreements. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | The Toronto Dominion Bank | 18805 | TD | 891160509 | 4/3/08 |
| 1                                                                                                          | Directors' recommendation for election (1-17) | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of auditor named in proxy circular | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal A | Shareholder | Against | Against |   |
| 4                                                                                                          | Shareholder proposal B | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareholder proposal C | Shareholder | Against | Against |   |
| 6                                                                                                          | Shareholder proposal D | Shareholder | Against | Against |   |
| 7                                                                                                          | Shareholder proposal E | Shareholder | Against | Against |   |
| 8                                                                                                          | Shareholder proposal F | Shareholder | Against | Against |   |
| 9                                                                                                          | Shareholder proposal G | Shareholder | Against | Against |   |
| 10                                                                                                         | Shareholder proposal H | Shareholder | Against | Against |   |
| 11                                                                                                         | Shareholder proposal I | Shareholder | Against | Against |   |
| 12                                                                                                         | Shareholder proposal J | Shareholder | Against | Against |   |
| 13                                                                                                         | Shareholder proposal K | Shareholder | Against | Against |   |
| 14                                                                                                         | Shareholder proposal L | Shareholder | Against | Against |   |
| 15                                                                                                         | Shareholder proposal M | Shareholder | Against | Against |   |
| 16                                                                                                         | Shareholder proposal N | Shareholder | Against | Against |   |
| 17                                                                                                         | Shareholder proposal O | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Coca-Cola FEMSA, S.A.B. DE C.V. | 4300 | KOF | 191241108 | 4/8/08 |
| 1                                                                                                          | Report of the board; presentaion of financial statements, report of        chief executive officer and opinion of board and reports of chairman of        audit and corporate practices committees | Issuer | For | For |   |
| 2                                                                                                          | Report with respect to the compliance of tax obligations pursuant to        Article 86, subsection XX of the Income Tax Law | Issuer | For | For |   |
| 3                                                                                                          | Application of the results for the 2007 fiscal year including the payment        of a cash dividend, in Mexican Pesos | Issuer | For | For |   |
| 4                                                                                                          | Determine as the maximum amount of resources to be used for the share        repurchase program, the amount of $400 million Mexican Pesos, pursuant        to Article 56 of the Securities Market Law | Issuer | For | For |   |
| 5                                                                                                          | Election of proprietary and alternate members and secretaries of borad        of directors, in accordance with securities market law | Issuer | For | For |   |
| 6                                                                                                          | Proposal to integrate: (i) finance and planning, (ii) audit, and (iii)        corporate practices; appointment of their respective chairman, and resolution        with respect to their remuneration | Issuer | For | For |   |
| 7                                                                                                          | Appointment of delegates for the execution and formalization of the        meeting's resolution | Issuer | For | For |   |
| 8                                                                                                          | Reading and, if applicable, approval of the minutes | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Transportadora De Gas Del Sur S.A. | 1500 | TGS | 893870204 | 4/10/08 |
| 1                                                                                                          | Appointment of two shareholders to approve and sign the meeting minutes | Issuer | For | For |   |
| 2                                                                                                          | Consideration of the annual report, invetnory, financial statements,        information review, information required by section 68 of the Buenos Aires        Stock Exchange Regulations, auditors, report and statutory audit committee's        report, all as more fully described in the proxy statement | Issuer | For | For |   |
| 3                                                                                                          | Consideration of the allocation of the fiscal year net income | Issuer | For | For |   |
| 4                                                                                                          | Consideration of the actions carried out by the board of directors and        the statutory audit committee, all as more fully described in the proxy        statement | Issuer | For | For |   |
| 5                                                                                                          | Appointment of regular directors and alternate directors, and statutory        audit committee members and determination of their term of office | Issuer | For | For |   |
| 6                                                                                                          | Appointment of an independent accountant to certify the financial statements | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Lan Airlines, S.A. | 17500 | LFL | 501723100 | 4/10/08 |
| 1                                                                                                          | Approval of the annual report, balance sheet and financial statements        of the company for the fiscal year ending December 31, 2007 | Issuer | For | For |   |
| 2                                                                                                          | Approval of the distribution of a final dividend to be charged to the        earnings for fiscal year 2007 including in this sum the provisional dividends        of U.S. $0.26596 and U.S. $0.35389 per share paid in the months of August        2007 and January 2008, respectively | Issuer | For | For |   |
| 3                                                                                                          | Election of the board of directors | Issuer | For | For |   |
| 4                                                                                                          | Determination of the compensation for the board of directors for fiscal        year 2008 | Issuer | For | For |   |
| 5                                                                                                          | Determination of the compensation for the director's committee and their        budget for fiscal year 2008 | Issuer | For | For |   |
| 6                                                                                                          | Designation of external auditors; designation of risk assessors; accounts        of the matters referred to in Article 44 of Law 18046 on corporations | Issuer | For | For |   |
| 7                                                                                                          | Information regarding the cost of processing, printing and distribution | Issuer | For | For |   |
| 8                                                                                                          | Any other matter of public interest that should be know for the shareholders        meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Cadbury Schweppes PLC | 4000 | CBY | 127209302 | 4/11/08 |
| A1                                                                                                         | To consider, and if thought fit, to approve the scheme of arrangement        referred in the Notice of Court Meeting dated 19 March, 2008. | Issuer | For | For |   |
| B1                                                                                                         | To approve the scheme of arrangement, the amendments to the articles        of association and other related matters. | Issuer | For | For |   |
| B2                                                                                                         | To approve subject to the passing of resolution 1, the demerger of Americas        Beverages and the entry into the Demerger Agreements. | Issuer | For | For |   |
| B3                                                                                                         | To approve the proposed Cadbury plc Reduction of Captial. | Issuer | For | For |   |
| B4                                                                                                         | To approve, subject to the passing of resolutions 1 and 2, the amendments,        to the Executive Share Scemes. | Issuer | For | For |   |
| B5                                                                                                         | To approve, subject the passing of resolution 1 Incentive and Share        Awards Plans. | Issuer | For | For |   |
| B6                                                                                                         | To approve, subject to the passing of resolution 1, Employee and Share        Option Schemes. | Issuer | For | For |   |
| B7                                                                                                         | To approve, subject to the passing of resolution 1, the establishment        by Cadbury plc of additional share shcemes to those mentioned in resolutions        5 and 6 for the benefit of overseas employees of Cadbury plc and its subsidiaries. | Issuer | For | For |   |
| B8                                                                                                         | To approve, subject to the passing of resolution 1 and 5, the increase        in maximum value of an annual award under The cadbury plc 2008 Long Term        Incentive Plan to 300% of basic pay. | Issuer | For | For |   |
| C1                                                                                                         | To receive the 2007 Financial Statements and the 2007 Annual Report        and Accountants. | Issuer | For | For |   |
| C2                                                                                                         | To declare the Final Dividend. | Issuer | For | For |   |
| C3                                                                                                         | To approve the Directors' Remuneration Report. | Issuer | For | For |   |
| C4-8                                                                                                       | To re-appoint Director. | Issuer | For | For |   |
| C9                                                                                                         | To re-appoint Deloitte & Touche LLP as auditors. | Issuer | For | For |   |
| C10                                                                                                        | To authorise the Directors to set the auditors fees. | Issuer | For | For |   |
| C11                                                                                                        | To authorise the Directors to allot further shares. | Issuer | For | For |   |
| C12                                                                                                        | To disapply pre-emption rights.0 | Issuer | For | For |   |
| C13                                                                                                        | To authorise the Company to buy back shares. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Ritchie Bros. Auctioneers Incorporated | 3000 | RBA | 767744105 | 4/11/08 |
| 1                                                                                                          | Election of Directors; Robert Waugh Murdoch, Peter James Blake, Eric        Patel, Beverly Anne Briscoe, E. Baltazar Pitoniak, Christopher Zimmerman | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of KPMG LLPP as auditors of the corporation fr the ensuing        year and authorizing the directors to fix their remuneration | Issuer | For | For |   |
| 3                                                                                                          | Approval of a special resolution approving an amendment to the articles        of amalgamation of the company to subdivide the company's issued and outsanding        common shares on a three-for-one basis, the full text of which resolution        is set out in schedule "A" to the information circular of the company        dated March 21, 2008 | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Embraer-Empresa Brasileira | 4400 | ERJ | 29081M102 | 4/14/08 |
| A1                                                                                                         | Examine, discuss and vote on the financial statements for the year ended        December 31, 2007 | Issuer | For | For |   |
| A2                                                                                                         | Allocate the net profits recorded in such fiscal year and vote on the        destination of unclaimed dividends | Issuer | For | For |   |
| A3                                                                                                         | Appoint the members of the fiscal committee for the 2008/2009 term of        office, and decide which member will be appointed as chairperson, alternate        (vice-chairperson) and financial expert of the fiscal committee | Issuer | For | For |   |
| A4                                                                                                         | Set the aggregate annual compensation to be received by the company's        officers and members of the committees of its board of directors | Issuer | For | For |   |
| A5                                                                                                         | Set the compensation of the members of the fiscal committee | Issuer | For | For |   |
| E1                                                                                                         | Amend article 6 of the company's bylaws, as a result of the confirmation        of the increase in capital stock arising from the exercise of stock options | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Rio Tinto plc | 750 | RTP | 767204100 | 4/17/08 |
| 1                                                                                                          | To receive the financial statements and the reports of the directors        and auditors for the full year ended 31 December 2007 | Issuer | For | For |   |
| 2                                                                                                          | Approval of remuneration report | Issuer | For | For |   |
| 3                                                                                                          | Election of Richard Evans | Issuer | For | For |   |
| 4                                                                                                          | Election of Yves Fortier | Issuer | For | For |   |
| 5                                                                                                          | Election of Paul Tellier | Issuer | For | For |   |
| 6                                                                                                          | Re-election of Thomas Albanese | Issuer | For | For |   |
| 7                                                                                                          | Re-election of Vivienne Cox | Issuer | For | For |   |
| 8                                                                                                          | Re-election of Richard Goodmanson | Issuer | For | For |   |
| 9                                                                                                          | Re-election of Paul Skinner | Issuer | For | For |   |
| 10                                                                                                         | Re-appointment of PwC LLP as auditors of Rio Tinto plc and to authorise        the Audit committee to determine their remuneration | Issuer | For | For |   |
| 11                                                                                                         | Approval of the use of e-communications for shareholder materials | Issuer | For | For |   |
| 12                                                                                                         | Authority to allot relevant securities under Section 80 of the Companies        Act 1985 | Issuer | For | For |   |
| 13                                                                                                         | Authorit to allot equity securities for cash under Section 89 of the        Companies Act 1985 | Issuer | For | For |   |
| 14                                                                                                         | Authority to purchase Rio Tinto plc shares by the Company or Rio Tinto        Limited | Issuer | For | For |   |
| 15                                                                                                         | Directors' conflicts of interest-amendment to the Company's Articles        of Association | Issuer | For | For |   |
| 16                                                                                                         | Amendments to the terms of the DLC Dividend Shares | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Telefonica, S.A. | 3200 | TEF | 879382208 | 4/22/08 |
| 1                                                                                                          | Examination and approval, if apppropriate, of the individual annual        accounts, of the consolidated financial and of the management report of        Telefonica, S.A. | Issuer | For | For |   |
| 2A                                                                                                         | Re-election of Mr. Jose Fernando De Almansa Moreno-Barreda as a director | Issuer | For | For |   |
| 2B-E                                                                                                       | Ratification of interim appointments of director | Issuer | For all nominees | For all nominees |   |
| 3                                                                                                          | Authorization to axquire the copmany's own shares, either directly or        through group companies | Issuer | For | For |   |
| 4                                                                                                          | Reduction of the share capital through the cancellation of shares of        treasury stock exluding creditor's right to object, all as more fully        described in the proxy statement | Issuer | For | For |   |
| 5                                                                                                          | Appointment of the audiotrs of the company for the fiscal year 2008 | Issuer | For | For |   |
| 6                                                                                                          | Delegation of powers to formalize, interpret, cure and carry out the        resolutions adopted by the shareholders at the general shareholders' meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ING Groep N.V. | 4000 | ING | 456837103 | 4/22/08 |
| 2C                                                                                                         | Annual Accounts for 2007 | Issuer | For | For |   |
| 3B                                                                                                         | Dividend for 2007 | Issuer | For | For |   |
| 4B                                                                                                         | Maximum number of stock options, performance shares and conditional        shares to be granted to members of the Executive Board for 2007 | Issuer | For | For |   |
| 7A                                                                                                         | Discharge of the Executive Board in respect of the duties performed        during the year 2007 | Issuer | For | For |   |
| 7B                                                                                                         | Discharge of the Supervisory Board in respect of the duties performed        during the year 2007 | Issuer | For | For |   |
| 8                                                                                                          | Appointment Auditor | Issuer | For | For |   |
| 9A-B                                                                                                       | Directors recommendation for Executive Board | Issuer | For all nominees | For all nominees |   |
| 10A-E                                                                                                      | Directors recommendation for Supervisory Board | Issuer | For all nominees | For all nominees |   |
| 11                                                                                                         | Amendment of the Supervisory Board Remuneration Policy | Issuer | For | For |   |
| 12                                                                                                         | Authorisation to issue ordinary share swith or without preferential        rights | Issuer | For | For |   |
| 13                                                                                                         | Authorisation to acquire ordinary shares or depositary receipts for        ordinary shares in the company's own capital | Issuer | For | For |   |
| 14                                                                                                         | Cancellation of ordinary shares (depositary receipts for) which are        held by the company | Issuer | For | For |   |
| 15B                                                                                                        | Authorisation to axquire preference A shares or depositary receipts        for preference A shres in the company's own capital | Issuer | For | For |   |
| 15C                                                                                                        | Cancellation of preference A shares (depositary receipts for) which        are held by the company | Issuer | For | For |   |
| 15D                                                                                                        | Redemption and cancellation of preference A shares (depositary receipts        for) which are not held by the company | Issuer | For | For |   |
| 15E                                                                                                        | Amendment of the Articles of Association | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | AXA | 4200 | AXA | 54536107 | 4/22/08 |
| 1                                                                                                          | Approval of the company's financial statements for 2007-parent only | Issuer | For | For |
| 2                                                                                                          | Approval of the consolidated financial statements for 2007 | Issuer | For | For |
| 3                                                                                                          | Earnings appropriation and declaration of a dividend of 1.20 pounds        per share | Issuer | For | For |
| 4                                                                                                          | Approval of the Auditors' Special report on regulated agreements | Issuer | For | For |
| 5                                                                                                          | Appointment of Mr. Francois Martiineau to serve as a member of the Superviosry        Board | Issuer | For | For |
| 6                                                                                                          | Appointment of Mr. Francis Allemand to serve as a member of the Superiviosry        board, upon the recommendation of the employee shareholders of AXA group | Shareholders | Against | Against |
| 7                                                                                                          | Appointment of Mr. Gilles Bernard to serve as a member of the Superiviosry        board, upon the recommendation of the employee shareholders of AXA group | Shareholders | Against | Against |
| 8                                                                                                          | Appointment of Mr. Alain Chourlin to serve as a member of the Superiviosry        board, upon the recommendation of the employee shareholders of AXA group | Shareholders | Against | Against |
| 9                                                                                                          | Appointment of Ms. Wendy Cooper to serve as a member of the Supervisory        Board, upon the recommendation of the employee shareholders of AXA group | Shareholder | For | For |
| 10                                                                                                         | Appointment of Mr. Rodney Koch to serve as a member of the Supervisory        Board, upon the recommendation of the employee shareholders of AXA group | Shareholder | Against | Against |
| 11                                                                                                         | Appointment of Mr. Hans Nasshoven to serve as a member of the Supervisory        Board, upon the recommendation of the employee shareholders of AXA group | Shareholder | Against | Against |
| 12                                                                                                         | Appointment of Mr. Frederic Souhard to serve as a member of the Supervisory        Board, upon the recommendation of the employee shareholders of AXA group | Shareholder | Against | Against |
| 13                                                                                                         | Appointment of Mr. Jason Steinberg to serve as a member of the Supervisory        Board, upon the recommendation of the employee shareholders of AXA group | Shareholder | Against | Against |
| 14                                                                                                         | Appointment of Mr. Andrew Whalen to serve as a member of the Supervisory        Board, upon the recommendation of the employee shareholders of AXA group | Shareholder | Against | Against |
| 15                                                                                                         | Authorization granted to the managementBoard to purchase the Company's        shares | Issuer | For | For |
| 16                                                                                                         | Authorization granted to the management board to allot free shares to        employees and eligible corporate officers of the AXA group | Issuer | For | For |
| 17                                                                                                         | Authorization granted to the managemnet board to allot stock purchas        and/or stock subscription options to employees and eligible corporate        officers of the AXA group | Issuer | For | For |   |
| 18                                                                                                         | Authorization granted to the management board to increase the company's        share capital by the issue of shares or other securities with a claim        to the company's share capital, reserved for members on the companys savings        plan | Issuer | For | For |   |
| 19                                                                                                         | Authorization granted to the management board to increase the company's        share capital wth waiver of the preferential subscription rights to a        category of beneficiaries | Issuer | For | For |   |
| 20                                                                                                         | Authorization granted to the management board to reduce the share capital        through the canellation of shares | Issuer | For | For |   |
| 21                                                                                                         | Authorization to comply with all formal requirements in connection with        this meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Aegon N.V. | 5204 | AEG | 7924103 | 4/23/08 |
| 1                                                                                                          | Approval of the adoption of the annual acconts 2007 | Issuer | For | For |   |
| 2                                                                                                          | Approval of the final dividend 2007 | Issuer | For | For |   |
| 3                                                                                                          | Approval to release the members of teh ExecutiveBoard from liability        for their duties | Issuer | For | For |   |
| 4                                                                                                          | Approval to release the members of the Supervisory Board from liablity        for their duties | Issuer | For | For |   |
| 5                                                                                                          | Approval to appoint the independent auditor | Issuer | For | For |   |
| 6                                                                                                          | Approval to cancel 99,769,902 common shares, repurchased in 2007 | Issuer | For | For |   |
| 11-Jul                                                                                                     | Directors recommendation for election | Issuer | For all nominees | For all nominees |   |
| 12                                                                                                         | Approval to authorize the Executive Board to issue common shares of        the Company | Issuer | For | For |   |
| 13                                                                                                         | Approval to authorize the Executive Board to restrict or excluded pre-emptive        rights upon issuing common shares of the the company. | Issuer | For | For |   |
| 14                                                                                                         | Approval to authorize the Executive Board to issue common shares related        to incentive plans | Issuer | For | For |   |
| 15                                                                                                         | Approval to authorize the Executive Board to acquire shares of the company | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BASF SE | 1700 | BASFY | 55262505 | 4/24/08 |
| 2                                                                                                          | Adoption of a resolution on the appropriation of profit | Issuer | For | For |   |
| 3                                                                                                          | Adoption of a resolution giving formal approval to the actions of the        members of the supervisory board | Issuer | For | For |   |
| 4                                                                                                          | Adoption of a resolution givnig formal approval to the actions of the        members of teh board of executive directors | Issuer | For | For |   |
| 5                                                                                                          | Election of an auditor for the financial year 2008 | Issuer | For | For |   |
| 6                                                                                                          | Authorization to buy back shares and to put them to further use includieng        the autorization to redeem bought back shares and reduce capital | Issuer | For | For |   |
| 7A                                                                                                         | Approval of control and profit and loss transfer agreements, agreement        with BASF B. MHB | Issuer | For | For |   |
| 7B                                                                                                         | Approval of control and profit and loss transfer agreements, agreement        with BASF Bank GMBH | Issuer | For | For |   |
| 8                                                                                                          | Adoption of a resolution on the new division of the share capital (share        split) and the amendment of the articles of association | Issuer | For | For |   |
| 9A                                                                                                         | Adoption of resolutions on the admendment of the articles of association:        Amendment of Article 14, Para. 2 | Issuer | For | For |   |
| 9B                                                                                                         | Adoption of resolutions on the amendment of the aritcles of association;        amendment of artilce 17, para 1 | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Petro-Canada |   | PCZ | 7.16E+114 | 4/25/08 |
| 1                                                                                                          | Directors recommendation for elections | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of Deloitte & Touche LLP as auditors of the company | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Pearons PLC | 7000 | PSO | 705015105 | 4/25/08 |
| 1                                                                                                          | To received the company's accounts and the reports of the directors        and auditors | Issuer | For | For |   |
| 2                                                                                                          | To declare a final dividend | Issuer | For | For |   |
| 6-Mar                                                                                                      | Directors' recommendation for re-election | Issuer | For | For |   |
| 7                                                                                                          | To receive and approve the report on directors' remuneration of the        auditors | Issuer | For | For |   |
| 8                                                                                                          | To reappoint PricewaterhouseCoopers LLP as auditors for the ensuing        year | Issuer | For | For |   |
| 9                                                                                                          | To authorise the directors to determine the remuneration of the auditors | Issuer | For | For |   |
| 10                                                                                                         | To authorise the directors to exercise the powers of the company to        allot ordinary shares | Issuer | For | For |   |
| 11                                                                                                         | To increase the authorised share capital of the company | Issuer | For | For |   |
| 12                                                                                                         | To waive the pre0emption rights conferred under the companies act 1985        to a limited extent | Issuer | For | For |   |
| 13                                                                                                         | To authorise the company to purchase its own shares | Issuer | For | For |   |
| 14                                                                                                         | To adopt new articles of association of the company | Issuer | For | For |   |
| 15                                                                                                         | To renew the annual bonus share matching plan | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Encana Corp. | 3000 | ECA | 292505104 | 4/28/08 |
| 1                                                                                                          | Directors recommendation of elections | Issuer | For All | For All |   |
| 2                                                                                                          | Appointment of auditors- Pricewaterhousecoopers LLP at a remuneration        to be fixed by the board of directors. | Issuer | For | For |   |
| 3                                                                                                          | Amendment to employee stock option plan. | Issuer | For | For |   |
| 4                                                                                                          | Shareholder proposal. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | America Movil, S.A.B. DE C.V. | 6000 | AMX | 02364W105 | 4/29/08 |
| 1                                                                                                          | Appointment or, as the case may be, reelection of the members of the        board of directors of the company that the holders of the series "L" shares        are entitled to appoint. | Issuer | For | For |   |
| 2                                                                                                          | Appointment of delegates to execute and, if applicable, formalize the        resolutions adopted by the meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | CRH PLC | 4000 | CRH | 12626K203 | 5/7/08 |
| 1                                                                                                          | Consideration of financial statements and reports of directors and auditors. | Issuer | For | For |   |
| 2                                                                                                          | Declaration of a dividend. | Issuer | For | For |   |
| 3A-E                                                                                                       | Re-election of director. | Issuer | For | For |   |
| 4                                                                                                          | Renumeration of auditors. | Issuer | For | For |   |
| 5                                                                                                          | Disapplication of pre-emption rights. | Issuer | For | For |   |
| 6                                                                                                          | Authority to purchase own ordinary shares. | Issuer | For | For |   |
| 7                                                                                                          | Authority to re-issue treasury shares. | Issuer | For | For |   |
| 8                                                                                                          | Amendment to memorandum of association. | Issuer | For | For |   |
| 9                                                                                                          | Amendments to articles of association. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Poash Corporation of Saskatchewan Inc. | 3000 | POT | 73755L107 | 5/8/08 |
| 1                                                                                                          | Directors recommendation for election | Issuer | For All | For All |   |
| 2                                                                                                          | The appointment of Deloitte & Touche LLP as auditors of the corporation. | Issuer | For | For |   |
| 3                                                                                                          | The resolution approving the adoption of a new performance option plan. | Issuer | For | For |   |
| 4                                                                                                          | The shareholder proposal | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Telus Corporation | 3000 | TU | 87971M202 | 5/8/08 |
| 1                                                                                                          | Approve amendment to, and reconfirm and approve the company's shareholder        rights plan, as amended and restated. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | China Mobile (Hong Kong) Limited | 2750 | CHL | 16941M109 | 5/8/08 |
| 1                                                                                                          | To receive and consider the audited financial statements and the reports        of the directors and auditors. | Issuer | For | For |   |
| 2A                                                                                                         | To declare an ordinary final dividend for the year ended 31 December        2007. | Issuer | For | For |   |
| 2B                                                                                                         | To declare a special final dividend for the year ended 31 December 2007. | Issuer | For | For |   |
| 3A-E                                                                                                       | To Re-elect Director | Issuer | For All | For All |   |
| 4                                                                                                          | To re-appoint Messrs. KPMG as auditors and to authorize the directors        to fix their remuneration. | Issuer | For | For |   |
| 5                                                                                                          | To give a general mandate to the directors to repurchase shares in the        company. | Issuer | For | For |   |
| 6                                                                                                          | To give a general mandate to the directors to issue, allot, and deal        with additional shares in the company not exceeding 20% of the aggregate        nominal amount of the existing issued share capital. | Issuer | For | For |   |
| 7                                                                                                          | To extend the general mandate granted to the directors to issue, allot        an deal with shares by the number of shares repurchased. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Canadian Pacific Railway Limited | 3200 | CP | 13645T100 | 5/9/08 |
| 1                                                                                                          | Directors recommendation for election | Issuer | For All | For All |   |
| 2                                                                                                          | Appointment of Pricewaterhousecoopers LLP as auditors. | Issuer | For | For |   |
| 3                                                                                                          | Approving the amendment, restatement and reconfirmation of the shareholder        rights plan, as described in the management proxy circular. | Issuer | For | For |   |
| 4                                                                                                          | Approving amendments to the mangagement stock option incentive plan,        as described in the mangagement proxy circular. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Repsol YPF S.A. | 3500 | REP | 76026T205 | 5/14/08 |
| 1                                                                                                          | Approval of the annual financial statements and the management report        of Repsol YPF, S.A. | Issuer | For | For |   |
| 2                                                                                                          | Amendment of the articles of association | Issuer | For | For |   |
| 3A                                                                                                         | Ratification and appointment as director of Mr. Isidre Faine Casas | Issuer | For | For |   |
| 3B                                                                                                         | Ratification and appointment as director of Mr. Juan Maria Nin Genova | Issuer | For | For |   |
| 4                                                                                                          | Appointment of the accounts auditor of Repsol YPF, S. A. and of its        consolidated group | Issuer | For | For |   |
| 5                                                                                                          | Authorisation to the board of directors for the derivative acquistion        of shares of Repsol YPF S.A. | Issuer | For | For |   |
| 6                                                                                                          | Delegation of powers to supplement, develop, execute, rectify and formalize        the resolutions adopted by the general meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Glaxosmithkline PLC | 3,000 | GSK | 37733W105 | 5/21/08 |
| 1                                                                                                          | To receive and adopt the director's report and the financial statements. | Issuer | For | For |   |
| 2                                                                                                          | To approve the remuneration report. | Issuer | For | For |   |
| 5-Mar                                                                                                      | To elect director. | Issuer | For | For |   |
| 8-Jun                                                                                                      | To re-elect director. | Issuer | For | For |   |
| 9                                                                                                          | Re-appointment of auditors. | Issuer | For | For |   |
| 10                                                                                                         | Remuneration of auditors. | Issuer | For | For |   |
| 11                                                                                                         | To authorise the company to make donations to EU political organisations        and incur EU political expenditure. | Issuer | For | For |   |
| 12                                                                                                         | Authority to allot shares. | Issuer | For | For |   |
| 13                                                                                                         | Disapplication of pre-emption rights. | Issuer | For | For |   |
| 14                                                                                                         | Authority for the company to puchase its own shares. | Issuer | For | For |   |
| 15                                                                                                         | Adopt new articles of association. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Orient-Express Hotels LTD. | 5000 | OEH | 683699102 | 6/4/08 |
| 1                                                                                                          | Directors recommendations for elections | Issuer | For All | For All |   |
| 2                                                                                                          | Appointment of Deloitte & Touche LLP as the company's independent auditor,        and authorization of the audit committee of the company's board of directors        to fix the auditor's remuneration. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | PT Indosat TBK | 2500 | IIT | 715680104 | 6/5/08 |
| 1                                                                                                          | Approve the annual report and to ratify the financial statement for        the financial year ended December 31, 2007 and thereby release and discharge        the board of commissioners from their supervisory responsibilities and        the board of directors from their managerial responsibilities, all as        more fully described in the proxy statement. | Issuer | For | For |   |
| 2                                                                                                          | To approve the allocation of net profit for reserve funds, dividends,        and other purposes and to approve the determination of the amount, time        and manner of payment of dividends for the financial year ended December        31, 2007 | Issuer | For | For |   |
| 3                                                                                                          | To determine the renumeration for the board of commissioners of the        company for 2008. | Issuer | For | For |   |
| 4                                                                                                          | To approve the appointment of the company's independent auditor for        the financial year ended December 31, 2008. | Issuer | For | For |   |
| 5                                                                                                          | To approve the change in composition of the board of comissioners of        the company due to the end of the term of office. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Sony Corporation | 3000 | SNE | 835699307 | 6/20/08 |
| 1                                                                                                          | Directors recommendation for election | Issuer | For All | For All |   |
| 2                                                                                                          | To Issue stock acquision rights for the purpose of granting stock options. | Issuer | For | For |   |
| 3                                                                                                          | To amend the articles of incorporation with respect to disclosure to        shareholders regarding remuneration paid to each director. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | NIDEC Corporation | 5000 | NJ | 654090109 | 6/24/08 |
| 1                                                                                                          | Directors recommendation for election | Issuer | For All | For All |   |
|                                                                                                       |
|                                                                                                       | Nissan Motor Co. | 5500 | NSANY | 654744408 | 6/25/08 |
| 1                                                                                                          | Appropriation of retained earnings for the 109th fiscal year. | Issuer | For | For |   |
| 2                                                                                                          | Delegation to the board of directors in deciding the terms and conditions        of the issuance of Shinkabu-Yoyakuken without consideration as stock options        to employees of the company an directors and employees of its affiliates. | Issuer | For | For |   |
| 3A-B                                                                                                       | Election of statutory auditor | Issuer | For | For |   |
| 4                                                                                                          | Payment of bonuses to the directors. | Issuer | For | For |   |
| 5                                                                                                          | Revision of the remuneration for directors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Mitsubishi UF J Financial Group, Inc. | 10000 | MTU | 606822104 | 6/27/08 |
| 1                                                                                                          | Appropriation of surplus. | Issuer | For | For |
| 2                                                                                                          | Election of 17 Directors. | Issuer | For | For |
| 3                                                                                                          | Establishment of the amount of remuneration, etc. to be paid as bonus        to directors. | Issuer | For | For |
|                                                                                                       |
|------------------------------------------------------------------------------------------------------------|
| **Saturna Investment Trust, Sextant          Core Fund (SCORX)**                                           |
| Proxy Voting Record relating to shareholder          meetings held from July 1, 2007 through June 30, 2008 |
|                                                                                                       |
| Proposal #                                                                                                 | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
|                                                                                                       |
|                                                                                                       | Freeport-McMoran Copper & Gold Inc. | 200 | FCX | 35671D857 | 7//10/07 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For All | For All |   |
| 2                                                                                                          | Ratification of appointment of Ernst & Young LLP as independent auditors. | Issuer | For | For |   |
| 3                                                                                                          | Adoption of the proposed amendments to the 2006 stock incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | FedEx Corporation | 400 | FDX | 31428X106 | 9/24/07 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For All | For All |   |
| 2                                                                                                          | Ratification of Independent Registered Public Accounting Firm. | Issuer | For | For |   |
| 3                                                                                                          | Stockholder Proposal Regarding Separation of Chairman and CEO Roles. | Shareholder | Against | Against |   |
| 4                                                                                                          | Stockholder Proposal Regarding Shareholder Vote on Executive Pay. | Shareholder | Against | Against |   |
| 5                                                                                                          | Stockholder Proposal regarding Global Warming Report. | Shareholder | Against | Against |   |
| 6                                                                                                          | Stockholder Proposal Regarding Political Contributions Report. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | General Mills, Inc. | 450 | GIS | 370334104 | 9/24/07 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For All | For All |   |
| 2                                                                                                          | Ratify the appointment of KPMG LLP as General Mills' independent registered        public accounting firm. | Issuer | For | For |   |
| 3                                                                                                          | Adopt the 2007 Stock Compensation Plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | RPM International Inc | 1,000 | RPM | 749685103 | 10/4/07 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For All | For All |   |
| 2                                                                                                          | Approve and adopt the RPM International Inc. amended and restated 1995        incentive compensation plan. | Issuer | For | For |   |
| 3                                                                                                          | Ratify the appointment of Ernst & Young LLP as RPM's independent public        accounting firm for the year ending May 31, 2008. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Parker-Hannifin Corporation | 300 | PH | 701094104 | 10/24/07 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For All | For All |   |
| 2                                                                                                          | A management proposal to declassify the board of directors. | Issuer | For | For |   |
| 3                                                                                                          | Ratification of the appointment of Deloitte & Touche LLP as independent        registered public accounting firm for FY08. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Washington Group International | 400 | WNG | 938862208 | 10/30/07 |
| 1                                                                                                          | Adoption of the agreement and plan of merger, dated as of May 27, 2007. | Issuer | For | For |   |
| 2                                                                                                          | Adjournment or postponement of the Washington Group International Special        meeting, if necessary, to permit further solicitation of proxies if there        are not sufficient votes at the time of the special meeting in favor of        foregoing. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Rockwell Collins, Inc. | 400 | COL | 774341101 | 2/12/08 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For All | For All |   |
| 2                                                                                                          | The selection of Deloitte & Touche LLP as our auditors for fiscal year        2008. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Pearson PLC | 2,100 | PSO | 705015105 | 4/25/08 |
| 1                                                                                                          | To receive the company's accounts and the reports of the directors and        auditors. | Issuer | For | For |   |
| 2                                                                                                          | To Declare a final dividend. | Issuer | For | For |   |
| 6-Mar                                                                                                      | To re-elect director. | Issuer | For | For |   |
| 7                                                                                                          | To receive and approve the report on director's remuneration. | Issuer | For | For |   |
| 8                                                                                                          | To reappoint Pricewaterhousecoopers LLP as auditors for the ensuing        year. | Issuer | For | For |   |
| 9                                                                                                          | To authorize the directors to determine the remuneration of the auditors. | Issuer | For | For |   |
| 10                                                                                                         | To authorize the directors to exercise the powers of the company to        allot ordinary shares. | Issuer | For | For |   |
| 11                                                                                                         | To increase the authorized share capital of the company. | Issuer | For | For |   |
| 12                                                                                                         | To waive the pre-emption rights conferred under the companies act 1985        to a limited extent. | Issuer | For | For |   |
| 13                                                                                                         | To authorize the company to purchase its own shares. | Issuer | For | For |   |
| 14                                                                                                         | To adopt new articles of association of the company. | Issuer | For | For |   |
| 15                                                                                                         | To renew the annual bonus share matching plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Tomkins PLC | 750 | TKS | 890030208 | 5/1/08 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For All | For All |   |
| 2                                                                                                          | Approve the Remuneration Committee report. | Issuer | For | For |   |
| 3                                                                                                          | Declare a dividend. | Issuer | For | For |   |
| 8-Apr                                                                                                      | Reappoint director. | Issuer | For Against | For Against |   |
| 9                                                                                                          | Reappoint the independent auditors. | Issuer | For | For |   |
| 10                                                                                                         | Authorize the Directors to determine the independent auditors' remuneration. | Issuer | For | For |   |
| 11                                                                                                         | Authorize allotment of relevant securities. | Issuer | For | For |   |
| 12                                                                                                         | Cancel US dollar dominated Preference Shares. | Issuer | For | For |   |
| 13                                                                                                         | Authorize disapplication of pre-emptions rights. | Issuer | For | For |   |
| 14                                                                                                         | Authorize purchase of own shares. | Issuer | For | For |   |
| 15                                                                                                         | Adopt new Articles of Association. | Issuer | For | For |   |
| 16                                                                                                         | Redenominate Share Capital | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | PepsiCo, Inc. | 1000 | PEP | 713448108 | 5/7/08 |
| 1A-L                                                                                                       | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Approval of Independent Registered Public Accountants | Issuer | For | For |   |
| 3                                                                                                          | Shareholder Proposal- Beverage container recycling report. | Shareholder | Against | For |   |
| 4                                                                                                          | Shareholder Proposal- genetically engineered products report. | Shareholder | Against | For |   |
| 5                                                                                                          | Shareholder Proposal- Right to water policy. | Shareholder | Against | Against |   |
| 6                                                                                                          | Shareholder Proposal- Global warming report. | Shareholder | Against | For |   |
| 7                                                                                                          | Shareholder Proposal- Advisory vote on compensation. | Shareholder | Against | For |   |
|                                                                                                       |
|                                                                                                       | Alcoa Inc. | 1,400 | AA | 13817101 | 5/8/08 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the independent auditor | Issuer | For | For |   |
| 3                                                                                                          | Shareholder requesting report on how Alcoa's action to reduce its impact        on climate change has affected the global climate. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Telefonica, S.A. | 250 | TEF | 879382208 | 5/9/07 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For | For all nominees |   |
| 2                                                                                                          | Examination and approval, if appropriate, of the individual annual accounts,        of the consolidated financial statements and of the management report        of Telefonica, S.A. | Issuer | For | For |   |
| 3                                                                                                          | Authorization to acquire the company's own shares, either directly or        through group companies | Issuer | For | For |   |
| 4                                                                                                          | Delegation to the board of directors the power to issue debentures,        bonds, notes and other fixed-income securities | Issuer | For | Against |   |
| 5                                                                                                          | Reduction in share capital by means of the repurchase of the company's        own shares | Issuer | For | For |   |
| 6A                                                                                                         | Amendments regarding the general shareholders' meeting | Issuer | For | For |   |
| 6B                                                                                                         | Amendments regarding proxy-gathering and voting by means of long-distance        communication and remote attendance | Issuer | For | For |   |
| 6C                                                                                                         | Amendments regarding the board of directors | Issuer | For | For |   |
| 7A                                                                                                         | Amendment of article 5 (powers of the shareholders' meeting) | Issuer | For | For |   |
| 7B                                                                                                         | Amendments relating to the call to and preparation of the general shareholders'        meeting | Issuer | For | For |   |
| 7C                                                                                                         | Amendments relating to proxy-granting and voting by means of long distance        communication and remote attendance | Issuer | For | For |   |
| 7D                                                                                                         | Other amendments: Amendment of article 21 and amendment of article 24 | Issuer | For | For |   |
| 8                                                                                                          | Delegation of powers to formalize, interpret, cure, and carry out the        resolutions adopted by the shareholders | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | China Mobile (Hong Kong) Limited | 300 | CHL | 16941M109 | 5/16/07 |
| 1                                                                                                          | To receive and consider the audited financial statements and the reports        of the directors and auditors | Issuer | For | For |   |
| 2A                                                                                                         | To declare an ordinary final dividend for the year ended 31 December        2006 | Issuer | For | For |   |
| 2B                                                                                                         | To declare a special final dividend for the year ended 31 December 2006 | Issuer | For | For |   |
| 3A                                                                                                         | To re-elect Wang Jianzhou as a director | Issuer | For | For |   |
| 3B                                                                                                         | To re-elect Li Yue as a director | Issuer | For | For |   |
| 3C                                                                                                         | To re-elect Zhang Chenshuang as a director | Issuer | For | For |   |
| 3D                                                                                                         | To re-elect Frank Wong Kwong Shing as a director | Issuer | For | For |   |
| 3E                                                                                                         | To re-elect Paul Michael Donovan as a director | Issuer | For | For |   |
| 4                                                                                                          | To re-appoint Messrs KPMG as auditors and to authorize the directors        to fix their remuneration | Issuer | For | For |   |
| 5                                                                                                          | To give a general mandate to the directors to repurchase shares in the        company not exceeding 10% of the aggregate nominal amount of existing        issued share capital | Issuer | For | For |   |
| 6                                                                                                          | To give a general mandate to the directors to issue, allot and deal        with additional shares in the company | Issuer | For | For |   |
| 7                                                                                                          | To extend the general mandate granted to the directors to issue, allot        and deal with shares by the number of shares repurchased | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Glaxosmithkline PLC | 500 | GSK | 37733W105 | 5/21/08 |
| 1                                                                                                          | To receive and adopt the director's report and the financial statements. | Issuer | For | For |   |
| 2                                                                                                          | To approve the remuneration report. | Issuer | For | For |   |
| 5-Mar                                                                                                      | To elect director. | Issuer | For | For |   |
| 8-Jun                                                                                                      | To re-elect director. | Issuer | For | For |   |
| 9                                                                                                          | Re-appointment of auditors. | Issuer | For | For |   |
| 10                                                                                                         | Remuneration of auditors. | Issuer | For | For |   |
| 11                                                                                                         | To authorize the company to make donations to EU political organizations        and incur EU political expenditure. | Issuer | For | For |   |
| 12                                                                                                         | Authority to allot shares. | Issuer | For | For |   |
| 13                                                                                                         | Disapplication of pre-emption rights. | Issuer | For | For |   |
| 14                                                                                                         | Authority for the company to purchase its own shares. | Issuer | For | For |   |
| 15                                                                                                         | Adopt new articles of association. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Enel S.P.A. | 300 | EN | 29265W108 | 5/23/07 |
| O1                                                                                                         | Financial statements of Enel for the year ended December 31 2006. Reports        of the board of directors, the board of statutory auditors, and the external        auditors. Related resolutions, presentation of the consolidated financial        statements for the year ended December 31, 2006. | Issuer | For | For |   |
| O2                                                                                                         | Allocation of net income for the year | Issuer | For | For |   |
| O3                                                                                                         | Election of the board of statutory auditors | Issuer | For | For |   |
| O4                                                                                                         | Determination of the compensation of the regular members of the board        of statutory auditors | Issuer | For | For |   |
| O5                                                                                                         | Extension of the external auditors' mandate to the years 2008, 2009,        and 2010 | Issuer | For | For |   |
| O6                                                                                                         | 2007 stock-option plan for executives of Enel and/or subsidiaries thereof        pursuant to article 2359 of the civil code | Issuer | For | For |   |
| E1                                                                                                         | Harmonization of the bylaws with the provisions of law N. 262 of December        25, 2005 and legislative decree N. 303 of December 29, 2006. Amendment        of articles 14.3, 14.5 and 20.4 of the bylaws | Issuer | For | For |   |
| E2                                                                                                         | Delegation to the board of directors of the power to increase the share        capital in connection with the 2007 stock option plan | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Tomkins PLC | 750 | TKS | 890030208 | 6/13/07 |
| 1                                                                                                          | Receive the directors report and financial statement | Issuer | For | For |   |
| 2                                                                                                          | Approve the rumeration committee report | Issuer | For | For |   |
| 3                                                                                                          | Declare a dividend | Issuer | For | For |   |
| 4                                                                                                          | Reappoint Mr. D.B. Newlands | Issuer | For | For |   |
| 5                                                                                                          | Reappoint the independent auditors | Issuer | For | For |   |
| 6                                                                                                          | Authorize the directors to determine the independent auditors' remuneration | Issuer | For | For |   |
| 7                                                                                                          | Authorize allotment of relevant securities | Issuer | For | For |   |
| 8                                                                                                          | Authorize disapplication of pre-emption rights | Issuer | For | For |   |
| 9                                                                                                          | Authorize purchase of own shares | Issuer | For | For |   |
| 10                                                                                                         | Authorize electronic communication with shareholders | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Novartis Ag | 300 | NVS | 66987V109 | 2/26/08 |
| 1                                                                                                          | Approval of the annual report, the remuneration report, the financial        statements and the consolidated financial statements | Issuer | For | Fo |   |
| 2                                                                                                          | Discharge from liability of the members of the board of directors and        the executive committee | Issuer | For | Abstain |   |
| 3                                                                                                          | Appropriation of available earnings of Novartis Ag as per balance sheet        and declaration of dividend | Issuer | For | For |   |
| 4                                                                                                          | Reduction of share capital | Issuer | For | For |   |
| 5                                                                                                          | Further share repurchase program | Issuer | For | For |   |
| 6A                                                                                                         | Amendment to the articles of incorporation, special quorum | Issuer | For | For |   |
| 6B                                                                                                         | Amendment to the articles of incorporation, contributions in kind | Issuer | For | For |   |
| 7AA                                                                                                        | Re-election of Peter Burckhardt M.D. for a one year term | Issuer | For | For |   |
| 7AB                                                                                                        | Re-election of Ulrich Lehner PhD for a three year term | Issuer | For | For |   |
| 7AC                                                                                                        | Re-election of Alexandre F. Jetzer for a three-year term | Issuer | For | For |   |
| 7AD                                                                                                        | Re-election of Pierre Landolt for a three year term | Issuer | For | For |   |
| 7B                                                                                                         | Election of Ann Fudge for a three year term | Issuer | For | For |   |
| 8                                                                                                          | Appointment of the auditors and the group auditors | Issuer | For | For |   |
| 9                                                                                                          | Additional and/or counter-proposals presented at time of meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Canon, Inc. | 600 | CAJ | 138006309 | 3/28/08 |
| 1                                                                                                          | Dividend from surplus | Issuer | For | For |   |
| 2                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 3                                                                                                          | Election of two corporate auditors; Keijiro Yamazaki and Knihiro Nagata | Issuer | For | For |   |
| 4                                                                                                          | Grant of retirement allowance to directors and corporate auditor to        be retired | Issuer | For | For |   |
| 5                                                                                                          | Grant of bonus to directors | Issuer | For | For |   |
| 6                                                                                                          | Issuance of share options as stock options without compensation | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | The Toronto-Dominion Bank |   | TD | 89116009 | 4/3/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of auditor named in management proxy circular | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal A | Shareholder | Against | Against |
| 4                                                                                                          | Shareholder proposal B | Shareholder | Against | Against |
| 5                                                                                                          | Shareholder proposal C | Shareholder | Against | Against |
| 6                                                                                                          | Shareholder proposal D | Shareholder | Against | Against |
| 7                                                                                                          | Shareholder proposal E | Shareholder | Against | Against |
| 8                                                                                                          | Shareholder proposal F | Shareholder | Against | Against |
| 9                                                                                                          | Shareholder proposal G | Shareholder | Against | Against |
| 10                                                                                                         | Shareholder proposal H | Shareholder | Against | Against |
| 11                                                                                                         | Shareholder proposal I | Shareholder | Against | Against |
| 12                                                                                                         | Shareholder proposal J | Shareholder | Against | Against |
| 13                                                                                                         | Shareholder proposal K | Shareholder | Against | Against |
| 14                                                                                                         | Shareholder proposal L | Shareholder | Against | Against |
| 15                                                                                                         | Shareholder proposal M | Shareholder | Against | Against |
| 16                                                                                                         | Shareholder proposal N | Shareholder | Against | Against |
| 17                                                                                                         | Shareholder proposal O | Shareholder | Against | Against |
|                                                                                                       |
|                                                                                                       | United Technologies Corp. | 525 | UTX | 913017109 | 4/9/08 |
| 1                                                                                                          | Directors' recommendation for elections | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of independent auditors | Issuer | For | For |   |
| 3                                                                                                          | Approval of amendment to the 2005 Long-term incentive plan | Issuer | For | For |   |
| 4                                                                                                          | Shareowner proposal: Principles for Health Care reform | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareowner proposal: Global set of corporate standards | Shareholder | Against | Against |   |
| 6                                                                                                          | Shareowner proposal: Pay for superior performance | Shareholder | Against | Against |   |
| 7                                                                                                          | Shareowner proposal: offsets for foreign military sales | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | LAN Airlines S.A. | 3000 | LFL | 501723100 | 4/10/08 |
| 1                                                                                                          | Approval of the annual report, balance sheet and finacnical statements        of the company for the fiscal year ending December 31, 2007 | Issuer | For | For |   |
| 2                                                                                                          | Approval of the distribution of a final dividend to be charged to the        earnings for fiscal year 2007, including in this sum the provisional dividends        of U.S. $0.26596 and U.S. $0.35389 per share paid in the months of August        2007 and January 2008, respectively | Issuer | For | For |   |
| 3                                                                                                          | Election of board of directors | Issuer | For | For |   |
| 4                                                                                                          | Determination of the compensation for the board of directors for fiscal        year 2008 | Issuer | For | For |   |
| 5                                                                                                          | Determination of the compensation for the director's committee and their        budget for fiscal year 2008 | Issuer | For | For |   |
| 6                                                                                                          | Designation of external auditors; designation of risk assessors; accounts        of the matters referred to in article 44 of law 18046 on corporations | Issuer | For | For |   |
| 7                                                                                                          | Information regarding the cost of processing, printing ad dirstribution | Issuer | For | For |   |
| 8                                                                                                          | Any other matter of public interest that should be known for the shareholders        meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Frontier Financial Corporation | 3000 | FTBK | 35907K107 | 4/16/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Shareholder proposal to declassify the board of directors | Shareholder | Against | Against |   |
| 3                                                                                                          | Ratify Moss Adams LLP as the auditors for Frontier Financial Corporation        and subsidiaries | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Black & Decker Corporation | 350 | BDK | 91797100 | 4/17/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For | For |   |
| 2                                                                                                          | Ratification of Ernst & Young LLP as Black and Decker's independent        registered public accounting firm for 2008 | Issuer | For | For |   |
| 3                                                                                                          | Approval of the Black & Decker 2008 Restricted Stock plan | Issuer | For | For |   |
| 4                                                                                                          | Approval of an amendment to the black & Decker non-employee directors        stock plan | Issuer | For | For |   |
| 5                                                                                                          | Stockholder proposal | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Kimberly-Clark Corp. | 625 | KMB | 494368103 | 4/17/08 |
| 1A                                                                                                         | Election of director: John R. Alm | Issuer | For | For |   |
| 1B                                                                                                         | Election of director: John F. Bergstrom | Issuer | For | For |   |
| 1C                                                                                                         | Election of director: Robert W. Decherd | Issuer | For | For |   |
| 1D                                                                                                         | Election of director: Ian C. Read | Issuer | For | For |   |
| 1E                                                                                                         | Election of director: G. Craig Sullivan | Issuer | For | For |   |
| 2                                                                                                          | Ratification of auditors | Issuer | For | For |   |
| 3                                                                                                          | Approval of amended and restated certificate of incorporation to eliminate        supermajority voting positions | Issuer | For | For |   |
| 4                                                                                                          | Stockholder propsal regarding qualifications for director nominees | Shareholder | Against | Against |   |
| 5                                                                                                          | Stockholder proposal regarding adoption of global human rights standards        based on international labor conventions | Shareholder | Against | For |   |
| 6                                                                                                          | Stockholder proposal regarding special shareholder meeting | Shareholder | Against | Against |   |
| 7                                                                                                          | Stockholder proposal regarding cumulative voting | Shareholder | Against | Against |   |
| 8                                                                                                          | Stockholder proposal regarding amendment of bylaws to establish a board        committee on sustainability | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Canadian National Railway Co. |   | CNI | 136375102 | 4/21/08 |
| 1                                                                                                          | Directors' Recommendation for Election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of KPMG LLP as auditors | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Eli Lilly and Company | 650 | LLY | 532457108 | 4/21/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment by the audit committee of the board        of directors of Ernst & Young LLP as principal independent auditors for        2008 | Issuer | For | For |   |
| 3                                                                                                          | Approve amendments to the articles of incorporation to provide for the        declassification of the board | Issuer | For | For |   |
| 4                                                                                                          | Approve amendments to the articles of incorporation to provide for election        of directors by majority vote | Issuer | For | For |   |
| 5                                                                                                          | Amending the company's stock plan | Issuer | For | For |   |
| 6                                                                                                          | Proposal by shareholders on international outsourcing of animal research | Shareholder | Against | For |   |
| 7                                                                                                          | Proposal by shareholders on allowing shareholders to amend the company's        bylaws | Shareholder | Against | Against |   |
| 8                                                                                                          | Proposal by shareholders on adopting a simple majority vote standard | Shareholder | Against | Against |   |
| 9                                                                                                          | Proposal by shareholders on reporting company's political contributions | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Praxair, Inc | 700 | PX | 74005P104 | 4/22/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Proposal to amend the certificate of incorporation regarding the election        of directors by majority vote | Issuer | For | For |   |
| 3                                                                                                          | Proposal to ratify the appointment of the independent auditor | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Telefonica S.A. | 500 | TEF | 879382208 | 4/22/08 |
| 1                                                                                                          | Examination and approval, if appropriate, of the individual annual accounts,        of the consolidated financial statements and of the management report        of Telefonica, S.A. | Issuer | For | For |   |
| 2A-E                                                                                                       | Directors recommendation for election and ratification | Issuer | For all nominees | For all nominees |   |
| 3                                                                                                          | Authorization to acquire the company's own shares, either directly or        through group companies | Issuer | For | For |   |
| 4                                                                                                          | Reduction of the share capital through the cancellation of shares of        treasury stock excluding creditor's right to object, all as more fully        described in the proxy statement | Issuer | For | For |   |
| 5                                                                                                          | Appointment of the auditors of the company for the fiscal year 2008 | Issuer | For | For |   |
| 6                                                                                                          | Delegation of powers to formalize, interpret, cure and carry out the        resolutions adopted by the shareholders at the general shareholders meeting | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BASF SE | 200 | BASFY | 55262505 | 4/24/08 |
| 2                                                                                                          | Adoption of a resolution on the appropriation of profit | Issuer | For | For |   |
| 3                                                                                                          | Adoption of a resolution giving formal approval to the actions of the        memebers of the supervisory board | Issuer | For | For |   |
| 4                                                                                                          | Adoption of a resolution giving formal approval to the actions of the        members of the board of executive directors | Issuer | For | For |   |
| 5                                                                                                          | Election of an auditor for the financial year 2008 | Issuer | For | For |   |
| 6                                                                                                          | Authorization to buy back sahres and to put them to further use including        the authorization to redeem bough-back shares and reduce capital | Issuer | For | For |   |
| 7A                                                                                                         | Approval of control and profit and loss transfer agreements: Agreement        with BASF Beteiligungsgesellschaft MBH | Issuer | For | For |   |
| 7B                                                                                                         | Approval of conrol and profit and loss transfer agreements: Agreement        with BASF Bank GMBH | Issuer | For | For |   |
| 8                                                                                                          | Adoption of a resolution on the new division of the share capital (share        split) and the amendment of the articles of association | Issuer | For | For |   |
| 9A                                                                                                         | Adoption of resolutions on the amendment of the article of association:        Amendment of Article 14, Para. 2 | Issuer | For | For |   |
| 9B                                                                                                         | Adoption of resolutions on the amendment of the aritles of association:        Amendment of Article 17, Para. 1 | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Pfizer, Inc. | 1900 | PFE | 717081103 | 4/24/08 |
| 1a-n                                                                                                       | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the selection of KPMG LLP as independent registered        public accounting firm for 2008 | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal regarding stock options | Shareholder | Against | Against |   |
| 4                                                                                                          | Shareholder proposal requesting separation of Chairman and CEO roles | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Johnson & Johnson | 700 | JNJ | 478160104 | 4/24/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of PricewaterhouseCoopers LLp as independent        registered public accounting firm | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal: Advisory vote on executive compensation policies        and disclosure | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | AT&T Inc. | 900 | T | 00206R102 | 4/25/08 |
| 1a-n                                                                                                       | Directors' recommendation for elections | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of independent auditors | Issuer | For | For |   |
| 3                                                                                                          | Report on political contributions | Shareholder | Against | Against |   |
| 4                                                                                                          | Pension credit policy | Shareholder | Against | For |   |
| 5                                                                                                          | Lead independent director bylaw | Shareholder | Against | Against |   |
| 6                                                                                                          | SERP policy | Shareholder | Against | Against |   |
| 7                                                                                                          | Advisory vote on compensation | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Petro-Canada |   | PCZ | 7.16E+106 | 4/25/08 |
| 1                                                                                                          | Directors' recommendation for election, 01-11 | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of Deloitte & Touche LLP as auditors of the company | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | The Chubb Corp. | 750 | CB | 171232101 | 4/29/08 |
| 1a-l                                                                                                       | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of Ernst & Young LLP as independent auditor | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | The McGraw-Hill Companies, Inc. | 1000 | MHP | 580645109 | 4/30/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of independent registered public accounting        firm for 2008 | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal requesting the annual election of each director | Shareholder | Against | Against |   |
| 4                                                                                                          | Shareholder proposal requesting adoption of a simple majority vote | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Honeywell International, Inc. | 850 | HON | 438516106 | 4/28/08 |
| 1A-J                                                                                                       | Directors recommendations for election | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of Independent Accountants | Issuer | For | For |   |
| 3                                                                                                          | Amendment to the restated certificate of incorporation-right to call        a special meeting of shareowners. | Issuer | For | For |   |
| 4                                                                                                          | Pay-for-Superior-Performance Principle | Issuer | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Duke Realty Corp. | 400 | DRE | 264411505 | 4/30/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the reappointment of KPMG LLPas its independent registered        public accounting firm | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | CRH PLC | 600 | CRH | 12626K203 | 5/7/08 |
| 1                                                                                                          | Consideration of financial statements and reports of directors and auditors | Issuer | For | For |   |
| 2                                                                                                          | Declaration of a dividend | Issuer | For | For |   |
| 3A-E                                                                                                       | Re-election of directors | Issuer | For all nominees | For all nominees |   |
| 4                                                                                                          | Remuneration of auditors | Issuer | For | For |   |
| 5                                                                                                          | Disapplication of pre-emption rights | Issuer | For | For |   |
| 6                                                                                                          | Authority to purchase own ordinary shares | Issuer | For | For |   |
| 7                                                                                                          | Authority to re-issue treasury shares | Issuer | For | For |   |
| 8                                                                                                          | Amendment to memorandum of association | Issuer | For | For |   |
| 9                                                                                                          | Amendments to Articles of Association | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | China Mobile | 500 | CHL | 16941M109 | 5/8/08 |
| 1                                                                                                          | To receive and consider the audited financial statements and the reports        of the directors and auditors | Issuer | For | For |   |
| 2A                                                                                                         | To declare and ordinary final dividend for the year ended 31 December        2007 | Issuer | For | For |   |
| 2B                                                                                                         | To declare a special final dividend for the year ended 31 December 2007 | Issuer | For | For |   |
| 3A-E                                                                                                       | Directors' recommendations for re-election | Issuer | For | For |   |
| 4                                                                                                          | To re-appoint messes. KPMG as auditors and to authorize the directors        to fix their remuneration | Issuer | For | For |   |
| 5                                                                                                          | To give a general mandate to the directors to repurchase shares in the        company | Issuer | For | For |   |
| 6                                                                                                          | To give a general mandate to the directors to issue, allot and deal        with additional shares in the company not exceeding 20% of the aggregate        nominal amount of the existing issued share capital | Issuer | For | For |   |
| 7                                                                                                          | To extend the general mandate granted to the directors to issue allot        and deal with shares by the number of share repurchased. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Nucor Corporation | 800 | NUE | 670346105 | 5/9/08 |
| 1                                                                                                          | Directors recommendations for election | Issuer | For all | For all nominees |   |
| 2                                                                                                          | Ratify the appointment of Pricewaterhousecoopers LLP as Nucor's independent        registered public accounting firm for the year ending December 31, 2008. | Issuer | For | For |   |
| 3                                                                                                          | Approve the annual and long-term senior officers incentive compensation        plan. | Issuer | For | For |   |
| 4                                                                                                          | Stockholder proposal | Stockholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | 3M Corp. | 600 | MMM | 88579Y101 | 5/13/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of PricewaterhouseCoopers LLP as 3M's independent        registered public accounting firm | Issuer | For | For |   |
| 3                                                                                                          | To approve the Long-Term incentive plan | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | 3M Corp. | 600 | MMM | 88579Y101 | 5/13/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of PricewaterhouseCoopers LLP as 3M's independent        registered public accounting firm | Issuer | For | For |   |
| 3                                                                                                          | To approve the Long-Term incentive plan | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Unilever PLC | 1600 | UL | 904767704 | 5/14/08 |
| 1                                                                                                          | To receive the report and accounts for the year ended 31 December 2007 | Issuer | For | For |   |
| 2                                                                                                          | To approve the Directors' Remuneration Report for the year ended 31        December 2007 | Issuer | For | For |   |
| 3                                                                                                          | To declare a dividend of 34.11p on the ordinary shares | Issuer | For | For |   |
| 4                                                                                                          | To re-elect Mr. PJ Cescau as a Director | Issuer | For | For |   |
| 5                                                                                                          | To elect Mr. JA Lawrence as a Director | Issuer | For | For |   |
| 6                                                                                                          | To increase GSIP award and bonus limits for Mr. JA Lawrence | Issuer | For | For |   |
| 7                                                                                                          | To re-elect Professor G Berger as a Director | Issuer | For | For |   |
| 8                                                                                                          | To re-elect The RT Hon The Lord Brittan of Spennithorne QC, DL as a        Director | Issuer | For | For |   |
| 9                                                                                                          | To re-elect Professor W Dik as a Director | Issuer | For | For |
| 10                                                                                                         | To re-elect Mr. C E Golden as a Director | Issuer | For | For |
| 11                                                                                                         | To re-elect Dr. BE Grote as a Director | Issuer | For | For |
| 12                                                                                                         | To re-elect Mr. N Murthy as a Director | Issuer | For | For |
| 13                                                                                                         | To re-elect Ms. H Nasulu as a Director | Issuer | For | For |
| 14                                                                                                         | To re-elect The Lord Simon of Highbury CBE as a Director | Issuer | For | For |
| 15                                                                                                         | To re-elect Mr. KJ Storm as a Director | Issuer | For | For |
| 16                                                                                                         | To re-elect Mr M. Treschow as a Director | Issuer | For | For |
| 17                                                                                                         | To re-elect Mr. J van der Veer as a Director | Issuer | For | For |
| 18                                                                                                         | To re-appoint PricewaterhouseCoopers LLP as Auditors of the Company | Issuer | For | For |
| 19                                                                                                         | To authorize the Directors to fix the remuneration of the Auditors | Issuer | For | For |
| 20                                                                                                         | To renew the authority to Directors to issue shares | Issuer | For | For |
| 21                                                                                                         | To renew the authority to Directors to disapply pre-emption rights | Issuer | For | For |
| 22                                                                                                         | To renew the authority to the company to purchase its own shares | Issuer | For | For |
| 23                                                                                                         | To adopt new Articles of Association of the Company | Issuer | For | For |
|                                                                                                       |
|                                                                                                       | Idacorp, Inc. | 900 | IDA | 451107106 | 5/15/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of Deloitte & Touche LLP as our independent        registered public accounting firm for the fiscal year ending December        31, 2008 | Issuer | For | For |   |
| 3                                                                                                          | To act upon a shareholder proposal requesting that Idacorp amend its        equal employment opportunity policy to explicitly prohibit discrimination        based upon sexual orientation and gender identity and expression | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | FPL Group, Inc. | 600 | FPL | 302571104 | 5/23/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of Deloitte & Touche LLP as independent        registered public accounting firm for the year 2008. | Issuer | For | For |   |
| 3                                                                                                          | Shareholder Proposal- Global warming report. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Lowe's Companies, Inc. | 900 | LOW | 548661107 | 5/30/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of Deloitte & Touche LLP as the company's        independent registered public accounting firm. | Issuer | For | For |   |
| 3                                                                                                          | To approve the amendments to Lowe's articles of incorporation eliminating        the classified structure of the Board of Directors. | Issuer | For | For |   |
| 4                                                                                                          | Shareholder proposal regarding supermajority vote requirements. | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareholder proposal regarding executive compensation plan. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Orient-Express Hotels LTD. | 1000 | OEH | 683699102 | 6/4/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Appointment of Deloitte & Touche LLP as the company's independent auditor,        and authorization of the Audit committee of the company's board of directors        to fix the auditor's remuneration. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Freeport-McMoran Copper & Gold Inc. | 200 | FCX | 35671D857 | 6/5/08 |
| 1                                                                                                          | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of Ernst & Young LLP as independent auditors. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the proposed amendment to the Freeport-McMoran Copper &        Gold Inc. Amended and restated certificate of incorporation to increase        the number of authorized shares of common stock to 1,800,000,000. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Unitedhealth Group Inc. | 1000 | UNIH | 91324P102 | 6/5/08 |
| 1A-H                                                                                                       | Directors' recommendation for election | Issuer | For all nominees | For all nominees |   |
| 2                                                                                                          | Approval of the material terms for payment of executive incentive compensation. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the amendment to the Unitedhealth group 1993 employee stock        purchase plan. | Issuer | For | For |   |
| 4                                                                                                          | Ratification of Deloittee & Touche LLP as independent registered public        accounting firm for period ending December 31, 2008. | Issuer | For | For |   |
| 5                                                                                                          | Shareholder proposal concerning advisory vote on executive compensation. | Shareholder | Against | Against |   |
| 6                                                                                                          | Shareholder proposal concerning performance vesting shares. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Toyota Motor Corporation | 200 | TM | 892331307 | 6/24/08 |
| 1                                                                                                          | Distribution of surplus. | Issuer | For | For |   |
| 2                                                                                                          | Election of 30 Directors. | Issuer | For | For |   |
| 3                                                                                                          | Issuance of stock acquisition rights for the purpose of granting stock        options. | Issuer | For | For |   |
| 4                                                                                                          | Acquisition of own shares. | Issuer | For | For |   |
| 5                                                                                                          | Payment of the final retirement bonus to corporate auditors due to the        abolishment of the retirement bonus system for corporate auditors. | Issuer | For | For |   |
| 6                                                                                                          | Revision to the amount of remuneration for corporate auditors. | Issuer | For | For |   |
| 7                                                                                                          | Payment of executive bonuses. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Nomura Holdings, Inc. | 700 | NMR | 65535H208 | 6/26/08 |
| 1A-K                                                                                                       | Election of Director | Issuer | For | For |   |
| 2                                                                                                          | Issue of stock acquisition rights as stock options to executives and        employees of subsidiaries of the company. | Issuer | For | For |   |

----

 

**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 durly authorized.

SATURNA INVESTMENT TRUST

 

By */s/ Nicholas Kaiser*    Nicholas Kaiser, President

Date: August 13, 2008