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, 2010  Date of reporting period: June 30, 2010

 

| **Saturna Investment Trust, Sextant Growth    Fund  (SSGFX)**                                        |
|------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to shareholder meetings    held from July 1, 2009 through June 30, 2010 |
|                                                                                                 |
| **Proposal #**                                                                                       | **Issue /  Proposals** | **Shares / Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                 |
|                                                                                                      | Banner Corporation | 100,000 | BANR | 06652V109 | 08/26/09 |
| 1                                                                                                    | To amend the articles of incorporation to increase  the authorized number of shares of common stock from 25,000,000 to 75,000,000  shares. | Issuer | For | For |  |
| 2                                                                                                    | To amend the articles of incorporation to increase  the authorized number of shares of preferred stock from 500,000 shares to  10,000,000 shares. | Issuer | For | For |  |
| 3                                                                                                    | To approve the adjournment of the special meeting,  if necessary, to solicit additional proxies, in the event there are not  sufficient votes at the time of the special meeting to approve either or both  of the proposed amendments to the articles of incorporation. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | John Wiley & Sons, Inc. | 8,000 | JW/A | 968223206 | 09/17/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of KPMG LLP as  independent accountants. | Issuer | For | For |  |
| 3                                                                                                    | Approval of the 2009 key employee stock plan. | Issuer | For | For |  |
| 4                                                                                                    | Approval of the 2009 executive annual incentive  plan. | Issuer | For | For |  |
| 5                                                                                                    | Approval of the 2009 director stock plan. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | 3COM Corporation. | 60,000 | COMS | 885535104 | 09/23/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Amending and restating the certificate of  incorporation. | Issuer | For | For |  |
| 3                                                                                                    | Ratifying the appointment of Deloitte &Touche  LLP as the company's independent public accountants for the fiscal year  ending May 2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Oracle Corporation | 15,000 | ORCL | 68389x105 | 10/07/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal for the approval of the adoption of the  fiscal year 2010 executive bonus plan. | Issuer | For | For |  |
| 3                                                                                                    | Proposal to ratify the selection of Ernst &  Young LLP as independent registered public accounting firm of the company for  the fiscal year ending May 31, 2010. | Issuer | For | For |  |
| 4                                                                                                    | Stockholder proposal regarding special stockholder  meetings. | Stockholder | Against | Against |  |
| 5                                                                                                    | Stockholder proposal regarding advisory vote on  executive compensation. | Stockholder | Against | Against |  |
| 6                                                                                                    | Stockholder proposal regarding equity retention  policy. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Noble Corporation | 8,000 | NE | H5833N103 | 10/29/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approval of the amendment and restatement of the  Nobil Corporation 1991 stock option and restricted stock | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Washington Banking Company | 10,000 | WBCO | 937303105 | 11/12/09 |
| 1                                                                                                    | Proposal to approve an amendment to article III of  the amended and restated articles of incorporation of the company to  authorize 35,000,000 shares of common stock. | Issuer | For | For |  |
| 2                                                                                                    | Proposal to approve the adjournment of the special  meeting, if necessary, to solicit additional proxies in the event there are  not sufficient votes at the time of the special meeting to approve the  proposed amendment to articles III of the amended and restated articles of  incorporation of the company. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Harman International Industries, Inc. | 1,900 | HAR | 413086109 | 12/08/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
|                                                                                                 |
|                                                                                                      | 3COM Corporation | 60,000 | COMS | 885535104 | 01/26/10 |
| 1                                                                                                    | Adoption of merger agreement. To adopt the agreement  and plan of merger, dated as of November 11, 2009, by and among  Hewlett-Packard company, Colorado Acquisition Corporation, a wholly-owned  subsidiary of Hewlettt-Packard Company, and 3COM Corporation. | Issuer | For | For |  |
| 2                                                                                                    | Adjournment of the special meeting. To approve the  adjournment 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 |  |
|                                                                                                 |
|                                                                                                      | 3COM Corporation | 60,000 | COMS | 885535104 | 01/26/10 |
| 1                                                                                                    | Adoption of merger agreement. To adopt the agreement  and plan of merger, dated as of November 11, 2009, by and among  Hewlett-Packard company, Colorado Acquisition Corporation, a wholly-owned  subsidiary of Hewlettt-Packard Company, and 3COM Corporation. | Issuer | For | For |  |
| 2                                                                                                    | Adjournment of the special meeting. To approve the  adjournment 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 |  |
|                                                                                                 |
|                                                                                                      | Apple Inc. | 200,000 | AAPL | 037833100 | 02/25/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To approve amendments to the Apple Inc. 2003  employee stock plan. | Issuer | For | For |  |
| 3                                                                                                    | To approve amendments to the Apple Inc. 1997  director stock option plan. | Issuer | For | For |  |
| 4                                                                                                    | To hold an advisory vote on executive compensation. | Issuer | For | For |  |
| 5                                                                                                    | To ratify the appointment of Ernst & Young LLP  as the company's independent registered public accounting firm for fiscal  year 2010. | Issuer | For | For |  |
| 6                                                                                                    | To consider a shareholder proposal entitled  "Sustainability report," if properly presented at the meeting. | Shareholder | Against | Against |  |
| 7                                                                                                    | To consider a shareholder proposal entitled  "Amend corporate bylaws establishing a board committee on  sustainability," if properly presented at the meeting. | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Agilent Technologies, Inc. | 13,000 | A | 00846U101 | 3/2/10 |
| 1A-K                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to ratify the appointment of the  independent registered public accounting firm for fiscal year ending October  31, 2010. | Issuer | For | For |  |
| 3                                                                                                    | Proposal to approve the amended and restated  Hewlett-Packard company 2004 stock incentive plan. | Issuer | For | For |  |
| 4                                                                                                    | Proposal to conduct an annual advisory vote on  executive compensation. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | KB Home | 20,000 | KBH | 48666K109 | 4/1/10 |
| 1A-I                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to ratify the appointment of Ernst 7 Young  as Kbhome 2010 equity incentive plan. | Issuer | For | For |  |
| 3                                                                                                    | Proposal to approve the KB Home 2010 equity  incentive plan. | Issuer | For | For |  |
| 4                                                                                                    | Stockholder proposal relating to executive  compensatio. | Stockholder | Against | Against |  |
| 5                                                                                                    | Stockholder proposal relating to advisory vote on  compensation committee's report & executive compensation policies &  practices. | Stockholder | Against | Against |  |
| 6                                                                                                    | Stockholder proposal relating to the engagement of  stockholder proposal proponents. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Weyerhaeuser Company | 9,000 | WY | 962166104 | 4/15/10 |
| 1A-C                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to amend the articles of incorporation to  declassify the board and remove the supermajority voting provisions. | Issuer | For | For |  |
| 3                                                                                                    | Proposal to approve the issuance of common shares. | Issuer | For | For |  |
| 4                                                                                                    | Proposal to amend the articles of incorporation to  increase number of authorized shares. | Issuer | For | For |  |
| 5                                                                                                    | Proposal to amend the articles of incorporation to  impose ownership and transfer restrictions. | Issuer | For | For |  |
| 6                                                                                                    | Shareholder proposal on the right to call special  meetings. | Shareholder | Against | For |  |
| 7                                                                                                    | Shareholder proposal on an FSC certification report. | Shareholder | Against | For |  |
| 8                                                                                                    | Approval on an advisory basis, of the appointment of  auditors. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Eli Lilly and Company | 3,500 | LLY | 532457108 | 4/19/10 |
| 1A-E                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment by the audit  committee of board of Earnst and Young LLP as principal independent auditors  for 2010. | Issuer | For | For |  |
| 3                                                                                                    | Approve amendments to the articles of incorporation  to provide for annual election of all directors. | Issuer | For | For |  |
| 4                                                                                                    | Approve amendments to the articles of incorporation  to eliminate all supermajority voting provisions. | Issuer | For | For |  |
| 5                                                                                                    | Shareholder proposal on allowing shareholders to  call special shareholders' meetings. | Shareholder | Against | Against |  |
| 6                                                                                                    | Shareholder proposal on prohibiting CEO'S from  serving on the compensation committee. | Shareholder | Against | Against |  |
| 7                                                                                                    | Shareholder proposal on ratification of executive  compensation. | Shareholder | Against | Against |  |
| 8                                                                                                    | Shareholder proposal requiring executives to hold  equity awards into retirement. | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Johnson & Johnson | 7,000 | JNJ | 478160104 | 4/22/10 |
| 1A-J                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of pricewatercoopers LLP  as independent registered public accounting firm for 2010 | Issuer | For | For |  |
| 3                                                                                                    | Advisory vote on executive compensation | Issuer | Against | Against |  |
| 4                                                                                                    | Special shareowner meetings | Issuer | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Abbott Labratories | 7,000 | ABT | 002824100 | 2/24/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of Deloitte & Touche LLP as  auditors. | Issuer | For | For |  |
| 3                                                                                                    | Shareholder proposal-advisory vote. | Shareholder | Against | Against |  |
| 4                                                                                                    | Shareholder proposal-special shairholder meetings. | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Regal Beloit Corporation. | 5,500 | RBC | 758750103.00 | 4/26/10 |
| 1A-C                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To ratify the selection of Deloitte & Tiycge LLP  as the company's independent auditors for 2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Banner Corporation. | 100,000 | BANR | 06652V109 | 4/27/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Advisory approval of the compensation of Banner  Corporation's named executive officers. | Issuer | For | For |  |
| 3                                                                                                    | The ratification of audit committee's selection of  Moss aDAMS llp as the independent Auditor for the year ending December 31,  2010. | Issuer | For | For |  |
| 4                                                                                                    | The approval of the amendment of Banner's articles  of incorporation to increase the authorized number of shares of common stock  from 75,000,000 to 200,000,000. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The Chubb Corporation | 4,000 | CB | 171232101 | 4/27/10 |
| 1A-K                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To ratify the appointment of Earnst & Young LLP  as independent auditor. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Lincoln Electric Holdings, Inc. | 4,000 | LECO | 533900106 | 4/29/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of independent auditors. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Advanced Micro Devices, Inc. | 20,000 |   | 007903107 | 4/29/10 |
| 1A-I                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of Ernst & Young LLP  as AMD's independent registered public accounting firm for the current fiscal  year. | Issuer | For | For |  |
| 3                                                                                                    | Approval of the amendment of the 2004 Equity  incentive plan. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | AT&T | 10,000 | T | 00206R102 | 4/30/10 |
| 1A-L                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of independent auditors. | Issuer | For | For |  |
| 3                                                                                                    | Cumulative voting. | Shareholder | Against | Against |  |
| 4                                                                                                    | Pension credit policy. | Shareholder | Against | Against |  |
| 5                                                                                                    | Advisory vote on compensation. | Shareholder | Against | Against |  |
| 6                                                                                                    | Special stockholder meetings. | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Duke Energy Corporation. | 10,000 | DUK | 26441C105 | 5/6/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approval of the Duke Energy Corporation 2010  long-term incentive plan. | Issuer | For | For |  |
| 3                                                                                                    | Ratification of Deloitte & Touche LLP as Duke  Energy Corporation's independent public accountant for 2010. | Issuer | For | For |  |
| 4                                                                                                    | Shareholder proposal relating to preperation of a  report on Duke Energy global warming-related lobbying activities. | Shareholder | Against | Against |  |
| 5                                                                                                    | Shareholder proposal relating to majority voting for  election of directors. | Shareholder | Against | Against |  |
| 6                                                                                                    | Shareholder proposal regarding the rention of equity  compensation by senior executives. | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | United Parcel Service, Inc. | 6,000 | UPS | 911312106 | 5/6/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of Deloitte &  Touche LLP as UPS's independent registered public accountants for the year  ending December 31, 2010. | Issuer | For | For |  |
| 3                                                                                                    | Approval of a proposal removing the voting standard  from the UPS certificate of incorporation so that the board may provide for  majority voting in uncontested director elections. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Loopnet, Inc. | 20,000 | LOOP | 543524300 |   |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To ratify the appointment of Ernst & Young LLP  as Loopnet, Inc.'s independent registered public accounting firm for 2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Sempra Energy | 6,000 | SER | 816851109 |   |
| 1A-J                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of independent registered public  accounting firm. | Issuer | For | For |  |
| 3                                                                                                    | Shareholder proposal for an advisory vote on  executive compensation. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | CVS Caremark Corporation | 10,000 | CVS | 126650100 | 5/12/10 |
| 1A-L                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to ratify the appointment of Ernst &  Young LLP as the company's independent registered public accounting firm for  the 2010 fiscal year. | Issuer | For | For |  |
| 3                                                                                                    | Proposal to adopt the company's 2010 incentive  compensation plan. | Issuer | For | For |  |
| 4                                                                                                    | Proposal to adopt an amendment to the company's  charter to allow stockholders to call special meetings. | Issuer | For | For |  |
| 5                                                                                                    | Stockholder proposal regarding a report on political  contributions and expenditures. | Stockholder | Against | Against |  |
| 6                                                                                                    | Stockholder proposal regarding principles to stop  global warming. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Amgen Inc. | 3,700 | AMGN | 031162100 | 5/12/10 |
| 1A-M                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To ratify the selection of Ernst & Young LLP as  our independent registered public accountants for the year ending December  31, 2010. | Issuer | For | For |  |
| 3A                                                                                                   | Stockholder proposal #1 (shareholder action by  written concent) | Stockholder | Against | Against |  |
| 3B                                                                                                   | Stockholder proposal: stockholder proposal #2  (equity retention policy) | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | E*Trade Financial Corporation | 150,000 | ETFC | 269246401 | 5/13/10 |
| 1A-E                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To authorize the board of directors to file an  amended and restated certificate of incorporation to effect a reverse stock  split of the outstanding shares of the common stock of the company, at a  specified ration of 1-for-10. | Issuer | For | For |  |
| 3                                                                                                    | To approve changes to the company's 2005 equity  incentive plan, including increasing share authorization by 125 million  shares (subject to adjustment to 12.5 million shares if proposal 2 is adopted  and implemented). | Issuer | For | For |  |
| 4                                                                                                    | To ratify the selection of Deloitte & Touche LLP  as independent registered public accounting firm for the company for 2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Washington Banking Company | 10,000 | WBCO | 937303105 | 5/13/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Non-binding advisory vote on executive compensation.  A proposal to consider and approve the compensation of executive officers as  described in the compensation discussion & analysis and tabular  disclosure regarding named executive officer compensation in the proxy  statement. | Issuer | For | For |  |
| 3                                                                                                    | Non-binding advisory vote of auditor appointment. A  proposal to ratify the adult committee's appointment of Moss Adams LLP as the  company's independent registered public accountant for the fiscal year ending  December 31, 2010. | Issuer | For | For |  |
| 4                                                                                                    | Shareholder proposal. A proposal to reuest that the  board of directors take the necessary steps to declassify the board of  directors and require the annual election of directors. | Shareholder | Against | For |  |
|                                                                                                 |
|                                                                                                      | Norfolk Southern Corporation | 7,000 | NSC | 655844108 | 5/13/10 |
| 1A-D                                                                                                 | Directors recommendation for election | Issuer | For | 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, 2010. | Issuer | For | For |  |
| 3                                                                                                    | Approval of amendment to articles of incorporation  to declassify the board of directors. | Issuer | For | For |  |
| 4                                                                                                    | Approval of the Norfolk Southern Corporation  long-term incentive plan, as amended. | Issuer | For | For |  |
| 5                                                                                                    | Approval of the Norfolk Southern Corporation  executive management incentive plan, as amended. | Issuer | For | For |  |
| 6                                                                                                    | Stockholder proposal concerning corporate political  contributions. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Nucor Corporation | 4,000 | NUE | 670346105 | 5/13/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratify the appoitment of pricewaterhousecoopers LLP  as Nucor's independent registered public accounting firm for the year ending  December 31, 2010. | Issuer | For | For |  |
| 3                                                                                                    | Approve amendments to Nucor's restated certificat of  incorporation eliminating the classifed structure of the board of directors. | Issuer | For | For |  |
| 4                                                                                                    | Approve the 2010 stock option and award plan. | Issuer | For | For |  |
| 5                                                                                                    | Stockholder proposal regarding majority vote. | Issuer | For | For |  |
| 6                                                                                                    | Stockholder proposal regarding report on political  spending. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The Charles Schwab Corporation | 25,000 | SCHW | 808513105 | 5/13/10 |
| 1A-B                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of independent auditors. | Issuer | For | For |  |
| 3                                                                                                    | Approval of amended corporate executive bonus plan. | Issuer | For | For |  |
| 4                                                                                                    | Stockholder proposal regarding political  contributions. | Stockholder | Against | Against |  |
| 5                                                                                                    | Stockholder proposal regarding death benefits. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Red Lion Hotels Corporation | 50,000 | RLH | 756764106 | 5/19/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of BDO Seidman, LLP to  serve as our independent registered public accounting firm for 2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Alaska Air Group, Inc. | 10,000 | ALK | 011659109 | 5/18/10 |
| 1A-I                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of KPMG LLP as the company's independent  auditor. | Issuer | For | For |  |
| 3                                                                                                    | Advisory vote on the compensation of the company's  named executive officers. | Issuer | For | For |  |
| 4                                                                                                    | Approval of the company's 2010 employee stock  purchase plan. | Issuer | For | For |  |
| 5                                                                                                    | Stockholder proposal regarding shareowner action by  written concent. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Amsurg Corp. | 15,000 | AMSG | 03232P405 | 5/20/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approval of the amendment to the Amsurg Corp. 2006  Stock incentive plan. | Issuer | For | For |  |
| 3                                                                                                    | Ratification of the appoiintment of Deloitte &  Touche LLP as our indepentent registered public accounting firm for Fiscal  2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Idacorp, Inc. | 10,000 | IDA | 451107106 | 5/20/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratify the appointment of Deloitte and Touche LLP as  Idacorp's independent registered public accounting firm for the fiscal year  ending December 31, 2010. | Issuer | For | For |  |
| 3                                                                                                    | Re-approve the material terms of the performance  goals under the Idacorp 2000 long-term incentive and compensation plan for  the purposes of internal revenue code section 162(M). | Issuer | For | For |  |
| 4                                                                                                    | Approve the Idacorp executive incentive plan for the  purposes of internal revenue code section 162(M) | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Raytheon Company | 6,500 | RTN | 755111507 |   |
| 1A-I                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of independent auditors. | Issuer | For | For |  |
| 3                                                                                                    | Amendment of independent auditors. | Issuer | For | For |  |
| 4                                                                                                    | Approval of the Raytheon company 2010 stock plan. | Issuer | For | For |  |
| 5                                                                                                    | Stockholder propaosal regarding advisory vote on  executive compensation. | Stockholder | Against | Against |  |
| 6                                                                                                    | Stockholder proposal regarding supplemental  executive retirement plans. | Stockholder | Against | Against |  |
| 7                                                                                                    | Stockholder proposal regarding shareholder action by  written concent. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Lowe's Companies, Inc. | 15,000 | LOW | 548661107 |   |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | 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 an amendment to Lowe's bylaws decreasing  the percentage of shares required to call a special meeting of shareholders. | Issuer | For | For |  |
| 4                                                                                                    | Shareholder proposal regerding report on political  spending. | Stockholder | Against | Against |  |
| 5                                                                                                    | Shareholder proposal regarding seperating the roles  of chairman and Ceo. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | FTI Consulting, Inc. | 5,000 | FCN | 302941109 |   |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approve the amendment to the FTI Consulting, Inc.  2009 omnibus incentive compensation plan to increase by 4,500,000 shares the  number of shares of common stock authorized and reserved for issuance under  the plan. | Issuer | For | For |  |
| 3                                                                                                    | Ratify the retention of KPMG LLP as FTI Consulting,  Inc.'s independent registered public accounting firm for the year ending  December 31, 2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Staples, Inc. | 6,000 | SPLS | 855030102 | 6/7/10 |
| 1A-L                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To approve the long term cash incentive plan. | Issuer | For | For |  |
| 3                                                                                                    | To approve an amendment to staple' amended and  restated 2004 stock incentive plan increasing the number of shares of common  stock incentive plan increasing the number of shares of common stock  authorized for issuance under the plan from 77,430,000 to 97,430,000 and  amending the material terms of the performance oals of the plan. | Issuer | For | For |  |
| 4                                                                                                    | To ratify the selection by the audit committee to  Ernst & Young LLP as Staples' independent registered public accounting  firm for the current fiscal year. | Issuer | For | For |  |
| 5                                                                                                    | To act on a shareholder proposal regarding the  ability of shareholders to act by majority written concent. | Shareholder | Against | Against |  |
| 6                                                                                                    | To act on a shareholder proposal providing  shareholders owning 10% of outstanding shares with the abily to call special  meetings. | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Allegiant Travel Company | 16,000 | ALGT | 01748X102 | 6/8/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of Ernst & Young, LLP as  independent registered public accountants. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Best Buy Co Inc. | 10,000 | BBY | 086516101 | 6/24/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of Deloitte &  Touche LLP as our independent registered public accounting firm for the  fiscal year ending Febuary 26, 2011. | Issuer | For | For |  |
| 3                                                                                                    | In their direction, the proxy agents are authorized  to vote upon such other buisness as may properly come before the meeting. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Bed Bath & Beyond Inc. | 9,000 | BBBY | 075896100 | 6/29/10 |
| 1A-I                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of KPMG LLP. | Issuer | For | For |  |

 

| **Saturna Investment Trust,    Sextant International Fund  (SSIFX)**                                 |
|------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to    shareholder meetings held from July 1, 2009 through June 30, 2010 |
|                                                                                                 |
| **Proposal #**                                                                                       | **Issue /  Proposals** | **Shares / Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                      | 51Job INC. | 8,000 | JOBS | 316827104 | 8/28/09 |
| 1-5                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 6                                                                                                    | To approve the adoption of the 2009 share option  plan. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | CPFL Energia S.A. | 6,000 | CPL | 126153105 | 9/28/09 |
| 1                                                                                                    | To acknowledge the resignation of Mr. Luiz Anibal De  Lima Fernandes as a sitting member of the company's board of directors, a  position to which he was elected by the ordinary general meeting on April 23,  2009. | Issuer | For | For |  |
| 2                                                                                                    | To elect, pursuant to article 17 of the company's  bylaws, Mr. Pedro Pullen Parente to replace Mr. Luiz Anibal de Lima Fernandes  for the remaining period of the joint one-year term of office of the  company's board of directors, pursuant to article 150, paragraph 3 of law 6,  404/76. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Telecom corporation of New Zealad LTD. | 20,000 | NZT | 879278208 | 10/1/09 |
| 1                                                                                                    | To authorize the directors to fix the remuneration  of the auditors. | Issuer | For | For |  |
| 2-3                                                                                                  | Directors recommendation for re-election | Issuer | For | For all nominees |  |
| 4-5                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
|                                                                                                 |
|                                                                                                      | Lan Airlines S.A. | 100,000 | LFL | 501723100 | 10/29/09 |
| A                                                                                                    | Fixing of the price of the shares to be included in  the compensation plans set up pursuant to article 24 of Law No. 18,048, as  decided during the extraordinary shareholders' meeting held on April 5, 2007,  or authorization to the board of directors to make a decision to such effect. | Issuer | For | For |  |
| B                                                                                                    | Adoption of any and all agreements necessary for  fixing the price described in(A) above, including an authorization to the  board of directors, in the broader terms possible, to freely compensation  plans referred to in (A) above. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | ING Groep N.V. | 25,000 | ING | 456837103 | 11/25/09 |
| 2B                                                                                                   | Approval of a resolution of the executive board  regarding an important change of the identity or character of the company or  the enterprise. | Issuer | For | For |  |
| 3                                                                                                    | Authorization to issue ordinary shares and to  exclude the pre-emptive rights. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Encana Corporation | 15,000 | ECA | 292505104 | 11/25/09 |
| 1                                                                                                    | Aspecial resolution, the full text of which is set  forth in appendix "A" to the accompanying information circular,  approving an arrangement pursuant to section 192 of the Canada Business  Corporations Act pursuant to which, among other things, common shareholders  of Encana will receive one new common share in Encana and one common share in  a new public company called "Cenovus Energy Inc." in exchange for  each common share of Encana held. | Issuer | For | For |  |
| 2                                                                                                    | An ordinary resolution ratifying and approving an  employee stock option plan for Cenovus Energy Inc. | Issuer | For | For |  |
| 3                                                                                                    | An ordinary resolution ratifying and approving a  shareholder rights plan for Cenovus Energy Inc. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | BHP Billito Limited. | 14,000 | BHP | 088606108 | 11/26/09 |
| 1                                                                                                    | To receive the 2009 financial statements and reports  for BHP Billiton Limited and BHP Billito Plc. | Issuer | For | For |  |
| 2-6                                                                                                  | Directors recommendation for re-election | Issuer | For | For all nominees |  |
| 7                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 8                                                                                                    | To appoint KPMG Audit Plc as the auditor of BHP  Billiton Plc. | Issuer | For | For |  |
| 9                                                                                                    | To renew the general authority ti issue shares in  BHP Billiton Plc. | Issuer | For | For |  |
| 10                                                                                                   | To renew the disapplication of pre-emption rights in  BHP Billiton Plc. | Issuer | For | For |  |
| 11                                                                                                   | To approve the repurchase of shares in BHP Billiton  Plc. | Issuer | For | For |  |
| 12                                                                                                   | To approve the cancellation of shares in BHP  Billiton Plc held by BHP Billiton Limited on each of the following dates. | Issuer | For | For |  |
| 12A                                                                                                  | 30 April 2010 | Issuer | For | For |  |
| 12B                                                                                                  | 17 June 2010 | Issuer | For | For |  |
| 12C                                                                                                  | 15 September 2010 | Issuer | For | For |  |
| 12D                                                                                                  | 11 November 2010 | Issuer | For | For |  |
| 13                                                                                                   | To approve the 2009 Remuneration report. | Issuer | For | For |  |
| 14                                                                                                   | To approve the grant of awards to Mr. Marius  Kloppers under the GIS and LTIP. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | CPFL Energia S.A. | 6,000 | CPL | 126153105 | 12/10/09 |
| 1                                                                                                    | Approve the seven (7) "Protocol and  justification for incorporation of shares" ("protocols")  instruments signed between the company and the controlled companies. | Issuer | For | For |  |
| 2                                                                                                    | Ratify the choice of Hirashima & Associados  consultoria Em Transacoes Societarias LTA. | Issuer | For | For |  |
| 3                                                                                                    | Examine and approve the appraisal reports mentioned  under item "II" above with respect to the company. | Issuer | For | For |  |
| 4                                                                                                    | Approve the incorporation of the total shares issued  by the controlled companies into the equity with consequent conversion of the  said controlled companies into wholly owned subsidiaries. | Issuer | For | For |  |
| 5                                                                                                    | Approval of the increase in the capital stock in the  total value of R$ 52,250,435.73 with    the total issue of 1,226,223 new  shares of the company to replace the shares issued by the controlled  companies which shall be incorporated into the equity of the company pursuant  to the foregoing items and respective protocols. | Issuer | For | For |  |
| 6                                                                                                    | Amend the company's bylaws, in their articles 5 to  reflect the change in the company's capital stock as a result of the eventual  approval of the items "I" to "V" above, the said capital  stock increasing from R$ 4793,425,677.55. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | PT Indosat TBK | 5,000 | IIT | 744383100 | 1/28/10 |
| 1                                                                                                    | To approve changes to the composition of the board  of commissioners and/or board of directors of the company. | Issuer | For | For |  |
| 2                                                                                                    | To approve the amendments to the company's articles  of association. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Novartis AG | 25,000 | NVS | 66987V109 | 2/26/10 |
| 1                                                                                                    | Approval of the annual report, the financial  statements of Novartis AG and the group consolidated financial statements for  the business year 2009. | Issuer | For | For |  |
| 2                                                                                                    | Discharge from liability of the members of the board  of directors and the executive committee. | Issuer | For | For |  |
| 3                                                                                                    | Appropriation of available earnings of novarts AG as  per balance sheet and declaration of dividend. | Issuer | For | For |  |
| 4A                                                                                                   | Amendments to the articles of incorporation:  implementation of the book entry securities act. | Issuer | For | For |  |
| 4B                                                                                                   | Amendments to the articles of incorporation:  introduction of a consultative vote on the compensation system. | Issuer | For | For |  |
| 5A-C                                                                                                 | Directors recommendation for re-election | Issuer | For | For all nominees |  |
| 6                                                                                                    | Appointment of auditor. | Issuer | For | For |  |
| 7                                                                                                    | Additional and/or counter-proposals presented at the  meeting. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The Toronto-Dominion Bank | 15,000 | TD | 891160509 | 3/25/10 |
| A                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| B                                                                                                    | Appointment of auditor named in the management of  proxy circular. | Issuer | For | For |  |
| C                                                                                                    | Approach to executive compensation disclosure in the  report of the management resources committee and approach to compensation  sections of the management proxy circular. (Note- item C above is an advisory  vote) | Issuer | For | For |  |
| D                                                                                                    | Shareholder proposal A | Shareholder | Against | Against |  |
| E                                                                                                    | Shareholder proposal B | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Canon Inc. | 11,000 | CAJ | 138006309 | 3/30/10 |
| 1                                                                                                    | Dividend from surplus. | Issuer | For | For |  |
| 2                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 3A-C                                                                                                 | Recommendation for election of corporate auditors. | Issuer | For | For all nominees |  |
| 4                                                                                                    | Grant of retirement allowance to directors to  retire. | Issuer | For | Against |  |
| 5                                                                                                    | Grant of retirement allowance to corporate auditors  to retire and final payments of retirement allowance dure to the abolishment  of the retirement allowance system for corporate auditors. | Issuer | For | Against |  |
| 6                                                                                                    | Grant of bonus to directors. | Issuer | For | For |  |
| 7                                                                                                    | Issuance of share options as stock options without  compensation. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Coca-cola FEMSA S.A.B.DE.C.V. | 20,000 | KOF | 191241108 | 4/14/10 |
| 1                                                                                                    | Report of the chief executive officer of Coca-cola  FEMSA S.A.B.DE.C.V. option of the board of directors regarding the content of  the report of chief executive officer and reports of board. | Issuer | None | For |  |
| 2                                                                                                    | Report with respect to the compliance of tax  obligations. | Issuer | None | For |  |
| 3                                                                                                    | Application of the results for the 2009 fiscal year,  including the payment of a cash dividend. | Issuer | None | For |  |
| 4                                                                                                    | Proposal to determine as the maximum amount of  resources to be used for the share repurchase program. | Issuer | None | For |  |
| 5                                                                                                    | Election of members and secretaries of the board  qualification of their independence, in accordance with securities market  law. | Issuer | None | For |  |
| 6                                                                                                    | Election on of members of the following committees:  (I) finance and planning, (II) audit, and (III) corporate practices. | Issuer | None | For |  |
| 7                                                                                                    | Appointment of delegates for the formalization of  the meeting's resolution. | Issuer | None | For |  |
| 8                                                                                                    | Reading and, if applicable, approval of the minute. | Issuer | None | For |  |
| E1                                                                                                   | Proposal to amend articles 23 and 29 of the bylaws  of the company. | Issuer | None | For |  |
| E2                                                                                                   | Appointment of delegates for the formalization of  the meeting's resolution. | Issuer | None | For |  |
| E3                                                                                                   | Reading and, if applicable, approval of the minute. | Issuer | None | For |  |
|                                                                                                 |
|                                                                                                      | Rio Tinto PLC | 4,000 | RTP | 767204100 | 4/15/10 |
| 1                                                                                                    | To receive the financial statements and the reports  of the directors and auditors for the year ended 31, December 2009. | Issuer | For | For |  |
| 2                                                                                                    | Approval of the remuneration report. | Issuer | For | For |  |
| 3-5                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 6-8                                                                                                  | Directors recommendation for re-election | Issuer | For | For all nominees |  |
| 9                                                                                                    | Re-appointment of pricewaterhousecoopers LLP as  auditors of Rio Tinto PLC. | Issuer | For | For |  |
| 10                                                                                                   | Authority to allot relevant securities under section  551 of the companies act 2006. | Issuer | For | For |  |
| 11                                                                                                   | Authority to allot relevant securities for cash as  defined in the companies act 2006. | Issuer | For | For |  |
| 12                                                                                                   | Authority to purchase Rio Tinto PLC shares by the  company of Rio Tinto Limited. | Issuer | For | For |  |
| 13                                                                                                   | Notice period for general meetings other than annual  general meetings. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Encana Corporation | 15,000 | ECA | 292505104 | 4/21/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of auditors- pricewaterhousecoopers LLP  at a remuneration to fixed by the board of directors. | Issuer | For | For |  |
| 3                                                                                                    | Amendment and reconfirmation of the shareholder  rights plan. | Issuer | For | For |  |
| 4                                                                                                    | Confirmation of amendments to by-law no.1. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Teck Resources Limited | 100,000 | TCK | 878742204 | 4/22/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To appoint pricewaterhousecoopers LLP as auditors  and to authorize the directors to fix the auditor's remuneration. | Issuer | For | For |  |
| 3                                                                                                    | To approve the adoption of the 2010 stock | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | ING Groep N.V | 92,852 | ING | 456837103 | 4/27/10 |
| 2C                                                                                                   | Annual accounts for 2009. | Issuer | For | For |  |
| 4B                                                                                                   | Remuneration policy. | Issuer | For | For |  |
| 5C                                                                                                   | ING's implementation of the revised Duch corporate  governance code. | Issuer | For | For |  |
| 7A                                                                                                   | Discharge of the members of the executive board in  respect of the duties performed during the year 2009. | Issuer | For | For |  |
| 8                                                                                                    | Composition of the supervisory board: reappointment  of Piet Klaver. | Issuer | For | For |  |
| 9A                                                                                                   | Authorization to issue ordinary shares with or  without pre-emptive rights. | Issuer | For | For |  |
| 9B                                                                                                   | Authorization to issue ordinary shares with or  without pre-emptive rights in connection with a takeover of a business. | Issuer | For | For |  |
| 10A                                                                                                  | Authorization to acquire ordinary shares or  depositary receipts for ordinary shares in the company's own capital. | Issuer | For | For |  |
| 10B                                                                                                  | Authorization to acquire shares or depositary  receipts for ordinary shares capital in connection with a restructuring. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Shire PLC | 20,000 | SHPGY | 82481R106 | 4/27/10 |
| 1                                                                                                    | To receive the company's accounts for the year ended  December31, 2009. | Issuer | For | For |  |
| 2                                                                                                    | To approve the directors' remuneration report for  the year ended December 31, 2009. | Issuer | For | For |  |
| 3-4                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 5                                                                                                    | To re-appoint deloitte LLP as auditors of the  company to hold office brom the conclusion of the meeting to the conclusion  of the annual general meeting of the company to be held in 2011. | Issuer | For | For |  |
| 6                                                                                                    | To authorize the audit, compliance & risk  committee of the board to determine the remuneration of the auditors. | Issuer | For | For |  |
| 7                                                                                                    | To resolve that the authority to allot relevant  securities (as defined in the company's articles of association) conferred on  the directors by article 10 paragraph (B) of the company's articles of  association be renewed and for this purpose the authorized allotment amount. | Issuer | For | For |  |
| 8                                                                                                    | To approve the proposed amendments (summarized in  the explanatory notes to this notice) to the share portfolio share plan and  to authorize the directors to do all such things as may be necessary to carry  the same into effect. | Issuer | For | For |  |
| S9                                                                                                   | To resolve that, subject to the passing of the  previous resolution, the authority to allot equity securities (as defined in  the company's articles of association) wholly for cash, conferred on the  directors by article 10 paragraph (D) of the company's articles of  association be renewed, all as more fully described in the proxy statement. | Issuer | For | For |  |
| S10                                                                                                  | To resolve that the company be and is herby  generally and unconditionally authorized: (A) pursuant to article 57 of the  companies (Jersey) law 1991 to make market purchase of ordinary shares in the  capital of the company (B) pursuant to article 58A of the companies (Jersey)  law 1991, to holds treasury shares any ordinary shares purchased pursuant to  the authority conferred by paragraph (A) of this resolution. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Barrick Gold Corporation | 25,000 | ABX | 067901108 | 4/28/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Resolution approving the appointment of  pricewaterhousecoopers LLP as the auditors of Barrick and authorizing the  directors to fox their remuneration. | Issuer | For | For |  |
| 3                                                                                                    | Advisory resolution on executive compensation  approach. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | AXA | 17,000 | AXAHY | 054536107 | 4/29/10 |
| 1                                                                                                    | Approval of the company's financial statements for  2009- parent only. | Issuer | For | For |  |
| 2                                                                                                    | Approval of the consolidated financial statements  for 2009. | Issuer | For | For |  |
| 3                                                                                                    | Earnings allocation and payment of a dividend of  0.55 Euro per share. | Issuer | For | For |  |
| 4                                                                                                    | Approval of the statutory auditors' special report  on regulated agreements. | Issuer | For | For |  |
| 5                                                                                                    | Approval of pension and social protection  commitments referred to in the last paragraph of article L.225-90-1 of the  French commercial code. | Issuer | For | For |  |
| 6                                                                                                    | Approval of commitments referred to in article  L.225-90-1 of the French commercial code granted to Mr. Henri De Castries in  order to align his status with the AFEP.MEDEF recommendations. | Issuer | For | For |  |
| 7                                                                                                    | Approval of commitments referred to in article  L.225-90-1 of the French commercial code granted to Mr. Denis Duverne in  order to align his status with the AFEP.MEDEF recommendations. | Issuer | For | For |  |
| 8                                                                                                    | Re-appointment of Mr. Norbert Dentressangle to the  supervisory Board. | Issuer | For | For |  |
| 9                                                                                                    | Re-appointment of Mazars as incumbent statutory  auditor. | Issuer | For | For |  |
| 10                                                                                                   | Appointment of Mr. Jean-Brice De Turkheim as  alternate statutory auditor. | Issuer | For | For |  |
| 11                                                                                                   | Authorization granted to the management board in  order to purchase shares of the company. | Issuer | For | For |  |
| E12                                                                                                  | Authorization granted to the management board in  order to increase the share capital by issuing ordinary shares, reserved for  employees enrolled in an employer-sponsored savings plan. | Issuer | For | For |  |
| E13                                                                                                  | Authorization granted to the management board in  order to increase the share capital of the company by issuing ordinary  shares, without preferential subription rights, in favor of a category of  beneficiaries. | Issuer | For | For |  |
| E14                                                                                                  | Authorization granted to the management board in  order to reduce the share capital through the cancellation of ordinary  shares. | Issuer | For | For |  |
| E15                                                                                                  | Changeint the governance structure of the company;  amendments of the bylaws accordingly; acknowledgement of the continuity of  authorizations and delegations granted to the management board in favor of  the board of directors. | Issuer | For | For |  |
| O17-30                                                                                               | Appointment to the board of directors. | Issuer | For | For all nominees |  |
| 31                                                                                                   | Appointment of Ms. Wendy Cooper to the board of  directors upon proposal of the employee shareholders of the AXA Group. | Issuer | For | For all nominees |  |
| O32-36                                                                                               | Appointment to the board of directors upon proposal  of the employee shareholders of the AXA Group. | Issuer | None | No Vote |  |
| O37                                                                                                  | Setting of the annual amount of directors' fees  allocated to the members of the board of directors. | Issuer | For | For |  |
| O38                                                                                                  | Authorization to comply with all formal requirements  in connection with this meeting. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Ritch Bros. Auctioneers Incorporated. | 30,000 | RBA | 767744105 | 04/029/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of KPMG LLP as auditors of the company  for the ensuing year and authorizing the directors to fix their remuneration. | Issuer | For | For |  |
| 3                                                                                                    | Approval of the reconfirmation of the shareholder  rights plan in accordance with the shareholder rights plan agreement dated as  of February 27, 2007 between the company and Computershare Investors Services  Inc., The full text of which resolution is set out in Schedule "A"  to the information circular of the company dated March 2, 2010. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Lan Airlines S.A. | 130,000 | LFL | 501723100 | 4/29/10 |
| A                                                                                                    | Approval of the annual report, balance sheet and  financial statements of Lan for the fiscal year ending December 31, 2010. | Issuer | None | For |  |
| B                                                                                                    | Approval of the distribution of a definitive  dividend to be charged to the earnings of the fiscal year 2009. | Issuer | None | For |  |
| C                                                                                                    | Election of the board of directors of Lan. | Issuer | None | For |  |
| D                                                                                                    | Determination of the compensation for the board of  directors of Lan for the fiscal year 2010. | Issuer | None | For |  |
| E                                                                                                    | Determination of the compensation for the board of  directors' committee of Lan and it's budget for the fiscal year 2010. | Issuer | None | For |  |
| F                                                                                                    | Appointment of an external audit company for Lan;  and reports regarding the issues contemplated in Title XVI of law 16,046 on  corporations. | Issuer | None | For |  |
| G                                                                                                    | Information regarding he cost of processing,  printing and distribution of the information referred to in circular 1,616 of  the Chilean Superintendence of Securities and Insurance. | Issuer | None | For |  |
| H                                                                                                    | Determination of the newspaper in which Lan will  make it's publications. | Issuer | None | For |  |
| I                                                                                                    | Other matters of corporate interest that are to be  reviewed by the annual shareholder's meeting. | Issuer | None | For |  |
|                                                                                                 |
|                                                                                                      | Pearson PLC | 90,000 | PSO | 705015105 |   |
| 1                                                                                                    | Receipt of financial statements. | Issuer | For | For |  |
| 2                                                                                                    | Final dividend. | Issuer | For | For |  |
| 3-13                                                                                                 | Directors recommendation for re-election | Issuer | For | For all nominees |  |
|                                                                                                 |
|                                                                                                      | LIHIR Gold Limited | 55,000 | LIHR | 532349107 | 5/5/10 |
| 1                                                                                                    | To receive and consider financial statements and  reports of directors an auditor in respect of year ended 31 December 2009. | Issuer | For | For |  |
| 2-3                                                                                                  | Re-election of Director who retires by rotation in  accordance with rule 15.3 the company's constitution and, being eligible,  offers himself for re-election. | Issuer | For | For |  |
| 4                                                                                                    | Re-appointment of the auditor: "that that  company's auditor, pricewaterhousecoopers, be re-appointed to hold office as  the company's auditor from the conclusion of this meeting until the  conclusion of the company's next annual meeting, and to audit the financial  statements of the company and group financial statements during that  period." | Issuer | For | For |  |
| S5                                                                                                   | Contract for new CEO/Managing director: "that  the company's wholly owned subsidiaries, LIHIR servides Aulstralia PTY  Limited enter into a contract of employment with it's new CEO\Managing  director on the terms more fully described in the explanatory notes." | Issuer | For | For |  |
| S6                                                                                                   | Issue of share rights to new CEO\Managing director:  "That the company issue up to maximum of 1,500,000 share rights to the  new CEO\Managing director following his\her appointment as such." | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Glaxosmithkline PLC | 35,000 | GSK | 37733W105 | 5/6/10 |
| 1                                                                                                    | To relieve and adopt the directors' report and the  financial statements. | Issuer | For | For |  |
| 2                                                                                                    | To approve the remuneration report. | Issuer | For | For |  |
| 3-7                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 8                                                                                                    | Re-appointment of auditors. | Issuer | For | For |  |
| 9                                                                                                    | Remuneration of auditors. | Issuer | For | For |  |
| 10                                                                                                   | To authorize the company and it's subsidiaries to  make donations to political organizations and incur political expenditure. | Issuer | For | For |  |
| 11                                                                                                   | Authority to allot shares. | Issuer | For | For |  |
| S12                                                                                                  | Disapplication of pre-emption rights. | Issuer | For | For |  |
| S13                                                                                                  | Authority for the company to purchase it's own  shares. | Issuer | For | For |  |
| 14                                                                                                   | Exemption from statement of senior statutory  auditors' name. | Issuer | For | For |  |
| S15                                                                                                  | Reduced notice of a general meeting other then an  AGM. | Issuer | For | For |  |
| S16                                                                                                  | Adopt new articles of association. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | BCE Inc. | 60,000 | BCE | 0534B760 | 5/6/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Deloitte & Touche LLP as Auditors. | Issuer | For | For |  |
| 3                                                                                                    | Resolved, on an advisory basis and not to diminish  the role and responsibilities of the board of directors, that the  shareholders accept the approach to executive compensation disclosed in the  2010 management proxy circular dated March 11, 2010 delivered in advance of  the 2010 annual general meeting of shareholders of BEC. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | China Mobile (Hong Kong) Limited. | 25,000 | CHL | 16941M109 | 5/12/10 |
| 1                                                                                                    | To receive & consider the audited financial  statements & reports of the directors and auditors for year ended 31  December 2009. | Issuer | For | For |  |
| 2                                                                                                    | To declare a final dividend for the year ended 31  December 2009. | Issuer | For | For |  |
| 3A                                                                                                   | To re-elect Li Yue and a director. | Issuer | For | For |  |
| 3B                                                                                                   | To re-elect Lu Xiangdong as a director. | Issuer | For | For |  |
| 3C                                                                                                   | To re-elect Xin Fanfei as a director. | Issuer | For | For |  |
| 3D                                                                                                   | To re-elect Frank Wong Kwong Shing as a director. | Issuer | For | For |  |
| 4                                                                                                    | To re-appoint messurs. 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 the 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 not exceeding 20% of  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 shares  repurchased. | Issuer | For | for |  |
|                                                                                                 |
|                                                                                                      | BG Group PLC | 14,000 | BRGYY | 055434203 | 5/12/10 |
| 1                                                                                                    | Annual report and accounts. | Issuer | For | For |  |
| 2                                                                                                    | Remuneration report. | Issuer | For | For |  |
| 3                                                                                                    | Declaration of dividend. | Issuer | For | for |  |
| 4                                                                                                    | Director recommendation for election | Issuer | For | For all nominees |  |
| 5-7                                                                                                  | Directors recommendation for re-election | Issuer | For | For all nominees |  |
| 8                                                                                                    | Re-appointment of auditors. | Issuer | For | For |  |
| 9                                                                                                    | Remuneration of auditors. | Issuer | For | For |  |
| 10                                                                                                   | Political donations. | Issuer | For | For |  |
| 11                                                                                                   | Authority to allot shares. | Issuer | For | For |  |
| S12                                                                                                  | Disapplication of pre-emption rights. | Issuer | For | For |  |
| S13                                                                                                  | Authority to make market purchases of own shares. | Issuer | For | For |  |
| S14                                                                                                  | Notice periods for general meetings. | Issuer | For | For |  |
| S15                                                                                                  | Adoption of new articles of association. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Total S.A. | 30,000 | TOT | 89151E109 | 5/21/10 |
| 1                                                                                                    | Approval of parent company financial statements  dated December 31, 2009. | Issuer | For | For |  |
| 2                                                                                                    | Approval of consolidated financial statements dated  December 31, 2009. | Issuer | For | For |  |
| 3                                                                                                    | Allocation of earnings, declaration of dividend. | Issuer | For | For |  |
| 4                                                                                                    | Agreements covered by article L.225-42-1 | Issuer | For | For |  |
| 5                                                                                                    | Commitments under article L.225-42-1 of the French  Commercial code, concerning Mr. Christophe De Margerie. | Issuer | For | For |  |
| 6                                                                                                    | Authorization for the board of directors to trade in  shares of the company. | Issuer | For | For |  |
| 7                                                                                                    | Renewal of the appointment of Mr. Thierry Desmarest  as a director. | Issuer | For | For |  |
| 8                                                                                                    | Renewal of the appointment of Mr. Thierry Rudder as  a director. | Issuer | For | For |  |
| 9                                                                                                    | Renewal of the appointment of Mr. Gunnar brock as a  director. | Issuer | For | For |  |
| 13                                                                                                   | Renewal of the appointment of Ernst and Young audit  as statutory auditors. | Issuer | For | For |  |
| 14                                                                                                   | Renewal of the appointment of KPMG Audit (a division  of KPMG S.A.) as a statutory auditors. | Issuer | For | For |  |
| 15                                                                                                   | Appointment of Auditex as alternate auditors. | Issuer | For | For |  |
| 16                                                                                                   | Appointment of KPMG Audit is as alternate auditor. | Issuer | For | For |  |
| E17                                                                                                  | Share capital increases with preferential  subscription rights. | Issuer | For | For |  |
| E18                                                                                                  | Share capital increases by public offering without  preferential subscription rights. | Issuer | For | For |  |
| E19                                                                                                  | Share capital increases in exchange for equity  securities contributed to the company. | Issuer | For | For |  |
| E20                                                                                                  | Share capital increases the issuance of common  shares reserved to employees. | Issuer | For | For |  |
| E21                                                                                                  | Allocation of stock options. | Issuer | For | For |  |
| A                                                                                                    | Amendment of the articles of association concerning  the publication of the internal charters for collective investment funds  whose assets are more then .5% of the capital of the company. | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Canadian Pacific Railway Limited | 32,000 | CP | 13645T100 |   |
| 1                                                                                                    | Appointment of Pacific Railway Limited. | Issuer | For | For |  |
| 2                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 3                                                                                                    | Confirming the amendment of by-law no. 1 of the  corporation, as described in the management proxy circular. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Tenaris, S.A. | 2,500 | TS | 88031M109 | 6/2/10 |
| 1                                                                                                    | Consideration of board's management report and  certifications and the independent auditors' reports for years ended December  31, 2009, 2008, 2007, and the annual accounts. | Issuer | None | For |  |
| 2                                                                                                    | Approval of the company's consolidated financial  statements for the yeard ended December 31,  2009, 2008, 2007. | Issuer | None | For |  |
| 3                                                                                                    | Approval of the company's annual accounts as at  December 31, 2009. | Issuer | None | For |  |
| 4                                                                                                    | Allocation of results and approval of dividend  payment for the year ended December 31, 2009. | Issuer | None | For |  |
| 5                                                                                                    | Discharge of the members of the board of directors  for the exercise of their mandate during year ended December 31, 2009. | Issuer | None | For |  |
| 6                                                                                                    | Election of members of the board of directors. | Issuer | None | Abstain. |  |
| 7                                                                                                    | Compensation of members of the board of directors. | Issuer | None | For |  |
| 8                                                                                                    | Appointment of the independent  auditors for the  fiscal year ending December 31, 2010 and approval of their fees. | Issuer | None | For |  |
| 9                                                                                                    | Authorization to the company, or any subsidiary, to  from time to time purchase, acquire or receive shares of the company. | Issuer | None | For |  |
| 10                                                                                                   | Authorization to board to cause distribution of all  shareholder communications, including shareholder meeting & proxy  materials and annual reports to shareholders, by electronic means. | Issuer | None | For |  |
|                                                                                                 |
|                                                                                                      | Orient-Express Hotels LTD. | 131,300 | OEH | G67743107 | 6/3/10 |
| 1                                                                                                    | Director recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Amendment of the company's 2009 share award ad  incentive plan to increase the number of class A common shares authorized for  issuance under the plan. | Issuer | For | For |  |
| 3                                                                                                    | Appointment of Deloitte LLP as the company's  independent auditor until the close of the 2011 annual general meeting, and  authorization of the audit committee of the board of directors to fix the  independent auditor's remuneration. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | SAP AG | 12,000 | SAP | 803054204 | 6/8/10 |
| 2                                                                                                    | Appropriation of the retained earnings of the fiscal  year 2009. | Issuer | None | For |  |
| 3                                                                                                    | Approval of the acts of the executive board in the  fiscal year 2009. | Issuer | None | For |  |
| 4                                                                                                    | Approval of the acts of the supervisory board in the  fiscal year 2009. | Issuer | None | For |  |
| 5                                                                                                    | Approval of the system for the remuneration of  executive board members. | Issuer | None | For |  |
| 6                                                                                                    | Appointment of the auditors of the financial  statements and group financial statements for the fiscal year 2010. | Issuer | None | For |  |
| 7                                                                                                    | Amendment to the section 4 (1), (6) and (10) of the  articles of incorporation to reflect changes in the capital structure since  the articles of incorporation were last amended. | Issuer | None | For |  |
| 8A                                                                                                   | Amendments to the articles of incorporation to  reflect the requirements of the German Act implementing the directive on  shareholders' rights: restatement of section 17 (3) of the articles of  incorporation. | Issuer | None | For |  |
| 8B                                                                                                   | Amendments to the articles of incorporation to  reflect the requirements of the German Act implementing the directive on  shareholders' rights: restatement of section 18(2) of the articles of  incorporation. | Issuer | None | For |  |
| 8C                                                                                                   | Amendments to the articles of incorporation to  reflect the requirements of the German Act implementing the directive on  shareholders' rights: supplement to section 18 of the articles of  incorporation to allow online participation. | Issuer | None | For |  |
| 8D                                                                                                   | Amendments to the articles of incorporation to  reflect the requirements of the German Act implementing the directive on  shareholders' rights: restatement of section 18 of the articles of  incorporation to allow postal voting. | Issuer | None | For |  |
| 8E                                                                                                   | Amendments to the articles of incorporation to  reflect the requirements of the German Act implementing the directive on  shareholders' rights: restatement of section 19 (2) of the articles of  incorporation. | Issuer | None | For |  |
| 8F                                                                                                   | Amendments to the articles of incorporation to  reflect the requirements of the German Act implementing the directive on  shareholders' rights: restatement of section 20(4) of the articles of  incorporation. | Issuer | None | For |  |
| 9A                                                                                                   | Renewal of the authorized capital facilities:  Deletion of paragraphs (5) and (7) of section 4 of the current version of the  articles of incorporation (authorized capital I and II) | Issuer | None | For |  |
| 9B                                                                                                   | Renewal of the authorized capital facilities:  cancellation of the existing authorized capital IA and the creation of new  authorized capital 1 and the corresponding amendment to section 4 of the  articles of incorporation. | Issuer | None | For |  |
| 9C                                                                                                   | Renewal of authorized capital facilities:  cancellation of the existing authorized capital IIA and on the creation of  new authorized capital II and on the corresponding amendment to section 4 of  the articles of incorporation. | Issuer | None | For |  |
| 10                                                                                                   | Creation of authorized capital III for the purpose  of granting shares to employees of the company an it's affiliates against  contributions in cash or in kind and on the corresponding amendment to  section 4 of the articles of incorporation. | Issuer | None | For |  |
| 11                                                                                                   | Authorization to acquire and use treasury shares  pursuant to section 71 (1) no.8 of the German Stock Corporation Act  (aktiengesetx), with possible exclusion of the shareholders' subscription  rights and potential rights to offer shares. | Issuer | None | For |  |
| 12                                                                                                   | Change int eh remuneration of the members of the  supervisory board and on the corresponding amendment to the articles of  incorporation. | Issuer | None | For |  |
|                                                                                                 |
|                                                                                                      | NIDEC Corporation | 13,000 | NJ | 654090109 | 6/22/10 |
| 1                                                                                                    | Partial amendment to the articles of incorporation. | Issuer | For | For |  |
| 2                                                                                                    | Director recommendation for election | Issuer | For | For all nominees |  |
| 3A                                                                                                   | Appointment of member to the board of corporate  auditors Chihiro Suematsu. | Issuer | For | For |  |
| 3B                                                                                                   | Appointment of member to the board of corporate  auditors Kiichiro Kobayashi. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Vale S.A. | 60,000 | VALE | 91912E105 | 05/27/10 |
| 1                                                                                                    | Appointment of a member of board of directors-  Valepar S.A. Nominee for this position is Mr. Jose Mauro Mettrau Carneiro Da  Cunha. For more details on Valepar's proposal, please review the documents  related to this meeting on the company's webpage. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | PT Indosat TBK | 5,000 | IIT | 744383100 | 6/22/10 |
| 1                                                                                                    | To approve the annual report and to ratify the  financial statement of the company for the financial year ended December 31,  2009 and thereby releases and discharge the board of commissioners from their  supervisory responsibilities and the board of directors from their managerial  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 allocations of net profit for reserve  funds, dividends and other proposes and to approve the determination of the  amount, time and manner of payments of dividends for the financial year ended  December 31, 2009. | Issuer | For | For |  |
| 3                                                                                                    | To determine the remuneration for the board of  commissioners of the company for 2010. | Issuer | For | For |  |
| 4                                                                                                    | To approve the appointment of the company's  independent auditors for the financial year ending December 31, 2010. | Issuer | For | For |  |
| 5                                                                                                    | To approve the composition of the board of directors  for terms of service 2010-2015 period. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Nissan Moter Co., LTD | 45,000 | NSANY | 654744408 | 6/23/10 |
| 1A                                                                                                   | Election of statutory auditor: Toshyuki Nakamura. | Issuer | For | For |  |
| 1B                                                                                                   | Election of statutory auditor: Mikio Nakura. | Issuer | For | For |  |
| 2                                                                                                    | Delegation to the board of directors to determine  the terms and conditions of issuing Shinkabu-Yoyakuen (share option) without  consideration to employees of the company and directors and employees of it's  affiliates. | Issuer | For | For |  |
| 3                                                                                                    | Granting of share appreciation rights (the  "SAR") to directors. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Nomura Holdings, Inc. | 30,000 | NMR | 65535H208 | 6/25/10 |
| 1A-L                                                                                                 | Director recommendation for election | Issuer | For | For all nominees |  |
|                                                                                                 |
|                                                                                                      | Mitsubishi UFJ Financial Group, Inc. | 200,000 |   | 606822104 | 6/29/10 |
| 1                                                                                                    | Appropriation of surplus. | Issuer | None | For |  |
| 2A-P                                                                                                 | Director recommendation for election | Issuer | For | For all nominees |  |
|                                                                                                 |
|                                                                                                      | TEVA Pharmaceutical Industries Limited | 30,000 | TEVA | 881624209 | 6/29/10 |
| 1                                                                                                    | To approve the board of directors' recommendation  that the cash dividend for the year ended December 31, 2009, which  was paid  in four installments and aggregated NIS 2.50 (approximately US$0.642,  according to the applicable exchange rates) per ordinary share (or ADS), be  declared final. | Issuer | For | For |  |
| 2A-E                                                                                                 | Director recommendation for election | Issuer | For | For all nominees |  |
| 3                                                                                                    | To appoint Kesselman & Kesselman, a member of  Pricewaterhousecoopers International LTD., as the company's independent  registered public accounting firm until the 2011 annual meeting of  shareholders and to authorize the board of directors to determine their  compensation provided such compensation is also approved by the audit  committee. | Issuer | For | For |  |
| 4                                                                                                    | To approve the company's 2010 long-term equity-based  incentive plan. | Issuer | For | For |  |
| 5A                                                                                                   | Approve remuneration of Dr. Phillip Frost, in his  capacity as chairman of the board, effective as of March 9, 2010, in the  amount of NIS equivalent of USD 385,702 (as of March 9, 2010) per annum, plus  VAT (as applicable), as adjusted by the Israeli consumer price index (in  addition to per meeting fees paid to directors), provision to Dr. Frost, in  his capacity as chairman of the board, of an office and secretarial services,  and, effective as of February 15, 2010, all as more fully described in the  proxy statement. | Issuer | For | For |  |
| 5B                                                                                                   | To approve the remuneration of Prof. Moshe Many, in  his capacity as Vice chairman of the board of TEVA, effective as of March 9,  2010, in the amount of the NIS equivalent of USD 150,000 (as of March 9,  2010)  per annum, plus VAT (as applicable), as adjusted by the Israeli  consumer price index (in addition to per meeting fees paid to directors). And  the provision to Prof. Many, in his capacity as Vice Chairman of the board,  of secretarial services. | Issuer | For | For |  |
| 5C                                                                                                   | To approve the remuneration of Prof. Roger Kornberg,  in his capacity as a director of TEVA, effective as of May 10, 2010 in the  amount of the NIS equivalent of USD 15,000 (as of May 10, 2010) per annum,  plus VAT (as applicable), as adjusted by the Israeli consumer price index (in  addition to per meeting fees paid to directors). | Issuer | For | For |  |
| 6                                                                                                    | To approve an increase in the registered share  capital of the company by NIS 100,000,000 TO A TOTAL OF nis 250,000,000 by  the creation of 1,000,000,000 additional ordinary shares of par value NIS .01  each, and the amendment of the company's incorporation documents accordingly. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Nice-Systems LTD. | 10,000 | NICE | 653656108 | 6/29/10 |
| 1A-F                                                                                                 | Director recommendation for election | Issuer | For | For all nominees |  |
| 2A                                                                                                   | Election of outside director: Dan Falk. | Issuer | For | For |  |
| 2B                                                                                                   | Election of outside director: Yocheved Dvir. | Issuer | For | For |  |
| 3                                                                                                    | To grant options to purchase ordinary shares to the  company's directors (all of whom are independent directors). | Issuer | For | For |  |
| 4                                                                                                    | To increase the special annual fee paid to the  chairman of the board of directors. | Issuer | For | For |  |
| 5A                                                                                                   | To amend the company's articles of association:  amendment to establish guidelines for submission of shareholder proposals. | Issuer | For | For |  |
| 5B                                                                                                   | To amend the company's articles of association:  amendment to allow the election of more then two outside directors. | Issuer | For | For |  |
| 6                                                                                                    | To amend the form of indemnification letter in favor  of the company's directors' | Issuer | For | For |  |
| 7                                                                                                    | To re-appoint the company's independent auditors and  to authorize the company's board to fix their remuneration. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Air France-KLM | 25,000 | AFLYY | 009119108 | 7/8/10 |
| 1                                                                                                    | Approval of the company financial statements for the  Fiscal year ended March 31, 2010. | Issuer | For | For |  |
| 2                                                                                                    | Approval of the consolidated financial statements  for the fiscal year ended March 31, 2010. | Issuer | For | For |  |
| 3                                                                                                    | Allocation of net income for the fiscal year ended  March 31, 2010. | Issuer | For | For |  |
| 4                                                                                                    | Approval of the related party agreements and  commitments. | Issuer | For | For |  |
| 5                                                                                                    | Renewal of the director's mandate of Mr.  Jean-Francois Dehecq for a term of two years. | Issuer | For | For |  |
| 6                                                                                                    | Renewal of the director's mandate of Mr. Cornelis  Van Lede for a term of two years. | Issuer | For | For |  |
| 7                                                                                                    | Renewal of the director's mandate of Mr. Leo Van  Wijk for a term of two years. | Issuer | For | For |  |
| 8                                                                                                    | Renewal of the director's mandate of Mr. Jean-Marc  Espalioux for a term of three years. | Issuer | For | For |  |
| 9                                                                                                    | Renewal of the director's mandate of Ms. Jean-Cyril  spinetta for a term of four years. | Issuer | For | For |  |
| 10                                                                                                   | Renewal of the director's mandate of Mr. Jean-Cyril  Spinetta for a term of four years. | Issuer | For | For |  |
| 11                                                                                                   | Appointment of Ms. Maryse Aulagnon as a director for  a term of three years. | Issuer | For | For |  |
| 12                                                                                                   | Appointment of Mr. Peter Hartman as a director for a  term of three years. | Issuer | For | For |  |
| 13                                                                                                   | Renewal of the mandate of Mr. Christian Magne as a  director representing the employee shareholders in the category of employees  other then flight deck crew. | Issuer | For | For |  |
| 14                                                                                                   | Appointment of Mr. Bernard Pedamon as a director  representing the Employee shareholders in the flight deck crew. | Issuer | For | For |  |
| 15                                                                                                   | Renewal of Deloitte & Associes mandate as  incumbent statutory auditor. | Issuer | For | For |  |
| 16                                                                                                   | Renewal of Beas Mandate as deputy statutory auditor. | Issuer | For | For |  |
| 17                                                                                                   | Authorization to be granted to board of directors to  perform operations in the company's shares. | Issuer | For | For |  |
| E18                                                                                                  | Capital reduction to be carried out by reducing the  nominal value of the company's shares (not for the purpose of absorbing  losses) and allocation of the amount of the capital reduction to the share  premium account. | Issuer | For | For |  |
| E19                                                                                                  | Delegation of authority to the board of directors to  issue ordinary shares and other securities giving access to the company's  share capital, while maintaining preferential subscription rights for  shareholders. | Issuer | For | For |  |
| E20                                                                                                  | Delegation of authority to the board of directors to  issue ordinary shares and other securities giving access to the company's  share capital, while maintaining preferential subscription rights for  shareholders. | Issuer | For | For |  |
| E21                                                                                                  | Delegation of authority to the board of directors to  issue ordinary shares and other securities giving access to the company's  share capital without preferential subscription rights for shareholders, in  the event of an offering carried out pursuant to paragraph II of article  L.411-2 of the French Monetary and Financial Code. | Issuer | For | For |  |
| E22                                                                                                  | Authorization to be granted to the board of  directors to increase the amount of the initial issue in the event of a  capital increase with or without preferential subscription rights. | Issuer | For | For |  |
| E23                                                                                                  | Authorization to be granted to the board of  directors to proceed with a share capital increase of up to 10% of the share  capital to remunerate contributions in kind to the company comprising shares  or securities giving rights to the capital of another company. | Issuer | For | For |  |
| E24                                                                                                  | Authorization to be granted to the board of  directors enabling it to proceed with a capital increase by capitalization of  reserves, profits, premiums or other amounts eligible for capitalization. | Issuer | For | For |  |
| E25                                                                                                  | Authorization to be granted to the board of  directors enabling it to proceed with capital increases reserved to members  of a company or group savings scheme. | Issuer | For | For |  |

 

| **Saturna Investment Trust, Sextant Core Fund    (SCORX)**                                           |
|------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to shareholder meetings    held from July 1, 2009 through June 30, 2010 |
|                                                                                                 |
| **Proposal #**                                                                                       | **Issue/  Proposals** | **Shares / Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                 |
|                                                                                                      | General Mills INC | 150,000 | GIS | 370334104 | 9/21/09 |
| 1A-N                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | ADOPT THE 2009 STOCK COMPENSATION PLAN. | Issuer | For | For |  |
| 3                                                                                                    | RATIFY THE APPOINTMENT OF KPMG LLP AS GENERAL MILLS'  INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. | Issuer | For | For |  |
| 4                                                                                                    | STOCKHOLDER PROPOSAL ON ADVISORY VOTE ON EXECUTIVE  COMPENSATION. | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Nike INC | 900 | NKE | 654106103 | 9/21/09 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To approve an amendment to the NIKE, Inc employee  stock purchase plan | Issuer | For | For |  |
| 3                                                                                                    | To ratify the appointment of Pricewaterhousecoopers  LLP as independent registered public accounting firm | Issuer | For | For |  |
| 4                                                                                                    | To transact such other business as may properly come  before the meeting | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | RPM International Inc. | 1,000 | RPM | 749685103 | 10/8/09 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approve an amendment to RPM's 2004 omnibus equity  and incentive plan | Issuer | For | For |  |
| 3                                                                                                    | Ratify the appointment of Ernst & Young LLP as  independent registered public accounting firm | Issuer | For | For |  |
| 4                                                                                                    | Stockholder proposal to eliminate classification of  the board of directors | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Harris Corporation | 550 | HRS | 413875105 | 10/23/09 |
| 1A-D                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | The ratification of the appointment by our audit  committee of Ernst & Young LLP as our independent registered public  accounting firm for the fiscal year 2010 | Issuer | For | For |  |
| 3                                                                                                    | The shareholder proposal requesting approval of an  amendment to our by-laws to require an independent chairman of the board | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Parker-Hannifin Corporation | 450 | PH | 701094104 | 10/28/09 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of Deloitte &  Touche LLP as independent registered public accounting firm for FY10 | Issuer | For | For |  |
| 3                                                                                                    | Approval of the Parker-Hannifin Corporation 2009  omnibus stock incentive plan | Issuer | For | For |  |
| 4                                                                                                    | Shareholder proposal to amend the code of  regulations to separate the roles of chairman of the board and chief  executive officer | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Lan Airlines S.A. | 3,500 | LFL | 501723100 | 10/29/09 |
| A                                                                                                    | Fixing of the price of the shares to be included in  the compensation plans set up pursuant to article 24 of law NO. 18046 as  decided during the extraordinary shareholders' meeting held on April 5, 2007,  or authorization to the board of directors to make a decision to such effect | Issuer | For | For |  |
| B                                                                                                    | Adoption of any and all agreements necessary for  fixing the price described in A above, including an authorization to the  board of directors, in the broader terms possible, to freely determine,  modify, fix and agree to the terms of the compensation plans referred to in A  above. | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Noble Corp | 1,200 | NE | H5833N103 | 10/29/09 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approval of the amendment and restatement of the  Noble Corporation 1991 Stock Option and Restricted Stock Plan effective as of  October 29, 2009 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | ING Groep N.V. | 400 | ING | 456837103 | 11/25/09 |
| 2B                                                                                                   | Approval of a resolution of the executive board  regarding an important change of the identity or the character of the company  or enterprise | Issuer | For | For |  |
| 3                                                                                                    | Authorization to issue ordinary shares and to  exclude the pre-emptive rights | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Monsanto Company | 600 | MON | 61166W101 | 1/26/10 |
| 1A-D                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of independent  registered public accounting firm | Issuer | For | For |  |
| 3                                                                                                    | Approval of performance goals under the Monsanto  Company 2005 long-term incentive plan | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Apple Inc. | 250 | AAPL | 037833100 | 2/25/10 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To approve amendments to the Apple Inc 2003 employee  stock plan | Issuer | For | For |  |
| 3                                                                                                    | To approve amendments to the Apple Inc 1997 director  stock option plan | Issuer | For | For |  |
| 4                                                                                                    | To hold an advisory vote on executive compensation | Issuer | For | For |  |
| 5                                                                                                    | To ratify the appointment of Ernst & Young LLP  as the company's independent registered public accounting firm for the fiscal  year 2010. | Issuer | For | For |  |
| 6                                                                                                    | Shareholder proposal entitled "Sustainability  Report," if properly presented at the meeting | Shareholder | Against | Against |  |
| 7                                                                                                    | To consider a shareholder proposal entitled  "Amend corporate bylaws establishing a board committee on  sustainability," if properly presented at the meeting | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Novartis AG | 800 | NVS | 66987V109 | 2/26/10 |
| 1                                                                                                    | Approval of the annual report, the financial  statements of Novartis AG and the group consolidated financial statements for  the business year 2009 | Issuer | For | For |  |
| 2                                                                                                    | Discharge from liability of the members of the board  of directors and the executive committee | Issuer | For | For |  |
| 3                                                                                                    | Appropriation of available earnings of Novartis AG  as per balance sheet and declaration of dividend | Issuer | For | For |  |
| 4A                                                                                                   | Amendments to the Articles of Incorporation:  Implementation of the book entry securities act | Issuer | For | For |  |
| 4B                                                                                                   | Amendments to the Articles of Incorporation:  Introduction of a consultative vote on the compensation system | Issuer | For | For |  |
| 5A-C                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 6                                                                                                    | Appointment of the auditor | Issuer | For | For |  |
| 7                                                                                                    | Additional and/or counter-proposals presented at the  meetings | Issuer | For | Abstain |  |
|                                                                                                 |
|                                                                                                      | The Black & Decker Corporation | 350 | BDK | 091797100 | 3/12/10 |
| 1                                                                                                    | Approval of the merger (including the amendment and  restatement of the charter of the Black & Decker Corporation to be  effected as part of the merger) on substantially the terms and conditions set  forth in agreement & plan of merger, dated as of November 2, 2009, all as  more fully described in the proxy statement | Issuer | For | For |  |
| 2                                                                                                    | Approval of an adjournment of the Black & Decker  Special Meeting, if necessary, including to solicit additional proxies if  there are not sufficient votes for the proposal to approve the merger | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The Toronto-Dominion Bank | 550 | TD | 891160509 | 3/25/10 |
| A                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| B                                                                                                    | Appointment of auditor named in the management proxy  circular | Issuer | For | For |  |
| C                                                                                                    | Approach to executive compensation disclosure in the  report of the management resources committee and approach to compensation  sections of the management proxy circular. (Note-item C is an advisory vote) | Issuer | For | For |  |
| D                                                                                                    | Shareholder proposal A | Shareholder | Against | For |  |
| E                                                                                                    | Shareholder proposal B | Shareholder | Against | For |  |
|                                                                                                 |
|                                                                                                      | Eli Lilly and Company | 1,000 | LLY | 532457108 | 4/19/10 |
| 1A-E                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment by the audit  committee of board of Ernst & Young LLP as principal independent auditors  for 2010 | Issuer | For | For |  |
| 3                                                                                                    | Approve amendments to the Articles of Incorporation  to provide for annual election of all directors | Issuer | For | For |  |
| 4                                                                                                    | Approve amendments to the Articles of Incorporation  to eliminate all supermajority provisions | Issuer | For | For |  |
| 5                                                                                                    | Shareholder proposal on allowing shareholders to  call special shareholders' meetings | Shareholder | Against | For |  |
| 6                                                                                                    | Shareholder proposal on prohibiting CEO's from  serving on the compensation committee | Shareholder | Against | Against |  |
| 7                                                                                                    | Shareholder proposal on ratification of executive  compensation | Shareholder | Against | Against |  |
| 8                                                                                                    | Shareholder proposal requiring executives to hold  equity awards into retirement | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Lockheed Martin Corporation | 400 | LMT | 539830109 | 4/22/10 |
| 1A-K                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of Ernst & Young LLP  as auditors | Issuer | For | For |  |
| 3                                                                                                    | Stockholder proposal: Report on space-based weapons  program | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Johnson & Johnson | 700 | JNJ | 478160104 | 4/22/10 |
| 1A-J                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of  Pricewaterhousecoopers LLP as independent registered public accounting firm  for 2010 | Issuer | For | For |  |
| 3                                                                                                    | Advisory vote on executive compensation | Shareholder | Against | Against |  |
| 4                                                                                                    | Special shareholder meetings | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Arch Coal, Inc | 2,000 | ACI | 039380100 | 4/22/10 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of independent  registered public accounting firm | Issuer | For | For |  |
| 3                                                                                                    | Approval of an amendment and restatement of the Arch  Coal Inc. 1997 stock incentive plan | Issuer | For | For |  |
| 4                                                                                                    | Section 162(M) approval of Arch Coal Incs incentive  compensation plan for executive officers | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Honeywell International Inc | 850 | HON | 438516106 | 4/26/10 |
| 1A-J                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approval of independent accountants | Issuer | For |  |  |
| 3                                                                                                    | Amendment to the amended and restated Certificate of  Incorporation- Right to call a special meeting of shareowners | Issuer | For | For |  |
| 4                                                                                                    | Advisory vote on executive compensation | Issuer | For | For |  |
| 5                                                                                                    | Shareholder action by written consent | Shareholder | Against | Abstain |  |
| 6                                                                                                    | Independent chairman | Shareholder | Against | Abstain |  |
| 7                                                                                                    | Human rights-develop and adopt policies | Shareholder | Against | Abstain |  |
|                                                                                                 |
|                                                                                                      | The PNC Financial Services Group INC | 600 | PNC | 693475105 | 4/27/10 |
| 1A-Q                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the audit committee's selection of  Pricewaterhousecoopers LLP as PNC's independent registered public accounting  firm for 2010 | Issuer | For | For |  |
| 3                                                                                                    | Approval of an advisory vote on executive  compensation | Issuer | For | For |  |
| 4                                                                                                    | A shareholder proposal regarding approval of  severance agreements, if properly presented before the meeting | Shareholder | Against | Against |  |
| 5                                                                                                    | A shareholder proposal regarding a report of  executive compensation that is not tax deductible , if properly presented  before the meeting | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Canadian National Railway Company | 800 | CNI | 136375102 | 4/27/10 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of KPMG LLP as auditors | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Ing Groep N.V. | 742 | ING | 456837103 | 4/27/10 |
| 2C                                                                                                   | Annual accounts for 2009 | Issuer | For | For |  |
| 4B                                                                                                   | Remuneration policy | Issuer | For | For |  |
| 5C                                                                                                   | ING's implementation of the revised dutch corporate  governance code | Issuer | For | For |  |
| 7A                                                                                                   | Discharge of the members of the executive board in  respect of the duties performed during the year 2009 | Issuer | For | For |  |
| 8                                                                                                    | Composition of the supervisor board: reappointment  of Piet Klaver | Issuer | For | For |  |
| 9A                                                                                                   | Authorization to issue ordinary shares with or  without pre-emptive rights | Issuer | For | For |  |
| 9B                                                                                                   | Authorization to issue ordinary shares with or  without pre-emptive rights in connection with a takeover of a business | Issuer | For | For |  |
| 10A                                                                                                  | Authorization to acquire ordinary shares or  depositary receipts for ordinary shares in the company's own capital | Issuer | For | For |  |
| 10B                                                                                                  | Authorization to acquire ordinary shares or  depositary receipts for ordinary shares capital in connection with a  restructuring | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The Mcgraw-Hill Companies, INC | 1,000 | MHP | 580645 | 4/28/10 |
| 1A-D                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2A                                                                                                   | Vote to amend the restated Certificate of  Incorporation to declassify the Board of Directors | Issuer | For | For |  |
| 2B                                                                                                   | Vote to amend the restated Certificate of  Incorporation to eliminate related supermajority voting provisions | Issuer | For | For |  |
| 3A                                                                                                   | Vote to amend the restated Certificate of  Incorporation to eliminate related supermajority voting for merger or  consolidation | Issuer | For | For |  |
| 3B                                                                                                   | Vote to amend the restated Certificate of  Incorporation to eliminate supermajority voting for sales, lease, exchange or  other disposition of all of the company's assets outside the ordinary course  of business | Issuer | For | For |  |
| 3C                                                                                                   | Vote to amend the restated Certificate of  Incorporation to eliminate supermajority voting for plan for the exchange of  shares | Issuer | For | For |  |
| 3D                                                                                                   | Vote to amend the restated Certificate of  Incorporation to eliminate supermajority voting for authorization of  dissolution | Issuer | For | For |  |
| 4                                                                                                    | Vote to amend the restated Certificate of  Incorporation to eliminate the "fair price" provision | Issuer | For | For |  |
| 5                                                                                                    | Vote to approve the amended and restated 2002 stock  incentive plan | Issuer | For | For |  |
| 6                                                                                                    | Vote to ratify Ernst & Young LLP as our  independent registered public accounting firm for 2010 | Issuer | For | For |  |
| 7                                                                                                    | Shareholder proposal requesting special shareholder  meetings | Shareholder | Against | Against |  |
| 8                                                                                                    | Shareholder proposal requesting shareholder action  by written consent | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Kimberly-Clark Corporation | 625 | KMB | 494368103 | 4/29/10 |
| 1A-L                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of auditors | Issuer | For | For |  |
| 3                                                                                                    | Stockholder proposal regarding special shareholders  meetings | Stockholder | Against | Abstain |  |
|                                                                                                 |
|                                                                                                      | Lan Airlines S.A. | 3,500 | LFL | 501723100 | 4/29/10 |
| A                                                                                                    | Approval of the annual report, balance sheet, and  financial statements of Lan for the fiscal year ending December 31, 2010 | Issuer | None | For |  |
| B                                                                                                    | Approval of the distribution of a definitive  dividend to be charged to the earnings of the fiscal year 2009 | Issuer | None | For |  |
| C                                                                                                    | Election of the Board of Directors of Lan | Issuer | None | For |  |
| D                                                                                                    | Determination of the compensation for the Board of  Directors of Lan for the fiscal year 2010 | Issuer | None | For |  |
| E                                                                                                    | Determination of the compensation for the director's  committee of Lan and its budget for the fiscal year 2010 | Issuer | None | For |  |
| F                                                                                                    | Appointment of an external audit company for Lan;  and reports regarding agencies of Lan; and reports regarding the issues  contemplated in title XVI of law 16,046 on corporations | Issuer | None | For |  |
| G                                                                                                    | Information regarding the cost of processing,  printing, and distribution of the information referred to in circular 1,616  of the Chilean Superintendence of Securities and Insurance | Issuer | None | For |  |
| H                                                                                                    | Determination of the newspaper in which Lan will  make its publications | Issuer | None | Abstain |  |
| I                                                                                                    | Other matters or corporate interest that are to be  reviewed by the annual shareholder's meeting | Issuer | None | Abstain |  |
|                                                                                                 |
|                                                                                                      | AT&T | 2,600 | T | 00206R102 | 4/30/10 |
| 1A-L                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of independent auditors | Issuer | For | For |  |
| 3                                                                                                    | Cumulative voting | Shareholder | Against | Against |  |
| 4                                                                                                    | Pension credit policy | Shareholder | Against | Against |  |
| 5                                                                                                    | Advisory vote on compensation | Shareholder | Against | Against |  |
| 6                                                                                                    | Special Stockholder meetings | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Pearson PLC | 3,100 | PSO | 705015105 | 4/30/10 |
| 1                                                                                                    | Receipt of financial statements | Issuer | For | For |  |
| 2                                                                                                    | Final dividend | Issuer | For | For |  |
| 3-13                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 14                                                                                                   | Approval of report on directors' remuneration | Issuer | For | For |  |
| 15                                                                                                   | Reappointment of auditors | Issuer | For | For |  |
| 16                                                                                                   | Remuneration of auditors | Issuer | For | For |  |
| 17                                                                                                   | Allotment of shares | Issuer | For | For |  |
| 18                                                                                                   | Waiver of pre-emptive rights | Issuer | For | For |  |
| 19                                                                                                   | Authority to purchase own shares | Issuer | For | For |  |
| 20                                                                                                   | Articles of Association | Issuer | For | For |  |
| 21                                                                                                   | Notice of meetings | Issuer | For | For |  |
| 22                                                                                                   | Approval of Share Incentive Plan | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Express Scripts, Inc | 500 | ESRX | 302182100 | 5/5/10 |
| 1A-L                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of  Pricewaterhousecoopers LLP as company's independent registered public  accountants for 2010 | Issuer | For | For |  |
| 3                                                                                                    | Stockholder proposal regarding report on political  contributions | Stockholder | Against | Against |  |
| 4                                                                                                    | Stockholder proposal regarding independent board  chair | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Glaxosmithkline PLC | 500 | GSK | 3773W105 | 5/6/10 |
| 1                                                                                                    | To receive and adopt the directors' report and the  financial statements | Issuer | For | For |  |
| 2                                                                                                    | To approve the remuneration report | Issuer | For | For |  |
| 3-7                                                                                                  | Directors recommendations for election | Issuer | For | For all nominees |  |
| 8                                                                                                    | Re-appointment of auditors | Issuer | For | For |  |
| 9                                                                                                    | Remuneration of auditors | Issuer | For | For |  |
| 10                                                                                                   | To authorize the company and its subsidiaries to  make donations to political organizations and incur political expenditure | Issuer | For | For |  |
| 11                                                                                                   | Authority to allot shares | Issuer | For | For |  |
| 12                                                                                                   | Disapplication of pre-emptive rights | Issuer | For | For |  |
| S13                                                                                                  | Authority for the company to purchase it's own  shares | Issuer | For | For |  |
| 14                                                                                                   | Exemption from statement of senior statutory  auditor's name | Issuer | For | For |  |
| S15                                                                                                  | Reduced notice of a general meeting other than an  AGM | Issuer | For | For |  |
| S16                                                                                                  | Adopt new Articles of Association | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | 3M Company | 600 | MMM | 88579Y101 | 5/11/10 |
| 1A-J                                                                                                 | Directors recommendations for election | Issuer | For | 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 amended 2008 long-term incentive plan  and to approve the expanded performance criteria available under the 2008  long-term incentive plan | Issuer | For | For |  |
| 4                                                                                                    | Stockholder proposal on special meetings | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | China Mobile (Hong Kong) Limited | 500 | CHL | 16941M109 | 5/12/10 |
| 1                                                                                                    | To receive and consider the audited financial  statements and reports of the directors for year ended 31 December 2009 | Issuer | For | For |  |
| 2                                                                                                    | To declare a final dividend for the year ended 32  December 2009 | Issuer | For | For |  |
| 3A-D                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |
| 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 ten percent of the aggregate  nominal amount of the 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 not exceeding twenty  percent of 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 shares  repurchased | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Concophillips | 1,250 | COP | 20825C104 | 5/12/10 |
| 1A-N                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to ratify appointment of Ernst & Young  LP as Concophillips' independent registered public accounting firm for 2010 | Issuer | For | For |  |
| 3                                                                                                    | Board risk management oversight | Shareholder | Against | Against |  |
| 4                                                                                                    | Greenhouse gas reduction | Shareholder | Against | Against |  |
| 5                                                                                                    | Oil sands drilling | Shareholder | Against | Against |  |
| 6                                                                                                    | Louisiana wetlands | Shareholder | Against | Against |  |
| 7                                                                                                    | Financial risks of climate change | Shareholder | Against | Against |  |
| 8                                                                                                    | Toxic pollution report | Shareholder | Against | Against |  |
| 9                                                                                                    | Gender expression non-discrimination | Shareholder | Against | Against |  |
| 10                                                                                                   | Political contributions | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Nucor Corporation | 800 | NUE | 670346105 | 5/13/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratify the appointment of Pricewaterhousecoopers LLP  as Nucor's independent registered public accounting firm for the year ending  December 31, 2010 | Issuer | For | For |  |
| 3                                                                                                    | Approve amendments to Nucor's restated Certificate  of Incorporation eliminating the classified structure of the board of  directors | Issuer | For | For |  |
| 4                                                                                                    | Approve the 2010 stock option and award plan | Issuer | For | For |  |
| 5                                                                                                    | Stockholder proposal regarding majority vote | Stockholder | Against | Against |  |
| 6                                                                                                    | Stockholder proposal regarding report on political  spending | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Idacorp, Inc | 900 | IDA | 45110106 | 5/20/10 |
| 1                                                                                                    | Directors recommendations for elections | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratify the appointment of Deloitte and Touche LLP as  Idacorp's independent registered public accounting firm for the fiscal year  ending December 31, 2010 | Issuer | For | For |  |
| 3                                                                                                    | Re-approve the material terms of the performance  goals under the Idacorp 2000 long term incentive and compensation plan for  purposes of internal revenue code section 162(M) | Issuer | For | For |  |
| 4                                                                                                    | Approve the Idacorp executive incentive plan for  purposes of internal revenue code section 162(M) | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Total S.A. | 1,100 | TOT | 89151E109 | 5/21/10 |
| 1                                                                                                    | Approval of parent company financial statements  dated December 31, 2009 | Issuer | For | For |  |
| 2                                                                                                    | Approval of consolidated financial statements dated  December 31, 2009 | Issuer | For | For |  |
| 3                                                                                                    | Allocation of earnings, declaration of dividend | Issuer | For | For |  |
| 4                                                                                                    | Agreements covered by article code | Issuer | For | For |  |
| 5                                                                                                    | Commitments under article L.225-42-1 of the French  commercial code, concerning Mr. Christophe De Margerie | Issuer | For | For |  |
| 6                                                                                                    | Authorization for the board of Directors to trade in  shares of the company | Issuer | For | For |  |
| 7-9                                                                                                  | Directors' recommendation for elections | Issuer | For | For all nominees |  |
| 13                                                                                                   | Renewal of the appointment of Ernst & Young LLP  as statutory auditors | Issuer | For | For |  |
| 14                                                                                                   | Renewal of the appointment of KPMG audit (a division  of KPMG S.A.) as statutory auditors | Issuer | For | For |  |
| 15                                                                                                   | Appointment of Auditex as alternative auditors | Issuer | For | For |  |
| 16                                                                                                   | Appointment of KPMG Audit is as alternative auditor | Issuer | For | For |  |
| E17                                                                                                  | Share capital increases with preferential  subscription rights | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The Chubb Corporation | 750 | CB | 171232101 | 5/27/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To ratify the appointment of Ernst & Young LLP | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Tomkins PLC | 750 | TKS | 890030208 | 6/1/10 |
| 1                                                                                                    | Receive the directors' report and financial  statements | Issuer | For | For |  |
| 2                                                                                                    | Approve the remuneration 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-emptive rights | Issuer | For | Abstain |  |
| 9                                                                                                    | Authorize purchase of own shares | Issuer | For | Abstain |  |
| 10                                                                                                   | Adopt new Articles of Association | Issuer | For | Abstain |  |
| 11                                                                                                   | Authorize disapplication of shareholder rights  directive provisions relating to notice of general meetings | Issuer | For | Abstain |  |
|                                                                                                 |
|                                                                                                      | Orient-Express Hotels Ltd | 1,000 | OEH | G67743107 | 6/3/10 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Amendment of the company's 2009 share award and  incentive plan to increase the number of class A common shares authorized for  issuance under the plan | Issuer | For | For |  |
| 3                                                                                                    | Appointment of Deloitte LLP as the company's  independent auditor until the close of the 2011 annual general meeting and  authorization of the audit committee of the board of directors to fix the  independent auditor's remuneration | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Allegiant Travel Company | 1,000 | ALGT | 01748X102 | 6/8/10 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of Ernst & Young LLP as independent  registered public accountants | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Genzyme Corporation (White proxy) | 400 | GENZ | 372917104 | 6/16/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees; withhold for Henri A. Termeer |  |
| 2                                                                                                    | A proposal to amend the 2004 equity incentive plan  to increase the number of shares of common stock available for issuance under  the plan by 1,500,000 | Issuer | For | For |  |
| 3                                                                                                    | A proposal to amend the 2009 employee stock  repurchase plan to increase the number of shares of common stock available  for issuance under the plan by 1,500,000 | Issuer | For | For |  |
| 4                                                                                                    | A proposal to amend the 2007 director equity plan to  increase the number of shares of common stock available for issuance under  the plan by 250,000 shares | Issuer | For | For |  |
| 5                                                                                                    | A proposal to amend the restated Articles of  Organization to reduce the percentage of shares required for shareholders to  call a special meeting of shareholders from 90 to 40 | Issuer | For | For |  |
| 6                                                                                                    | A proposal to ratify the audit committee's selection  of independent auditors for 2010 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Genzyme Corporation (Gold proxy) | 400 | GENZ | 372917104 | 6/16/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | Withhold for Dr. Steven Burnakoff, Dr. Alexander J  Denner, Dr. Richard Mulligan |  |
| 2                                                                                                    | A proposal to amend the 2004 equity incentive plan  to increase the number of shares of common stock available for issuance under  the plan by 1,500,000 | Issuer | For | For |  |
| 3                                                                                                    | A proposal to amend the 2009 employee stock  repurchase plan to increase the number of shares of common stock available  for issuance under the plan by 1,500,000 | Issuer | For | For |  |
| 4                                                                                                    | A proposal to amend the 2007 director equity plan to  increase the number of shares of common stock available for issuance under  the plan by 250,000 shares | Issuer | For | For |  |
| 5                                                                                                    | A proposal to amend the restated Articles of  Organization to reduce the percentage of shares required for shareholders to  call a special meeting of shareholders from 90 to 40 | Issuer | For | For |  |
| 6                                                                                                    | A proposal to ratify the audit committee's selection  of independent auditors for 2010 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Genzyme Corporation | 400 | GENZ | 372917104 | 6/16/10 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | A proposal to amend the 2004 equity incentive plan  to increase the number of shares of common stock available for issuance under  the plan by 1,500,000 | Issuer | For | For |  |
| 3                                                                                                    | A proposal to amend the 2009 employee stock  repurchase plan to increase the number of shares of common stock available  for issuance under the plan by 1,500,000 | Issuer | For | For |  |
| 4                                                                                                    | A proposal to amend the 2007 director equity plan to  increase the number of shares of common stock available for issuance under  the plan by 250,000 shares | Issuer | For | For |  |
| 5                                                                                                    | A proposal to amend the restated Articles of  Organization to reduce the percentage of shares required for shareholders to  call a special meeting of shareholders from 90 to 40 | Issuer | For | For |  |
| 6                                                                                                    | A proposal to ratify the audit committee's selection  of independent auditors for 2010 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Nomura Holdings Inc | 700 | NMR | 65535H208 | 6/25/10 |
| 1A-L                                                                                                 | Directors recommendations for election | Issuer | For | For all nominees |  |

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**SIGNATURES**

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

SATURNA INVESTMENT TRUST

 

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

Date: August 30, 2010