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, 2009  Date of reporting period: June 30, 2009

| **Saturna Investment Trust, Sextant Growth  Fund  (SSGFX)**                                        |
|----------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to shareholder meetings  held from July 1, 2008 through June 30, 2009 |
|                                                                                               |
| **Proposal #**                                                                                     | **Issue /  Proposals** | **Shares / Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                               |
|                                                                                                    | Bed Bath & Beyond INC. | 5,000 | BBBY | 75896100 | 07/03/08 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Ratification of the appointment of KPMG LLP | Issuer | For | For all nominees |  |
|                                                                                               |
|                                                                                                    | PT Indostat TBK | 2,500 | IIT | 744383100 | 08/25/08 |
| 1                                                                                                  | To approve the changes to the composition of the  Board of Commissioners and/or the BOD of the Company | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Satyam Computer Services Ltd | 6,000 | SAY | 804098101 | 08/26/08 |
| 1                                                                                                  | Receive, consider and adopt: | Issuer | For | For |  |
| 1A                                                                                                 | Audited Balance Sheet as of 3/31/08 | Issuer | For | For |  |
| 1B                                                                                                 | Audited Profit and Loss Account YE         3/31/08 | Issuer | For | For |  |
| 1C                                                                                                 | Auditor's Report thereon | Issuer | For | For |  |
| 1D                                                                                                 | Director's Report | Issuer | For | For |  |
| 2                                                                                                  | To declare dividend on equity shares | Issuer | For | For |  |
| 3-4                                                                                                | Approval to reappoint directors | Issuer | For | For |  |
| 5                                                                                                  | Approval to appoint Price Waterhouse as auditors of  the Company and to fix their remuneration | Issuer | For | For |  |
| S6                                                                                                 | Resolved that Mr. B. Ramalinga Raju is reappointed  as Chairman and Director of the Company for a further period of five years | Issuer | For | For |  |
| S7                                                                                                 | Resolved that Mr. B. Rama Raju is reappointed as  Managing Director of the Company for a further period of five years | Issuer | For | For |  |
| S8                                                                                                 | Resolved that the consent of the Company be and is  hereby accorded for the payment of remuneration to the directors. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | James Hardie Industries N.V. | 3,000 | JHX | 47030M106 | 09/18/08 |
| 1                                                                                                  | Receive and adopt annual accounts | Issuer | For | For |  |
| 2                                                                                                  | Adopt remuneration report | Issuer | For | For |  |
| 3                                                                                                  | Ratify appointment of auditor | Issuer | For | For |  |
| 4a-5b                                                                                              | Directors recommendation for election | Issuer | For | For all nominees |  |
| 6a                                                                                                 | Approve SBSP plan participation for Mr. D Andrews | Issuer | For | For |  |
| 6b                                                                                                 | Approve SBSP plan participation for Mr. D Harrison | Issuer | For | For |  |
| 7                                                                                                  | Amend JHINV long term incentive plan | Issuer | For | For |  |
| 8                                                                                                  | Approve deferred bonus program RSUs to Mr. L Gries | Issuer | For | For |  |
| 9a                                                                                                 | Approve relative TSR RSUs to Mr. L Gries | Issuer | For | For |  |
| 9b                                                                                                 | Approve relative TSR RSUs to Mr. R Chenu | Issuer | For | For |  |
| 10a                                                                                                | Approve executive incentive program RSUs to Mr. L  Gries | Issuer | For | For |  |
| 10b                                                                                                | Approve executive incentive program RSUs to Mr. R  Chenu | Issuer | For | For |  |
| 10c                                                                                                | Approve executive incentive program RSUs to Mr. R  Cox | Issuer | For | For |  |
| 11                                                                                                 | Renew company's authority to acquire own shares | Issuer | For | For |  |
| 12                                                                                                 | Approve cancellation of repurchased shares | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | John Wiley & Sons, INC. | 5,000 | JW/A | 968223206 | 09/18/08 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Proposal to ratify the appointment of KPMG LLP as  independent accountants | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | 3Com | 30,000 | COMS | 885535104 | 09/24/08 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Amendment to 2003 stock plan | Issuer | For | For |  |
| 3                                                                                                  | Amendment to 1984 ESPP | Issuer | For | For |  |
| 4                                                                                                  | Ratifying the appointment of Deloitte & Touche  LLP as the company's independent public accountants for the fiscal year  ending May 2009 | Issuer | For | For |  |
| 5                                                                                                  | Performance-based options | Stockholder | Against | Against |  |
| 6                                                                                                  | Declassification of board | Stockholder | Against | Against |  |
|                                                                                               |
|                                                                                                    | 51JOB Inc | 8,000 | JOBS | 316827104 | 09/30/08 |
| 1-5                                                                                                | To re-elect directors | Issuer | For | For all nominees |  |
|                                                                                               |
|                                                                                                    | Oracle Corporation | 15,000 | ORCL | 68389X105 | 10/10/08 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Proposal for the approval of the adoption of the  fiscal year 2009 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, 2009 | Issuer | For | For |  |
| 4                                                                                                  | Stockholder proposal on advisory vote on executive  compensation | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Barr Pharmaceuticals Inc | 7,500 | BRL | 68306109 | 11/21/08 |
| 1                                                                                                  | Adoption of the agreement and plan of merger, dated  as of July 18, 2008 by and among Barr Pharmaceuticals, Inc. Teva  Pharmaceutical Industries Ltd. And Boron Acquisition Corp., as it may be  amended from time to time. | Issuer | For | For |  |
| 2                                                                                                  | Approval of 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 agreement  and plan of merger referred to in Proposal 1. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Harman International Industries, Inc | 1,900 | HAR | 413086109 | 12/03/08 |
| 1                                                                                                  | Directors recommend: A vote for election of the  following nominees 1-01-Brian F. Carroll, 02-Hellene S. Runtagh | Issuer | For | For |  |
| 2                                                                                                  | Approval of the amendments to the 2002 stock option  and incentive plan | Issuer | For | For |  |
| 3                                                                                                  | Approval of the 2008 Key Executive Officers bonus  plan | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Washington Banking Company | 6,250 | WBCO | 937303105 | 12/11/08 |
| 1                                                                                                  | Directors recommend nominees as listed | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Apple INC. | 8,000 | AAPL | 037833100 | 2/25/09 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Shareholder proposal regarding political  contributions and expenditures report, if properly presented at the meeting | Shareholder | Against | Against |  |
| 3                                                                                                  | Shareholder proposal regarding adoption of  principles for healthcare reform, if properly presented at the meeting | Shareholder | Against | Against |  |
| 4                                                                                                  | Shareholder proposal regarding sustainability  report, if properly presented at the meeting | Shareholder | Against | Against |  |
| 5                                                                                                  | Shareholder proposal regarding advisory vote on  compensation, if properly presented at the meeting | Shareholder | Against | Against |  |
|                                                                                               |
|                                                                                                    | Agilent Technologies, Inc | 13,000 | A | 00846U101 | 03/11/09 |
| 1                                                                                                  | Election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | The ratification of the Audit and Finance  Committee's appointment of Price Waterhouse Coopers LLP as Agilent's  independent registered public accounting firm. | Issuer | For | For |  |
| 3                                                                                                  | The approval of the Agilent Technologies, Inc. 2009  Stock Plan. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Noble Corporation | 8,000 | NE | G65422100 | 03/17/09 |
| 1                                                                                                  | Approval of the merger, reorganization and  consolidation transaction to be effected by the schemes of arrangement,  copies of which are attached to the accompanying proxy statement as Annex B. | Issuer | For | For |  |
| 2                                                                                                  | Approval of the motion to adjourn the meeting to a  later date to solicit additional proxies if there are insufficient votes at  the time of the meeting to approve the merger, reorganization and  consolidation transaction. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Hewlett-Packard Company | 7,000 | HPQ | 428236103 | 3/18/09 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Proposal to ratify the appointment of the  independent registered accounting firm for the fiscal year ending October 31,  2009 | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Adobe Systems INC. | 7,600 | ADBE | 00724F101 | 4/1/09 |
| 1a-e                                                                                               | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Approval of the amendment of the Adobe Systems  Incorporated 2003 Equity incentive plan | Issuer | For | For |  |
| 3                                                                                                  | Ratification of the appointment of KPMG LLP as the  company's independent registered public accounting firm for the fiscal year  ending on November 27, 2009 | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Frontier Financial Corporation | 25,000 | FTBK | 35907K105 | 04/15/09 |
| 1                                                                                                  | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratify Moss Adams LLP as the auditors for Frontier  Financial Corporation and subsidiaries. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Weyerhaeuser Company | 6,000 | WY | 962166104 | 04/16/09 |
| 1A-1E                                                                                              | Election of recommended Director nominees | Issuer | For | For |  |
| 2                                                                                                  | Shareholder proposal on the chairman position | Shareholder | Against | Against |  |
| 3                                                                                                  | Shareholder proposal to adopt simple majority vote | Shareholder | Against | Against |  |
| 4                                                                                                  | Approval, on a advisory basis, of the appointment of  auditors | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Washington Banking Company | 10,000 | WBCO | 937303105 | 04/23/09 |
| 1                                                                                                  | A vote for election of recommended nominees | Issuer | For | For |  |
| 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 |  |
|                                                                                               |
|                                                                                                    | Abbot Laboratories | 5,000 | ABT | 2824100 | 04/24/09 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Approval of the Abbott Laboratories 2009 stock  incentive plan | Issuer | For | For |  |
| 3                                                                                                  | Approval of the Abbott Laboratories 2009 employee  stock purchase plan for non U.S. employees | Issuer | For | For |  |
| 4                                                                                                  | Ratification of Deloitte & Touche LLP as  auditors | Issuer | For | For |  |
| 5                                                                                                  | Shareholder proposal- animal testing | Shareholder | Against | For |  |
| 6                                                                                                  | Shareholder proposal- health care principals | Shareholder | Against | Against |  |
| 7                                                                                                  | Shareholder proposal- advisory vote | Shareholder | Against | For |  |
|                                                                                               |
|                                                                                                    | Honeywell International, Inc | 3,500 | HON | 438516-106 | 04/27/09 |
| 1A-J                                                                                               | Election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Approval of Independent Accountants | Issuer | For | For |  |
| 3                                                                                                  | Cumulative voting | Issuer | Against | For |  |
| 4                                                                                                  | Principles for Health Care reform | Issuer | Against | Against |  |
| 5                                                                                                  | Executive Compensation advisory vote | Issuer | Against | For |  |
| 6                                                                                                  | Tax gross-up payments | Issuer | Against | Against |  |
| 7                                                                                                  | Special shareowner meetings | Issuer | Against | Against |  |
|                                                                                               |
|                                                                                                    | Banner Corporation | 100,000 | BANR | 06652V109 | 04/28/09 |
| 1.01-1.04                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Advisory approval of the compensation of Banner  Corporation's named executive officers | Issuer | For | For |  |
| 3                                                                                                  | The ratification of the audit committee's selection  of Moss Adams LLP as the independent auditor for the year ending December 31,  2009. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | The Chubb Corporation | 5,000 | CB | 171232101 | 4/28/09 |
| 1A-M                                                                                               | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | To approve the adoption of The Chubb Corporation  long term incentive plan 2009 | Issuer | For | For |  |
| 3                                                                                                  | To ratify the appointment of Ernst & Young LLP  as independent auditor | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Sempra Energy | 3,000 | SRE | 816851109 | 4/30/09 |
| 1-12                                                                                               | Directors recommendation for election | Issuer | For | For all nominees |  |
| 13                                                                                                 | Ratification of independent registered public  accounting firm | Issuer | For | For |  |
| 14                                                                                                 | Shareholder proposal for an advisory vote on  executive compensation | Shareholder | Against | For |  |
| 15                                                                                                 | Shareholder proposal for North Dakota  reincorporation | Shareholder | Against | Against |  |
|                                                                                               |
|                                                                                                    | Lincoln Electric Holdings, Inc | 4,000 | LECO | 533900106 | 04/30/09 |
| 1                                                                                                  | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratification of independent auditors. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | The Charles Schwab Corporation | 25,000 | SCHW | 808513105 | 05/14/09 |
| 1A-1C                                                                                              | Election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Proposal regarding political contributions | Stockholder | Against | Against |  |
| 3                                                                                                  | Proposal regarding death benefits | Stockholder | Against | Against |  |
| 4                                                                                                  | Proposal regarding corporate executive bonus plan | Stockholder | Against | Against |  |
|                                                                                               |
|                                                                                                    | Nucor Corporation | 4,000 | NUE | 670346105 | 05/14/09 |
| 1.01-1.04                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratify the appointment of Price Waterhouse Coopers  LLP as Nucor's independent registered public accounting firm for the year  ended December 31, 2009. | Issuer | For | For |  |
| 3                                                                                                  | Proposal regarding majority vote | Stockholder | Against | Against |  |
| 4                                                                                                  | Proposal regarding declassification of board of  directors | Stockholder | Against | Against |  |
| 5                                                                                                  | Proposal regarding human rights | Stockholder | Against | Against |  |
| 6                                                                                                  | Proposal regarding principles for health care reform | Stockholder | Against | Against |  |
|                                                                                               |
|                                                                                                    | Norfolk Southern Corporation | 4,500 | NSC | 655844108 | 05/14/09 |
| 1.01-1.04                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 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, 2009. | Issuer | For | For |  |
| 3                                                                                                  | Proposal concerning corporate political  contributions. | Stockholder | Against | Against |  |
|                                                                                               |
|                                                                                                    | Dr. Pepper Snapple Group, Inc | 12,000 | DPS | 26138E-109 | 05/19/09 |
| 1a-1c                                                                                              | Election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | To approve and adopt the Management Incentive Plan  related to performance-based incentive compensation for certain of our  executive officers | Issuer | For | For |  |
| 3                                                                                                  | To ratify the appointment of Deloitte & Touche  as the corporation's independent registered public accounting firm for fiscal  year 2009. | Issuer | For | For |  |
| 4                                                                                                  | To approve and adopt the Omnibus Stock Incentive  Plan of 2009. | Issuer | For | For |  |
| 5                                                                                                  | To transact such other business as may properly come  before the meeting | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Pharmaceutical Product Development Inc | 15,000 | PPDI | 717124101 | 05/20/09 |
| 1.01-1.08                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | To approve an amendment and restatement of the  Company's  1995 equity compensation plan which, among other things, increases  the number of shares of our common stock reserved for issuance under the plan  by 8,300,000 from 21,259,004 to29,559,004 shares. | Issuer | For | For |  |
| 3                                                                                                  | Ratification of the appointment of Deloitte &  Touche LLP as the Company's independent registered public accounting firm for  the year ending December 31, 2009. | Issuer | For | For |  |
| 4                                                                                                  | In their discretion, the proxies are authorized to  upon such other matters as may properly come before the meeting. | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Red Lion Hotels Corporation | 40,000 | RLH | 756764106 | 05/21/09 |
| 1.01-1.02                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratification of appointment of BDO Seidman, LLP to  serve as our independent registered public accounting firm for 2009 | Issuer | For | For |  |
| 3                                                                                                  | Approval of amendment to 2006 stock incentive plan | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Idacorp INC. | 6,000 | IDA | 451107106 | 5/21/09 |
| 1                                                                                                  | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                  | Ratify the appointment of Deloitte & Young LLP  as our independent registered public accounting firm for the fiscal year  ending December 31, 2009 | Issuer | For | For |  |
| 3                                                                                                  | Act upon a shareholder proposal requesting the board  of directors adopt quantitative goals, based on current technologies, for  reducing total greenhouse gas emissions from the company's products and  operations, and that the Idacorp report to shareholders by September 30, 2009  on its plans to achieve these goals | Stockholder | Against | Against |  |
|                                                                                               |
|                                                                                                    | FPL Group Inc | 7,000 | FPL | 302571104 | 05/22/09 |
| 1.01-1.12                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratification of appointment of Deloitte & Touche  LLP as independent registered public accounting firm for 2009 | Issuer | For | For |  |
| 3                                                                                                  | Approval of the material terms under the FPL Group,  Inc. and restated long term incentive plan for payment of performance-based  compensation as required by Internal Revenue Code Section 162 (M) | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Amazon.com | 6,000 | AMZN | 023135-106 | 05/28/09 |
| 1.1-1.8                                                                                            | Election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratification of the appointment of Ernst & Young  LLP as the Company's independent auditors for 2009 | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Noble Corporation | 8,000 | NE | H5833N103 | 05/28/09 |
| 1                                                                                                  | Approval of the payment of a dividend through a  reduction of the par value of the shares in an amount equal to Swiss Francs  0.25 | Issuer | For | For |  |
| 2.01-2.03                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 3                                                                                                  | Approval of the appointment of Price Waterhouse  Coopers LLP as Noble Corporation's independent registered public accounting  firm for 2009 | Issuer | For | For |  |
| 4                                                                                                  | Approval of an amendment of Article 21 paragraph 1  (D) of the Articles of Association in order to limit the changes to  authorized and conditional capital that require approval of at least  two-thirds of the shares represented at a general meeting to an increase in  the amount of the authorized or conditional share capital | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Ligand Pharmaceuticals Incorporated | 10,000 | LGND | 53220K207 | 05/29/09 |
| 1.01-1.07                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Approval of amended and restated Ligand  Pharmaceuticals Incorporated 2002 stock incentive plan | Issuer | For | For |  |
| 3                                                                                                  | Approval of amended and restated  employee stock  purchase plan | Issuer | For | For |  |
| 4                                                                                                  | Ratification of appointment of independent  registered accounting firm | Issuer | For | For |  |
|                                                                                               |
|                                                                                                    | Best Buy Co Inc | 4,000 | BBY | 086516-101 | 06/24/09 |
| 1.01-1.08                                                                                          | Election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratification of the appointment of Deloitte &  Touche LLP as our independent registered public accounting firm for the  fiscal year that began on March 1, 2009 | Issuer | For | For |  |
| 3                                                                                                  | Approval of amendments to our 2004 omnibus stock and  incentive plan, as amended | Issuer | For | For |  |
| 4                                                                                                  | Approval of amendment to article 1X of our amended  and restated articles of incorporation to change approval required | Issuer | For | For |  |
| 5                                                                                                  | Approval of an amendment to article 1X of our  articles to decrease the shareholder approval required to amend article 1X | Issuer | For | For |  |
| 6                                                                                                  | Approval of amendment to article 1X of our articles  to decrease shareholder approval required to remove directors without cause | Issuer | For | For |  |
| 7                                                                                                  | Approval of amendment to article 1X to decrease  shareholder approval required to amend classified board provisions | Issuer | For | For |  |
| 8                                                                                                  | Approval of an amendment to article X to decrease  shareholder approval required for certain repurchases of stock | Issuer | For | For |  |
| 9                                                                                                  | Approval of an amendment to article X of our  articles to decrease the shareholder approval required to amend article X | Issuer | For | For |  |
| 10                                                                                                 | In their discretion, the proxy agents are authorized  to vote upon such other business as may properly come before the meeting | Issuer | For | Abstain |  |
|                                                                                               |
|                                                                                                    | Bed Bath & Beyond Inc | 5,000 | BBBY | 75896100 | 06/30/09 |
| 1.01-1.10                                                                                          | A vote for election of recommended nominees | Issuer | For | For |  |
| 2                                                                                                  | Ratification of the appointment of KPMG LLP | Issuer | For | For |  |
| 3                                                                                                  | Amend Certificate of Incorporation: majority voting  in non-contested director elections | Issuer | For | For |  |
| 4A                                                                                                 | Amend Certificate of Incorporation: eliminate  express supermajority voting provisions | Issuer | For | For |  |
| 4B                                                                                                 | Amend Certificate of Incorporation: eliminate  statutory supermajority voting requirements | Issuer | For | For |  |
| 5                                                                                                  | Re-approval of performance goals under 2004  incentive compensation plan | Issuer | For | For |  |
| 6                                                                                                  | Proposal: sustainability report | Shareholder | Against | Against |  |

 

| **Saturna Investment Trust,      Sextant International Fund  (SSIFX)**                                 |
|--------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to      shareholder meetings held from July 1, 2008 through June 30, 2009 |
|                                                                                                   |
| **Proposal #**                                                                                         | **Issue /  Proposals** | **Shares / Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                   |
|                                                                                                        | SK TELECOM CO LTD | 8,000 | SKM | 78440P108 | 3/13/09 |
| 1                                                                                                      | APPROVAL OF FINANCIAL STATEMENTS FOR THE 25TH FISCAL      YEAR AS SET FORTH IN ITEM 1 OF THE COMPANY'S AGENDA ENCLOSED HEREWITH | ISSUER | FOR | FOR |  |
| 2                                                                                                      | APPROVAL OF CEILING AMOUNT OF THE REMUNERATION FOR      DIRECTORS. PROPOSED CEILING AMOUNT OF THE REMUNERATION FOR DIRECTORS IS KRW      12 BILLION | ISSUER | FOR | FOR |  |
| 3                                                                                                      | AMENDMENT TO COMPANY REGULATION ON EXECUTIVE      COMPENSATION AS SET FORTH IN ITEM 2 OF THE COMPANY'S  AGENDA ENCLOSED      HEREWITH | ISSUER | FOR | FOR |  |
| 4A1-4C                                                                                                 | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
|                                                                                                   |
|                                                                                                        | CANON INC | 11,000 | CAJ | 138006309 | 3/27/09 |
| 1                                                                                                      | DIVIDEND FROM SURPLUS | ISSUER | FOR | FOR |  |
| 2                                                                                                      | PARTIAL AMENDMENT TO THE ARTICLES OF INCORPORATION | ISSUER | FOR | FOR |  |
| 3.01-3.25                                                                                              | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 4                                                                                                      | GRANT OF RETIREMENT ALLOWANCE TO A DIRECTOR TO      RETIRE | ISSUER | FOR | FOR |  |
| 5                                                                                                      | GRANT OF BONUS TO DIRECTORS | ISSUER | FOR | FOR |  |
| 6                                                                                                      | ISSUANCE OF SHARE OPTIONS AS STOCK OPTIONS WITHOUT      COMPENSATION | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | THE TORONTO-DOMINION BANK | 10,000 | TD | 891160509 | 4/2/09 |
| 1.01-1.17                                                                                              | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 2                                                                                                      | APPOINTMENT OF AUDITOR NAMED IN THE MANAGEMENT PROXY      CIRCULAR | ISSUER | FOR | FOR |  |
| 3                                                                                                      | PROPOSAL A | SHAREHOLDER | AGAINST | AGAINST |  |
| 4                                                                                                      | PROPOSAL B | SHAREHOLDER | AGAINST | AGAINST |  |
| 5                                                                                                      | PROPOSAL C | SHAREHOLDER | AGAINST | AGAINST |  |
| 6                                                                                                      | PROPOSAL D | SHAREHOLDER | AGAINST | AGAINST |  |
| 7                                                                                                      | PROPOSAL E | SHAREHOLDER | AGAINST | AGAINST |  |
| 8                                                                                                      | PROPOSAL F | SHAREHOLDER | AGAINST | AGAINST |  |
| 9                                                                                                      | PROPOSAL G | SHAREHOLDER | AGAINST | AGAINST |  |
|                                                                                                   |
|                                                                                                        | RIO TINTO PLC | 2,750 | RTP | 767204100 | 4/15/09 |
| 1                                                                                                      | TO RECEIVE THE FINANCIAL STATEMENTS AND THE REPORTS      OF THE DIRECTORS AND AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2008 | ISSUER | FOR | FOR |  |
| 2                                                                                                      | APPROVAL OF THE REMUNERATION REPORT | ISSUER | FOR | FOR |  |
| 3-7                                                                                                    | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 8                                                                                                      | RE-APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS      AUDITORS AND TO AUTHORIZE THE AUDIT COMMITTEE TO DETERMINE THEIR REMUNERATION | ISSUER | FOR | FOR |  |
| 9                                                                                                      | NON-EXECUTIVE DIRECTORS' FEES | ISSUER | FOR | FOR |  |
| 10                                                                                                     | TO INCREASE THE AUTHORIZED SHARE CAPITAL AND      AUTHORITY TO ALLOT RELEVANT SECURITIES UNDER SECTION 80 OF THE COMPANIES ACT      1985 | ISSUER | FOR | FOR |  |
| 11                                                                                                     | AUTHORITY TO ALLOT RELEVANT SECURITIES FOR CASH      UNDER SECTION 89 OF THE COMPANIES ACT 1985 | ISSUER | FOR | FOR |  |
| 12                                                                                                     | NOTICE PERIOD FOR GENERAL MEETING OTHER THAN ANNUAL      GENERAL MEETINGS | ISSUER | FOR | FOR |  |
| 13                                                                                                     | AUTHORITY TO PAY SCRIP DIVIDENDS | ISSUER | FOR | FOR |  |
| 14                                                                                                     | ADOPTION AND AMENDMENT OF NEW ARTICLES OF      ASSOCIATION OF THE COMPANY | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | COMPANHIA VALEDO RIO DOCE | 10,000 | ABV | 204412209 | 4/16/09 |
| 01A                                                                                                    | APPRECIATION OF THE MANAGEMENTS' REPORT AND      ANALYSIS, DISCUSSION AND VOTE ON THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR      ENDING DECEMBER 31, 2008 | ISSUER | FOR | FOR |  |
| 01B                                                                                                    | PROPOSAL FOR THE DESTINATION OF PROFITS OF THE SID      FISCAL YEAR AND APPROVAL OF THE INVESTMENT BUDGET FOR VALE | ISSUER | FOR | FOR |  |
| 01C                                                                                                    | APPOINTMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS | ISSUER | FOR | FOR |  |
| 01D                                                                                                    | APPOINTMENT OF THE MEMBERS OF THE FISCAL COUNCIL | ISSUER | FOR | FOR |  |
| 01E                                                                                                    | ESTABLISHMENT OF THE REMUNERATION OF THE SENIOR      MANAGEMENT AND FISCAL COUNCIL MEMBERS | ISSUER | FOR | FOR |  |
| E2A                                                                                                    | TO CHANGE THE LEGAL NAME OF THE COMPANY TO      "VALE S.A." WITH THE CONSEQUENT AMENDMENT OF ARTICLE 1 OF THE      VALE'S BY-LAWS IN ACCORDANCE WITH THE NEW GLOBAL BRAND UNIFICATION | ISSUER | FOR | FOR |  |
| E2B                                                                                                    | TO ADJUST ARTICLE 5 OF THE VALE'S BY-LAWS TO REFLECT      THE CAPITAL INCREASE RESOLVED IN THE BOARD OF DIRECTORS MEETINGS HELD ON JULY      22, 2008 AND AUGUST 05, 2008 | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | LAN AIRLINES S.A. | 50,000 | LFL | 501723100 | 4/17/09 |
| A                                                                                                      | APPROVAL OF THE REPORT, BALANCE SHEET AND FINANCIAL      STATEMENTS OF THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2008 | ISSUER | FOR | FOR |  |
| B                                                                                                      | APPROVAL OF THE DISTRIBUTION OF THE DEFINITIVE      DIVIDEND TO BE CHARGED TO THE EARNINGS FOR FISCAL YEAR 2008. ALL AS MORE      FULLY DESCRIBED IN THE PROXY STATEMENT | ISSUER | FOR | FOR |  |
| C                                                                                                      | DETERMINATION OF THE COMPENSATION FOR THE BOARD OF      DIRECTORS FOR FISCAL YEAR 2009 | ISSUER | FOR | FOR |  |
| D                                                                                                      | DETERMINATION OF THE COMPENSATION FOR THE DIRECTOR'S      COMMITTEE AND THEIR BUDGET FOR FISCAL YEAR 2009 | ISSUER | FOR | FOR |  |
| E                                                                                                      | DESIGNATION FO EXTERNAL AUDITORS, DESIGNATION OF      RISK ASSESSORS, ACCOUNTS OF THE MATTERS REFERRED TO IN ARTICLE 44 OF LAW      18046 ON CORPORATIONS | ISSUER | FOR | FOR |  |
| F                                                                                                      | INFORMATION REGARDING THE COST OF PROCESSING,      PRINTING AND DISTRIBUTION OF THE INFORMATION AS REFERRED TO IN CIRCULAR      N.1494 OF THE SUPERINTENDENCE OF SECURITIES AND INSURANCE | ISSUER | FOR | FOR |  |
| G                                                                                                      | ANY OTHER MATTER OF PUBLIC INTEREST THAT SHOULD BE      KNOWN FOR THE SHAREHOLDERS' MEETING | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | RITCHIE BROS AUCTIONEERS INCORPORATED | 22,000 | RBA | 767744105 |  |
| 1.01-1.07                                                                                              | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 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 |  |
|                                                                                                   |
|                                                                                                        | AEGON N.V. | 40,559 | AEG | 007924103 | 4/22/09 |
| 3                                                                                                      | ANNUAL REPORT 2008 AND ANNUAL ACCOUNTS 2008:      PROPOSAL TO ADOPT | ISSUER | FOR | FOR |  |
| 5                                                                                                      | PROPOSAL TO RELEASE THE MEMBERS OF THE EXECUTIVE      BOARD FROM LIABILITY FOR THEIR DUTIES | ISSUER | FOR | FOR |  |
| 6                                                                                                      | PROPOSAL TO RELEASE THE MEMBERS OF THE SUPERVISORY      BOARD FROM LIABILITY FOR THEIR DUTIES | ISSUER | FOR | FOR |  |
| 7                                                                                                      | PROPOSAL TO APPOINT THE INDEPENDENT AUDITOR | ISSUER | FOR | FOR |  |
| 8-11                                                                                                   | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 12                                                                                                     | PROPOSAL TO AUTHORIZE THE EXECUTIVE BOARD TO ISSUE      COMMON SHARES | ISSUER | FOR | FOR |  |
| 13                                                                                                     | PROPOSAL TO AUTHORIZE THE EXECUTIVE BOARD TO      RESTRICT OR EXCLUDE PRE-EMPTIVE RIGHTS UPON ISSUING COMMON SHARES | ISSUER | FOR | FOR |  |
| 14                                                                                                     | PROPOSAL TO AUTHORIZE THE EXECUTIVE BOARD TO ACQUIRE      SHARES IN THE COMPANY | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | ENCANA CORPORATION | 10,000 | ECA | 292505104 | 4/22/09 |
| 1.01-1.13                                                                                              | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 2                                                                                                      | APPOINTMENT OF AUDITORS-PRICEWATERHOUSECOOPERS LLP      AT A REMUNERATION TO BE FIXED BY THE BOARD OF DIRECTORS | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | SHIRE PLC | 2,000 | SHPGY | 82481R106 | 4/28/09 |
| 1                                                                                                      | TO RECEIVE THE COMPANY'S ACCOUNTS FOR THE YEAR ENDED      DECEMBER 21, 2008 | ISSUER | FOR | FOR |  |
| 2                                                                                                      | TO APPROVE THE DIRECTORS' REMUNERATION REPORT FOR      THE YEAR ENDED DECEMBER 31, 2008 | ISSUER | FOR | FOR |  |
| 3                                                                                                      | TO RE-ELECT BARRY PRICE AS A DIRECTOR OF THE COMPANY | ISSUER | FOR | FOR |  |
| 4                                                                                                      | TO RE-APPOINT DELOITTE LLP AS AUDITORS OF THE      COMPANY TO HOLD OFFICE FROM THE CONCLUSION OF THE MEETING TO THE CONCLUSION      OF THE ANNUL GENERAL MEETING OF THE COMPANY TO B HELD IN 2010 | ISSUER | FOR | FOR |  |
| 5                                                                                                      | TO AUTHORIZE THE AUDIT, COMPLIANCE AND RISK      COMMITTEE OF THE BOARD TO ERMINE THE REMUNERATION FO THE AUDITORS | ISSUER | FOR | FOR |  |
| 6                                                                                                      | TO RESOLVE THAT THE AUTHORITY TO ALLOT RELEVANT      SECURITIES CONFERRED ON THE DIRECTORS BY THE ARTICLE 10 PARAGRAPH (B)  OF THE      COMPANY'S ARTICLES OF ASSOCIATION BE RENEWED AND FOR THIS PURPOSE THE      AUTHORIZED ALLOTMENT AMOUNT SHALL BE, ALL AS S MORE FULLY DESCRIBED IN THE      PROXY STATEMENT | ISSUER | FOR | FOR |  |
| S7                                                                                                     | TO RESOLVE THAT, SUBJECT TO THE PASSING OF THE      PREVIOUS RESOLUTION, THE AUTHORITY TO ALLOT EQUITY SECURITIES WHOLLY FOR CASH      ALL AS MORE FULLY DESCRIBED IN THE PROXY STATEMENT | ISSUER | FOR | FOR |  |
| S8                                                                                                     | TO RESOLVE THAT THE COMPANY BE AND IS HEREBY      GENERALLY AND UNCONDITIONALLY AUTHORIZED ALL AS MORE FULLY DESCRIBED IN THE      PROXY STATEMENT | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | BASF SE | 3,400 | BASF | 055262505 | 4/30/09 |
| 2                                                                                                      | ADOPTION OF A RESOLUTION ON THE APPROPRIATION OF      PROFIT | ISSUER | FOR | FOR |  |
| 3                                                                                                      | ADOPTION OF A RESOLUTION GIVING FORMAL APPROVAL TO      THE ACTIONS OF THE MEMBERS OF THE SUPERVISORY BOARD | ISSUER | FOR | FOR |  |
| 4                                                                                                      | ADOPTION OF A RESOLUTION GIVING FORMAL APPROVAL TO      THE ACTIONS OF THE MEMBERS OF THE BOARD OF EXECUTIVE DIRECTORS | ISSUER | FOR | FOR |  |
| 5                                                                                                      | ELECTION OF THE AUDITOR FOR THE FINANCIAL YEAR 2009 | ISSUER | FOR | FOR |  |
| 6A-6F                                                                                                  | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 7                                                                                                      | ADOPTION OF A RESOLUTION ON THE REMOVAL OF EXISTING      AND THE CREATION OF NEW AUTHORIZED CAPITAL AND AMENDMENT OF THE STATUTES | ISSUER | FOR | FOR |  |
| 8                                                                                                      | ADOPTION OF A RESOLUTION ON THE AMENDMENT OF ARTICLE      10 NO. 2 AND NO. 3 OF THE STATUTES | ISSUER | FOR | FOR |  |
| 9                                                                                                      | REMUNERATION OF THE FIRST SUPERVISORY BOARD OF BASF      SE | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | REPSOL YPF S.A. | 10,000 | REP | 76026T205 | 5/14/09 |
| 1                                                                                                      | APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS AND THE      MANAGEMENT REPORT OF REPSOL YPF S.A. | ISSUER | FOR | FOR |  |
| 2A-2B                                                                                                  | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 3                                                                                                      | APPOINTMENT OF THE ACCOUNTS AUDITOR FO REPSOL YPF      S.A. AND OF ITS CONSOLIDATED GROUP | ISSUER | FOR | FOR |  |
| 4                                                                                                      | AUTHORIZATION TO THE BOARD OF DIRECTORS FOR THE      DERIVATIVE ACQUISITION OF SHARE OF REPSOL YPF S.A. | ISSUER | FOR | FOR |  |
| 5                                                                                                      | DELEGATION TO BOARD OF DIRECTORS OF POWER TO ISSUE      DEBENTURES, BONDS AND ANY OTHER FIXED RATE SECURITIES OF ANALOGOUS NATURE | ISSUER | FOR | FOR |  |
| 6                                                                                                      | DELEGATION OF POWERS TO SUPPLEMENT, DEVELOP,      EXECUTE, RECTIFY AND FORMALIZE THE RESOLUTIONS ADOPTED BY THE GENERAL      SHAREHOLDERS MEETING | ISSUER | FOR | FOR |  |
| 7                                                                                                      | AMENDMENTS OR NEW RESOLUTIONS PROPOSED AT THE      MEETING | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | TOTAL S.A. | 10,000 | TOT | 89151E109 | 5/15/09 |
| 1                                                                                                      | APPROVAL F PARENT COMPANY FINANCIAL STATEMENTS | ISSUER | FOR | FOR |  |
| 2                                                                                                      | APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS | ISSUER | FOR | FOR |  |
| 3                                                                                                      | ALLOCATION OF EARNINGS, DECLARATION OF DIVIDEND | ISSUER | FOR | FOR |  |
| 4                                                                                                      | AGREEMENTS COVERED BY ARTICLE L.225-38 OF THE FRENCH      COMMERCIAL CODE | ISSUER | FOR | FOR |  |
| 5                                                                                                      | COMMITMENTS UNDER ARTICLE L. 225-42-1 OF THE FRENCH      COMMERCIAL CODE CONCERNING MR. THIERRY DESMAREST | ISSUER | FOR | FOR |  |
| 6                                                                                                      | COMMITMENTS UNDER ARTICLE L. 225-41-1 OF THE FRENCH      COMMERCIAL CODE CONCERNING MR. CHRISTOPHE DE MARGERIE | ISSUER | FOR | FOR |  |
| 7                                                                                                      | AUTHORIZATION FOR THE BOARD OF DIRECTORS TO TRADE      SHARES OF THE COMPANY | ISSUER | FOR | FOR |  |
| 8-13                                                                                                   | DIRECTORS RECOMMEND FOR APPOINTMENT | ISSUER | FOR ALL | FOR ALL |  |
| 14                                                                                                     | AMENDMENT TO ARTICLE 12 OF THE COMPANY'S ARTICLES OF      ASSOCIATION REGARDING THE LIMIT ON THE AGE OF THE CHAIRMAN OF THE BOARD | ISSUER | FOR | FOR |  |
| A                                                                                                      | AMENDMENT TO THE COMPANY'S ARTICLES OF ASSOCIATION      WITH THE INTENT OF DISCLOSING INDIVIDUAL ALLOCATIONS OF STOCK OPTIONS AND      RESTRICTED SHARES AS PROVIDED BY LAW | SHAREHOLDER | AGAINST | AGAINST |  |
| B                                                                                                      | FOR THE PURPOSE OF AMENDING TO THE ARTICLES OF      ASSOCIATION REGARDING A NEW PROCEDURE FOR SELECTING A SHAREHOLDER-EMPLOYEE AS      BOARD MEMBER WITH A VIEW TO IMPROVING HIS OR HER REPRESENTATION AND      INDEPENDENCE | SHAREHOLDER | AGAINST | AGAINST |  |
| C                                                                                                      | AUTHORIZATION TO GRANT RESTRICTED SHARES OF THE      COMPANY TO ALL EMPLOYEES OF THE GROUP | SHAREHOLDER | AGAINST | AGAINST |  |
|                                                                                                   |
|                                                                                                        | STATOIL ASA | 5,173 | STO | 85771P102 | 5/19/09 |
| 2                                                                                                      | ELECTION OF A CHAIR OF THE MEETING | ISSUER | FOR | FOR |  |
| 3                                                                                                      | APPROVAL OF THE NOTICE AND THE AGENDA | ISSUER | FOR | FOR |  |
| 4                                                                                                      | REGISTRATION OF ATTENDING SHAREHOLDERS AND PROXIES | ISSUER | FOR | FOR |  |
| 5                                                                                                      | ELECTION OF TWO PERSONS TO CO-SIGN MINUTES WITH      CHAIR OF MEETING | ISSUER | FOR | FOR |  |
| 6                                                                                                      | APPROVAL OF THE ANNUAL REPORT AND ACCOUNTS FOR      STATOILHYDRO ASA AND THE STATOILHYDRO GROUP FOR 2008, INCLUDING THE BOARD OF      DIRECTORS PROPOSAL FOR THE DISTRIBUTION OF THE DIVIDEND | ISSUER | FOR | FOR |  |
| 7                                                                                                      | APPROVAL OF REMUNERATION FOR THE COMPANY'S AUDITOR | ISSUER | FOR | FOR |  |
| 8                                                                                                      | ELECTION OF THE ONE DEPUTY MEMBER TO THE CORPORATE      ASSEMBLE | ISSUER | FOR | FOR |  |
| 9                                                                                                      | STATEMENT OF STIPULATION OF SALARY AND OTHER      REMUNERATION FOR EXECUTIVE MANAGEMENT | ISSUER | FOR | FOR |  |
| 10                                                                                                     | AUTHORIZATION TO ACQUIRE STATOILHYDRO SHARES IN      MARKET IN ORDER TO CONTINUE IMPLEMENTATION OF SHARE SAVING PLAN FOR EMPLOYEES | ISSUER | FOR | FOR |  |
| 11                                                                                                     | AMENDMENT OF THE ARTICLES OF ASSOCIATION | ISSUER | FOR | FOR |  |
| 12                                                                                                     | PROPOSED THAT RESOLUTION BE ADOPTED: STATOILHYDRO      SHALL WITHDRAW FROM TAR SANDS ACTIVITIES IN CANADA | SHAREHOLDER | AGAINST | AGAINST |  |
|                                                                                                   |
|                                                                                                        | CHINA MOBILE (HONG KONG) LIMITED | 9,000 | CHL | 16941M109 | 5/19/09 |
| 1                                                                                                      | TO RECEIVE ND CONSIDER THE AUDITED FINANCIAL      STATEMENTS AND THE REPORTS OF THE DIRECTORS AND AUDITORS FOR THE YEAR | ISSUER | FOR | FOR |  |
| 2                                                                                                      | TO DECLARE A FINAL DIVIDEND FOR THE YEAR ENDED 31      DECEMBER 2008 | ISSUER | FOR | FOR |  |
| 3A-3G                                                                                                  | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 4                                                                                                      | TO RE-APPOINT MESSRS. KPMG AS AUDITORS AND TO      AUTHORIZE THE DIRECTORS TO FIX THEIR REMUNERATION | ISSUER | FOR | FOR |  |
| 5                                                                                                      | TO GIVE A GENERAL MANDATE TO THE DIRECTORS TO      REPURCHASE SHARE NOT EXCEEDING 10% OF THE AGGREGATE NOMINAL AMOUNT | ISSUER | FOR | FOR |  |
| 6                                                                                                      | TO GIVE A GENERAL MANDATE TO DIRECTORS TO ISSUE,      ALLOT AND DEAL WITH ADDITIONAL SHARES NOT EXCEEDING 20% OF NOMINAL AMOUNT | ISSUER | FOR | FOR |  |
| 7                                                                                                      | TO EXTEND THE GENERAL MANDATE GRANTED TO THE      DIRECTORS TO ISSUE ALLOT AND DEAL WITH SHARES BY THE NUMBER OF SHARES      REPURCHASED | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | GLAXOSMITHKLINE PLC | 12,000 | GSK | 37733W105 | 5/20/09 |
| 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 RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 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 RE-EMPTION RIGHTS | ISSUER | FOR | FOR |  |
| 13                                                                                                     | AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN SHARES | ISSUER | FOR | FOR |  |
| 14                                                                                                     | EXEMPTION FROM STATEMENT OF SENIOR STATUTORY      AUDITOR'S NAME | ISSUER | FOR | FOR |  |
| 15                                                                                                     | REDUCED NOTICE OF A GENERAL MEETING OTHER THAN AN      AGM | ISSUER | FOR | FOR |  |
| 16                                                                                                     | ADOPTION OF THE GLAXOSMITHKLINE (GSK) 2009      PERFORMANCE SHARE PLAN | ISSUER | FOR | FOR |  |
| 17                                                                                                     | ADOPTION OF THE GSK 2009 SHARE OPTION PLAN | ISSUER | FOR | FOR |  |
| 18                                                                                                     | ADOPTION OF THE GSK 2009 DEFERRED ANNUAL BONUS PLAN | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | CANADIAN PACIFIC RAILWAY LIMITED | 10,000 | CP | 13645T100 | 5/22/09 |
| 1                                                                                                      | APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS      AUDITORS | ISSUER | FOR | FOR |  |
| 2                                                                                                      | APPROVING THE AMENDMENT OF BY-LAW NO. 1 OF THE      CORPORATION AS DESCRIBED IN THE MANAGEMENT PROXY CIRCULAR | ISSUER | FOR | FOR |  |
| 3.01-3.12                                                                                              | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
|                                                                                                   |
|                                                                                                        | BANCO SANTANDER S.A. | 80,000 | STD | 05964H105 | 6/18/09 |
| 1                                                                                                      | EXAMINATION AND APPROVAL, IF DEEMED APPROPRIATE, OF      THE ANNUAL ACCOUNTS (BALANCE SHEET, PROFIT AND LOSS STATEMENT, STATEMENTS OF      CHANGES IN NET ASSETS AND CASH FLOWS, AND NOTES) AND OF THE CORPORATE      MANAGEMENT OF BANCO SANTANDER, S.A. AND ITS CONSOLIDATED GROUP, ALL WITH      RESPECT TO THE FISCAL YEAR ENDED DECEMBER 31, 2008 | ISSUER | FOR | FOR |  |
| 2                                                                                                      | APPLICATION OF RESULTS FROM FISCAL YEAR 2008 | ISSUER | FOR | FOR |  |
| 3A-3D                                                                                                  | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 4                                                                                                      | RE-ELECTION OF THE AUDITOR OF ACCOUNTS FOR FISCAL      YEAR 2009 | ISSUER | FOR | FOR |  |
| 5                                                                                                      | AUTHORIZATION FOR THE BANK AND ITS SUBSIDIARIES TO      ACQUIRE THEIR OWN STOCK PURSUANT TO THE PROVISIONS OF SECTION 75 AND THE      FIRST ADDITIONAL PROVISION OF THE BUSINESS CORPORATIONS LAW ;YLEY DE      SOCIEDADES ANONIMAS, DEPRIVING OF EFFECT TO THE EXTENT OF THE UNUSED AMOUNT      THE AUTHORIZATION GRANTED BY THE SHAREHOLDERS AT THE ORDINARY GENERAL      SHAREHOLDERS' MEETING HELD | ISSUER | FOR | FOR |  |
| 6                                                                                                      | DELEGATION TO THE BOARD OF DIRECTORS OF THE POWER TO      CARRY OUT THE RESOLUTION TO BE ADOPTED BY THE SHAREHOLDERS AT THE MEETING TO      INCREASE THE SHARE CAPITAL PURSUANT TO THE PROVISIONS OF SECTION 153.1.A OF      THE BUSINESS CORPORATIONS' LAW, DEPRIVING OF EFFECT THE AUTHORIZATION GRANTED      BY THE SHAREHOLDERS AT SUCH GENERAL MEETING ON JUNE 21, 2008 | ISSUER | FOR | FOR |  |
| 7                                                                                                      | AUTHORIZATION TO THE BOARD, PURSUANT TO PROVISIONS      OF ARTICLE 153.1.B OF BUSINESS CORPORATIONS LAW TO INCREASE THE SHARE CAPITAL      ON ONE OR MORE OCCASIONS AT ANY TIME, WITHIN A TERM OF THREE YEARS, BY MEANS      OF MONETARY CONTRIBUTIONS IN THE MAXIMUM NOMINAL AMOUNT OF 2,038,901,430.50      EUROS, ALL ON SUCH TERMS AND CONDITIONS AS IT DEEMS APPROPRIATE, DEPRIVING OF      EFFECT THE AUTHORIZATION GRANTED BY SHAREHOLDERS BY MEANS OF RESOLUTION ONE      II DELEGATION OF THE POWER TO EXCLUDE PRE-EMPTIVE RIGHTS PROVIDED FOR IN      SECTION 159.2 OF THE BUSINESS CORPORATIONS LAW | ISSUER | FOR | FOR |  |
| 8                                                                                                      | INCREASE OF SHARE CAPITAL IN SUCH AMOUNT AS MAY BE      DETERMINED PURSUANT TO RESOLUTION BY MEANS OF ISSUANCE OF NEW ORDINARY SHARES      HAVING A PAR VALUE OF ONE-HALF EURO EACH, WITHOUT ISSUANCE PREMIUM, OF SAME      CLASS AND SERIES AS THOSE THAT ARE CURRENTLY OUTSTANDING, WITH CHARGE TO      VOLUNTARY RESERVES SET UP WITH UNAPPRORIATED EARNINGS. EXPRESS PROVISION FOR      POSSIBILITY OF INCOMPLETE ALLOCATION. DELEGATION OF POWERS TO BOARD, WITH      AUTHORITY TO, IN TURN, DELEGATE SUCH POWERS TO EXECUTIVE COMMITTEE, ALL AS      MORE FULLY DESCRIBED IN THE PROXY STATEMENT | ISSUER | FOR | FOR |  |
| 9                                                                                                      | DELEGATION OF THE BOARD OF POWER TO ISSUE SIMPLE      FIXED INCOME SECURITIES OR DEBT INSTRUMENTS OF SIMILAR (INCLUDING BONDS,      PROMISSORY NOTES OR WARRANTS) FIXED INCOME SECURITIES CONVERTIBLE INTO AND/OR      EXCHANGEABLE FOR SHARES OF COMPANY. CONNECTION WITH FIXED-INCOME SECURITIES      CONVERTIBLE INTO AND/OR EXCHANGEABLE FOR SHARES OF COMPANY, ESTABLISHMENT OF      CRITERIA FOR DETERMINING TERMS AND CONDITIONS APPLICABLE TO CONVERSION AND/OR      EXCHANGE GRANT TO THE BOARD, ALL AS MORE FULLY DESCRIBED IN THE PROXY STATEMENT | ISSUER | FOR | FOR |  |
| 10.A-10.C                                                                                              | DIRECTORS RECOMMEND INCENTIVE POLICIES | ISSUER | FOR ALL | FOR ALL |  |
| 11                                                                                                     | AUTHORIZATION TO THE BOARD OF DIRECTORS TO      INTERPRET, REMEDY, SUPPLEMENT, CARRY OUT AND FURTHER DEVELOP THE RESOLUTIONS      ADOPTED BY THE SHAREHOLDERS AT THE MEETING, AS WELL AS TO DELEGATE THE POWERS      RECEIVED FROM THE SHAREHOLDERS AT THE MEETING AND GRANT OF POWERS TO CONCERT      SUCH RESOLUTIONS INTO NOTARIAL INSTRUMENTS | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | INFOSYS TECHNOLOGIES LIMITED | 22,000 | INFY | 456788108 | 6/20/09 |
| 1                                                                                                      | TO RECEIVE, CONSIDER AND ADOPT THE BALANCE SHEET AS      AT MARCH 31, 2009 AND THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED ON THAT      DATE AND THE REPORT OF THE DIRECTORS AND AUDITORS THEREON | ISSUER | NONE | FOR |  |
| 2                                                                                                      | TO DECLARE A FINAL DIVIDEND FOR THE FINANCIAL YEAR      ENDED MARCH 31, 2009 | ISSUER | NONE | FOR |  |
| 3-7                                                                                                    | TO RE-APPOINT DIRECTORS WHO RETIRE BY ROTATION | ISSUER | NONE | FOR ALL |  |
| 8                                                                                                      | TO APPOINT AUDITORS TO HOLD OFFICE FROM THE      CONCLUSION OF THE ANNUAL GENERAL MEETING HELD ON JUNE 20, 2009, UNTIL THE      CONCLUSION OF THE NEXT ANNUAL GENERAL MEETING, AND TO FIX THEIR REMUNERATION | ISSUER | NONE | FOR |  |
| 9                                                                                                      | TO APPOINT K.V. KAMATH AS DIRECTOR, LIABLE TO RETIRE      BY ROTATION | ISSUER | NONE | FOR |  |
|                                                                                                   |
|                                                                                                        | TEVA PHARMACEUTICAL INDUSTRIES LIMITED | 13,000 | TEVA | 881624209 | 6/22/09 |
| 1                                                                                                      | TO APPROVE THE BOARD OF DIRECTORS' RECOMMENDATION      THAT THE CASH DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2008 WHICH WAS PAID IN      FOUR INSTALLMENTS AND AGGREGATED NIS 1.95 (APPROXIMATELY US$0.525 ACCORDING      TO THE APPLICABLE EXCHANGE RATES) PER ORDINARY SHARE (OR ADS) BE DECLARED      FINAL. | ISSUER | FOR | FOR |  |
| 2A-2E                                                                                                  | DIRECTORS RECOMMEND ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 3                                                                                                      | APPOINT KESSELMAN & KESSELMAN, A MEMBER OF      PRICEWATERHOUSECOOPERS INTERNATIONAL LTD, AS THE COMPANY'S INDEPENDENT      REGISTERED PUBLIC ACCOUNTING FIRM UNTIL THE 2010 ANNUAL MEETING OF      SHAREHOLDERS AND TO AUTHORIZE THE BOARD OF DIRECTORS TO DETERMINE THEIR      COMPENSATION PROVIDE SUCH COMPENSATION IS ALSO APPROVED BY THE AUDIT      COMMITTEE | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | TELEFONICA S.A. | 11,000 | TEF | 879382208 | 6/22/09 |
| 1                                                                                                      | EXAMINATION AND APPROVAL IF APPLICABLE OF THE      INDIVIDUAL ANNUAL ACCOUNTS, THE  CONSOLIDATED FINANCIAL STATEMENTS AND THE      MANAGEMENT REPORT OF TELEFONICA S.A. AND OF ITS CONSOLIDATED GROUP OF      COMPANIES, AS WELL AS THE PROPOSED ALLOCATION OF PROFITS/LOSSES OF TELEFONICA      S.A. AND THE MANAGEMENT OF ITS BOARD OF DIRECTORS, ALL WITH RESPECT TO FISCAL      YEAR 2008 | ISSUER | FOR | FOR |  |
| 2                                                                                                      | COMPENSATION OF SHAREHOLDERS: DISTRIBUTION OF A      DIVIDEND TO BE CHARGED TO UNRESTRICTED RESERVES | ISSUER | FOR | FOR |  |
| 3                                                                                                      | APPROVAL OF AN INCENTIVE TELEFONICA S.A.'S SHARE      PURCHASE PLAN FOR  EMPLOYEES OF THE TELEFONICA GROUP | ISSUER | FOR | FOR |  |
| 4                                                                                                      | AUTHORIZATION FOR THE ACQUISITION OF THE COMPANY'S      OWN SHARES, DIRECTLY OR THROUGH COMPANIES OF THE GROUP | ISSUER | FOR | FOR |  |
| 5                                                                                                      | REDUCTION OF THE SHARE CAPITAL THROUGH THE      CANCELLATION OF SHARES OF THE COMPANY'S WON STOCK, EXCLUDING CREDITORS' RIGHT      TO OBJECT, AND AMENDMENT OF THE ARTICLE OF THE BY-LAWS RELATING TO THE SHARE      CAPITAL. | ISSUER | FOR | FOR |  |
| 6                                                                                                      | RE-ELECTION OF THE AUDITOR FOR FISCAL YEAR 2009 | ISSUER | FOR | FOR |  |
| 7                                                                                                      | DELEGATION OF POWERS TO FORMALIZE, INTERPRET,      CORRECT AND IMPLEMENT THE RESOLUTIONS ADOPTED BY THE GENERAL SHAREHOLDERS'      MEETING | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | NISSAN MOTOR CO LTD | 45,000 | NSANY | 654744408 | 6/23/09 |
| 1                                                                                                      | AMENDMENT TO THE ARTICLES OF INCORPORATION | ISSUER | FOR | FOR |  |
| 2                                                                                                      | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
|                                                                                                   |
|                                                                                                        | NIDEC CORPORATION | 13,000 | NJ | 654090109 | 6/23/09 |
| 1                                                                                                      | PARTIAL AMENDMENT OF THE ARTICLES OF INCORPORATION | ISSUER | FOR | FOR |  |
| 2.01-2.09                                                                                              | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | FOR ALL | FOR ALL |  |
| 3                                                                                                      | APPOINTMENT OF TAKASHI IWATA AS A MEMBER TO THE      BOARD OF AUDITORS | ISSUER | FOR | FOR |  |
|                                                                                                   |
|                                                                                                        | NOMURA HOLDINGS INC | 30,000 | NMR | 65535H208 | 6/25/09 |
| 1                                                                                                      | AMENDMENT TO THE ARTICLES OF INCORPORATION | ISSUER | NONE | FOR |  |
| 2A-2L                                                                                                  | DIRECTORS RECOMMEND FOR ELECTION | ISSUER | NONE | FOR ALL |  |
| 3                                                                                                      | ISSUANCE OF STOCK ACQUISITION RIGHTS AS TOCK OPTIONS      TO EXECUTIVES AND EMPLOYEES OF SUBSIDIARIES OF THE COMPANY | ISSUER | NONE | FOR |  |

 

| **Saturna Investment Trust, Sextant Core Fund    (SCORX)**                                           |
|------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to shareholder meetings    held from July 1, 2008 through June 30, 2009 |
|                                                                                                 |
| **Proposal #**                                                                                       | **Issue /      Proposals** | **Shares / Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                 |
|                                                                                                      | Nike INC. | 900 | NKE | 654106103 | 9/22/08 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To ratify the appointment of PricewaterhouseCoopers      LLP as independent registered public accounting firm | Issuer | For | For |  |
| 3                                                                                                    | To transact such other business as may properly come      before the meeting | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | General Mills INC. | 1,000 | GIS | 370334104 | 9/22/08 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratify the appointment of KPMG LLP as General Mills'      independent registered public accounting firm | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | FedEx Corporation | 400 | FDX | 31428x106 | 9/29/08 |
| 1a-1l                                                                                                | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approval of amendment to incentive stock plan to      increase the number of option shares and restricted shares issuable under the      plan | Issuer | For | For |  |
| 3                                                                                                    | Ratification of independent registered public      accounting firm | Issuer | For | For |  |
| 4                                                                                                    | Stockholder proposal regarding independent board      chairman | Stockholder | Against | Against |  |
| 5                                                                                                    | Stockholder proposal regarding shareholder vote on      executive pay | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Harris Corporation | 550 | HRS | 413875105 | 10/24/08 |
| 1A-D                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment by our audit      committee of Ernst & Young LLP as our independent registered public      accounting firm for fiscal year 2009 | Issuer | For | For |  |
| 3                                                                                                    | Approval of an amendment to our restated certificate      of incorporation to increase the number of authorized shares of Harris common      stock from 250,000,000 to 500,000,000 | Issuer | For | For |  |
| 4                                                                                                    | Approval of an amendment to our restated certificate      of incorporation to declassify the board of directors | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | RPM International INC. | 1,000 | RPM | 749685103 | 10/10/08 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratify the appointment of Ernst & Young LLP as      RPM's independent registered public accounting firm for the year ending May      31, 2009 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Parker-Hannifin Corporation | 450 | PH | 701094104 | 10/22/08 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of the appointment of Deloitte &      Touche LLP as independent registered public accounting firm for FY09 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The PNC Financial Services Group | 600 | PNC | 693475105 | 12/23/08 |
| 1                                                                                                    | A proposal to approve the issuance of shares of PNC      common stock as contemplated by the agreement and plan of merger, dated as of      October 24, 2008, by and between the PNC Financial Services Group, INC. and      National City Corporation, as such agreement may be amended from time to time | Issuer | For | For |  |
| 2                                                                                                    | A proposal to approve the adjournment of the special      meeting of shareholders, if necessary or appropriate, to solicit additional      proxies, in the event that there are not sufficient votes at the time of the      special meeting  of shareholders to approve the foregoing proposal |  |  |  |  |
|                                                                                                 |
|                                                                                                      | Rockwell Collins, INC. | 800 | COL | 774341101 | 2/10/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | For the selection of Deloitte & Touche LLP as      our auditors for the fiscal year 2009 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Apple INC. | 500 | AAPL | 037833100 | 2/25/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Shareholder proposal regarding political      contributions and expenditures report, if properly presented at the meeting | Shareholder | Against | Against |  |
| 3                                                                                                    | Shareholder proposal regarding adoption of      principles for healthcare reform, if properly presented at the meeting | Shareholder | Against | Against |  |
| 4                                                                                                    | Shareholder proposal regarding sustainability      report, if properly presented at the meeting | Shareholder | Against | Against |  |
| 5                                                                                                    | Shareholder proposal regarding advisory vote on      compensation, if properly presented at the meeting | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Noble Corporation | 1,200 | NE | G65422100 | 3/17/09 |
| 1                                                                                                    | Approval of the merger, reorganization and      consolidation transaction to be effected by the schemes of arrangement,      copies of which are attached to the accompanying proxy statement as annex B. | Issuer | For | For |  |
| 2                                                                                                    | Approval of the motion to adjourn the meeting to a      later date to solicit additional proxies if there are insufficient votes at      the time of the meeting to approve the merger, reorganization and      consolidation transaction | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Hewlett-Packard Company | 1,000 | HPQ | 428236103 | 3/18/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to ratify the appointment of the      independent registered accounting firm for the fiscal year ending October 31,      2009 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Canon INC. | 600 | CAJ | 138006309 | 3/27/09 |
| 1                                                                                                    | Dividend from surplus | Issuer | For | For |  |
| 2                                                                                                    | Partial amendment to the Articles of Incorporation | Issuer | For | For |  |
| 3                                                                                                    | Directions recommendations for election | Issuer | For | For all nominees |  |
| 4                                                                                                    | Grant of retirement allowance to a director to      retire | Issuer | For | For |  |
| 5                                                                                                    | Grant of bonus to directors | Issuer | For | For |  |
| 6                                                                                                    | Issuance of share options without compensation | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Adobe Systems INC. | 1,100 | ADBE | 00724F101 | 4/1/09 |
| 1a-e                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Approval of the amendment of the Adobe Systems      Incorporated 2003 Equity incentive plan | Issuer | For | For |  |
| 3                                                                                                    | Ratification of the appointment of KPMG LLP as the      company's independent registered public accounting firm for the fiscal year      ending on November 27, 2009 | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The Toronto-Dominion Bank | 550 | TD | 891160509 | 4/2/09 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of auditor named in the management proxy      circular | Issuer | For | For |  |
| 3                                                                                                    | Shareholder proposal A | Shareholder | Against | Against |  |
| 4                                                                                                    | Shareholder proposal B | Shareholder | Against | Against |  |
| 5                                                                                                    | Shareholder proposal C | Shareholder | Against | Against |  |
| 6                                                                                                    | Shareholder proposal D | Shareholder | Against | Against |  |
| 7                                                                                                    | Shareholder proposal E | Shareholder | Against | Against |  |
| 8                                                                                                    | Shareholder proposal F | Shareholder | Against | Against |  |
| 9                                                                                                    | Shareholder proposal G | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | United Technologies Corporation | 525 | UTX | 913017109 | 4/8/09 |
| 1                                                                                                    | Directors recommendations for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of independent auditors | Issuer | For | For |  |
| 3                                                                                                    | Shareowner proposal: Offsets for foreign military      sales | Shareowner | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Ritchie Bros. Auctioneers Incorporated | 1,000 | RBA | 767744105 | 4/17/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of KPMG LLP as auditors of the company      for the ensuring year and authorizing the directors to fix their remuneration | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Canadian National Railroad Company | 800 | CNI | 136375102 | 4/21/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of KPMG LLP as auditors | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Lockheed Martin Corporation | 300 | LMT | 539830109 | 4/23/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of Ernst & Young LLP      as independent Auditors | Issuer | For | For |  |
| 3                                                                                                    | To amend the charter and delete the 80%      supermajority vote required to amend article XIII | Issuer | For | For |  |
| 4                                                                                                    | Report on space based weapons program | Stockholder | Against | Against |  |
| 5                                                                                                    | Policy on payments to executives after death | Stockholder | Against | Against |  |
| 6                                                                                                    | Advisory vote on executive compensation | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Johnson & Johnson | 700 | JNJ | 478160104 | 4/23/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of      Pricewaterhousecoopers LLP as independent registered public accounting firm | Issuer | For | For |  |
| 3                                                                                                    | Advisory vote on executive compensation policies and      disclosure | Stockholder | Against | For |  |
|                                                                                                 |
|                                                                                                      | Pfizer INC. | 1,900 | PFE | 717081103 | 4/23/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to ratify the selection of KPMG LLP as      independent registered public accounting firm for 2009 | Issuer | For | For |  |
| 3                                                                                                    | Proposal to approve the Pfizer Inc. 2004 stock plan,      as amended and restated | Issuer | For | For |  |
| 4                                                                                                    | Shareholder proposal regarding stock options | Shareholder | Against | Against |  |
| 5                                                                                                    | Shareholder proposal regarding advisory votes on      executive compensation | Shareholder | Against | For |  |
| 6                                                                                                    | Shareholder proposal regarding cumulative voting | Shareholder | Against | For |  |
| 7                                                                                                    | Shareholder proposal regarding special shareholder      meetings | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | The Chubb Corporation | 750 | CB | 171232101 | 4/28/09 |
| 1A-M                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To approve the adoption of The Chubb Corporation      long term incentive plan 2009 | Issuer | For | For |  |
| 3                                                                                                    | To ratify the appointment of Ernst & Young LLP      as independent auditor | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Praxair INC. | 700 | PX | 74005P104 | 4/28/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to approve the 2009 Praxair INC. long term      incentive plan | Issuer | For | For |  |
| 3                                                                                                    | Proposal to ratify the appointment of the      independent auditor | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | The McGraw-Hill Companies, INC. | 1,000 | MHP | 580645109 | 4/29/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Vote to reapprove performance goals under our 2002      stock incentive plan | Issuer | For | For |  |
| 3                                                                                                    | Vote to ratify Ernst & Young LLP as our      independent registered public accounting firm for 2009 | Issuer | For | For |  |
| 4                                                                                                    | Shareholder proposal requesting election of each      director annually | Stockholder | Against | For |  |
| 5                                                                                                    | Shareholder proposal requesting adoption of simple      majority vote | Stockholder | Against | For |  |
| 6                                                                                                    | Shareholder proposal requesting public disclosure of      corporate policies and procedures regarding political contributions and the      amount of such contributions | Stockholder | Against | For |  |
| 7                                                                                                    | Shareholder proposal requesting election of      directors by majority vote | Stockholder | Against | For |  |
| 8                                                                                                    | Shareholder proposal requesting adoption of policy      requiring chairman to be independent director who has not previously served      as an executive officer of the company | Stockholder | Against | For |  |
|                                                                                                 |
|                                                                                                      | Kimberly-Clark Corporation | 625 | KMB | 494368103 | 4/30/09 |
| 1A-I                                                                                                 | Directors nomination for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of auditors | Issuer | For | For |  |
| 3                                                                                                    | Approval of amended and restated certificate of      incorporation regarding right of holders of at least twenty-five percent of      shares to call a special meeting of stockholders | Issuer | For | For |  |
| 4                                                                                                    | Reapproval of performance goals under the 2001      equity participation plan | Issuer | For | For |  |
| 5                                                                                                    | Stockholder proposal regarding cumulative voting | Stockholder | Against | For |  |
|                                                                                                 |
|                                                                                                      | Basf SE | 400 | BASF | 055262505 | 4/30/09 |
| 2                                                                                                    | Adoption of a resolution on the appropriation of      profit | Issuer | For | For |  |
| 3                                                                                                    | Adoption of a resolution giving formal approval to      the actions of members of the supervisory board | Issuer | For | For |  |
| 4                                                                                                    | Adoption of a resolution giving formal approval the      actions of the members of the Board of Executive Directors | Issuer | For | For |  |
| 5                                                                                                    | Election of the auditor for the financial year 2009 | Issuer | For | For |  |
| 6A-F                                                                                                 | Appointment of the members of the Supervisory Board | Issuer | For | For all nominees |  |
| 7                                                                                                    | Adoption of a resolution on the removal of existing      and the creation of new authorized capital and amendment of the statutes | Issuer | For | For |  |
| 8                                                                                                    | Adoption of a resolution on the amendment of article      10, No.2 and No. 3 of the statutes | Issuer | For | For |  |
| 9                                                                                                    | Remuneration of the first supervisory board of Basf      SE | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Concophillips | 750 | COP | 20825C104 | 5/13/09 |
| 1A-M                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Proposal to ratify appointment of Ernst & Young      LLP as Concophillips' independent registered public accounting firm for 2009 | Issuer | For | For |  |
| 3                                                                                                    | Proposal to approve 2009 omnibus stock and      performance incentive plan | Issuer | For | For |  |
| 4                                                                                                    | Universal health care principals | Stockholder | Against | Against |  |
| 5                                                                                                    | Advisory vote on executive compensation | Stockholder | Against | For |  |
| 6                                                                                                    | Political contributions | Stockholder | Against | For |  |
| 7                                                                                                    | Greenhouse gas reduction | Stockholder | Against | Against |  |
| 8                                                                                                    | Oil sands drilling | Stockholder | Against | Against |  |
| 9                                                                                                    | Director qualifications | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Unilever PLC | 1,600 | UL | 904767704 | 5/13/09 |
| 1                                                                                                    | To receive and consider the accounts and balances      sheet for the year ended 31 December 2008, together with the directors report      and the auditors report | Issuer | For | For |  |
| 2                                                                                                    | To consider and, if thought fit, approve the      directors remuneration report for the year ended 31 December 2008 included      within the annual report and accounts 2008 | Issuer | For | For |  |
| 3                                                                                                    | To declare a dividend on the ordinary shares | Issuer | For | For |  |
| #4-17                                                                                                | Directors recommendation for election | Issuer | For | For all nominees |  |
| 18                                                                                                   | To re-appoint Pricewaterhousecoopers LLP as auditors      of the company, to hold office until the conclusion of the next general      meeting at which accountants are laid before the members | Issuer | For | For |  |
| 19                                                                                                   | To authorize the directors to fix the remuneration      of the auditors | Issuer | For | For |  |
| 20                                                                                                   | To consider and, if thought fit, pass an ordinary      resolution, as set forth on the company notice | Issuer | For | For |  |
| 21                                                                                                   | To consider and, if thought fit, to pass a special      resolution, as set forth on the company notice | Issuer | For | For |  |
| 22                                                                                                   | To consider and, if thought fit, to pass a special      resolution, as set forth on the company notice | Issuer | For | For |  |
| 23                                                                                                   | To consider and, if thought fit, pass an ordinary      resolution, as set forth on the company notice | Issuer | For | For |  |
| 24                                                                                                   | To consider and, if thought fit, to pass a special      resolution, as set forth on the company notice | Issuer | For | For |  |
| 25                                                                                                   | To consider and, if thought fit, pass an ordinary      resolution, as set forth on the company notice | Issuer | For | For |  |
| 26                                                                                                   | To consider and, if thought fit, pass an ordinary      resolution, as set forth on the company notice | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Nucor Corporation | 800 | NUE | 670346105 | 5/14/09 |
| 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 ended      December 31, 2009 | Issuer | For | For |  |
| 3                                                                                                    | Stockholder proposal regarding majority vote | Stockholder | Against | Against |  |
| 4                                                                                                    | Stockholder proposal regarding declassification of      board of directors | Stockholder | Against | Against |  |
| 5                                                                                                    | Stockholder proposal regarding human rights | Stockholder | Against | Against |  |
| 6                                                                                                    | Stockholder proposal regarding principles for health      care reform | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | China Mobile | 500 | CHL | 16941M109 | 5/19/09 |
| 1                                                                                                    | To receive and consider the audited financial      statements and the reports of the directors and auditors for the year | Issuer | For | For |  |
| 2                                                                                                    | To declare a final dividend for the year ended 31      December 2008 |  |  |  |  |
| 3A-G                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 4                                                                                                    | To reappoint 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 not exceeding 10% of the aggregate nominal amount | Issuer | For | For |  |
| 6                                                                                                    | To give a general mandate to the directors to issue,      allot and deal with additional shares not exceeding 20% of nominal amount | 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 |  |
|                                                                                                 |
|                                                                                                      | JPMorgan Chase & Co. | 550 | JPM | 46625H100 | 5/19/09 |
| 1A-K                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Appointment of independent registered public      accounting firm | Issuer | For | For |  |
| 3                                                                                                    | Advisory vote on executive compensation | Issuer | For | For |  |
| 4                                                                                                    | Governmental service report | Stockholder | Against | Against |  |
| 5                                                                                                    | Cumulative voting | Stockholder | Against | Against |  |
| 6                                                                                                    | Special shareowner meetings | Stockholder | Against | Against |  |
| 7                                                                                                    | Credit card lending practices | Stockholder | Against | Against |  |
| 8                                                                                                    | Changes to Kepp | Stockholder | Against | Against |  |
| 9                                                                                                    | Share retention | Stockholder | Against | Against |  |
| 10                                                                                                   | Carbon principles report | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Total S.A. | 500 | TOT | 89151e109 | 5/15/09 |
| 1                                                                                                    | Approval of parent company financial statements | Issuer | For | For |  |
| 2                                                                                                    | Approval of consolidated financial statements | Issuer | For | For |  |
| 3                                                                                                    | Allocations of earnings, declaration of dividend | Issuer | For | For |  |
| 4                                                                                                    | Agreements covered by Article L. 225-38 of the      French Commercial code | Issuer | For | For |  |
| 5                                                                                                    | Agreements covered by Article L. 225-42-1 of the      French Commercial code concerning Mr. Thierry Desmarest | Issuer | For | For |  |
| 6                                                                                                    | Agreements covered by Article L. 225-42-1 of the      French Commercial code concerning Mr. Christopher de Margerie | Issuer | For | For |  |
| 7                                                                                                    | Authorization for the board of directors to trade      shares of the company | Issuer | For | For |  |
| 8-13                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 14                                                                                                   | Amendment to article 12 of the company's Articles of      Incorporation regarding the limit on the age of the Chairman of the Board | Issuer | For | For |  |
| A                                                                                                    | Amendment to the company's Articles of Association      with the intent of disclosing individual allocations of stock options and      restricted shares as provided by law | Stockholder | Against | Against |  |
| B                                                                                                    | For the purpose of amending to the Articles of      Association regarding a new procedure for selecting a shareholder employee as      board member with a view to improving his or her representation and      independence | Stockholder | Against | Against |  |
| C                                                                                                    | Authorization to grant restricted shares of the      company to all employees of the group | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Glaxosmithkline PLC | 500 | GSK | 37733W105 | 5/20/09 |
| 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 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 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 |  |
| 13                                                                                                   | Authority for the company to purchase its own shares | Issuer | For | For |  |
| 14                                                                                                   | Exemption from statement of senior statutory      auditor's name | Issuer | For | For |  |
| 15                                                                                                   | Reduced notice of a general meeting other than an      AGM | Issuer | For | For |  |
| 16                                                                                                   | Adoption of the GlaxoSmithKline 2009 performance      share plan | Issuer | For | For |  |
| 17                                                                                                   | Adoption of the GSK 2009 share option plan | Issuer | For | For |  |
| 18                                                                                                   | Adoption of the GSK 2009 deferred annual bonus plan | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Idacorp INC. | 900 | IDA | 451107106 | 5/21/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratify the appointment of Deloitte & Young LLP      as our independent registered public accounting firm for the fiscal year      ending December 31, 2009 | Issuer | For | For |  |
| 3                                                                                                    | Act upon a shareholder proposal requesting the board      of directors adopt quantitative goals, based on current technologies, for      reducing total greenhouse gas emissions from the company's products and      operations, and that the Idacorp report to shareholders by September 30, 2009      on its plans to achieve these goals | Stockholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | FPL Group, INC | 600 | FPL | 302571104 | 5/22/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | Ratification of appointment of Deloitte & Touche      LLP as independent registered public accounting firm for 2009 | Issuer | For | For |  |
| 3                                                                                                    | Approval of the material terms under the FPL Group,      INC. amended and restated long term incentive plan for payment of      performance-based compensation as required by internal revenue code section | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Noble Corporation | 1,200 | NE | H5833N103 | 5/28/09 |
| 1                                                                                                    | Approval of the payment of a dividend through a      reduction of the par value of the shares in an amount equal to Swiss Francs      .25 | Issuer | For | For |  |
| 2                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 3                                                                                                    | Approval of the appointment of      Pricewaterhousecoopers LLP as Noble Corporation's independent registered      public accounting firm for 2009 | Issuer | For | For |  |
| 4                                                                                                    | Approval of an amendment of article 21 paragraph      1(D) of the articles of association in order to limit the changes to      authorized and conditional capital that require approval of at least      two-thirds of the shares represented at a general meeting to an increase in      the amount of the authorized or conditional share capital | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Lowe's Companies, INC. | 900 | LOW | 548661107 | 5/29/09 |
| 1                                                                                                    | Directors recommendation for election | Issuer | For | For all nominees |  |
| 2                                                                                                    | To approve amendments to the company's 2006 long      term incentive plan | Issuer | For | For |  |
| 3                                                                                                    | To ratify the appointment of Deloitte & Touche      LLP as the company's independent registered public accounting firm | Issuer | For | For |  |
| 4                                                                                                    | To approve amendments to Lowe's articles of      incorporation eliminating all remaining supermajority vote requirements | Issuer | For | For |  |
| 5                                                                                                    | Shareholder proposal regarding reincorporating in      North Dakota | Shareholder | Against | Against |  |
| 6                                                                                                    | Shareholder proposal regarding health care reform      principles | Shareholder | Against | Against |  |
| 7                                                                                                    | Shareholder proposal regarding separating the roles      of chairman and CEO | Shareholder | Against | Against |  |
|                                                                                                 |
|                                                                                                      | Telefonica S.A. | 500 | TEF | 879382208 | 6/22/09 |
| 1                                                                                                    | Examination and approval, if applicable, of the      individual annual accounts, the consolidated financial statements and the      management report of Telefonica S.A. and of its consolidated group of      companies, as well as the proposed allocation of profit/losses of Telefonica      S.A. and the management of its board of directors, all with respect to the      fiscal year 2008 | Issuer | For | For |  |
| 2                                                                                                    | Compensation of shareholders: Distribution of a      dividend to be charged to unrestricted reserves | Issuer | For | For |  |
| 3                                                                                                    | Approval of an incentive Telefonica S.A.'s share      plan for employees of The Telefonica Group | Issuer | For | For |  |
| 4                                                                                                    | Authorization for the acquisition of the company's      own shares, directly or through companies of the group | Issuer | For | For |  |
| 5                                                                                                    | Reduction of the share capital through the      cancellation of shares of the companies own stock, excluding the creditors'      right object, and amendment of the article of the by-laws relating to the      share capital | Issuer | For | For |  |
| 6                                                                                                    | Re-election of the auditor for fiscal year 2009 | Issuer | For | For |  |
| 7                                                                                                    | Delegation of powers to formalize, interpret,      correct, and implement the resolutions adopted by the general shareholders'      meeting | Issuer | For | For |  |
|                                                                                                 |
|                                                                                                      | Nomura Holdings INC. | 700 | NMR | 65535h208 | 6/25/09 |
| 1                                                                                                    | Amendment to the Articles of Incorporation | Issuer | For | For |  |
| 2A-L                                                                                                 | Directors recommendation for election | Issuer | For | For all nominees |  |
| 3                                                                                                    | Issuance of stock acquisition rights as stock      options to executives and employees of subsidiaries of the company | Issuer | For | Abstain |  |

 

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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 27, 2009