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, 2005  Date of reporting period: June 30, 2005

 

 
| Saturna Investment Trust, SextantGrowth Fund (SSGFX)                                             |
|--------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating toshareholder meetings held from July 1, 2004 through June 30, 2005 |
| Proposal #                                                                                       | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |   |
|                                                                                             |
|                                                                                             | Bed Bath & Beyond, Inc. | 3,000 | BBBY | 75896100 | 7/1/04 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For All Nominees |   |   |
| 2                                                                                                | Ratification of appointment of independent auditors | Issuer | For | For |   |   |
| 3                                                                                                | Ratification of adoption of 2004 incentive compensation plan | Issuer | For | For |   |   |
| 4                                                                                                | Shareholder proposal; glass ceiling report | Shareholder | Against | For |   |   |
| 5                                                                                                | Shareholder proposal; executive stock holdings | Shareholder | Against | For |   |   |
|                                                                                             |
|                                                                                             | John Wiley & Sons, Inc. | 3,400 | JW/A | 968223206 | 9/15/04 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For All Nominees |   |   |
| 2                                                                                                | Proposal to ratify appointment of KPMG LLP as independentaccountants | Issuer | For | For |   |   |
| 3                                                                                                | Proposal to approve 2004 key employee stock plan | Issuer | For | For |   |   |
| 4                                                                                                | Proposal to improve 2004 executive annual incentive plan | Issuer | For | For |   |   |
| 5                                                                                                | Proposal to approve directors stock plan | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | 3Com Corporation | 16,000 | COMS | 885535104 | 9/22/04 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | To ratify appointment of Deloitte & Touche LLP as independentaccountants for fiscal year ending June 3, 2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Barr Pharmaceuticals, Inc. | 4,500 | BRL | 68306109 | 10/28/04 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Ratification of selection of Deloitte & Touche LLP as independentauditor for fiscal year ending June 30, 2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Oracle Corporation | 8,000 | ORCL | 68389X105 | 10/29/04 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Proposal for approval of adoption of fiscal year 2005 executive bonusplan | Issuer | For | For |   |
| 3                                                                                                | Proposal to ratify selection of Ernst & Young LLP as independentaccounting firm for fiscal year ending May 31, 2005 | Issuer | For | For |   |
| 4                                                                                                | Proposal for approval of amended and restated 2000 long-term equityincentive plan | Issuer | For | For |   |
| 5                                                                                                | Stockholder proposal for adoption of "China Business Principles forRights of Workers in China" | Issuer | Against | Abstain |   |
|                                                                                             |
|                                                                                             | Harman International Industries, Inc. | 1,500 | HAR | 413086109 | 11/10/04 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
|                                                                                             |
|                                                                                             | Phoenix Technologies Ltd. | 3,062 | PTEC | 719153108 | 2/7/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | To approve the amendment to the 1999 stock plan | Issuer | For | For |   |   |
| 3                                                                                                | To approve the amendment to the 1999 director option plan | Issuer | For | For |   |   |
| 4                                                                                                | To ratify the selection of Ernst & Young LLP as independent auditorsfor the current fiscal year | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Agilent Technologies, Inc. | 4,000 | A | 00846U101 | 3/1/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | The ratification of the audit and finance committee's appointment ofPricewaterhouse Coopers LLP as Agilent's independent registered publicaccounting firm | Issuer | For | For |   |   |
| 3                                                                                                | Approval of the amended and restated Agilent performance-basedcompensation plan for covered employees | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Hewlett-Packard | 4,000 | HPQ | 428236103 | 3/16/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Proposal to ratify Ernst & Young LLP as Hewlett-Packard Company'sIndependent registered public accounting firm for the fiscal year ending October31, 2005 | Issuer | For | For |   |   |
| 3                                                                                                | Approval of an amendment to the Hewlett-Packard Company 2000 employeestock purchase plan | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Eli Lilly and Company | 2,000 | LLY | 532457108 | 4/18/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Ratification of the appointment by the audit committee of the Board ofdirectors of Ernst & Young LLp as principal independent auditors for 2005 | Issuer | For | For |   |   |
| 3                                                                                                | Proposal by shareholders on separating the roles of Chairman and Chiefexecutive officer | Shareholder | Against | Against |   |   |
| 4                                                                                                | Proposal by shareholders on importation of prescription drugs | Shareholder | Against | Against |   |   |
| 5                                                                                                | Proposal by shareholders on a report on the impact of limiting productsupply to Canada | Shareholder | Against | Against |   |   |
| 6                                                                                                | Proposal by shareholders on periodic reports on the company'spolitical contributions | Shareholder | Against | For |   |   |
| 7                                                                                                | Proposal by shareholders on performance-based stock options | Shareholder | Against | Against |   |   |
| 8                                                                                                | Proposal by shareholders on animal testing | Shareholder | Against | Against |   |   |
|                                                                                             |
|                                                                                             | Washington Mutual, Inc. | 6,750 | WM | 939322103 | 4/19/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Ratification of the appointment of Deloitte & Touche LLP as thecompany's independent auditors for 2005 | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Frontier Financial Corporation | 4,000 | FTBK | 35907K105 | 4/20/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Ratify Moss Adams LLP as the auditors for Frontier FinancialCorporation and subsidiaries | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Apple Computer. Inc. | 11,000 | AAPL | 37833100 | 4/21/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | To approve the Apple Computer, Inc. performance bonus plan | Issuer | For | For |   |   |
| 3                                                                                                | To approve amendments to the 2003 employee stock option plan includingan increase in the number of shares of common stock reserved for issuancethereunder by 49 million shares | Issuer | For | For |   |   |
| 4                                                                                                | To approve an amendment to the employee stock purchase plan toincrease the number of shares of common stock reserved for issuance thereunderby 2 million shares | Issuer | For | For |   |   |
| 5                                                                                                | To ratify the appointment of KPMG LLP as independent auditors of thecompany for fiscal year 2005 | Issuer | For | For |   |   |
| 6                                                                                                | To consider a shareholder proposal if properly presented at themeeting | Issuer | Against | Against |   |   |
|                                                                                             |
|                                                                                             | Weherhaeuser Company | 2,000 | WY | 962166104 | 4/21/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Shareholder proposal on expensing stock options | Shareholder | Against | Against |   |   |
| 3                                                                                                | Shareholder proposal on a classified board | Shareholder | Against | For |   |   |
| 4                                                                                                | Shareholder proposal on performance-based options | Shareholder | Against | Against |   |   |
| 5                                                                                                | Sharehoolder proposal on national forest timber purchases | Shareholder | Against | Against |   |   |
| 6                                                                                                | Approval, on an advisory basis of the appointment of auditors | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Regal-Beloit Corporation | 2,000 | RBC | 758750103 | 4/22/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
|                                                                                             |
|                                                                                             | Alcoa Inc. | 3,000 | AA | 13817101 | 4/22/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Proposal to approve the independent auditor | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Advanced Micro Devices, Inc. | 10,000 | AMD | 7903107 | 4/28/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Ratification of appointment of independent registered publicaccounting firm | Issuer | For | For |   |   |
| 3                                                                                                | Approval of stockholder proposal to amend the corporate documents | Issuer | Against | Against |   |   |
| 4                                                                                                | Approval of stockholder proposal regarding stock option expensing | Issuer | Against | Against |   |   |
|                                                                                             |   |   |   |   |   |   |
|                                                                                             | Noble Corporation | 3,000 | NE | G65422100 | 4/28/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Approval of adoption of special resolution of member to amend articlesof association to increase director retirement age | Issuer | For | For |   |   |
| 3                                                                                                | Approval of the proposal regarding the amended and restated NobleCorporation 1992 nonqualified stock option plan for non-employee directors | Issuer | For | For |   |   |
| 4                                                                                                | Approval of the proposal to amend the Noble Corporation equitycompensation plan for non-employee directors | Issuer | For | For |   |   |
| 5                                                                                                | Approval of the appointment of independent auditors for 2005 | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Adobe Systems Incorporated | 4,800 | ADBE | 00724F101 | 4/28/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Approval of an amendment to the 2003 equity incentive plan increasingthe share reserve by 8,000,000 | Issuer | For | For |   |   |
| 3                                                                                                | Approval of an amendment to the 1996 outside directors' stock optionplan increasing the share reserve by 400,000 shares | Issuer | For | For |   |   |
| 4                                                                                                | Stockholder Proposal | Stockholder | Against | Against |   |   |
| 5                                                                                                | Stockholder Proposal | Stockholder | Against | Against |   |   |
| 6                                                                                                | Ratification of the appointment of KPMG LLp as the company'sindependent registered public accounting firm for the fiscal year endingDecember 2, 2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Earthlink, Inc. | 12,000 | ELNK | 270321102 | 5/3/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Ratification of the appointment of Ernst & Young LLP by the auditcommittee of the board of directors to serve as company's independent auditorsfor the fiscal year ending December 31, 2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Bristol-Meyers Squibb Company | 4,500 | BMY | 110122108 | 5/3/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Ratification fo independent registered public accounting firm | Issuer | For | For |   |
| 3                                                                                                | Approval of restated certificate of incorporation | Issuer | For | For |   |
| 4                                                                                                | Political Contributions | Issuer | Against | Against |   |
| 5                                                                                                | HIV/AIDS-TB-Malaria | Issuer | Against | Against |   |
| 6                                                                                                | Animal Testing | Issuer | Against | For |   |
| 7                                                                                                | Separation of Chairman and CEO positions | Issuer | Against | For |   |
| 8                                                                                                | Restatement situations | Issuer | Against | Against |   |
| 9                                                                                                | Restricted Stock | Issuer | Against | Against |   |
| 10                                                                                               | Director vote threshold | Issuer | Against | Against |   |
|                                                                                             |
|                                                                                             | Pepsico, Inc. | 2,000 | PEP | 713448108 | 5/4/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For |   |
| 2                                                                                                | Approval of Auditors | Issuer | For | For |   |
| 3                                                                                                | Shareholder proposal | Shareholder | Against | Against |   |
|                                                                                             |
|                                                                                             | Caremark RX, Inc. | 4,000 | CMX | 141705103 | 5/11/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Stockholder proposal- political contributions | Stockholder | Against | Against |   |
|                                                                                             |
|                                                                                             | Amgen Inc. | 2,640 | AMGN | 31162100 | 5/11/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | To ratify the selection of Ernst & Young LLP as the company'sindependent registered public accountants for the year ending December 31,2005 | Issuer | For | For |   |
| 3A                                                                                               | Stockholder Proposal #1 (In Vitro Testing) | Stockholder | Against | For |   |
| 3B                                                                                               | Stockholder Proposal #2 (Executive Compensation) | Stockholder | Against | Against |   |
| 3C                                                                                               | Stockholder Proposal #3 (Stock retention) | Stockholder | Against | Against |   |
|                                                                                             |
|                                                                                             | Performance Food Group Company | 3,000 | PFGC | 713755106 | 5/18/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
|                                                                                             |
|                                                                                             | Pharmaceutical Product Development, Inc. | 7,500 | PPDI | 717124101 | 5/18/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | In their discretion, the proxies are authorized to vote upon suchother matters as may properly come before the meeting | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Trimble Navigation Limited | 4,500 | TRMB | 896239100 | 5/19/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | To approve an amendment to the company's 2002 stock plan to allow thegranting of stock awards thereunder | Issuer | For | For |   |
| 3                                                                                                | To ratify the appointment of Ernst & Young LLP as the independentauditors of the company for the current fiscal year ending December 30,2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Westcoast Hospitality Corporation | 12,000 | WEH | 95750P106 | 5/19/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Ratification of appointment of BDO Seidman, LLP as auditors for2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | The Charles Schwab Corporation | 20,415 | SAT | 808513105 | 5/19/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Approval of an amendment to the 2004 Stock incentive plan regardinggrants to non-employee directors | Issuer | For | For |   |
| 3                                                                                                | Approval of an amendment to the corporate executive bonus planregarding performance measures | Issuer | For | For |   |
| 4                                                                                                | Stockholder proposal regarding terms of directors | Stockholder | Against | For |   |
|                                                                                             |
|                                                                                             | IDACORP, Inc. | 4,000 | IDA | 451107106 | 5/19/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | To ratify the selection of Deloitte & Touche LLP as independentregistered public accounting firm for the fiscal year ending December 31,2005 | Issuer | For | For |   |
| 3                                                                                                | To reapprove the material terms of the performance goals under theIDACORP 2000 long-term incentive and compensation plan | Issuer | For | For |   |
| 4                                                                                                | TO approve the IDACORP 2000 long-term incentive and compensation plan,as amended, including the authorization of additional shares. | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | FPL Group, Inc. | 4,400 | FPL | 302571104 | 5/20/05 |
| A                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| B                                                                                                | Ratification of the appointment of Deloitte and Touche LLP asindependent registered public accounting firm. | Issuer | For | For |   |
|                                                                                             |   |   |   |   |   |
|                                                                                             | Phelps Dodge Corporation | 1,330 | PD | 717265102 | 5/27/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Approve the Phelps Dodge Corporation 2006 Executive performanceincentive plan | Issuer | For | For |   |
| 3                                                                                                | Approve an amendment to the corporation's restated certificate ofincorporation to increase the muber of authorized common shares | Issuer | For | For |   |
| 4                                                                                                | Ratify the appointment of PriceWaterHouseCoopers LLP as independentaccountants for the year 2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Lowe's Companies, Inc. | 4,000 | LOW | 548661107 | 5/27/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Amendment to directors' stock option plan | Issuer | For | For |   |
| 3                                                                                                | Ratification of appointment of Deloitte & Touche LLP as the company'sindependent accountants | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Affymetrix, Inc. | 3,000 | AFFX | 00826T108 | 6/16/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | To ratify the appointment of Ernst & Young LLP as independentregistered public accounting firm of the company for the fiscal year endingDecember 31, 2005 | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Bed Bath & Beyond Inc. | 3,000 | BBBY | 75896100 | 6/30/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Ratification of the appointment of KPMG LLP | Issuer | For | For |   |
| 3                                                                                                | Foreign Workplace monitoring | Shareholder | Against | Against |   |
| 4                                                                                                | Executive stock holdings | Shareholder | Against | Against |   |
| 5                                                                                                | Board Structure | Shareholder | Against | For |   |

 
| Saturna Investment Trust, SextantInternational Fund (SSIFX)                                      |
|--------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating toshareholder meetings held from July 1, 2004 through June 30, 2005 |
| Proposal #                                                                                       | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |   |
|                                                                                             |
|                                                                                             | Lan Chile S.A. | 3,500 | LFL | 501723100 | 7/23/04 |   |
| I                                                                                                | Name change from "Lan Chile S.A." to "Lan Airlines S.A." | Issuer | For | For |   |   |
| II                                                                                               | Change of denomination of legal representative | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | James Hardie Industries N.V. | 1,000 | JHX | 47030M106 | 9/17/04 |   |
| 1                                                                                                | Reports and accounts for year ended 31 March 2004 | Issuer |   | For |   |   |
| 2                                                                                                | To re-elect Mr. JD Barr to supervisory and joint boards | Issuer |   | For |   |   |
| 3                                                                                                | Supervisory board share plan participation by Mr. Barr | Issuer |   | For |   |   |
| 4                                                                                                | Renewal of authority for company to acquire its own shares | Issuer |   | For |   |   |
|                                                                                             |
|                                                                                             | PT Indonesian Satellite Corp. TBK | 1,000 | IIT | 715680104 | 9/30/04 |   |
| 1                                                                                                | To approve amendments of article I, article 10 paragraph 6 and article11 paragraph 3 of company's articles of association | Issuer |   | For |   |   |
| 2                                                                                                | To approve proposed change of composition of board of directors of thecompany | Issuer |   | Abstain |   |   |
|                                                                                             |
|                                                                                             | Desc, S.A. DE C.V. | 4,500 | DES | 250309101 | 10/19/04 |   |
| S1                                                                                               | Presentation and approval of proposal to voluntarily delist the ADSSfrom NYSE, terminate registration of ADSS and series B common stock underSecurities Exchange Act of 1934, as amended, terminate deposit agreement andcancel registration of series B common stock, as more fully described in noticeof meeting | Issuer | For | Against |   |   |
| S2                                                                                               | Designation of delegates to effectuate resolutions adopted atmeeting | Issuer | For | Abstain |   |   |
| E4                                                                                               | Presentation and approval of proposal to voluntarily delist the ADSSfrom NYSE, terminate registration of ADSS and series B common stock underSecurities Exchange Act of 1934, as amended, terminate deposit agreement andcancel registration of series B common stock, as more fully described in noticeof meeting | Issuer | For | Against |   |   |
| E5                                                                                               | Designation of delegates to effectuate resolutions adopted atmeeting | Issuer | For | Abstain |   |   |
|                                                                                             |
|                                                                                             | Intrawest Corporation | 1,200 | IDR | 460915200 | 11/8/04 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Appointment of KPMG LLP, as auditors | Issuer | For | For |   |   |
| 3                                                                                                | The authority of audit committee of board of directors to fixremuneration of auditors | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | British Sky Broadcasting Group PLC | 450 | BSY | 111013108 | 11/12/04 |   |
|                                                                                             | Directors nominations | Issuer | For | For all nominees |   |   |
| 1                                                                                                | To receive and adopt financial statements for year ended 30 June 2004,together with report of directors and auditors thereon | Issuer |   | For |   |   |
| 2                                                                                                | To declare final dividend | Issuer |   | For |   |
| 10                                                                                               | To reappoint Deloitte & Touche LLP as auditors and to authorisedirectors to agree their remuneration | Issuer |   | For |   |
| 11                                                                                               | To receive report on directors' remuneration for year ended 30 June2004 | Issuer |   | For |   |
| 12                                                                                               | To authorise directors to make EU political donations under PPER Act2000 | Issuer |   | Against |   |
| 13                                                                                               | To authorise directors to allot shares under section 80 Companies Act2000 | Issuer |   | For |   |
| 14                                                                                               | To diapply statutory pre-emption rights (special resolution) | Issuer |   | For |   |
| 15                                                                                               | To authorise directors to make market purchases (specialresolution) | Issuer |   | For |   |
| 16                                                                                               | To approve waiving of compulsory bid obligation in respect of marketpurchases under rule 9 of city code on takeovers & mergers | Issuer |   | For |   |
| 17                                                                                               | To renew group executive share option scheme | Issuer |   | For |   |
| 18                                                                                               | To renew group sharesave scheme | Issuer |   | For |   |
|                                                                                             |
|                                                                                             | Allied Domecq plc | 1,200 | AED | 19121201 | 1/28/05 |
| 1                                                                                                | To receive and adopt the reports and accounts | Issuer | For | For |   |
| 2                                                                                                | To declare a final dividend | Issuer | For | For |   |
| 3                                                                                                | To receive and approve the directors' remuneration report | Issuer | For | For |   |
| 4                                                                                                | To re-elect Graham Hetherington as a director of the company | Issuer | For | For |   |
| 5                                                                                                | To re-elect David Scotland as a director of the company | Issuer | For | For |   |   |
| 6                                                                                                | To re-elect Richard Turner as a director of the company | Issuer | For | For |   |   |
| 7                                                                                                | To re-appoint the auditor | Issuer | For | For |   |   |
| 8                                                                                                | To authorize the directors to determine the remuneration of theauditor | Issuer | For | For |   |   |
| 9                                                                                                | To re-new the directors' authority to allot unissued shares | Issuer | For | For |   |   |
| 10                                                                                               | To re-new the directors' authority in respect of the partialdisapplication of pre-emption rights | Issuer | For | For |   |   |
| 11                                                                                               | To authorize the company to make limited market purchases of its ownordinary shares | Issuer | For | For |   |   |
| 12                                                                                               | To authorize Allied Domecq (Holdings) plc ('ADH') to make politicaldonations and incur political expenditure | Issuer | For | Against |   |   |
| 13                                                                                               | To authorize Allied Domecq plc performance share plan 2005 | Issuer | For | Abstain |   |   |
| 14                                                                                               | To approve the Allied Domecq plc long term incentive scheme 2000 | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Epcos AG | 2,500 | EPC | 29410P107 | 2/16/05 |   |
| 2                                                                                                | Resolution on appropriation of net income of Epcos AG | Issuer | For | For |   |   |
| 3                                                                                                | Resolution on exoneration of the members of the management board | Issuer | For | Abstain |   |   |
| 4                                                                                                | Resolution of exoneration of the members of the supervisory board | Issuer | For | Abstain |   |   |
| 5                                                                                                | Resolution on appointment of independent auditors for fiscal year2004/2005 | Issuer | For | For |   |   |
| 6A                                                                                               | Election of the supervisory board: Dr. Wolf-Dieter Bopst | Issuer | For | For |   |   |
| 6B                                                                                               | Election of the supervisory board: Dr. Juergen Heraeus | Issuer | For | For |   |   |
| 6C                                                                                               | Election of the supervisory board: Prof. Dr. Anton Kathrein | Issuer | For | For |   |   |
| 6D                                                                                               | Election of the supervisory board: Joachim Reinhart | Issuer | For | For |   |   |
| 6E                                                                                               | Election of the supervisory board: Klaus Ziegler | Issuer | For | For |   |   |
| 6F                                                                                               | Election of the supervisory board: Dr. Uwe-Ernst Bufe (substitutemember) | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Banco Bilbao Vizcaya Argentaria S.A. | 1,800 | BBV | 05946K101 | 2/26/05 |   |
| 1                                                                                                | Examination and approval, where forthcoming, of the annual accounts(balance sheet, income statement and annual report) and managament report, forBanco Bilbao Vizcaya Argentaria, S.A. and its consolidated financial group | Issuer |   | Abstain |   |   |
| 2                                                                                                | Re-election, where forthcoming, of members of the board of directors.Consequently, determination of the number of directors pursuant to paragraph 2of article 34 in the company bylaws | Issuer |   | Abstain |   |   |
| 3                                                                                                | To raise by 50 billion Euros, the maximum nominal amount delegated tothe board of directors by the company's general shareholders meeting | Issuer |   | For |   |   |
| 4                                                                                                | Authorization for the company to acquire treasury stock directly orthrough group companies | Issuer |   | For |   |   |
| 5                                                                                                | Re-election of auditors for the 2005 accounts | Issuer |   | For |   |   |
| 6                                                                                                | Conferral of authority to the board of directors, with powers ofsubstitution, to formalise, correct, interpret and implement resolutions adoptedby the GSM | Issuer |   | For |   |   |
|                                                                                             |
|                                                                                             | Novartis AG | 1,000 | NVS | 66987V109 | 3/1/05 |   |
| 1                                                                                                | Approval of the annual report, the financial statements of Novartis AGand the group consolidated financial statements for the year 2004 | Issuer | For | For |   |   |
| 2                                                                                                | Approval of the activities of the board of directors | Issuer | For | For |   |   |
| 3                                                                                                | Appropriation of available earnings of Novartis AG as per balancesheet and declaration of dividend | Issuer | For | For |   |   |
| 4                                                                                                | Reduction of share capital | Issuer | For | For |   |   |
| 5                                                                                                | Further share repurchase program | Issuer | For | For |   |   |
| 6A                                                                                               | Re-election of Dr. H.c. Birgit Breuel for a two-year term | Issuer | For | For |   |   |
| 6B                                                                                               | Re-election of Prof. Dr. Peter Burchhardt for a three-year term | Issuer | For | For |   |   |
| 6C                                                                                               | Re-election of Alexandre F. Jetzer for a three-year term | Issuer | For | For |   |   |
| 6D                                                                                               | Re-election of Pierre Landolt for a three year term | Issuer | For | For |   |   |
| 6E                                                                                               | Re-election of Prof. Dr. Ulrich Lehner for a three year term | Issuer | For | For |   |   |
| 7                                                                                                | Appointment of auditors and group auditors | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Coca-Cola Femsa, S.A. DE C.V. | 1,500 | KOF | 191241108 | 3/8/05 |   |
| IV                                                                                               | Election of members of board of directors and examiners for 2005fiscal year, and resolution with respect to their remuneration | Issuer |   | For all nominees |   |   |
| VI                                                                                               | Special approval of series "L" shareholders not to cancel the98'684,857 series "L" shares, issued by general extraordinary meeting dated asof December 20, 2002, which were not subscribed by the series "L" holders inexercise of their pre-emptive rights, as more fully described in the agenda | Issuer |   | For |   |   |
|                                                                                             |
|                                                                                             | SK Telecom Co. Ltd. | 1,500 | SKM | 78440P108 | 3/11/05 |   |
| 1                                                                                                | Approval of balance sheet, statement of income, and statement ofappropriation of retained earnings of 21st fiscal year, as set forth incompany's agenda | Issuer | For | For |   |   |
| 2                                                                                                | Approval of amendment of articles of incorporation, as set forth incompany's agenda | Issuer | For | For |   |   |
| 3                                                                                                | Approval of ceiling amount of remuneration of directors, as set forthin company's agenda | Issuer | For | For |   |   |
| 4A                                                                                               | Approval of appointment of directors, as set forth in company'sagenda | Issuer | For | For |   |   |
| 4B                                                                                               | Approval of appointment of outside directors who will not be auditcommittee members, as set forth in company's agenda | Issuer | For | For |   |   |
| 4C                                                                                               | Approval of appointment of outside directors who will be auditcommittee members, as set forth in company's agenda | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | The Toronto-Dominion Bank | 1,400 | TD | 891160509 | 3/23/05 |   |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |   |
| 2                                                                                                | Appointment of auditors named in management proxy circular | Issuer | For | For |   |   |
| 3                                                                                                | Shareholder proposal A | Shareholder | Against | Against |   |   |
| 4                                                                                                | Shareholder proposal B | Shareholder | Against | Against |   |   |
| 5                                                                                                | Shareholder proposal C | Shareholder | Against | Against |   |   |
| 6                                                                                                | Shareholder proposal D | Shareholder | Against | Against |   |   |
| 7                                                                                                | Shareholder proposal E | Shareholder | Against | Against |   |   |
| 8                                                                                                | Shareholder proposal F | Shareholder | Against | Against |   |   |
| 9                                                                                                | Shareholder proposal G | Shareholder | Against | Against |   |   |
|                                                                                             |
|                                                                                             | Transportadora de Gas Del Sur S.A. | 1,500 | TGS | 893870204 | 3/31/05 |   |
| 1                                                                                                | Appointment of two shareholders to approve and sign minutes | Issuer |   | For |   |   |
| 2                                                                                                | Consideration of annual report, inventory, financial statements,information review, information required by section 68 of Buenos Aires StockExchange regulations, auditor's report, and statutory audito committeereport | Issuer |   | For |   |   |
| 3                                                                                                | Consideration of allocation of fiscal year net income | Issuer |   | For |   |   |
| 4                                                                                                | Consideration of actions carried out by board of directors andstatutory audit committee during fiscal year ended December 31, 2004 anddetermination of their compensation, and consideration of operating budget for"auditing committee" for current fiscal year | Issuer |   | For |   |   |
| 5                                                                                                | Appointment of regular directors and alternate directors, andstatutory audit committee members and determination of their term of office | Issuer |   | For |   |   |
| 6                                                                                                | Appointment of independent accountant to certify financial statementsfor current fiscal year and determination of his compensation | Issuer |   | For |   |   |
|                                                                                             |   |   |   |   |   |   |
|                                                                                             | Enersis S.A. | 4,000 | ENI | 29274F104 | 4/8/05 |   |
| 1                                                                                                | Approval of annual report, balance sheet, financial statements andreport of the external auditors and inspectors of the accounts corresponding tothe year ended December 31, 2004 | Issuer | For | For |   |   |
| 2                                                                                                | Approval of distribution of profits and dividends for fiscal yearended December 31, 2004 | Issuer | For | For |   |   |
| 7                                                                                                | Appointment of independent external auditors | Issuer | For | For |   |   |
| 9                                                                                                | Approval of investment and financing policy | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Rio Tinto PLC | 500 | FTP | 767204100 | 4/14/05 |   |
| 1                                                                                                | Authority to allot revelant securities under section 80 of thecompanies Act 1985 | Issuer | For | For |   |   |
| 2                                                                                                | Authority to allot equity securities for cash under section 89 of thecompanies Act 1985 | Issuer | For | For |   |   |
| 3                                                                                                | Authority to purchase Rio Tinto PLC shares by the company or Rio TintoLimited | Issuer | For | For |   |   |
| 4                                                                                                | Authority to purchase Rio Tinto Limited shares, off the market bytender, by Rio Tinto Limited | Issuer | For | For |   |   |
| 5                                                                                                | Amendments to the articles of association of the company and theconstitution of Rio Tinto | Issuer | For | For |   |   |
| 6                                                                                                | Amendments to the DLC merger sharing agreement | Issuer | For | For |   |   |
| 7                                                                                                | Approval of the Rio Tinto share savings plan | Issuer | For | For |   |   |
| 8                                                                                                | Election of Richard Goodmanson as a director | Issuer | For | For |   |   |
| 9                                                                                                | Election of Ashton Calavert as a director | Issuer | For | For |   |   |
| 10                                                                                               | Election of Vivienne Cox as a director | Issuer | For | For |   |   |
| 11                                                                                               | Re-election of Paul Skinner as a director | Issuer | For | For |   |   |
| 12                                                                                               | Re-appointment of Pricewaterhousecoopers LLP as auditors and authorityfor the audit committee to set their remuneration | Issuer | For | For |   |   |
| 13                                                                                               | Approval of Remuneration report | issuer | For | For |   |   |
| 14                                                                                               | Receive the annual report and financial statements for the year endedDecember 31, 2004 | Issuer | For | For |   |   |
|                                                                                             |
|                                                                                             | Hanson PLC | 1,100 | HAN | 411349103 | 4/20/05 |
| 1                                                                                                | Accounts and the reports of the directors and auditors for the yearended December 31, 2004 | Issuer | For | For |   |
| 2                                                                                                | Remuneration report | Issuer | For | For |   |
| 3                                                                                                | Declaration of dividend of 64.00 pence per ADS | Issuer | For | For |   |
| 4A                                                                                               | Re-election of G Dransfield | Issuer | For | For |   |
| 4B                                                                                               | Re-election of J C Nicholls | Issuer | For | For |   |
| 4C                                                                                               | Re-election of the Baroness Noakes DBE | Issuer | For | For |   |
| 4D                                                                                               | Election of J W Leng | Issuer | For | For |   |
| 4E                                                                                               | Election of M W Welton | Issuer | For | For |   |
| 5                                                                                                | Re-appointment of the auditors and determination of the auditors'remuneration | Issuer | For | For |   |
| 6A                                                                                               | Authority to allot shares generally | Issuer | For | For |   |
| 6B                                                                                               | limited authority to allot shares for cash | Issuer | For | For |   |
| 7                                                                                                | Limited authority to purchase shares | Issuer | For | For |   |
| 8                                                                                                | Amend articles of association | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | AXA | 3,000 | AXA | 54536107 | 4/20/05 |   |
| 1                                                                                                | Approval of the Company's 2004 financial statements- parent only | Issuer | For | For |   |   |
| 2                                                                                                | Approval of the consolidated financial statements for 2004 | Issuer | For | For |   |   |
| 3                                                                                                | Earnings appropriation and declaration of a dividend of .61 euros | Issuer | For | For |   |   |
| 4                                                                                                | Appropriation of the long-term capital gains reserve to the ordinaryreserve | Issuer | For | For |   |   |
| 5                                                                                                | Approval of the agreements mentioned in the Auditors' SpecialReport | Issuer | For | For |   |   |
| 6                                                                                                | Non-re-appointment of Mr. Thierry Breton to the Supervisory Board, whoresigned from the Board | Issuer | For | For |   |   |
| 7                                                                                                | Re-appointment of Mr. Anthny Hamilton to the Supervisory Board | Issuer | For | For |   |   |
| 8                                                                                                | Re-appointment of Mr. Henri Lachmann to the Supervisory Board | Issuer | For | For |   |   |
| 9                                                                                                | Re-appointment of Mr. Michel Pereau to the Supervisory Board | Issuer | For | For |   |   |
| 10                                                                                               | Ratification of the decision by the supervisory Board to appoint Mr. LApotheker to the Supervisory Board | Issuer | For | For |   |   |
| 11                                                                                               | Appointment of Mr. Jacques de Chateauvieux to the SupervisoryBoard | Issuer | For | For |   |   |
| 12                                                                                               | Appointment of Ms. Dominique Reiniche to the Supervisory Board | Issuer | For | For |   |   |
| 13                                                                                               | Determination of the annual amount of directors' fees | Issuer | For | For |   |   |
| 14                                                                                               | Authorization granted to the Management Board to purchase thecompany's shares | Issuer | For | For |   |   |
| 15                                                                                               | Delegation to the Management board to increase capital through thecapitalization of reserves, retained earnings or additional paid-in capital | Issuer | For | For |   |   |
| 16                                                                                               | Delegation of authority to the Management Board to increase theCampany's capital through the issue of common shares or securities that entitilethe bearer to common shares of the company or one of its subsidiaries, withpreferential subscription rights maintained | Issuer | For | For |
| 17                                                                                               | Delegation of authority to the Management Board to increase capitalthrough the issue of common shares or securities that entitle the bearer toshare capital of the company or one of its subsidiaries, with preferentialsubscription rights waived | Issuer | For | For |
| 18                                                                                               | Authorization granted to the management Board, in the event thatshares or securities with preferential subscription rights waived are issuedunder the terms of the seventeenth resolution, to set the issue price under theconditions defined by the Shareholders and up to a maximum of 10% of the equitycapital. | Issuer | For | For |
| 19                                                                                               | Authorization granted to the Management Board to increase the amountof the initial issue in the event that shares or securites are issued withpreferential subscription rights waived or maintained, under the terms set forthin the sixteenth to the eighteenth resolutions | Issuer | For | For |
| 20                                                                                               | Delegation of authority to the Management Board to issue common sharesand securities with a claim to the Company's common shares, in the event that apublic exchange offer is initiated by the company. | Issuer | For | For |
| 21                                                                                               | Delegation of authority to the Management Board to increase thecapital of the Company through the issue of common shares and securities with aclaim to the company's common shares in return for contributions in kind up to amaximum of 10% of share capital | Issuer | For | For |
| 22                                                                                               | Delegation of authority to the Management Board to issue common sharesin connection with the issue of securites, by Subsidiaries of the Company, witha claim to the Company's common shares | Issuer | For | For |
| 23                                                                                               | Delegation of authority to the Management Board to issue securitiesentitling their bearers to an allotment of debt instruments and that do notresult in an increase of the Company's capital | Issuer | For | For |
| 24                                                                                               | Authorization granted to the Management Board to resolve to issuesecurities securing immediate or deferred access to the Company's sharescapital, reserved for employees enrolled in the employer-sponsered Companysavings plan | Issuer | For | For |
| 25                                                                                               | Authorization granted to the Management Board to freely allot sharesto employees of the Company | Issuer | For | For |
| 26                                                                                               | Authorization to grant stock purchase and/or stock subscriptionoptions | Issuer | For | For |
| 27                                                                                               | Authorization granted to the management Board to reduce capitalthrough the cancellation of shares | Issuer | For | For |
| 28                                                                                               | Amendment of the by-laws to reflect changes in the threshold forownership of voting rights with respect to regulated agreements | Issuer | For | For |
| 29                                                                                               | Amendment of article 12 of the Bylawas, to stipulate that the consentof the Supervisory Board is required prior (I) the implementation of stockoption plan of any kind and (ii) the granting of free allotments of shares | Issuer | For | For |
| 30                                                                                               | Authorization to comply with all formal requirements in connectionwith this meeting. | Issuer | For | For |
|                                                                                             |
|                                                                                             | Aegon N.V. | 2,292 | AEG | 7924103 | 4/21/05 |   |
| 2.2                                                                                              | Approval of the adoption of the annual accounts 2004 | Issuer | For | For |   |   |
| 2.4                                                                                              | Approval of the final dividend 2004 | Issuer | For | For |   |   |
| 2.5                                                                                              | Approval of the resolution to release the members of the ExecutiveBoard from liability for their duties | Issuer | For | For |   |   |
| 2.6                                                                                              | Approval of the resolution to release the members of the SupervisoryBoard from liability for their duties | Issuer | For | For |   |   |
| 3                                                                                                | Approval of the appointment of independent auditors | Issuer | For | For |   |   |
| 5.1                                                                                              | Approval of the amendment to the Articles of Incorporation of theCompany | Issuer | For | For |   |   |
| 5.2                                                                                              | Approval of the authorization to execute the amendment of the Articlesof Incorporation of the Company | Issuer | For | For |   |   |
| 6                                                                                                | Approval of the remuneration Supervisory Board members | Issuer | For | For |   |   |
| 7.1                                                                                              | Approval of the reappointment of Mr. D. J. Shepard to the ExecutiveBoard | Issuer | For | For |   |   |
| 7.2                                                                                              | Approval of the reappointment of Mr. J. B. M. Streppel to theExecutive Board | Issuer | For | For |   |   |
| 8.1                                                                                              | Approval of the appointment of Mr. S. Levy to the SupervisoryBoard | Issuer | For | For |   |   |
| 8.2                                                                                              | Approval of the reappointment of Mr. D.G. Eustace to the SupervisoryBoard | Issuer | For | For |   |   |
| 8.3                                                                                              | Approval of the reappointment of Mr. W.F.C. Stevens to the SupervisoryBoard | Issuer | For | For |   |   |
| 9.1                                                                                              | Approval of the authorization to issue shares of the Company | Issuer | For | For |   |   |
| 9.2                                                                                              | Approval of the authorization to restrict or exclude pre-emptiverights upon issuing shares of the Company | Issuer | For | For |   |   |
| 9.3                                                                                              | Approval of the authorization to issue shares of the Company underincentive plans | Issuer | For | For |   |
| 9.4                                                                                              | Approval of the authorization to acquire shares of the Company | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | ING Groep | 1,523 | ING | 456837103 | 4/26/05 |
| 3A                                                                                               | Annual accounts for 2004 | Issuer | For | For |   |
| 3B                                                                                               | Dividend for 2004 | Issuer | For | For |   |
| 4A                                                                                               | Discharge of the executive board in respect of the duties performedduring the year 2004 | Issuer | For | For |   |
| 4B                                                                                               | Discharge of the supervisory board in respect of the duties performedduring the year 2004 | Issuer | For | For |   |
| 5A                                                                                               | ING's response to the dutch cororate governance code | Issuer | For | For |   |
| 6A                                                                                               | Reappointment of luella gross goldberg | Issuer | For | For |   |
| 6B                                                                                               | Reappointment of Godfried van der lugt | Issuer | For | For |   |
| 6C                                                                                               | Appointment of Jan Hommen | Issuer | For | For |   |
| 6D                                                                                               | Appointment of Christine Legarde | Issuer | For | For |   |
| 7                                                                                                | Maximum number of stock options and performance shares to be grantedto members of the executive board for 2004 | Issuer | For | For |   |
| 8A                                                                                               | Authorization to issue preference B shares with or withoutpreferential rights | Issuer | For | For |   |
| 8B                                                                                               | Authorization to issue prefernce B shares with or without preferentialrights | Issuer | For | For |   |
| 9                                                                                                | Authorization to acquire shares or depositary receipts for shares inits own capital | Issuer | For | For |   |
|                                                                                             |   |   |   |   |   |
|                                                                                             | Serono S.A. | 2,000 | SRA | 81752M101 | 4/26/05 |
| 1                                                                                                | Approval of serono S.A.'s annual report. Accounts and consolidatedaccounts of the serono group | Issuer | For | For |   |
| 2                                                                                                | Proposed appropriation of availabe earnings in the 2004 balance sheetand dividend proposal | Issuer | For | For |   |
| 3                                                                                                | Reduction of share capital | Issuer | For | For |   |
| 4                                                                                                | Discharge to the board of directors and the management | Issuer | For | For |   |
| 5B                                                                                               | Auditors | Issuer | For | For |   |
| 5C                                                                                               | Special Auditors | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Encana | 1,000 | ECA | 292505104 | 4/27/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Appointment of auditors-pricewaterhousecoopers llp at a renumerationto be fixed by the board of directors | Issuer | For | For |   |
| 3                                                                                                | Approval of amendment to employee stock option plan | Issuer | For | For |   |
| 4                                                                                                | Approval of special resolution regarding two for one share split | Issuer | For | For |   |
|                                                                                             |   |   |   |   |   |
|                                                                                             | Lan Airlines | 3,500 | LFL | 501723100 | 4/29/05 |
| A                                                                                                | Approval of company's annual report, balance sheet and financialstatements for the year concluded on december 31, 2004. | Issuer | For | For |   |
| B                                                                                                | Approval of a dividend to be paid not less than the legal 30% minimumto be charged to the 2004 profits | Issuer | For | For |   |
| C                                                                                                | Fix the director's fees for 2005 | Issuer | For | For |   |
| D                                                                                                | Fix the directors' committee fees for 2005 determination of itsbudget | Issuer | For | For |   |
| E                                                                                                | Appointment of external auditors | Issuer | For | For |   |
| F                                                                                                | Appointment of rating agencies | Issuer | For | For |   |
| G                                                                                                | Status of transactions referred to in article 44 of act No. 18,064 oncorporations (transactions held with related persons) | Issuer | For | For |   |
| H                                                                                                | Information on the processin , printing and mailing costs of theinformation referred to in order NO. 1494 of the chilean securitiesauthority | Issuer | For | For |   |
| I                                                                                                | Any other matter of the company's interest which shall be submitted tothe annual shareholder's meeting | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Fairmont Hotels & Resorts | 1,100 | FHR | 305204109 | 5/3/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Appointment of pricewaterhousecoopers llp, chartered accountants asauditors | Issuer | For | For |   |
| 3                                                                                                | The ordinary resolution approving and reconfirming the amended andrestated shareholder rights plan of the corporation, as set out in appendix B tothe management proxy circular | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | CRH PLC | 2,000 | CRHCY | 12626K203 | 5/4/05 |
| 1                                                                                                | Consideration of financial statements and reports of directors andauditors. | Issuer | For | For |   |
| 2                                                                                                | Declaration of a dividend | Issuer | For | For |   |
| 3A                                                                                               | Re-election of director Mr. TW Hill | Issuer | For | For |   |
| 3B                                                                                               | Re-election of director Mr. DM Kennedy | Issuer | For | For |   |
| 3C                                                                                               | Re-election of director Mr. K. Mcgowan | Issuer | For | For |   |
| 3D                                                                                               | Re-election of director Mr. A. O'Brien | Issuer | For | For |   |
| 3E                                                                                               | Re-election of director Mr. JL Wittstock | Issuer | For | For |   |
| 3F                                                                                               | Re-election of director Mr. N. Hartery | Issuer | For | For |   |
| 3G                                                                                               | Re-election of director Dr. JMC O'Connor | Issuer | For | For |   |
| 4                                                                                                | Remuneration of auditors | Issuer | For | For |   |
| 5                                                                                                | Director's fees | Issuer | For | For |   |
| 6                                                                                                | Authority to purchase own ordinary/income shares | Issuer | For | For |   |
| 7                                                                                                | Authority to relation to re-issue price range of treasury shares | Issuer | For | For |   |
| 8                                                                                                | Disapplicaiton of pre-emption rights | Issuer | For | For |   |
|                                                                                             |   |   |   |   |   |
|                                                                                             | Canadian Pacific Railway | 1,200 | CP | 13645T100 | 5/5/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Appointment of pricewaterhousecoopers LLP as auditors | Issuer | For | For |   |
| 3                                                                                                | The resolution approving the sharehodler rights plan | Issuer | For | For |   |
|                                                                                             |   |   |   |   |   |
|                                                                                             | Potash Corporation of Saskatchewan Inc. | 1,000 | POT | 73755L107 | 5/5/05 |
| 1                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                | Appointment of Deloitte & Touche LLP as auditors | Issuer | For | For |   |
| 3                                                                                                | Resolution (attached as appendix B to the accompanying managementproxy circular) approving adoption of new stock option plan | Issuer | For | For |   |
|                                                                                             |   |   |   |   |   |
|                                                                                             | Total SA | 500 | TOT | 89151E109 | 5/17/05 |
| O1                                                                                               | Approval of the parent company financial statements | Issuer | For | For |   |
| O2                                                                                               | Approval of the consolidated financial statements | Issuer | For | For |   |
| O3                                                                                               | Allocation of earnings, declaration of dividend | Issuer | For | For |   |
| O4                                                                                               | Agreements covered by article L. 225-38 of the french commercialcode | Issuer | For | For |   |
| O5                                                                                               | Authorization for the board of directors to trade shares of thecompany | Issuer | For | For |   |
| O6                                                                                               | Renewal of the appointment of Mr. Paul Desmarais Jr. as adirector | Issuer | For | For |   |
| O7                                                                                               | Renewal of the appointment of Mr. Bertrand Jacquillat as adirector | Issuer | For | For |   |
| O8                                                                                               | Renewal of the appointment of Mr. Maurice Lippens as a director | Issuer | For | For |   |
| O9                                                                                               | Appointment of Lord Levene of Portsoken, KBE as a director | Issuer | For | For |   |
| E10                                                                                              | Authority to board to raise capital by issueing equity or equitylinked securities with preferential subscrition rights | Issuer | For | For |   |
| E11                                                                                              | Authority to board to raise capital by issueing equity or equitylinked securities without preferential subscrition rights | Issuer | For | For |   |
| E12                                                                                              | Authority to the board for the purpose of capital increases pursuantto article L. 443-5 of the french labor code | Issuer | For | For |   |
| E13                                                                                              | Authorication to grant shares of the company to employees andexecutive officers of the company and group companies | Issuer | For | For |   |
| A                                                                                                | Amended authorization to grant shares to employees and executiveofficers of the company and group companies | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | BCE | 1,600 | BCE | 05534B109 | 5/25/05 |
| A                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| B                                                                                                | Appointment of Deloitte & Touche LLP as auditor | Issuer | For | For |   |
| C                                                                                                | Forbid any commercial relationship with the external auditor and itsaffiliates other than in connection with the auditing of BCE's financialstatements | Shareowner | Against | Against |   |
| D                                                                                                | Limit the number of years during which an independent director mayserve on the board | Shareowner | Against | Against |   |
| E                                                                                                | Implement a cumulative voting mechanism for the election of thedirectors | Shareowner | Against | Against |   |
| F                                                                                                | Replace the stock option plan with a restricted share plan | Shareowner | Against | Against |   |
|                                                                                             |
|                                                                                             | Glaxosmithkline | 400 | GSK | 37733W105 | 5/25/05 |
| 1                                                                                                | To receive and adopt the director's report and the financialstatements | Issuer | For | For |   |
| 2                                                                                                | To approve the remuneration report | Issuer | For | For |   |
| 3                                                                                                | To elect Sir Christopher Gent as a director | Issuer | For | For |   |
| 4                                                                                                | To elect Sir Deryck Maughan as a director | Issuer | For | For |   |
| 5                                                                                                | To elect Mr. Julian Heslop as a director | Issuer | For | For |   |
| 6                                                                                                | To re-elect Mr. Jean-Pierre Garnier as a director | Issuer | For | For |   |
| 7                                                                                                | To re-elect Sir Ian Prosser as a director | Issuer | For | For |   |
| 8                                                                                                | To re-elect Dr. Ronaldo Schmitz as a director | Issuer | For | For |   |
| 9                                                                                                | To re-elect Dr. Lucy Shapiro as a director | Issuer | For | For |   |
| 10                                                                                               | Re-appointment of auditors | Issuer | For | For |   |
| 11                                                                                               | Remuneration of auditors | Issuer | For | For |   |
| 12                                                                                               | To authorise the company to make donaitons to EU politicalorgnisations and incur EU political expenditure | Issuer | For | For |   |
| 13                                                                                               | Disapplicaiton of pre-emption rights | Issuer | For | For |   |
| 14                                                                                               | Authority for the company to purchase it's own shares | Issuer | For | For |   |
| 15                                                                                               | Inseration of new Article 48 A into Article of association | Issuer | For | For |   |
| 16                                                                                               | Deletion of Article 154.2 of Articles of Association | Issuer | For | For |   |
| 17                                                                                               | Amentment of Article 81 of Articles of Association | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Enel SPA | 800 | EN | 29265W108 | 5/26/05 |
| O1                                                                                               | Approval of the financial statements of enel spa for the year endedseptember 31, 2004. Reports of the board of directors, the board of statutoryauditors and the external auditors. Related resolutions. Presentation of theconsolidated financial statements for the year ended December 31, 2004, as setforth in the company's notice of meeeting enclosed herewith. | Issuer | For | For |   |
| O2                                                                                               | Approval of the allocation of the net income for th eyear as set forthin the company's notice of meeting enclosed herewith | Issuer | For | For |   |
| O9                                                                                               | Appointment of the external auditors for the years 2005, 2006, and2007 | Issuer | For | For |   |
| E1                                                                                               | Procedure for electing the board of directors by slate vote, as setforth in the company's notice of meeting enclosed herewith | Issuer | For | For |   |
| E2                                                                                               | Delegation to the board of directors of the power to increase theshare capital in connection with the 2005 stock option plan by a maximum amountof 28,757,000 euro through the issue of ordinary shares reserved for executivesof enel SPA and or subsidiaries thereof, as set forth in the company's notice ofmeeting enclosed herewith | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Repsol YPF | 2,000 | REP | 76026T205 | 5/31/05 |
| 1                                                                                                | Review and approval if appropriate of the annual financial statements(balance sheet, profit and loss account and the annual report) and themanagement report of repsol YPF SA | Issuer | For | For |   |
| 2                                                                                                | Information to the general sharehodlers' meeting on the amendments tothe regulation of the board of directors | Issuer | For | For |   |
| 3                                                                                                | Amendment of chapter II of title IV (related to the board ofdirectors) and of article 40 (related to audit) removal of article 47 (relatedto resolution of disputes) | Issuer | For | For |   |
| 4                                                                                                | Appointment, ratification, or re-election of directors | Issuer | For | For |   |
| 5                                                                                                | Appointment or re-election of the accounts auditor of repsol ypf andof its consolidated group | Issuer | For | For |   |
| 6                                                                                                | Authorisation to the board of directors for the derivative acquisitionof shres of repsol YPF | Issuer | For | For |   |
| 7                                                                                                | Delegation to the board of directors for the power to resolve theincrease of the capital stock | Issuer | For | For |   |
| 8                                                                                                | Delegation to the board of directors of the power to issue debenturesbonds and any other fixed rate securities of analogous nature | Issuer | For | For |   |
| 9                                                                                                | Delegation of powers to supplement develop execute rectify orformalize the resolutions adopted by the general meeting | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Telefonica S.A. | 586 | TEF | 879382208 | 5/31/05 |
| 1                                                                                                | Approval of the annual accounts an dof the management report oftelefonica SA and of its consolidated group of companies as well as the proposalfor the application of the results of telefonica SA and that of the managementof its board of directors corresponding to the fiscal year 2004 | Issuer | For | For |   |
| 2                                                                                                | Approval of the shareholder remuneration: A)Distirbution of dividendswith a charge to the additional paid in capital reserve and B) extraordinarynon-cash distributions of additional paid-in-capital | Issuer | For | For |   |
| 3                                                                                                | Approval of the merger plan between telefonica SA and terra networksSA and approval as the merger balance sheet of telefonica SA's balance sheetclosed as of 12/31/04 as set forth in the company's notice of meeting enclosedherewith. | Issuer | For | For |   |
| 4                                                                                                | Approval of the appointment of directors | Issuer | For | For |   |
| 5                                                                                                | approval of the designation of the accounts auditor for telefonica SAand its consolidated goup of companies | Issuer | For | For |   |
| 6                                                                                                | Approval of the authorization for the acquisition of treasurystock | Issuer | For | For |   |
| 7                                                                                                | Approval of the reduction of share capital through the amoritizationof treasury stock | Issuer | For | For |   |
| 8                                                                                                | Delegation of powers for the formalizing interpreting correcting andexecuting of the resolutions | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Business Objects S.A. | 6,000 | BOBJ | 12328X107 | 6/7/05 |
| 1                                                                                                | Approval of the statutoy financial statements for the fiscal yearended 12/31/04 | Issuer | For | For |   |
| 2                                                                                                | Approval of the consolidated financial statements for the fiscal yearended 12/31/04 | Issuer | For | For |   |
| 3                                                                                                | Allocation of earnings for the fiscal year ended 12/31/04 | Issuer | For | For |   |
| 4                                                                                                | Renewal of the term of office of Mr. Gerald Held as Director: | Issuer | For | For |   |
| 5                                                                                                | Ratification of the appointment of Mr. Carl Pascarella asDirector: | Issuer | For | For |   |
| 6                                                                                                | Appointment of as replacements for the secondary statutory auditors,Deloitte, touche Tohmatsu, and the second alternate statutory auditors, BEAS, ofBDO Marque & Gendrot, as second statutory auditors and Rouer, Bernard, Bretoutas second alternate stautory auditors | Issuer | For | For |   |
| 7                                                                                                | Ratification of regulated agreements | Issuer | For | For |   |
| 8                                                                                                | Increase of the aggregate amount of authorized directors's fees | Issuer | For | For |   |
| 9                                                                                                | Authorization granted to the Board of Directors to repurchase ordinaryshares of the company | Issuer | For | For |   |
| 10                                                                                               | Authorization granted to the board of directors to reduce the sharecapital by cancellations of treasury shares | Issuer | For | For |   |
| 11                                                                                               | Authorization granted to the board of directors to issue warrants tosubscribe up to a maximum of 45,000 Ordinary shares reserved for Mr. GeraldHeld. | Issuer | For | For |   |
| 12                                                                                               | Authorization granted to the board of directors to issue warrants tosubscribe up to a maximum of 45,000 Ordinary shares reserved for Mr. CarlPascarella. | Issuer | For | For |   |
| 13                                                                                               | Authorization granted to the board of directors to increase the sharecapital through the inssuance of ordinary shares, with subscription reserved tothe participants in the comnpany emplyee savings plan | Issuer | For | For |   |
| 14                                                                                               | Delegation granted to the board of directors to increase the sharecapital through the issuance of ordinery shares with subscription reserved tothe 2004 business Objects SA employee benefits trust under the 2004international employee stock purchase plan. | Issuer | For | For |   |
| 15                                                                                               | Authorization granted to the board of director's to allocate free ofcharge exisiting ordinary shares or to issue new ordinary shares free of chargeto the employees and certain officers of the company and to the employees of thecompany's subsidiaries. | Issuer | For | For |   |
| 16                                                                                               | Approval of the amendment of the article 7.2 of the company's articlesof association in order ot stipulate an additional oblifation of disclosure incase of crossing of the holding threshold of 2% of the total number of ordinaryshares of voting rights. | Issuer | For | For |   |
| 17                                                                                               | Approval of the amendments of the company's articles of association toconform them to the new provisions of the French Commercial Code, as amended byFrench Decree No. 2004-604 dated 6/24/04 | Issuer | For | For |   |
| 18                                                                                               | Approval of the removal of the fifteenth, seventeenth andtwenty-fourth paragraphs of the article 6 of the company's articles ofassociation relating to the cancellation of warrants, following the resignationof certain directors, in compliance with the provisisons of the warrantagreements. | Issuer | For | For |   |
| 19                                                                                               | To grant ful powers of attorney to carry out registrations andformalities | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | PT Indosat TBK | 1,000 | IIT | 744383100 | 6/8/05 |
| 1                                                                                                | To approve the annual report, including the board of directors' reporton the important events of the company, and to ratify the financial statement ofthe company for the financial year ended december 31, 2004 and thereby releaseand discharge the board of commissioners from their supervisory responsibilitiesand the directors from their managerial responsibilities. | Issuer | For | For |   |
| 2                                                                                                | To approve the allocations of net profit for reserve fund, dividendsand other purposes and to approve the determination of the amount, time andmanner of payment of dividends for the financial year ended december31,2004 | Issuer | For | For |   |
| 3                                                                                                | To determine the remuneration for the board of commissioners of thecompany for year 2005 and the bonus for the board of commissioners of thecompany for the year 2004 | Issuer | For | For |   |
| 4                                                                                                | To approve the appointment of the company's independent auditor forthe financial year ended december 31,2005 | Issuer | For | For |   |
| 5                                                                                                | To approve the proposed change of composition of the board ofdirectors and/or board of commissioners of the company | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Banco Bilbao Vizcaya Argentaria SA | 3,800 | BBV | 05946K101 | 6/14/05 |
| 1                                                                                                | To increase the share capital of banco bilbao vizcaya argentaria sa bya nominal amount of 260,254,745.17 euros, by issuing 531,132,133 new ordiinaryshares, excluding preferential subscription rights. | Issuer | For | For |   |
| 2                                                                                                | Conferral of authority to the board of directors, with powers ofsubstitituion, to formalise, correct, interpret and implement the resolutionsadopted by the EGM | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Nissan Motors co. LTD | 2,000 | NSANY | 354744408 | 6/21/05 |
| 4                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                | Approval of appropriation of retained earnings for the 106th fiscalyear | Issuer | For | For |   |
| 2                                                                                                | Amendment to the articles of incorporation | Issuer | For | For |   |
| 3                                                                                                | Issuance of shinkabu-Yoyakuken (stock acquisition right) withoutconsideration as stock options to employees of the company and directors andemployees of its affiliates. | Issuer | For | For |   |
| 5                                                                                                | Election of One (1) statutory auditor | Issuer | For | For |   |
| 6                                                                                                | Granting of retirment allowance to the retiring directors and retiringstatutory auditors. | Issuer | For | For |   |
| 7                                                                                                | Revision of the remuneration for directors and statutory auditors | Issuer | For | For |   |
|                                                                                             |
|                                                                                             | Sony Corporation | 1,000 | SNE | 835699307 | 6/22/05 |
| C1                                                                                               | To amend a part of the articles of incorporation | Issuer | For | For |   |
| C2                                                                                               | To elect 12 directors | Issuer | For | For |   |
| C3                                                                                               | To issue stock acquisition rights for shares of common stock of thecorporation for the purpose of granting stock options | Issuer | For | For |   |
| S4                                                                                               | To amend the articles of incorporation with respect to the disclosureto shareholders regarding remuneration paid to each director | Issuer | Against | For |   |
|                                                                                             |
|                                                                                             | Nidec Coirporation | 1,200 | NJ | 654090109 | 6/23/05 |
| 3                                                                                                | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                | To approve the proposed appropriation of profits with respect ot the32nd fiscal period | Issuer | For | For |   |
| 2                                                                                                | to amend partly the articles of incorporation | Issuer | For | For |   |
| 4                                                                                                | To grant a retirement allowance to retiring directors for theirmeritorious service | Issuer | For | For |   |
| 5                                                                                                | To revise compensation for the directors and corporate auditors | Issuer | For | For |   |
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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 25, 2005