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, 2006    Date of reporting period: June 30, 2006

 

 

 

 

 

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| **Saturna Investment Trust, Sextant          Growth Fund (SSGFX)**                                         |
|------------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to shareholder          meetings held from July 1, 2005 through June 30, 2006 |
|                                                                                                       |
| Proposal #                                                                                                 | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
|                                                                                                       |
|                                                                                                       | Sprint | 1,300 | FON | 852061100 | 7/13/05 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Amendment to Sprint's articles of incorporation to increase the number        of authorized shares of Sprint series 1 common stock | Issuer | For | For |   |
| 3                                                                                                          | Amendment to Sprint's articles of incorporation to create the class        of non-voting common stock and create the ninth series preferred stock        and add a provision stating that stockholder approval is not required        for the acquisition by spring nextel of non-voting common stock or the        ninth series preferred stock from a holder of that stock. | Issuer | For | For |   |
| 4                                                                                                          | Adoption of the sprint nextel amended and restated article of incorporation. | Issuer | For | For |   |
| 5                                                                                                          | Issuance of sprint nextel series 1 common stock non-voting common stock        and the ninth series preferred stock in the merger. | Issuer | For | For |   |
| 6                                                                                                          | Possible adjournment of the spring annual meeting | Issuer | For | For |   |
| 7                                                                                                          | To Ratify appointment of KPMG LLP as independent auditors of Sprint        for 2005. | Issuer | For | For |   |
| 8                                                                                                          | Senior Executive retirement benefits | Stockholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | Adobe Systems Incorporated | 9,600 | ADBE | 00724F101 | 8/24/05 |
| 1                                                                                                          | To approve the issuance of shares of Adobe common stock in the merger        contemplated by the agreement and plan of merger and reorgainzation, dated        as of April 17, 2005, among Adobe, Avner Acquisition Sub, Inc. A Delaware        corporation and a wholly owned subsidiary of Adobe, and Macromedia, inc. | Issuer | For | For |   |
| 2                                                                                                          | To adjoun the special meeting if necessary, if a quorum is present,        to solicit additional proxies if there are not sufficient votes in favor        of proposal 1. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | John Wiley & Sons, Inc. | 3,400 | JW/A | 968223206 | 9/15/05 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the appointment of KPMG, L.L.P as independent accountants | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | 3COM CORPORATION | 16,000 | COMS | 885535104 | 9/28/05 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approve amendments to the 3COM 2003 stock plan. | Issuer | For | For |   |
| 3                                                                                                          | To ratify the appointment of Deloitte & Touche LLP as the company's        registered independent public accounting fim for the fiscal year ending        June 2, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ORACLE CORPORATION | 8,000 | ORCL | 68389X105 | 10/10/05 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal for the approval of the adoption of the fiscal year 2006 executive        bonus plan | Issuer | For | For |   |
| 3                                                                                                          | Proposal to ratify the selection of Ernst & Young LLP as independent        registered public accounting firm of the company for the fiscal year ending        May 31, 2006. | Issuer | For | For |   |
| 4                                                                                                          | Elimination of animal-based test methods. | Issuer | Against | For |   |
|                                                                                                       |
|                                                                                                       | BARR PHARMACEUTICALS, INC. | 4,500 | BRL | 68306109 | 11/3/05 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Increase of authorized shares for the Barr Pharmaceuticals, Inc. employee        stock purchase plan. | Issuer | For | For |   |
| 3                                                                                                          | Ratification of the selection of Deloitte & Touche LLP as the registered        public accounting firm of the company for the fiscal year ending June        30, 2006. | Issuer | For | For |   |
| 4                                                                                                          | Elimination of animal-based test methods. | Issuer | Against | For |   |
|                                                                                                       |
|                                                                                                       | INTUIT INC. | 4,000 | INTU | 461202103 | 12/16/05 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratify the selection of Ernst & Young LLP as our independent registered        public accounting firm for fiscal 2006. | Issuer | For | For |   |
| 3                                                                                                          | Approve the amendment to our 2005 equity incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | LIGAND PHARMACEUTICALS INCORPORATED | 5,000 | LGND | 53220K207 | 1/31/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Amendment of 2002 stock incentive plan | Issuer | For | For |   |
| 3                                                                                                          | Appointment of independent registered accounting firm. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | HEWLETT-PACKARD COMPANY | 7,000 | HPQ | 428236103 | 3/15/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the appointment of the independent registered public        accounting firm for the fiscal year ending October 31, 2006. | Issuer | For | For |   |
| 3                                                                                                          | Proposal to approve the Hewlett-Packard Company 2005 pay-for- results        plan. | Issuer | For | For |   |
| 4                                                                                                          | Stockholder proposal entitled "Director Election Majority Vote Standard        Proposal". | Shareholder | Against | Against |   |
| 5                                                                                                          | Stockhold proposal entitled "Recoup Unearned Management Bonuses". | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | ADOBE SYSTEMS INCORPORATED | 9,600 | ADBE | 00724F101 | 3/28/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of amendments to the amended 1994 performance and restricted        stock plan to enable compensation paid under the plan to qualify as deductible        performance-based compensation under section 162(M) of the Internal Revenue        Code of 1986, as amended. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the executive cash performance bonus plan to permit the        payment of cash bonuses that will qualify as deductible performance-based        compensation under section 162(M) of the Internal Revenue Code of 1986,        as amended. | Issuer | For | For |   |
| 4                                                                                                          | Ratification of the appointment of KPMG LLP as the company's independent        registered public accounting firm for the fiscal year ending December        1, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | KB HOME | 3,500 | KBH | 48666K109 | 4/6/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal to amend the amended certificate of incorporation of KB Home        to decrease the number of authorized shares of KB Home common stock form        300 million shares to 290 million shares. | Issuer | For | For |   |
| 3                                                                                                          | Proposal to approve the amended and restated KB Home 1999 incentive        plan. | Issuer | For | For |   |
| 4                                                                                                          | Proposal to ratify Ernst & Young LLP as KB Home's independent registered        public accounting firm for the fiscal year ending November 30, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | WASHINGTON MUTUAL, INC. | 6,750 | WM | 939322103 | 4/18/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Company proposal to ratify the appointment of Deloitte & Touche LLPas        the company's independent auditors for 2006. | Issuer | For | For |   |
| 3                                                                                                          | To approve the Washington Mutual, Inc. amended and restated 2003 equity        incentive plan, including an increase in the number of shares that may        be subject to awards made thereunder. | Issuer | For | For |   |
| 4                                                                                                          | To approve the Washington Mutual, Inc. executive incentive compensation        plan | Issuer | For | For |   |
| 5                                                                                                          | To approve the company proposal to amend the Washington Mutual, Inc.        articles of incorporation (as amended) to declassify the board of directors        and establish annual elections for all company directors commencing with        the 2007 annual meeting, rather than the current staggered three-year        terms. | Issuer | For | For |   |
| 6                                                                                                          | Sharehold proposal relating to disclosure of company's political contributions. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | FRONTIER FINANCIAL CORPORATION | 8,000 | FTBK | 35907K105 | 4/19/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To approve the Frontier Financial Corporation 2006 stock incentive plan | Issuer | For | For |   |
| 3                                                                                                          | To ratify the appointment of Moss Adams LLP as Frontier Financial Corporation's        independent registered public accounting firm. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | WEYERHAEUSSER COMPANY | 3,000 | WY | 962166104 | 4/20/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Shareholder proposal on director election by majority. | Shareholder | Against | For |   |
| 3                                                                                                          | Shareholder proposal on majority vote | Shareholder | Against | For |   |
| 4                                                                                                          | Shareholder proposal on executive compensation | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareholder proposal on Forest Stewardship Council (FSC) certification | Shareholder | Against | Against |   |
| 6                                                                                                          | Shareholder proposal on an independent chairman | Shareholder | Against | Against |   |
| 7                                                                                                          | Approval, on an advisor basis, of the appointment of auditors | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       | GENENTECH, INC. | 2,000 | DNA | 368710406 | 4/20/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To approve an amendment to the 1991 employee stock plan. | Issuer | For | For |   |
| 3                                                                                                          | To ratify the selection of Ernst & Young LLP as independent registered        public accounting firm of Genetech for the year ending December 31, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ALCOA INC. | 6,000 | AA | 13817101 | 4/21/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the independent auditor. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | HONEYWELL INTERNATIONAL, INC. | 3,500 | HON | 438516106 | 4/24/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of independent accountants | Issuer | For | For |   |
| 3                                                                                                          | 2006 stock incentive plan | Issuer | For | For |   |
| 4                                                                                                          | 2006 stock plan for non-employee dirctors | Issuer | For | For |   |
| 5                                                                                                          | Majority vote | Issuer | Against | Against |   |
| 6                                                                                                          | Director compensation | Issuer | Against | Against |   |
| 7                                                                                                          | Recoup unearned management bonuses | Issuer | Against | Against |   |
| 8                                                                                                          | Onondaga Lake environmental pollution | Issuer | Against | Against |   |
| 9                                                                                                          | Separate vote on golden payments | Issuer | Against | Against |   |
|                                                                                                       |
|                                                                                                       | ELI LILLY AND COMPANY | 3,500 | LLY | 532457108 | 4/24/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment by the audit committee of the board        of directors of Ernst & Young LLP as principal independent auditors for        2006. | Issuer | For | For |   |
| 3                                                                                                          | Proposal by shareholders on extending the company's animal care and        use policy to contract labs. | Shareholder | Against | For |   |
| 4                                                                                                          | Proposal by shareholders on separating the roles of chairman and chief        executive officer. | Shareholder | Against | Against |   |
| 5                                                                                                          | Proposal by shareholders on annual election of each director | Shareholder | Against | For |   |
| 6                                                                                                          | Proposal by shareholders on election of directors by majority vote. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | CHUBB CORPORATION | 3,000 | LLY | 171232101 | 4/25/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To vote on the adoption of the Chubb Corporation annual incentive compensation        plan (2006). | Issuer | For | For |   |
| 3                                                                                                          | To ratify the appointment of Ernst & Young LLP as independent auditor. | Issuer | For | For |   |
| 4                                                                                                          | To vote on shareholder proposal regarding the manner in which directors        are elected | Shareholder | Against | Against |   |
| 5                                                                                                          | To vote on a shareholder proposal regarding political contributions. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | REGAL-BELOIT CORPORATION | 4,000 | RBC | 758750103 | 4/26/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Election of class B director: James L. Packard. | Issuer | For | For |   |
| 3                                                                                                          | To approve the company's shareholder value added (SVA) executive officers        incentive compensation plan. | Issuer | For | For |   |
| 4                                                                                                          | Ratification of the appointment of Deloitte & Touche LLP as the independent        certified public accountants of the company for the fiscal year ending        December 31, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | WASHINGTON BANKING COMPANY | 5,000 | WBCO | 937303105 | 4/27/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
|                                                                                                       |
|                                                                                                       | APPLE COMPUTER, INC. | 11,000 | AAPL | 37833100 | 4/27/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of KPMG LLP as independent auditors of the        company for fiscal year 2006. | Issuer | For | For |   |
| 3                                                                                                          | To consider a shareholder proposal if properly presented at the meeting. | Issuer | Against | Against |   |
|                                                                                                       |
|                                                                                                       | NOBLE CORPORATION | 4,000 | NE | G65422100 | 4/27/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of the appointment of Price Waterhouse Coopers LLP as independent        auditors for 2006. | Issuer | For | For |   |
| 3                                                                                                          | Member (Shareholder) proposal to separate the positions of chairman/chief        executive officer. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | LINCOLN ELECTRIC HOLDINGS, INC. | 2,500 | LECO | 533900106 | 4/28/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of the 2006 equity and performance incentive plan. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the 2006 stock plan for non-employee directors | Issuer | For | For |   |
| 4                                                                                                          | Ratification of independent auditors | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       |
|                                                                                                       | SYMBOL TECHNOLOGIES, INC | 10,092 | SBL | 871508107 | 5/1/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | The ratification of the appointment of Ernst & Young LLP as the company's        independent registered public accounting firm for fiscal year 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BRISTOL-MYERS SQUIBB COMPANY | 4,500 | BMY | 110122108 | 5/2/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of independent registered public accounting firm. | Issuer | For | For |   |
| 3                                                                                                          | Executive compensation disclosure | Issuer | Against | Against |   |
| 4                                                                                                          | Cumulative voting | Issuer | Against | Against |   |
| 5                                                                                                          | Recoupment | Issuer | Against | Against |   |
| 6                                                                                                          | Animal Treatment | Issuer | Against | For |   |
| 7                                                                                                          | Term limits | Issuer | Against | Against |   |
|                                                                                                       |
|                                                                                                       | PEPSICO, INC. | 3,000 | PEP | 713448108 | 5/3/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of independent registered public accountants. | Issuer | For | For |   |
| 3                                                                                                          | Shareholder proposal - political contributions (proxy statement p. 23) | Shareholder | Against | Against |   |
| 4                                                                                                          | Shareholder proposal - charitable contributions (proxy statement p.        24) | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | UNIFIED PARCEL SERVICE, INC. | 2,500 | UPS | 911312106 | 5/4/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of Deloitte & Touche LLP as UPS's independent        registered public accountants for the year ending December 31, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | SEMPRA ENERGY | 3,000 | SRE | 816851109 | 5/4/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of independent auditors. | Issuer | For | For |   |
| 3                                                                                                          | Articles amendment for the annual election of all directors | Issuer | For | For |   |
| 4                                                                                                          | Shareholder proposal regarding performance-based stock options. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | ADVANCED MICRO DEVICES, INC. | 10,000 | AMD | 7903107 | 5/5/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of independent registered public accounting        firm | Issuer | For | For |   |
| 3                                                                                                          | Approval of the amendments to the 2004 equity incentive plan. (Equity        Plan) | Issuer | For | For |   |
| 4                                                                                                          | Approval of the amendment to the 2000 employee stock purchase plan.        (ESPP) | Issuer | For | For |   |
| 5                                                                                                          | Approval of the 2006 executive incentive plan. (EIP) | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ADVANCED MICRO DEVICES, INC. | 10,000 | AMD | 7903107 | 5/5/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of independent registered public accounting        firm. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the amendments to the 2004 equity incentive plan. (Equity        Plan) | Issuer | For | For |   |
| 4                                                                                                          | Approval of the amendment to the 2000 employee stock purchase plan.        (ESPP) | Issuer | For | For |   |
| 5                                                                                                          | Approval of the 2006 executive incentive plan. (EIP) | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | UNITED ONLINE, INC. | 8,000 | UNTD | 911268100 | 5/9/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of Price WaterHouse Coopers LLP as the independent        registered public accounting firm of United Online, Inc. for the fiscal        year ending December 31, 2006. | Issuer | For | For |   |
| 3                                                                                                          | In accordance with the discretion of the proxy holders, to act upon        all matters as may properly come before the meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | CAREMARK RX, INC. | 4,000 | CMX | 141705103 | 5/10/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Political contributions. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | AMGEN INC. | 2,640 | AMGN | 31162100 | 5/10/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To ratify the selection of Ernst & Young LLP as the company's independent        registered public accountants for the year ending December 31, 2006. | Issuer | For | For |   |
| 3A                                                                                                         | Stockholder Proposal #1 (Stock Retention Guidelines) | Shareholder | Against | Against |   |
| 3B                                                                                                         | Stockholder proposal #2 (Executive Compensation). | Shareholder | Against | Against |   |
| 3C                                                                                                         | Stockholder proposal #3 (Shareholder Rights Plans). | Shareholder | Against | Against |   |
| 3D                                                                                                         | Stockholder proposal #4 (Animal Welfare Policy.) | Shareholder | Against | For |   |
| 3E                                                                                                         | Stockholder Proposal #5 (Majority Elections). | Shareholder | Against | Against |   |
| 3F                                                                                                         | Stockholder Proposal #6 (Corporate Political Contributions.) | Shareholder | For | Against |   |
|                                                                                                       |
|                                                                                                       | BUILD-A-BEAR WORKSHOP, INC. | 7,000 | BBW | 120076104 | 5/11/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Appointment of independent accountants. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | NORFOLK SOUTHERN CORPORATION | 4,500 | NSC | 655844108 | 5/11/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of KPMG LLP, independent registered        public accounting firm, as Norfolk Southern's independent auditors for        the year ending December 31, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | NUCOR CORPORATION | 1,200 | NUE | 670346105 | 5/11/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratify the appointment of Price Waterhouse Coopers LLP as Nucor's independent        registered public accounting firm for the year ending December 31,2006. | Issuer | For | For |   |
| 3                                                                                                          | Approve the amendment to Nucor's restated certificate of incorporation        increasing its authorized common stock from 400,000,000 to 800,000,000. | Issuer | For | For |   |
| 4                                                                                                          | Stockholder proposal | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | PERFORMANCE FOOD GROUP COMPANY | 3,000 | PFGC | 713755106 | 5/16/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
|                                                                                                       |
|                                                                                                       | PHARMACEUTICAL PRODUCT DEVELOPMENT, INC | 15,000 | PPDI | 717124101 | 5/17/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of a amendment to the company's employee stock purchase plan        to increase the number of shares of the company's common stock reserved        for issuance under this plan. | Issuer | For | For |   |
| 3                                                                                                          | In their discretion, the proxies are authorized to vote upon such other        matters as may properly come before the meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | IDACORP, INC. | 6,000 | PPDI | 451107106 | 5/18/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To ratify the selection of Deloitte & Touche LLP as independent registered        public accounting firm for the fiscal year ending December 31, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | THE CHARLES SCHWAB CORPORATION | 25,000 | SCHW | 808513105 | 5/18/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approval of amendments to the certificate of incorporation and bylaws        to provide for the annual election of directors. | Issuer | For | For |   |
| 3                                                                                                          | Stockholder proposal regarding the effect of a flat tax | Shareholder | Against | Against |   |
| 4                                                                                                          | Stockholder proposal regarding political contributions. | Shareholder | Against | Against |   |
| 5                                                                                                          | Stockhold proposal regarding majority voting. | Shareholder | Against | Against |   |
| 6                                                                                                          | Stockholder proposal regarding severance payments. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | TRIMBLE NAVIGATION LIMITED | 6,000 | TRMB | 896239100 | 5/18/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To approve an amendment to the company's 2002 stock plan to increase        the number of shares of the company's common stock available for grant        of stock options and stock awards thereunder. | Issuer | For | For |   |
| 3                                                                                                          | To approve an amendment to the company's 1988 employee stock purchase        plan to increase the number of shares of the company's common stock available        for purchase thereunder. | Issuer | For | For |   |
| 4                                                                                                          | To ratify the appointment of Ernst & Young LLP as the independent auditors        of the company for the current fiscal year ending December 29, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | RED LION HOTELS CORPORATION | 21,000 | RLH | 756764106 | 5/18/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of appointment of BDO Seidman, LLP, as independent registered        public accounting firm for 2006. | Issuer | For | For |   |
| 3                                                                                                          | Approval of 2006 stock incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ACCURIDE CORP | 10,000 | ACW | 4398103 | 5/19/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the appointment of Deloitte & Touche LLP as the independent        registered public accounting firm of the company for the 2006 fiscal year. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | AMAZON.COM, INC. | 3,500 | ACW | 23135106 | 5/23/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of Ernst & Young LLP as independent        auditors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | LOWE'S COMPANIES, INC. | 3,500 | LOW | 548661107 | 5/25/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To approve Lowe's Companies, Inc. 2006 annual incentive plan. | Issuer | For | For |   |
| 3                                                                                                          | To approve Lowe's Companies, Inc. 2006 long-term incentive plan. | Issuer | For | For |   |
| 4                                                                                                          | To ratify the appointment of Deloite & Touche LLP as the company's independent        accountants. | Issuer | For | For |   |
| 5                                                                                                          | To approve amendments to the company's articles of incorporation. | Issuer | For | For |   |
| 6                                                                                                          | Shareholder proposal entitled "Wood Procurement Report." | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | PHELPS DODGE CORPORATION | 2,660 | PD | 717265102 | 5/26/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Approve the Phelps Dodge Corporation directors 2007 stock unit plan. | Issuer | For | For |   |
| 3                                                                                                          | Ratify the appointment of Price WaterHouse Coopers LLP as independent        accountants for the year 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | VCA ANTECH, INC. | 8,000 | WOOF | 918194101 | 6/5/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To ratify the appointment of KPMG LLP as the company's independent registered        public accounting firm. | Issuer | For | For |   |
| 3                                                                                                          | To approve the VCA ANTECH, INC. 2006 equity incentive plan. | Issuer | For | For |   |
| 4                                                                                                          | Foreign Workplace Monitoring | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | STAPLES, INC. | 6,000 | SPLS | 855030102 | 6/6/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To approve an amendment to Staples' by-laws providing for the annual        election of directors. | Issuer | For | For |   |
| 3                                                                                                          | To ratify the selection by the audit committee of Ernst & Young LLP        as Staples' independent registered public accounting firm for the current        fiscal year. | Issuer | For | For |   |
| 4                                                                                                          | To act on a shareholder proposal on director election majority vote        standard. | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | DEVON ENERGY CORPORATION | 3,000 | DVN | 25179M103 | 6/7/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratify the appointment of the company's independent auditors for 2006. | Issuer | For | For |   |
| 3                                                                                                          | Adoption of the amendment to the Devon Energy Corporation 2005 long-term        incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | AFFYMETRIX, INC. | 4,000 | AFFX | 00826T108 | 6/15/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | To Ratify the appointment of Ernst & Young LLP as the independent registered        public accounting firm of the company for the fiscal year ending December        31, 2006 | Issuer | for | For |   |
|                                                                                                       |
|                                                                                                       | BEST BUY CO., INC. | 4,000 | BBY | 86516101 | 6/21/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of Deloitte & Touche LLP as the company's        independent registered public accounting firm for the current fiscal year. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | Bed Bath & Beyond Inc. | 5,000 | BBBY | 75896100 | 6/29/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Ratification of the appointment of KPMG LLP | Issuer | For | For |   |
| 3                                                                                                          | Board Diversity Report | Shareholder | Against | Against |   |
| 4                                                                                                          | Foreign Workplace Monitoring | Shareholder | Against | Against |   |
| 5                                                                                                          | Energy Efficiency Report | Shareholder | Against | Against |   |
| 6                                                                                                          | Amend Certificate of Incorporation regarding election of directors. | Issuer | For | For |   |
|                                                                                                       |
|------------------------------------------------------------------------------------------------------------|
| **Saturna Investment Trust, Sextant          International Fund (SSIFX)**                                  |
| Proxy Voting Record relating to shareholder          meetings held from July 1, 2005 through June 30, 2006 |
|                                                                                                       |
| Proposal #                                                                                                 | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
|                                                                                                       |
|                                                                                                       | SINA CORPORATION | 1,600 | SINA | G81477104 | 9/27/05 |
| 1                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Proposal to ratify the appointment of Price Waterhouse Coopers Zhong        Tian CPAS Limited company as the independent auditors of the company. | Issuer | For | For |   |
| 3                                                                                                          | Proposal to amend the 1999 stock plan (the "1999 Plan"), which will        have the effect of increasing the aggregate number of ordinary shares        reserved for issuance under the 1999 plan in each of fiscal years 2006,        2007, and 2008. | Issuer | For | For |   |
| 4                                                                                                          | Proposal to amend the 1999 directors' stock option plan (the "1999 directors'        plan"), which will have the effect of increasing the aggregate number        of ordinary shares issuable under the 1999 directors' plan for 750,000        ordinary shares to 1,125,000 ordinary shares. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | TRANSPORTADORA DE GAS DEL SUR S.A. | 1,500 | TGS | 893870204 | 10/11/05 |
| 1                                                                                                          | Appointment of two shareholders to approve and sign the meeting minutes. | Issuer | For | For |   |
| 2                                                                                                          | Ratification of the appointment of Price Waterhouse as certifing accountant,        represented by its partners, Ruben O. Vega, CPA, and Miguel A. Urus, CPA,        as alternate auditor. | Issuer | For | For |   |
| 3                                                                                                          | Consideration of the board of directors performance up to the moment,        and consideration of the fee resignation made by directors Mr. Kalil Wasaff,        Eduardo Ojea Quintana and James Monroe. | Issuer | For | For |   |
| 4                                                                                                          | Appointment of regular directors and alternate directors to replace        resigning members, and whose term of office shall terminate with the end        the current fiscal year notwithstanding that they may keep their positions        until they be replaced by a next shareholders' meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BRITISH SKY BROADCASTING GROUP PLC | 450 | BSY | 111013108 | 11/4/05 |
|                                                                                                       | Directors nomination | Issuer | For | For all nominees |   |
| 1                                                                                                          | To receive and adopt the financial statements for the year ended 30        June 2005, together with the report of the directors and auditors thereon. | Issuer | For | For |   |
| 2                                                                                                          | To declare a final dividend | Issuer | For | For |   |
| 9                                                                                                          | To reappoint Deloitte & Touche LLP as auditors and to authorise the        directors to agree their remuneration. | Issuer | For | For |   |
| 10                                                                                                         | To receive the report on the directors' remuneration for the year ended        30 June 2005 | Issuer | For | For |   |
| 11                                                                                                         | To authorise the directors to make EU political donations and incur        EU political expenditure under the PPER Act 2000. | Issuer | For | For |   |
| 12                                                                                                         | To authorise the directors to allot shares under section 80 Companies        Act 1985 | Issuer | For | For |   |
| 13                                                                                                         | To disapply statutory pre-emption rights (special resolution) | Issuer | For | For |   |
| 14                                                                                                         | to authorise the directors to make market purchases (special resolution). | Issuer | For | For |   |
| 15                                                                                                         | To approve the waiving of the compulsory bid obligation in respect to        market purchases under Rule 9 of the city code on takeovers and mergers. | Issuer | For | For |   |
| 16                                                                                                         | To approve the amendment to article 159 of the company's articles of        association (special resolution). | Issuer | For | For |   |
| 17                                                                                                         | To approve the amendments to the company's memorandum and articles of        association following the enactment of the Communications Act 2003 (special        resolution) | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | INTRAWEST CORPORATION | 1,200 | IDR | 460915200 | 11/7/05 |
| 1                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | The appointment of KPMG LLP, chartered accountants as auditors of the        corporation. | Issuer | For | For |   |
| 3                                                                                                          | The authority of the audit committee of the board of directors to fix        the remuneration of the auditors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | PT INDOSAT TBK | 1,000 | IIT | 744383100 | 12/22/05 |
| 1                                                                                                          | To honorably discharge Mr. Ng Eng Ho as Deputy President Director with        gratitude and thanks as of the time the meeting is concluded, and appoint        Dr. Kaizad B. Heerjee as Deputy President Director for the period as of        the time the meeting is concluded up to the time the annual general meeting        of sharholders, as more fully described in the proxy statement. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | EPCOS AG | 2,500 | EPC | 29410P107 | 2/15/06 |
| 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 | For |   |
| 4                                                                                                          | Resolution on exoneration of the members of the supervisory board. | Issuer | For | For |   |
| 5                                                                                                          | Resolution on appointment of independent auditors for fiscal year 2005/2006. | Issuer | For | For |   |
| 6                                                                                                          | Resolution on amendment of section 13, paragraph (2) of the articles        of association. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | AUSTRALIA & NEW ZEALAND BANKING GRP LTD. | 1,000 | ANZ | 52528304 | 2/16/05 |
| 2                                                                                                          | Adoption of the remuneration report (this resolution is advisory only). | Issuer | For | For |   |
| 3A                                                                                                         | To re-elect a director: Dr. R.S. Deane. | Issuer | For | For |   |
| 3B                                                                                                         | To re-elect a director: Mr. D.M Gonski AO | Issuer | For | For |   |
| 3C                                                                                                         | To re-elect a director: Mr. C.B. Goode AC. | Issuer | For | For |   |
| 4                                                                                                          | Modificaiton of the constitution. | Issuer | For | For |   |
| 5                                                                                                          | Amendments to the director's access, insurance and indemnity deed. | Issuer | For | For |   |
| 6                                                                                                          | Changes to non-executive directors' retirement scheme. | Issuer | For | For |   |
| 7                                                                                                          | Increase in non-executive directors' fee cap. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | INFINEON TECHNOLOGIES AG | 5,000 | IFX | 45662N103 | 2/16/06 |
| 2                                                                                                          | Approval of the acts of the managing board. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the acts of the supervisory board. | Issuer | For | For |   |
| 4                                                                                                          | Appointment of auditors. | Issuer | For | For |   |
| 5A                                                                                                         | Election of Dr. Siegfried Luther as a member of the supervisory board. | Issuer | For | For |   |
| 5B                                                                                                         | Election of Dr. Eckhart Suenner as a substitute member of the supervisory        board. | Issuer | For | For |   |
| 6                                                                                                          | Infineon stock option plan 2006. | Issuer | For | For |   |
| 7                                                                                                          | Amendments of the articles of association. | Issuer | For | For |   |
| 8                                                                                                          | Domination and profit-and-loss transfer agreement. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | NOVARTIS AG | 1,600 | NVS | 66987V109 | 2/28/06 |
| 1                                                                                                          | Approval of the annual report, the financial statements of Novartis        AG and the group consolidated financial statements for the year 2005. | 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 balance sheet        and declaration of dividend. | Issuer | For | For |   |
| 4                                                                                                          | Reduction of share capital. | Issuer | For | For |   |
| 5                                                                                                          | Amendment to the articles of incorporation. | Issuer | For | For |   |
| 6A1                                                                                                        | Re-election of Prof. Srikant M. Datar Ph.D for a three-year term. | Issuer | For | For |   |
| 6A2                                                                                                        | Re-election of William W. George for a three-year term. | Issuer | For | For |   |
| 6A3                                                                                                        | Re-election of Dr.-Ing. Wendelin Wiedeking for a three-year term. | Issuer | For | For |   |
| 6A4                                                                                                        | Re-election of Prof. Rolf M. Zinkernagel M.D. for a three-year term. | Issuer | For | For |   |
| 6B                                                                                                         | The election of Andreas Von Planta Ph.D for a three-year term. | Issuer | For | For |   |
| 7                                                                                                          | Appointment of the auditors and the group auditors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | COCA-COLA FEMSA, S.A. DE C.V. | 4,300 | KOF | 191241108 | 3/8/06 |
| IV                                                                                                         | Election of the members of the board of directors and examiners, principal        and alternates, for the 2006 fiscal year, and | Issuer | For | For all nominees |   |
| VI                                                                                                         | Reading and approval of the minutes of the ordinary shareholders' meeting. | Issuer | For | For |   |
| I                                                                                                          | Proposal not to cancel and make available to the board of the company        the 98.684,857 Series "L" shares issued by resolutin of the meeting carried        out on December 20th, 2002, which shares were not subscribed by the Series        "L" holders in exercise of their pre-emptive rights at the price set by        such meeting of $2.216 dollars lawful and legal currency. | Issuer | For | For |   |
| II                                                                                                         | Appointment of delegates. | Issuer | For | For |   |
| III                                                                                                        | Reading and approval of the minutes of the special shareholders' meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | SK TELECOM CO., LTD. | 5,000 | SKM | 78440P108 | 3/10/06 |
| 1                                                                                                          | Approval of the balance sheets, the statements of income, and statements        of appropriations of retained earnings of the 22nd fiscal year, as set        forth in item 1 of the company's agenda enclosed herewith. | Issuer | For | For |   |
| 2                                                                                                          | Approval of the amendment to the articles of incorporation as set forth        in item 2 of the company's agenda enclosed herewith. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the ceiling amount of the remuneration of directors, as        set forth in the company's agenda enclosed herewith. | Issuer | For | For |   |
| 4                                                                                                          | Approval of the appointment of independent non-executive directors who        will be audit committee members, as set forth in item 3 of the company's        agenda enclosed herewith. | Issuer | For | For |   |
| 5                                                                                                          | Appointment of regular directors and alternate directors, and statutary        audit committee members and determination of their term of office | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 7,500 | BBV | 05946K101 | 3/18/06 |
| 1                                                                                                          | Examination and approval of the annual accounts and management report        for Banco Bilbao Vizcaya Argentaria, S.A. | Issuer | For | For |   |
| 2A                                                                                                         | Appointment of Mr. Tomas Alfaro Drake | Issuer | For | For |   |
| 2B                                                                                                         | Re-election of Mr. Juan Carlos Alvarez Mezquiriz. | Issuer | For | For |   |
| 2C                                                                                                         | Re-election of Mr. Carlos Loring Martinez De Irujo. | Issuer | For | For |   |
| 2D                                                                                                         | Re-election of Ms. Susana Rodriguez Vidarte. | Issuer | For | For |   |
| 3                                                                                                          | Annulling, insofar as unused, the authorisation conferred at the BBVA        general shareholders meeting of 28th February 2004. | Issuer | For | For |   |
| 4                                                                                                          | Authorisation for the company to acquire treasury stock directly or        through group companies. | Issuer | For | For |   |
| 5                                                                                                          | Re-election of auditors for the 2006 accounts. | Issuer | For | For |   |
| 6                                                                                                          | Approval, for application by the bank and its subsidiaries, of a long-term        share-based remuneration plan for members of the team. | Issuer | For | For |   |
| 7                                                                                                          | To amend article 53 of the company bylaws, "application of earnings",        in order to contemplate the possiblity of remunerating members of the        board of directors. | Issuer | For | For |   |
| 8                                                                                                          | Approval, for application by the bank, of a deferred remuneration system        for non-executive directors. | Issuer | For | For |   |
| 9                                                                                                          | Conferral of authority to the board of directors to formalise, correct,        interpret and implement resolutions adopted by the AGM. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | TRANSPORTADORA DE GAS DEL SUR S.A. | 1,500 | TGS | 893870204 | 3/20/06 |
| 1                                                                                                          | Appointment of two shareholders to approve and sign the meeting minutes. | Issuer | For | For |   |
| 2                                                                                                          | Consideration of the annual report, inventory, financial statements,        information review, information required by section 68 of the Buenos Aires        Stock Exchange regulations, auditor's report, and statutory audit committee        report, in accordance with section 234, paragraph 1 of Law 19.550 for        the fiscal year ended December 31, 2005 and the English version. | Issuer | For | For |   |
| 3                                                                                                          | Consideration of the allocation of the fiscal year net income. | Issuer | For | For |   |
| 4                                                                                                          | Consideration of the actions carried out by the board of directors and        the statutory audit committee during the fiscal year ended December 31,        2005 and determination of their compensation. | Issuer | For | For |   |
| 5                                                                                                          | Appointment of regular directors and alternate directors, and statutory        audit committee members and determination of their term of office | Issuer | For | For |   |
| 6                                                                                                          | Appointment of an independent accountant to certify the financial statements        for the current fiscal year and determination of his compensation. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | THE TORONTO-DOMINION BANK | 2,400 | IDR | 891160509 | 3/29/06 |
| 1                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Appointment of auditor named in the management proxy circular. | Issuer | For |   |   |
| 3                                                                                                          | Shareholder Proposal A | Shareholder | Against | Against |   |
| 4                                                                                                          | Shareholder Proposal B | Shareholder | Against | Against |   |
| 5                                                                                                          | Shareholder Proposal C | Shareholder | Against | Against |   |
|                                                                                                       |
|                                                                                                       | EMBAER-EMPRESA BRASILEIRA | 3,400 | ADR | 29081M102 | 3/31/06 |
| 1                                                                                                          | Appointment of the companies responsible for the preparation of the        valuation reports of the company and of Rio Han to wit: 1) Valuation of        the shareholders' equity value; 11) Valuation based on the company's and        Rio Han's respective shareholders' equity, and 111) Economic and financial        analysis, in order to determine the exchange ratio between the shares        and ads. | Issuer | For | For |   |
| 2                                                                                                          | Approval of the valuation reports prepared by the companies referred        to in item 1 above. | Issuer | For | For |   |
| 3                                                                                                          | Approval of the protocol and justification of merger of Embraer with        and into Rio Han all exhibits thereto ("Merger Agreement"), which was        prepared as set forth in articles 224 and 225 of Law No. 6,404/76 and        of instruction CVM No. 319/99 and which contains all the terms, conditions        and information necessary to the understanding of the proposed merger. | Issuer | For | For |   |
| 4                                                                                                          | Approval of the merger of the company with and into Rio Han, pursuant        to the terms of the protocol and other related documents. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | RIO TINTO PLC | 750 | RTP | 767204100 | 4/12/06 |
| 1                                                                                                          | Authority to allot relevant securities under section 80 of the Companies        Act 1985. | Issuer | For | For |   |
| 2                                                                                                          | Authority to allot equity securities for cash under section 89 of the        Companies Act 1985. | Issuer | For | For |   |
| 3                                                                                                          | Authority to purchase Rio Tinto PLC shares by the company or Rio Tinto        Limited. | Issuer | For | For |   |
| 4                                                                                                          | Adoption of new articles of association of Rio Tinto PlC and amendments        to constitution of Rio Tinto Limited. | Issuer | For | For |   |
| 5                                                                                                          | Election of Tom Abanese. | Issuer | For | For |   |
| 6                                                                                                          | Election of Sir Rod Eddington. | Issuer | For | For |   |
| 7                                                                                                          | Re-election of Sir David Clementi. | Issuer | For | For |   |
| 8                                                                                                          | Re-election of Leigh Clifford. | Issuer | For | For |   |
| 9                                                                                                          | Re-election of Andrew Gould. | Issuer | For | For |   |
| 10                                                                                                         | Re-election of David Mayhew. | Issuer | For | For |   |
| 11                                                                                                         | Re-appointment of Price Waterhouse Coopers LLP as auditors and authority        for audit committee to set the auditors remuneration. | Issuer | For | For |   |
| 12                                                                                                         | Approval of the remuneration report. | Issuer | For | For |   |
| 13                                                                                                         | Receive the annual report and financial statements for the year ended        31 December 2005. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | RIO TINTO PLC | 750 | RTP | 767204100 | 4/12/06 |
| 1                                                                                                          | Authority to allot relevant securities under section 80 of the Companies        Act 1985. | Issuer | For | For |   |
| 2                                                                                                          | Authority to allot equity securities for cash under section 89 of the        Companies Act 1985. | Issuer | For | For |   |
| 3                                                                                                          | Authority to purchase Rio Tinto PLC shares by the company or Rio Tinto        Limited. | Issuer | For | For |   |
| 4                                                                                                          | Adoption of new articles of association of Rio Tinto PlC and amendments        to constitution of Rio Tinto Limited. | Issuer | For | For |   |
| 5                                                                                                          | Election of Tom Abanese. | Issuer | For | For |   |
| 6                                                                                                          | Election of Sir Rod Eddington. | Issuer | For | For |   |
| 7                                                                                                          | Re-election of Sir David Clementi. | Issuer | For | For |   |
| 8                                                                                                          | Re-election of Leigh Clifford. | Issuer | For | For |   |
| 9                                                                                                          | Re-election of Andrew Gould. | Issuer | For | For |   |
| 10                                                                                                         | Re-election of David Mayhew. | Issuer | For | For |   |
| 11                                                                                                         | Re-appointment of Price Waterhouse Coopers LLP as auditors and authority        for audit committee to set the auditors remuneration. | Issuer | For | For |   |
| 12                                                                                                         | Approval of the remuneration report. | Issuer | For | For |   |
| 13                                                                                                         | Receive the annual report and financial statements for the year ended        31 December 2005. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | FAIRMONT HOTELS & RESORTS INC. | 2,500 | FHR | 305204109 | 4/17/06 |
| 1                                                                                                          | The resolution approving the arrangement (the "Arrangement") under section        192 of the Canada Business Corporations Act involving the corporation,        its shareholders and 3123012 Nova Scotia Limited, a corporation owned        by affiliates of Kingdom Hotels International, and colony Capital, LLC,        in the form attached as Appendix A to the management information circular        of the corporation. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | PEARSON PLC | 7,000 | PSO | 705015105 | 4/21/06 |
|                                                                                                       | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | To receive the company's accounts and the reports of the directors and        auditors. | Issuer | For | For |   |
| 2                                                                                                          | To declare a final dividend. | Issuer | For | For |   |
| 9                                                                                                          | To receive and approve the report on directors' remuneration. | Issuer | For | For |   |
| 10                                                                                                         | To reappoint Price Waterhouse Coopers LLP as auditors for the ensuing        year. | Issuer | For | For |   |
| 11                                                                                                         | To authorise the directors to determine the remuneration of the auditors. | Issuer | For | For |   |
| 12                                                                                                         | To authorise the directors to exercise the powers of the company to        allot ordinary shares. | Issuer | For | For |   |
| 13                                                                                                         | To increase the authorised share capital of the company. | Issuer | For | For |   |
| 14                                                                                                         | To waive the pre-emptive rights conferred under the Companies Act 1985        to a limited extent. | Issuer | For | For |   |
| 15                                                                                                         | To authorise the company to purchase its own shares. | Issuer | For | For |   |
| 16                                                                                                         | To renew the Pearson long-term incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | PEARSON PLC | 7,000 | PSO | 705015105 | 4/21/06 |
|                                                                                                       | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | To receive the company's accounts and the reports of the directors and        auditors. | Issuer | For | For |   |
| 2                                                                                                          | To declare a final dividend. | Issuer | For | For |   |
| 9                                                                                                          | To receive and approve the report on directors' remuneration. | Issuer | For | For |   |
| 10                                                                                                         | To reappoint Price Waterhouse Coopers LLP as auditors for the ensuing        year. | Issuer | For | For |   |
| 11                                                                                                         | To authorise the directors to determine the remuneration of the auditors. | Issuer | For | For |   |
| 12                                                                                                         | To authorise the directors to exercise the powers of the company to        allot ordinary shares. | Issuer | For | For |   |
| 13                                                                                                         | To increase the authorised share capital of the company. | Issuer | For | For |   |
| 14                                                                                                         | To waive the pre-emptive rights conferred under the Companies Act 1985        to a limited extent. | Issuer | For | For |   |
| 15                                                                                                         | To authorise the company to purchase its own shares. | Issuer | For | For |   |
| 16                                                                                                         | To renew the Pearson long-term incentive plan. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ENCANA CORPORATION | 3,000 | ECA | 292505104 | 4/24/06 |
| 1                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Appointment of auditors Price Waterhouse Coopers LLP at a remuneration        to be fixed by the board of directors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | SERONO S.A. | 5,000 | CSG | 81752M101 | 4/25/06 |
|                                                                                                       | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | Approval of Serono S.A.'s annual report, accounts and consolidated accounts        of the Serono Group. | Issuer | For | For |   |
| 2                                                                                                          | Proposed appropriation of available earnings in the 2005 balance sheet        and dividend proposal. | Issuer | For | For |   |
| 3                                                                                                          | Discharge of the board of directors and the management. | Issuer | For | For |   |
| 4B                                                                                                         | Auditors | Issuer | For | For |   |
| 4C                                                                                                         | Special auditors | Issuer | For | For |   |
| 5                                                                                                          | Creation of a new authorized capital | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | HANSON PLC | 2,100 | HAN | 411349103 | 4/26/06 |
| 1                                                                                                          | To receive and adopt the accounts and the reports of the directors and        auditors for the year ended December 31, 2005. | Issuer | For | For |   |
| 2                                                                                                          | To approve the remuneration report | Issuer | For | For |   |
| 3                                                                                                          | Declaration of dividend of 14.15 pence per ordinary share. | Issuer | For | For |   |
| 4A                                                                                                         | Re-election of Alan J. Murray | Issuer | For | For |   |
| 4B                                                                                                         | Re-election of Frank Blout. | Issuer | For | For |   |
| 4C                                                                                                         | Re-election of Sam Laidlaw. | Issuer | For | For |   |
| 4D                                                                                                         | Election of John Brady. | Issuer | For | For |   |
| 5                                                                                                          | Re-appointment of Ernst & Young LLP as auditors and determination of        the auditors' remuneration. | Issuer | For | For |   |
| 6A                                                                                                         | Authority to allot relevant shares or securities generally. | Issuer | For | For |   |
| 6B                                                                                                         | Authority to allot equity securities for cash. | Issuer | For | For |   |
| 7                                                                                                          | Limited authority to make market purchases of shares. | Issuer | For | For |   |
| 8                                                                                                          | Approval of the Hanson long term incentive plan 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | HANSON PLC | 2,100 | HAN | 411349103 | 4/26/06 |
| 1                                                                                                          | To receive and adopt the accounts and the reports of the directors and        auditors for the year ended December 31, 2005. | Issuer | For | For |   |
| 2                                                                                                          | To approve the remuneration report | Issuer | For | For |   |
| 3                                                                                                          | Declaration of dividend of 14.15 pence per ordinary share. | Issuer | For | For |   |
| 4A                                                                                                         | Re-election of Alan J. Murray | Issuer | For | For |   |
| 4B                                                                                                         | Re-election of Frank Blout. | Issuer | For | For |   |
| 4C                                                                                                         | Re-election of Sam Laidlaw. | Issuer | For | For |   |
| 4D                                                                                                         | Election of John Brady. | Issuer | For | For |   |
| 5                                                                                                          | Re-appointment of Ernst & Young LLP as auditors and determination of        the auditors' remuneration. | Issuer | For | For |   |
| 6A                                                                                                         | Authority to allot relevant shares or securities generally. | Issuer | For | For |   |
| 6B                                                                                                         | Authority to allot equity securities for cash. | Issuer | For | For |   |
| 7                                                                                                          | Limited authority to make market purchases of shares. | Issuer | For | For |   |
| 8                                                                                                          | Approval of the Hanson long term incentive plan 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | LAN AIRLINES S.A. | 3,500 | LFL | 501723100 | 4/28/06 |
| A                                                                                                          | Approval of the report, balance sheet and financial statements of the        company for the fiscal year ending december 31, 2005. | Issuer | For | For |   |
| B                                                                                                          | Approval of the distribution of dividend of no less than the minimum        30% required to be charged to the earnings for fiscal year 2005, including        in this sum the provisional dividends of US$ 0.11430 and US $ 0.10975        per share paid in the months of September 2005 and March 2005, respectively.        The interim dividend agreed on will be paid beginning on May 17, 2006. | Issuer | For | For |   |
| C                                                                                                          | Election of the board of directors | Issuer | For | For all nominees |   |
| D                                                                                                          | Determination of the compensation for the board of directors for the        fiscal year 2006 | Issuer | For | For |   |
| E                                                                                                          | Determination of the compensation for the director's committee and their        budget for fiscal year 2006. | Issuer | For | For |   |
| F                                                                                                          | Designation of external auditors; designation of risk assessors; accounts        of the matters referred to in article 44 of Law 18046 on corporations. | Issuer | For | For |   |
| G                                                                                                          | Information regarding the cost of processing, printing and distribution        of the information as referred to in circular N. 1494 of the superintendence        of securities and insurance. | Issuer | For | For |   |
| H                                                                                                          | Any other matter of public interest that should be known for the shareholder's        meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | POTASH CORPORATION OF SASKATCHEWAN INC. | 1,000 | POT | 73755L107 | 5/2/06 |
| 1                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | The appointment of Deloitte & Touche LLP as auditors of the corporation. | Issuer | For | For |   |
| 3                                                                                                          | The resolution (attached as Appendix B to the accompanying management        proxy circular) approving the adoption of a new performance option plan,        the full text of which is attached as Appendix C to the accompanying management        proxy circular. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | CRH PLC | 4,000 | CRH | 12626K203 | 5/3/06 |
| 1                                                                                                          | Consideration of financial statements and reports of directors and auditors. | Issuer | For | For |   |
| 2                                                                                                          | Declaration of a dividend | Issuer | For | For |   |
| 3A                                                                                                         | Re-election of directors: Mr. D.W. Doyle. | Issuer | For | For |   |
| 3B                                                                                                         | Re-election of directors: Mr. J.M. De Jong | Issuer | For | For |   |
| 3C                                                                                                         | Re-election of directors: Mr. D.M. Kennedy. | Issuer | For | For |   |
| 3D                                                                                                         | Re-election of directors: Mr. M. Lee | Issuer | For | For |   |
| 4                                                                                                          | Remuneration of auditors | Issuer | For | For |   |
| 5                                                                                                          | Authority of allot shares. | Issuer | For | For |   |
| 6                                                                                                          | Disapplicatioin of the pre-emption rights. | Issuer | For | For |   |
| 7                                                                                                          | Authority to purchase own ordinary/income shares | Issuer | For | For |   |
| 8                                                                                                          | Aurthority in relation to re-issue price range of treasury shares. | Issuer | For | For |   |
| 9                                                                                                          | Performance share plan | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BASF AKTIENGELSELLSCHAFT | 1,700 | BF | 55262505 | 5/4/06 |
| 2                                                                                                          | Adoption of a resolution on the appropriation of profit. | Issuer | For | For |   |
| 3                                                                                                          | Adoption of a resolution giving formal approval to the actions of the        supervisory board. | Issuer | For | For |   |
| 4                                                                                                          | Adoption of a resolution giving formal approval to the actions of the        board of executive directors. | Issuer | For | For |   |
| 5                                                                                                          | Election of an auditor for the financial year 2006. | Issuer | For | For |   |
| 6                                                                                                          | Authorization to buy back shares and to put them to further use including        the authorization to redeem bought-back shares and reduce capital. | Issuer | For | For |   |
| 7                                                                                                          | Authorization to acquire own shares using derivative financial instruments | Issuer | For | For |   |
| 8                                                                                                          | Amendment of articles 8, 12 and 16 of the articles of association | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | AXA | 4,200 | AXA | 54536107 | 5/4/06 |
| 1                                                                                                          | Approval of the company's financial statements for 2005 - parent only | Issuer | For | For |   |
| 2                                                                                                          | Approval of the consolidated financial statements for 2005 | Issuer | For | For |   |
| 3                                                                                                          | Earnings appropriation and declaration of a dividend of EURO 0.88 | Issuer | For | For |   |
| 4                                                                                                          | Approval of the agreements mentioned in the auditors' special report | Issuer | For | For |   |
| 5                                                                                                          | Appointment of Mr. Norbert Dentressangle to the supervisory board | Issuer | For | For |   |
| 6                                                                                                          | Re-electon of statutory auditor Price Waterhouse Coopers Audit for a        six-year term | Issuer | For | For |   |
| 7                                                                                                          | Re-election of alternate statutory auditor Mr. Patrick Frotiee for a        six-year term. | Issuer | For | For |   |
| 8                                                                                                          | Authorization granted to the management board to purchase the company's        shares | Issuer | For | For |   |
| E9                                                                                                         | Authorization granted to the management board to reduce capital through        the cancellation of shares. | Issuer | For | For |   |
| E10                                                                                                        | Authorization to comply with all formal requirements in connection with        this meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | CANADIAN PACIFIC RAILWAY LIMITED | 3,200 | CP | 13645T100 | 5/4/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Appointment of Price Waterhouse Coopers LLP as auditors | Issuer | For | For |   |
| 3                                                                                                          | Amendment to the management stock option incentive plan as described        in the management proxy circular to increase the maximum number of shares        that may be issued under the plan. | Issuer | For | For |   |
| 4                                                                                                          | Amendment to the management stock option incentive plan as described        in the management proxy circular to prohibit, without shareholder approval,        the reduction of the price at which options may be exercised after they        have been granted. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | TOTAL S.A. | 1,300 | TOT | 89151 E 109 | 5/12/06 |
|                                                                                                       | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | Approval of parent company financial statements. | Issuer | For | For |   |
| 2                                                                                                          | Approval of consolidated financial statements. | Issuer | For | For |   |
| 3                                                                                                          | Allocation of earnings, declaration of dividend | Issuer | For | For |   |
| 4                                                                                                          | Authorization to be given to the board of directors to transfer the        special long-term capital gains reserved to the account | Issuer | For | For |   |
| 5                                                                                                          | Agreements covered by article L.225-38 of the French Commercial Code. | Issuer | For | For |   |
| 6                                                                                                          | Authorization for the board of directors to trade shares of the company. | Issuer | For | For |   |
| 14                                                                                                         | Approval of the asset contribution by the company to Arkema, governed        by the legal regime applicable to demergers | Issuer | For | For |   |
| 15                                                                                                         | Four-For-One Split | Issuer | For | For |   |
| RA                                                                                                         | Resolution A (not approved by the board of directors) | Issuer | For | For |   |
| RB                                                                                                         | Resolution B (not approve by the board of directors) | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | GLAXOSMITHKLINE PLC | 2,000 | GSK | 37733W105 | 5/17/06 |
| 1                                                                                                          | To receive and adopt the directors' report and the financial statements | Issuer | For | For |   |
| 2                                                                                                          | To approve the remuneration report | Issuer | For | For |   |
| 3                                                                                                          | To elect Dr. Moncef Salaoui as a director | Issuer | For | For |   |
| 4                                                                                                          | To elect Mr. Tom De Swaan as a director | Issuer | For | For |   |
| 5                                                                                                          | To re-elect Mr. Larry Culp as a director. | Issuer | For | For |   |
| 6                                                                                                          | To re-elect Sir Crispin Davis as a director. | Issuer | For | For |   |
| 7                                                                                                          | To re-elect Dr. Ronaldo Schmitz as a director. | Issuer | For | For |   |
| 8                                                                                                          | Re-appointment of auditors. | Issuer | For | For |   |
| 9                                                                                                          | Remuneration of auditors. | Issuer | For | For |   |
| S10                                                                                                        | To authorise the company to make donations to EU political organisations        and incur EU political expenditure. | Issuer | For | For |   |
| S11                                                                                                        | Authority to allot shares. | Issuer | For | For |   |
| S12                                                                                                        | Disapplication of pre-emption rights (indicates a special resolution). | Issuer | For | For |   |
| S13                                                                                                        | Authority for the company to purchase its own shares (indicates a special        resolution). | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | CHINA MOBILE (HONG KONG) LIMITED | 5,500 | CHL | 16941M109 | 5/18/06 |
|                                                                                                       | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | To receive and consider the audited financial statements and the reports        of the directors and auditors for the year ended 31 December 2006. | Issuer | For | For |   |
| 2                                                                                                          | To declare a final dividend for the year ended December 2005. | Issuer | For | For |   |
| 4                                                                                                          | To re-appoint Messrs. KPMG as auditors and to authorize the directors        to fix their remuneration. | Issuer | For | For |   |
| 5                                                                                                          | To give a general mandate to the directors to repurchase shares in the        company not exceeding 10% of the aggregate nominal amount of the existing        issued share capital. | Issuer | For | For |   |
| 6                                                                                                          | To give a general mandate to the directors to issue, allot and deal        with additional shares in the company not exceeding 20% of the aggregate        nominal amount of the existing issued share capital. | Issuer | For | For |   |
| 7                                                                                                          | To extend the general mandate granted to the directors to issue, allot        and deal with shares by the number of shares repurchased. | Issuer | For | For |   |
| S8                                                                                                         | To approve the change of name of the company. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | CADBURY SCHWEPPES PLC | 2,500 | CSG | 127209302 | 5/18/06 |
|                                                                                                       | Directors nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | Financial statements | Issuer | For | For |   |
| 2                                                                                                          | Declaration of final dividend | Issuer | For | For |   |
| 3                                                                                                          | Directors' remuneration report. | Issuer | For | For |   |
| 9                                                                                                          | Re-appointment of auditors. | Issuer | For | For |   |
| 10                                                                                                         | Remuneration of auditors. | Issuer | For | For |   |
| 11                                                                                                         | Approve proposed amendments to the international share award plan. | Issuer | For | For |   |
| 12                                                                                                         | Approve proposed amendments to the 2004 long term incentive plan | Issuer | For | For |   |
| 13                                                                                                         | Authority to allot relevant securities | Issuer | For | For |   |
| 14                                                                                                         | Authority to disapply pre-emption rights | Issuer | For | For |   |
| 15                                                                                                         | Authority to purchase own ordinary shares | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ENEL S.P.A. | 1,300 | EN | 29265W108 | 5/25/06 |
| 1                                                                                                          | Financial statements of ENEL for the year ended December 31, 2005. Reports        of the board of directors, the board of statutory auditors, and the external        auditors, related resolutions, presentation of the consolidated financial        statements for the year ended December 31, 2005. | Issuer | For | For |   |
| 2                                                                                                          | Allocation of net income for the year and distribution of available        reserves. | Issuer | For | For |   |
| 3                                                                                                          | 2006 stock-option plan for the executives of ENEL and/or subsidiaries        thereof pursuant to article 2359 of the civil code. | Issuer | For | For |   |
| E1                                                                                                         | Delegation to the board of directors of the power to increase the share        capital in connection with the 2006 stock-option plan by a maximum amount        of EURO 31,790,000. Inherent and consequent resolutions. Amendment of        article 5 of the bylaws. | Issuer | For | For |   |
| E2                                                                                                         | Procedure for appointing the executive in charge of preparing the corporate        accounting. Addition to article 20 of the bylaws | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | ORIENT-EXPRESS HOTELS LTD. | 3,500 | OEH | 654744408 | 6/5/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Amendmets to the company's by-laws to permit delivery of notices and        other documents by posting them on the company's website and notices of        its general meetings to be given through the company's website or by mail. | Issuer | For | For |   |
| 3                                                                                                          | Appointment of Deloitte & Touche LLP as the company's auditor and authorization        of the audit committee to fix auditor's remuneration. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BCE INC. | 6,000 | COMS | 05534B109 | 6/6/06 |
| 1                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 2                                                                                                          | Deloitte & Touche LLP as auditor | Issuer | For | For |   |
| 3                                                                                                          | Approving the special resolution, the full text of which is reproduced        as schedule A to the management proxy circular, to approve the BCE plan        of arrangement under which BCE Inc. would distribute units in Bell Aliant        regional communications income fund to its holders of common shares as        a return of capital and effect a reduction of approximately 75 million        shares. | Issuer | For | For |   |
| 4                                                                                                          | Convert the whole of BCE Inc. into an income trust fund which would        distribute to unitholders at least 90% of its annual free cash flow. | Issuer | Against | Against |   |
|                                                                                                       |
|                                                                                                       | TENARIS, S.A. | 2,500 | TS | 88031M109 | 6/7/06 |
| A1                                                                                                         | Consideration of the board of directors' and independent auditor's reports        on the consolidated financial statements. | Issuer | For | For |   |
| A2                                                                                                         | Consideration of the board of directors' and independent auditor's reports        on the unconsolidated annual accounts. | Issuer | For | For |   |
| A3                                                                                                         | Allocation of results and approval of dividend payment. | Issuer | For | For |   |
| A4                                                                                                         | Discharge to the members of the board of directors. | Issuer | For | For |   |
| A5                                                                                                         | Election of the board of directors' members | Issuer | For | For |   |
| A6                                                                                                         | Authorization to the board of directors to delegate the day-to-day management        of the company's business and the power to represent the company as "administrateur        delegue" (Chief Executive Officer) to Mr. Paolo Rocca. | Issuer | For | For |   |
| A7                                                                                                         | Authorization to the board of directors to appoint any or all of its        members as the company's Attorneys-In-Fact. | Issuer | For | For |   |
| A8                                                                                                         | Authorization to the board of directors to cause the distribution of        all shareholder communications. | Issuer | For | For |   |
| A9                                                                                                         | Board of directors' compensation | Issuer | For | For |   |
| A10                                                                                                        | Appointment of independent auditors and approval of their fees. | Issuer | For | For |   |
| E1                                                                                                         | Amendment of article 11 of the articles of association. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | REPSOL YPF, S.A. | 3,500 | REP | 76026T205 | 6/16/06 |
| 1                                                                                                          | Review and approval, if appropriate, of the annual financial statements        (balance sheet, profit and loss account and the annual report) and the        management report of REPSOL YPF, S.A. | Issuer | For | For |   |
| 2                                                                                                          | Amendment of articles 19('Call of the General Metting") and 20 ("Power        and Obligation to call") of the articles of association. | Issuer | For | For |   |
| 3                                                                                                          | Amendment of article 5 ("Notice of Call") of the regulations of the        general shareholders meeting. | Issuer | For | For |   |
| 4A                                                                                                         | Ratification and appointment as director of Mrs. Paulina Beato Blanco. | Issuer | For | For |   |
| 4B                                                                                                         | Ratification and appointment as director of Mr. Henri Philippe. | Issuer | For | For |   |
| 4C                                                                                                         | Appointment, ratification or re-election of other directors. | Issuer | For | For |   |
| 5                                                                                                          | Appointment of the accounts auditor of REPSOL YPF, S.A. and of its consolidated        group | Issuer | For | For |   |
| 6                                                                                                          | Authorization to the board of directors for the derivative acquisition        of shares of REPSOL YPF, S.A. | Issuer | For | For |   |
| 7                                                                                                          | Delegation to the board of directors of the power to issue fixed rate        securities, convertible or exchangeable by shares of the company. | Issuer | For | For |   |
| 9                                                                                                          | Delegation of powers to supplement, develop, execute, rectify or formalize        the resolutions. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | TELEFONICA, S.A. | 2,200 | TEF | 879382208 | 6/20/06 |
|                                                                                                       | Director nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | Examination and approval of the individual annual accounts of the consolidated        financial statements and of the management report of both telefonica,        S.A. and its consolidated group of companies. | Issuer | For | For |   |
| 2                                                                                                          | Approval, if deemed appropriate, of the merger plan of telefonica, S.A.        and Telefonica Moviles, S.A. | Issuer | For | For |   |
| 4                                                                                                          | Approval, if appropriate, of a long-term incentive plan consisting of        the delivery of shares of and which is linked to changes in the listing        price of shares of telefonica, S.A. | Issuer | For | For |   |
| 5                                                                                                          | Authorization to acquire the company's own shares, directly or through        companies within the group. | Issuer | For | For |   |
| 6                                                                                                          | Authorization to the board of directors to increase the share capital        under the terms and conditions of section 153.1.B) of the business Corporations        Law, with a delegation of the power to exclude preemptive rights pursuant,        in this latter case, to the provisions of section 159.2 of the Business        Corporations Law. | Issuer | For | For |   |
| 7                                                                                                          | Delegation of powers to formalize, interpret, remedy and carry out the        resolutions adopted by the shaareholders at the meeting. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | SHIRE PLC | 2,000 | SHPGY | 82481R106 | 6/21/06 |
| 2                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | To receive and consider the directors' report and accounts for the year        ended 31 December 2005. | Issuer | For | For |   |
| 11                                                                                                         | To re-appoint Deloitte & Touch LLp as auditors of the company. | Issuer | For | For |   |
| 12                                                                                                         | To authorise the audit committee to determine the remuneration of the        auditors. | Issuer | For | For |   |
| 13                                                                                                         | To approve the directors' remuneration report for the year ended 31        December 2005. | Issuer | For | For |   |
| 14                                                                                                         | to authorise the allotment of shares. | Issuer | For | For |   |
| 15                                                                                                         | to authorise the disapplication of pre-emption rights. | Issuer | For | For |   |
| S16                                                                                                        | To authorise market purchases. | Issuer | For | For |   |
| S17                                                                                                        | To authorise donations to EU political organisations and the incurring        of EU political expenditure. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | SONY CORPORATION | 3,000 | SNE | 835699307 | 6/22/06 |
| 2                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | To amend a part of the articles of incorporaton. | Issuer | For | For |   |
| 3                                                                                                          | To issue stock acquisition rights for the purpose of granting stock        options. | Issuer | For | For |   |
| 4                                                                                                          | To amend the articles of incorporation with respect to disclosure to        shareholders regarding remuneration paid to each director | Shareholder |   | For |   |
|                                                                                                       |
|                                                                                                       | NIDEC CORPORATION | 5,000 | NJ | 654090109 | 6/22/06 |
| 3                                                                                                          | Director nominations | Issuer | For | For all nominees |   |
| 1                                                                                                          | To approve the proposed appropriation of profit with respect to the        33rd fiscal period | Issuer | For | For |   |
| 2                                                                                                          | To amend partly the articles of incorporation. | Issuer | For | For |   |
| 4A                                                                                                         | Elect Shiro Kuniya as corporate auditor | Issuer | For | For |   |
| 4B                                                                                                         | Elect Yoshiro Kitano as a corporate auditor. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | NISSAN MOTOR CO., LTD | 4,000 | NSANY | 654744408 | 6/27/06 |
| 1                                                                                                          | Approval of appropriation of retained earnings for the 107th fiscal        year | Issuer | For | For |   |
| 2                                                                                                          | Amendment to the articles of incorporation | Issuer | For | For |   |
| 3                                                                                                          | Issuance of Shinkabu-Yoyakuken (stock acquisition right) without consideration        as stock options to employees of the company and directors and employees        of its affiliates. | Issuer | For | For |   |
| 4A                                                                                                         | Elect Takeo Ohtsubo as statutory auditor | Issuer | For | For |   |
| 4B                                                                                                         | Elect Toshiyuki Nakamura as statutory auditor | Issuer | For | For |   |
| 5                                                                                                          | Granting of retirement allowance to the retiring statutory auditors | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | NOMURA HOLDINGS, INC. | 10,000 | ADR | 65535H208 | 6/28/06 |
| 1                                                                                                          | Amendments to the articles of incorporation. | Issuer | For | For |   |
| 2                                                                                                          | Directors nominations | Issuer | For | For all nominees |   |
| 3                                                                                                          | Issuance of stock acquisition rights as stock options. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 10,000 | MTU | 606822104 | 6/29/06 |
| 1                                                                                                          | Approval of the proposed approriations of retained earnings and other        capital surplus for the 1st business term | Issuer | For | For |   |
| 2                                                                                                          | Reduction of the legal capital surplus. | Issuer | For | For |   |
| 3                                                                                                          | Partial Amendments to the articles of incorporation. | Issuer | For | For |   |
| 4                                                                                                          | Election of 15 (fifteen) directors. | Issuer | For | For |   |
| 5                                                                                                          | Granting of retirement gratuities to retiring and retired directors        and corporate auditors. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | PT INDOSAT TBK | 1,000 | IIT | 744383100 | 6/29/06 |
| 1                                                                                                          | To approve the annual report and to ratify the financial statements        of the company for the financial year ended December 31, 2005 and thereby        release and discharge the board of commissioners from their supervisory        responsibilities and the board of directors from their managerial responsibilities        for the financial year ended December 31, 2005. | Issuer | For | For |   |
| 2                                                                                                          | To approve the allocations of net profit for "reserve funds", dividends        and other purposes and to approve the determination of the amount, time        and manner of payment of dividends for the financial year ended December        31, 2005. | Issuer | For | For |   |
| 3                                                                                                          | To determine the remuneration for the board of commissioners of the        company for 2006. | Issuer | For | For |   |
| 4                                                                                                          | To approve the appointment of the company's independent auditor for        the financial year ending December 31, 2006. | Issuer | For | For |   |
|                                                                                                       |
|                                                                                                       | BUSINESS OBJECTS SA ADS | 7,000 | BOBJ | 12328X107 |   |
| 1                                                                                                          | Approval of the Company's statutory financial statements for the year        ended december 31, 2005. | Issuer | For | For |   |
| 2                                                                                                          | Approval of the company's consolidated financial statements for the        year ended December 31, 2005. | Issuer | For | For |   |
| 3                                                                                                          | Allocation of the Company's earnings for the year ended December 31,        2005. | Issuer | For | For |   |
| 4                                                                                                          | Renewal of the term of office of Mr. Bernard Liaufaud, as a Director        of the company. | Issuer | For | For |   |
| 5                                                                                                          | Renewal of the term of office of Mr. Jean-Francois Heitz, as a Director        of the company. | Issuer | For | For |   |
| 6                                                                                                          | Renewal of the term of office of Mr. David Peterschmidt, as a Director        of the Company. | Issuer | For | For |   |
| 7                                                                                                          | Ratification of the appointment of Mr. John Schwarz, as a Director of        the Company. | Issuer | For | For |   |
| 8                                                                                                          | Renewal of term of office of Mr. John Schwarz, as a Director of the        Company. | Issuer | For | For |   |
| 9                                                                                                          | Ratification of regulated agreements. | Issuer | For | For |
| 10                                                                                                         | Approval of regulated agreements. | Issuer | For | For |
| 11                                                                                                         | Appointment of Auditex as Company's alternate statutory auditor of Ernst        & Young Audit, as the replacement of Mr. Alain Vincent, company's alternate        statutory auditor, and | Issuer | For | For |
| 12                                                                                                         | Authorization granted to the Board of Directors to repurchase ordinary        shares of the Company. | Issuer | For | For |
| 13                                                                                                         | Authorization granted to the board of directors to reduce the company's        share capital by cancellation of treasury shares. | Issuer | For | For |
| 14                                                                                                         | Authorization granted to the board of directors to issue warrants to        subscribe up to a maximum of 45,000 ordinary shared reserved for Mr. Jean-Francois        Heitz. | Issuer | For | For |
| 15                                                                                                         | Authorization granted to the board of directors to issue warrants to        subscribe up to a maximum of $45,000 ordinary shares reserved for Mr.        David Peterschmidt. | Issuer | For | For |
| 16                                                                                                         | Authorization granted to the board of directors to increase the company's        share capital through the issuance of ordinary shares, with subscription        reserved to the participants in the company's employee savings plan. | Issuer | For | For |
| 17                                                                                                         | Delegation of powers granted to the board of directors to increase the        company's share capital through the issuance of ordinary shares, with        subscription reserved to the 2004 Business Objects S.A. Employee Benefits        Trust under the 2004 International Employee Stock Purchase Plan. | Issuer | For | For |
| 18                                                                                                         | Authorization granted to the board of directors to grant options to        subscribe or to purchase ordinary shares of the company and approval of        the amendments of the 2001 stock incentive plan. | Issuer | For | For |
| 19                                                                                                         | Delegation of powers granted to the board of directors to increase the        company's share capital through the issuance of ordinary shares with the        subscription reserved to the Business Objects Employee Benefit Sub-Plan        Trust under the 2001 Stock Incentive Plan and approval of the amendments        of the 2001 Stock Incentive Sub-Plan. | Issuer | For | For |
| 20                                                                                                         | Authorizaton granted to the board of directors to allocate, free of        change, existing ordinary shares, or to issue, free of charge, new ordinary        shares, to the employees and certain officers of the company and to the        employees of the company's subsidiaries. | Issuer | For | For |
| 21                                                                                                         | Delegation of authority granted to the board of directors to increase        the company's share capital, with shareholder preferential subscription        rights. | Issuer | For | For |
| 22                                                                                                         | Delegation of authority granted to the board of directors to increase        the company's share capital, without shareholder preferential subscription        rights. | Issuer | For | For |
| 23                                                                                                         | Authorization granted to the board of directors to increase the number        of ordinary shares to be issued in the event of a company's share capital        increase with or without shareholder preferential subscription rights. | Issuer | For | For |
| 24                                                                                                         | Delegation of authority granted to the board of directors to increase        the company's share capital by incorporation of reserves, profits, issuance        premiums or any other sum for which capitalization would be authorized. | Issuer | For | For |
| 25                                                                                                         | Delegation of powers granted to the board of directors to increase the        company's share capital to compensate contributions in kind that are made        to the company. | Issuer | For | For |
| 26                                                                                                         | Approval of the amendments of the company's articles of association        to confirm them to the new provisions of the French commercial code, as        amended by French law No. 2005-842 dated July 26, 2005. | Issuer | For | For |
| 27                                                                                                         | Delegation of authority granted to the board of directors to proceed        with the issuance of warrants free of charge in the event of a public        tender off/exchange offer for the company within the framwork of a legal        reciprocity clause; and | Issuer | For | For |
| 28                                                                                                         | Authorizaton granted to the board of directors in the event of a public        tender offer exchange offer for the company within the framework of a        legal reciprociy clause. | 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 8, 2006