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, 2012  Date of reporting period: June 30, 2012

| **Saturna      Investment Trust, Sextant Growth Fund (SSGFX)**                                              |
|-------------------------------------------------------------------------------------------------------------|
| Proxy      Voting Record relating to shareholder meetings held from July 1, 2011 through      June 30, 2012 |
|                                                                                                        |
| **Proposal #**                                                                                              | **Issue / Proposals** | **Shares /      Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                        |
|                                                                                                             | Duke Energy Corporation | 10,000 | DUK | 26441C204 | 8/23/11 |
| 1                                                                                                           | Reverse stock split proposal — a      proposal to approve the amendment of the amended and restated Certificate of      Incorporation of Duke Energy Corporation to provide for 1-for-3 reverse stock      split with respect to the issued and outstanding Duke Energy common stock in      connection with the merger contemplated by the merger agreement. | Issuer | For | For |  |
| 2                                                                                                           | Share issuance proposal — a      proposal to approve the issuance of Duke Energy common stock, par value      $0.001 per share, to Progress Energy, Inc. shareholders in connection with      the merger contemplated by the merger agreement. | Issuer | For | For |  |
| 3                                                                                                           | Adjournment proposal — a      proposal to adjourn the special meeting of the shareholders of Duke Energy,      if necessary, to solicit additional proxies if there are not sufficient votes      to approve either of the proposals above. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Pharmaceutical Product      Development, Inc. | 15,000 | PPDI | 717124101 | 10/24/11 |
| 1                                                                                                           | To approve the agreement and      plan of merger, dated as of October 2, 2011, as it may be amended form time      to time, by and among Pharmaceutical Product Development, Inc., Jaguar      Holdings, LLC and Jaguar Merger Sub, Inc. | Issuer | For | For |  |
| 2                                                                                                           | To approve, on a non-binding      advisory basis, the "Golden Parachute" compensation that might be      received by the company's named executive officers in connection with the      merger. | Issuer | For | Against |  |
| 3                                                                                                           | To adjourn the special meeting,      if necessary or appropriate, to solicit additional proxies if there are      insufficient votes at the time of the special meeting to approve the      agreement and plan of merger. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Intuit Inc. | 12,000 | INTU | 461202103 | 1/19/12 |
| 1A-H                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratify the selection of Ernst      & Young LLP as our independent registered public accounting firm for the      fiscal year ending July 31, 2012. | Issuer | For | For |  |
| 3                                                                                                           | Approve the amendment to the      employee stock purchase plan. | Issuer | For | For |  |
| 4                                                                                                           | Approve a non-binding advisory      resolution regarding executive compensation. | Issuer | For | For |  |
| 5                                                                                                           | To recommend, by non-binding      advisory vote, the frequency of executive compensation votes. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Apple Inc. | 4,800 | AAPL | 037833100 | 2/23/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees except in the      case of Nominee #4, voted as withhold |  |
| 2                                                                                                           | Ratification of the appointment      of Ernst & Young LLP as the company's independent registered public      accounting firm for 2012. | Issuer | For | For |  |
| 3                                                                                                           | Advisory vote on executive      compensation. | Issuer | For | For |  |
| 4                                                                                                           | A shareholder proposal entitled      "Conflict of Interest Report" | Shareholder | Against | Against |  |
| 5                                                                                                           | A shareholder proposal entitled      "Shareholder Say on Director Pay" | Shareholder | Against | Against |  |
| 6                                                                                                           | A shareholder proposal entitled      "Report on Political Contributions and Expenditures" | Shareholder | Against | Against |  |
| 7                                                                                                           | A shareholder proposal entitled      "Adopt a Majority Voting Standard for Director Elections" | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Stanley Black & Decker, Inc. | 3,000 | SWK | 854502101 | 4/17/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Approve amendment to restated      Certificate of Incorporation to declassify the Board of Directors. | Issuer | For | For |  |
| 3                                                                                                           | Approve 2012 management      incentive compensation plan. | Issuer | For | For |  |
| 4                                                                                                           | Approve Ernst & Young LLP as      the company's independent auditors for the company's 2012 fiscal year. | Issuer | For | For |  |
| 5                                                                                                           | Approve, on an advisory basis,      the compensation of the company's named executive officers. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Honeywell International Inc. | 10,000 | HON | 438516106 | 04/23/12 |
| 1A-J                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Approval of Independent      Accountants. | Issuer | For | For |  |
| 3                                                                                                           | Advisory Vote To Approve      Executive Compensation. | Issuer | For | For |  |
| 4                                                                                                           | Independent Board Chairman. | Shareholder | Against | Against |  |
| 5                                                                                                           | Political Contributions. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | The Chubb Corporation | 7,000 | CB | 171232101 | 04/24/12 |
| 1A-K                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of the appointment      of Ernst & Young LLP as independent auditor. | Issuer | For | For |  |
| 3                                                                                                           | Advisory vote on the      compensation paid to our named executive officers. | Issuer | For | For |  |
| 4                                                                                                           | Shareholder proposal regarding      political contributions and related expenditures. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | NRG Energy , Inc. | 10,000 | NRG | 629377508 | 04/25/12 |
| 1A-D                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | To approve the amendment to NRG      Energy, Inc.'s Amended and Restated Certificate of Incorporation to      declassify the Board of Directors | Issuer | For | For |  |
| 3                                                                                                           | To adopt the NRG Energy, Inc.      Amended and Restated Employee Stock Purchase Plan | Issuer | For | For |  |
| 4                                                                                                           | To approve, on an advisory      basis, the compensation of the Company's named executive officers | Issuer | For | For |  |
| 5                                                                                                           | To ratify the appointment of      KPMG LLP as the Company's independent registered public accounting firm for      fiscal year 2012 | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Johnson & Johnson | 10,000 | JNJ | 478160104 | 04/26/12 |
| 1A-M                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Advisory vote to approve named      executive officer compensation | Issuer | For | For |  |
| 3                                                                                                           | Approval of the company's 2012      Long-Term Incentive Plan | Issuer | For | For |  |
| 4                                                                                                           | Ratification of appointment of      PricewaterhouseCoopers LLP as independent registered public accounting firm      for 2012 | Issuer | For | For |  |
| 5                                                                                                           | Shareholder proposal on      independent board chairman | Shareholder | Against | Against |  |
| 6                                                                                                           | Shareholder proposal on binding      vote on political contributions | Shareholder | Against | Against |  |
| 7                                                                                                           | Shareholder proposal on adopting      non-animal methods for training | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Abbott Laboratories | 7,000 | ABT | 002824100 | 04/27/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of Deloitte &      Touche LLP as auditors | Issuer | For | For |  |
| 3                                                                                                           | Say on Pay — an advisory vote to      approve executive compensation | Issuer | For | For |  |
| 4                                                                                                           | Shareholder proposal —      transparency in animal research | Shareholder | Against | Against |  |
| 5                                                                                                           | Shareholder proposal — lobbying      disclosure | Shareholder | Against | Against |  |
| 6                                                                                                           | Shareholder proposal —  independent board chair | Shareholder | Against | Against |  |
| 7                                                                                                           | Shareholder proposal — tax      gross-ups | Shareholder | Against | Against |  |
| 8                                                                                                           | Shareholder proposal — equity      retention and hedging | Shareholder | Against | Against |  |
| 9                                                                                                           | Shareholder proposal — incentive      compensation | Shareholder | Against | Against |  |
| 10                                                                                                          | Shareholder proposal — ban      accelerated vesting of awards upon a change in control | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | AT&T Inc. | 10,000 | T | 00206R102 | 04/27/12 |
| 1A-K                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of appointment of      independent auditors. | Issuer | For | For |  |
| 3                                                                                                           | Advisory approval of executive      compensation. | Issuer | For | For |  |
| 4                                                                                                           | Amend Certificate of      Incorporation. | Issuer | For | For |  |
| 5                                                                                                           | Political contributions report. | Shareholder | Against | Against |  |
| 6                                                                                                           | Limit wireless network      management. | Shareholder | Against | Against |  |
| 7                                                                                                           | Independent Board Chairman. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | The Boeing Company | 5,000 | BA | 097023105 | 04/30/12 |
| 1A-K                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Advisory vote to approve named      executive officer compensation. | Issuer | For | For |  |
| 3                                                                                                           | Ratification of the appointment      of Deloitte & Touche LLP as independent auditor for 2012. | Issuer | For | For |  |
| 4                                                                                                           | Report on political and trade      association contributions. | Shareholder | Against | Against |  |
| 5                                                                                                           | Action by written consent. | Shareholder | Against | Against |  |
| 6                                                                                                           | Retention of significant stock      by former executives. | Shareholder | Against | Against |  |
| 7                                                                                                           | Extraordinary retirement      benefits. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Regal Beloit Corporation | 5,500 | RBC | 758750103 | 04/30/12 |
| 1A-C                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Advisory vote on the      compensation of the company's named executive officers. | Issuer | For | For |  |
| 3                                                                                                           | To ratify the selection of      Deloitte & Touche LLP as the independent auditors for the company for the      year ending December 29, 2012. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Pepsico, Inc. | 8,000 | PEP | 713448108 | 05/02/12 |
| 1A-L                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratify the appointment KPMG LLP      as our independent registered public accountants for fiscal year 2012. | Issuer | For | For |  |
| 3                                                                                                           | Approval, by non-binding vote,      of executive compensation. | Issuer | For | For |  |
| 4                                                                                                           | Re-approval of the performance      measures under our 2007 Long-Term Incentive Plan. | Issuer | For | For |  |
| 5                                                                                                           | Shareholder Proposal — Lobbying      Practices Report. | Shareholder | Against | Against |  |
| 6                                                                                                           | Shareholder Proposal — Formation      of Risk Oversight Committee. | Shareholder | Against | Against |  |
| 7                                                                                                           | Shareholder Proposal — Chairman      of the Board shall be an Independent Director. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | United Parcel Service, Inc. | 6,000 | UPS | 911312106 | 05/03/12 |
| 1A-L                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | To ratify the appointment of      Deloitte & Touche LLP as UPS's independent registered public accountants      for the year ending December 31, 2012. | Issuer | For | For |  |
| 3                                                                                                           | To approve the 2012 Omnibus      Incentive Compensation Plan. | Issuer | For | For |  |
| 4                                                                                                           | To approve the amendment to the      Discounted Employee Stock Purchase Plan. | Issuer | For | For |  |
| 5                                                                                                           | The shareowner proposal      regarding lobbying disclosure. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Alcoa Inc. | 30,000 | AA | 013817101 | 05/04/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratify the Independent Auditor | Issuer | For | For |  |
| 3                                                                                                           | Advisory Approval of Executive      Compensation | Issuer | For | For |  |
| 4                                                                                                           | Eliminate Super-Majority Voting      Requirement in the Articles of Incorporation Article SEVENTH (Fair Price      Protection) | Issuer | For | For |  |
| 5                                                                                                           | Eliminate Super-Majority Voting      Requirement in the Articles of Incorporation Article EIGHTH (Director      Elections) | Issuer | For | For |  |
| 6                                                                                                           | Eliminate Super-Majority Voting      Requirement in the Articles of Incorporation Article EIGHTH (Removal of      Directors) | Issuer | For | For |  |
| 7                                                                                                           | Phase Out the Classified Board      by Approving Amendments to the Articles of Incorporation | Issuer | For | For |  |
| 8                                                                                                           | Permit Shareholder Action by      Written Consent by Approving Amendments to the Articles of Incorporation and      By-Laws | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Norfolk Southern Corporation | 7,000 | NSC | 655844108 | 05/10/12 |
| 1A-J                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | The ratification of the      appointment of KPMG LLP, independent registered public accounting firm, as      Norfolk Southern's independent auditors for the year ending December 31,      2012. | Issuer | For | For |  |
| 3                                                                                                           | Approval of executive      compensation as disclosed in the proxy statement for the 2012 annual meeting      of stockholders. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Nucor Corporation | 4,000 | NUE | 670346105 | 05/10/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of the appointment      of PricewaterhouseCoopers LLP as Nucor's independent registered public      accounting firm for the year ending December 31, 2012 | Issuer | For | For |  |
| 3                                                                                                           | Stockholder proposal regarding      majority vote | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Union Pacific Corporation | 4,000 | UNP | 907818108 | 05/10/12 |
| 1A-L                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of the appointment      of Deloitte & Touche as the independent registered public accounting      firm. | Issuer | For | For |  |
| 3                                                                                                           | An advisory vote on executive      compensation ("Say on Pay"). | Issuer | For | For |  |
| 4                                                                                                           | Shareholder proposal regarding      lobbying activities if properly presented at the meeting. | Shareholder | Against | Against |  |
| 5                                                                                                           | Shareholder proposal regarding      executive stock ownership if properly presented at the annual meeting. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | CVS Caremark Corporation | 10,000 | CVS | 126650100 | 05/10/12 |
| 1A-J                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Proposal to ratify the      appointment of Ernst & Young LLP as the Company's independent registered      public accounting firm for the fiscal 2012 year. | Issuer | For | For |  |
| 3                                                                                                           | Proposal to approve the      Company's executive compensation as disclosed in the proxy statement. | Issuer | For | For |  |
| 4                                                                                                           | Management proposal regarding      stockholder action by written consent. | Issuer | For | For |  |
| 5                                                                                                           | Stockholder proposal regarding      political contributions and expenditures. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Sempra Energy | 6,000 | SRE | 816851109 | 05/10/12 |
| 1A-L                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of Independent      Registered Public Accounting Firm. | Issuer | For | For |  |
| 3                                                                                                           | Advisory Approval of our      Executive Compensation. | Issuer | For | For |  |
| 4                                                                                                           | Shareholder Proposal Regarding      Independent Board Chairman. | Shareholder | Against | Against |  |
| 5                                                                                                           | Shareholder Proposal Regarding      Sustainability. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Advanced Micro Devices, Inc. | 20,000 | AMD | 007903107 | 05/10/12 |
| 1A-J                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of appointment of      Ernst & Young LLP as AMD's independent registered public accounting firm      for the current fiscal year. | Issuer | For | For |  |
| 3                                                                                                           | Approval of the Amendment and      Restatement of the 2004 Equity Incentive Plan. | Issuer | For | For |  |
| 4                                                                                                           | Advisory vote to approve named      executive officer compensation. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Amsurg Corporation | 15,000 | AMSG | 03232P405 | 05/17/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Approval, on an advisory basis,      of the company's executive compensation. | Issuer | For | For |  |
| 3                                                                                                           | Approval of an amendment to the      company's amended and restated charter to provide for majority voting in the      election of directors in uncontested elections. | Issuer | For | For |  |
| 4                                                                                                           | Approval of an amendment to the      Amsurg Corp. 2006 stock incentive plan. | Issuer | For | For |  |
| 5                                                                                                           | Ratification of the appointment      of Deloitte & Touche LLP as our independent registered public accounting      firm for fiscal 2012. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Dr. Pepper Snapple Group, Inc. | 16,000 | DPS | 26138E109 | 05/17/12 |
| 1A-D                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | To ratify the appointment of      Deloitte & Touche LLP as the Company's independent registered public      accounting firm for fiscal year 2012. | Issuer | For | For |  |
| 3                                                                                                           | To approve the following      advisory resolution regarding the compensation of the Company's Named      Executive Officers: RESOLVED, that the compensation paid to the Company's      Named Executive Officers, as disclosed pursuant to the compensation      disclosure rules and regulations of the Securities and Exchange Commission,      including the Compensation Discussion and Analysis, compensation tables and      tghe narrative discussion, is hereby APPROVED. | Issuer | For | For |  |
| 4                                                                                                           | To consider and vote upon      proposed amendments to the Company's Certificate of Incorporation and By-laws      to declassify the Company's Board and provide for the annual election of      directors. | Issuer | For | For |  |
| 5                                                                                                           | To consider and act upon a      stockholder proposal regarding a comprehensive recycling strategy for      beverage containers. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Amgen Inc. | 3,700 | AMGN | 031162100 | 05/23/12 |
| 1A-N                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | To ratify the selection of Ernst      & Young LLP as our independent registered public accountants for the      fiscal year ending December 31, 2012. | Issuer | For | For |  |
| 3                                                                                                           | Advisory vote to approve our      executive compensation. | Issuer | For | For |  |
| 4                                                                                                           | To approve an amendment to our      Restated Certificate of Incorporation to authorize stockholder action by      written consent. | Issuer | For | For |  |
| 5a                                                                                                          | Stockholder Proposal #1      (Independent Chairman of the Board) | Shareholder | Against | Against |  |
| 5b                                                                                                          | Stockholder Proposal #2      (Transparency in Animal Use) | Shareholder | Against | Against |  |
| 5c                                                                                                          | Stockholder Proposal #3 (Request      for Disclosure of Lobbying Policies and Practices) | Shareholder | Against | Against |  |
| 5d                                                                                                          | Stockholder Proposal #4 (CEO to      Serve on a Maximum of One Other Board) | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Red Lion Hotels Corporation | 50,000 | RLH | 756764106 | 05/23/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of selection of BDO      USA, LLP to serve as our independent registered public accounting firm for      2012. | Issuer | For | For |  |
| 3                                                                                                           | Approval, on an advisory basis,      of the compensation of the named executive officers. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Amazon.com, Inc. | 6,000 | AMZN | 023135106 | 05/24/12 |
| 1A-J                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of the appointment      of Ernst & Young LLP as independent auditors | Issuer | For | For |  |
| 3                                                                                                           | Approval of the material terms      of the performance goals, as amended, pursuant to Section 162(M) of the      Internal Revenue Code in our 1997 stock incentive plan. | Issuer | For | For |  |
| 4                                                                                                           | Shareholder proposal regarding      an assessment and report on climate change | Shareholder | Against | Against |  |
| 5                                                                                                           | Shareholder proposal calling for      certain disclosures regarding corporate political contributions | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Lowe's Companies, Inc. | 15,000 | LOW | 548661107 | 6/1/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of the appointment      of Deloitte & Touche LLP as the company's independent registered public      accounting firm for fiscal 2012. | Issuer | For | For |  |
| 3                                                                                                           | Advisory approval of the      company's executive compensation | Issuer | For | For |  |
| 4                                                                                                           | Approval of an amendment to the      Lowe's Companies employee stock purchase plan — stock options for everyone —      to increase the number of shares authorized for issuance under the plan. | Issuer | For | For |  |
| 5                                                                                                           | Shareholder proposal regarding      report on political spending. | Shareholder | Against | Against |  |
| 6                                                                                                           | Shareholder proposal regarding      executive severance agreements. | Shareholder | Against | Against |  |
| 7                                                                                                           | Shareholder proposal regarding      executive stock retention requirements. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Staples, Inc. | 15,000 | SPLS | 855030102 | 6/4/12 |
| 1A-L                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Approval of an Amendment to the      Company's Restated Certificate of Incorporation to allow stockholder action      by majority written consent. | Issuer | For | For |  |
| 3                                                                                                           | Approval, on an advisory basis,      of named executive officer compensation. | Issuer | For | For |  |
| 4                                                                                                           | Approval of the Company's      Amended and Restated Long Term Cash Incentive Plan. | Issuer | For | For |  |
| 5                                                                                                           | Approval of the Company's      Amended and Restated Executive Officer Incentive Plan. | Issuer | For | For |  |
| 6                                                                                                           | Approval of the Company's 2012      Employee Stock Purchase Plan. | Issuer | For | For |  |
| 7                                                                                                           | Ratification of 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 |  |
| 8                                                                                                           | Non-binding stockholder proposal      regarding a requirement for senior executives to hold 75% net after-tax      shares acquired through compensation plans and prohibition on hedging of held      shares. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Devon Energy Company | 6,000 | DVN | 25179M103 | 06/06/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Approve, in an advisory vote,      Executive Compensation. | Issuer | For | For |  |
| 3                                                                                                           | Ratify the Appointment of the      Independent Auditors for 2012. | Issuer | For | For |  |
| 4                                                                                                           | Approve Amending the Amended and      Restated Certificate of Incorporation to Grant Stockholders the Right to Call      a Special Meeting. | Issuer | For | For |  |
| 5                                                                                                           | Approve the 2012 Incentive      Compensation Plan. | Issuer | For | For |  |
| 6                                                                                                           | Approve the 2012 Amendment to      the 2009 Long-Term Incentive Compensation Plan. | Issuer | For | For |  |
| 7                                                                                                           | Report on the Disclosure of      Lobbying Policies and Practices. | Shareholder | Against | Against |  |
|                                                                                                        |
|                                                                                                             | Best Buy Co., Inc. | 10,000 | BBY | 086516101 | 06/21/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | To ratify the appointment of      Deloitte & Touche LLP as our independent registered public accounting      firm for the fiscal year ending February 2, 2013. | Issuer | For | For |  |
| 3                                                                                                           | To conduct an advisory vote to      approve our named executive office compensation. | Issuer | For | For |  |
| 4                                                                                                           | To approve an increase in the      available number of shares under the Best Buy Co., Inc. 2008 Employee Stock      Purchase Plan. | Issuer | For | For |  |
| 5                                                                                                           | To vote on a shareholder      proposal recommending declassification of our Board of Directors, if properly      presented at the Meeting. | Shareholder | Abstain | Abstain |  |
| 6                                                                                                           | In their discretion, the proxy      agents may vote upon such other business as may properly come before the      Meeting. | Shareholder | Abstain | Abstain |  |
|                                                                                                        |
|                                                                                                             | Guess? Inc. | 8,000 | GES | 401617105 | 06/21/12 |
| 1                                                                                                           | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Approval of the amendment and      restatement of the company's employee stock purchase plan. | Issuer | For | For |  |
| 3                                                                                                           | Ratification of the appointment      of Ernst & Young LLP as the company's independent auditors for the fiscal      year ending February, 2, 2013. | Issuer | For | For |  |
|                                                                                                        |
|                                                                                                             | Bed Bath & Beyond Inc. | 9,000 | BBBY | 075896100 | 06/22/12 |
| 1A-I                                                                                                        | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                           | Ratification of the appointment      of KPMG LLP | Issuer | For | For |  |
| 3                                                                                                           | To approve, by non-binding vote,      the 2011 compensation paid to the company's named executive officers. | Issuer | For | For |  |
| 4                                                                                                           | To approve the 2012 incentive      compensation plan. | Issuer | For | For |  |

 

| **Saturna Investment      Trust, Sextant International Fund (SSIFX)**                                  |
|--------------------------------------------------------------------------------------------------------|
| Proxy Voting Record      relating to shareholder meetings held from July 1, 2010 through June 30, 2011 |
|                                                                                                   |
| **Proposal #**                                                                                         | **Issue / Proposals** | **Shares /      Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                   |
|                                                                                                        | Korea Electric Power Corporation | 20,000 | KEP | 500631106 | 11/3/11 |
| 1                                                                                                      | Election of a non-standing      auditor as a member of the Audit Committee. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | CPFL Energia S.A. | 90,000 | CPL | 126153105 | 12/19/11 |
| A                                                                                                      | Approve the revision of the      bylaws of the company: details of the revision provided in the attached call      notice form CPFL Energia ("The Company") | Issuer | None | Abstain |  |
| B                                                                                                      | Approve the consolidated version      of bylaws of the company, in accordance with the amendment proposed in item      "A" of the agenda | Issuer | None | Abstain |  |
| C                                                                                                      | Approve the adjustment of total      compensation of management of the company, previously set forth in      shareholders' meeting held on April 28, 2011, in view of redistribution of      the amounts of compensation of management among the company and its      controlled companies, without increase to the global compensation set forth      for the management of all companies of the CPFL group. | Issuer | None | Abstain |  |
| D                                                                                                      | Ratify, pursuant to the      provisions of Article 256 of Law No. 6.404/76, (I) the joint venture      transaction among the company, its subsidiaries CPFL Geracao De Energia S.A.      and CPFL Comercializacao Brasil S.A. and the shareholders of ERSA — Energias      Renovaveis S.A. and (II) the appraisal report of ERSA, all as more fully      described in the proxy statement | Issuer | None | For |  |
| E                                                                                                      | Acknowledge the resignation of      an alternate member of the Board of Directors of the company, and elect his      replacement for the remaining term of his mandate | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | LAN Airlines S.A. | 130,000 | LFL | 501723100 | 12/21/11 |
| 1                                                                                                      | Approve the merger of LAN      Airlines S.A. & sister Holdco S.A. & Holdco II S.A., two special      purpose companies that have been created exclusively for purposes of this      transaction & where shares of TAM S.A. will be, directly or indirectly,      held prior to their consolidation into LAN, subject to (I) the terms and      conditions of certain implementation agreement & exchange offer      agreement, both dated January 18, 2011; & (II) a final decision, in the      Reclamacion pending before the Chilean Supreme Court, all as more fully      described in the proxy statement. | Issuer | For | For |  |
| 2                                                                                                      | Approve the audited financial      statements of LAN, sister Holdco S.A. and Holdco II S.A. as of September 30,      2011 and the Informe Pericial, all in accordance with Section 99 of the      Chilean Corporation Law. | Issuer | For | For |  |
| 3                                                                                                      | Change of the corporate name of      LAN Airlines Group S.A. to Latam Airlines Group S.A. | Issuer | For | For |  |
| 4                                                                                                      | Approve the bylaws of Latam      Airlines Group S.A., including any amendments thereof to be resolved by the      shareholders' meeting. | Issuer | For | For |  |
| 5                                                                                                      | Grant all necessary      authorizations and powers of attorney needed to carry out and implement the      proposed business combination between LAN and TAM S.A. | Issuer | For | For |  |
| 6                                                                                                      | Adopt any other resolution      necessary to carry out and implement the proposed business combination      between LAN and TAM S.A. | Issuer | For | For |  |
| 7                                                                                                      | Approve increase of the capital      of LAN in an additional amount determined by the shareholders' meeting,      through the issuance of 4,800,000 shares of common stock; approve that these      4,800,000 common stock shares & any common stock shares of LAN included      in paragraph 1. above & not used for purposes of mergers be used to      create & implement a stock option plan for employees of Latam Airlines      Group S.A. and its affiliates, as provided in Section 24 of the Chilean      Corporation Law & delegate in board authority to determine placement      conditions of these shares of common stock. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | CPFl Energia S.A. | 90,000 | CPL | 126153105 | 4/12/12 |
| OA                                                                                                     | To examine the managers      accounts, examine, discuss and vote on the company's financial statements,      the independent audit report and the audit committee's report for the fiscal      year ended in 12/31/2011. | Issuer | None | For |  |
| OB                                                                                                     | To approve the proposal for the      destination of the net profits ascertained during the fiscal year of 2011 and      the dividend distribution. | Issuer | None | For |  |
| OC                                                                                                     | To elect the primary and      alternate members for the Board of Directors. | Issuer | None | For |  |
| OD                                                                                                     | To elect the primary and      alternate members for the Audit Committee. | Issuer | None | For |  |
| OE                                                                                                     | To set the compensation of the      administration of the company. | Issuer | None | For |  |
| OF                                                                                                     | To set the compensation of the      members of the Audit Committee. | Issuer | None | For |  |
| EA                                                                                                     | To ratify, pursuant to Article      256 of Law No. 6,404/76, the transaction for the acquisition of the totality      of the quotas representing 100% of the voting and total capital of Jantus SL.      Details provided in the attached call notice. | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | BP P.L.C. | 50,000 | BP | 055622104 | 4/12/12 |
| 1                                                                                                      | To receive the Directors' Annual      Report and Accounts. | Issuer | For | For |  |
| 2                                                                                                      | To approve the Directors'      Remuneration Report. | Issuer | For | For |  |
| 3-17                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 18                                                                                                     | To reappoint Ernst & Young      LLP as auditors and authorize the Board to fix their remuneration. | Issuer | For | For |  |
| 19                                                                                                     | Special Resolution: to give      limited authority for the purchase of its own shares by the Company. | Issuer | For | For |  |
| 20                                                                                                     | To give limited authority to      allot shares up to a specified amount. | Issuer | For | For |  |
| 21                                                                                                     | Special Resolution: to give      authority to allot a limited number of shares for cash free of pre-emption      rights. | Issuer | For | For |  |
| 22                                                                                                     | Special Resolution: to authorize      the calling of general meetings (excluding Annual General Meetings) by notice      of at least 14 clear days. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Shire PLC | 32,000 | SHPG | 82481R106 | 4/24/12 |
| 1                                                                                                      | To receive the company's      accounts for the year ended December 31, 2011 and reports of the directors      and the auditor. | Issuer | For | For |  |
| 2                                                                                                      | To approve the directors'      remuneration report for the year ended December 31, 2011. | Issuer | For | For |  |
| 3-11                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 12                                                                                                     | To re-appoint Deloitte LLP as      the company's auditor until the conclusion of the annual general meeting of      the company to be held in 2013. | Issuer | For | For |  |
| 13                                                                                                     | To authorize the audit,      compliance & risk committee of the board to determine the remuneration of      the auditor. | Issuer | For | For |  |
| 14                                                                                                     | To resolve that the authority to      allot relevant securities (as defined in the company's Articles of      Association) conferred on the directors by Article 10 paragraph (B) of the      company's Articles of Association be renewed, all as more fully described in      the proxy statement. | Issuer | For | For |  |
| 15                                                                                                     | To resolve that, subject to the      passing of Resolution 14, the authority to allot equity securities (as      defined in the company's Articles of Association) wholly for cash, conferred      on the directors by Article 10 paragraph (D) of the company's Articles of Association      be renewed, all as more fully described in the proxy statement. | Issuer | For | For |  |
| 16                                                                                                     | To resolve that the company be      and is hereby generally and unconditionally authorized, pursuant to Article      57 of the Companies (Jersey) Law 1991 to make market purchases of ordinary      shares in the capital of the company, all as more fully described in the      proxy statement. | Issuer | For | For |  |
| 17                                                                                                     | To resolve that a general      meeting of the company, other than an annual general meeting, may be called      on not less than 14 clear days' notice. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Banco Santander Brasil S.A. | 200,000 | BSBR | 05967A107 | 4/25/12 |
| OA                                                                                                     | To take the management accounts,      examining, discussing and voting the company's financial statements related      to the fiscal year ended on December 31, 2011, together with the management      report, the balance sheet, other parts of the financial statements, external      auditors' opinion and the audit committee report | Issuer | For | For |  |
| OB                                                                                                     | To decide on the destination of      the net profit of the fiscal year of 2011 and the distribution of dividends | Issuer | For | For |  |
| OC                                                                                                     | To fix the annual overall      consideration of the company's management and members of audit committee | Issuer | For | For |  |
| EA                                                                                                     | To decide on the amendment of      the term of payment of dividends and interest on capital related specifically      to the year of 2012, to not more than one hundred and eighty (180) days      counted from its declaration by the company's Board of Directors and in any      circumstances within this fiscal year. | Issuer | For | For |  |
| EB                                                                                                     | To approve the proposal of      amendment of the company's bylaws, to preview the executive committee and the      description of the main responsibilities, pursuant to the proposal approved      by the Board of Executive Officers and the Board of Directors, at the meetings      held on February 28th and 29th, 2012, respectively. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | America Movil, S.A.B. De C.V. | 60,000 | AMX | 02364W105 | 4/25/12 |
| 1                                                                                                      | Appointment or, as the case may      be, reelection of the Board of Directors of the company that the holders of      the series "L" shares are entitled to appoint. Adoption of      resolutions thereon. | Issuer | None | For |  |
| 2                                                                                                      | Appointment of delegates to      execute, and if, applicable, formalize the resolutions adopted by the      meeting. Adoption of resolutions thereon. | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Cenovus Energy Inc. | 60,000 | CVE | 15135U109 | 4/25/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Appointment of      PricewaterhouseCoopers LLP, chartered accountants, as auditor of the      corporation. | Issuer | For | For |  |
| 3                                                                                                      | Amendment and reconfirmation of      the corporation's shareholder rights plan as described in the accompanying      management proxy circular. | Issuer | For | For |  |
| 4                                                                                                      | Acceptance of the corporation's      approach to executive compensation as described in the accompanying      management proxy circular. | Issuer | For | For |  |
| 5                                                                                                      | Acceptance of the shareholder      proposal set out in Appendix B to the accompanying management proxy circular. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Teck Resources Limited | 100,000 | TCK | 878742204 | 4/25/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | To appoint      PricewaterhouseCoopers LLP as auditors and to authorize the directors to fix      the auditors' remuneration. | Issuer | For | For |  |
| 3                                                                                                      | To approve the advisory      resolution on the corporation's approach to executive compensation. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | LAN Airlines S.A. | 130,000 | LFL | 501723100 | 4/26/12 |
| 1                                                                                                      | Approval of the annual report,      balance sheet and financial statements for the fiscal year ending December      31, 2011 | Issuer | For | For |  |
| 2                                                                                                      | Approval of payment of final      dividend on account of 2011 fiscal profits, all as more fully described in      the proxy statement | Issuer | For | For |  |
| 3                                                                                                      | The election of the company's      Board of Directors | Issuer | For | For |  |
| 4                                                                                                      | The compensation to be paid to      the company's Board of Directors for the fiscal year ending December 31, 2012 | Issuer | For | For |  |
| 5                                                                                                      | The compensation to be paid to      the company's audit committee and its budget for the fiscal year ending      December 31, 2012 | Issuer | For | For |  |
| 6                                                                                                      | Appointment of external auditing      firm and risk rating agencies; reports on matters indicated in XVI of      Companies Law 18,046 | Issuer | For | For |  |
| 7                                                                                                      | Information on the cost of      processing, printing and sending the information indicated in circular 1816      of the Securities and Insurance Commission | Issuer | For | For |  |
| 8                                                                                                      | Designation of the newspaper in      which the company will make publications | Issuer | For | For |  |
| 9                                                                                                      | Other matters of corporate      interest within the purview of a regular shareholders meeting of the company | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | BASF SE | 25,000 | BASFY | 055262505 | 4/27/12 |
| 2                                                                                                      | Adoption of a resolution on the      appropriation of profit. | Issuer | For | For |  |
| 3                                                                                                      | Adoption of a resolution giving      formal approval to the actions of the members of the supervisory board | Issuer | For | For |  |
| 4                                                                                                      | Adoption of a resolution giving      formal approval to the actions of the members of the Board of Executive      Directors | Issuer | For | For |  |
| 5                                                                                                      | Election of the auditor for the      financial year 2012 | Issuer | For | For |  |
| 6                                                                                                      | Authorization to buy back shares      and put them to further use including the authorization to redeem bought-back      shares and reduce capital | Issuer | For | For |  |
| 7                                                                                                      | Resolution on the amendment of      Article 17 of the statutes | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | ENI S.P.A. | 50,000 | E | 26874R108 | 4/30/12 |
| O1                                                                                                     | ENI financial statements at      December 31, 2011. Related deliberations. ENI consolidated financial      statements at December 31, 2011. Reports of the Directors, of the Board of      Statutory Auditors and of the audit firm. | Issuer | For | For |  |
| O2                                                                                                     | Allocation of net profit. | Issuer | For | For |  |
| O3                                                                                                     | Remuneration report: policy on      remuneration. | Issuer | For | For |  |
| E1                                                                                                     | Amendments to the by-laws      Articles 17 and 28 and addition of the new article 34. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Barrick Gold Corporation | 60,000 | ABX | 067901108 | 5/2/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Resolution approving the      appointment of PricewaterhouseCoopers LLP as the auditors of Barrick and      authorizing the directors to fix their remuneration. | Issuer | For | For |  |
| 3                                                                                                      | Advisory resolution on executive      compensation approach. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Tenaris, S.A. | 15,000 | TS | 88031M109 | 5/2/12 |
| A1                                                                                                     | Consideration of the      consolidated management report and related management certifications on the      Company's consolidated financial statements as of and for the year ended      December 31, 2011, and on the annual accounts as at December 31, 2011, and of      the independent auditor's reports on such consolidated financial statements      and annual accounts. | Issuer | None | For |  |
| A2                                                                                                     | Approval of the Company's      consolidated financial statements as of and for the year ended December 31,      2011. | Issuer | None | For |  |
| A3                                                                                                     | Approval of the Company's annual      account as at December 31, 2011. | Issuer | None | For |  |
| A4                                                                                                     | Allocation of results and      approval of dividend payment for the year ended December 31, 2011. | Issuer | None | For |  |
| A5                                                                                                     | Discharge of the members of the      Board of Directors for the exercise of their mandate during the year ended      December 31, 2011. | Issuer | None | For |  |
| A6                                                                                                     | Election of members of the Board      of Directors. | Issuer | None | For All Nominees |  |
| A7                                                                                                     | Compensation of members of the      Board of Directors. | Issuer | None | For |  |
| A8                                                                                                     | Appointment of the independent      auditors for the fiscal year ending December 31, 2012, and approval of their      fees. | Issuer | None | For |  |
| A9                                                                                                     | Authorization to the Board of      Directors to cause the distribution of all shareholder communications,      including its shareholder meeting and proxy materials and annual reports to      shareholders, by such electronic means as is permitted by any applicable laws      or regulations. | Issuer | None | For |  |
| E1                                                                                                     | Decision on the renewal of the      authorized share capital of the Company and related authorizations and      waivers. | Issuer | None | For |  |
| E2                                                                                                     | The amendment of article 10      "Minutes of the Board" of the Company's Articles of Association. | Issuer | None | For |  |
| E3                                                                                                     | The amendment of article 11      "Powers" of the Company's Articles of Association. | Issuer | None | For |  |
| E4                                                                                                     | The amendment of article 13      "Auditors" of the Company's Articles of Association. | Issuer | None | For |  |
| E5                                                                                                     | The amendment of article 15      "Date and Place" of the Company's Articles of Association. | Issuer | None | For |  |
| E6                                                                                                     | The amendment of article 16      "Notices of Meeting" of the Company's Articles of Association. | Issuer | None | For |  |
| E7                                                                                                     | The amendment of article 17      "Admission" of the Company's Articles of Association. | Issuer | None | For |  |
| E8                                                                                                     | The amendment of article 19      "Vote and Minutes" of the Company's Articles of Association. | Issuer | None | For |  |
| E9                                                                                                     | The amendment of title V      "Financial Year, Distribution of Profits" of the Company's Articles      of Association. | Issuer | None | For |  |
| E10                                                                                                    | The amendment of article 20      "Financial Year" of the Company's Articles of Association. | Issuer | None | For |  |
| E11                                                                                                    | The amendment of article 21      "Distribution of Profits" of the Company's Articles of Association. | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | BCE Inc. | 60,000 | BCE | 05534B760 | 5/2/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Appointment of Deloitte &      Touche LLP as auditors. | Issuer | For | For |  |
| 3                                                                                                      | Resolved, on an advisory basis      and not to diminish the role and responsibilities of the Board of Directors,      that the shareholders accept the approach to executive compensation disclosed      in the 2012 management proxy circular dated March 8, 2012 delivered in      advance of the 2012 annual general meeting of shareholders of BCE. | Issuer | For | For |  |
| 4A                                                                                                     | Stock options and performance of      executive officers. | Issuer | Against | Against |  |
| 4B                                                                                                     | Performance-based compensation      disclosure. | Issuer | Against | Against |  |
| 4C                                                                                                     | Fees of compensation advisors      disclosure. | Issuer | Against | Against |  |
| 4D                                                                                                     | Risk management committee. | Issuer | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Unilever PLC | 20,000 | UL | 904767704 | 5/9/12 |
| 1                                                                                                      | To receive the Report and      Accounts for the year ended 31 December 2011 | Issuer | For | For |  |
| 2                                                                                                      | To approve the Directors'      Remuneration Report for the year ended 31 December 2011 | Issuer | For | For |  |
| 3-14                                                                                                   | Directors' recommendation for      re-election | Issuer | For | For All Nominees |  |
| 15                                                                                                     | To re-appoint      PricewaterhouseCoopers LLP as Auditors of the Company | Issuer | For | For |  |
| 16                                                                                                     | To authorise the Directors to      fix the remuneration of the Auditors | Issuer | For | For |  |
| 17                                                                                                     | To renew the authority to      Directors to issue shares | Issuer | For | For |  |
| 18                                                                                                     | To renew the authority to      Directors to disapply pre-emption rights | Issuer | For | For |  |
| 19                                                                                                     | To renew the authority to the      Company to purchase its own shares | Issuer | For | For |  |
| 20                                                                                                     | To authorise Political Donations      and Expenditure | Issuer | For | For |  |
| 21                                                                                                     | To shorten the Notice period for      General Meetings | Issuer | For | For |  |
| 22                                                                                                     | To adopt the new Articles of      Association of the company | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Total S.A. | 45,000 | TOT | 89151E109 | 5/11/12 |
| 1                                                                                                      | Approval of parent Company      financial statements dated December 31, 2011 | Issuer | For | For |  |
| 2                                                                                                      | Approval of consolidated      financial statements dated December 31, 2011 | Issuer | For | For |  |
| 3                                                                                                      | Allocation of earnings,      declaration of dividend | Issuer | For | For |  |
| 4                                                                                                      | Authorization for the Board of      Directors to trade in shares of the Company | Issuer | For | For |  |
| 5-9                                                                                                    | Directors' recommendation for      renewal of appointment | Issuer | For | For All Nominees |  |
| 10                                                                                                     | Directors' recommendation for      appointment for succession | Issuer | For | For |  |
| 11                                                                                                     | Directors' recommendation for      election | Issuer | For | For |  |
| 12                                                                                                     | Commitments under Article L      225-42-1 of the French Commercial Code | Issuer | For | For |  |
| 13                                                                                                     | Delegation of authority granted      to the Board of Directors to increase share capital by issuing common shares      or any securities providing access to share capital, while maintaining      shareholders' preferential subscription rights, or by capitalizing premiums,      reserves, surpluses or other line items | Issuer | For | For |  |
| 14                                                                                                     | Delegation of authority granted      to the Board of Directors to increase share capital by issuing common shares      or any securities providing access to share capital, without preferential      subscription rights | Issuer | For | For |  |
| 15                                                                                                     | Delegation of authority granted      to the Board of Directors to increase the number of securities to be issued,      in the event of surplus demand in case of increased share capital without      preferential subscription rights | Issuer | For | For |  |
| 16                                                                                                     | Delegation of powers granted to      the Board of Directors to increase share capital by issuing common shares or      any securities providing access to share capital, in payment of securities      that would be contributed to the Company | Issuer | For | For |  |
| 17                                                                                                     | Delegation of authority granted      to the Board of Directors to increase share capital under the conditions      provided for in Articles L. 3332-18 and following of the French Labour Code | Issuer | For | For |  |
| 18                                                                                                     | Delegation of powers granted to      the Board of Directors to increase share capital reserved for categories of      beneficiaries in a transaction reserved for employees without preferential      subscription rights | Issuer | For | For |  |
| 19                                                                                                     | Authorization for the Board of      Directors to reduce capital by cancelling shares | Issuer | For | For |  |
| A                                                                                                      | The first is intended to fill in      the information listed in the Registration Document with benchmarks to compare      the compensation for Executive Directors with various compensation for      various employees; | Shareholder | None | None |  |
| B                                                                                                      | The other concerns the      establishment of a loyalty dividend for shareholders holding registered      shares for at least two years. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Telefonica, S.A. | 90,000 | TEF | 879382208 | 5/13/12 |
| 1                                                                                                      | Examination and approval, if      applicable, of the Individual Annual Accounts, the Consolidated Financial      Statements (Consolidated Annual Accounts) and the Management Report of      Telefonica, S.A. and of its Consolidated Group of Companies, as well as of      the proposed allocation of the profits/losses of Telefonica, S.A. and the      management of its Board of Directors, all with respect to Fiscal Year 2011. | Issuer | None | For |  |
| 2                                                                                                      | Directors' recommendation for      re-election, ratification, and appointment | Issuer | None | For All Nominees |  |
| 3                                                                                                      | Re-election of the Auditor for      Fiscal Year 2012. | Issuer | None | For |  |
| 4                                                                                                      | Amendment of Articles 15, 16,      18, 27, 34 and 35 of the By-Laws of the Company and inclusion of a new      Article 18 bis. | Issuer | None | For |  |
| 5                                                                                                      | Amendment of Articles 3, 7, 8,      9, 10, 11, 13 and 27 of the Regulations for the General Shareholders'      Meeting. | Issuer | None | For |  |
| 6a                                                                                                     | Distribution of dividends with a      charge to unrestricted reserves. | Issuer | None | For |  |
| 6b                                                                                                     | Shareholder compensation by      means of a scrip dividend.Increase in share capital by such amount as may be determined pursuant      to the terms and conditions of the resolution through the issuance of new      ordinary shares having a par value of one (1) euro each, with no share      premium, of the same class and series as those that are currently      outstanding, with a charge to reserves.Offer to purchase free-of-charge allocation rights at a guaranteed      price. Express provision for the possibility of incomplete allocation.Delegation of powers to the Board of      Directors, which may, in turn, delegate such powers to the Executive      Commission, to set the terms and conditions of the increase as to all matters      not provided for by the shareholders at this General Shareholders' Meeting,      to take such actions as may be required for the implementation thereof, to      amend the text of subsection 1 of Article 5 of the By-Laws to reflect the new      amount of the share capital and to execute such public and private documents      as may be necessary for the implementation of the capital increase.Application to the appropriate      domestic and foreign authorities for admission to trading of the new shares      on the Madrid, Barcelona, Bilbao, and Valencia Stock Exchanges through the      Automated Quotation System [Sistema de Interconexion Bursatil] (Continous      Market) and on the foreign Stock Exchanges on which the shares of Telefonica      are listed (London and Buenos Aires and, through ADSs, New York and Lima) in      the manner required by each of such Stock Exchanges. | Issuer | None | For |  |
| 7                                                                                                      | Reduction in share capital by      means of the cancellation of shares of the Company's own stock, excluding the      right of creditors to oppose the reduction, and amendment of Article 5 of the      By-Laws concerning the share capital. | Issuer | None | For |  |
| 8                                                                                                      | Approval of the corporate      website. | Issuer | None | For |  |
| 9                                                                                                      | Delegation of powers to      formalize, interpret, correct, and implement the resolutions adopted by the      shareholders at the General Shareholders' Meeting. |  | None |  |  |
| 10                                                                                                     | Consultative vote on the Report      on Director Compensation Policy of Telefonica, S.A. | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | PT Indosat TBK | 23,000 | IIT | 744383100 | 5/14/12 |
| 1                                                                                                      | To approve the annual report and      to ratify the financial statement of the company for the financial year ended      December 31, 2011. | 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, 2011. | Issuer | For | For |  |
| 3                                                                                                      | To determine the remuneration      for the Board of Commissioners of the company for 2012. | Issuer | For | For |  |
| 4                                                                                                      | To approve the appointment of      the company's independent auditor for the financial year ending December 31,      2012. | Issuer | For | For |  |
| 5                                                                                                      | To approve any changes to the      Board of Commissioners and/or Board of Directors. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Statoil ASA | 60,000 | STO | 85771P102 | 5/15/12 |
| 3                                                                                                      | Election of Olaug Svarva as      chair of the meeting | Issuer | None | For |  |
| 4                                                                                                      | Approval of the notice and the      agenda | Issuer | None | For |  |
| 5                                                                                                      | Election of two persons to      co-sign the minutes together with the chair of the meeting | Issuer | None | For |  |
| 6                                                                                                      | Approval of the annual report      and accounts for Statoil ASA and the Statoil group for 2011 including the      board of directors' proposal for distribution of dividend | Issuer | None | For |  |
| 7                                                                                                      | Proposal from a shareholder | Shareholder | None | Against |  |
| 8                                                                                                      | Declaration on stipulation of      salary and other remuneration for executive management | Issuer | None | For |  |
| 9                                                                                                      | Determination of remuneration      for the company's external auditor for 2011 | Issuer | None | For |  |
| 10                                                                                                     | Election of external auditor | Issuer | None | For |  |
| 11A-P                                                                                                  | Election of members to the      corporate assembly | Issuer | None | For All Nominees |  |
| 12                                                                                                     | Determination of remuneration      for the corporate assembly | Issuer | None | For |  |
| 13A-D                                                                                                  | Election of members to the      nomination committee | Issuer | None | For All Nominees |  |
| 14                                                                                                     | Determination of remuneration      for the nomination committee | Issuer | None | For |  |
| 15                                                                                                     | Authorisation to acquire Statoil      ASA shares in the market in order to continue operation of the share saving      plan for employees | Issuer | None | For |  |
| 16                                                                                                     | Authorisation to acquire Statoil      ASA shares in the market for subsequent annulment | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Canadian Pacific Railway Limited | 32,000 | CP | 13645T100 | 5/17/12 |
| 1                                                                                                      | Appointment of auditors as named      in the management proxy circular. | Issuer | For | For |  |
| 2                                                                                                      | Advisory vote accepting the      corporation's approach to executive compensation as described in the      management proxy circular. | Issuer | For | For |  |
| 3A-P                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 3Q-U                                                                                                   | Directors' recommendation for      withholding | Issuer | Withhold | Withhold |  |
|                                                                                                   |
|                                                                                                        | Canadian Pacific Railway Limited      (Blue Proxy Form from Pershing Square Capital Management, L.P.) | 32,000 | CP | 13645T100 | 5/17/12 |
| 1                                                                                                      | Appointment of auditors as named      Canadian Pacific's proxy circular. | Issuer | For | For |  |
| 2                                                                                                      | Advisory vote accepting Canadian      Pacific's approach to executive compensation as described Canadian Pacific's      proxy circular. | Issuer | For | For |  |
| 3A-G                                                                                                   | Directors' recommendation for      election | Pershing Square | Withhold | Withhold |  |
| 3H-3V                                                                                                  | Pershing Square's recommendation      for withholding | Pershing Square | For | For |  |
|                                                                                                   |
|                                                                                                        | Potash Corporation of      Saskatchewan Inc. | 65,000 | POT | 73755L107 | 5/17/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For |  |
| 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 |  |
| 4                                                                                                      | The advisory resolution      (attached as Appendix D to the accompanying management proxy circular)      accepting the corporation's approach to executive compensation disclosed in      the accompanying management proxy circular. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | SAP AG | 50,000 | SAP | 803054204 | 5/23/12 |
| 2                                                                                                      | Resolution on the appropriation      of the retained earnings of fiscal year 2011 | Issuer | None | For |  |
| 3                                                                                                      | Resolution on the formal      approval of the acts of the executive board in fiscal year 2011 | Issuer | None | For |  |
| 4                                                                                                      | Resolution on the formal      approval of the acts of the supervisory board in fiscal year 2011 | Issuer | None | For |  |
| 5                                                                                                      | Resolution on the approval of      the system of executive board compensation | Issuer | None | For |  |
| 6                                                                                                      | Appointment of the auditors of      the financial statements and group financial statements for fiscal year 2012 | Issuer | None | For |  |
| 7A-H                                                                                                   | Election of new member to the      supervisory board | Issuer | None | For All Nominees |  |
| 8                                                                                                      | Cancellation of Contingent      Capital III and Contingent Capital IIIA and amend Section 4, 19 & 23 or      Articles of Incorporation | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Repsol YPF, S.A. | 21,714 | REPYY | 76026T205 | 5/31/12 |
| 1                                                                                                      | Review and approval, if      appropriate, of the Annual Financial Statements and Management Report of      Repsol YPF, S.A., the Consolidated Annual Financial Statements and      Consolidated Management Report, for the fiscal year ended 31 December 2011,      and the proposal for the application of earnings. | Issuer | None | For |  |
| 2                                                                                                      | Review and approval, if      appropriate, of the management of the Board of Directors of Repsol YPF, S.A.      during 2011. | Issuer | None | For |  |
| 3                                                                                                      | Appointment of the Accounts      Auditor of Repsol YPF, S.A. and its Consolidated Group for the fiscal year      2012. | Issuer | None | For |  |
| 4                                                                                                      | Modification of Articles 19, 20,      28, and 47 and addition of a new Article 45 bis of the Bylaws; and      modification of Articles 5, 6, 8 and 14 of the Regulations of the General      Shareholders' Meeting to adjust the Company's corporate governance      regulations to the recent changes in law. | Issuer | None | For |  |
| 5                                                                                                      | Modification of Articles 27, 32,      37, 39 and addition of a new Article 45ter of the Bylaws to improve the      functioning of the Board of Directors and other aspects of the Company's      corporate governance. | Issuer | None | For |  |
| 6                                                                                                      | Modification of Article 22 and      addition of new Articles 22bis and 44bis of the Bylaws; and modification of      Articles 3, 9 and 13 of the Regulations of the General Shareholders' Meeting      to reinforce the protection of the Company against conflicts of interest. | Issuer | None | For |  |
| 7-8                                                                                                    | Re-election of Directors. | Issuer | None | For All Nominees |  |
| 9                                                                                                      | Stock Acquisition Plan      2013-2015. | Issuer | None | For |  |
| 10                                                                                                     | Increase of share capital in an      amount determinable pursuant to the terms of the resolution, by issuing new      common shares having a par value of one (1) euro each, of the same class and      series as those currently in circulation, charged to voluntary reserves,      offering the shareholders the possibility of selling the scrip dividend      rights to the Company itself or on the market. Delegation of authority to the      Board of Directors or, by delegation, to the Executive Committee, to fix the      date the increase is to be implemented and the terms of the increase in all      respects not provided for by the General Meeting, all in accordance with      article 297.1(a) of the Companies Act. Application for official listing of      the newly issued shares on the Barcelona, Bilbao, Madrid and Valencia stock      exchanges through the Spain's Continuous Market and on the Buenos Aires stock      exchange. | Issuer | None | For |  |
| 11                                                                                                     | Second capital increase in an      amount determinate pursuant to the terms of the resolution, by issuing new      common shares having a par value of one (1) euro each, of the same class and      series as those currently in circulation, charged to voluntary reserves,      offering the shareholders the possibility of selling the scrip dividend      rights to the Company itself or on the market. Delegation of authority to the      Board of Directors or, by delegation, to the Executive Committee, to fix the      date the increase in all respects not provided for by the General Meeting,      all in accordance with article 297.1(a) of the Companies Act. Application for      official listing of the newly issued shares on the Barcelona, Bilbao, Madrid      and Valencia stock exchanges through Spain's stock exchange Market and on the      Buenos Aires stock exchange. | Issuer | None | For |  |
| 12                                                                                                     | Modify the corporate name of the      Company and subsequent modification of Article 1 of the Bylaws. | Issuer | None | For |  |
| 13                                                                                                     | Delegation to the Board of      Directors of the power to issue fixed rate, convertible and/or exchangeable      securities for company shares or exchangeable for shares in other companies,      as well as warrants (options to subscribe new shares or to acquire shares in      circulation of the company or other companies). Fixing the criteria to      determine the bases and modes of conversion and/or exchange and attribution      to the Board of Directors of the powers to increase capital by the amount      necessary, as well as to totally or partially exclude the pre-emptive      subscription rights of the shareholders of said issues. Authorisation for the      company to guarantee securities issued by its subsidiaries. To leave without      effect, in the portion not used, the sixteenth B) resolution of the General      Shareholders' Meeting held on 15 April 2001. | Issuer | None | For |  |
| 14                                                                                                     | Ratification of the creation of      the Company's corporate website www.repsol.com. | Issuer | None | For |  |
| 15                                                                                                     | Advisory vote on the Report on      the Remuneration Policy for Directors of Repsol YPF, S.A. for 2011. | Issuer | None | For |  |
| 16                                                                                                     | Delegation of powers to      supplement, develop, execute, rectify and formalize the resolutions adopted      by the General Shareholders' Meeting. | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Orient-Express Hotels Ltd. | 230,000 | OEH | G67743107 | 6/7/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Approval of amendment of the      Company's 2009 Share Award and Incentive Plan increasing the number ofClass A common shares authorized under      the plan. | Issuer | For | For |  |
| 3                                                                                                      | Appointment of Deloitte LLP as      the Company's independent registered public accounting firm, and      authorization of the Audit Committee to fix accounting firm's remuneration. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Infosys Technologies | 50,000 | INFY | 456788108 | 6/9/12 |
| 1                                                                                                      | To receive, consider and adopt      the balance sheet as at March 31, 2012, the profit and loss account for the      year ended on that date and the report of the directors & auditors      thereon. | Issuer | None | For |  |
| 2                                                                                                      | To declare the final and special      dividend for the financial year ended March 31, 2012. | Issuer | None | For |  |
| 3-6                                                                                                    | To appoint directors in place of      those retiring and seeking re-appointment by rotation if eligible. | Issuer | None | For All Nominees |  |
| 7                                                                                                      | To appoint auditors to hold      office from the conclusion of the next annual general meeting and to fix      their remuneration. | Issuer | None | For |  |
| 8-11                                                                                                   | To appoint directors liable to      retire by rotation. | Issuer | None | For All Nominees |  |
| 12                                                                                                     | Remuneration in the form of      commission for non-executive directors. | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Toyota Motor Corporation | 20,000 | TM | 892331307 | 6/15/12 |
| 1                                                                                                      | Distribution of surplus | Issuer | None | For |  |
| 2A-M                                                                                                   | Election of 13 directors | Issuer | None | For All Nominees |  |
| 3                                                                                                      | Payment of Executive Bonuses | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Komatsu Ltd. | 50,000 | KMTUY | 500458401 | 6/20/12 |
| 1                                                                                                      | Appropriation of Surplus | Issuer | None | For |  |
| 2A-J                                                                                                   | Election of Ten (10) Directors | Issuer | None | For All Nominees |  |
| 3                                                                                                      | Election of One (1) Corporate      Auditor | Issuer | None | For |  |
| 4                                                                                                      | Payment of Bonuses for Directors | Issuer | None | For |  |
| 5                                                                                                      | Revision of the Amount of      Remuneration for Corporate Auditors | Issuer | None | For |  |
| 6                                                                                                      | Giving the Board of Directors      the Authority to Issue Stock Acquisition Rights as Stock-Based Remuneration      to Employees of the Company and Directors of Major Subsidiaries of the      Company | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Nidec Corporation | 26,703 | NJ | 654090109 | 6/26/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Appointment of one candidate to      the Board of Corporate Auditors | Issuer | For | For |  |

 

| **Saturna Investment Trust,      Sextant Core Fund (SCORX)**                                           |
|--------------------------------------------------------------------------------------------------------|
| Proxy Voting Record relating to      shareholder meetings held from July 1, 2011 through June 30, 2012 |
|                                                                                                   |
| **Proposal #**                                                                                         | **Issue / Proposals** | **Shares /      Proposed by** | **Symbol / Directors Recommend** | **CUSIP / Vote** | **Meeting Date** |
|                                                                                                   |
|                                                                                                        | H.J. Heinz Company | 1,500 | HNZ | 423074103 | 8/30/11 |
| 1A-1L                                                                                                  | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of independent      registered public accounting firm | Issuer | For | For |  |
| 3                                                                                                      | Advisory vote on the company's      executive compensation program | Issuer | For | For |  |
| 4                                                                                                      | Advisory vote on frequency of      future advisory votes on executive compensation | Issuer | 1 Year | 1 Year |  |
|                                                                                                   |
|                                                                                                        | Nike, Inc. | 900 | NKE | 654106103 | 9/19/11 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | To hold an advisory vote on      executive compensation. | Issuer | For | For |  |
| 3                                                                                                      | To hold an advisory vote on the      frequency of future advisory votes on executive compensation. | Issuer | 1 Year | 1 Year |  |
| 4                                                                                                      | To ratify the appointment of      PricewaterhouseCoopers LLP as independent registered public accounting firm. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Parker-Hannifin Corporation | 500 | PH | 701094104 | 10/26/11 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of the appointment      of Deloitte & Touche LLP as independent registered public accounting firm      for the fiscal year ending June 30, 2012. | Issuer | For | For |  |
| 3                                                                                                      | Approval of, on a non-binding,      advisory basis, the compensation of our named executive officers. | Issuer | For | For |  |
| 4                                                                                                      | Determination of, on a      non-binding, advisory basis, whether an advisory shareholder vote on the      compensation of our named executive officers will occur every. | Issuer | 1 Year | 1 Year |  |
| 5                                                                                                      | Shareholder proposal to amend      the code of regulations to separate the roles of chairman of the board and      chief executive officer. | Shareholder | Against | Abstain |  |
|                                                                                                   |
|                                                                                                        | Harris Corporation | 800 | HRS | 413875105 | 10/28/11 |
| 1A-K                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Advisory vote on executive      compensation. | Issuer | For | For |  |
| 3                                                                                                      | Advisory vote on frequency of      future advisory votes on executive compensation. | Issuer | 1 Year | 1 Year |  |
| 4                                                                                                      | Ratification of appointment of      Ernst & Young LLP as independent registered public accounting firm for      fiscal year 2012. | Issuer | For | For |  |
| 5                                                                                                      | Shareholder proposal requesting      approval of an amendment to our by-laws to require an independent chairman of      the board. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Express Scripts Holding | 1,200 | ESRX | 30219G108 | 12/21/11 |
| 1                                                                                                      | To adopt the agreement and plan      of merger, dated as of July 20, 2011 as amended on November 7, 2011 and as it      may be amended from time to time by and among Express Scripts, Inc., Medco      Health Solutions, Inc., Aristotle Holding, Inc., Aristotle Merger Sub, Inc.,      and Plato Merger Sub, Inc. | Issuer | For | For |  |
| 2                                                                                                      | To approve the adjournment of      the special meeting by Express Scripts stockholders (if it is necessary or      appropriate to solicit additional proxies if there are not sufficient votes      to adopt the merger agreement). | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | LAN Airlines S.A. | 3,500 | LFL | 501723100 | 12/21/11 |
| 1                                                                                                      | Approve the merger of LAN      Airlines S.A. & sister Holdco S.A. & Holdco II S.A., two special      purpose companies that have been created exclusively for purposes of this      transaction & where shares of TAM S.A. will be, directly or indirectly,      held prior to their consolidation into LAN, subject to (I) the terms and      conditions of certain implementation agreement & exchange offer      agreement, both dated January 18, 2011; & (II) a final decision, in the      Reclamacion pending before the Chilean Supreme Court, all as more fully      described in the proxy statement. | Issuer | For | For |  |
| 2                                                                                                      | Approve the audited financial      statements of LAN, sister Holdco S.A. and Holdco II S.A. as of September 30,      2011 and the Informe Pericial, all in accordance with Section 99 of the      Chilean Corporation Law. | Issuer | For | For |  |
| 3                                                                                                      | Change of the corporate name of      LAN Airlines Group S.A. to Latam Airlines Group S.A. | Issuer | For | For |  |
| 4                                                                                                      | Approve the bylaws of Latam      Airlines Group S.A., including any amendments thereof to be resolved by the      shareholders' meeting. | Issuer | For | For |  |
| 5                                                                                                      | Grant all necessary      authorizations and powers of attorney needed to carry out and implement the      proposed business combination between LAN and TAM S.A. | Issuer | For | For |  |
| 6                                                                                                      | Adopt any other resolution      necessary to carry out and implement the proposed business combination      between LAN and TAM S.A. | Issuer | For | For |  |
| 7                                                                                                      | Approve increase of the capital      of LAN in an additional amount determined by the shareholders' meeting,      through the issuance of 4,800,000 shares of common stock; approve that these      4,800,000 common stock shares & any common stock shares of LAN included      in paragraph 1. above & not used for purposes of mergers be used to      create & implement a stock option plan for employees of Latam Airlines      Group S.A. and its affiliates, as provided in Section 24 of the Chilean      Corporation Law & delegate in board authority to determine placement      conditions of these shares of common stock. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Apple Inc. | 250 | AAPL | 037833100 | 2/23/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees except in the      case of Nominee #4, voted as withhold |  |
| 2                                                                                                      | Ratification of the appointment      of Ernst & Young LLP as the company's independent registered public      accounting firm for 2012. | Issuer | For | For |  |
| 3                                                                                                      | Advisory vote on executive      compensation. | Issuer | For | For |  |
| 4                                                                                                      | A shareholder proposal entitled      "Conflict of Interest Report" | Shareholder | Against | Against |  |
| 5                                                                                                      | A shareholder proposal entitled      "Shareholder Say on Director Pay" | Shareholder | Against | Against |  |
| 6                                                                                                      | A shareholder proposal entitled      "Report on Political Contributions and Expenditures" | Shareholder | Against | Against |  |
| 7                                                                                                      | A shareholder proposal entitled      "Adopt a Majority Voting Standard for Director Elections" | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Stanley Black & Decker, Inc. | 446 | SWK | 854502101 | 4/17/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Approve amendment to restated      Certificate of Incorporation to declassify the Board of Directors. | Issuer | For | For |  |
| 3                                                                                                      | Approve 2012 management      incentive compensation plan. | Issuer | For | For |  |
| 4                                                                                                      | Approve Ernst & Young LLP as      the company's independent auditors for the company's 2012 fiscal year. | Issuer | For | For |  |
| 5                                                                                                      | Approve, on an advisory basis,      the compensation of the company's named executive officers. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Honeywell International Inc. | 850 | HON | 438516106 | 4/23/12 |
| 1A-J                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Approval of Independent      Accountants. | Issuer | For | For |  |
| 3                                                                                                      | Advisory Vote to Approve      Executive Compensation. | Issuer | For | For |  |
| 4                                                                                                      | Independent Board Chairman. | Shareholder | Against | Against |  |
| 5                                                                                                      | Political Contributions. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Canadian National Railway      Company | 800 | CNI | 136375102 | 04/24/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Appointment of KPMG LLP as      auditors | Issuer | For | For |  |
| 3                                                                                                      | Non-binding advisory resolution      to accept the approach to executive compensation disclosed in the      accompanying management information circular, the full text of which      resolution is set out on P. 6 of the accompanying management information      circular. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | The Chubb Corporation | 750 | CB | 171232101 | 4/24/12 |
| 1A-K                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of the appointment      of Ernst & Young LLP as independent auditor. | Issuer | For | For |  |
| 3                                                                                                      | Advisory vote on the      compensation paid to our named executive officers. | Issuer | For | For |  |
| 4                                                                                                      | Shareholder proposal regarding      political contributions and related expenditures. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Praxair, Inc. | 700 | PX | 74005P104 | 04/24/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | To approve amendments to      Praxair's restated certificate of incorporation to permit shareholders to      call special meetings of shareholders. | Issuer | For | For |  |
| 3                                                                                                      | To approve, on an advisory and      non-binding basis, the compensation of Praxair's named executive officers as      disclosed in the 2012 proxy statement. | Issuer | For | For |  |
| 4                                                                                                      | A shareholder proposal regarding      electioneering policies and contributions. | Shareholder | Against | Against |  |
| 5                                                                                                      | To ratify the appointment of the      independent auditor. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | The PNC Financial Services      Group, Inc. | 600 | PNC | 693475105 | 4/24/12 |
| 1A-O                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of the Audit      Committee's selection of PricewaterhouseCoopers LLP as PNC's independent      registered public accounting firm for 2012. | Issuer | For | For |  |
| 3                                                                                                      | Advisory vote to approve named      executive officer compensation. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | NRG Energy, Inc. | 1,200 | NRG | 629377508 | 4/25/12 |
| 1A-D                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | To approve the amendment to NRG      Energy, Inc.'s Amended and Restated Certificate of Incorporation to      declassify the Board of Directors | Issuer | For | For |  |
| 3                                                                                                      | To adopt the NRG Energy, Inc.      Amended and Restated Employee Stock Purchase Plan | Issuer | For | For |  |
| 4                                                                                                      | To approve, on an advisory      basis, the compensation of the Company's named executive officers | Issuer | For | For |  |
| 5                                                                                                      | To ratify the appointment of      KPMG LLP as the Company's independent registered public accounting firm for      fiscal year 2012 | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Cenovus Energy Inc. | 1,000 | CVE | 15135U109 | 4/25/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Appointment of      PricewaterhouseCoopers LLP, charted accountants, as auditor of the      corporation. | Issuer | For | For |  |
| 3                                                                                                      | Amendment and reconfirmation of      the corporation's shareholder rights plan as described in the accompanying      management proxy circular. | Issuer | For | For |  |
| 4                                                                                                      | Acceptance of the corporation's      approach to executive compensation as described in the accompanying      management proxy circular. | Issuer | For | For |  |
| 5                                                                                                      | Acceptance of the shareholder      proposal set out in Appendix B to the accompanying management proxy circular. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Humana Inc. | 1,000 | HUM | 444859102 | 04/26/12 |
| 1A-J                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | The ratification of the      appointment of PricewaterhouseCoopers LLP as the Company's independent      registered public accounting firm. | Issuer | For | For |  |
| 3                                                                                                      | The approval of the compensation      of the named executive officers as disclosed in the 2012 proxy statement. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | LAN Airlines S.A. | 3,500 | LFL | 501723100 | 04/26/12 |
| 1                                                                                                      | Approval of the annual report,      balance sheet and financial statements for the fiscal year ending December      31, 2011 | Issuer | For | For |  |
| 2                                                                                                      | Approval of payment of final      dividend on account of 2011 fiscal profits, all as more fully described in      the proxy statement | Issuer | For | For |  |
| 3                                                                                                      | The election of the company's      Board of Directors | Issuer | For | For |  |
| 4                                                                                                      | The compensation to be paid to      the company's Board of Directors for the fiscal year ending December 31, 2012 | Issuer | For | For |  |
| 5                                                                                                      | The compensation to be paid to      the company's audit committee and its budget for the fiscal year ending      December 31, 2012 | Issuer | For | For |  |
| 6                                                                                                      | Appointment of external auditing      firm and risk rating agencies; reports on matters indicated in XVI of      Companies Law 18,046 | Issuer | For | For |  |
| 7                                                                                                      | Information on the cost of      processing, printing and sending the information indicated in circular 1816      of the Securities and Insurance Commission | Issuer | For | For |  |
| 8                                                                                                      | Designation of the newspaper in      which the company will make publications | Issuer | For | For |  |
| 9                                                                                                      | Other matters of corporate      interest within the purview of a regular shareholders meeting of the company | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Johnson & Johnson | 900 | JNJ | 478160104 | 4/26/12 |
| 1A-M                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Advisory Vote to Approve Named      Executive Officer Compensation | Issuer | For | For |  |
| 3                                                                                                      | Approval of the Company's 2012      Long-Term Incentive Plan | Issuer | For | For |  |
| 4                                                                                                      | Ratification of appointment of      PricewaterhouseCoopers LLP as independent registered public accounting firm      for 2012 | Issuer | For | For |  |
| 5                                                                                                      | Shareholder Proposal on      Independent Board Chairman | Shareholder | Against | Against |  |
| 6                                                                                                      | Shareholder Proposal on Binding      Vote on Political Contributions | Shareholder | Against | Against |  |
| 7                                                                                                      | Shareholder Proposal on Adopting      Non-Animal Methods for Training | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Companhia De Bebidas Das      Americas — AMBEV | 2,000 | ABV | 20441W203 | 4/27/12 |
| 1                                                                                                      | Election of the members of the      Company's Fiscal Council and their respective alternates. | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | AT&T Inc. | 2,600 | T | 00206R102 | 04/27/12 |
| 1A-K                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of appointment of      independent auditors. | Issuer | For | For |  |
| 3                                                                                                      | Advisory approval of executive      compensation. | Issuer | For | For |  |
| 4                                                                                                      | Amend Certificate of      Incorporation. | Issuer | For | For |  |
| 5                                                                                                      | Political contributions report. | Shareholder | Against | Against |  |
| 6                                                                                                      | Limit wireless network      management. | Shareholder | Against | Against |  |
| 7                                                                                                      | Independent Board Chairman. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Abbott Laboratories | 300 | ABT | 002824100 | 4/27/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of Deloitte &      Touche LLP as auditors | Issuer | For | For |  |
| 3                                                                                                      | Say on Pay — an advisory vote to      approve executive compensation | Issuer | For | For |  |
| 4                                                                                                      | Shareholder proposal —      transparency in animal research | Shareholder | Against | Against |  |
| 5                                                                                                      | Shareholder proposal — lobbying      disclosure | Shareholder | Against | Against |  |
| 6                                                                                                      | Shareholder proposal —      independent board chair | Shareholder | Against | Against |  |
| 7                                                                                                      | Shareholder proposal — tax      gross-ups | Shareholder | Against | Against |  |
| 8                                                                                                      | Shareholder proposal — equity      retention and hedging | Shareholder | Against | Against |  |
| 9                                                                                                      | Shareholder proposal — incentive      compensation | Shareholder | Against | Against |  |
| 10                                                                                                     | Shareholder proposal — ban      accelerated vesting of awards upon a change in control | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | BASF SE | 400 | BASFY | 055262505 | 4/27/12 |
| 2                                                                                                      | Adoption of a resolution on the      appropriation of profit. | Issuer | For | For |  |
| 3                                                                                                      | Adoption of a resolution giving      formal approval to the actions of the members of the supervisory board | Issuer | For | For |  |
| 4                                                                                                      | Adoption of a resolution giving      formal approval to the actions of the members of the Board of Executive      Directors | Issuer | For | For |  |
| 5                                                                                                      | Election of the auditor for the      financial year 2012 | Issuer | For | For |  |
| 6                                                                                                      | Authorization to buy back shares      and put them to further use including the authorization to redeem bought-back      shares and reduce capital | Issuer | For | For |  |
| 7                                                                                                      | Resolution on the amendment of      Article 17 of the statutes | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Barrick Gold Corporation | 1,000 | ABX | 67901108 | 5/2/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Resolution approving the      appointment of PricewaterhouseCoopers LLP as the auditors of Barrick and      authorizing the directors to fix their remuneration. | Issuer | For | For |  |
| 3                                                                                                      | Advisory resolution on executive      compensation approach. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Pepsico, Inc. | 1,000 | PEP | 713448108 | 5/2/12 |
| 1A-L                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratify the appointment of KPMG      LLP as our independent registered public accountants for fiscal year 2012. | Issuer | For | For |  |
| 3                                                                                                      | Approval, by non-binding vote,      of executive compensation. | Issuer | For | For |  |
| 4                                                                                                      | Re-approval of the performance      measures under our 2007 Long-Term Incentive Plan. | Issuer | For | For |  |
| 5                                                                                                      | Shareholder Proposal — Lobbying      Practices Report. | Shareholder | Against | Against |  |
| 6                                                                                                      | Shareholder Proposal — Formation      of Risk Oversight Committee. | Shareholder | Against | Against |  |
| 7                                                                                                      | Shareholder Proposal — Chairman      of the Board shall be an Independent Director. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | GlaxoSmithKline PLC | 500 | GSK | 37733W105 | 5/3/12 |
| 1                                                                                                      | To receive and adopt the      Directors' Report and the Financial Statements | Issuer | None | For |  |
| 2                                                                                                      | To approve the Remuneration      Report | Issuer | None | For |  |
| 3-16                                                                                                   | Directors' recommendation for      re-election | Issuer | None | For All Nominees |  |
| 17                                                                                                     | To re-appoint auditors | Issuer | None | For |  |
| 18                                                                                                     | To determine remuneration of      auditors | Issuer | None | For |  |
| 19                                                                                                     | To authorise the company and its      subsidiaries to make donations to political organisations and incur political      expenditure | Issuer | None | For |  |
| 20                                                                                                     | To authorise allotment of shares | Issuer | None | For |  |
| 21                                                                                                     | To disapply pre-emption rights | Issuer | None | For |  |
| 22                                                                                                     | To authorise the company to      purchase its own shares | Issuer | None | For |  |
| 23                                                                                                     | To authorise exemption from      statement of name of senior statutory auditor | Issuer | None | For |  |
| 24                                                                                                     | To authorise reduced notice of a      general meeting other than an AGM | Issuer | None | For |  |
| 25                                                                                                     | To renew the GSK ShareSave Plan | Issuer | None | For |  |
| 26                                                                                                     | To renew the GSK ShareReward      Plan | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Sanofi | 1,037 | SNY | 80105N105 | 5/4/12 |
| 1                                                                                                      | Approval of the individual      company financial statements for the year ended December 31, 2011 | Issuer | None | For |  |
| 2                                                                                                      | Approval of the consolidated      financial statements for the year ended December 31, 2011 | Issuer | None | For |  |
| 3                                                                                                      | Appropriation of profits,      declaration of dividend | Issuer | None | For |  |
| 4-9                                                                                                    | Appointment and reppointment of      directors | Issuer | None | For |  |
| 10                                                                                                     | Appointment of a Statutory      Auditor | Issuer | None | For |  |
| 11                                                                                                     | Appointment of a Deputy      Statutory Auditor | Issuer | None | For |  |
| 12                                                                                                     | Ratification of the transfer of      the registered office | Issuer | None | For |  |
| 13                                                                                                     | Authorization to the Board of      Directors to carry out transactions in shares issued by the company | Issuer | None | For |  |
| 14                                                                                                     | Delegation to the Board of      Directors to carry out transactions in shares issued by the company | Issuer | None | For |  |
| 15                                                                                                     | Powers for formalities | Issuer | None | For |  |
|                                                                                                   |
|                                                                                                        | Autoliv, Inc. | 1,000 | ALV | 52800109 | 5/8/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Advisory vote on Autoliv, Inc.'s      2011 executive compensation. | Issuer | For | For |  |
| 3                                                                                                      | Approval of the amendment to the      1997 stock incentive plan, as amended and restated. | Issuer | For | For |  |
| 4                                                                                                      | Approval of Ernst & Young AB      As independent auditors of the company for the fiscal year ending December      31, 2012. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | 3M Company | 600 | MMM | 88579Y101 | 5/8/12 |
| 1A-J                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | To ratify the appointment of      PricewaterhouseCoopers LLP as 3M's independent registered public accounting      firm. | Issuer | For | For |  |
| 3                                                                                                      | Advisory approval of executive      compensation. | Issuer | For | For |  |
| 4                                                                                                      | To approve the 2012 Amended and      Restated General Employees Stock Purchase Plan. | Issuer | For | For |  |
| 5                                                                                                      | To approve the amended 2008      Long-Term Incentive Plan. | Issuer | For | For |  |
| 6                                                                                                      | Stockholder proposal on      lobbying. | Shareholder | Against | Against |  |
| 7                                                                                                      | Stockholder proposal to prohibit      political spending from corporate treasury funds. | Shareholder | Against | Against |  |
| 8                                                                                                      | Stockholder proposal on      independent board chairman. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | ConocoPhillips | 1,250 | COP | 20825C104 | 5/9/12 |
| 1A-O                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Proposal to ratify appointment      of Ernst & Young LLP as ConocoPhillips' independent registered public      accounting firm for 2012. | Issuer | For | For |  |
| 3                                                                                                      | Advisory Approval of Executive      Compensation. | Issuer | For | For |  |
| 4                                                                                                      | Company Environmental Policy      (Louisiana Wetlands). | Shareholder | Against | Against |  |
| 5                                                                                                      | Accident Risk Mitigation. | Shareholder | Against | Against |  |
| 6                                                                                                      | Report on Grassroots Lobbying      Expenditures. | Shareholder | Against | Against |  |
| 7                                                                                                      | Greenhouse Gas Reduction      Targets. | Shareholder | Against | Against |  |
| 8                                                                                                      | Gender Expression      Non-Discrimination. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Unilever PLC | 1,850 | UL | 904767704 | 5/9/12 |
| 1                                                                                                      | To receive the Report and      Accounts for the year ended 31 December 2011 | Issuer | For | For |  |
| 2                                                                                                      | To approve the Directors'      Remuneration Report for the year ended 31 December 2011 | Issuer | For | For |  |
| 3-14                                                                                                   | Directors' recommendation for      re-election | Issuer | For | For All Nominees |  |
| 15                                                                                                     | To re-appoint      PricewaterhouseCoopers LLP as Auditors of the Company | Issuer | For | For |  |
| 16                                                                                                     | To authorise the Directors to      fix the remuneration of the Auditors | Issuer | For | For |  |
| 17                                                                                                     | To renew the authority to      Directors to issue shares | Issuer | For | For |  |
| 18                                                                                                     | To renew the authority to      Directors to disapply pre-emption rights | Issuer | For | For |  |
| 19                                                                                                     | To renew the authority to the      Company to purchase its own shares | Issuer | For | For |  |
| 20                                                                                                     | To authorise Political Donations      and Expenditure | Issuer | For | For |  |
| 21                                                                                                     | To shorten the Notice period for      General Meetings | Issuer | For | For |  |
| 22                                                                                                     | To adopt the new Articles of      Association of the company | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Nucor Corporation | 800 | NUE | 670346105 | 5/10/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of the appointment      of PricewaterhouseCoopers LLP as Nucor's independent registered public      accounting firm for the year ending December 31, 2012. | Issuer | For | For |  |
| 3                                                                                                      | Stockholder proposal regarding      majority vote | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Norfolk Southern Corporation | 800 | NSC | 655844108 | 5/10/12 |
| 1A-J                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | The ratification of the      appointment of KPMG LLP, independent registered public accounting firm, as      Norfolk Southern's independent auditors for the year ending December 31,      2012. | Issuer | For | For |  |
| 3                                                                                                      | Approval of executive      compensation as disclosed in the proxy statement for the 2012 annual meeting      of stockholders. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | China Mobile (Hong Kong) Limited | 500 | CHL | 16941M109 | 5/16/12 |
| 1                                                                                                      | To receive and consider the      audited financial statements and the reports of the directors and auditors of      the company and its subsidiaries for the year ended 31 December 2011. | Issuer | For | For |  |
| 2                                                                                                      | To declare a final dividend for      the year ended 31 December 2011. | Issuer | For | For |  |
| 3A-E                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 4                                                                                                      | To re-appoint Messrs. KPMG as      auditors and to authorise the directors of the company to fix their      remuneration. | Issuer | For | For |  |
| 5                                                                                                      | General mandate to directors to      repurchase shares in company not exceeding 10% of aggregate nominal amt. of      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 |  |
|                                                                                                   |
|                                                                                                        | Idacorp, Inc. | 1,400 | IDA | 451107106 | 5/17/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratify the appointment of      Deloitte and Touche LLP as our independent registered public accounting firm      for the year ending December 31, 2012. | Issuer | For | For |  |
| 3                                                                                                      | Advisory resolution to approve      executive compensation. | Issuer | For | For |  |
| 4                                                                                                      | Amendment to our articles of      incorporation to eliminate the classification of the board of directors. | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | The Williams Companies, Inc. | 3,000 | WMB | 969457100 | 5/17/12 |
| 1A-J                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of Ernst &      Young LLP as auditors for 2012 | Issuer | For | For |  |
| 3                                                                                                      | Approval, by nonbinding advisory      vote, of the company's executive compensation | Issuer | For | For |  |
|                                                                                                   |
|                                                                                                        | Intel Corporation | 3,000 | INTC | 458140100 | 5/17/12 |
| 1A-J                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of selection of      Ernst & Young LLP as our independent registered public accounting firm      for the current year | Issuer | For | For |  |
| 3                                                                                                      | Advisory vote to approve      executive compensation | Issuer | For | For |  |
| 4                                                                                                      | Stockholder proposal: Whether to      hold an advisory vote on political contributions | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Lowe's Companies, Inc. | 1,400 | LOW | 548661107 | 6/1/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Ratification of the appointment      of Deloitte & Touche LLP as the Company's independent registered public      accounting firm for fiscal 2012. | Issuer | For | For |  |
| 3                                                                                                      | Advisory approval of the      Company's executive compensation. | Issuer | For | For |  |
| 4                                                                                                      | Approval of an amendment to the      Lowes Companies Employee Stock Purchase Plan Stock Options For Everyone to      increase the number of shares authorized for issuance under the Plan. | Issuer | For | For |  |
| 5                                                                                                      | Shareholder proposal regarding      report on political spending. | Shareholder | Against | Against |  |
| 6                                                                                                      | Shareholder proposal regarding      executive severance agreements. | Shareholder | Against | Against |  |
| 7                                                                                                      | Shareholder proposal regarding      executive stock retention requirements. | Shareholder | Against | Against |  |
|                                                                                                        | UnitedHealth Group Incorporated | 2,000 | UNH | 91324P102 | 06/04/12 |
| 1A-J                                                                                                   | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Advisory approval of the      Company's executive compensation. | Issuer | For | For |  |
| 3                                                                                                      | Ratification of the appointment      of Deloitte & Touche LLP as the independent registered public accounting      firm for the Company for the year ending December 31, 2012. | Issuer | For | For |  |
| 4                                                                                                      | Consideration of the shareholder      proposal set forth in the proxy statement, if properly presented at the 2012      Annual Meeting of Shareholders. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Devon Energy Corporation | 1,200 | DVN | 25179M103 | 6/6/12 |
| 1                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |
| 2                                                                                                      | Approve, in an advisory vote,      Executive Compensation. | Issuer | For | For |  |
| 3                                                                                                      | Ratify the Appointment of the      Independent Auditors for 2012. | Issuer | For | For |  |
| 4                                                                                                      | Approve Amending the Amended and      Restated Certificate of Incorporation to Grant Stockholders the Right to Call      a Special Meeting. | Issuer | For | For |  |
| 5                                                                                                      | Approve the 2012 Incentive      Compensation Plan. | Issuer | For | For |  |
| 6                                                                                                      | Approve the 2012 Amendment to      the 2009 Long-Term Incentive Compensation Plan. | Issuer | For | For |  |
| 7                                                                                                      | Report on the Disclosure of      Lobbying Policies and Practices. | Shareholder | Against | Against |  |
|                                                                                                   |
|                                                                                                        | Taiwan Semiconductor Mfg. Co.      Ltd. | 4,534 | TSM | 874039100 | 6/12/12 |
| 1                                                                                                      | To accept 2011 business report      and financial statements | Issuer | For | For |  |
| 2                                                                                                      | To approve the proposal for      distribution of 2011 profits | Issuer | For | For |  |
| 3                                                                                                      | To revise the Articles of      Incorporation | Issuer | For | For |  |
| 4                                                                                                      | To revise the rules for election      of directors | Issuer | For | For |  |
| 5                                                                                                      | Directors' recommendation for      election | Issuer | For | For All Nominees |  |

----

**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 29, 2012