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, 2007
Date of reporting period: June 30, 2007
Saturna Investment Trust, Sextant
Core Fund (SCORX) |
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Proxy Voting Record relating to shareholder
meetings held from July 1, 2006 through June 30, 2007 |
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| Proposal # | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
| Telefonica, S.A. | 250 | TEF | 879382208 | 5/9/07 | |
| 2 | Directors recommendations for election | Issuer | For | For all nominees | |
| 1 | Examination and approval, if appropriate, of the individual annual accounts, of the consolidated financial statements and of the management report of Telefonica, S.A. | Issuer | For | For | |
| 3 | Authorization to acquire the company's own shares, either directly or through group companies | Issuer | For | For | |
| 4 | Delegation to the board of directors the power to issue debentures, bonds, notes and other fixed-income securities | Issuer | For | Against | |
| 5 | Reduction in share capital by means of the repurchase of the company's own shares | Issuer | For | For | |
| 6A | Amendments regarding the general shareholders' meeting | Issuer | For | For | |
| 6B | Amendments regarding proxy-gathering and voting by means of long-distance communication and remote attendance | Issuer | For | For | |
| 6C | Amendments regarding the board of directors | Issuer | For | For | |
| 7A | Amendment of article 5 (powers of the shareholders' meeting) | Issuer | For | For | |
| 7B | Amendments relating to the call to and preparation of the general shareholders' meeting | Issuer | For | For | |
| 7C | Amendments relating to proxy-granting and voting by means of long distance communication and remote attendance | Issuer | For | For | |
| 7D | Other amendments: Amendment of article 21 and amendment of article 24 | Issuer | For | For | |
| 8 | Delegation of powers to formalize, interpret, cure, and carry out the resolutions adopted by the shareholders | Issuer | For | For | |
| China Mobile (Hong Kong) Limited | 300 | CHL | 16941M109 | 5/16/07 | |
| 1 | To receive and consider the audited financial statements and the reports of the directors and auditors | Issuer | For | For | |
| 2A | To declare an ordinary final dividend for the year ended 31 December 2006 | Issuer | For | For | |
| 2B | To declare a special final dividend for the year ended 31 December 2006 | Issuer | For | For | |
| 3A | To re-elect Wang Jianzhou as a director | Issuer | For | For | |
| 3B | To re-elect Li Yue as a director | Issuer | For | For | |
| 3C | To re-elect Zhang Chenshuang as a director | Issuer | For | For | |
| 3D | To re-elect Frank Wong Kwong Shing as a director | Issuer | For | For | |
| 3E | To re-elect Paul Michael Donovan as a director | Issuer | For | For | |
| 4 | To re-appoint Messrs KPMG as auditors and to authorize the directors to fix their remuneration | Issuer | For | For | |
| 5 | To give a general mandate to the directors to repurchase shares in the company not exceeding 10% of the aggregate nominal amount of existing issued share capital | Issuer | For | For | |
| 6 | To give a general mandate to the directors to issue, allot and deal with additional shares in the company | 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 | |
| Enel S.P.A. | 300 | EN | 29265W108 | 5/23/07 | |
| O1 | Financial statements of Enel for the year ended December 31 2006. Reports of the board of directors, the board of statutory auditors, and the external auditors. Related resolutions, presentation of the consolidated financial statements for the year ended December 31, 2006. | Issuer | For | For | |
| O2 | Allocation of net income for the year | Issuer | For | For | |
| O3 | Election of the board of statutory auditors | Issuer | For | For | |
| O4 | Determination of the compensation of the regular members of the board of statutory auditors | Issuer | For | For | |
| O5 | Extension of the external auditors' mandate to the years 2008, 2009, and 2010 | Issuer | For | For | |
| O6 | 2007 stock-option plan for executives of Enel and/or subsidiaries thereof pursuant to article 2359 of the civil code | Issuer | For | For | |
| E1 | Harmonization of the bylaws with the provisions of law N. 262 of December 25, 2005 and legislative decree N. 303 of December 29, 2006. Amendment of articles 14.3, 14.5 and 20.4 of the bylaws | Issuer | For | For | |
| E2 | Delegation to the board of directors of the power to increase the share capital in connection with the 2007 stock option plan | Issuer | For | For | |
| Tomkins PLC | 750 | TKS | 890030208 | 6/13/07 | |
| 1 | Receive the directors report and financial statement | Issuer | For | For | |
| 2 | Approve the remuneration committee report | Issuer | For | For | |
| 3 | Declare a dividend | Issuer | For | For | |
| 4 | Reappoint Mr. D.B. Newlands | Issuer | For | For | |
| 5 | Reappoint the independent auditors | Issuer | For | For | |
| 6 | Authorize the directors to determine the independent auditors' remuneration | Issuer | For | For | |
| 7 | Authorize allotment of relevant securities | Issuer | For | For | |
| 8 | Authorize disapplication of pre-emption rights | Issuer | For | For | |
| 9 | Authorize purchase of own shares | Issuer | For | For | |
| 10 | Authorize electronic communication with shareholders | Issuer | For | For | |
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 1, 2007
