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
Growth Fund (SSGFX) |
||||||
Proxy Voting Record relating to shareholder
meetings held from July 1, 2006 through June 30, 2007 |
||||||
| Proposal # | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date | |
| Patterson-UTI Energy, INC | 7,000 | PTEN | 703481101 | 7/12/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| Restoration Hardware | 15,203 | RSTO | 760981100 | 7/19/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratify the selection of Deloitte & Touche LLP as the independent auditors of the fiscal year ending February 3, 2007 | Issuer | For | For | ||
| 3Com Corporation | 30,000 | COMS | 885535104 | 9/20/06 | ||
| 1 | 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 accountants for the fiscal year ending June 1, 2007 | Issuer | For | For | ||
| John Wiley & Sons INC | 5,000 | JW/A | 968223206 | 9/21/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Proposal to ratify the appointment of KPMG LLP as independent accountants | Issuer | For | For | ||
| Phelps Dodge | 2,660 | PD | 717265102 | 9/25/06 | ||
| 1 | Approve the amendment to and restatement of Phelps Dodge's restated certificate of incorporation to (1) change the company's name to Phelps Dodge Inco Corporation from Phelps Dodge Corporation (2) increase the number of authorized shares of Phelps dodge common stock from 300 million to 800 million shares and (3) increase the maximum number of members of Phelps Dodge's board of directors from 12 to 15 | Issuer | For | For | ||
| 2 | Approve the issuance of Phelps Dodge common stock, par value 6.25 per share | Issuer | For | For | ||
| 3 | Approve the postponement or adjournment of the special meeting to later date or dates if necessary, to permit further solicitation of proxies if there are not sufficient votes at the time of the special meeting to approve the charter amendment proposal | Issuer | For | For | ||
| 4 | Approve the postponement or adjournment of the special meeting to later date or dates if necessary, to permit further solicitation of proxies if there are not sufficient votes at the time of the special meeting to approve the share issuance proposal | Issuer | For | For | ||
| Oracle Corporation | 15,000 | ORCL | 68389X105 | 10/9/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Proposal for the approval of the adoption of the fiscal year 2007 executive bonus plan | Issuer | For | For | ||
| 3 | Proposal to ratify the selection of Ernst & Young LLP as independent registered public accounting firm of the company for the fiscal year ending May 31, 2007 | Issuer | For | For | ||
| 4 | Proposal for the approval of the amended and restated 1993 directors stock plan | Issuer | For | For | ||
| Duke Energy Corporation | 6,000 | DUK | 26441C105 | 10/24/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Approval of the Duke Energy Corporation 2006 long-term incentive plan | Issuer | For | For | ||
| 3 | Ratification of Deloitte & Touche LLP as Duke Energy's independent public accountant for 2006 | Issuer | For | For | ||
| Harman International Industries | 2,800 | HAR | 413086109 | 11/2/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| Barr Pharmaceuticals INC | 4,500 | BRL | 68306109 | 11/9/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of the selection of Deloitte & Touche LLP as the independent auditor of the company for the six month period ending December 31, 2006 | Issuer | For | For | ||
| FPL Group INC | 7,000 | FPL | 302571104 | 12/15/06 | ||
| A | Directors recommendation for election | Issuer | For | For all nominees | ||
| B | Ratification of the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the year 2006 | Issuer | For | For | ||
| Intuit INC | 11,000 | INTU | 461202103 | 12/15/06 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratify the selection of Ernst 7 Young LLP as our independent registered public accounting firm for the fiscal year 2007 | Issuer | For | For | ||
| 3 | Approve the amendment to our 2005 equity incentive plan | Issuer | For | For | ||
| 4 | Approve the amendment to our employee stock purchase plan | Issuer | For | For | ||
| Symbol Technologies INC | 10,092 | SBL | 871508107 | 1/9/07 | ||
| 1 | Proposal to approve and adopt the agreement and plan of merger, dated as of September 18, 2006, as amended of October 30, 2006, by and among Symbol Technologies, INC, Motorola INC, and Motorola GTG subsidiary I Corp. As such agreement may be amended from time to time, and the merger provided for therein | Issuer | For | For | ||
| Oshkosh Truck Corporation | 3,000 | OSK | 688239201 | 2/6/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of the appointment of Deloitte & Touche LLP, an independent registered public accounting firm, as the company's independent auditors for the fiscal year ending September 30, 2007 | Issuer | For | For | ||
| Ligand Pharmaceuticals INC | 10,000 | LGND | 53220K207 | 2/12/07 | ||
| 1 | To approve the sale of all or substantially all of our assets under Delaware law through the sale of our rights in and to Avinza in the United States, its territories and Canada, pursuant to the asset purchase agreement | Issuer | For | For | ||
| 2 | To amend Ligand's 2002 stock incentive plan to allow equitable adjustments to be made to options outstanding under the plan in the event of the payment of a large non-recurring cash dividend | Issuer | For | For | ||
| 3 | To approve the adjournment of the special meeting, if necessary, to facilitate the approval of proposals 1 or 2, including to permit the solicitation of additional proxies if there are not sufficient votes at the time of the special meeting to establish a quorum or to approve 1 or 2 | Issuer | For | For | ||
| MapInfo Corporation | 8,000 | MAPS | 565105103 | 2/13/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Approval of an amendment to the company's 2005 stock incentive plan, as set forth in the accompanying proxy statement | Issuer | For | For | ||
| 3 | Approval of an amendment to the company's 1993 employee stock repurchase plan, as set forth in the accompanying proxy statement | Issuer | For | For | ||
| 4 | Ratification of appointment of registered public accounting firm for fiscal year 2007 | Issuer | For | For | ||
| Caremark RX INC (also received white and gold proxies) | 5,000 | CMX | 141705103 | 2/20/07 | ||
| 1 | To adopt the agreement and plan of merger. Dated Nov. 1, 2006 by and among CVS Corporation, Caremark and Twain Mergersub LLC, as amended by amendment no. 1, dated January 16, 2007 and to approve the merger of Caremark RX, Inc with and into Twain Mergersub LLC, all as more fully described in the proxy statement | Issuer | For | For | ||
| 2 | To approve any adjournment or postponement of the special meeting, including if necessary, to solicit additional proxies in favor of the adoption of the merger agreement and the approval of the merger | Issuer | For | For | ||
| Agilent Technologies INC | 8,000 | A | 00846U101 | 2/27/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | The ratification of the audit and finance committee's appointment of Pricewaterhousecoopers LLP as Agilent's independent registered public accounting firm | Issuer | For | For | ||
| Hewlett-Packard Company | 7,000 | HPQ | 428236103 | 3/14/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To ratify the appointment of the independent registered public accounting firm for the fiscal year ending October 31, 2007 | Issuer | For | For | ||
| 3 | Stockholder proposal relating to stockholder nominees for election to the board of directors | Stockholder | Against | Against | ||
| 4 | Stockholder proposal entitled "Separate the roles of Ceo and Chairman" | Stockholder | Against | Against | ||
| 5 | Stockholder proposal entitled "Subject any future poison pill to shareholder vote" | Stockholder | Against | Against | ||
| 6 | Stockholder proposal entitled "Link pay to performance" | Stockholder | Against | Against | ||
| Phelps Dodge Corporation | 2,660 | PD | 717265102 | 3/14/07 | ||
| 1 | Approve and adopt the agreement and plan of merger, dated as of November 18, 2006, among Freeport-mcMoran copper and gold INC, Phelps Dodge Corporation and Panther Acquisition Corporation, as amended | Issuer | For | For | ||
| 2 | Approve the adjournment of the special meeting, if necessary, to permit solicitation of additional proxies in favor of proposal 1 | Issuer | For | For | ||
| KB Home | 5,000 | KBH | 48666K109 | 4/5/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Proposal to amend the amended certificate of incorporation of KB Home to declassify the board of directors and provide for the annual election of directors | Issuer | For | For | ||
| 3 | Proposal to amend the amended certificate of incorporation of KB Home to repeal its fair price provision | Issuer | For | For | ||
| 4 | Proposal to ratify the appointment of Ernst & Young LLP as KB Home's independent registered public accounting firm for the fiscal year ending Nov. 30, 2007 | Issuer | For | For | ||
| 5 | Stockholder proposal relating to senior executive and director holdings of equity-based compensation | Stockholder | Against | Against | ||
| 6 | Stockholder proposal relating to performance vesting shares | Stockholder | Against | Against | ||
| 7 | Stockholder proposal relating to stockholder approval of severance agreements | Stockholder | Against | Against | ||
| Adobe Systems Incorporated | 7,600 | ADBE | 00724F101 | 4/5/07 | ||
| 1 | Directors recommendations for election | Issuer | For | For all nominees | ||
| 2 | Approval of the amendment and restatement of the Adobe Systems INC 2003 equity incentive plan | Issuer | For | For | ||
| 3 | Stockholder proposal | Stockholder | Against | Against | ||
| 4 | Ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending Nov. 30, 2007 | Issuer | For | For | ||
| Eli Lilly and Company | 3,500 | LLY | 532457108 | 4/16/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of the appointment by the audit committee of the board of directors of Ernst & Young LLP as principal independent auditors for 2007 | Issuer | For | For | ||
| 3 | Approve amendments to the articles of incorporation to provide for annual election of directors | Issuer | For | For | ||
| 4 | Reapprove performance goals for the company's stock plans | Issuer | For | For | ||
| 5 | Proposal by shareholders on extending the company's animal care and use policy to contract labs | Shareholder | Against | For | ||
| 6 | Proposal by shareholders on international outsourcing of animal research | Shareholder | Against | For | ||
| 7 | Proposal by shareholders on separating the roles of chairman and chief executive officer | Shareholder | Against | Against | ||
| 8 | Proposal by shareholders on amending the articles of incorporation to allow shareholders to amend the bylaws | Shareholder | Against | Against | ||
| 9 | Proposal by shareholders on adopting a simple majority vote standard | Shareholder | Against | Against | ||
| Washington Mutual INC | 6,750 | WM | 939322103 | 4/17/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Company proposal to ratify the appointment of Deloitte & Touche LLP as the company's independent auditor for 2007 | Issuer | For | For | ||
| 3 | Shareholder proposal relating to the company's executive retirement plan policies | Shareholder | Against | For | ||
| 4 | Shareholder proposal relating to the company's director election process | Shareholder | Against | Against | ||
| 5 | Shareholder proposal relating to the company's director nominee qualification requirements | Shareholder | Against | Against | ||
| Frontier Financial Corporation | 15,000 | FTBK | 35907K105 | 4/18/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratify Moss Adams LLP as the auditors for Frontier Financial Corporation and subsidiaries | Issuer | For | For | ||
| Weyerhaeuser Company | 4,200 | WY | 962166104 | 4/19/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Shareholder proposal on political contributions | Shareholder | Against | Against | ||
| 3 | Shareholder proposal on majority vote | Shareholder | Against | Against | ||
| 4 | Shareholder proposal on wood supply | Shareholder | Against | For | ||
| 5 | Approval, on an advisory basis, of the appointment of auditors | Issuer | For | For | ||
| Genentech INC | 2,000 | DNA | 368710406 | 4/20/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To ratify the selection of Ernst & Young LLP as independent registered public accounting firm of Genentech for the year ending December 31, 2007 | Issuer | For | For | ||
| Regal-Beloit Corporation | 4,000 | RBC | 758750103 | 4/20/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To approve an amendment to the company's articles of incorporation that will increase the number of shares of common stock that the company is authorized to issue | |||||
| 3 | To approve the Regal Beloit Corporation 2007 Equity incentive plan | Issuer | For | For | ||
| 4 | To ratify the selection of Deloitte & Touche LLP as the company's independent auditors for 2007 | Issuer | For | For | ||
| Alcoa INC | 6,000 | AA | 13817101 | 4/20/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Proposal to ratify the independent auditor | Issuer | For | For | ||
| Alcoa INC | 6,000 | AA | 13817101 | 4/20/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Proposal to ratify the independent auditor | Issuer | For | For | ||
| Honeywell International INC | 3,500 | HON | 438516106 | 4/23/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Approval of independent accountants | Issuer | For | For | ||
| 3 | 2007 Honeywell global employee stock plan | Issuer | For | For | ||
| 4 | Recoup unearned management bonuses | Stockholder | Against | Against | ||
| 5 | Performance based stock options | Stockholder | Against | Against | ||
| 6 | Special shareholder meetings | Stockholder | Against | For | ||
| 7 | Six sigma | Stockholder | Against | For | ||
| Chubb Corporation | 5,000 | CB | 171232101 | 4/24/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To ratify the appointment of Ernst & Young LLP as independent auditor | Issuer | For | For | ||
| 3 | To vote on the adoption of an amendment to the Chubb Corporation restated certificate of incorporation | Issuer | For | For | ||
| 4 | To vote on a shareholder proposal regarding political contributions | Shareholder | Against | Against | ||
| Noble Corporation | 4,000 | NE | G65422100 | 4/26/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For | ||
| 2 | Approval of the appointment of Pricewaterhousecoopers LLP as independent auditors for 2007 | Issuer | For | For | ||
| Washington Banking Company | 6,250 | WBCO | 937303105 | 4/26/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| Sempra Energy | 3,000 | SRE | 816851109 | 4/26/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of independent registered public accounting firm | Issuer | For | For | ||
| 3 | Adopt simple majority voting | Stockholder | Against | Against | ||
| 4 | Director election majority vote standard proposal | Stockholder | Against | Against | ||
| 5 | Supplemental executive retirement plan policy proposal | Stockholder | Against | Against | ||
| Abbott Laboratories | 4,000 | ABT | 2824100 | 4/27/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of Deloitte & Touche LLP as auditors | Issuer | For | For | ||
| 3 | Shareholder proposal- advisory vote | Shareholder | Against | Against | ||
| 4 | Shareholder proposal- the roles of chairman and Ceo | Shareholder | Against | Against | ||
| Lincoln Electric Holdings INC | 4,000 | LECO | 533900106 | 4/27/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For | ||
| 2 | Approval of 2007 management incentive compensation plan | Issuer | For | For | ||
| 3 | Ratification of independent auditors | Issuer | For | For | ||
| Pepsico INC | 4,500 | PEP | 713448108 | 5/2/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Approval of independent registered public accountants | Issuer | For | For | ||
| 3 | Approval of 2007 long-term incentive plan | Issuer | For | For | ||
| 4 | Shareholder proposal- charitable contributions | Shareholder | Against | Against | ||
| Advanced Micro Devices INC | 10,000 | AMD | 7903107 | 5/3/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of appointment of independent registered public accounting firm | Issuer | For | For | ||
| 3 | Approval of an amendment to our restated certificate of incorporation | Issuer | For | For | ||
| Amgen INC | 3,700 | AMGN | 31162100 | 5/9/07 | ||
| 1 | Directors recommendations for election | Issuer | For | For all nominees | ||
| 2 | To ratify the selection of Ernst & Young LLP as the company's independent registered public accounting firm for the year ending December 31, 2007 | Issuer | For | For | ||
| 3 | To approve the amendments to the company's restated certificate of incorporation eliminating the classification of the board of directors | Issuer | For | For | ||
| 4 | To approve the amendments to the company's amended and restated bylaws eliminating the classification of the board of directors | Issuer | For | For | ||
| 5A | Animal welfare proposal | Stockholder | Against | Against | ||
| 5B | Sustainability proposal | Stockholder | Against | Against | ||
| United Parcel Service, INC | 2,500 | UPS | 911312106 | 5/10/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of the appointment of Deloitte & Touche LLP as UPS's independent registered public accounting firm for the year ending December 31, 2007 | Issuer | For | For | ||
| Nucor Corporation | 4,000 | NUE | 670346105 | 5/10/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratify the appointment of Pricewaterhousecoopers LLP as Nucor's independent registered public accounting firm for the year ending December 31, 2007 | Issuer | For | For | ||
| 3 | Stockholder proposal | Stockholder | Against | Against | ||
| Apple INC | 8,000 | AAPL | 37833100 | 5/10/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To approve amendments to the Apple INC 2003 employee stock plan | Issuer | For | For | ||
| 3 | To approve amendments to the Apple INC employee stock purchase plan | Issuer | For | For | ||
| 4 | To approve amendments to the 1997 director stock option plan | Issuer | For | For | ||
| 5 | To ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year 2007 | Issuer | For | For | ||
| 6 | To consider a shareholder proposal entitled "Option dating policy" if properly presented at the meeting | Shareholder | Against | Against | ||
| 7 | To consider a shareholder proposal entitled "Pay for performance standard" if properly presented at the meeting | Shareholder | Against | Against | ||
| 8 | To consider a shareholder proposal entitled "Environmental report" if properly presented at the meeting | Shareholder | Against | Against | ||
| 9 | To consider a shareholder proposal entitled "Equity retention policy" if properly presented at the meeting | Shareholder | Against | Against | ||
| 10 | To consider a shareholder proposal entitled "Electronic waste take back and recycling" if properly presented at the meeting | Shareholder | Against | For | ||
| 11 | To consider a shareholder proposal entitled "Advisory vote on compensation" if properly presented at the meeting | Shareholder | Against | Against | ||
| Duke Energy | 6,000 | DUK | 26441C105 | 5/10/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of Deloitte & Touche LLP as Duke Energy's independent public accountant for 2007 | Issuer | For | For | ||
| UAL Corporation | 5,500 | UAUA | 902549807 | 5/10/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| Norfolk Southern Corporation | 4,500 | NSC | 655844108 | 5/10/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of the appointment of KPMG LLP, independent registered public accounting firm, as Norfolk Southern's independent auditors for the year ending December 31, 2007 | Issuer | For | For | ||
| Build-A-Bear Workshop INC | 7,000 | BBW | 120076104 | 5/10/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Approval of U.K. stock plan | Issuer | For | For | ||
| 3 | Ratification of appointment of independent accountants | Issuer | For | For | ||
| Performance Food Group Company | 3,000 | PFGC | 713755106 | 5/15/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| Pharmaceutical Product Development INC | 15,000 | PPDI | 717124101 | 5/16/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | In their discretion, the proxies are authorized to vote upon such other matters as may properly come before the meeting | Issuer | For | For | ||
| The Charles Schwab Corporation | 25,000 | SCHW | 808513105 | 5/17/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Approval of employee stock purchase plan | Issuer | For | For | ||
| 3 | Approval of amendments to 2004 stock incentive plan | Issuer | For | For | ||
| 4 | Stockholder proposal regarding political contributions | Stockholder | Against | Against | ||
| 5 | Stockholder proposal to require a bylaw amendment for majority voting | Stockholder | Against | Against | ||
| Barr Pharmaceuticals | 4,500 | BRL | 68306109 | 5/17/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To ratify the audit committees selection of the company's independent registered public accounting firm for the year ending December 31, 2007 | Issuer | For | For | ||
| 3 | To approve the Barr Pharmaceuticals, INC 2007 stock and incentive award plan | Issuer | For | For | ||
| 4 | To approve the Barr Pharmaceuticals, INC 2007 executive officer incentive plan | Issuer | For | For | ||
| Idacorp INC | 6,000 | IDA | 451107106 | 5/17/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To ratify the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending December 31, 2007 | Issuer | For | For | ||
| Trimble Navigation Limited | 14,000 | TRMB | 896239100 | 5/17/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To ratify the appointment of Ernst & Young LLP as the independent auditors of the company for the current fiscal year ending December 28, 2007 | Issuer | For | For | ||
| Red Lion Hotels Corporation | 21,000 | RLH | 95750P106 | 5/17/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of selection of BDO Seidman LLP to serve as our independent registered public accounting firm for 2007 | Issuer | For | For | ||
| Lowe's Companies, INC | 6,500 | LOW | 548661107 | 5/25/07 | ||
| 1 | Directors recommendations for election | Issuer | For | For all nominees | ||
| 2 | To approve 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 | ||
| 3 | To ratify the appointment of Deloitte & Touche LLP as the company's independent accountants | Issuer | For | For | ||
| 4 | Shareholder proposal establishing minimum share ownership requirements for director nominees | Shareholder | Against | Against | ||
| 5 | Shareholder proposal requesting annual report on wood procurement | Shareholder | Against | Against | ||
| 6 | Shareholder proposal regarding annual election of each director | Shareholder | Against | Against | ||
| 7 | Shareholder proposal regarding executive severance agreements | Shareholder | Against | For | ||
| 8 | Shareholder proposal regarding executive compensation plan | Shareholder | Against | Against | ||
| FPL Group, INC | 7,000 | FPL | 302571104 | 5/25/07 | ||
| 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 year 2007 | Issuer | For | For | ||
| 3 | Approval of the 2007 non-employee directors stock plan | Issuer | For | For | ||
| Ligand Pharmaceuticals Incorporated | 10,000 | LGND | 53220K2007 | 5/31/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Amendment to the 2002 stock incentive plan | Issuer | For | For | ||
| 3 | Ratification of appointment of independent registered accounting firm | Issuer | For | For | ||
| VCA Antech INC | 8,000 | WOOF | 918194101 | 6/4/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To ratify the appointment of KPMG LLP as the company's independent registered public accounting firm | Issuer | For | For | ||
| 3 | To approve the VCA Antech INC 2007 annual cash incentive plan | Issuer | For | For | ||
| Devon Energy Corporation | 3,000 | DVN | 25179M103 | 6/6/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratify the appointment of the company's independent auditors for 2007 | Issuer | For | For | ||
| Staples INC | 6,000 | SPLS | 855030102 | 6/11/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | To approve an amendment to staples by-laws to change the voting standard for election of directors in uncontested elections from plurality to majority | Issuer | For | For | ||
| 3 | To ratify the selection by the audit committee of Ernst & Young LLP as Staples' independent registered public accounting firm for the current fiscal year | Issuer | For | For | ||
| 4 | To act on a shareholder proposal on simple majority voting | Shareholder | Against | Against | ||
| Amazon. COM INC | 5,000 | AMZN | 23135106 | 6/14/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | ||
| 2 | Ratification of appointment of Ernst & Young LLP as independent auditors | Issuer | For | For | ||
| 3 | Re-approval of material terms of performance goals in 1997 stock incentive plan pursuant to section 162(M) of internal revenue code | Issuer | For | For | ||
| Best Buy co. INC | 4,000 | BBY | 86516101 | 6/27/07 | ||
| 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 the fiscal year ending March 1, 2008 | Issuer | For | For | ||
| 3 | Approval of an amendment to the best Buy Co. INC 2004 omnibus stock and incentive plan to increase the number of shares subject to the plan to 38 million shares | 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
