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
International Fund (SSIFX) |
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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 |
| Korea Electric Power Corporation | 7,000 | KEP | 500631106 | 8/9/06 | |
| 1 | Elect Mr. Jong Hwak Park, manager secretariat, as a standing director | Issuer | For | For | |
| 2 | Elect Mr. Myoung Chul Jang, general manager, personal & general affairs department, as a standing director | Issuer | For | For | |
| 3 | Elect Mr. Ho Mun, general manager, Choongnam district head office, as a standing director | Issuer | For | For | |
| The Boc Group Plc | 2,000 | BOX | 55617609 | 8/16/06 | |
| 1 | Scheme | Issuer | For | For | |
| 2 | Special resolution giving effect to the scheme (as described more particularly in the notice convening the meeting) | Issuer | For | For | |
| Satyam Computer Services Limited | 3,000 | SAY | 804098101 | 8/21/06 | |
| 1 | Approval of the audited balance sheet, the audited profit and loss account, the auditors' report and the directors' report. | Issuer | For | For | |
| 2 | Approval to declare final dividend on equity shares | Issuer | For | For | |
| 3 | Approval to re-appoint Mr. Vinod K Dham, as director | Issuer | For | For | |
| 4 | Approval to re-appoint M/S. Price waterhouse as auditors of the company. | Issuer | For | For | |
| 5 | Approval to appoint Prof. Rammohan Rao Mendu, as director | Issuer | For | For | |
| 6 | Approval to appoint Mr. Ram Mohan Rao Mynampati as director. | Issuer | For | For | |
| 7 | Approval for the payment of remuneration to prof. Krishna G Palepu, non-executive director | Issuer | For | For | |
| 8 | Approval for the increase of the authorized share capital of the company and the alteration of the Memorandum of Association | Issuer | For | For | |
| 9 | Approval for the issuance and allotment of bonus shares by the company | Issuer | For | For | |
| 10 | Approval to issue, offer and allot to any one or more or all of the permanent employees and directors restricted stock units | Issuer | For | For | |
| 11 | Approval to issue, offer and allot to any one or more or all of the permanent employees and directors of the subsidiary companies whether in India or overseas restricted stock units | Issuer | For | For | |
| James Hardie Industries N.V. | 3,000 | JHX | 47030M106 | 9/25/06 | |
| 1 | Receive and adopt annual report and accounts for the fiscal year ended 31 March 2006 | Issuer | For | For | |
| 2 | Adopt the remuneration report for financial year ended March 2006 | Issuer | For | For | |
| 3a | Re-elect Ms. M Hllicar to the supervisory and joint boards | Issuer | For | For | |
| 3b | Re-elect Mr M J Gillillian to the supervisory and joint boards | Issuer | For | For | |
| 3c | Re-elect Mr. D. G McGauchie to the supervisory and joint boards | Issuer | For | For | |
| 4 | To increase the aggregate maximum remuneration payable to members of the Supervisory board | Issuer | For | For | |
| 5a | Approve the Supervisory Board Share Plan 2005 and the issues of shares under it | Issuer | For | For | |
| 5b | Approve participation in the SBSP by Ms M Hellicar | Issuer | For | For | |
| 5c | Approve participation in the SBSP by Mr. J D Barr | Issuer | For | For | |
| 5d | Approve participation in the SBSP by Mr. M R Brown | Issuer | For | For | |
| 5e | Approve participation in the SBSP by Mr. M J Gillillian | Issuer | For | For | |
| 5f | Approve participation in the SBSP by Mr. J R H Loudon | Issuer | For | For | |
| 5g | Approve participation in the SBSP by Mr. D G McGauchie | Issuer | For | For | |
| 6a | Approve establishment of the Long Term Incentive plan 2006 and the issue of securities | Issuer | For | For | |
| 6b | Approve participation in the LTIP and issue of options to Mr. L Gries | Issuer | For | For | |
| 6c | Approve participation in the LTIP and issue of options to Mr. R L Chenu | Issuer | For | For | |
| 6d | Approve participation in the LTIP and issue of options to B P Butterfield | Issuer | For | For | |
| 7 | Renewal of authority for the company to acquire its own shares | Issuer | For | For | |
| 8 | Renewal of rights relating to the takeover provisions | Issuer | For | For | |
| Telecom Corporation of New Zealand LTD | 2,500 | NZT | 879278208 | 10/5/06 | |
| 1 | To authorize the Directors to fix the remuneration of the auditors | Issuer | For | For | |
| 2 | To re-elect Mr. Mcleod as a director | Issuer | For | For | |
| 3 | To re-elect Mr. Mcgeoch as a director | Issuer | For | For | |
| Intrawest Corporation | 4,600 | IDR | 460915200 | 10/17/06 | |
| 1 | Resolutions in the form set forth in appendix A of the management information circular of Intrawest dated September 20, 2006 to approve an arrangement under section 192 of the Canada Business Corporations Act involving, among other things, the acquisition by Winter games Acquisition ULC, a corporation that is indirectly owned by 18 private equity funds managed by Fortress Investment Group LLC or one of its affiliates, of all the issued and outstanding common shares in exchange for 35.00 in cash per share. | Issuer | For | For | |
| American Oriental Bioengineering, INC | 15,000 | AOB | 28731107 | 11/21/06 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | Proposal to ratify the appointment of Weinberg & Company, P.A. as the company's independent auditors | Issuer | For | For | |
| 3 | Proposal to approve a new 2006 equity incentive plan | Issuer | For | For | |
| Coca-cola Femsa, S.A. DE C.V. | 4,300 | KOF | 191241108 | 12/5/06 | |
| E1 | To amend the by-laws of the company to include the formation of committees, and other adjusts to comply with the provisions of the Mexican Securities Market Law | Issuer | For | For | |
| E2 | Appointment of Delegates to execute and formalize the resolutions adopted during the meeting | Issuer | For | For | |
| E3 | Minutes of the shareholders' meeting | Issuer | For | For | |
| O1 | Election and/or ratification of members of the Board of Directors and Secretary and their alternates; qualification of their independence in accordance with the Mexican Securities Market Law, and resolution with respect to their remuneration | Issuer | For | For | |
| O2 | Proposal to form committees of the Board of Directors, including the audit and corporate practices committees, appointment of the Chairman for such committees, and resolution with respect to their remuneration | Issuer | For | For | |
| O3 | Appointment of Delegates to execute and formalize the resolutions adopted during the meeting | Issuer | For | For | |
| O4 | Minutes of the shareholders' meeting | Issuer | For | For | |
| Audiocodes LTD | 8,000 | AUDC | 1082965 | 12/5/06 | |
| 1 | To re-elect Shabtai Adlersberg as a class III Director | Issuer | For | For | |
| 2 | To re-elect Doron Nevo as an outside Director | Issuer | For | For | |
| 3 | To elect Karen Sarid as an outside Director | Issuer | For | For | |
| 4 | To authorize the chairman of the board to serve as CEO of the company | Issuer | For | For | |
| 5 | To ratify the appointment of the company's independent auditors for 2006 and to authorize the compensation of the auditors | Issuer | For | For | |
| 6 | To approve the grant of options to purchase ordinary shares of the company to Karen Sarid and Doron Nevo | Issuer | For | For | |
| Australia & New Zealand Banking Grp LTD | 1,000 | ANZ | 52528304 | 12/15/06 | |
| 2A | To re-elect a director : Mr. J.K. Ellis | Issuer | For | For | |
| 2B | To re-elect a director: Ms. M.A. Jackson, AC | Issuer | For | For | |
| 3 | Adoption of the remuneration report | Issuer | For | For | |
| Transportadora De Gas Del Sur S.A. | 1,500 | TGS | 893870204 | 12/21/06 | |
| 1 | Appointment of two shareholders to approve and sign the meeting minutes | Issuer | For | For | |
| 2 | Consideration of the actions carried out by the resigning directors appointed by the shareholders' meeting held on March 20, 2006 | Issuer | For | For | |
| 3 | Appointment of a regular director | Issuer | For | For | |
| 4 | Consideration of a global program to be created for the issue of unsecured non-convertible debt notes, denominated in US dollars or any other currency, in different classes or series, in a maximum aggregate amount of 650,000,000, or its equivalent in other currencies under the provisions of law 23,574 as amended, and other applicable regulations, as fully described in the notice | Issuer | For | For | |
| 5 | Delegation to the board of directors to set up program's remaining terms and conditions that are not expressly established by the shareholder meeting as well as the issuance terms and conditions for each class and/or series of the notes, as fully described in the notice | Issuer | For | For | |
| Serono S.A. | 5,000 | SRA | 589345107 | 1/5/07 | |
| 1 | Amendment to the articles of association | Issuer | For | For | |
| 2 | Directors recommendation for election | Issuer | For | For all nominees | |
| James Hardie Industries N.V. | 3,000 | JHX | 47030M106 | 2/7/07 | |
| 1 | Approval of matters related to the FFA | Issuer | For | For | |
| 2A | Re-election of Brian Anderson | Issuer | For | For | |
| 2B | Re-election of Don Defosset | Issuer | For | For | |
| 2C | Election of Michael Hammes | Issuer | For | For | |
| 2D | Election of Rudy Van Der Meer | Issuer | For | For | |
| Infineon Technologies AG | 5,000 | IFX | 45662N103 | 2/15/07 | |
| 2A | Approval of the acts of the management board for the 2005/2006 financial year | Issuer | For | For | |
| 2B | Disapproval of the acts of Dr. V. Zitzewitz for the 2004/2005 financial year | Issuer | For | For | |
| 3 | Approval of the acts of the supervisory board | Issuer | For | For | |
| 4 | Appointment of auditors | Issuer | For | For | |
| 5 | Authorized capital 2007 | Issuer | For | For | |
| 6 | Convertible bonds/conditional capital | Issuer | For | For | |
| 7 | Repurchase of own shares | Issuer | For | For | |
| 8 | Relocation of registered office | Issuer | For | For | |
| 9 | Right to speak and ask questions | Issuer | For | For | |
| Lan Airlines | 3,500 | LFL | 501723100 | 1/26/07 | |
| A | Increase the company's capital by virtue of an issuance of 7,500,000 shares, at the price and conditions that the shareholders' meeting shall determine | Issuer | For | For | |
| B | Designate a portion of the above mentioned capital increase to compensation plans, in accordance with article 24 of law 18.046 | Issuer | For | For | |
| C | Amend the company's bylaws to reflect the resolutions adopted by the shareholders' meeting | Issuer | For | For | |
| D | Authorize the company's board of directors to request the registration of the shares representing the capital increase with the registry of the Superintendence of Securities and Issuance; to proceed with the settlement of the shares; and to agree on the terms pertaining to the compensation plans mentioned above | Issuer | For | For | |
| E | Adopt any other resolutions necessary to implement the above mentioned resolution | Issuer | For | For | |
| Epcos AG | 2,500 | EPC | 29410P107 | 2/14/07 | |
| 2 | Resolution on appropriation of net income of Epcos AG | Issuer | For | For | |
| 3 | Resolution on exoneration of the members of the management board | Issuer | For | For | |
| 4 | Resolution on exoneration of the members of the Supervisory board | Issuer | For | For | |
| 5 | Resolution on appointment of independent auditor for fiscal year 2006/2007 | Issuer | For | For | |
| 6A | Supervisory board election: Dr. Bodo Luettge | Issuer | For | For | |
| 6B | Supervisory board election: Prof. Dr. Claus Weyrich | Issuer | For | For | |
| Novartis AG | 1,600 | NVS | 66987V109 | 3/6/07 | |
| 1 | Approval of the annual report, the financial statements of Novartis AG and the group consolidated financial statement for the year 2006 | Issuer | For | For | |
| 2 | Approval of the activities of the board of directors | Issuer | For | For | |
| 3 | Appropriation of available earnings of Novartis AG per balance sheet and declaration of dividend | Issuer | For | For | |
| 4A | Election to the board of directors: Re-election of Hans-Loerg Rudloff for a three year term | Issuer | For | For | |
| 4B | Election to the board of directors: re-election of Dr. Daniel Vasella for a three year term | Issuer | For | For | |
| 4C | Election to the board of directors: Election of new member Marjorie M. Yang for a term of office beginning on 1 January 2008 and ending on the day of the AGM in 2010 | Issuer | For | For | |
| 5 | Appointment of the auditors and the group auditors | Issuer | For | For | |
| 6 | Votes regarding additional and/or counter-proposals at the AGM of Novartis AG | Issuer | For | For | |
| SK Telecom CO LTD | 5,000 | SKM | 78440P108 | 3/9/07 | |
| 1 | Approval of the balance sheets, the statements of income, and statements of appropriation of retained earnings of the 23rd fiscal year, as set forth in item 1 of the company's agenda enclosed herewith | Issuer | For | For | |
| 2 | Approval of the ceiling amount of the remuneration of directors | Issuer | For | For | |
| 3 | Directors recommendation for election | Issuer | For | For | |
| Banco Bilbao Vizcaya Agentaria S.A. | 7,500 | BBV | 05946K101 | 3/16/07 | |
| 1 | Approval of the annual accounts and management report | Issuer | For | For | |
| 2 | Directors recommendation for election | Issuer | For | For all nominees | |
| 3 | Increase the maximum nominal amount by 30,000,000,000. | Issuer | For | For | |
| 4 | Authorization for the company to acquire treasury stock | Issuer | For | For | |
| 5 | Re-election of the auditors for the 2007 accounts | Issuer | For | For | |
| 6 | Amendment of article 36, in the corporate bylaws | Issuer | For | For | |
| 7 | Constitution of a foundation for economic and social development and cooperation through microfinance activities | Issuer | For | For | |
| Coca-cola Femsa S.A.B DE C.V. | 4,300 | KOF | 19124101108 | 3/27/07 | |
| 5 | Election of members of the board of directors, qualification of their independence in accordance with the Mexican Securities Market Law, and resolution with respect to their remuneration | Issuer | For | For | |
| The Toronto-Dominion Bank | 2,400 | TD | 891160509 | 3/28/07 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | Appointment of auditor named in the management proxy circular | Issuer | For | For | |
| 3 | First amendment to bylaw no. 1 | Issuer | For | For | |
| 4 | Second amendment to bylaw no. 1 | Issuer | For | For | |
| 5 | First amendment to the bank's stock plan options | Issuer | For | For | |
| 6 | Second amendment to the bank's stock option plans | Issuer | For | For | |
| 7 | Shareholder proposal A | Shareholder | Against | Against | |
| 8 | Shareholder proposal B | Shareholder | Against | Against | |
| 9 | Shareholder proposal C | Shareholder | Against | Against | |
| 10 | Shareholder proposal D | Shareholder | Against | Against | |
| 11 | Shareholder proposal E | Shareholder | Against | Against | |
| 12 | Shareholder proposal F | Shareholder | Against | Against | |
| 13 | Shareholder proposal G | Shareholder | Against | Against | |
| 14 | Shareholder proposal H | Shareholder | Against | Against | |
| Canon INC | 3,300 | CAJ | 138006309 | 3/29/07 | |
| 1 | Dividend from surplus | Issuer | For | For | |
| 2 | Partial amendment to the articles of incorporation | Issuer | For | For | |
| 3 | Election of 27 directors | Issuer | For | For | |
| 4 | Election of one corporate auditor | Issuer | For | For | |
| 5 | Grant of retirement allowance to directors to be retired | Issuer | For | For | |
| 6 | Grant of bonus to directors | Issuer | For | For | |
| Lan Airlines S.A. | 3,500 | LFL | 501723100 | 4/5/07 | |
| O1 | Approval of the annual report, balance of payments and financial statements of the company for the year ended December 31, 2006 | Issuer | For | For | |
| O2 | Approval of the distribution of a dividend for the fiscal year 2006, as more fully described in the proxy statement | Issuer | For | For | |
| O3 | Agreement on the remunerations of the board for the year 2007 | Issuer | For | For | |
| O4 | Agreement on the remunerations of the directors' committee and determination of its budget for the year 2007 | Issuer | For | For | |
| O5 | Designation of the external auditors; designation of the risk classifiers, all as more fully described in the proxy statement | Issuer | For | For | |
| O6 | Information regarding the cost of processing, printing, and distributing the information | Issuer | For | For | |
| O7 | Other known matters of interest to the ordinary shareholders' meeting | Issuer | For | For | |
| E1 | To annul the increase in capital by 7,500,000 payable shares | Issuer | For | For | |
| E2 | To increase capital stock of Lan Airlines S.A. via the issuance of 22,090,910 | Issuer | For | For | |
| E3 | To assign one part of the stated increase in capital to the compensatory plan described in the terms of articles 24 of the law 18.046 | Issuer | For | For | |
| E4 | To modify the bylaws in order to adjust them to the framework adopted by the meeting | Issuer | For | For | |
| E5 | To empower the board of directors of the company to request the registration of the share representative | Issuer | For | For | |
| E6 | To adopt the rest of the agreements necessary to implement the previously mentioned agreements | Issuer | For | For | |
| Transportadora DE Gas Del Sur S.A. | 1,500 | TGS | 893870204 | 4/13/07 | |
| 1 | Approval of two shareholders to approve and sign the meeting minutes | Issuer | For | For | |
| 2 | Consideration of the annual report, inventory, financial statements, information required by section 68 of the Buenos Aires stock exchange regulations, auditors report and statutory audit committee's report, all as more fully described in the proxy statement | Issuer | For | For | |
| 3 | Consideration of the allocation of the fiscal year net income | Issuer | For | For | |
| 4 | Consideration of the actions carried out by the board of directors and the statutory audit committee during the fiscal year ended December 31, 2006 | Issuer | For | For | |
| 5 | Appointment of regular directors and alternate directors, and statutory audit committee members and determination of their term of office | Issuer | For | For | |
| 6 | Appointment of an independent accountant to certify the financial statements | Issuer | For | For | |
| Rio Tinto PLC | 750 | RTP | 767204100 | 4/13/07 | |
| 1 | Authority to allot relevant securities under section 80 of the companies act 1985 | Issuer | For | For | |
| 2 | Authority to allot equity securities for cash under section 89 of the companies act 1985 | Issuer | For | For | |
| 3 | Authority to purchase Rio Tinto PLC shares by the company or Rio Tinto Limited | Issuer | For | For | |
| 4 | To approve the amendments to the articles of association of the company and the constitution of Rio Tinto Limited | Issuer | For | For | |
| 5 | Election of Michael Fitzpatrick | Issuer | For | For | |
| 6 | Re-election of Ashton Calvert | Issuer | For | For | |
| 7 | Re-election of Guy Elliot | Issuer | For | For | |
| 8 | Re-election of Lord Kerr | Issuer | For | For | |
| 9 | Re-election of Sir Richard Sykes | Issuer | For | For | |
| 10 | re-appointment of Pricewaterhousecoopers LLP as auditors of Rio Tinto PLC and to authorize the audit committee to determine their remuneration | Issuer | For | For | |
| 11 | Approval of the remuneration report | Issuer | For | For | |
| 12 | To receive the financial statements ad the reports of the directors ad auditors for the year ended 31 December 2006 | Issuer | For | For | |
| Ritchie Bros. Auctioneers Inc. | 3,000 | RBA | 767744105 | 4/13/07 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | Appointment of KPMG LLP as auditors of the company for the ensuing year and authorizing the directors to fix their remuneration | Issuer | For | For | |
| 3 | Approval of the amended and restated stock option plan of the company, and the proposed amendments contained therein as substantially described in the information circular of the company dated March 14, 2007 | Issuer | For | For | |
| 4 | Approval of the adoption of a shareholder rights plan in accordance with a shareholder rights plan agreement dated as of Feb 22, 2007 between he company and Computershare Investor Service INC | Issuer | For | For | |
| Shire PLC | 2,000 | SHPGY | 82481R106 | 4/16/07 | |
| 1 | To approve the acquisition by the company of New River Pharmaceuticals INC and approve the increase in the borrowing limits of the company | Issuer | For | For | |
| Petro-Canada | 2,000 | PCZ | 71644 E102 | 4/20/07 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Appointment of Deloitte & Touche LLP as auditors of the company | Issuer | For | For | |
| Embraer-Empresa Brasileira | 3,400 | ERJ | 29081M102 | 4/23/07 | |
| A1 | Examine, discuss and vote on the financial statements for the year ended December 31, 2006 | Issuer | For | For | |
| A2 | Allocate the net profits recorded in such fiscal year | Issuer | For | For | |
| A3 | Appoint the members of the fiscal committee for the 2007/2008 term of office | Issuer | For | For | |
| A4 | Set the aggregate annual compensation to be received by the company's officers and members of the committee of its board of directors | Issuer | For | For | |
| A5 | Set the compensation of the members of the fiscal committee | Issuer | For | For | |
| E1 | Confirm the increase in the company's capital stock in the amount of R$11,119,509.06, as approved by the board of directors at its meetings held in September and December 2006 and March 2007 | Issuer | For | For | |
| E2 | Amend article 6 of the company's bylaws, as a result of the confirmation of the increase in capital stock | Issuer | For | For | |
| E3 | Amend the company's bylaws in order to remove article10 and its sole paragraph and include them, with amendments, as paragraph 3 and paragraph 4 of article 7, renumbering, as a consequence, the remaining articles of the bylaws | Issuer | For | For | |
| E4 | Consolidate the company's bylaws | Issuer | For | For | |
| Ing Groep N.V. | 4,000 | ING | 456837103 | 4/24/07 | |
| 2 | C. Annual accounts for 2006 | Issuer | For | For | |
| 3 | B. Dividend for 2006 | Issuer | For | For | |
| 4 | B. Maximum number of stock options and performance shares to be granted to members of the executive board for 2006 | Issuer | For | For | |
| 5 | B. Amendment of the articles of association | Issuer | For | For | |
| 7 | A. Discharge of the executive board in respect of the duties performed during the year 2006 | Issuer | For | For | |
| 7 | B. Discharge of the supervisory board in respect of the duties performed during the year 2006 | Issuer | For | For | |
| 9,10 | Directors recommendation for election | Issuer | For | For all nominees | |
| 11 | A. Authorization to issue ordinary shares with or without preferential rights | Issuer | For | For | |
| 11 | B. Authorization to issue preference B shares with or without preferential rights | Issuer | For | For | |
| 12 | A. Authorization to acquire ordinary shares or depositary receipts for ordinary shares in the company's own capital | Issuer | For | For | |
| 12 | B. Authorization to acquire preference A shares or depository receipts for preference A shares in the company's own capital | Issuer | For | For | |
| 13 | Cancellation of (depositary receipts of) preference A shares which are held by ING Broep N.V. | Issuer | For | For | |
| Hanson PLC | 2,100 | HAN | 411349103 | 4/24/07 | |
| O1 | To receive and adopt the financial statements and reports of the directors and auditors for the year ended 12/31/06 | Issuer | For | For | |
| O2 | To approve the remuneration report as set out in the annual report and form 20-f for the year ended December 31, 2006 | Issuer | For | For | |
| O3 | Declaration of a final dividend of 15.35 pence for ordinary share | Issuer | For | For | |
| O4 | Directors recommendations for election | Issuer | For | For all nominees | |
| O5 | Re-appointment Of Ernst & Young LLP as auditors and to authorize the directors to determine remuneration | Issuer | For | For | |
| O6A | Authority to allot relevant shares or securities generally | Issuer | For | For | |
| S6B | Limited authority to allot equity securities for cash | Issuer | For | For | |
| S7 | Limited authority to make market purchases of shares | Issuer | For | For | |
| O8 | Approval of the Hanson sharesave scheme 2007 | Issuer | For | For | |
| S9 | Approval for Hansen to send or supply documents or information to members by making them available on a website in accordance with schedule 5 of the companies act 2006 | Issuer | For | For | |
| Enersis S.A. | 9,000 | ENI | 29274F104 | 4/24/07 | |
| O1 | Approval of the annual report, balance sheet, financial statements and report from the external auditors and account inspectors for the year ended on December 31, 2006 | Issuer | For | For | |
| O2 | Profit distribution for the period and dividend payments | Issuer | For | For | |
| O3 | Setting of the directors remuneration | Issuer | For | For | |
| O4 | Setting of compensation for directors' committee and audit committee and budget determinations for 2007 | Issuer | For | For | |
| O6 | Appointment of independent external auditors | Issuer | For | For | |
| O7 | Appointment of two account inspectors, including two deputies, and setting of their compensation | Issuer | For | For | |
| O8 | Appointment of private rating agencies | Issuer | For | For | |
| O9 | Approval of the company's "investments and finance policy" | Issuer | For | For | |
| O14 | Other necessary resolutions for the proper implementation of agreements | Issuer | For | For | |
| Aegon N.V. | 5,000 | AEG | 7924103 | 4/25/07 | |
| 2 | Approval of the adoption of te annual accounts 2006 | Issuer | For | For | |
| 3 | Approval of the final dividend 2006 | Issuer | For | For | |
| 4 | Approval to release the members of the executive board from liability of their duties | Issuer | For | For | |
| 5 | Approval to release the members of the supervisory board from liability of their duties | Issuer | For | For | |
| 6 | Approval to appoint the independent auditor | Issuer | For | For | |
| 7 | Approval to adopt the new Aegon N.V. Executive board remuneration policy | Issuer | For | For | |
| 8 | Approval to withdrawal 11,600,000 common shares repurchased in 2006 | Issuer | For | For | |
| 9 | Approval to amend the articles of incorporation of the company | Issuer | For | For | |
| 10, 11, 12, 13 | Directors recommendation for election | Issuer | For | For all nominees | |
| 14 | Approval to authorize the executive board to issue common shares of the company | Issuer | For | For | |
| 15 | Approval to authorize the executive board to restrict or exclude pre-emptive rights upon issuing common shares of the company | Issuer | For | For | |
| 16 | Approval to authorize the executive board to issue common shares related to incentive plans | Issuer | For | For | |
| 17 | Approval to authorize the executive board to acquire shares of the company | Issuer | For | For | |
| Encana Corporation | 3,000 | ECA | 292505104 | 4/25/07 | |
| 1 | Directors recommendations for election | Issuer | For | For all nominees | |
| 2 | Appointment of auditors- Pricewaterhousecoopers LLP at a remuneration to be fixed by the board of directors | Issuer | For | For | |
| 3 | Reconfirmation of the shareholder rights plan | Issuer | For | For | |
| 4 | Amendment No. 1 to the employee stock option plan | Issuer | For | For | |
| 5 | Amendment No. 2 to the employee stock option plan | Issuer | For | For | |
| Basf Aktiengesellschaft | 1,700 | BF | 55262505 | 4/26/07 | |
| 2 | Adoption of a resolution on the appropriation of profit | Issuer | For | For | |
| 3 | Adoption of a resolution giving formal approval to the actions of the supervisory board | Issuer | For | For | |
| 4 | Adoption of a resolution giving formal approval to the actions of the board of executive directors | Issuer | For | For | |
| 5 | Election of an auditor for the financial year 2007 | Issuer | For | For | |
| 6 | Authorization to by back shares and to put them to further use including the authorization to redeem bought-back shares and reduce capital | Issuer | For | For | |
| 7 | Conversion of Bask Aktiengesellschaft into a European company | Issuer | For | For | |
| America Movil, S.A.B. DE C.V. | 6,000 | AMX | 02364W105 | 4/27/07 | |
| I | Appointment or, as the case may be, re-election of the members of the board of directors of the company that the holders of the series "L" shares are entitled to appoint | Issuer | For | For | |
| II | Appointment of delegates to execute and, if applicable, formalize the resolutions adopted by the meeting | Issuer | For | For | |
| Pearson PLC | 6,000 | PSO | 705015105 | 4/27/07 | |
| 1 | To receive the company's accounts and reports of the directors and auditors | Issuer | For | For | |
| 2 | To declare a final dividend | Issuer | For | For | |
| 3 | To re-elect Patrick Cescau as a director | Issuer | For | For | |
| 4 | To re-elect Rona Fairhead as a director | Issuer | For | For | |
| 5 | To re-elect Susan Fuhrman as a director | Issuer | For | For | |
| 6 | To re-elect John Makinson as a director | Issuer | For | For | |
| 7 | To re-appoint Robin Freestone as a director | Issuer | For | For | |
| 8 | To receive and approve the reports on directors' remuneration | Issuer | For | For | |
| 9 | To re-appoint Pricewaterhousecoopers LLP as auditors | Issuer | For | For | |
| 10 | To authorize the directors to determine the remuneration of the auditors | Issuer | For | For | |
| 11 | To authorize the directors to exercise the powers of the company to allot ordinary shares | Issuer | For | For | |
| 12 | To increase the authorized share capital of the company | Issuer | For | For | |
| 13 | To waive the pre-emptive rights conferred under the companies act 1985 to a limited extent | Issuer | For | For | |
| 14 | To authorize the company to purchase its own shares | Issuer | For | For | |
| 15 | To authorize the company to send documents electronically | Issuer | For | For | |
| Potash Corporation of Saskatchewan INC | 1,000 | POT | 73755L107 | 5/3/07 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | The appointment of Deloitte & Touche LLP as auditors for the corporation | Issuer | For | For | |
| 3 | The resolution approving the adoption of a new performance option plan | Issuer | For | For | |
| CRH PLC | 4,000 | CRH | 12626K203 | 5/9/07 | |
| 1 | Consideration of financial statements and reports of directors and auditors | Issuer | For | For | |
| 2 | Declaration of a dividend | Issuer | For | For | |
| 3 | Directors recommendation for election | Issuer | For | For all nominees | |
| 4 | Remuneration of auditors | Issuer | For | For | |
| 5 | Disapplication of pre-emption rights | Issuer | For | For | |
| 6 | Authority to purchase own ordinary shares | Issuer | For | For | |
| 7 | Authority in relation to re-issue price range of treasury shares | Issuer | For | For | |
| 8 | Amendment to articles of association | Issuer | For | For | |
| 9 | Authority to re-issue treasury shares | Issuer | For | For | |
| Telefonica, S.A. | 2,200 | 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 | |
| Canadian Pacific Railway Limited | 3,200 | CP | 13645T100 | 5/11/07 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | Appointment of Pricewaterhousecoopers LLP as auditors | Issuer | For | For | |
| China Mobile Limited | 5,500 | CHL | 16941M109 | 5/16/07 | |
| 1 | To receive and consider the audited financial statements and the reports of 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 | |
| 3 | Directors recommendations for election | Issuer | For | For all nominees | |
| 4 | To re-appoint Messes. KPMG as auditors and to authorize the directors to fix their remuneration | Issuer | For | For | |
| 5 | To give a general mandate to the directors to repurchase shares in the company not exceeding 10% of the aggregate nominal amount of the existing issued share capital | Issuer | For | For | |
| 6 | To give a general mandate to the directors to issue, allot, and deal with additional shares in the company | 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. | 1,300 | 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 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 the executives of Enel and/or subsidiaries thereof pursuant to the article 2359 of the civil code | Issuer | For | For | |
| E1 | Harmonization of the bylaws with the provisions of law N. 262 of December 28, 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 | |
| Glaxosmithkline PLC | 3,000 | GSK | 37733W105 | 5/23/07 | |
| O1 | To receive and adopt the directors' report and the financial statements | Issuer | For | For | |
| O2 | To approve the remuneration report | Issuer | For | For | |
| O3 | To elect Dr. Daniel Podolsky as a director | Issuer | For | For | |
| O4 | To elect Dr. Stephanie Burns as a director | Issuer | For | For | |
| O5 | To re-elect Mr. Julian Heslop as a director | Issuer | For | For | |
| O6 | To re-elect Sir Deryck Maughan as a director | Issuer | For | For | |
| O7 | To re-elect Dr. Ronaldo Schmitz as a director | Issuer | For | For | |
| O8 | To re-elect Sir Robert Wilson as a director | Issuer | For | For | |
| O9 | Re-appointment of auditors | Issuer | For | For | |
| O10 | Remuneration of auditors | Issuer | For | For | |
| S11 | To authorize the company to make donations to Eu political organizations and insure Eu Political expenditure | Issuer | For | For | |
| S12 | Authority to allot shares | Issuer | For | For | |
| S13 | Disapplication of pre-emption rights | Issuer | For | For | |
| S14 | Authority for the company to purchase its own shares | Issuer | For | For | |
| S15 | Amendment of the articles of association | Issuer | For | For | |
| Cadbury Schweppes PLC | 2,500 | CSG | 127209302 | 5/24/07 | |
| 1 | Financial statements | Issuer | For | For | |
| 2 | Declaration of final dividend 2006 | Issuer | For | For | |
| 3 | Directors' remuneration report | Issuer | For | For | |
| 4,5,6,7,8 | Directors recommendation for election | Issuer | For | For all nominees | |
| 9 | Re-appointment of auditors | Issuer | For | For | |
| 10 | Remuneration of auditors | Issuer | For | For | |
| 11 | Approve proposed amendments to the group share plans | Issuer | For | For | |
| 12 | Authority to allot relevant securities | Issuer | For | For | |
| 13 | Authority to serve communications by electronic means | Issuer | For | For | |
| 14 | Authority to allot equity securities | Issuer | For | For | |
| 15 | Authority to make market purchases | Issuer | For | For | |
| BCE INC | BCE | 05534B760 | 6/6/07 | ||
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | Deloitte & Touche LLP as auditors | Issuer | For | For | |
| 3 | Approving the special resolution to approve the name change of the corporation | Issuer | For | For | |
| 4 | Approving the resolution to approve amendments to the company's equity-based compensation plans | Issuer | For | For | |
| Tenaris, S.A. | 2,500 | TS | 88031m109 | 6/6/07 | |
| A1 | Consideration of the boards and independent auditor's reports. Approval of the company's consolidated financial statements | Issuer | For | For | |
| A2 | Consideration of the board of director's and independent auditors reports on the company's annual accounts. Approval of the company's annual accounts at December 31, 2006 | Issuer | For | For | |
| A3 | Allocation of results and approval of dividend payment | Issuer | For | For | |
| A4 | Discharge to the members of the board of directors | Issuer | For | For | |
| A5 | Election of the members of the board of directors | Issuer | For | For | |
| A6 | Compensation of the members of the board of directors | Issuer | For | For | |
| A7 | Authorization to the board of directors to cause the distribution of all shareholder communications | Issuer | For | For | |
| A8 | Appointment of the independent auditors and approval of their fees | Issuer | For | For | |
| E1 | The renewal of the validity period of the company's authorized share capital to issue shares from time to time within the limits. The waiver of any preferential subscription rights of existing shareholders provided for by law and the authorization to the board to suppress any preferential subscription rights of existing shareholders | Issuer | For | For | |
| Orient-Express Hotels LTD | 3,500 | OEH | 683699102 | 6/15/07 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | Appointment of Deloitte & Touche LLP as the company's auditor and authorization to fix the auditor's remuneration | Issuer | For | For | |
| 3 | Approval of amendments to the company's 2004 stock option plan | Issuer | For | For | |
| 4 | Approval of the company's 2007 performance share plan | Issuer | For | For | |
| 5 | Approval of amendments to the company's memorandum of association conferring unrestricted company's objects and powers | Issuer | For | For | |
| 6 | Confirmation of amendments to the company's by-laws to delete all references in the by-laws to Sea Containers LTD | Issuer | For | For | |
| 7 | Confirmation of amendments to the company's by-laws to permit electronic delivery of shareholder communications | Issuer | For | For | |
| 8 | Confirmation of amendments to the company's by-laws not to require two officers also serve as directors | Issuer | For | For | |
| 9 | Confirmation of amendments to the company's by-laws to allow execution of documents without the company's seal | Issuer | For | For | |
| Nissan Motor co. LTD | 5,500 | NSANY | 654744408 | 6/20/07 | |
| 3 | Directors recommendation for election | Issuer | For | For all nominees | |
| 1 | Approval of appropriation of retained earnings for the 108th fiscal year | Issuer | For | For | |
| 2 | Approval of the delegation to the board of directors in deciding the terms and conditions of the issuance of Shinkabu-Yoyakuken without consideration as stock option to employees of the company and directors and employees of its affiliates | Issuer | For | For | |
| 4 | Granting of share appreciation rights to the directors | Issuer | For | For | |
| 5 | Granting of retirement allowances to the directors and statutory auditors in relation to the abolition of such allowances | Issuer | For | For | |
| Shire PLC | 2,000 | SHPGY | 82481R106 | 6/20/07 | |
| 1 | To receive the directors' report and accounts for the year ended December 31, 2006 | Issuer | For | For | |
| 2,3,4,5,6,7,8 | Directors recommendation for election | Issuer | For | For all nominees | |
| 9 | To re-appoint Deloitte & Touche LLP as auditors of the company | Issuer | For | For | |
| 10 | To authorize the audit committee to determine the remuneration of the auditors | Issuer | For | For | |
| 11 | To approve the directors remuneration report for the year ended December 31, 2006 | Issuer | For | For | |
| 12 | To authorize the allotment of shares | Issuer | For | For | |
| 13 | To authorize the disapplication of pre-emption rights | Issuer | For | For | |
| 14 | To authorize market purchases | Issuer | For | For | |
| 15 | To authorize donations to EU political organizations and the incurring of EU political expenditure | Issuer | For | For | |
| 16 | To approve the rules of the 2007 Shire PLC employee stock purchase plan and to authorize the directors to make modifications and to establish further plans | Issuer | For | For | |
| Sony Corporation | 3,000 | SNE | 835699307 | 6/21/07 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | To elect the independent auditor | Issuer | For | For | |
| 3 | To issue stock acquisition rights for the purpose of granting stock options | Issuer | For | For | |
| 4 | To amend the articles of incorporation with respect to disclosure to shareholders regarding remuneration paid to each director | Issuer | For | For | |
| Nidec Corporation | 5,000 | NJ | 654090109 | 6/22/07 | |
| 2 | Directors recommendation for election | Issuer | For | For all nominees | |
| 1 | To amend partly the articles of incorporation | Issuer | For | For | |
| 3A | Elect Hideo Asahina as a corporate auditor | Issuer | For | For | |
| 3B | Elect Ryoji Takahashi as a corporate auditor | Issuer | For | For | |
| 3C | Elect Susumu Oono as a corporate auditor | Issuer | For | For | |
| 4 | To elect an accounting auditor | Issuer | For | For | |
| 5 | To pay bonuses to officers | Issuer | For | For | |
| 6 | To change the limitation of compensation for directors and auditors | Issuer | For | For | |
| Nomura Holdings INC | 10,000 | NMR | 65535H208 | 6/27/07 | |
| 1 | Amendment to the articles of incorporation | Issuer | For | For | |
| 2 | Directors recommendation for election | Issuer | For | For all nominees | |
| 3 | Issue of stock acquisition rights as stock options to executives and employees of subsidiaries of the company | Issuer | For | For | |
| Mitsubishi UFJ Financial Group INC | 10,000 | MTU | 606822104 | 6/28/07 | |
| 1 | Appropriation of surplus | Issuer | For | For | |
| 2 | Partial amendments to the articles of incorporation | Issuer | For | For | |
| 3 | Election of 15 directors | Issuer | For | For | |
| 4 | Election of one corporate auditor | Issuer | For | For | |
| 5 | Granting pf retirement gratuities to retiring directors and corporate auditors and payment of lump-sum retirement gratuities to directors and corporate auditors due to the abolition of retirement gratuities program for officers | Issuer | For | For | |
| 6 | Revision of the amount of remuneration, etc. for directors and corporate auditors, and determination of the amount and details of stock option remuneration etc. | 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
