N-PX 1 sitformnpx05.htm SATURNA INVESTMENT TRUST 2004-2005 PROXY VOTES Saturna Investment Trust Form N-PX 2005

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, 2005
Date of reporting period: June 30, 2005

 

 

Saturna Investment Trust, Sextant Growth Fund (SSGFX)
Proxy Voting Record relating to shareholder meetings held from July 1, 2004 through June 30, 2005
Proposal # Issue / Proposals Shares / Proposed by Symbol / Directors Recommend CUSIP / Vote Meeting Date  
 
  Bed Bath & Beyond, Inc. 3,000 BBBY 75896100 7/1/04  
1 Directors nominations Issuer For For All Nominees    
2 Ratification of appointment of independent auditors Issuer For For    
3 Ratification of adoption of 2004 incentive compensation plan Issuer For For    
4 Shareholder proposal; glass ceiling report Shareholder Against For    
5 Shareholder proposal; executive stock holdings Shareholder Against For    
 
  John Wiley & Sons, Inc. 3,400 JW/A 968223206 9/15/04  
1 Directors nominations Issuer For For All Nominees    
2 Proposal to ratify appointment of KPMG LLP as independent accountants Issuer For For    
3 Proposal to approve 2004 key employee stock plan Issuer For For    
4 Proposal to improve 2004 executive annual incentive plan Issuer For For    
5 Proposal to approve directors stock plan Issuer For For  
 
  3Com Corporation 16,000 COMS 885535104 9/22/04
1 Directors nominations Issuer For For all nominees  
2 To ratify appointment of Deloitte & Touche LLP as independent accountants for fiscal year ending June 3, 2005 Issuer For For  
 
  Barr Pharmaceuticals, Inc. 4,500 BRL 68306109 10/28/04
1 Directors nominations Issuer For For all nominees  
2 Ratification of selection of Deloitte & Touche LLP as independent auditor for fiscal year ending June 30, 2005 Issuer For For  
 
  Oracle Corporation 8,000 ORCL 68389X105 10/29/04
1 Directors nominations Issuer For For all nominees  
2 Proposal for approval of adoption of fiscal year 2005 executive bonus plan Issuer For For  
3 Proposal to ratify selection of Ernst & Young LLP as independent accounting firm for fiscal year ending May 31, 2005 Issuer For For  
4 Proposal for approval of amended and restated 2000 long-term equity incentive plan Issuer For For  
5 Stockholder proposal for adoption of "China Business Principles for Rights of Workers in China" Issuer Against Abstain  
 
  Harman International Industries, Inc. 1,500 HAR 413086109 11/10/04  
1 Directors nominations Issuer For For all nominees    
 
  Phoenix Technologies Ltd. 3,062 PTEC 719153108 2/7/05  
1 Directors nominations Issuer For For all nominees    
2 To approve the amendment to the 1999 stock plan Issuer For For    
3 To approve the amendment to the 1999 director option plan Issuer For For    
4 To ratify the selection of Ernst & Young LLP as independent auditors for the current fiscal year Issuer For For    
 
  Agilent Technologies, Inc. 4,000 A 00846U101 3/1/05  
1 Directors nominations Issuer For For all nominees    
2 The ratification of the audit and finance committee's appointment of Pricewaterhouse Coopers LLP as Agilent's independent registered public accounting firm Issuer For For    
3 Approval of the amended and restated Agilent performance-based compensation plan for covered employees Issuer For For    
 
  Hewlett-Packard 4,000 HPQ 428236103 3/16/05  
1 Directors nominations Issuer For For all nominees    
2 Proposal to ratify Ernst & Young LLP as Hewlett-Packard Company's Independent registered public accounting firm for the fiscal year ending October 31, 2005 Issuer For For    
3 Approval of an amendment to the Hewlett-Packard Company 2000 employee stock purchase plan Issuer For For    
 
  Eli Lilly and Company 2,000 LLY 532457108 4/18/05  
1 Directors nominations Issuer For For all nominees    
2 Ratification of the appointment by the audit committee of the Board of directors of Ernst & Young LLp as principal independent auditors for 2005 Issuer For For    
3 Proposal by shareholders on separating the roles of Chairman and Chief executive officer Shareholder Against Against    
4 Proposal by shareholders on importation of prescription drugs Shareholder Against Against    
5 Proposal by shareholders on a report on the impact of limiting product supply to Canada Shareholder Against Against    
6 Proposal by shareholders on periodic reports on the company's political contributions Shareholder Against For    
7 Proposal by shareholders on performance-based stock options Shareholder Against Against    
8 Proposal by shareholders on animal testing Shareholder Against Against    
 
  Washington Mutual, Inc. 6,750 WM 939322103 4/19/05  
1 Directors nominations Issuer For For all nominees    
2 Ratification of the appointment of Deloitte & Touche LLP as the company's independent auditors for 2005 Issuer For For    
 
  Frontier Financial Corporation 4,000 FTBK 35907K105 4/20/05  
1 Directors nominations Issuer For For all nominees    
2 Ratify Moss Adams LLP as the auditors for Frontier Financial Corporation and subsidiaries Issuer For For    
 
  Apple Computer. Inc. 11,000 AAPL 37833100 4/21/05  
1 Directors nominations Issuer For For all nominees    
2 To approve the Apple Computer, Inc. performance bonus plan Issuer For For    
3 To approve amendments to the 2003 employee stock option plan including an increase in the number of shares of common stock reserved for issuance thereunder by 49 million shares Issuer For For    
4 To approve an amendment to the employee stock purchase plan to increase the number of shares of common stock reserved for issuance thereunder by 2 million shares Issuer For For    
5 To ratify the appointment of KPMG LLP as independent auditors of the company for fiscal year 2005 Issuer For For    
6 To consider a shareholder proposal if properly presented at the meeting Issuer Against Against    
 
  Weherhaeuser Company 2,000 WY 962166104 4/21/05  
1 Directors nominations Issuer For For all nominees    
2 Shareholder proposal on expensing stock options Shareholder Against Against    
3 Shareholder proposal on a classified board Shareholder Against For    
4 Shareholder proposal on performance-based options Shareholder Against Against    
5 Sharehoolder proposal on national forest timber purchases Shareholder Against Against    
6 Approval, on an advisory basis of the appointment of auditors Issuer For For    
 
  Regal-Beloit Corporation 2,000 RBC 758750103 4/22/05  
1 Directors nominations Issuer For For all nominees    
 
  Alcoa Inc. 3,000 AA 13817101 4/22/05  
1 Directors nominations Issuer For For all nominees    
2 Proposal to approve the independent auditor Issuer For For    
 
  Advanced Micro Devices, Inc. 10,000 AMD 7903107 4/28/05  
1 Directors nominations Issuer For For all nominees    
2 Ratification of appointment of independent registered public accounting firm Issuer For For    
3 Approval of stockholder proposal to amend the corporate documents Issuer Against Against    
4 Approval of stockholder proposal regarding stock option expensing Issuer Against Against    
             
  Noble Corporation 3,000 NE G65422100 4/28/05  
1 Directors nominations Issuer For For all nominees    
2 Approval of adoption of special resolution of member to amend articles of association to increase director retirement age Issuer For For    
3 Approval of the proposal regarding the amended and restated Noble Corporation 1992 nonqualified stock option plan for non-employee directors Issuer For For    
4 Approval of the proposal to amend the Noble Corporation equity compensation plan for non-employee directors Issuer For For    
5 Approval of the appointment of independent auditors for 2005 Issuer For For    
 
  Adobe Systems Incorporated 4,800 ADBE 00724F101 4/28/05  
1 Directors nominations Issuer For For all nominees    
2 Approval of an amendment to the 2003 equity incentive plan increasing the share reserve by 8,000,000 Issuer For For    
3 Approval of an amendment to the 1996 outside directors' stock option plan increasing the share reserve by 400,000 shares Issuer For For    
4 Stockholder Proposal Stockholder Against Against    
5 Stockholder Proposal Stockholder Against Against    
6 Ratification of the appointment of KPMG LLp as the company's independent registered public accounting firm for the fiscal year ending December 2, 2005 Issuer For For  
 
  Earthlink, Inc. 12,000 ELNK 270321102 5/3/05
1 Directors nominations Issuer For For all nominees  
2 Ratification of the appointment of Ernst & Young LLP by the audit committee of the board of directors to serve as company's independent auditors for the fiscal year ending December 31, 2005 Issuer For For  
 
  Bristol-Meyers Squibb Company 4,500 BMY 110122108 5/3/05
1 Directors nominations Issuer For For all nominees  
2 Ratification fo independent registered public accounting firm Issuer For For  
3 Approval of restated certificate of incorporation Issuer For For  
4 Political Contributions Issuer Against Against  
5 HIV/AIDS-TB-Malaria Issuer Against Against  
6 Animal Testing Issuer Against For  
7 Separation of Chairman and CEO positions Issuer Against For  
8 Restatement situations Issuer Against Against  
9 Restricted Stock Issuer Against Against  
10 Director vote threshold Issuer Against Against  
 
  Pepsico, Inc. 2,000 PEP 713448108 5/4/05
1 Directors nominations Issuer For For  
2 Approval of Auditors Issuer For For  
3 Shareholder proposal Shareholder Against Against  
 
  Caremark RX, Inc. 4,000 CMX 141705103 5/11/05
1 Directors nominations Issuer For For all nominees  
2 Stockholder proposal- political contributions Stockholder Against Against  
 
  Amgen Inc. 2,640 AMGN 31162100 5/11/05
1 Directors nominations Issuer For For all nominees  
2 To ratify the selection of Ernst & Young LLP as the company's independent registered public accountants for the year ending December 31, 2005 Issuer For For  
3A Stockholder Proposal #1 (In Vitro Testing) Stockholder Against For  
3B Stockholder Proposal #2 (Executive Compensation) Stockholder Against Against  
3C Stockholder Proposal #3 (Stock retention) Stockholder Against Against  
 
  Performance Food Group Company 3,000 PFGC 713755106 5/18/05
1 Directors nominations Issuer For For all nominees  
 
  Pharmaceutical Product Development, Inc. 7,500 PPDI 717124101 5/18/05
1 Directors nominations 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  
 
  Trimble Navigation Limited 4,500 TRMB 896239100 5/19/05
1 Directors nominations Issuer For For all nominees  
2 To approve an amendment to the company's 2002 stock plan to allow the granting of stock awards thereunder Issuer For For  
3 To ratify the appointment of Ernst & Young LLP as the independent auditors of the company for the current fiscal year ending December 30, 2005 Issuer For For  
 
  Westcoast Hospitality Corporation 12,000 WEH 95750P106 5/19/05
1 Directors nominations Issuer For For all nominees  
2 Ratification of appointment of BDO Seidman, LLP as auditors for 2005 Issuer For For  
 
  The Charles Schwab Corporation 20,415 SAT 808513105 5/19/05
1 Directors nominations Issuer For For all nominees  
2 Approval of an amendment to the 2004 Stock incentive plan regarding grants to non-employee directors Issuer For For  
3 Approval of an amendment to the corporate executive bonus plan regarding performance measures Issuer For For  
4 Stockholder proposal regarding terms of directors Stockholder Against For  
 
  IDACORP, Inc. 4,000 IDA 451107106 5/19/05
1 Directors nominations Issuer For For all nominees  
2 To ratify the selection of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending December 31, 2005 Issuer For For  
3 To reapprove the material terms of the performance goals under the IDACORP 2000 long-term incentive and compensation plan Issuer For For  
4 TO approve the IDACORP 2000 long-term incentive and compensation plan, as amended, including the authorization of additional shares. Issuer For For  
 
  FPL Group, Inc. 4,400 FPL 302571104 5/20/05
A Directors nominations Issuer For For all nominees  
B Ratification of the appointment of Deloitte and Touche LLP as independent registered public accounting firm. Issuer For For  
           
  Phelps Dodge Corporation 1,330 PD 717265102 5/27/05
1 Directors nominations Issuer For For all nominees  
2 Approve the Phelps Dodge Corporation 2006 Executive performance incentive plan Issuer For For  
3 Approve an amendment to the corporation's restated certificate of incorporation to increase the muber of authorized common shares Issuer For For  
4 Ratify the appointment of PriceWaterHouseCoopers LLP as independent accountants for the year 2005 Issuer For For  
 
  Lowe's Companies, Inc. 4,000 LOW 548661107 5/27/05
1 Directors nominations Issuer For For all nominees  
2 Amendment to directors' stock option plan Issuer For For  
3 Ratification of appointment of Deloitte & Touche LLP as the company's independent accountants Issuer For For  
 
  Affymetrix, Inc. 3,000 AFFX 00826T108 6/16/05
1 Directors nominations Issuer For For all nominees  
2 To ratify the appointment of Ernst & Young LLP as independent registered public accounting firm of the company for the fiscal year ending December 31, 2005 Issuer For For  
 
  Bed Bath & Beyond Inc. 3,000 BBBY 75896100 6/30/05
1 Directors nominations Issuer For For all nominees  
2 Ratification of the appointment of KPMG LLP Issuer For For  
3 Foreign Workplace monitoring Shareholder Against Against  
4 Executive stock holdings Shareholder Against Against  
5 Board Structure Shareholder Against For  

 

Saturna Investment Trust, Sextant International Fund (SSIFX)
Proxy Voting Record relating to shareholder meetings held from July 1, 2004 through June 30, 2005
Proposal # Issue / Proposals Shares / Proposed by Symbol / Directors Recommend CUSIP / Vote Meeting Date  
 
  Lan Chile S.A. 3,500 LFL 501723100 7/23/04  
I Name change from "Lan Chile S.A." to "Lan Airlines S.A." Issuer For For    
II Change of denomination of legal representative Issuer For For    
 
  James Hardie Industries N.V. 1,000 JHX 47030M106 9/17/04  
1 Reports and accounts for year ended 31 March 2004 Issuer   For    
2 To re-elect Mr. JD Barr to supervisory and joint boards Issuer   For    
3 Supervisory board share plan participation by Mr. Barr Issuer   For    
4 Renewal of authority for company to acquire its own shares Issuer   For    
 
  PT Indonesian Satellite Corp. TBK 1,000 IIT 715680104 9/30/04  
1 To approve amendments of article I, article 10 paragraph 6 and article 11 paragraph 3 of company's articles of association Issuer   For    
2 To approve proposed change of composition of board of directors of the company Issuer   Abstain    
 
  Desc, S.A. DE C.V. 4,500 DES 250309101 10/19/04  
S1 Presentation and approval of proposal to voluntarily delist the ADSS from NYSE, terminate registration of ADSS and series B common stock under Securities Exchange Act of 1934, as amended, terminate deposit agreement and cancel registration of series B common stock, as more fully described in notice of meeting Issuer For Against    
S2 Designation of delegates to effectuate resolutions adopted at meeting Issuer For Abstain    
E4 Presentation and approval of proposal to voluntarily delist the ADSS from NYSE, terminate registration of ADSS and series B common stock under Securities Exchange Act of 1934, as amended, terminate deposit agreement and cancel registration of series B common stock, as more fully described in notice of meeting Issuer For Against    
E5 Designation of delegates to effectuate resolutions adopted at meeting Issuer For Abstain    
 
  Intrawest Corporation 1,200 IDR 460915200 11/8/04  
1 Directors nominations Issuer For For all nominees    
2 Appointment of KPMG LLP, as auditors Issuer For For    
3 The authority of audit committee of board of directors to fix remuneration of auditors Issuer For For    
 
  British Sky Broadcasting Group PLC 450 BSY 111013108 11/12/04  
  Directors nominations Issuer For For all nominees    
1 To receive and adopt financial statements for year ended 30 June 2004, together with report of directors and auditors thereon Issuer   For    
2 To declare final dividend Issuer   For  
10 To reappoint Deloitte & Touche LLP as auditors and to authorise directors to agree their remuneration Issuer   For  
11 To receive report on directors' remuneration for year ended 30 June 2004 Issuer   For  
12 To authorise directors to make EU political donations under PPER Act 2000 Issuer   Against  
13 To authorise directors to allot shares under section 80 Companies Act 2000 Issuer   For  
14 To diapply statutory pre-emption rights (special resolution) Issuer   For  
15 To authorise directors to make market purchases (special resolution) Issuer   For  
16 To approve waiving of compulsory bid obligation in respect of market purchases under rule 9 of city code on takeovers & mergers Issuer   For  
17 To renew group executive share option scheme Issuer   For  
18 To renew group sharesave scheme Issuer   For  
 
  Allied Domecq plc 1,200 AED 19121201 1/28/05
1 To receive and adopt the reports and accounts Issuer For For  
2 To declare a final dividend Issuer For For  
3 To receive and approve the directors' remuneration report Issuer For For  
4 To re-elect Graham Hetherington as a director of the company Issuer For For  
5 To re-elect David Scotland as a director of the company Issuer For For    
6 To re-elect Richard Turner as a director of the company Issuer For For    
7 To re-appoint the auditor Issuer For For    
8 To authorize the directors to determine the remuneration of the auditor Issuer For For    
9 To re-new the directors' authority to allot unissued shares Issuer For For    
10 To re-new the directors' authority in respect of the partial disapplication of pre-emption rights Issuer For For    
11 To authorize the company to make limited market purchases of its own ordinary shares Issuer For For    
12 To authorize Allied Domecq (Holdings) plc ('ADH') to make political donations and incur political expenditure Issuer For Against    
13 To authorize Allied Domecq plc performance share plan 2005 Issuer For Abstain    
14 To approve the Allied Domecq plc long term incentive scheme 2000 Issuer For For    
 
  Epcos AG 2,500 EPC 29410P107 2/16/05  
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 Abstain    
4 Resolution of exoneration of the members of the supervisory board Issuer For Abstain    
5 Resolution on appointment of independent auditors for fiscal year 2004/2005 Issuer For For    
6A Election of the supervisory board: Dr. Wolf-Dieter Bopst Issuer For For    
6B Election of the supervisory board: Dr. Juergen Heraeus Issuer For For    
6C Election of the supervisory board: Prof. Dr. Anton Kathrein Issuer For For    
6D Election of the supervisory board: Joachim Reinhart Issuer For For    
6E Election of the supervisory board: Klaus Ziegler Issuer For For    
6F Election of the supervisory board: Dr. Uwe-Ernst Bufe (substitute member) Issuer For For    
 
  Banco Bilbao Vizcaya Argentaria S.A. 1,800 BBV 05946K101 2/26/05  
1 Examination and approval, where forthcoming, of the annual accounts (balance sheet, income statement and annual report) and managament report, for Banco Bilbao Vizcaya Argentaria, S.A. and its consolidated financial group Issuer   Abstain    
2 Re-election, where forthcoming, of members of the board of directors. Consequently, determination of the number of directors pursuant to paragraph 2 of article 34 in the company bylaws Issuer   Abstain    
3 To raise by 50 billion Euros, the maximum nominal amount delegated to the board of directors by the company's general shareholders meeting Issuer   For    
4 Authorization for the company to acquire treasury stock directly or through group companies Issuer   For    
5 Re-election of auditors for the 2005 accounts Issuer   For    
6 Conferral of authority to the board of directors, with powers of substitution, to formalise, correct, interpret and implement resolutions adopted by the GSM Issuer   For    
 
  Novartis AG 1,000 NVS 66987V109 3/1/05  
1 Approval of the annual report, the financial statements of Novartis AG and the group consolidated financial statements for the year 2004 Issuer For For    
2 Approval of the activities of the board of directors Issuer For For    
3 Appropriation of available earnings of Novartis AG as per balance sheet and declaration of dividend Issuer For For    
4 Reduction of share capital Issuer For For    
5 Further share repurchase program Issuer For For    
6A Re-election of Dr. H.c. Birgit Breuel for a two-year term Issuer For For    
6B Re-election of Prof. Dr. Peter Burchhardt for a three-year term Issuer For For    
6C Re-election of Alexandre F. Jetzer for a three-year term Issuer For For    
6D Re-election of Pierre Landolt for a three year term Issuer For For    
6E Re-election of Prof. Dr. Ulrich Lehner for a three year term Issuer For For    
7 Appointment of auditors and group auditors Issuer For For    
 
  Coca-Cola Femsa, S.A. DE C.V. 1,500 KOF 191241108 3/8/05  
IV Election of members of board of directors and examiners for 2005 fiscal year, and resolution with respect to their remuneration Issuer   For all nominees    
VI Special approval of series "L" shareholders not to cancel the 98'684,857 series "L" shares, issued by general extraordinary meeting dated as of December 20, 2002, which were not subscribed by the series "L" holders in exercise of their pre-emptive rights, as more fully described in the agenda Issuer   For    
 
  SK Telecom Co. Ltd. 1,500 SKM 78440P108 3/11/05  
1 Approval of balance sheet, statement of income, and statement of appropriation of retained earnings of 21st fiscal year, as set forth in company's agenda Issuer For For    
2 Approval of amendment of articles of incorporation, as set forth in company's agenda Issuer For For    
3 Approval of ceiling amount of remuneration of directors, as set forth in company's agenda Issuer For For    
4A Approval of appointment of directors, as set forth in company's agenda Issuer For For    
4B Approval of appointment of outside directors who will not be audit committee members, as set forth in company's agenda Issuer For For    
4C Approval of appointment of outside directors who will be audit committee members, as set forth in company's agenda Issuer For For    
 
  The Toronto-Dominion Bank 1,400 TD 891160509 3/23/05  
1 Directors nominations Issuer For For all nominees    
2 Appointment of auditors named in management proxy circular Issuer For For    
3 Shareholder proposal A Shareholder Against Against    
4 Shareholder proposal B Shareholder Against Against    
5 Shareholder proposal C Shareholder Against Against    
6 Shareholder proposal D Shareholder Against Against    
7 Shareholder proposal E Shareholder Against Against    
8 Shareholder proposal F Shareholder Against Against    
9 Shareholder proposal G Shareholder Against Against    
 
  Transportadora de Gas Del Sur S.A. 1,500 TGS 893870204 3/31/05  
1 Appointment of two shareholders to approve and sign minutes Issuer   For    
2 Consideration of annual report, inventory, financial statements, information review, information required by section 68 of Buenos Aires Stock Exchange regulations, auditor's report, and statutory audito committee report Issuer   For    
3 Consideration of allocation of fiscal year net income Issuer   For    
4 Consideration of actions carried out by board of directors and statutory audit committee during fiscal year ended December 31, 2004 and determination of their compensation, and consideration of operating budget for "auditing committee" for current fiscal year Issuer   For    
5 Appointment of regular directors and alternate directors, and statutory audit committee members and determination of their term of office Issuer   For    
6 Appointment of independent accountant to certify financial statements for current fiscal year and determination of his compensation Issuer   For    
             
  Enersis S.A. 4,000 ENI 29274F104 4/8/05  
1 Approval of annual report, balance sheet, financial statements and report of the external auditors and inspectors of the accounts corresponding to the year ended December 31, 2004 Issuer For For    
2 Approval of distribution of profits and dividends for fiscal year ended December 31, 2004 Issuer For For    
7 Appointment of independent external auditors Issuer For For    
9 Approval of investment and financing policy Issuer For For    
 
  Rio Tinto PLC 500 FTP 767204100 4/14/05  
1 Authority to allot revelant 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 Authority to purchase Rio Tinto Limited shares, off the market by tender, by Rio Tinto Limited Issuer For For    
5 Amendments to the articles of association of the company and the constitution of Rio Tinto Issuer For For    
6 Amendments to the DLC merger sharing agreement Issuer For For    
7 Approval of the Rio Tinto share savings plan Issuer For For    
8 Election of Richard Goodmanson as a director Issuer For For    
9 Election of Ashton Calavert as a director Issuer For For    
10 Election of Vivienne Cox as a director Issuer For For    
11 Re-election of Paul Skinner as a director Issuer For For    
12 Re-appointment of Pricewaterhousecoopers LLP as auditors and authority for the audit committee to set their remuneration Issuer For For    
13 Approval of Remuneration report issuer For For    
14 Receive the annual report and financial statements for the year ended December 31, 2004 Issuer For For    
 
  Hanson PLC 1,100 HAN 411349103 4/20/05
1 Accounts and the reports of the directors and auditors for the year ended December 31, 2004 Issuer For For  
2 Remuneration report Issuer For For  
3 Declaration of dividend of 64.00 pence per ADS Issuer For For  
4A Re-election of G Dransfield Issuer For For  
4B Re-election of J C Nicholls Issuer For For  
4C Re-election of the Baroness Noakes DBE Issuer For For  
4D Election of J W Leng Issuer For For  
4E Election of M W Welton Issuer For For  
5 Re-appointment of the auditors and determination of the auditors' remuneration Issuer For For  
6A Authority to allot shares generally Issuer For For  
6B limited authority to allot shares for cash Issuer For For  
7 Limited authority to purchase shares Issuer For For  
8 Amend articles of association Issuer For For  
 
  AXA 3,000 AXA 54536107 4/20/05  
1 Approval of the Company's 2004 financial statements- parent only Issuer For For    
2 Approval of the consolidated financial statements for 2004 Issuer For For    
3 Earnings appropriation and declaration of a dividend of .61 euros Issuer For For    
4 Appropriation of the long-term capital gains reserve to the ordinary reserve Issuer For For    
5 Approval of the agreements mentioned in the Auditors' Special Report Issuer For For    
6 Non-re-appointment of Mr. Thierry Breton to the Supervisory Board, who resigned from the Board Issuer For For    
7 Re-appointment of Mr. Anthny Hamilton to the Supervisory Board Issuer For For    
8 Re-appointment of Mr. Henri Lachmann to the Supervisory Board Issuer For For    
9 Re-appointment of Mr. Michel Pereau to the Supervisory Board Issuer For For    
10 Ratification of the decision by the supervisory Board to appoint Mr. L Apotheker to the Supervisory Board Issuer For For    
11 Appointment of Mr. Jacques de Chateauvieux to the Supervisory Board Issuer For For    
12 Appointment of Ms. Dominique Reiniche to the Supervisory Board Issuer For For    
13 Determination of the annual amount of directors' fees Issuer For For    
14 Authorization granted to the Management Board to purchase the company's shares Issuer For For    
15 Delegation to the Management board to increase capital through the capitalization of reserves, retained earnings or additional paid-in capital Issuer For For    
16 Delegation of authority to the Management Board to increase the Campany's capital through the issue of common shares or securities that entitile the bearer to common shares of the company or one of its subsidiaries, with preferential subscription rights maintained Issuer For For
17 Delegation of authority to the Management Board to increase capital through the issue of common shares or securities that entitle the bearer to share capital of the company or one of its subsidiaries, with preferential subscription rights waived Issuer For For
18 Authorization granted to the management Board, in the event that shares or securities with preferential subscription rights waived are issued under the terms of the seventeenth resolution, to set the issue price under the conditions defined by the Shareholders and up to a maximum of 10% of the equity capital. Issuer For For
19 Authorization granted to the Management Board to increase the amount of the initial issue in the event that shares or securites are issued with preferential subscription rights waived or maintained, under the terms set forth in the sixteenth to the eighteenth resolutions Issuer For For
20 Delegation of authority to the Management Board to issue common shares and securities with a claim to the Company's common shares, in the event that a public exchange offer is initiated by the company. Issuer For For
21 Delegation of authority to the Management Board to increase the capital of the Company through the issue of common shares and securities with a claim to the company's common shares in return for contributions in kind up to a maximum of 10% of share capital Issuer For For
22 Delegation of authority to the Management Board to issue common shares in connection with the issue of securites, by Subsidiaries of the Company, with a claim to the Company's common shares Issuer For For
23 Delegation of authority to the Management Board to issue securities entitling their bearers to an allotment of debt instruments and that do not result in an increase of the Company's capital Issuer For For
24 Authorization granted to the Management Board to resolve to issue securities securing immediate or deferred access to the Company's shares capital, reserved for employees enrolled in the employer-sponsered Company savings plan Issuer For For
25 Authorization granted to the Management Board to freely allot shares to employees of the Company Issuer For For
26 Authorization to grant stock purchase and/or stock subscription options Issuer For For
27 Authorization granted to the management Board to reduce capital through the cancellation of shares Issuer For For
28 Amendment of the by-laws to reflect changes in the threshold for ownership of voting rights with respect to regulated agreements Issuer For For
29 Amendment of article 12 of the Bylawas, to stipulate that the consent of the Supervisory Board is required prior (I) the implementation of stock option plan of any kind and (ii) the granting of free allotments of shares Issuer For For
30 Authorization to comply with all formal requirements in connection with this meeting. Issuer For For
 
  Aegon N.V. 2,292 AEG 7924103 4/21/05  
2.2 Approval of the adoption of the annual accounts 2004 Issuer For For    
2.4 Approval of the final dividend 2004 Issuer For For    
2.5 Approval of the resolution to release the members of the Executive Board from liability for their duties Issuer For For    
2.6 Approval of the resolution to release the members of the Supervisory Board from liability for their duties Issuer For For    
3 Approval of the appointment of independent auditors Issuer For For    
5.1 Approval of the amendment to the Articles of Incorporation of the Company Issuer For For    
5.2 Approval of the authorization to execute the amendment of the Articles of Incorporation of the Company Issuer For For    
6 Approval of the remuneration Supervisory Board members Issuer For For    
7.1 Approval of the reappointment of Mr. D. J. Shepard to the Executive Board Issuer For For    
7.2 Approval of the reappointment of Mr. J. B. M. Streppel to the Executive Board Issuer For For    
8.1 Approval of the appointment of Mr. S. Levy to the Supervisory Board Issuer For For    
8.2 Approval of the reappointment of Mr. D.G. Eustace to the Supervisory Board Issuer For For    
8.3 Approval of the reappointment of Mr. W.F.C. Stevens to the Supervisory Board Issuer For For    
9.1 Approval of the authorization to issue shares of the Company Issuer For For    
9.2 Approval of the authorization to restrict or exclude pre-emptive rights upon issuing shares of the Company Issuer For For    
9.3 Approval of the authorization to issue shares of the Company under incentive plans Issuer For For  
9.4 Approval of the authorization to acquire shares of the Company Issuer For For  
 
  ING Groep 1,523 ING 456837103 4/26/05
3A Annual accounts for 2004 Issuer For For  
3B Dividend for 2004 Issuer For For  
4A Discharge of the executive board in respect of the duties performed during the year 2004 Issuer For For  
4B Discharge of the supervisory board in respect of the duties performed during the year 2004 Issuer For For  
5A ING's response to the dutch cororate governance code Issuer For For  
6A Reappointment of luella gross goldberg Issuer For For  
6B Reappointment of Godfried van der lugt Issuer For For  
6C Appointment of Jan Hommen Issuer For For  
6D Appointment of Christine Legarde Issuer For For  
7 Maximum number of stock options and performance shares to be granted to members of the executive board for 2004 Issuer For For  
8A Authorization to issue preference B shares with or without preferential rights Issuer For For  
8B Authorization to issue prefernce B shares with or without preferential rights Issuer For For  
9 Authorization to acquire shares or depositary receipts for shares in its own capital Issuer For For  
           
  Serono S.A. 2,000 SRA 81752M101 4/26/05
1 Approval of serono S.A.'s annual report. Accounts and consolidated accounts of the serono group Issuer For For  
2 Proposed appropriation of availabe earnings in the 2004 balance sheet and dividend proposal Issuer For For  
3 Reduction of share capital Issuer For For  
4 Discharge to the board of directors and the management Issuer For For  
5B Auditors Issuer For For  
5C Special Auditors Issuer For For  
 
  Encana 1,000 ECA 292505104 4/27/05
1 Directors nominations Issuer For For all nominees  
2 Appointment of auditors-pricewaterhousecoopers llp at a renumeration to be fixed by the board of directors Issuer For For  
3 Approval of amendment to employee stock option plan Issuer For For  
4 Approval of special resolution regarding two for one share split Issuer For For  
           
  Lan Airlines 3,500 LFL 501723100 4/29/05
A Approval of company's annual report, balance sheet and financial statements for the year concluded on december 31, 2004. Issuer For For  
B Approval of a dividend to be paid not less than the legal 30% minimum to be charged to the 2004 profits Issuer For For  
C Fix the director's fees for 2005 Issuer For For  
D Fix the directors' committee fees for 2005 determination of its budget Issuer For For  
E Appointment of external auditors Issuer For For  
F Appointment of rating agencies Issuer For For  
G Status of transactions referred to in article 44 of act No. 18,064 on corporations (transactions held with related persons) Issuer For For  
H Information on the processin , printing and mailing costs of the information referred to in order NO. 1494 of the chilean securities authority Issuer For For  
I Any other matter of the company's interest which shall be submitted to the annual shareholder's meeting Issuer For For  
 
  Fairmont Hotels & Resorts 1,100 FHR 305204109 5/3/05
1 Directors nominations Issuer For For all nominees  
2 Appointment of pricewaterhousecoopers llp, chartered accountants as auditors Issuer For For  
3 The ordinary resolution approving and reconfirming the amended and restated shareholder rights plan of the corporation, as set out in appendix B to the management proxy circular Issuer For For  
 
  CRH PLC 2,000 CRHCY 12626K203 5/4/05
1 Consideration of financial statements and reports of directors and auditors. Issuer For For  
2 Declaration of a dividend Issuer For For  
3A Re-election of director Mr. TW Hill Issuer For For  
3B Re-election of director Mr. DM Kennedy Issuer For For  
3C Re-election of director Mr. K. Mcgowan Issuer For For  
3D Re-election of director Mr. A. O'Brien Issuer For For  
3E Re-election of director Mr. JL Wittstock Issuer For For  
3F Re-election of director Mr. N. Hartery Issuer For For  
3G Re-election of director Dr. JMC O'Connor Issuer For For  
4 Remuneration of auditors Issuer For For  
5 Director's fees Issuer For For  
6 Authority to purchase own ordinary/income shares Issuer For For  
7 Authority to relation to re-issue price range of treasury shares Issuer For For  
8 Disapplicaiton of pre-emption rights Issuer For For  
           
  Canadian Pacific Railway 1,200 CP 13645T100 5/5/05
1 Directors nominations Issuer For For all nominees  
2 Appointment of pricewaterhousecoopers LLP as auditors Issuer For For  
3 The resolution approving the sharehodler rights plan Issuer For For  
           
  Potash Corporation of Saskatchewan Inc. 1,000 POT 73755L107 5/5/05
1 Directors nominations Issuer For For all nominees  
2 Appointment of Deloitte & Touche LLP as auditors Issuer For For  
3 Resolution (attached as appendix B to the accompanying management proxy circular) approving adoption of new stock option plan Issuer For For  
           
  Total SA 500 TOT 89151E109 5/17/05
O1 Approval of the parent company financial statements Issuer For For  
O2 Approval of the consolidated financial statements Issuer For For  
O3 Allocation of earnings, declaration of dividend Issuer For For  
O4 Agreements covered by article L. 225-38 of the french commercial code Issuer For For  
O5 Authorization for the board of directors to trade shares of the company Issuer For For  
O6 Renewal of the appointment of Mr. Paul Desmarais Jr. as a director Issuer For For  
O7 Renewal of the appointment of Mr. Bertrand Jacquillat as a director Issuer For For  
O8 Renewal of the appointment of Mr. Maurice Lippens as a director Issuer For For  
O9 Appointment of Lord Levene of Portsoken, KBE as a director Issuer For For  
E10 Authority to board to raise capital by issueing equity or equity linked securities with preferential subscrition rights Issuer For For  
E11 Authority to board to raise capital by issueing equity or equity linked securities without preferential subscrition rights Issuer For For  
E12 Authority to the board for the purpose of capital increases pursuant to article L. 443-5 of the french labor code Issuer For For  
E13 Authorication to grant shares of the company to employees and executive officers of the company and group companies Issuer For For  
A Amended authorization to grant shares to employees and executive officers of the company and group companies Issuer For For  
 
  BCE 1,600 BCE 05534B109 5/25/05
A Directors nominations Issuer For For all nominees  
B Appointment of Deloitte & Touche LLP as auditor Issuer For For  
C Forbid any commercial relationship with the external auditor and its affiliates other than in connection with the auditing of BCE's financial statements Shareowner Against Against  
D Limit the number of years during which an independent director may serve on the board Shareowner Against Against  
E Implement a cumulative voting mechanism for the election of the directors Shareowner Against Against  
F Replace the stock option plan with a restricted share plan Shareowner Against Against  
 
  Glaxosmithkline 400 GSK 37733W105 5/25/05
1 To receive and adopt the director's report and the financial statements Issuer For For  
2 To approve the remuneration report Issuer For For  
3 To elect Sir Christopher Gent as a director Issuer For For  
4 To elect Sir Deryck Maughan as a director Issuer For For  
5 To elect Mr. Julian Heslop as a director Issuer For For  
6 To re-elect Mr. Jean-Pierre Garnier as a director Issuer For For  
7 To re-elect Sir Ian Prosser as a director Issuer For For  
8 To re-elect Dr. Ronaldo Schmitz as a director Issuer For For  
9 To re-elect Dr. Lucy Shapiro as a director Issuer For For  
10 Re-appointment of auditors Issuer For For  
11 Remuneration of auditors Issuer For For  
12 To authorise the company to make donaitons to EU political orgnisations and incur EU political expenditure Issuer For For  
13 Disapplicaiton of pre-emption rights Issuer For For  
14 Authority for the company to purchase it's own shares Issuer For For  
15 Inseration of new Article 48 A into Article of association Issuer For For  
16 Deletion of Article 154.2 of Articles of Association Issuer For For  
17 Amentment of Article 81 of Articles of Association Issuer For For  
 
  Enel SPA 800 EN 29265W108 5/26/05
O1 Approval of the financial statements of enel spa for the year ended september 31, 2004. 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, 2004, as set forth in the company's notice of meeeting enclosed herewith. Issuer For For  
O2 Approval of the allocation of the net income for th eyear as set forth in the company's notice of meeting enclosed herewith Issuer For For  
O9 Appointment of the external auditors for the years 2005, 2006, and 2007 Issuer For For  
E1 Procedure for electing the board of directors by slate vote, as set forth in the company's notice of meeting enclosed herewith Issuer For For  
E2 Delegation to the board of directors of the power to increase the share capital in connection with the 2005 stock option plan by a maximum amount of 28,757,000 euro through the issue of ordinary shares reserved for executives of enel SPA and or subsidiaries thereof, as set forth in the company's notice of meeting enclosed herewith Issuer For For  
 
  Repsol YPF 2,000 REP 76026T205 5/31/05
1 Review and approval if appropriate of the annual financial statements (balance sheet, profit and loss account and the annual report) and the management report of repsol YPF SA Issuer For For  
2 Information to the general sharehodlers' meeting on the amendments to the regulation of the board of directors Issuer For For  
3 Amendment of chapter II of title IV (related to the board of directors) and of article 40 (related to audit) removal of article 47 (related to resolution of disputes) Issuer For For  
4 Appointment, ratification, or re-election of directors Issuer For For  
5 Appointment or re-election of the accounts auditor of repsol ypf and of its consolidated group Issuer For For  
6 Authorisation to the board of directors for the derivative acquisition of shres of repsol YPF Issuer For For  
7 Delegation to the board of directors for the power to resolve the increase of the capital stock Issuer For For  
8 Delegation to the board of directors of the power to issue debentures bonds and any other fixed rate securities of analogous nature Issuer For For  
9 Delegation of powers to supplement develop execute rectify or formalize the resolutions adopted by the general meeting Issuer For For  
 
  Telefonica S.A. 586 TEF 879382208 5/31/05
1 Approval of the annual accounts an dof the management report of telefonica SA and of its consolidated group of companies as well as the proposal for the application of the results of telefonica SA and that of the management of its board of directors corresponding to the fiscal year 2004 Issuer For For  
2 Approval of the shareholder remuneration: A)Distirbution of dividends with a charge to the additional paid in capital reserve and B) extraordinary non-cash distributions of additional paid-in-capital Issuer For For  
3 Approval of the merger plan between telefonica SA and terra networks SA and approval as the merger balance sheet of telefonica SA's balance sheet closed as of 12/31/04 as set forth in the company's notice of meeting enclosed herewith. Issuer For For  
4 Approval of the appointment of directors Issuer For For  
5 approval of the designation of the accounts auditor for telefonica SA and its consolidated goup of companies Issuer For For  
6 Approval of the authorization for the acquisition of treasury stock Issuer For For  
7 Approval of the reduction of share capital through the amoritization of treasury stock Issuer For For  
8 Delegation of powers for the formalizing interpreting correcting and executing of the resolutions Issuer For For  
 
  Business Objects S.A. 6,000 BOBJ 12328X107 6/7/05
1 Approval of the statutoy financial statements for the fiscal year ended 12/31/04 Issuer For For  
2 Approval of the consolidated financial statements for the fiscal year ended 12/31/04 Issuer For For  
3 Allocation of earnings for the fiscal year ended 12/31/04 Issuer For For  
4 Renewal of the term of office of Mr. Gerald Held as Director: Issuer For For  
5 Ratification of the appointment of Mr. Carl Pascarella as Director: Issuer For For  
6 Appointment of as replacements for the secondary statutory auditors, Deloitte, touche Tohmatsu, and the second alternate statutory auditors, BEAS, of BDO Marque & Gendrot, as second statutory auditors and Rouer, Bernard, Bretout as second alternate stautory auditors Issuer For For  
7 Ratification of regulated agreements Issuer For For  
8 Increase of the aggregate amount of authorized directors's fees Issuer For For  
9 Authorization granted to the Board of Directors to repurchase ordinary shares of the company Issuer For For  
10 Authorization granted to the board of directors to reduce the share capital by cancellations of treasury shares Issuer For For  
11 Authorization granted to the board of directors to issue warrants to subscribe up to a maximum of 45,000 Ordinary shares reserved for Mr. Gerald Held. Issuer For For  
12 Authorization granted to the board of directors to issue warrants to subscribe up to a maximum of 45,000 Ordinary shares reserved for Mr. Carl Pascarella. Issuer For For  
13 Authorization granted to the board of directors to increase the share capital through the inssuance of ordinary shares, with subscription reserved to the participants in the comnpany emplyee savings plan Issuer For For  
14 Delegation granted to the board of directors to increase the share capital through the issuance of ordinery shares with subscription reserved to the 2004 business Objects SA employee benefits trust under the 2004 international employee stock purchase plan. Issuer For For  
15 Authorization granted to the board of director's to allocate free of charge exisiting ordinary shares or to issue new ordinary shares free of charge to the employees and certain officers of the company and to the employees of the company's subsidiaries. Issuer For For  
16 Approval of the amendment of the article 7.2 of the company's articles of association in order ot stipulate an additional oblifation of disclosure in case of crossing of the holding threshold of 2% of the total number of ordinary shares of voting rights. Issuer For For  
17 Approval of the amendments of the company's articles of association to conform them to the new provisions of the French Commercial Code, as amended by French Decree No. 2004-604 dated 6/24/04 Issuer For For  
18 Approval of the removal of the fifteenth, seventeenth and twenty-fourth paragraphs of the article 6 of the company's articles of association relating to the cancellation of warrants, following the resignation of certain directors, in compliance with the provisisons of the warrant agreements. Issuer For For  
19 To grant ful powers of attorney to carry out registrations and formalities Issuer For For  
 
  PT Indosat TBK 1,000 IIT 744383100 6/8/05
1 To approve the annual report, including the board of directors' report on the important events of the company, and to ratify the financial statement of the company for the financial year ended december 31, 2004 and thereby release and discharge the board of commissioners from their supervisory responsibilities and the directors from their managerial responsibilities. Issuer For For  
2 To approve the allocations of net profit for reserve fund, 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 31,2004 Issuer For For  
3 To determine the remuneration for the board of commissioners of the company for year 2005 and the bonus for the board of commissioners of the company for the year 2004 Issuer For For  
4 To approve the appointment of the company's independent auditor for the financial year ended december 31,2005 Issuer For For  
5 To approve the proposed change of composition of the board of directors and/or board of commissioners of the company Issuer For For  
 
  Banco Bilbao Vizcaya Argentaria SA 3,800 BBV 05946K101 6/14/05
1 To increase the share capital of banco bilbao vizcaya argentaria sa by a nominal amount of 260,254,745.17 euros, by issuing 531,132,133 new ordiinary shares, excluding preferential subscription rights. Issuer For For  
2 Conferral of authority to the board of directors, with powers of substitituion, to formalise, correct, interpret and implement the resolutions adopted by the EGM Issuer For For  
 
  Nissan Motors co. LTD 2,000 NSANY 354744408 6/21/05
4 Directors nominations Issuer For For all nominees  
1 Approval of appropriation of retained earnings for the 106th fiscal year Issuer For For  
2 Amendment to the articles of incorporation Issuer For For  
3 Issuance of shinkabu-Yoyakuken (stock acquisition right) without consideration as stock options to employees of the company and directors and employees of its affiliates. Issuer For For  
5 Election of One (1) statutory auditor Issuer For For  
6 Granting of retirment allowance to the retiring directors and retiring statutory auditors. Issuer For For  
7 Revision of the remuneration for directors and statutory auditors Issuer For For  
 
  Sony Corporation 1,000 SNE 835699307 6/22/05
C1 To amend a part of the articles of incorporation Issuer For For  
C2 To elect 12 directors Issuer For For  
C3 To issue stock acquisition rights for shares of common stock of the corporation for the purpose of granting stock options Issuer For For  
S4 To amend the articles of incorporation with respect to the disclosure to shareholders regarding remuneration paid to each director Issuer Against For  
 
  Nidec Coirporation 1,200 NJ 654090109 6/23/05
3 Directors nominations Issuer For For all nominees  
1 To approve the proposed appropriation of profits with respect ot the 32nd fiscal period Issuer For For  
2 to amend partly the articles of incorporation Issuer For For  
4 To grant a retirement allowance to retiring directors for their meritorious service Issuer For For  
5 To revise compensation for the directors and corporate auditors 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 25, 2005