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, 2011
Date of reporting period: June 30, 2011
| Proposal # | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
| Oracle Corporation | 15,000 | ORCL | 68389X-105 | 10/06/10 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Approve the Oracle Corporation executive bonus plan. | Issuer | For | For | |
| 3 | Approve the Oracle Corporation amended and restated 200 long-term equity incentive plan, including an amendment to increase the aggregate number of shares authorized for issuance under the plan by 419,020,418 shares. | Issuer | For | For | |
| 4 | Ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending May 31, 2011. | Issuer | For | For | |
| 5 | Act on a stockholder proposal to amend the corporate bylaws to establish a board committee on sustainability. | Stockholder | Against | Against | |
| 6 | Act on a stockholder proposal regarding majority voting in director elections. | Stockholder | Against | Against | |
| 7 | Act on a stockholder proposal regarding equity retention. | Stockholder | Against | Against | |
| Intuit Inc | 12000 | INTU | 461202-103 | 01/19/11 | |
| 1A-1J | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for fiscal year 2011. | Issuer | For | For | |
| 3 | Approve the amended and restated 2005 equity incentive plan. | Issuer | For | For | |
| 4 | Approve a non-binding advisory resolution regarding executive compensation. | Issuer | For | For | |
| Washington Federal, Inc. | 15000 | WFSL | 938824-109 | 01/19/11 | |
| 1 | Directors recommendation for election | Issuer | For | Withhold | |
| 2 | Adoption of the Washington Federal, Inc. 2011incentive plan. | Issuer | For | For | |
| 3 | Advisory vote on Washington Federal's executive compensation. | Issuer | For | For | |
| 4 | Ratification of appointment of independent auditors. | Issuer | For | For | |
| Agilent Technologies, Inc. | 13000 | A | 00846U-101 | 03/01/11 | |
| 1A-1C | Directors recommendation for election | Issuer | For | For | |
| 2 | To ratify the audit and finance committee's appointment of Pricewaterhousecoopers LLP as Agilent's independent registered public account firm. | Issuer | For | For | |
| 3 | To approve the compensation of Agilent's named executive officers. | Issuer | For | For | |
| 4 | To approve the frequency of voting on the compensation of Agilent's named executive officers. | Issuer | 1 year | 1 year | |
| Piedmont Natural Gas Company, Inc. | 8000 | PNY | 720186-105 | 03/04/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the 2011 fiscal year | Issuer | For | For | |
| 3 | Approval of the company's amended and restated incentive compensation plan | Issuer | For | For | |
| 4 | Advisory vote on executive compensation. | Issuer | For | For | |
| 5 | Advisory vote on frequency of shareholder advisory vote on executive compensation | Issuer | 3 Years | 1 Year | |
| KB Home | 15000 | KBH | 48666K-109 | 04/07/11 | |
| 1A-1J | Directors recommendation for election | Issuer | For | For | |
| 2 | Appointment of Ernst & Young LLP as independent registered public accounting firm for fiscal year ending November 30, 2011. | Issuer | For | For | |
| 3 | Proposal to approve an amendment to the KB Home 2010 equity incentive plan. | Issuer | For | For | |
| 4 | Advisory vote to approve named executive officer compensation. | Issuer | For | For | |
| Weyerhaeuser Company | 27082 | WY | 962166-104 | 04/14/11 | |
| 1A-1C | Directors recommendation for election | Issuer | For | For | |
| 2 | Proposal to amend the articles of incorporation to give shareholders the right to call special meeting. | Issuer | For | For | |
| 3 | Proposal to approve the advisory (non-binding) resolution relating to executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of the advisory vote on executive compensation. | Issuer | 1 year | 1 year | |
| 5 | Approval, on and advisory basis, of the appointment of auditors. | Issuer | For | For | |
| Spectra Energy Corp | 13000 | SE | 847560-109 | 04/19/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of the appointment of Deloitte & Touche LLP as Spectra Energy Corp's independent public accounting firm for fiscal year 2011. | Issuer | For | For | |
| 3 | Approval of the Spectra Energy Corp 2007 long-term incentive plan, as amended and restated. | Issuer | For | For | |
| 4 | Approval for the Spectra Energy Corp executive short-term incentive plan, as amended and restated. | Issuer | For | For | |
| 5 | An advisory vote on executive compensation. | Issuer | For | For | |
| 6 | An advisory vote on the frequency of holding an advisory vote on executive compensation. | Issuer | 3 years | 1 year | |
| Stanley Black & Decker, Inc | 3000 | SWK | 854502-101 | 04/19/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | To approve Ernst & Young LLP as the company's independent auditors for the 2011 fiscal year. | Issuer | For | For | |
| 3 | To approve, on an advisory basis, the compensation of the company's named executive officers. | Issuer | For | For | |
| 4 | To recommend, on an advisory basis, the frequency with which the company should conduct future shareholder advisory votes on named executive officer compensation. | Issuer | 3 years | 1 year | |
| Adobe Systems Incorporated | 11000 | ADBE | 00724F-101 | 04/21/11 | |
| 1A-1D | Directors recommendation for election | Issuer | For | For | |
| 2 | Approval of the amendment of the 1997 employee stock purchase plan to increase the share reserve by 17 million shares. | Issuer | For | Against | |
| 3 | Approval of the adoption of the 2011 executive cash performance bonus plan. | Issuer | For | For | |
| 4 | Ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending on December 2, 2011. | Issuer | For | For | |
| 5 | Approval of the certificate of amendment to the restated certificate of incorporation to eliminate our classified board structure. | Issuer | For | For | |
| 6 | Advisory vote to approve the resolution on the compensation of the named executive officers. | Issuer | For | For | |
| 7 | Advisory vote on the frequency of future advisory votes to approve a resolution on the compensation of the name executive officers. | Issuer | 1 year | 1 year | |
| Honeywell International Inc. | 10000 | HON | 438516-106 | 04/25/11 | |
| 1A-1J | Directors recommendation for election | Issuer | For | For | |
| 2 | Approval of independent accountants. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of the advisory vote on executive compensation. | Issuer | 1 year | 1 year | |
| 5 | 2011 stock incentive plan of Honeywell International Inc. and its affiliates. | Issuer | For | For | |
| 6 | Honeywell International Inc. incentive compensation plan for executive employees, amended and restated effective as of January 1, 2011. | Issuer | For | For | |
| 7 | Shareholder action by written consent. | Shareholder | Against | Against | |
| 8 | Special shareholder meeting. | Shareholder | Against | Against | |
| The Chubb Corporation | 7000 | CB | 171232-101 | 04/26/11 | |
| 1A-1K | Directors recommendation for election | Issuer | For | For | |
| 2 | To vote on the adoption of the Chubb Corporation annual incentive compensation plan (2011) | Issuer | For | For | |
| 3 | To ratify the appointment of Ernst & Young LLP as independent auditor. | Issuer | For | For | |
| 4 | To hold an advisory vote on the compensation of our named executive officers as disclosed pursuant to item 402 of regulation S-K in the enclosed annual meeting materials. | Issuer | For | For | |
| 5 | To hold an advisory vote on the frequency of the shareholder vote on executive compensation. | Issuer | 3 years | 1 year | |
| Johnson & Johnson | 10000 | JNJ | 478160-104 | 04/28/11 | |
| 1A-1K | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of Pricewaterhousecoopers LLP as independent registered public accounting firm for 2011. | Issuer | For | For | |
| 3 | Advisory vote on named executive officer compensation. | Issuer | For | For | |
| 4 | Advisory vote on frequency of advisory vote on named executive officer compensation. | Issuer | 1 year | 1 year | |
| 5 | Shareholder proposal on pharmaceutical price restraint. | Shareholder | Against | Against | |
| 6 | Shareholder proposal on amendment to company's equal employment opportunity policy. | Shareholder | Against | Against | |
| 7 | Shareholder proposal on adopting non-animal methods for training. | Shareholder | Against | Against | |
| AT&T Inc. | 10000 | T | 00206R-102 | 04/29/11 | |
| 1A-1L | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of Independent auditors. | Issuer | For | For | |
| 3 | Approve 2010 incentive plan. | Issuer | For | For | |
| 4 | Advisory vote on executive compensation. | Issuer | For | For | |
| 5 | Advisory vote frequency of vote on executive compensation. | Issuer | 3 years | 1 year | |
| 6 | Political contributions. | Shareholder | Against | Against | |
| 7 | Special stockholder meetings. | Shareholder | Against | Against | |
| 8 | Written consent. | Shareholder | Against | Against | |
| Nobel Corporation | 10000 | NE | H5833N-103 | 04/29/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Approval of the 2010 annual report, the consolidated financial statement of the company for fiscal year 2010 and the statutory financial statement for the company for fiscal year 2010 | Issuer | For | For | |
| 3 | Approval of the creation of a reserve through appropriation of retained earnings | Issuer | For | For | |
| 4 | Approval of a capital reduction by cancellation of certain shares held in treasury. | ||||
| 5 | Approval of an extension of board authority to issue authorized share capital until April 28, 2013 | Issuer | For | For | |
| 6 | Approval of a return of capital in the form of a par value reduction in an amount equal to Swiss Francs 0.52 per share | Issuer | For | For | |
| 7 | Approval of the appointment of Pricewaterhousecoopers LLP as independent registered public accounting firm for fiscal year 2011 and the election of Pricewaterhousecoopers AG as statutory auditor for a one-year term. | Issuer | For | For | |
| 8 | Approval of the discharge of the members of the board of directors and the executive officers of the company for fiscal year 2010 | Issuer | For | For | |
| 9 | Approval, on an advisory basis, of the compensation of the company's named executive officers. | Issuer | For | For | |
| 10 | Advisory vote on frequency of the executive compensation advisory vote. | Issuer | 3 years | 1 year | |
| Abbott Laboratories | 7000 | ABT | 002824-100 | 04/29/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of Deloitte & Touche LLP as auditors. | Issuer | For | For | |
| 3 | Say on pay — an advisory vote on the approval of executive compensation. | Issuer | For | For | |
| 4 | Say when on pay — an advisory vote on the approval of the frequency of shareholder votes on executive compensation. | Issuer | For | For | |
| 5 | Shareholder proposal — pharmaceutical pricing. | Shareholder | Against | Against | |
| Lincoln Electric Holdings, Inc | 6000 | LECO | 533900-106 | 04/29/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of independent auditors. | Issuer | For | For | |
| 3 | To approve, on an advisory basis, the compensation of our named executive officers. | Issuer | For | For | |
| 4 | To recommend, on an advisory basis, the frequency of the shareholder vote on the compensation of the named executive. | Issuer | 1 year | 1 year | |
| 5 | To re-approve the performance measures under our 2006 equity and performance incentive plan. | Issuer | for | For | |
| Regal Beloit Corporation | 5500 | RBC | 758750-103 | 05/02/11 | |
| 1A-1D | Directors recommendation for election | Issuer | For | For | |
| 2 | Advisory vote on the compensation of the company's named executive officers. | Issuer | For | For | |
| 3 | Advisory vote on the frequency of the advisory vote on the compensation of the company's named executive officers. | Issuer | 3 years | 3 years | |
| 4 | Approval of the company's shareholder value added (SVA) executive officers incentive compensation plan. | Issuer | For | For | |
| 5 | To ratify the selection of Deloitt & Touche LLP as the independent auditors for the company for the year ending December 31,2011 | Issuer | For | For | |
| Advanced Micro Devices, Inc. | 20000 | AMD | 007903-107 | 05/03/11 | |
| 1A-1I | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of Ernst & Young LLP as AMD's independent registered public accounting firm for the current fiscal year. | Issuer | For | For | |
| 3 | Approval of the 2011 executive incentive plan. | Issuer | For | For | |
| 4 | Approval, on a non-binding advisory basis, of the compensation of our named executive officers ("say-on-pay"). | Issuer | For | For | |
| 5 | Approval, on a non-binding, advisory basis, of the frequency of say-on-pay. | Issuer | Abstain | 1 year | |
| Trimble Navigation Limited | 14000 | TRMB | 896239-100 | 05/03/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | To ratify the appointment of Ernst & Young LLP as the independent auditor of the company for the fiscal year ending December 30, 2011 | Issuer | For | For | |
| 3 | To appoint, by non-binding vote, the compensation for our named executive officers. | Issuer | For | For | |
| 4 | the frequency of holding a vote on the compensation for our named executive officers. | Issuer | 3 years | 1 year | |
| PepsiCo, Inc | 8000 | PEP | 713448-108 | 05/04/11 | |
| 1A-1L | Directors recommendation for election | Issuer | For | For | |
| 2 | Approval, by non-binding vote, of executive compensation. | Issuer | For | For | |
| 3 | Recommend, by non-binding vote, the frequency of executive compensation votes. | Issuer | 3 years | 1 year | |
| 4 | Approval of independent registered public accountants for fiscal year 2011. | Issuer | For | For | |
| 5 | Approval of amendment to articles of incorporation to implement majority voting for directors in uncontested elections. | Issuer | For | For | |
| 6 | Shareholder proposal — Right to call special shareholder meetings. (proxy statement p.630 | Shareholder | Against | Against | |
| 7 | Shareholder proposal — political contributions report (proxy statement p.65) | Shareholder | Against | Against | |
| United Parcel Service, Inc. | 6000 | UPS | 911312-106 | 05/05/11 | |
| 1A-1K | Directors recommendation for election | Issuer | For | For | |
| 2 | To approve, by advisory vote, executive compensation. | Issuer | For | For | |
| 3 | To recommend, by advisory vote, the frequency of future executive compensation votes. | Issuer | 3 years | 1 year | |
| 4 | To ratify the appointment of Deloitte & Touche LLP as UPS' independent registered public accountants for year ending 2011. | Issuer | For | For | |
| 5 | In the discretion upon such other matters as may properly come before the meeting or any adjournments of postponements thereof. | Issuer | For | For | |
| Duke Energy Corporation | 10000 | DUK | 26441C-105 | 05/05/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of Deloitte & Touche LLP as Duke Energy Corporation's independent public accountant for 2011. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of an advisory vote on executive compensation. | Issuer | 1 year | 1 year | |
| 5 | Shareholder proposal relating to preparation of a report on Duke Energy Corporation's global warming-related lobbying activities. | Shareholder | Against | Against | |
| 6 | Shareholder proposal regarding the issuance of a report on the financial risks of continued reliance on coal. | Shareholder | Against | Against | |
| 7 | Shareholder proposal regarding an amendment to our organizational documents to require majority voting for the election of directors. | Shareholder | Against | Against | |
| Alcoa Inc. | 30000 | AA | 013817-101 | 05/06/11 | |
| 1A-1C | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratify the independent auditor. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on frequency of executive compensation vote. | Issuer | 3 years | 1 year | |
| 5 | Adopt internal revenue code section 162(m) compliant annual cash incentive compensation plan. | issuer | For | For | |
| 6 | Eliminate super-majority voting requirement in the articles of incorporation - article seventh (fair price protection) | Issuer | For | Abstain | |
| 7 | Eliminate super-majority voting requirement in the articles of incorporation - article eighth (director elections) | Issuer | For | For | |
| 8 | Eliminate super-majority voting requirement in the articles of incorporation-article eighth (removal or directors) | Issuer | For | For | |
| 9 | Shareholder proposal — action by written consent. | Shareholder | Against | Against | |
| 10 | Shareholder proposal — declassify the board | Shareholder | Against | Against | |
| CVS Caremark Corporation | 10000 | CVS | 126650-100 | 05/11/11 | |
| 1A-1L | Directors recommendation for election | Issuer | For | For | |
| 2 | Proposal to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the 2011 fiscal year. | Issuer | For | For | |
| 3 | Proposal to approve the company's executive compensation as disclosed in the proxy statement. | Issuer | For | For | |
| 4 | Frequency of future executive compensation votes. | Issuer | 1 year | 1 year | |
| 5 | Stockholder proposal regarding political contributions and expenditures. | Shareholder | Against | Against | |
| 6 | Stockholder proposal regarding stockholder action by written consent. | Stockholder | Against | Against | |
| E*Trade Financial Corporation | 25000 | ETFC | 269246-401 | 05/12/11 | |
| 1A-1C | Directors recommendation for election | Issuer | For | For | |
| 2 | The compensation of the named executive officers, as disclosed in the company's proxy statement for the 2011 annual meeting of stockholders. | Issuer | For | For | |
| 3 | The frequency for advisory votes on executive compensation. | Issuer | 1 year | 1 year | |
| 4 | To ratify the selection of Deloitte & Touche LLP as independent registered public accounting firm for the company for 2011. | Issuer | For | For | |
| Ford Motor Company | 30000 | F | 345370-860 | 5/12/11 | |
| 1A-1N | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of selection of independent registered public accounting firm. | Issuer | For | For | |
| 3 | Say on pay — an advisory vote to approve the compensation of the named executives. | Issuer | For | For | |
| 4 | Say when on pay — an advisory vote on the frequency of a shareholder vote to approve the compensation of the named executives. | Issuer | 1 year | 1 year | |
| 5 | Relating to disclosure of the company's political contributions. | Shareholder | Against | Against | |
| 6 | Relating to allowing holders of 10% of outstanding common stock to call special meetings of shareholders. | Shareholders | Against | Against | |
| Norfolk Southern Corporation | 7000 | NSC | 655844-108 | 05/12/11 | |
| 1A-1D | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of the appointment of KPMG LLP, independent registered public accounting firm, as Norfolk Southern's independent auditors for the year ending December 31, 2011. | Issuer | For | For | |
| 3 | Approval of executive compensation as disclosed in the proxy statement for the 2011 annual meeting for stockholders. | Issuer | For | For | |
| 4 | Frequency of stockholders advisory vote on executive compensation every year. | Issuer | 1 year | 1 year | |
| Nucor Corporation | 4000 | NUE | 670346-105 | 05/12/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of the appointment of Pricewaterhousecoopers LLP as Nucor's independent registered public accounting firm for the year ending December 31, 2011. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of future advisory votes on executive compensation. | Issuer | 3 years | 1 year | |
| 5 | Stockholder proposal regarding majority vote. | Stockholder | Against | Against | |
| 6 | Stockholder proposal regarding independent chairman. | Stockholder | Against | Against | |
| Sempra Energy | 6000 | SRE | 816851-109 | 05/13/11 | |
| 1A-1L | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of independent registered public accounting firm. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of advisory votes on executive compensation. | Issuer | 1 year | 1 year | |
| 5 | Shareholder proposal to allow shareholder action by written consent. | Shareholder | Against | Against | |
| 6 | Shareholder proposal regarding retirement benefits. | Shareholder | Against | Against | |
| 7 | Shareholder proposal regarding sustainability. | Shareholder | Against | Against | |
| Alaska Air Group, Inc. | 10000 | ALK | 011659-109 | 05/17/11 | |
| 1A-1J | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of KPMG LLP as the company's independent accountants. | Issuer | For | For | |
| 3 | Advisory vote on the compensation of the company's named executive officers. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of a vote on named executive officer compensation. | Issuer | 1 year | 1 year | |
| 5 | Advisory vote on stockholders' right to act by written consent. | Stockholder | Against | Against | |
| 6 | Approval of the amendment of the company's 2008 performance incentive plan. | Issuer | For | For | |
| Loopnet, Inc. | 20000 | LOOP | 543524-300 | 05/17/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | To approve the advisory (non-binding) resolution relating to executive compensation. | Issuer | For | For | |
| 3 | To determine the frequency of an advisory vote on executive compensation. | Issuer | 3 years | 1 year | |
| 4 | To ratify the appointment of Ernst & Young LLP as Loopnet, Inc's independent registered public accounting firm for 2011. | Issuer | For | For | |
| The Charles Schwab Corporation | 25000 | SCHW | 808513-105 | 05/17/11 | |
| 1A-1E | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of independent auditors. | Issuer | For | For | |
| 3 | Approval of amended 2004 stock incentive plan. | Issuer | For | For | |
| 4 | Approval of compensation of named executive officers | Issuer | For | For | |
| 5 | Frequency of voters on compensation of named executive officers | Issuer | 1 year | 1 year | |
| 6 | Stockholder proposal regarding political contributions. | Stockholder | Against | Against | |
| 7 | Stockholder proposal regarding declassification of board of directors. | Stockholder | none | For | |
| Pharmaceutical Product Development, Inc. | 15000 | PPDI | 717124-101 | 05/18/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | To Provide an advisory vote on the compensation of the company's named executive officers, commonly referred to as a "say-on-pay" vote. | Issuer | For | For | |
| 3 | To provide an advisory vote on the frequency of "say-on-pay" votes. | Issuer | 1 year | 1 year | |
| 4 | To ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal year 2011. | Issuer | For | For | |
| Dr Pepper Snapple Group, Inc. | 16000 | DPS | 26138E 105 | 05/19/11 | |
| 1A-1D | Directors recommendation for election | Issuer | For | For | |
| 2 | To ratify the appointment of Deloitte & Touche as the company's independent registered public accounting firm for fiscal year 2011. | Issuer | For | For | |
| 3 | Resolved, that the compensation paid to the company's named executive officers, as disclosed pursuant to the compensation disclosure rules and regulations of the Securities and Exchange Commission, including then compensation tables and the narrative discussion is hereby approved. | Issuer | For | For | |
| 4 | To vote, on an advisory (non-binding) basis, on the frequency of the advisory vote on the compensation of the company's named executive officers. Stockholders may choose to approve holding an advisory vote on the compensation of our named executive officers every year, every two years, or every three years or stockholders may abstain from voting. | Issuer | 1 year | 1 year | |
| Washington Banking Company | 25000 | WBCO | 937303-105 | 05/19/11 | |
| 1 | To approve an amendment to our articles of incorporation that would declassify the board of directors and provide for the annual election of directors. | Issuer | For | For | |
| 2 | Directors recommendation for election | Issuer | For | For | |
| 3 | To consider a resolution to approve the compensation of named executive officers as disclosed in the proxy statement. | Issuer | For | For | |
| 4 | To consider an advisory vote on how often to hold the non-binding advisory vote on executive compensation | Issuer | 1 year | 1 year | |
| 5 | To ratify the audit committee's appointment of Moss Adams LLP as the company's independent registered public accountant for the fiscal year ending December 31, 2011. | Issuer | For | For | |
| Nextera Energy, Inc. | 7000 | NEE | 65339F-101 | 05/20/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of Deloitte & Touche LLP as independent registered public accounting firm for 2011. | Issuer | For | For | |
| 3 | Approval of the Nextera Energy, Inc. 2011 long term incentive plan. | Issuer | For | For | |
| 4 | Approval, by non-binding advisory vote, of Nextera Energy's compensation for its named executive officers as disclosed in the proxy statement. | Issuer | For | For | |
| 5 | Non-binding advisory vote on whether Nextera Energy should hold a non-binding shareholder advisory vote to approve Nextera Energy's compensation of its named executives. | Issuer | 1 year | 1 year | |
| Lowe's Companies, Inc. | 15000 | LOW | 548661-107 | 05/27/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal 2011. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of holding future advisory votes on executive compensation. | Issuer | 1 year | 1 year | |
| 5 | Approval of the Lowe's Companies, Inc. 2011 annual incentive plan. Lowe's board of directors recommends you vote against the following proposals. | Issuer | For | For | |
| 6 | Shareholder proposal regarding executive severance agreements. | Shareholder | Against | Against | |
| 7 | Shareholder proposal regarding linking pay to performance on sustainability goals. | Shareholder | Against | Against | |
| 8 | Shareholder proposal regarding report on political spending. | Shareholder | Against | Against | |
| Staples, Inc. | 15000 | SPLS | 855030-102 | 06/07/11 | |
| 1A-1L | Directors recommendation for election | Issuer | For | For | |
| 2 | To ratify the selection by the audit committee of Ernst & Young LLP as Staples' independent registered public accounting firm for the current fiscal year. | Issuer | For | For | |
| 3 | To hold an advisory vote on executive compensation. | Issuer | For | For | |
| 4 | To hold an advisory vote on the frequency of future executive compensation advisory votes. | Issuer | 1 year | 1 year | |
| 5 | To act on a shareholder proposal regarding the ability of shareholders to act by majority written consent. | Shareholder | Against | Against | |
| VCA Antech, Inc. | 8000 | WOOF | 918194101 | 6/6/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of KPNG LLP as our independent registered public accounting firm for the year ending December 31, 2011. | Issuer | For | For | |
| 3 | Re-approval of the material terms of the performance goals under the VCA Antech Inc. 2006 Equity Incentive plan. | Issuer | For | For | |
| 4 | Re-approval of the material terms of the performance goals under the VCA Antech Inc. 2007 cash incentive plan. | Issuer | For | For | |
| 5 | Advisory vote to approve the compensation of our named executive officers. | Issuer | For | For | |
| 6 | Advisory vote on the frequency of holding future advisory votes on the compensation of our named executive officers. | Issuer | Three Years | One Year | |
| Amazon.com, Inc. | 6000 | AMZN | 023135-106 | 06/07/11 | |
| 1A-1H | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratify the appointment of Ernst and Young LLP as our independent auditors for fiscal year ending December 31, 2011. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of future advisory votes on executive compensation. | Issuer | 3 years | 1 year | |
| 5 | Shareholder proposal regarding shareholder ownership threshold for calling a special meeting of shareholders. | Shareholder | Against | Against | |
| 6 | Shareholder proposal regarding assessment and reporting concerning climate change. | Shareholder | Against | Against | |
| Devon Energy Corporation | 6000 | DVN | 25179M-103 | 06/08/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Advisory vote on executive compensation. | Issuer | For | For | |
| 3 | Advisory vote on the frequency of an advisory vote on executive compensation | Issuer | 1 year | 1 year | |
| 4 | Amend the restated certificate of incorporation to eliminate supermajority voting provisions. | Issuer | For | For | |
| 5 | Amend and restate the restated certificate of incorporation to remove unnecessary and outdated provisions. | Issuer | For | For | |
| 6 | Ratify the appointment of the company's independent auditors for 2011. | Issuer | For | For | |
| 7 | Shareholder action by written consent. | Shareholder | Against | Against | |
| Bed Bath & Beyond Inc. | 9000 | BBBY | 075896-100 | 06/23/11 | |
| 1A-1I | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of the appointment of KPMG LLP | Issuer | For | For | |
| 3 | To approve, by non-binding vote, the 2010 compensation paid to the company's named executive officers. | Issuer | For | For | |
| 4 | To recommend, by non-binding vote, the frequency of future advisory votes on executive compensation. | Issuer | 1 year | 1 year | |
| Loopnet, Inc. | 20000 | LOOP | 543524300 | 07/11/11 | |
| 1 | The proposal to adopt the agreement and plan of merger, dated as of April 27, 2011 as amended by amendment No. 1 to the agreement and plan of merger, dated May, 20, 2011, among Costar, Inc., Lonestar acquisition sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Coastar, Inc., and Loopnet, Inc., as it may be amended from time to time. | Issuer | For | For | |
| 2 | Proposal to approve, by an advisory vote, the agreements and understandings of Loopnet and it's named executive officers concerning compensation that is based on or otherwise relates to the merger contemplated by the merger agreement, and the aggregate total of all such compensation that may be paid or become payable to or on behalf of such executive officers. | Issuer | For | For | |
| 3 | The proposal to approve the adjournment of the special meeting, if necessary or the appropriate, for, among other reasons, the solicitation of additional proxies in the event that there are not sufficient votes at the time of the special meeting to adopt the merger agreement. | Issuer | For | For | |
| Proposal # | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
| LIHIR Gold Limited | 55000 | LIHR | 532349107 | 8/23/10 | |
| 1 | To approve the scheme of arrangement, all as more fully described in the proxy statement. | Issuer | For | For | |
| Telecom Corporation of New Zealand LTD. | 20000 | NZT | 879278208 | 9/30/10 | |
| 1 | Fix the remuneration of the auditors, KPMG: To authorize the directors to fix the remuneration of the auditors. | Issuer | For | For | |
| 2-3 | Directors recommendation for election | Issuer | For | For all nominees | |
| American Oriental Bioengineering, Inc. | 100000 | AOB | 028731107 | 12/8/10 | |
| 1 | Directors recommendation for election | Issuer | For | For all nominees | |
| 2 | Proposal to ratify the appointment of Ernst & Young HUA Ming as he company's independent auditors for the 2010 fiscal year. | Issuer | For | For | |
| Banco Bilbao Vizcaya Argentaria S.A. | 50,000 | BBVA | 05946k101 | 3/11/11 | |
| 1 | Examination and approval of the annual financial statements and the management report for Banco Bilbao Vicaya Argentaria, S.A. and its consolidated Group. Application of earnings; dividend payout. Approval of corporate management. All these refer to the year ending 31st December 2010. | Issuer | For | For | |
| 2A-E | Adoption of the following resolutions on the ratification and re-election of members to the Board of Directors. | Issuer | For | For all nominees | |
| 3 | Examination and approval of the common merger plan for Banco Bilbao Vicaya Argentaria, S.A. (absorbing company) and Finanzia Banco de Credito S.A. (Unipersonal) (Ansorbed company); approval of the balance-sheet of Banco Bilbao Vicaya Argentaria, S.A. for the year ending 31st December 2010 as merger balance sheet, verified by the Company Auditors. All this will be in compliance with the provisions of the aforementioned merger plan. Applicability of the special tax scheme established under chapter VII of title VII of the Corporation Tax Act (Consolidated Text) to the merger | Issuer | For | For | |
| 4 | Conferral of authority on the board of directors, pursuant to article 297.1 b of the Capital Companies Act, to increase share capital, during five years, up to a maximum amount corresponding to 50% of the Company's share capital on the date of the authorization, on one or several occasions, to the amount that the board decides, by issuing new ordinary or preferred shares with or without voting rights or any other kind permitted by law., including redeemable shares; envisaging the possibility of incomplete subscription pursuant to article 311 of the Capital Companies Act; and conferring authority to amend article 5 of the corporate bylaws. Likewise, confer authority, under the terms and conditions of article 506 of the Capital Companies Act, to exclude pre-emptive subscription rights over said share issues. The authority will be limited to 20% of the Company's share capital. | Issuer | For | For | |
| 5 | Approve the two share capital increases chargeable to reserves in order to comply with the shareholder remuneration schedule for 2011. | Issuer | For | For | |
| 6 | Conferral of authority to the board of directors to issue any kind of debt instruments of any class or kind, including exchangeable debt, not convertible into equity, or any other analogous securities representing or creating debt, up to a maximum nominal amount of two hundred fifty billion Euros within a five year period, repealing the unavailed part of the authority conferred by the AGM held on 18th March 2006, whose mount was raised by resolutions of the AGMs held on 16th March 2007, 14th March 2008, and 13th March 2009, whilst maintaining the authority in force for the part availed. | Issuer | For | For | |
| 7 | Approval of a variable scheme of remuneration with BBVA shares for the Group's management, including executive directors and members of senior management. | Issuer | For | For | |
| 8 | Extension of the scheme of remuneration with deferred delivery of shares for nonexecutive directors adopted by the AGM, 18th March 2006 | Issuer | For | For | |
| 9 | Re-election of the firm to audit the accounts | Issuer | For | For | |
| 10 | Adoption of the amendment to the articles of the company bylaws | Issuer | For | For | |
| 11 | Adoption of the amendment of the articles of the General Meeting Regulations | Issuer | For | For | |
| 12 | Conferral of authority on the board of directors, which may in turn delegate said authority, to formalize, correct, interpret, and implement the resolutions adopted by the AGM. | Issuer | For | For | |
| 13 | Consultative vote of the report on the BBVA Board of Directors remuneration policy. | Issuer | For | For | |
| Canon Inc. | 50000 | CAJ | 138006309 | 3/30/11 | |
| 1 | Dividend from surplus | Issuer | Abstain | Abstain | |
| 2 | Directors recommendation for election | Issuer | For | For all nominees | |
| 3 | Election of one corporate auditor: Tadashi One. | Issuer | Abstain | Abstain | |
| 4 | Grant of bonus to directors. | Issuer | Abstain | Abstain | |
| 5 | Issuance of share options as stock options without compensation. | Issuer | Abstain | Abstain | |
| The Toronto-Dominion Bank | 40,000 | TD | 891160509 | 3/30/11 | |
| A | Directors recommendation for election | Issuer | For | For all nominees | |
| B | Appointment of auditor named in the management proxy circular | Issuer | For | For | |
| C | Approach to executive compensation disclosed in the report of the human resources committee and approach the compensation sections of the management proxy circular note | Issuer | For | For | |
| D | Shareholder proposal A | Shareholder | Against | Against | |
| E | Shareholder proposal B | Shareholder | Against | Against | |
| F | Shareholder proposal C | Shareholder | Against | Against | |
| G | Shareholder proposal D | Shareholder | Against | Against | |
| Novartis AG | 60000 | NVS | 66987V109 | 4/8/11 | |
| 1A | The board of directors proposes the approval of the merger agreement between Alcon, Inc. ("Alcon") and Novartis AG ("Novartis") dated December 14, 2010. | Issuer | For | For | |
| 1B | The board of directors proposes the creation of authorized capital through the issuance of up to 108 million new shares for the purpose of completing the merger of Alcon into Novartis by means of introducing a new article 4A of the articles of incorporation. | Issuer | For | For | |
| 2 | For Additional and/or counter-proposals presented at the meeting, I/we instruct to vote according to the proposal of the board of directors. | Issuer | For | For | |
| Teck Resources Limited | 100000 | TCK | 878742-204 | 4/20/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | To appoint Pricewaterhousecoopers LLP as auditors and to authorize the directors to fix the auditors' remuneration. | Issuer | For | For | |
| 3 | To Approve the advisory resolution on the corporation's approach to executive compensation. | Issuer | For | For | |
| Encana Corporation | 40000 | ECA | 292505-104 | 4/20/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of auditor- Pricewaterhousecoopers LLP at a remuneration to be fixed by the board of directors. | Issuer | For | For | |
| 3 | Advisory vote approving the corporation's approach to executive compensation (as described on page 12 of the accompanying information circular). | Issuer | For | For | |
| Asml Holdings N.V | 60000 | ASML | N07059186 | 4/20/11 | |
| 3 | Discussion of the annual report 2010 and proposal to adopt the financial statements for the financial year ("FY") 2010, as prepared in accordance with Dutch Law. | Issuer | For | For | |
| 4 | Proposal to discharge the members of the board of management ("BOM") from Liability for their responsibilities in the FY 2010. | Issuer | For | For | |
| 5 | Proposal to discharge the members of the Supervisory Board ("SB") from liability for their responsibilities in the FY 2010. | Issuer | For | For | |
| 7 | Proposal to adopt a dividend of EUR 0.40 per ordinary share of EUR 0.09. | Issuer | For | For | |
| 8 | Proposal to amend the articles of association of the company. | Issuer | For | Abstain | |
| 9 | Approval of the number of stock options, respectively stock, available for ASML employees, and authorization of the BOM to issue the stock option or stock. | Issuer | For | For | |
| 10A | Proposal to reappoint Mr. W.T. Siegle as a member of the SB effective April 20,2011. | Issuer | For | For | |
| 10B | Proposal to reappoint Mr. J.W.B Westerburgen as a member of the SB effective April 20, 2011. | Issuer | For | For | |
| 12 | Proposal to adjust the remuneration of the supervisory board. | Issuer | For | For | |
| 13A | Proposal to authorize the BOM for a period of 18 months from April 20, 2011, to issue (rights to subscribe for) shares in the capital of the company, limited to 5% of the issued share capital at the time of authorization. | Issuer | For | For | |
| 13B | Proposal to authorize the BOM for a period of 18 months from April 20, 2011 to restrict or exclude the pre-emption rights accruing to shareholders in connection with item 13A. | Issuer | For | For | |
| 13C | Proposal to authorize the BOM for a period of 18 months from April 20, 2011 to issue (rights to subscribe for) shares in the capital of the company, for an additional 5% of the issued share capital at the time of the authorization, which 5% can only be used in connection with or on the occasion of mergers and/or acquisitions. | Issuer | For | For | |
| 13D | Proposal to authorize the BOM for a period of 18 months form April 20, 2011, to restrict or exclude the pre-emption rights accruing to the shareholders in connection with item 13C. | Issuer | For | For | |
| 14 | Proposal to authorize the BOM for a period of 18 months from April 20, 2011, to acquire ordinary shares in the company's share capital. | Issuer | For | For | |
| 15 | Proposal to cancel ordinary shares. | Issuer | For | For | |
| 16 | Proposal to cancel additional ordinary shares. | Issuer | For | For | |
| Shire PLC | 32000 | SHPGY | 82481R106 | 4/26/11 | |
| O1-O10 | Directors recommendation for election | Issuer | For | For All Nominees | |
| O11 | To re-appoint Deloitte LLP as auditors of the company to hold office from the conclusion of the meeting to the conclusion of the annual general meeting of the company to be held in 2012. | Issuer | For | For | |
| 012 | To authorize the audit, compliance & risk committee of the board to determine the remuneration of the auditors. | Issuer | For | For | |
| 013 | To resolve that the authority to allot relevant securities (as defined in the company's articles of association) conferred on the directors by article 10 paragraph (B) of the company's articles of association be renewed and for this purpose the authorized allotment amount shall be:(A) pound 9,370,661 of relevant securities; and (B) solely in connection with an allotment pursuant to an offer by way of a rights issue pound 18,741,322 of relevant securities comprising equity securities, all as more fully described in the proxy statement. | Issuer | For | For | |
| S14 | Authority to disapply pre-emption rights: to resolve that, subject to the passing of resolution 13, the authority to allot equity securities (as defined in the company's articles of association) wholly for cash, conferred on the directors by article 10 paragraph (D) of the company's articles of association be renewed and for this purpose the non pre-emptive amount shall be pound 1,405,599 of equity securities, all as more fully described in the proxy statement. | Issuer | For | Against | |
| S15 | Authority to make market purchases: to resolve that the company be and is hereby generally and unconditionally authorized : (A) pursuant to article 57 of the companies (Jersey) law 1991 to make market purchases of ordinary shares in the capital of the company; (B) pursuant to article 58A of the companies (Jersey) law 1991, to hold as treasury shares any ordinary shares purchased pursuant to the authority conferred by paragraph (A) of this resolution, all as more fully described in the proxy statement. | Issuer | For | For | |
| S16 | To resolve that, with effect from conclusion of the annual general meetings, the company's articles of association be amended and those produced to the meeting and initialed by the chairman (the "new articles") by adopted as the company's articles of association, in substitution for, and for the exclusion of, the existing articles of association of the company. | Issuer | For | For | |
| S17 | To resolve that, subject to the passing of resolution 16, a general meeting other then an annual general meeting of the company may be called on not less then 14 clear days' notice. | Issuer | For | For | |
| Enersis S.A | 65000 | ENI | 29274F104 | 4/26/11 | |
| 1 | Approval of annual report, balance sheet, financial statements and report of the external auditors and account inspectors for the fiscal year ended on December 31, 2010. | Issuer | For | For | |
| 2 | Profit distribution for the period and dividend payments. | Issuer | For | For | |
| 3 | Setting of board of directors' compensation. | Issuer | For | For | |
| 4 | Setting of directors' committee's compensation and their budget for 2011. | Issuer | For | For | |
| 6 | Appointment of an external auditing firm governed by chapter XXVIII of securities market law 18,045. | Issuer | For | For | |
| 7 | Appointment of two account inspectors, including two deputies, and setting of their compensation. | Issuer | For | For | |
| 8 | Appointment of risk rating agencies. | Issuer | For | For | |
| 9 | Approval of the investment and financing policy. | Issuer | For | For | |
| 13 | Other matters of interest and competence of the ordinary shareholders' meetings. | Issuer | For | For | |
| 14 | Other necessary resolutions for the proper implementation of the above mentioned agreements. | Issuer | For | For | |
| AXA | 17000 | AXAHY | 054536107 | 4/27/11 | |
| 1 | Approval of the company's financial statements for the fiscal year 2010 parent only. | Issuer | For | For | |
| 2 | Approval of the consolidated financial statements for the fiscal year 2010. | Issuer | For | For | |
| 3 | Earnings appropriation for the fiscal year 2010 and declaration of a dividend of 0.69 Euro per share. | Issuer | For | For | |
| 4 | Statutory auditors special report on regulated agreements. | Issuer | For | For | |
| 5-7 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 8 | Authorization granted to the board of directors to purchase ordinary shares of the company. | Issuer | For | For | |
| 9 | Delegation of authority granted to the board of directors for the purpose of an increase in the share capital through the capitalization of reserves, earnings or premiums. | Issuer | For | For | |
| 10 | Delegation of authority granted to the board of directors for the purpose on increasing the share capital of the company by issuing ordinary shares or securities giving a claim to ordinary shares of the company or one of its subsidiaries, with preferential subscription rights of the shareholder. | Issuer | For | For | |
| 11 | Delegation of authority granted to the board of directors for the purpose of increasing the share capital of the company through the issue of ordinary shares for securities giving a claim to ordinary shares of the company or one of its subsidiaries, without preferential subscription rights of the shareholders, in the case of public offerings. | Issuer | For | For | |
| 12 | Delegation of authority granted to the board of directors for the purpose of increasing the share capital of the company through the issue of ordinary shares or securities of the company or one of its subsidiaries, without preferential subscription rights of shareholders, through private placement as set forth in article L.411-2 11 of the French monetary and financial code. | Issuer | For | For | |
| 13 | Authorization granted to the board of directors in the event of an issue of shares through public offering or private placement without preferential subscription rights, to set the issue price under the conditions defined by the general shareholders' meeting, up to a maximum of 10% of the share capital. | Issuer | For | For | |
| 14 | Authorization granted to the board of directors for the purpose of increasing the amount of the initial issue of shares or securities, or without preferential subscription rights, decided respectively by virtue of the tenth to the thirteenth and seventeenth resolutions. | Issuer | For | For | |
| 15 | Delegation of authority granted to the board of directors for the purpose of increasing the share capital through the issue of ordinary shares or securities giving a claim to the company's ordinary shares, in the event of a public exchange offer initiated by the company. | Issuer | For | For | |
| 16 | Delegation of authority granted to the board of directors for the purpose of increasing the share capital of the company through the issue of ordinary shares or securities giving a claim to ordinary shares of the company, in return for contributions in kind up to a maximum of 10% of the share capital outside a public exchange offer initiated by the company. | Issuer | For | For | |
| 17 | Delegation of authority granted to the board of directors for the purpose of issuing ordinary shares as a result of an issue by subsidiaries of the company of securities giving a claim to the company's ordinary shares. | Issuer | For | For | |
| 18 | Delegation of authority granted to the board of directors for the purpose of issuing securities which gave rights to an allotment of debt instruments, without an increase of the company's share capital. | Issuer | For | For | |
| 19 | Delegation of the power granted to the board of directors for the purpose of increasing the share capital by issuing ordinary share or securities giving a claim to the company's ordinary shares, reserved for employees enrolled in the eh employer sponsored company savings plan. | Issuer | For | For | |
| 20 | Delegation of power granted to the board of directors for the purpose of increasing the share capital of the company by issuing ordinary shares, without preferential subscription rights, in favor of a specific category of beneficiaries. | Issuer | For | For | |
| 21 | Authorization granted to the board of directors to grant subscription or purchase option to employees and eligible executive officers of the AXA group. | Issuer | For | For | |
| 22 | Authorization granted to the board of directors to grant performance shares to employees and eligible executive officers for the AXA group. | Issuer | For | For | |
| 23 | Authorization granted to the board of directors to grant free shares to employees of the group in connection with the attainment of its strategic objectives and the implementation of the law dated December 3, 2008. | Issuer | For | For | |
| 24 | Authorization granted to the board of directors to reduce the share capital through the cancellation of ordinary shares. | Issuer | For | For | |
| 25 | Modification of the bylaws regarding the notification, by electronic means, of the appointment and revocation of the shareholder representative during general shareholders meetings. | Issuer | For | For | |
| 26 | Authorization to comply with all formal requirements in connection with this meeting. | Issuer | For | For | |
| Barrick Gold Corporation | 40000 | ABX | 067901108 | 4/27/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Resolution approving the appointment of Pricewaterhousecoopers LLP as the auditors of Barrick and authorizing the directors to fix their remuneration. | Issuer | For | For | |
| 3 | Advisory resolution on executive compensation approach. | Issuer | For | For | |
| Cenovus Energy Inc. | 60000 | CVE | 15135U109 | 4/27/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of Pricewaterhousecoopers LLP, charted accountants, as auditor of Cenovus Energy Inc. | Issuer | For | For | |
| Pearson PLC | 90,000 | PSO | 705015105 | 4/28/11 | |
| 1-13 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 14 | Approval of report on directors' remuneration. | Issuer | For | For | |
| 15 | Reappointment of auditors. | Issuer | For | For | |
| 16 | Remuneration of auditors. | Issuer | For | For | |
| 17 | Allotment of shares. | Issuer | For | For | |
| 18 | Waiver of pre-emption rights. | Issuer | For | For | |
| 19 | Authority to purchase own shares. | Issuer | For | For | |
| 20 | Notice of meetings. | Issuer | For | For | |
| 21 | Approval of long-term incentive plan. | Issuer | For | For | |
| CPFL Energia S.A | 15000 | CPL | 126153105 | 4/28/11 | |
| OA | To receive management's accounts, examine, discuss and vote on financial statements, report of independent auditors and report of fiscal council for the fiscal year ending December 31, 2010. | Issuer | None | For | |
| OB | To approve the proposal for allocating the net income for the fiscal year 2010 and dividend distribution. | Issuer | None | For | |
| OC | To elect the effective members and their alternates to the board of directors. | Issuer | None | For | |
| OD | To elect the effective members and their alternates to the fiscal council. | Issuer | None | For | |
| OE | To establish the compensation of the company's board of directors. | Issuer | None | Abstain | |
| OF | To establish the fees of the members of the fiscal council. | Issuer | None | Abstain | |
| EB1 | To change the text of article 3 of the company's bylaws, to include the complete address of the registered office. | Issuer | None | For | |
| EB2 | To change the text of the caput of article 5 of the company's bylaws, all as more fully described in the proxy statement. | Issuer | None | Abstain | |
| EB3 | Change text of article 13 of bylaws, seeking to make procedures for identifying shareholders in general meetings fore flexible. | Issuer | None | For | |
| EB4 | To change the text of paragraph 1 of article 25 of the company's bylaws, all as more fully described in the proxy statement. | Issuer | None | Abstain | |
| EC | To approve the consolidation of the company's bylaws, as a result of the amendments hereby approved. | Issuer | None | For | |
| Ritchie Bros. Auctioneers Incorporated | 30000 | RBA | 767744105 | 4/28/11 | |
| 1 | To set the number of directors at seven (7). | Issuer | For | For | |
| 2 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 3 | Appointment of KPMG LLP as auditors of the company for the ensuing year and authorizing the directors to fix their remuneration. | Issuer | For | For | |
| 4 | Confirm the amendment to company bylaws to allow electronic participation in shareholder meetings, as previously approved by the board of directors of the company. | Issuer | For | For | |
| Fibria Celulose S.A. | 45500 | FBR | 31573A109 | 4/28/11 | |
| O1A | Take the accounts of the management, examine, discuss and vote on the financial statements accompanied by the report of the independent auditors for the fiscal year ending December 31, 2010. | Issuer | For | For | |
| OIB | Allocation of net profit earned and distribution of dividends, including amount of mandatory dividend not distributed for 2009. | Issuer | For | For | |
| O1C | Resolve o the proposed capital budget for 2011. | Issuer | For | For | |
| O1D | Elect the members of the board of directors of the company. | Issuer | For | For | |
| O1E | Elect the members of the fiscal council of the company. | Issuer | For | For | |
| O1F | Set the aggregate annual remuneration to management and members of the council, the latter in accordance with limit established in article 162, paragraph 3 of the Brazilian corporation law. | Issuer | For | For | |
| E2A | Amend (I) the lead paragraph of article 5 of the company's bylaws to rectify the amount of the capital stock and (II) the name of the finance committee, as established on item XX of article 17 of the company's bylaws, to financial committee. | Issuer | For | For | |
| E2B | Approve the consolidation of the company's bylaws. | Issuer | For | For | |
| LAN Airlines S.A. | 130000 | LFL | 501723100 | 4/29/11 | |
| A | Approval of the annual report, balance sheep and financial statements of Lan for the fiscal year ending December 31, 2010. | Issuer | None | For | |
| B | Approval of distribution of a definitive dividend to be charged to the earnings of the fiscal year 2010, which shall include the interim dividends of US$0.36896 per share paid in the months of August 2010 and January 2011, respectively. | Issuer | None | For | |
| C | Determination of the compensation for the board of directors for the fiscal year 2011. | Issuer | None | For | |
| D | Determination of the compensation for the director's committee and it's budget for the fiscal year 2011. | Issuer | None | For | |
| E | Appointment of an external audit company; appointment of the rating agencies; and reports regarding the issues contemplated in title XVI of law 18,046 on corporations. | Issuer | None | For | |
| F | Information regarding the cost of processing, printing and distribution of the information referred to in circular 1,816 of the Chilean superintendence of securities and insurance. | Issuer | None | For | |
| G | Determination of the newspaper in which the company will make it's publications. | Issuer | None | For | |
| H | Other matters of corporate interest that are to be reviewed by the annual shareholders' meeting. | Issuer | None | Abstain | |
| GlaxoSmithKline PLC. | 50000 | GSK | 37733W105 | 5/5/11 | |
| 1 | To receive and adopt the directors report and the financial statements. | Issuer | For | For | |
| 2 | To approve the remuneration report. | Issuer | For | For | |
| 3-17 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 18 | To re-appoint Auditors. | Issuer | For | For | |
| 19 | To determine remuneration of auditors. | Issuer | For | For | |
| 20 | To authorize the company and its subsidiaries to make donations to political organizations and incur political expenditure. | Issuer | For | For | |
| S22 | To disapply the pre-emption rights. | Issuer | For | For | |
| S23 | To authorize the company to purchase its own shares. | Issuer | For | For | |
| 24 | To authorize exemption from statement of name of senior statutory auditor. | Issuer | For | For | |
| S25 | To authorize reduced notice of a general meeting other then an AGM. | Issuer | For | For | |
| BASF SE | 25000 | BASF | 055262505 | 5/6/11 | |
| 2 | Adoption of a resolution on the appropriation of profit. | Issuer | For | For | |
| 3 | Adoption of a resolution giving formal approval of a resolution giving formal approval to the actions of the members of the supervisory board. | Issuer | For | For | |
| 4 | Adoption of a resolution giving formal approval to the actions of the members of the board of executive directors. | Issuer | For | For | |
| 5 | Election of the auditor for the financial year 2011. | Issuer | For | For | |
| 6 | By-election to the supervisory board. | Issuer | For | For | |
| 7 | Adoption of a resolution on the change of the remuneration of the audit committee of the supervisory board and the corresponding amendment of the statutes. | Issuer | For | For | |
| 8 | Approval of a control and profit and loss transfer agreement with Styrolution GMBH. | Issuer | For | For | |
| 9 | Approval of a control and profit and loss transfer agreement with BASF US Verwaltung GMBH. | Issuer | For | For | |
| ING Groep N.V | 92852 | ING | 456837103 | 5/9/11 | |
| 2C | Annual accounts for 2010. | Issuer | For | For | |
| 4B | Remuneration policy for members of the executive board. | Issuer | For | For | |
| 5B | Amendment articles of association A. | Issuer | For | For | |
| 5C | Amendment articles of association B. | Issuer | For | For | |
| 7A | Discharge of the members of the executive board in respect of their duties performed during the year 2010. | Issuer | For | For | |
| 7B | Discharge of the members of the supervisory board in respect of their duties performed during the year 2010. | Issuer | For | For | |
| 08 | Reappointment of KOOS Timmermans to the executive board. | Issuer | For | For | |
| 9A | Reappointment of Peter Elverding to the supervisory board. | Issuer | For | For | |
| 9B | Reappointment of Henk Breukink to the supervisory board. | Issuer | For | For | |
| 9C | Appointment of Sjoerd Van Keulen to the supervisory board. | Issuer | For | For | |
| 9D | Appointment of Joost Kuiper to the supervisory board. | Issuer | For | For | |
| 9E | Appointment of Luc Vandwalle to the supervisory board. | Issuer | For | For | |
| 10A | Authorization to issue ordinary shares with or without pre-emptive rights. | Issuer | For | For | |
| 10B | Authorization to issue ordinary shares with or without pre-emptive rights in connection with a merger, takeover of a business or a company, or for the safeguard or conservation of the company's capital position. | Issuer | For | For | |
| 11A | Authorization to acquire ordinary shares or depositary receipts for ordinary shares in the company's own capital. | Issuer | For | For | |
| 11B | Authorization to acquire ordinary shares or depositary receipts for ordinary shares in the company's own capital in connection with a major capital restructuring. | Issuer | For | For | |
| Unilever PLC. | 20000 | UL | 904767704 | 5/11/11 | |
| 1 | To receive the report and accounts for the year ended 31 December 2010. | Issuer | For | For | |
| 2 | To approve the directors' remuneration report for the year ended 31 December 2010. | Issuer | For | For | |
| 3-14 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 15 | To re-appoint Pricewaterhousecoopers LLP as auditors of the company. | Issuer | For | For | |
| 16 | To authorize the directors to fix the remuneration of the auditors | Issuer | For | For | |
| 17 | To renew the authority to directors to issue shares. | Issuer | For | For | |
| 18 | To renew the authority to directors to disapply pre-emption rights. | Issuer | For | For | |
| 19 | To renew the authority to the company to purchase its own shares. | Issuer | For | For | |
| 20 | To authorize political donations and expenditure. | Issuer | For | For | |
| 21 | To shorten the notice period for general meetings. | Issuer | For | For | |
| 22 | To amend the articles of association in relation to the directors' power to borrow money and give security. | Issuer | For | For | |
| BG Group PLC | 14000 | BRGYY | 055434203 | 5/12/11 | |
| 1 | Annual report and accounts. | Issuer | For | For | |
| 2 | Remuneration report. | Issuer | For | For | |
| 3 | Declaration of dividend. | Issuer | For | For | |
| 4-15 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 16 | Re-appointment of auditors. | Issuer | For | For | |
| 17 | Remuneration of auditors. | Issuer | For | For | |
| 18 | Political donations. | Issuer | For | For | |
| 19 | Authority to allot shares. | Issuer | For | For | |
| S20 | Disapplication of pre-emption rights. | Issuer | For | Against | |
| S21 | Authority to make market purchases of own shares. | Issuer | For | For | |
| S22 | Notice [periods for general meetings. | Issuer | For | For | |
| BEC Inc. | 60000 | BCE | 05534B760 | 5/12/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of Deloitte & Touche LLP as auditors. | Issuer | For | For | |
| 3 | Resolved, on an advisory basis and not to diminish the role and responsibilities of the board of directors, that the shareholders accept the approach to executive compensation disclosed in the 2011 management proxy circular dated March 10, 2011 delivered in advance of the 2011 annual general meeting of shareholders of BCE. | Issuer | For | For | |
| 4A | Critical mass of qualified women on board. | Shareholder | Against | Against | |
| 4B | Equity ratio. | Shareholder | Against | Against | |
| 4C | Additional information on comparator groups. | Shareholder | Against | Against | |
| Infosys Technologies Limited | 50000 | INFY | 456788108 | 6/11/11 | |
| 1 | Adopt the balance sheep, profit and loss account for the year ended March 31, 2011 and the report of the directors and auditors. | Issuer | None | ||
| 2 | To declare a final dividend for the financial year ended March 31, 2011. | Issuer | None | No Vote | |
| 3 | To appoint a director in place of Srinath Batni, who retires by rotation and, being eligible, seeks re-appointment. | Issuer | None | No Vote | |
| 4 | To appoint a director in place of Sridar Iyengar, who retires by rotation and, being eligible, seeks re-appointment. | Issuer | None | No Vote | |
| 5 | To appoint a director in place of Deepak M Satwalekar, who retires by rotation and, being eligible, seeks re-appointment. | Issuer | None | No Vote | |
| 6 | To appoint a director in place of Omkar Goswami who retires by rotation and, being eligible, seeks re-appointment. | Issuer | None | No Vote | |
| 7 | To resolve not to fill the vacancy for the time being in the board, due to the retirement of K. Dainesh, who retires by rotation and does not seek re-appointment. | Issuer | None | No Vote | |
| 8 | Appoint auditors to hold office until the conclusion of the next annual general meeting and to fix their remuneration. | Issuer | None | No Vote | |
| S9 | To appoint R. Seshasayee as a director, liable to retire by rotation. | Issuer | None | No Vote | |
| S10 | To appoint Ravi Venkatesan as director, liable to retire by rotation. | Issuer | None | No Vote | |
| S11 | To appoint S. Gopalakrishnan as whole-time director. | Issuer | None | No Vote | |
| S12 | To appoint S. D. Shibulal as chief executive officer and managing director. | Issuer | None | No Vote | |
| S13 | To approve the change in the name of the company. | Issuer | None | No Vote | |
| Nomura Holdings, Inc. | 30000 | NMR | 65535H208 | 6/28/11 | |
| 1A-N | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Amendment of the articles of incorporation. | Issuer | For | For | |
| Mitsubishi UFJ Financial Group, Inc. | 200000 | MTU | 606822104 | 6/29/11 | |
| 1 | Appropriation of surplus. | Issuer | None | For | |
| 2A-P | Directors recommendation for election | Issuer | For | For All Nominees | |
| 3 | Election of corporate auditor: Takehiko Nemoto. | Issuer | None | For | |
| Korea Electric Power Corporation | 20000 | KEP | 500631106 | 6/29/11 | |
| 1 | Appointment of a non-standing director as a member of the audit committee Kim, Kyung-Min. | Shareholder | For | Against | |
| Nissan Motor Co., Ltd | 120000 | NSANY | 654744408 | 6/29/11 | |
| 1 | Appropriation of retained earnings for the 112th fiscal year. | Issuer | For | For | |
| 2 | Delegation to the board of directors to determine the terms and conditions of issuing Shinkabuyoyakuken (share option) without consideration to employees of the company and directors and employees of its affiliates. | Issuer | For | For | |
| 3 | Directors recommendation for election | Issuer | For | For All Nominees | |
| Vodafone Group PLC. | 50000 | VOD | 92857W209 | 7/26/11 | |
| 1 | To receive the company's accounts and reports of the directors and the auditor for the year ended 31 March 2011 MGMT recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| 2-15 | Directors recommendation for election | Issuer | For | No Vote | |
| 16 | To approve a final dividend of 6.05P per ordinary share mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| 17 | To approve the remuneration report of the board for the year ended 31 March 2011 mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| 18 | To re-appoint Deloitte LLP as auditor mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| 19 | To authorize the audit committee to determine the remuneration of the auditor mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| 20 | To authorize the directors to allot shares mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| S21 | To authorize the directors to dis-apply pre-emption rights mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| S22 | To authorize the company to purchase it's own shares (section 701, companies act 2006) mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| S23 | To authorize the calling of a general meeting other then an annual general meeting on not less then 14 clear days' notice mgmt recommendation = for, uninstructed proposal will not be voted. | Issuer | For | No Vote | |
| Proposal # | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
| Nike, INC | 1,000 | NKE | 654106103 | 8/31/10 | |
| 1A-1L | Directors recommendations for election | Issuer | For | For all nominees | |
| 2 | To reapprove and amend the Nike, INC. executive performance plan | Issuer | For | For | |
| 3 | To reapprove and amend the Nike, INC. 1990 stock incentive plan | Issuer | For | For | |
| 4 | To ratify the appointment of Pricewaterhousecoopers LLP as independent registered public accounting firm | Issuer | For | For | |
| General Mills | 2,000 | GIS | 370334104 | 9/27/10 | |
| 1A-1N | Directors recommendations for election | Issuer | For | For all nominees | |
| 2 | Approve executive incentive plan | Issuer | For | For | |
| 3 | Ratify the appointment of KMPG LLP as General Mills' independent registered public accounting firm | Issuer | For | For | |
| 4 | Cast an advisory vote on executive compensation | Issuer | For | For | |
| RPM International Inc. | 1,000 | RPM | 749685103 | 10/7/10 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratify the appointment of Ernst & Young LLP as RPM's independent registered public accounting firm. | Issuer | For | For | |
| Harris Corporation | 800 | HRS | 413875-105 | 10/22/10 | |
| 1 a-f | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the Appointment by our Audit Committee of Ernst & Young LLP as our Independent Registered Public Accounting Firm for Fiscal Year 2011 | Issuer | For | For | |
| 3 | Approval of the Harris Corporation 2005 Equity Incentive Plan | Issuer | For | For | |
| 4 | Re-Approval of the Performance Measures for the Harris Corporation 2005 Equity Incentive Plan. | Issuer | For | For | |
| 5 | Shareholder Proposal Requesting Approval of an Amendment to our By-Laws to Require an Independent Chairman of the Board. | Shareholder | Against | Against | |
| Washington Federal, Inc. | 2000 | WFSL | 938824-109 | 01/19/11 | |
| 1 | Directors recommendation for election | Issuer | For | Withhold | |
| 2 | Adoption of the Washington Federal, Inc. 2011incentive plan. | Issuer | For | For | |
| 3 | Advisory vote on Washington Federal's executive compensation. | Issuer | For | For | |
| 4 | Ratification of appointment of independent auditors. | Issuer | For | For | |
| The Toronto-Dominion Bank | 550 | TD | 891160509 | 3/30/11 | |
| A | Directors recommendation for election | Issuer | For | For all nominees | |
| B | Appointment of auditor named in the management proxy circular | Issuer | For | For | |
| C | Approach to executive compensation disclosed in the report of the human resources committee and approach the compensation sections of the management proxy circular note | Issuer | For | For | |
| D | Shareholder proposal A | Shareholder | Against | Against | |
| E | Shareholder proposal B | Shareholder | Against | Against | |
| F | Shareholder proposal C | Shareholder | Against | Against | |
| G | Shareholder proposal D | Shareholder | Against | Against | |
| Novartis AG | 950 | NVS | 66987V109 | 4/8/11 | |
| 1A | The board of directors proposes the approval of the merger agreement between Alcon, Inc ("Alcon") and Novartis AG ("Novartis") dated December 14, 2010. | Issuer | For | For | |
| 1B | The board of directors proposes the creation of authorized capital through the issuance of up to 108 million new shares for the purpose of completing the merger of Alcon into Novartis by means of introducing a new article 4A of the articles of incorporation. | Issuer | For | For | |
| 2 | For additional and/or counter proposals presented at the meeting, I/we instruct to vote according the proposal of the board of directors. | Issuer | For | For | |
| Eli Lilly and Company | 1000 | LLY | 532457108 | 4/18/11 | |
| 1A-D | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment by the audit committee of the board of directors of Ernst & Young LLP as principal independent auditor for 2011 | Issuer | For | For | |
| 3 | Approve, by non-binding vote, 2010 compensation paid to the company's named executive officers. | Issuer | For | For | |
| 4 | Recommend, by non-binding vote, the frequency of future advisory votes on executive compensation. | Issuer | One Year | One Year | |
| 5 | Approve amendments to the articles of incorporation to provide for annual election of all directors. | Issuer | For | For | |
| 6 | Approve amendments to the articles of incorporation to eliminate all supermajority voting requirements. | Issuer | For | For | |
| 7 | Approve the executive officer incentive plan. | Issuer | For | For | |
| Stanley Black & Decker, Inc | 446 | SWK | 854502-101 | 04/19/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | To approve Ernst & Young LLP as the company's independent auditors for the 2011 fiscal year. | Issuer | For | For | |
| 3 | To approve, on an advisory basis, the compensation of the company's named executive officers. | Issuer | For | For | |
| 4 | To recommend, on an advisory basis, the frequency with which the company should conduct future shareholder advisory votes on named executive officer compensation. | Issuer | 3 years | 1 year | |
| Adobe Systems Incorporated | 1100 | ADBE | 00724F 101 | 04/21/11 | |
| 1A-1D | Directors recommendation for election | Issuer | For | For | |
| 2 | Approval of the amendment of the 1997 employee stock purchase plan to increase the share reserve by 17 million shares. | Issuer | For | Against | |
| 3 | Approval of the adoption of the 2011 executive cash performance bonus plan. | Issuer | For | For | |
| 4 | Ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending on December 2, 2011. | Issuer | For | For | |
| 5 | Approval of the certificate of amendment to the restated certificate of incorporation to eliminate our classified board structure. | Issuer | For | For | |
| 6 | Advisory vote to approve the resolution on the compensation of the named executive officers. | Issuer | For | For | |
| 7 | Advisory vote on the frequency of future advisory votes to approve a resolution on the compensation of the name executive officers. | Issuer | 1 year | 1 year | |
| Humana Inc. | 1000 | HUM | 444859102 | 4/21/11 | |
| 1A-J | Directors recommendations for election | Issuer | For | For all nominees | |
| 2 | The ratification of the appointment of Pricewaterhousecoopers LLP as company's independent registered public accounting firm. | Issuer | For | For | |
| 3 | The approval of the Humana Inc. 2011 stock incentive plan. | Issuer | For | For | |
| 4 | The approval of the compensation of the named executive officers as disclosed in the 2011 proxy statement. | Issuer | For | For | |
| 5 | Approval of the frequency with which future shareholder votes on compensation of the named executive officers will be held. | Issuer | One Year | One Year | |
| Kimberly-Clark Corporation | 925 | KMB | 494368103 | 4/21/11 | |
| 1A-L | Directors recommendations for election | Issuer | For | For all nominees | |
| 2 | Ratification of auditors. | Issuer | For | For | |
| 3 | Approval of the 2011 outside directors' compensation plan. | Issuer | For | For | |
| 4 | Approval of the 2011 equity participation plan. | Issuer | For | For | |
| 5 | Advisory vote on executive compensation program. | Issuer | For | For | |
| 6 | Advisory vote on the frequency of an advisory vote on executive compensation. | Issuer | One Year | One Year | |
| Honeywell International Inc. | 850 | HON | 438516-106 | 04/25/11 | |
| 1A-1J | Directors recommendation for election | Issuer | For | For | |
| 2 | Approval of independent accountants. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of the advisory vote on executive compensation. | Issuer | 1 year | 1 year | |
| 5 | 2011 stock incentive plan of Honeywell International Inc. and its affiliates. | Issuer | For | For | |
| 6 | Honeywell International Inc. incentive compensation plan for executive employees, amended and restated effective as of January 1, 2011. | Issuer | For | For | |
| 7 | Shareholder action by written consent. | Shareholder | Against | Against | |
| 8 | Special shareholder meeting. | Shareholder | Against | Against | |
| Praxair, Inc. | 700 | PX | 74005P104 | 4/26/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approve, on an advisory and non-binding basis, the compensation of Praxair's named executive officer compensation. | Issuer | For | For | |
| 3 | Recommend, on an advisory and non-binding basis, the frequency of holding future advisory votes on named executive officer compensation. | Issuer | One Year | One Year | |
| 4 | To approve performance goals under Praxair's section 162(M) plan. | Issuer | For | For | |
| 5 | To approve amendments to the 2009 Praxair, Inc. long term incentive plan to add non-employee directors eligible participants. | Issuer | For | For | |
| 6 | To ratify the appointment of the independent auditor. | Issuer | For | For | |
| The PNC Financial Servicer Group, Inc. | 600 | PNC | 693475105 | 4/26/11 | |
| 1A-O | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the audit committee's selection of Pricewaterhousecoopers LLP as PNC's independent registered public accounting firm for 2011. | Issuer | For | For | |
| 3 | Approval of 2006 incentive award plan terms. | Issuer | For | For | |
| 4 | Approval of an advisory vote on executive compensation. | Issuer | For | For | |
| 5 | Recommendation for the frequency of future advisory votes on executive compensation. | Issuer | For | For | |
| The Chubb Corporation | 750 | CB | 171232-101 | 04/26/11 | |
| 1A-1K | Directors recommendation for election | Issuer | For | For | |
| 2 | To vote on the adoption of the Chubb Corporation annual incentive compensation plan (2011) | Issuer | For | For | |
| 3 | To ratify the appointment of Ernst & Young LLP as independent auditor. | Issuer | For | For | |
| 4 | To hold an advisory vote on the compensation of our named executive officers as disclosed pursuant to item 402 of regulation S-K in the enclosed annual meeting materials. | Issuer | For | For | |
| 5 | To hold an advisory vote on the frequency of the shareholder vote on executive compensation. | Issuer | 3 years | 1 year | |
| Canadian National Railway Company | 800 | CNI | 136375102 | 4/27/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of KPMG LLP as auditors. | Issuer | For | For | |
| 3 | Non-binding advisory resolution to accept the approach to executive compensation disclosed in the accompanying management information circular, the full text of which resolution is set out in P 6. of the accompanying management information circular. | Issuer | For | For | |
| The Mcgraw-Hill Companies, Inc. | 1,000 | MHP | 580645109 | 4/27/11 | |
| 1A-L | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Vote to amend the restated certificate of incorporation to permit shareholders to call special meetings. | Issuer | For | For | |
| 3 | Vote to approve, on an advisory basis, the executive compensation program for the company's named executive officers. | Issuer | For | For | |
| 4 | Vote, on an advisory basis, on how often the company will conduct an advisory vote on executive compensation. | Issuer | One Year | One Year | |
| 5 | Vote to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2011. | Issuer | For | For | |
| 6 | Shareholder proposal requesting shareholder action by written consent. | Shareholder | Against | Against | |
| Cenovus Energy Inc. | 1000 | CVE | 15135U109 | 4/27/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of Pricewaterhousecoopers LLP, chartered accountants, as auditor of Cenovus Energy Inc. | Issuer | For | For | |
| Johnson & Johnson | 900 | JNJ | 478160104 | 04/28/11 | |
| 1A-1K | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of Pricewaterhousecoopers LLP as independent registered public accounting firm for 2011. | Issuer | For | For | |
| 3 | Advisory vote on named executive officer compensation. | Issuer | For | For | |
| 4 | Advisory vote on frequency of advisory vote on named executive officer compensation. | Issuer | 1 year | 1 year | |
| 5 | Shareholder proposal on pharmaceutical price restraint. | Shareholder | Against | Against | |
| 6 | Shareholder proposal on amendment to company's equal employment opportunity policy. | Shareholder | Against | Against | |
| 7 | Shareholder proposal on adopting non-animal methods for training. | Shareholder | Against | Against | |
| Pearson PLC | 3,100 | PSO | 705015105 | 4/28/11 | |
| 1-13 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 14 | Approval of report on directors' remuneration. | Issuer | For | For | |
| 15 | Reappointment of auditors. | Issuer | For | For | |
| 16 | Remuneration of auditors. | Issuer | For | For | |
| 17 | Allotment of shares. | Issuer | For | For | |
| 18 | Waiver of pre-emption rights. | Issuer | For | For | |
| 19 | Authority to purchase own shares. | Issuer | For | For | |
| 20 | Notice of meetings. | Issuer | For | For | |
| 21 | Approval of long-term incentive plan. | Issuer | For | For | |
| Arch Coal, Inc. | 2000 | ACI | 039380100 | 4/28/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of independent registered public accounting firm. | Issuer | For | For | |
| 3 | Approval of executive compensation in an advisory vote. | Issuer | For | For | |
| 4 | Advisory vote on frequency of say-on-pay votes. | Issuer | One Year | One Year | |
| Lockheed Martin Corporation | 400 | LMT | 539830109 | 4/28/11 | |
| 1A-K | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of appointment of Ernst & Young LLP as independent auditors. | Issuer | For | For | |
| 3 | Management proposal adopt the Lockheed Martin Corporation 2011 incentive performance award plan. | Issuer | For | For | |
| 4 | Proposal to approve the compensation of named executive officers. | Issuer | For | For | |
| 5 | Proposal on the frequency of holding future votes on the compensation of named executive officers. | Issuer | One Year | One Year | |
| 6 | Stockholder proposal allow stockholders to act by written consent in lieu of a meeting | Stockholder | Against | Against | |
| AT&T Inc. | 2600 | T | 00206R102 | 04/29/11 | |
| 1A-1L | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratification of appointment of Independent auditors. | Issuer | For | For | |
| 3 | Approve 2010 incentive plan. | Issuer | For | For | |
| 4 | Advisory vote on executive compensation. | Issuer | For | For | |
| 5 | Advisory vote frequency of vote on executive compensation. | Issuer | 3 years | 1 year | |
| 6 | Political contributions. | Shareholder | Against | Against | |
| 7 | Special stockholder meetings. | Shareholder | Against | Against | |
| 8 | Written consent. | Shareholder | Against | Against | |
| Lan Airelines S.A. | 3500 | LFL | 501723100 | 4/29/11 | |
| A | Approval of the annual report, balance sheep and financial statements of Lan for the fiscal year ending December 31, 2010. | Issuer | None | For | |
| B | Approval of distribution of a definitive dividend to be charged to the earnings of the fiscal year 2010, which shall include the interim dividends of US$0.36896 per share paid in the months of August 2010 and January 2011, respectively. | Issuer | None | For | |
| C | Determination of the compensation for the board of directors for the fiscal year 2011. | Issuer | None | For | |
| D | Determination of the compensation for the director's committee and it's budget for the fiscal year 2011. | Issuer | None | For | |
| E | Appointment of an external audit company; appointment of the rating agencies; and reports regarding the issues contemplated in title XVI of law 18,046 on corporations. | Issuer | None | For | |
| F | Information regarding the cost of processing, printing and distribution of the information referred to in circular 1,816 of the Chilean superintendence of securities and insurance. | Issuer | None | For | |
| G | Determination of the newspaper in which the company will make it's publications. | Issuer | None | For | |
| H | Other matters of corporate interest that are to be reviewed by the annual shareholders' meeting. | Issuer | None | Abstain | |
| Noble Corporation | 16001 | NE | H5833N103 | 4/29/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval of the 2010 annual report, the consolidated financial statements fo the company for fiscal year 2010 and the statutory financial statements of the company for fiscal year 2010. | Issuer | For | For | |
| 3 | Approval of the creation of a reserve through appropriation of retained earnings. | Issuer | For | For | |
| 4 | Approval of a capital reduction by cancellation of certain shares held in treasury. | Issuer | For | For | |
| 5 | Approval of an extension of board authority to issue authorized share capital until April 28, 2013 | Issuer | For | For | |
| 6 | Approval of return of capital in the form of a par value reduction in an amount equal to Swiss Francs 0.52 per share. | Issuer | For | For | |
| 7 | Approval of the appointment of Pricewaterhousecoopers LLP as independent registered public accounting firm for fiscal year 2011 and the election of Pricewaterhousecoopers as a statutory auditors for a one-year term. | Issuer | For | For | |
| 8 | Approval of the discharge of the members of the board of directors and the executive officers of the company for fiscal year 2010. | Issuer | For | For | |
| 9 | Approval, on an advisory basis of the compensation of the company's named executive officers. | Issuer | For | For | |
| 10 | Advisory vote on the frequency of the executive compensation advisory vote. | Issuer | Three Years | Three Years | |
| PepsiCo, Inc. | 1000 | PEP | 713448108 | 5/4/11 | |
| 1A-L | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval, by non-binding vote, of executive compensation. | Issuer | For | For | |
| 3 | Recommend, by non-binding vote, the compensation votes. | Issuer | Three Years | One Year | |
| 4 | Approval of independent registered public accountants for fiscal year 2011. | Issuer | For | For | |
| 5 | Approval of amendment to articles of incorporation to implement majority voting for directors in uncontested elections. | Issuer | For | For | |
| 6 | Shareholder proposal- right to call special shareholder meetings. (Proxy Statement P.63) | Issuer | Against | Against | |
| 7 | Shareholder proposal -political contributions report (Proxy Statement P.65) | Issuer | Against | Against | |
| Express Scripts, Inc. | 1200 | ESRX | 302182100 | 5/4/11 | |
| 1A-J | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Pricewaterhousecoopers LLP as the company's independent registered public accountants for 2011. | Issuer | For | For | |
| 3 | To approve amendment to the bylaws regarding calling of a special meeting. | Issuer | For | For | |
| 4 | To approve, by non-binding vote, executive compensation. | Issuer | For | For | |
| 5 | To recommend, by non-binding vote, the frequency of executive compensation votes. | Issuer | Three Years | One Year | |
| 6 | To approve and ratify the Express scripts, Inc. 2011 long-Term incentive plan. | Issuer | For | For | |
| 7 | Stockholder proposal regarding report on political contributions. | Stockholder | Against | Against | |
| CRH PLC | 600 | CRH | 12626K203 | 5/4/11 | |
| 1 | Consideration of financial statements and reports of directors and auditors. | Issuer | For | For | |
| 2 | Declaration of a dividend. | Issuer | For | For | |
| 3 | Consideration of report on directors' remuneration. | Issuer | For | For | |
| 4A-L | Directors recommendation for election | Issuer | For | For All Nominees | |
| 5 | Remuneration of auditors. | Issuer | For | For | |
| 6 | Disapplication of pre-emption rights. | Issuer | For | For | |
| 7 | Authority to purchase own ordinary shares. | Issuer | For | For | |
| 8 | Authority to re-issue treasury shares. | Issuer | For | For | |
| 9 | Notice period for extraordinary general meetings | Issuer | For | For | |
| GlaxoSmithKline PLC. | 500 | GSK | 37733W105 | 5/5/11 | |
| 1 | To receive and adopt the directors report and the financial statements. | Issuer | For | For | |
| 2 | To approve the remuneration report. | Issuer | For | For | |
| 3-17 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 18 | To re-appoint Auditors. | Issuer | For | For | |
| 19 | To determine remuneration of auditors. | Issuer | For | For | |
| 20 | To authorize the company and its subsidiaries to make donations to political organizations and incur political expenditure. | Issuer | For | For | |
| S22 | To disapply the pre-emption rights. | Issuer | For | For | |
| S23 | To authorize the company to purchase its own shares. | Issuer | For | For | |
| 24 | To authorize exemption from statement of name of senior statutory auditor. | Issuer | For | For | |
| S25 | To authorize reduced notice of a general meeting other then an AGM. | Issuer | For | For | |
| Alcoa Inc. | 2000 | AA | 013817-101 | 05/06/11 | |
| 1A-1C | Directors recommendation for election | Issuer | For | For | |
| 2 | Ratify the independent auditor. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on frequency of executive compensation vote. | Issuer | 3 years | 1 year | |
| 5 | Adopt internal revenue code section 162(m) compliant annual cash incentive compensation plan. | issuer | For | For | |
| 6 | Eliminate super-majority voting requirement in the articles of incorporation - article seventh (fair price protection) | Issuer | For | Abstain | |
| 7 | Eliminate super-majority voting requirement in the articles of incorporation - article eighth (director elections) | Issuer | For | For | |
| 8 | Eliminate super-majority voting requirement in the articles of incorporation-article eighth (removal or directors) | Issuer | For | For | |
| 9 | Shareholder proposal — action by written consent. | Shareholder | Against | Against | |
| 10 | Shareholder proposal — declassify the board | Shareholder | Against | Against | |
| BASF SE | 400 | BASF | 055262505 | 5/6/11 | |
| 2 | Adoption of a resolution on the appropriation of profit. | Issuer | For | For | |
| 3 | Adoption of a resolution giving formal approval of a resolution giving formal approval to the actions of the members of the supervisory board. | Issuer | For | For | |
| 4 | Adoption of a resolution giving formal approval to the actions of the members of the board of executive directors. | Issuer | For | For | |
| 5 | Election of the auditor for the financial year 2011. | Issuer | For | For | |
| 6 | By-election to the supervisory board. | Issuer | For | For | |
| 7 | Adoption of a resolution on the change of the remuneration of the audit committee of the supervisory board and the corresponding amendment of the statutes. | Issuer | For | For | |
| 8 | Approval of a control and profit and loss transfer agreement with Styrolution GMBH. | Issuer | For | For | |
| 9 | Approval of a control and profit and loss transfer agreement with BASF US Verwaltung GMBH. | Issuer | For | For | |
| Autoliv, Inc. | 700 | ALV | 052800109 | 5/10/11 | |
| 1 | Directors recommendation for election | Issuer | For | For | |
| 2 | Advisory vote on Autoliv, Inc's 2010 executive compensation. | Issuer | For | For | |
| 3 | Advisory vote on the frequency of future advisory votes on executive compensation. | Issuer | Three Years | One Year | |
| 4 | Approval of Ernst & Young AB AS independent auditors of the company for the fiscal year ending December 31, 2011. | Issuer | For | For | |
| 3M Company | 600 | MMM | 88579Y101 | 5/10/11 | |
| 1A-J | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | To ratify the appointment of Pricewaterhousecoopers LLP as 3M's independent registered public accounting firm. | Issuer | For | For | |
| 3 | An advisory vote on executive compensation. | Issuer | For | For | |
| 4 | An advisory vote on the frequency of advisory votes on executive compensation. | Issuer | One Year | One Year | |
| 5 | Stockholder proposal on political contributions. | Stockholder | Against | Against | |
| ConocoPhillips | 1250 | COP | 20825C104 | 5/11/11 | |
| 1A-M | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Proposal to ratify appointment of Ernst & Young LLP as ConocoPhillips' independent registered public accounting firm for 2011. | Issuer | For | For | |
| 3 | Advisory approval of executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on frequency of advisory vote on executive compensation. | Issuer | None | No Vote | |
| 5 | Approval of 2011 omnibus stock and performance incentive plan. | Issuer | For | For | |
| 6 | Gender expression non-discrimination. | Stockholder | Against | Against | |
| 7 | Political contributions. | Stockholder | Against | Against | |
| 8 | Report on grassroots lobbying expenditures. | Stockholder | Against | Against | |
| 9 | Accident risk mitigation. | Stockholder | Against | Against | |
| 10 | Company environmental policy (Louisiana wetlands). | Stockholder | Against | Against | |
| 11 | Greenhouse gas reduction targets. | Stockholder | Against | Against | |
| 12 | Report on financial risks from climate change. | Stockholder | Against | Against | |
| 13 | Canadian oil sands. | Stockholder | Against | Against | |
| Unilever PLC. | 1850 | UL | 904767704 | 5/11/11 | |
| 1 | To receive the report and accounts for the year ended 31 December 2010. | Issuer | For | For | |
| 2 | To approve the directors' remuneration report for the year ended 31 December 2010. | Issuer | For | For | |
| 3-14 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 15 | To re-appoint Pricewaterhousecoopers LLP as auditors of the company. | Issuer | For | For | |
| 16 | To authorize the directors to fix the remuneration of the auditors | Issuer | For | For | |
| 17 | To renew the authority to directors to issue shares. | Issuer | For | For | |
| 18 | To renew the authority to directors to disapply pre-emption rights. | Issuer | For | For | |
| 19 | To renew the authority to the company to purchase its own shares. | Issuer | For | For | |
| 20 | To authorize political donations and expenditure. | Issuer | For | For | |
| 21 | To shorten the notice period for general meetings. | Issuer | For | For | |
| 22 | To amend the articles of association in relation to the directors' power to borrow money and give security. | Issuer | For | For | |
| Nucor Corporation | 800 | NUE | 670346105 | 5/12/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Pricewaterhousecoopers LLP as Nucor's independent registered public accounting firm for the year ending December 31, 2011. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on the frequency of future advisory votes on executive compensation. | Issuer | Three Years | One Year | |
| 5 | Stockholder proposal regarding majority vote. | Stockholder | Against | Against | |
| 6 | Stockholder proposal regarding independent chairman. | Stockholder | Against | Against | |
| JPMorgan Chase & Co. | 550 | JPM | 46625H100 | 5/17/11 | |
| 1A-K | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of independent registered public accounting firm. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | Advisory vote on frequency of advisory vote on executive compensation. | Issuer | One Year | One Year | |
| 5 | Approval of amendment to long-term incentive plan. | Issuer | For | For | |
| 6 | Political non-partisanship. | Shareholder | Against | Against | |
| 7 | Shareholder action by written consent. | Shareholder | Against | Against | |
| 8 | Mortgage loan servicing. | Shareholder | Against | Against | |
| 9 | Political contributions. | Shareholder | Against | Against | |
| 10 | Genocide-free investing. | Shareholder | Against | Against | |
| 11 | Independent lead director. | Shareholder | Against | Against | |
| Devon Energy Corporation | 1200 | DVN | 25179M103 | 6/8/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory vote on executive compensation. | Issuer | For | For | |
| 3 | Advisory vote on the frequency of an advisory vote on executive compensation. | Issuer | One Year | One Year | |
| 4 | Amend the restated certificate of incorporation to eliminate supermajority voting provisions. | Issuer | For | For | |
| 5 | Amend and restate the restated certificate of incorporation to remove unnecessary and outdated provisions. | Issuer | For | For | |
| 6 | Ratify the appointment of the company's independent auditors for 2011. | Issuer | For | For | |
| 7 | Shareholder action by written consent. | Shareholder | Against | Against | |
| Taiwan Semiconductor MFG. CO. LTD. | 4534 | TSM | 874039100 | 6/9/11 | |
| 1 | To accept 2010 business report and financial statements. | Issuer | For | For | |
| 2 | To approve the proposal for distribution of 2010 profits. | Issuer | For | For | |
| 3 | To revise internal rules as follows: (A) Procedures for lending funds to other parties (B) Procedures for endorsement and guarantee. | Issuer | For | For | |
| 4 | To approve the transfer of TSMC'S solar business and solid state lighting business into two new TSMC wholly owned companies respectively, and to further approve the "solar business transfer plan" and "solid state lighting business transfer plan." | Issuer | For | For | |
| 5 | Directors recommendation for election | Issuer | For | For All Nominees | |
| Freeport-McMoran Copper & Gold Inc. | 1000 | FCX | 35671D857 | 6/15/11 | |
| 1 | Directors recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval, on an advisory basis, of the compensation of our named executive officers. | Issuer | For | For | |
| 3 | Approval, on an advisory basis, of the frequency of future advisory votes on the compensation of our named executive officers. | Issuer | For | For | |
| 4 | Ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm. | Issuer | For | For | |
| 5 | Stockholder proposal regarding the selection of a candidate with environmental expertise to be recommended for election to the company's board of directors. | Stockholder | Against | Against | |
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, 2011