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

Saturna Investment Trust, Sextant Growth Fund (SSGFX)
Proxy Voting Record relating to shareholder meetings held from July 1, 2010 through 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

Saturna Investment Trust, Sextant International Fund (SSIFX)
Proxy Voting Record relating to shareholder meetings held from July 1, 2010 through June 30, 2011
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

Saturna Investment Trust, Sextant Core Fund (SCORX)
Proxy Voting Record relating to shareholder meetings held from July 1, 2010 through June 30, 2011
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