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, 2012
Date of reporting period: June 30, 2012
| Saturna Investment Trust, Sextant Growth Fund (SSGFX) | |||||
| Proxy Voting Record relating to shareholder meetings held from July 1, 2011 through June 30, 2012 | |||||
| Proposal # | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
| Duke Energy Corporation | 10,000 | DUK | 26441C204 | 8/23/11 | |
| 1 | Reverse stock split proposal — a proposal to approve the amendment of the amended and restated Certificate of Incorporation of Duke Energy Corporation to provide for 1-for-3 reverse stock split with respect to the issued and outstanding Duke Energy common stock in connection with the merger contemplated by the merger agreement. | Issuer | For | For | |
| 2 | Share issuance proposal — a proposal to approve the issuance of Duke Energy common stock, par value $0.001 per share, to Progress Energy, Inc. shareholders in connection with the merger contemplated by the merger agreement. | Issuer | For | For | |
| 3 | Adjournment proposal — a proposal to adjourn the special meeting of the shareholders of Duke Energy, if necessary, to solicit additional proxies if there are not sufficient votes to approve either of the proposals above. | Issuer | For | For | |
| Pharmaceutical Product Development, Inc. | 15,000 | PPDI | 717124101 | 10/24/11 | |
| 1 | To approve the agreement and plan of merger, dated as of October 2, 2011, as it may be amended form time to time, by and among Pharmaceutical Product Development, Inc., Jaguar Holdings, LLC and Jaguar Merger Sub, Inc. | Issuer | For | For | |
| 2 | To approve, on a non-binding advisory basis, the "Golden Parachute" compensation that might be received by the company's named executive officers in connection with the merger. | Issuer | For | Against | |
| 3 | To adjourn the special meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the special meeting to approve the agreement and plan of merger. | Issuer | For | For | |
| Intuit Inc. | 12,000 | INTU | 461202103 | 1/19/12 | |
| 1A-H | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending July 31, 2012. | Issuer | For | For | |
| 3 | Approve the amendment to the employee stock purchase plan. | Issuer | For | For | |
| 4 | Approve a non-binding advisory resolution regarding executive compensation. | Issuer | For | For | |
| 5 | To recommend, by non-binding advisory vote, the frequency of executive compensation votes. | Issuer | For | For | |
| Apple Inc. | 4,800 | AAPL | 037833100 | 2/23/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees except in the case of Nominee #4, voted as withhold | |
| 2 | Ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2012. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | A shareholder proposal entitled "Conflict of Interest Report" | Shareholder | Against | Against | |
| 5 | A shareholder proposal entitled "Shareholder Say on Director Pay" | Shareholder | Against | Against | |
| 6 | A shareholder proposal entitled "Report on Political Contributions and Expenditures" | Shareholder | Against | Against | |
| 7 | A shareholder proposal entitled "Adopt a Majority Voting Standard for Director Elections" | Shareholder | Against | Against | |
| Stanley Black & Decker, Inc. | 3,000 | SWK | 854502101 | 4/17/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approve amendment to restated Certificate of Incorporation to declassify the Board of Directors. | Issuer | For | For | |
| 3 | Approve 2012 management incentive compensation plan. | Issuer | For | For | |
| 4 | Approve Ernst & Young LLP as the company's independent auditors for the company's 2012 fiscal year. | Issuer | For | For | |
| 5 | Approve, on an advisory basis, the compensation of the company's named executive officers. | Issuer | For | For | |
| Honeywell International Inc. | 10,000 | HON | 438516106 | 04/23/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval of Independent Accountants. | Issuer | For | For | |
| 3 | Advisory Vote To Approve Executive Compensation. | Issuer | For | For | |
| 4 | Independent Board Chairman. | Shareholder | Against | Against | |
| 5 | Political Contributions. | Shareholder | Against | Against | |
| The Chubb Corporation | 7,000 | CB | 171232101 | 04/24/12 | |
| 1A-K | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Ernst & Young LLP as independent auditor. | Issuer | For | For | |
| 3 | Advisory vote on the compensation paid to our named executive officers. | Issuer | For | For | |
| 4 | Shareholder proposal regarding political contributions and related expenditures. | Shareholder | Against | Against | |
| NRG Energy , Inc. | 10,000 | NRG | 629377508 | 04/25/12 | |
| 1A-D | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To approve the amendment to NRG Energy, Inc.'s Amended and Restated Certificate of Incorporation to declassify the Board of Directors | Issuer | For | For | |
| 3 | To adopt the NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan | Issuer | For | For | |
| 4 | To approve, on an advisory basis, the compensation of the Company's named executive officers | Issuer | For | For | |
| 5 | To ratify the appointment of KPMG LLP as the Company's independent registered public accounting firm for fiscal year 2012 | Issuer | For | For | |
| Johnson & Johnson | 10,000 | JNJ | 478160104 | 04/26/12 | |
| 1A-M | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory vote to approve named executive officer compensation | Issuer | For | For | |
| 3 | Approval of the company's 2012 Long-Term Incentive Plan | Issuer | For | For | |
| 4 | Ratification of appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for 2012 | Issuer | For | For | |
| 5 | Shareholder proposal on independent board chairman | Shareholder | Against | Against | |
| 6 | Shareholder proposal on binding vote on political contributions | Shareholder | Against | Against | |
| 7 | Shareholder proposal on adopting non-animal methods for training | Shareholder | Against | Against | |
| Abbott Laboratories | 7,000 | ABT | 002824100 | 04/27/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of Deloitte & Touche LLP as auditors | Issuer | For | For | |
| 3 | Say on Pay — an advisory vote to approve executive compensation | Issuer | For | For | |
| 4 | Shareholder proposal — transparency in animal research | Shareholder | Against | Against | |
| 5 | Shareholder proposal — lobbying disclosure | Shareholder | Against | Against | |
| 6 | Shareholder proposal — independent board chair | Shareholder | Against | Against | |
| 7 | Shareholder proposal — tax gross-ups | Shareholder | Against | Against | |
| 8 | Shareholder proposal — equity retention and hedging | Shareholder | Against | Against | |
| 9 | Shareholder proposal — incentive compensation | Shareholder | Against | Against | |
| 10 | Shareholder proposal — ban accelerated vesting of awards upon a change in control | Shareholder | Against | Against | |
| AT&T Inc. | 10,000 | T | 00206R102 | 04/27/12 | |
| 1A-K | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of appointment of independent auditors. | Issuer | For | For | |
| 3 | Advisory approval of executive compensation. | Issuer | For | For | |
| 4 | Amend Certificate of Incorporation. | Issuer | For | For | |
| 5 | Political contributions report. | Shareholder | Against | Against | |
| 6 | Limit wireless network management. | Shareholder | Against | Against | |
| 7 | Independent Board Chairman. | Shareholder | Against | Against | |
| The Boeing Company | 5,000 | BA | 097023105 | 04/30/12 | |
| 1A-K | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory vote to approve named executive officer compensation. | Issuer | For | For | |
| 3 | Ratification of the appointment of Deloitte & Touche LLP as independent auditor for 2012. | Issuer | For | For | |
| 4 | Report on political and trade association contributions. | Shareholder | Against | Against | |
| 5 | Action by written consent. | Shareholder | Against | Against | |
| 6 | Retention of significant stock by former executives. | Shareholder | Against | Against | |
| 7 | Extraordinary retirement benefits. | Shareholder | Against | Against | |
| Regal Beloit Corporation | 5,500 | RBC | 758750103 | 04/30/12 | |
| 1A-C | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory vote on the compensation of the company's named executive officers. | Issuer | For | For | |
| 3 | To ratify the selection of Deloitte & Touche LLP as the independent auditors for the company for the year ending December 29, 2012. | Issuer | For | For | |
| Pepsico, Inc. | 8,000 | PEP | 713448108 | 05/02/12 | |
| 1A-L | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratify the appointment KPMG LLP as our independent registered public accountants for fiscal year 2012. | Issuer | For | For | |
| 3 | Approval, by non-binding vote, of executive compensation. | Issuer | For | For | |
| 4 | Re-approval of the performance measures under our 2007 Long-Term Incentive Plan. | Issuer | For | For | |
| 5 | Shareholder Proposal — Lobbying Practices Report. | Shareholder | Against | Against | |
| 6 | Shareholder Proposal — Formation of Risk Oversight Committee. | Shareholder | Against | Against | |
| 7 | Shareholder Proposal — Chairman of the Board shall be an Independent Director. | Shareholder | Against | Against | |
| United Parcel Service, Inc. | 6,000 | UPS | 911312106 | 05/03/12 | |
| 1A-L | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To ratify the appointment of Deloitte & Touche LLP as UPS's independent registered public accountants for the year ending December 31, 2012. | Issuer | For | For | |
| 3 | To approve the 2012 Omnibus Incentive Compensation Plan. | Issuer | For | For | |
| 4 | To approve the amendment to the Discounted Employee Stock Purchase Plan. | Issuer | For | For | |
| 5 | The shareowner proposal regarding lobbying disclosure. | Shareholder | Against | Against | |
| Alcoa Inc. | 30,000 | AA | 013817101 | 05/04/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratify the Independent Auditor | Issuer | For | For | |
| 3 | Advisory Approval of Executive Compensation | Issuer | For | For | |
| 4 | Eliminate Super-Majority Voting Requirement in the Articles of Incorporation Article SEVENTH (Fair Price Protection) | Issuer | For | For | |
| 5 | Eliminate Super-Majority Voting Requirement in the Articles of Incorporation Article EIGHTH (Director Elections) | Issuer | For | For | |
| 6 | Eliminate Super-Majority Voting Requirement in the Articles of Incorporation Article EIGHTH (Removal of Directors) | Issuer | For | For | |
| 7 | Phase Out the Classified Board by Approving Amendments to the Articles of Incorporation | Issuer | For | For | |
| 8 | Permit Shareholder Action by Written Consent by Approving Amendments to the Articles of Incorporation and By-Laws | Issuer | For | For | |
| Norfolk Southern Corporation | 7,000 | NSC | 655844108 | 05/10/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | The ratification of the appointment of KPMG LLP, independent registered public accounting firm, as Norfolk Southern's independent auditors for the year ending December 31, 2012. | Issuer | For | For | |
| 3 | Approval of executive compensation as disclosed in the proxy statement for the 2012 annual meeting of stockholders. | Issuer | For | For | |
| Nucor Corporation | 4,000 | NUE | 670346105 | 05/10/12 | |
| 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, 2012 | Issuer | For | For | |
| 3 | Stockholder proposal regarding majority vote | Shareholder | Against | Against | |
| Union Pacific Corporation | 4,000 | UNP | 907818108 | 05/10/12 | |
| 1A-L | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Deloitte & Touche as the independent registered public accounting firm. | Issuer | For | For | |
| 3 | An advisory vote on executive compensation ("Say on Pay"). | Issuer | For | For | |
| 4 | Shareholder proposal regarding lobbying activities if properly presented at the meeting. | Shareholder | Against | Against | |
| 5 | Shareholder proposal regarding executive stock ownership if properly presented at the annual meeting. | Shareholder | Against | Against | |
| CVS Caremark Corporation | 10,000 | CVS | 126650100 | 05/10/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Proposal to ratify the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal 2012 year. | Issuer | For | For | |
| 3 | Proposal to approve the Company's executive compensation as disclosed in the proxy statement. | Issuer | For | For | |
| 4 | Management proposal regarding stockholder action by written consent. | Issuer | For | For | |
| 5 | Stockholder proposal regarding political contributions and expenditures. | Shareholder | Against | Against | |
| Sempra Energy | 6,000 | SRE | 816851109 | 05/10/12 | |
| 1A-L | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of Independent Registered Public Accounting Firm. | Issuer | For | For | |
| 3 | Advisory Approval of our Executive Compensation. | Issuer | For | For | |
| 4 | Shareholder Proposal Regarding Independent Board Chairman. | Shareholder | Against | Against | |
| 5 | Shareholder Proposal Regarding Sustainability. | Shareholder | Against | Against | |
| Advanced Micro Devices, Inc. | 20,000 | AMD | 007903107 | 05/10/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 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 Amendment and Restatement of the 2004 Equity Incentive Plan. | Issuer | For | For | |
| 4 | Advisory vote to approve named executive officer compensation. | Issuer | For | For | |
| Amsurg Corporation | 15,000 | AMSG | 03232P405 | 05/17/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval, on an advisory basis, of the company's executive compensation. | Issuer | For | For | |
| 3 | Approval of an amendment to the company's amended and restated charter to provide for majority voting in the election of directors in uncontested elections. | Issuer | For | For | |
| 4 | Approval of an amendment to the Amsurg Corp. 2006 stock incentive plan. | Issuer | For | For | |
| 5 | Ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal 2012. | Issuer | For | For | |
| Dr. Pepper Snapple Group, Inc. | 16,000 | DPS | 26138E109 | 05/17/12 | |
| 1A-D | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for fiscal year 2012. | Issuer | For | For | |
| 3 | To approve the following advisory resolution regarding the compensation of the Company's Named Executive Officers: 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 the Compensation Discussion and Analysis, compensation tables and tghe narrative discussion, is hereby APPROVED. | Issuer | For | For | |
| 4 | To consider and vote upon proposed amendments to the Company's Certificate of Incorporation and By-laws to declassify the Company's Board and provide for the annual election of directors. | Issuer | For | For | |
| 5 | To consider and act upon a stockholder proposal regarding a comprehensive recycling strategy for beverage containers. | Shareholder | Against | Against | |
| Amgen Inc. | 3,700 | AMGN | 031162100 | 05/23/12 | |
| 1A-N | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To ratify the selection of Ernst & Young LLP as our independent registered public accountants for the fiscal year ending December 31, 2012. | Issuer | For | For | |
| 3 | Advisory vote to approve our executive compensation. | Issuer | For | For | |
| 4 | To approve an amendment to our Restated Certificate of Incorporation to authorize stockholder action by written consent. | Issuer | For | For | |
| 5a | Stockholder Proposal #1 (Independent Chairman of the Board) | Shareholder | Against | Against | |
| 5b | Stockholder Proposal #2 (Transparency in Animal Use) | Shareholder | Against | Against | |
| 5c | Stockholder Proposal #3 (Request for Disclosure of Lobbying Policies and Practices) | Shareholder | Against | Against | |
| 5d | Stockholder Proposal #4 (CEO to Serve on a Maximum of One Other Board) | Shareholder | Against | Against | |
| Red Lion Hotels Corporation | 50,000 | RLH | 756764106 | 05/23/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of selection of BDO USA, LLP to serve as our independent registered public accounting firm for 2012. | Issuer | For | For | |
| 3 | Approval, on an advisory basis, of the compensation of the named executive officers. | Issuer | For | For | |
| Amazon.com, Inc. | 6,000 | AMZN | 023135106 | 05/24/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Ernst & Young LLP as independent auditors | Issuer | For | For | |
| 3 | Approval of the material terms of the performance goals, as amended, pursuant to Section 162(M) of the Internal Revenue Code in our 1997 stock incentive plan. | Issuer | For | For | |
| 4 | Shareholder proposal regarding an assessment and report on climate change | Shareholder | Against | Against | |
| 5 | Shareholder proposal calling for certain disclosures regarding corporate political contributions | Shareholder | Against | Against | |
| Lowe's Companies, Inc. | 15,000 | LOW | 548661107 | 6/1/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal 2012. | Issuer | For | For | |
| 3 | Advisory approval of the company's executive compensation | Issuer | For | For | |
| 4 | Approval of an amendment to the Lowe's Companies employee stock purchase plan — stock options for everyone — to increase the number of shares authorized for issuance under the plan. | Issuer | For | For | |
| 5 | Shareholder proposal regarding report on political spending. | Shareholder | Against | Against | |
| 6 | Shareholder proposal regarding executive severance agreements. | Shareholder | Against | Against | |
| 7 | Shareholder proposal regarding executive stock retention requirements. | Shareholder | Against | Against | |
| Staples, Inc. | 15,000 | SPLS | 855030102 | 6/4/12 | |
| 1A-L | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval of an Amendment to the Company's Restated Certificate of Incorporation to allow stockholder action by majority written consent. | Issuer | For | For | |
| 3 | Approval, on an advisory basis, of named executive officer compensation. | Issuer | For | For | |
| 4 | Approval of the Company's Amended and Restated Long Term Cash Incentive Plan. | Issuer | For | For | |
| 5 | Approval of the Company's Amended and Restated Executive Officer Incentive Plan. | Issuer | For | For | |
| 6 | Approval of the Company's 2012 Employee Stock Purchase Plan. | Issuer | For | For | |
| 7 | Ratification of 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 | |
| 8 | Non-binding stockholder proposal regarding a requirement for senior executives to hold 75% net after-tax shares acquired through compensation plans and prohibition on hedging of held shares. | Shareholder | Against | Against | |
| Devon Energy Company | 6,000 | DVN | 25179M103 | 06/06/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approve, in an advisory vote, Executive Compensation. | Issuer | For | For | |
| 3 | Ratify the Appointment of the Independent Auditors for 2012. | Issuer | For | For | |
| 4 | Approve Amending the Amended and Restated Certificate of Incorporation to Grant Stockholders the Right to Call a Special Meeting. | Issuer | For | For | |
| 5 | Approve the 2012 Incentive Compensation Plan. | Issuer | For | For | |
| 6 | Approve the 2012 Amendment to the 2009 Long-Term Incentive Compensation Plan. | Issuer | For | For | |
| 7 | Report on the Disclosure of Lobbying Policies and Practices. | Shareholder | Against | Against | |
| Best Buy Co., Inc. | 10,000 | BBY | 086516101 | 06/21/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending February 2, 2013. | Issuer | For | For | |
| 3 | To conduct an advisory vote to approve our named executive office compensation. | Issuer | For | For | |
| 4 | To approve an increase in the available number of shares under the Best Buy Co., Inc. 2008 Employee Stock Purchase Plan. | Issuer | For | For | |
| 5 | To vote on a shareholder proposal recommending declassification of our Board of Directors, if properly presented at the Meeting. | Shareholder | Abstain | Abstain | |
| 6 | In their discretion, the proxy agents may vote upon such other business as may properly come before the Meeting. | Shareholder | Abstain | Abstain | |
| Guess? Inc. | 8,000 | GES | 401617105 | 06/21/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval of the amendment and restatement of the company's employee stock purchase plan. | Issuer | For | For | |
| 3 | Ratification of the appointment of Ernst & Young LLP as the company's independent auditors for the fiscal year ending February, 2, 2013. | Issuer | For | For | |
| Bed Bath & Beyond Inc. | 9,000 | BBBY | 075896100 | 06/22/12 | |
| 1A-I | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of KPMG LLP | Issuer | For | For | |
| 3 | To approve, by non-binding vote, the 2011 compensation paid to the company's named executive officers. | Issuer | For | For | |
| 4 | To approve the 2012 incentive compensation plan. | 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 |
| Korea Electric Power Corporation | 20,000 | KEP | 500631106 | 11/3/11 | |
| 1 | Election of a non-standing auditor as a member of the Audit Committee. | Issuer | For | For | |
| CPFL Energia S.A. | 90,000 | CPL | 126153105 | 12/19/11 | |
| A | Approve the revision of the bylaws of the company: details of the revision provided in the attached call notice form CPFL Energia ("The Company") | Issuer | None | Abstain | |
| B | Approve the consolidated version of bylaws of the company, in accordance with the amendment proposed in item "A" of the agenda | Issuer | None | Abstain | |
| C | Approve the adjustment of total compensation of management of the company, previously set forth in shareholders' meeting held on April 28, 2011, in view of redistribution of the amounts of compensation of management among the company and its controlled companies, without increase to the global compensation set forth for the management of all companies of the CPFL group. | Issuer | None | Abstain | |
| D | Ratify, pursuant to the provisions of Article 256 of Law No. 6.404/76, (I) the joint venture transaction among the company, its subsidiaries CPFL Geracao De Energia S.A. and CPFL Comercializacao Brasil S.A. and the shareholders of ERSA — Energias Renovaveis S.A. and (II) the appraisal report of ERSA, all as more fully described in the proxy statement | Issuer | None | For | |
| E | Acknowledge the resignation of an alternate member of the Board of Directors of the company, and elect his replacement for the remaining term of his mandate | Issuer | None | For | |
| LAN Airlines S.A. | 130,000 | LFL | 501723100 | 12/21/11 | |
| 1 | Approve the merger of LAN Airlines S.A. & sister Holdco S.A. & Holdco II S.A., two special purpose companies that have been created exclusively for purposes of this transaction & where shares of TAM S.A. will be, directly or indirectly, held prior to their consolidation into LAN, subject to (I) the terms and conditions of certain implementation agreement & exchange offer agreement, both dated January 18, 2011; & (II) a final decision, in the Reclamacion pending before the Chilean Supreme Court, all as more fully described in the proxy statement. | Issuer | For | For | |
| 2 | Approve the audited financial statements of LAN, sister Holdco S.A. and Holdco II S.A. as of September 30, 2011 and the Informe Pericial, all in accordance with Section 99 of the Chilean Corporation Law. | Issuer | For | For | |
| 3 | Change of the corporate name of LAN Airlines Group S.A. to Latam Airlines Group S.A. | Issuer | For | For | |
| 4 | Approve the bylaws of Latam Airlines Group S.A., including any amendments thereof to be resolved by the shareholders' meeting. | Issuer | For | For | |
| 5 | Grant all necessary authorizations and powers of attorney needed to carry out and implement the proposed business combination between LAN and TAM S.A. | Issuer | For | For | |
| 6 | Adopt any other resolution necessary to carry out and implement the proposed business combination between LAN and TAM S.A. | Issuer | For | For | |
| 7 | Approve increase of the capital of LAN in an additional amount determined by the shareholders' meeting, through the issuance of 4,800,000 shares of common stock; approve that these 4,800,000 common stock shares & any common stock shares of LAN included in paragraph 1. above & not used for purposes of mergers be used to create & implement a stock option plan for employees of Latam Airlines Group S.A. and its affiliates, as provided in Section 24 of the Chilean Corporation Law & delegate in board authority to determine placement conditions of these shares of common stock. | Issuer | For | For | |
| CPFl Energia S.A. | 90,000 | CPL | 126153105 | 4/12/12 | |
| OA | To examine the managers accounts, examine, discuss and vote on the company's financial statements, the independent audit report and the audit committee's report for the fiscal year ended in 12/31/2011. | Issuer | None | For | |
| OB | To approve the proposal for the destination of the net profits ascertained during the fiscal year of 2011 and the dividend distribution. | Issuer | None | For | |
| OC | To elect the primary and alternate members for the Board of Directors. | Issuer | None | For | |
| OD | To elect the primary and alternate members for the Audit Committee. | Issuer | None | For | |
| OE | To set the compensation of the administration of the company. | Issuer | None | For | |
| OF | To set the compensation of the members of the Audit Committee. | Issuer | None | For | |
| EA | To ratify, pursuant to Article 256 of Law No. 6,404/76, the transaction for the acquisition of the totality of the quotas representing 100% of the voting and total capital of Jantus SL. Details provided in the attached call notice. | Issuer | None | For | |
| BP P.L.C. | 50,000 | BP | 055622104 | 4/12/12 | |
| 1 | To receive the Directors' Annual Report and Accounts. | Issuer | For | For | |
| 2 | To approve the Directors' Remuneration Report. | Issuer | For | For | |
| 3-17 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 18 | To reappoint Ernst & Young LLP as auditors and authorize the Board to fix their remuneration. | Issuer | For | For | |
| 19 | Special Resolution: to give limited authority for the purchase of its own shares by the Company. | Issuer | For | For | |
| 20 | To give limited authority to allot shares up to a specified amount. | Issuer | For | For | |
| 21 | Special Resolution: to give authority to allot a limited number of shares for cash free of pre-emption rights. | Issuer | For | For | |
| 22 | Special Resolution: to authorize the calling of general meetings (excluding Annual General Meetings) by notice of at least 14 clear days. | Issuer | For | For | |
| Shire PLC | 32,000 | SHPG | 82481R106 | 4/24/12 | |
| 1 | To receive the company's accounts for the year ended December 31, 2011 and reports of the directors and the auditor. | Issuer | For | For | |
| 2 | To approve the directors' remuneration report for the year ended December 31, 2011. | Issuer | For | For | |
| 3-11 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 12 | To re-appoint Deloitte LLP as the company's auditor until the conclusion of the annual general meeting of the company to be held in 2013. | Issuer | For | For | |
| 13 | To authorize the audit, compliance & risk committee of the board to determine the remuneration of the auditor. | Issuer | For | For | |
| 14 | 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, all as more fully described in the proxy statement. | Issuer | For | For | |
| 15 | To resolve that, subject to the passing of Resolution 14, 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, all as more fully described in the proxy statement. | Issuer | For | For | |
| 16 | To resolve that the company be and is hereby generally and unconditionally authorized, pursuant to Article 57 of the Companies (Jersey) Law 1991 to make market purchases of ordinary shares in the capital of the company, all as more fully described in the proxy statement. | Issuer | For | For | |
| 17 | To resolve that a general meeting of the company, other than an annual general meeting, may be called on not less than 14 clear days' notice. | Issuer | For | For | |
| Banco Santander Brasil S.A. | 200,000 | BSBR | 05967A107 | 4/25/12 | |
| OA | To take the management accounts, examining, discussing and voting the company's financial statements related to the fiscal year ended on December 31, 2011, together with the management report, the balance sheet, other parts of the financial statements, external auditors' opinion and the audit committee report | Issuer | For | For | |
| OB | To decide on the destination of the net profit of the fiscal year of 2011 and the distribution of dividends | Issuer | For | For | |
| OC | To fix the annual overall consideration of the company's management and members of audit committee | Issuer | For | For | |
| EA | To decide on the amendment of the term of payment of dividends and interest on capital related specifically to the year of 2012, to not more than one hundred and eighty (180) days counted from its declaration by the company's Board of Directors and in any circumstances within this fiscal year. | Issuer | For | For | |
| EB | To approve the proposal of amendment of the company's bylaws, to preview the executive committee and the description of the main responsibilities, pursuant to the proposal approved by the Board of Executive Officers and the Board of Directors, at the meetings held on February 28th and 29th, 2012, respectively. | Issuer | For | For | |
| America Movil, S.A.B. De C.V. | 60,000 | AMX | 02364W105 | 4/25/12 | |
| 1 | Appointment or, as the case may be, reelection of the Board of Directors of the company that the holders of the series "L" shares are entitled to appoint. Adoption of resolutions thereon. | Issuer | None | For | |
| 2 | Appointment of delegates to execute, and if, applicable, formalize the resolutions adopted by the meeting. Adoption of resolutions thereon. | Issuer | None | For | |
| Cenovus Energy Inc. | 60,000 | CVE | 15135U109 | 4/25/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of PricewaterhouseCoopers LLP, chartered accountants, as auditor of the corporation. | Issuer | For | For | |
| 3 | Amendment and reconfirmation of the corporation's shareholder rights plan as described in the accompanying management proxy circular. | Issuer | For | For | |
| 4 | Acceptance of the corporation's approach to executive compensation as described in the accompanying management proxy circular. | Issuer | For | For | |
| 5 | Acceptance of the shareholder proposal set out in Appendix B to the accompanying management proxy circular. | Shareholder | Against | Against | |
| Teck Resources Limited | 100,000 | TCK | 878742204 | 4/25/12 | |
| 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 | |
| LAN Airlines S.A. | 130,000 | LFL | 501723100 | 4/26/12 | |
| 1 | Approval of the annual report, balance sheet and financial statements for the fiscal year ending December 31, 2011 | Issuer | For | For | |
| 2 | Approval of payment of final dividend on account of 2011 fiscal profits, all as more fully described in the proxy statement | Issuer | For | For | |
| 3 | The election of the company's Board of Directors | Issuer | For | For | |
| 4 | The compensation to be paid to the company's Board of Directors for the fiscal year ending December 31, 2012 | Issuer | For | For | |
| 5 | The compensation to be paid to the company's audit committee and its budget for the fiscal year ending December 31, 2012 | Issuer | For | For | |
| 6 | Appointment of external auditing firm and risk rating agencies; reports on matters indicated in XVI of Companies Law 18,046 | Issuer | For | For | |
| 7 | Information on the cost of processing, printing and sending the information indicated in circular 1816 of the Securities and Insurance Commission | Issuer | For | For | |
| 8 | Designation of the newspaper in which the company will make publications | Issuer | For | For | |
| 9 | Other matters of corporate interest within the purview of a regular shareholders meeting of the company | Issuer | For | For | |
| BASF SE | 25,000 | BASFY | 055262505 | 4/27/12 | |
| 2 | Adoption of a resolution on the appropriation of profit. | Issuer | For | For | |
| 3 | Adoption of a resolution giving formal approval to the actions of the 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 2012 | Issuer | For | For | |
| 6 | Authorization to buy back shares and put them to further use including the authorization to redeem bought-back shares and reduce capital | Issuer | For | For | |
| 7 | Resolution on the amendment of Article 17 of the statutes | Issuer | For | For | |
| ENI S.P.A. | 50,000 | E | 26874R108 | 4/30/12 | |
| O1 | ENI financial statements at December 31, 2011. Related deliberations. ENI consolidated financial statements at December 31, 2011. Reports of the Directors, of the Board of Statutory Auditors and of the audit firm. | Issuer | For | For | |
| O2 | Allocation of net profit. | Issuer | For | For | |
| O3 | Remuneration report: policy on remuneration. | Issuer | For | For | |
| E1 | Amendments to the by-laws Articles 17 and 28 and addition of the new article 34. | Issuer | For | For | |
| Barrick Gold Corporation | 60,000 | ABX | 067901108 | 5/2/12 | |
| 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 | |
| Tenaris, S.A. | 15,000 | TS | 88031M109 | 5/2/12 | |
| A1 | Consideration of the consolidated management report and related management certifications on the Company's consolidated financial statements as of and for the year ended December 31, 2011, and on the annual accounts as at December 31, 2011, and of the independent auditor's reports on such consolidated financial statements and annual accounts. | Issuer | None | For | |
| A2 | Approval of the Company's consolidated financial statements as of and for the year ended December 31, 2011. | Issuer | None | For | |
| A3 | Approval of the Company's annual account as at December 31, 2011. | Issuer | None | For | |
| A4 | Allocation of results and approval of dividend payment for the year ended December 31, 2011. | Issuer | None | For | |
| A5 | Discharge of the members of the Board of Directors for the exercise of their mandate during the year ended December 31, 2011. | Issuer | None | For | |
| A6 | Election of members of the Board of Directors. | Issuer | None | For All Nominees | |
| A7 | Compensation of members of the Board of Directors. | Issuer | None | For | |
| A8 | Appointment of the independent auditors for the fiscal year ending December 31, 2012, and approval of their fees. | Issuer | None | For | |
| A9 | Authorization to the Board of Directors to cause the distribution of all shareholder communications, including its shareholder meeting and proxy materials and annual reports to shareholders, by such electronic means as is permitted by any applicable laws or regulations. | Issuer | None | For | |
| E1 | Decision on the renewal of the authorized share capital of the Company and related authorizations and waivers. | Issuer | None | For | |
| E2 | The amendment of article 10 "Minutes of the Board" of the Company's Articles of Association. | Issuer | None | For | |
| E3 | The amendment of article 11 "Powers" of the Company's Articles of Association. | Issuer | None | For | |
| E4 | The amendment of article 13 "Auditors" of the Company's Articles of Association. | Issuer | None | For | |
| E5 | The amendment of article 15 "Date and Place" of the Company's Articles of Association. | Issuer | None | For | |
| E6 | The amendment of article 16 "Notices of Meeting" of the Company's Articles of Association. | Issuer | None | For | |
| E7 | The amendment of article 17 "Admission" of the Company's Articles of Association. | Issuer | None | For | |
| E8 | The amendment of article 19 "Vote and Minutes" of the Company's Articles of Association. | Issuer | None | For | |
| E9 | The amendment of title V "Financial Year, Distribution of Profits" of the Company's Articles of Association. | Issuer | None | For | |
| E10 | The amendment of article 20 "Financial Year" of the Company's Articles of Association. | Issuer | None | For | |
| E11 | The amendment of article 21 "Distribution of Profits" of the Company's Articles of Association. | Issuer | None | For | |
| BCE Inc. | 60,000 | BCE | 05534B760 | 5/2/12 | |
| 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 2012 management proxy circular dated March 8, 2012 delivered in advance of the 2012 annual general meeting of shareholders of BCE. | Issuer | For | For | |
| 4A | Stock options and performance of executive officers. | Issuer | Against | Against | |
| 4B | Performance-based compensation disclosure. | Issuer | Against | Against | |
| 4C | Fees of compensation advisors disclosure. | Issuer | Against | Against | |
| 4D | Risk management committee. | Issuer | Against | Against | |
| Unilever PLC | 20,000 | UL | 904767704 | 5/9/12 | |
| 1 | To receive the Report and Accounts for the year ended 31 December 2011 | Issuer | For | For | |
| 2 | To approve the Directors' Remuneration Report for the year ended 31 December 2011 | Issuer | For | For | |
| 3-14 | Directors' recommendation for re-election | Issuer | For | For All Nominees | |
| 15 | To re-appoint PricewaterhouseCoopers LLP as Auditors of the Company | Issuer | For | For | |
| 16 | To authorise 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 authorise Political Donations and Expenditure | Issuer | For | For | |
| 21 | To shorten the Notice period for General Meetings | Issuer | For | For | |
| 22 | To adopt the new Articles of Association of the company | Issuer | For | For | |
| Total S.A. | 45,000 | TOT | 89151E109 | 5/11/12 | |
| 1 | Approval of parent Company financial statements dated December 31, 2011 | Issuer | For | For | |
| 2 | Approval of consolidated financial statements dated December 31, 2011 | Issuer | For | For | |
| 3 | Allocation of earnings, declaration of dividend | Issuer | For | For | |
| 4 | Authorization for the Board of Directors to trade in shares of the Company | Issuer | For | For | |
| 5-9 | Directors' recommendation for renewal of appointment | Issuer | For | For All Nominees | |
| 10 | Directors' recommendation for appointment for succession | Issuer | For | For | |
| 11 | Directors' recommendation for election | Issuer | For | For | |
| 12 | Commitments under Article L 225-42-1 of the French Commercial Code | Issuer | For | For | |
| 13 | Delegation of authority granted to the Board of Directors to increase share capital by issuing common shares or any securities providing access to share capital, while maintaining shareholders' preferential subscription rights, or by capitalizing premiums, reserves, surpluses or other line items | Issuer | For | For | |
| 14 | Delegation of authority granted to the Board of Directors to increase share capital by issuing common shares or any securities providing access to share capital, without preferential subscription rights | Issuer | For | For | |
| 15 | Delegation of authority granted to the Board of Directors to increase the number of securities to be issued, in the event of surplus demand in case of increased share capital without preferential subscription rights | Issuer | For | For | |
| 16 | Delegation of powers granted to the Board of Directors to increase share capital by issuing common shares or any securities providing access to share capital, in payment of securities that would be contributed to the Company | Issuer | For | For | |
| 17 | Delegation of authority granted to the Board of Directors to increase share capital under the conditions provided for in Articles L. 3332-18 and following of the French Labour Code | Issuer | For | For | |
| 18 | Delegation of powers granted to the Board of Directors to increase share capital reserved for categories of beneficiaries in a transaction reserved for employees without preferential subscription rights | Issuer | For | For | |
| 19 | Authorization for the Board of Directors to reduce capital by cancelling shares | Issuer | For | For | |
| A | The first is intended to fill in the information listed in the Registration Document with benchmarks to compare the compensation for Executive Directors with various compensation for various employees; | Shareholder | None | None | |
| B | The other concerns the establishment of a loyalty dividend for shareholders holding registered shares for at least two years. | Shareholder | Against | Against | |
| Telefonica, S.A. | 90,000 | TEF | 879382208 | 5/13/12 | |
| 1 | Examination and approval, if applicable, of the Individual Annual Accounts, the Consolidated Financial Statements (Consolidated Annual Accounts) and the Management Report of Telefonica, S.A. and of its Consolidated Group of Companies, as well as of the proposed allocation of the profits/losses of Telefonica, S.A. and the management of its Board of Directors, all with respect to Fiscal Year 2011. | Issuer | None | For | |
| 2 | Directors' recommendation for re-election, ratification, and appointment | Issuer | None | For All Nominees | |
| 3 | Re-election of the Auditor for Fiscal Year 2012. | Issuer | None | For | |
| 4 | Amendment of Articles 15, 16, 18, 27, 34 and 35 of the By-Laws of the Company and inclusion of a new Article 18 bis. | Issuer | None | For | |
| 5 | Amendment of Articles 3, 7, 8, 9, 10, 11, 13 and 27 of the Regulations for the General Shareholders' Meeting. | Issuer | None | For | |
| 6a | Distribution of dividends with a charge to unrestricted reserves. | Issuer | None | For | |
| 6b | Shareholder compensation by means of a scrip dividend.Increase in share capital by such amount as may be determined pursuant to the terms and conditions of the resolution through the issuance of new ordinary shares having a par value of one (1) euro each, with no share premium, of the same class and series as those that are currently outstanding, with a charge to reserves.Offer to purchase free-of-charge allocation rights at a guaranteed price. Express provision for the possibility of incomplete allocation.Delegation of powers to the Board of Directors, which may, in turn, delegate such powers to the Executive Commission, to set the terms and conditions of the increase as to all matters not provided for by the shareholders at this General Shareholders' Meeting, to take such actions as may be required for the implementation thereof, to amend the text of subsection 1 of Article 5 of the By-Laws to reflect the new amount of the share capital and to execute such public and private documents as may be necessary for the implementation of the capital increase.Application to the appropriate domestic and foreign authorities for admission to trading of the new shares on the Madrid, Barcelona, Bilbao, and Valencia Stock Exchanges through the Automated Quotation System [Sistema de Interconexion Bursatil] (Continous Market) and on the foreign Stock Exchanges on which the shares of Telefonica are listed (London and Buenos Aires and, through ADSs, New York and Lima) in the manner required by each of such Stock Exchanges. | Issuer | None | For | |
| 7 | Reduction in share capital by means of the cancellation of shares of the Company's own stock, excluding the right of creditors to oppose the reduction, and amendment of Article 5 of the By-Laws concerning the share capital. | Issuer | None | For | |
| 8 | Approval of the corporate website. | Issuer | None | For | |
| 9 | Delegation of powers to formalize, interpret, correct, and implement the resolutions adopted by the shareholders at the General Shareholders' Meeting. | None | |||
| 10 | Consultative vote on the Report on Director Compensation Policy of Telefonica, S.A. | Issuer | None | For | |
| PT Indosat TBK | 23,000 | IIT | 744383100 | 5/14/12 | |
| 1 | To approve the annual report and to ratify the financial statement of the company for the financial year ended December 31, 2011. | Issuer | For | For | |
| 2 | To approve the allocations of net profit for reserve funds, dividends and other purposes and to approve the determination of the amount, time and manner of payment of dividends for the financial year ended December 31, 2011. | Issuer | For | For | |
| 3 | To determine the remuneration for the Board of Commissioners of the company for 2012. | Issuer | For | For | |
| 4 | To approve the appointment of the company's independent auditor for the financial year ending December 31, 2012. | Issuer | For | For | |
| 5 | To approve any changes to the Board of Commissioners and/or Board of Directors. | Issuer | For | For | |
| Statoil ASA | 60,000 | STO | 85771P102 | 5/15/12 | |
| 3 | Election of Olaug Svarva as chair of the meeting | Issuer | None | For | |
| 4 | Approval of the notice and the agenda | Issuer | None | For | |
| 5 | Election of two persons to co-sign the minutes together with the chair of the meeting | Issuer | None | For | |
| 6 | Approval of the annual report and accounts for Statoil ASA and the Statoil group for 2011 including the board of directors' proposal for distribution of dividend | Issuer | None | For | |
| 7 | Proposal from a shareholder | Shareholder | None | Against | |
| 8 | Declaration on stipulation of salary and other remuneration for executive management | Issuer | None | For | |
| 9 | Determination of remuneration for the company's external auditor for 2011 | Issuer | None | For | |
| 10 | Election of external auditor | Issuer | None | For | |
| 11A-P | Election of members to the corporate assembly | Issuer | None | For All Nominees | |
| 12 | Determination of remuneration for the corporate assembly | Issuer | None | For | |
| 13A-D | Election of members to the nomination committee | Issuer | None | For All Nominees | |
| 14 | Determination of remuneration for the nomination committee | Issuer | None | For | |
| 15 | Authorisation to acquire Statoil ASA shares in the market in order to continue operation of the share saving plan for employees | Issuer | None | For | |
| 16 | Authorisation to acquire Statoil ASA shares in the market for subsequent annulment | Issuer | None | For | |
| Canadian Pacific Railway Limited | 32,000 | CP | 13645T100 | 5/17/12 | |
| 1 | Appointment of auditors as named in the management proxy circular. | Issuer | For | For | |
| 2 | Advisory vote accepting the corporation's approach to executive compensation as described in the management proxy circular. | Issuer | For | For | |
| 3A-P | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 3Q-U | Directors' recommendation for withholding | Issuer | Withhold | Withhold | |
| Canadian Pacific Railway Limited (Blue Proxy Form from Pershing Square Capital Management, L.P.) | 32,000 | CP | 13645T100 | 5/17/12 | |
| 1 | Appointment of auditors as named Canadian Pacific's proxy circular. | Issuer | For | For | |
| 2 | Advisory vote accepting Canadian Pacific's approach to executive compensation as described Canadian Pacific's proxy circular. | Issuer | For | For | |
| 3A-G | Directors' recommendation for election | Pershing Square | Withhold | Withhold | |
| 3H-3V | Pershing Square's recommendation for withholding | Pershing Square | For | For | |
| Potash Corporation of Saskatchewan Inc. | 65,000 | POT | 73755L107 | 5/17/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For | |
| 2 | The appointment of Deloitte & Touche LLP as auditors of the corporation. | Issuer | For | For | |
| 3 | The resolution (attached as Appendix B to the accompanying management proxy circular) approving the adoption of a new performance option plan, the full text of which is attached as Appendix C to the accompanying management proxy circular. | Issuer | For | For | |
| 4 | The advisory resolution (attached as Appendix D to the accompanying management proxy circular) accepting the corporation's approach to executive compensation disclosed in the accompanying management proxy circular. | Issuer | For | For | |
| SAP AG | 50,000 | SAP | 803054204 | 5/23/12 | |
| 2 | Resolution on the appropriation of the retained earnings of fiscal year 2011 | Issuer | None | For | |
| 3 | Resolution on the formal approval of the acts of the executive board in fiscal year 2011 | Issuer | None | For | |
| 4 | Resolution on the formal approval of the acts of the supervisory board in fiscal year 2011 | Issuer | None | For | |
| 5 | Resolution on the approval of the system of executive board compensation | Issuer | None | For | |
| 6 | Appointment of the auditors of the financial statements and group financial statements for fiscal year 2012 | Issuer | None | For | |
| 7A-H | Election of new member to the supervisory board | Issuer | None | For All Nominees | |
| 8 | Cancellation of Contingent Capital III and Contingent Capital IIIA and amend Section 4, 19 & 23 or Articles of Incorporation | Issuer | None | For | |
| Repsol YPF, S.A. | 21,714 | REPYY | 76026T205 | 5/31/12 | |
| 1 | Review and approval, if appropriate, of the Annual Financial Statements and Management Report of Repsol YPF, S.A., the Consolidated Annual Financial Statements and Consolidated Management Report, for the fiscal year ended 31 December 2011, and the proposal for the application of earnings. | Issuer | None | For | |
| 2 | Review and approval, if appropriate, of the management of the Board of Directors of Repsol YPF, S.A. during 2011. | Issuer | None | For | |
| 3 | Appointment of the Accounts Auditor of Repsol YPF, S.A. and its Consolidated Group for the fiscal year 2012. | Issuer | None | For | |
| 4 | Modification of Articles 19, 20, 28, and 47 and addition of a new Article 45 bis of the Bylaws; and modification of Articles 5, 6, 8 and 14 of the Regulations of the General Shareholders' Meeting to adjust the Company's corporate governance regulations to the recent changes in law. | Issuer | None | For | |
| 5 | Modification of Articles 27, 32, 37, 39 and addition of a new Article 45ter of the Bylaws to improve the functioning of the Board of Directors and other aspects of the Company's corporate governance. | Issuer | None | For | |
| 6 | Modification of Article 22 and addition of new Articles 22bis and 44bis of the Bylaws; and modification of Articles 3, 9 and 13 of the Regulations of the General Shareholders' Meeting to reinforce the protection of the Company against conflicts of interest. | Issuer | None | For | |
| 7-8 | Re-election of Directors. | Issuer | None | For All Nominees | |
| 9 | Stock Acquisition Plan 2013-2015. | Issuer | None | For | |
| 10 | Increase of share capital in an amount determinable pursuant to the terms of the resolution, by issuing new common shares having a par value of one (1) euro each, of the same class and series as those currently in circulation, charged to voluntary reserves, offering the shareholders the possibility of selling the scrip dividend rights to the Company itself or on the market. Delegation of authority to the Board of Directors or, by delegation, to the Executive Committee, to fix the date the increase is to be implemented and the terms of the increase in all respects not provided for by the General Meeting, all in accordance with article 297.1(a) of the Companies Act. Application for official listing of the newly issued shares on the Barcelona, Bilbao, Madrid and Valencia stock exchanges through the Spain's Continuous Market and on the Buenos Aires stock exchange. | Issuer | None | For | |
| 11 | Second capital increase in an amount determinate pursuant to the terms of the resolution, by issuing new common shares having a par value of one (1) euro each, of the same class and series as those currently in circulation, charged to voluntary reserves, offering the shareholders the possibility of selling the scrip dividend rights to the Company itself or on the market. Delegation of authority to the Board of Directors or, by delegation, to the Executive Committee, to fix the date the increase in all respects not provided for by the General Meeting, all in accordance with article 297.1(a) of the Companies Act. Application for official listing of the newly issued shares on the Barcelona, Bilbao, Madrid and Valencia stock exchanges through Spain's stock exchange Market and on the Buenos Aires stock exchange. | Issuer | None | For | |
| 12 | Modify the corporate name of the Company and subsequent modification of Article 1 of the Bylaws. | Issuer | None | For | |
| 13 | Delegation to the Board of Directors of the power to issue fixed rate, convertible and/or exchangeable securities for company shares or exchangeable for shares in other companies, as well as warrants (options to subscribe new shares or to acquire shares in circulation of the company or other companies). Fixing the criteria to determine the bases and modes of conversion and/or exchange and attribution to the Board of Directors of the powers to increase capital by the amount necessary, as well as to totally or partially exclude the pre-emptive subscription rights of the shareholders of said issues. Authorisation for the company to guarantee securities issued by its subsidiaries. To leave without effect, in the portion not used, the sixteenth B) resolution of the General Shareholders' Meeting held on 15 April 2001. | Issuer | None | For | |
| 14 | Ratification of the creation of the Company's corporate website www.repsol.com. | Issuer | None | For | |
| 15 | Advisory vote on the Report on the Remuneration Policy for Directors of Repsol YPF, S.A. for 2011. | Issuer | None | For | |
| 16 | Delegation of powers to supplement, develop, execute, rectify and formalize the resolutions adopted by the General Shareholders' Meeting. | Issuer | None | For | |
| Orient-Express Hotels Ltd. | 230,000 | OEH | G67743107 | 6/7/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval of amendment of the Company's 2009 Share Award and Incentive Plan increasing the number ofClass A common shares authorized under the plan. | Issuer | For | For | |
| 3 | Appointment of Deloitte LLP as the Company's independent registered public accounting firm, and authorization of the Audit Committee to fix accounting firm's remuneration. | Issuer | For | For | |
| Infosys Technologies | 50,000 | INFY | 456788108 | 6/9/12 | |
| 1 | To receive, consider and adopt the balance sheet as at March 31, 2012, the profit and loss account for the year ended on that date and the report of the directors & auditors thereon. | Issuer | None | For | |
| 2 | To declare the final and special dividend for the financial year ended March 31, 2012. | Issuer | None | For | |
| 3-6 | To appoint directors in place of those retiring and seeking re-appointment by rotation if eligible. | Issuer | None | For All Nominees | |
| 7 | To appoint auditors to hold office from the conclusion of the next annual general meeting and to fix their remuneration. | Issuer | None | For | |
| 8-11 | To appoint directors liable to retire by rotation. | Issuer | None | For All Nominees | |
| 12 | Remuneration in the form of commission for non-executive directors. | Issuer | None | For | |
| Toyota Motor Corporation | 20,000 | TM | 892331307 | 6/15/12 | |
| 1 | Distribution of surplus | Issuer | None | For | |
| 2A-M | Election of 13 directors | Issuer | None | For All Nominees | |
| 3 | Payment of Executive Bonuses | Issuer | None | For | |
| Komatsu Ltd. | 50,000 | KMTUY | 500458401 | 6/20/12 | |
| 1 | Appropriation of Surplus | Issuer | None | For | |
| 2A-J | Election of Ten (10) Directors | Issuer | None | For All Nominees | |
| 3 | Election of One (1) Corporate Auditor | Issuer | None | For | |
| 4 | Payment of Bonuses for Directors | Issuer | None | For | |
| 5 | Revision of the Amount of Remuneration for Corporate Auditors | Issuer | None | For | |
| 6 | Giving the Board of Directors the Authority to Issue Stock Acquisition Rights as Stock-Based Remuneration to Employees of the Company and Directors of Major Subsidiaries of the Company | Issuer | None | For | |
| Nidec Corporation | 26,703 | NJ | 654090109 | 6/26/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of one candidate to the Board of Corporate Auditors | Issuer | For | For | |
| Saturna Investment Trust, Sextant Core Fund (SCORX) | |||||
| Proxy Voting Record relating to shareholder meetings held from July 1, 2011 through June 30, 2012 | |||||
| Proposal # | Issue / Proposals | Shares / Proposed by | Symbol / Directors Recommend | CUSIP / Vote | Meeting Date |
| H.J. Heinz Company | 1,500 | HNZ | 423074103 | 8/30/11 | |
| 1A-1L | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of independent registered public accounting firm | Issuer | For | For | |
| 3 | Advisory vote on the company's executive compensation program | Issuer | For | For | |
| 4 | Advisory vote on frequency of future advisory votes on executive compensation | Issuer | 1 Year | 1 Year | |
| Nike, Inc. | 900 | NKE | 654106103 | 9/19/11 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To hold an advisory vote on executive compensation. | Issuer | For | For | |
| 3 | To hold an advisory vote on the frequency of future advisory votes on executive compensation. | Issuer | 1 Year | 1 Year | |
| 4 | To ratify the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm. | Issuer | For | For | |
| Parker-Hannifin Corporation | 500 | PH | 701094104 | 10/26/11 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending June 30, 2012. | Issuer | For | For | |
| 3 | Approval of, on a non-binding, advisory basis, the compensation of our named executive officers. | Issuer | For | For | |
| 4 | Determination of, on a non-binding, advisory basis, whether an advisory shareholder vote on the compensation of our named executive officers will occur every. | Issuer | 1 Year | 1 Year | |
| 5 | Shareholder proposal to amend the code of regulations to separate the roles of chairman of the board and chief executive officer. | Shareholder | Against | Abstain | |
| Harris Corporation | 800 | HRS | 413875105 | 10/28/11 | |
| 1A-K | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory vote on executive compensation. | Issuer | For | For | |
| 3 | Advisory vote on frequency of future advisory votes on executive compensation. | Issuer | 1 Year | 1 Year | |
| 4 | Ratification of appointment of Ernst & Young LLP as independent registered public accounting firm for fiscal year 2012. | 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 | |
| Express Scripts Holding | 1,200 | ESRX | 30219G108 | 12/21/11 | |
| 1 | To adopt the agreement and plan of merger, dated as of July 20, 2011 as amended on November 7, 2011 and as it may be amended from time to time by and among Express Scripts, Inc., Medco Health Solutions, Inc., Aristotle Holding, Inc., Aristotle Merger Sub, Inc., and Plato Merger Sub, Inc. | Issuer | For | For | |
| 2 | To approve the adjournment of the special meeting by Express Scripts stockholders (if it is necessary or appropriate to solicit additional proxies if there are not sufficient votes to adopt the merger agreement). | Issuer | For | For | |
| LAN Airlines S.A. | 3,500 | LFL | 501723100 | 12/21/11 | |
| 1 | Approve the merger of LAN Airlines S.A. & sister Holdco S.A. & Holdco II S.A., two special purpose companies that have been created exclusively for purposes of this transaction & where shares of TAM S.A. will be, directly or indirectly, held prior to their consolidation into LAN, subject to (I) the terms and conditions of certain implementation agreement & exchange offer agreement, both dated January 18, 2011; & (II) a final decision, in the Reclamacion pending before the Chilean Supreme Court, all as more fully described in the proxy statement. | Issuer | For | For | |
| 2 | Approve the audited financial statements of LAN, sister Holdco S.A. and Holdco II S.A. as of September 30, 2011 and the Informe Pericial, all in accordance with Section 99 of the Chilean Corporation Law. | Issuer | For | For | |
| 3 | Change of the corporate name of LAN Airlines Group S.A. to Latam Airlines Group S.A. | Issuer | For | For | |
| 4 | Approve the bylaws of Latam Airlines Group S.A., including any amendments thereof to be resolved by the shareholders' meeting. | Issuer | For | For | |
| 5 | Grant all necessary authorizations and powers of attorney needed to carry out and implement the proposed business combination between LAN and TAM S.A. | Issuer | For | For | |
| 6 | Adopt any other resolution necessary to carry out and implement the proposed business combination between LAN and TAM S.A. | Issuer | For | For | |
| 7 | Approve increase of the capital of LAN in an additional amount determined by the shareholders' meeting, through the issuance of 4,800,000 shares of common stock; approve that these 4,800,000 common stock shares & any common stock shares of LAN included in paragraph 1. above & not used for purposes of mergers be used to create & implement a stock option plan for employees of Latam Airlines Group S.A. and its affiliates, as provided in Section 24 of the Chilean Corporation Law & delegate in board authority to determine placement conditions of these shares of common stock. | Issuer | For | For | |
| Apple Inc. | 250 | AAPL | 037833100 | 2/23/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees except in the case of Nominee #4, voted as withhold | |
| 2 | Ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2012. | Issuer | For | For | |
| 3 | Advisory vote on executive compensation. | Issuer | For | For | |
| 4 | A shareholder proposal entitled "Conflict of Interest Report" | Shareholder | Against | Against | |
| 5 | A shareholder proposal entitled "Shareholder Say on Director Pay" | Shareholder | Against | Against | |
| 6 | A shareholder proposal entitled "Report on Political Contributions and Expenditures" | Shareholder | Against | Against | |
| 7 | A shareholder proposal entitled "Adopt a Majority Voting Standard for Director Elections" | Shareholder | Against | Against | |
| Stanley Black & Decker, Inc. | 446 | SWK | 854502101 | 4/17/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approve amendment to restated Certificate of Incorporation to declassify the Board of Directors. | Issuer | For | For | |
| 3 | Approve 2012 management incentive compensation plan. | Issuer | For | For | |
| 4 | Approve Ernst & Young LLP as the company's independent auditors for the company's 2012 fiscal year. | Issuer | For | For | |
| 5 | Approve, on an advisory basis, the compensation of the company's named executive officers. | Issuer | For | For | |
| Honeywell International Inc. | 850 | HON | 438516106 | 4/23/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approval of Independent Accountants. | Issuer | For | For | |
| 3 | Advisory Vote to Approve Executive Compensation. | Issuer | For | For | |
| 4 | Independent Board Chairman. | Shareholder | Against | Against | |
| 5 | Political Contributions. | Shareholder | Against | Against | |
| Canadian National Railway Company | 800 | CNI | 136375102 | 04/24/12 | |
| 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 on P. 6 of the accompanying management information circular. | Issuer | For | For | |
| The Chubb Corporation | 750 | CB | 171232101 | 4/24/12 | |
| 1A-K | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Ernst & Young LLP as independent auditor. | Issuer | For | For | |
| 3 | Advisory vote on the compensation paid to our named executive officers. | Issuer | For | For | |
| 4 | Shareholder proposal regarding political contributions and related expenditures. | Shareholder | Against | Against | |
| Praxair, Inc. | 700 | PX | 74005P104 | 04/24/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To approve amendments to Praxair's restated certificate of incorporation to permit shareholders to call special meetings of shareholders. | Issuer | For | For | |
| 3 | To approve, on an advisory and non-binding basis, the compensation of Praxair's named executive officers as disclosed in the 2012 proxy statement. | Issuer | For | For | |
| 4 | A shareholder proposal regarding electioneering policies and contributions. | Shareholder | Against | Against | |
| 5 | To ratify the appointment of the independent auditor. | Issuer | For | For | |
| The PNC Financial Services Group, Inc. | 600 | PNC | 693475105 | 4/24/12 | |
| 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 2012. | Issuer | For | For | |
| 3 | Advisory vote to approve named executive officer compensation. | Issuer | For | For | |
| NRG Energy, Inc. | 1,200 | NRG | 629377508 | 4/25/12 | |
| 1A-D | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | To approve the amendment to NRG Energy, Inc.'s Amended and Restated Certificate of Incorporation to declassify the Board of Directors | Issuer | For | For | |
| 3 | To adopt the NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan | Issuer | For | For | |
| 4 | To approve, on an advisory basis, the compensation of the Company's named executive officers | Issuer | For | For | |
| 5 | To ratify the appointment of KPMG LLP as the Company's independent registered public accounting firm for fiscal year 2012 | Issuer | For | For | |
| Cenovus Energy Inc. | 1,000 | CVE | 15135U109 | 4/25/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Appointment of PricewaterhouseCoopers LLP, charted accountants, as auditor of the corporation. | Issuer | For | For | |
| 3 | Amendment and reconfirmation of the corporation's shareholder rights plan as described in the accompanying management proxy circular. | Issuer | For | For | |
| 4 | Acceptance of the corporation's approach to executive compensation as described in the accompanying management proxy circular. | Issuer | For | For | |
| 5 | Acceptance of the shareholder proposal set out in Appendix B to the accompanying management proxy circular. | Shareholder | Against | Against | |
| Humana Inc. | 1,000 | HUM | 444859102 | 04/26/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | The ratification of the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm. | Issuer | For | For | |
| 3 | The approval of the compensation of the named executive officers as disclosed in the 2012 proxy statement. | Issuer | For | For | |
| LAN Airlines S.A. | 3,500 | LFL | 501723100 | 04/26/12 | |
| 1 | Approval of the annual report, balance sheet and financial statements for the fiscal year ending December 31, 2011 | Issuer | For | For | |
| 2 | Approval of payment of final dividend on account of 2011 fiscal profits, all as more fully described in the proxy statement | Issuer | For | For | |
| 3 | The election of the company's Board of Directors | Issuer | For | For | |
| 4 | The compensation to be paid to the company's Board of Directors for the fiscal year ending December 31, 2012 | Issuer | For | For | |
| 5 | The compensation to be paid to the company's audit committee and its budget for the fiscal year ending December 31, 2012 | Issuer | For | For | |
| 6 | Appointment of external auditing firm and risk rating agencies; reports on matters indicated in XVI of Companies Law 18,046 | Issuer | For | For | |
| 7 | Information on the cost of processing, printing and sending the information indicated in circular 1816 of the Securities and Insurance Commission | Issuer | For | For | |
| 8 | Designation of the newspaper in which the company will make publications | Issuer | For | For | |
| 9 | Other matters of corporate interest within the purview of a regular shareholders meeting of the company | Issuer | For | For | |
| Johnson & Johnson | 900 | JNJ | 478160104 | 4/26/12 | |
| 1A-M | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory Vote to Approve Named Executive Officer Compensation | Issuer | For | For | |
| 3 | Approval of the Company's 2012 Long-Term Incentive Plan | Issuer | For | For | |
| 4 | Ratification of appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for 2012 | Issuer | For | For | |
| 5 | Shareholder Proposal on Independent Board Chairman | Shareholder | Against | Against | |
| 6 | Shareholder Proposal on Binding Vote on Political Contributions | Shareholder | Against | Against | |
| 7 | Shareholder Proposal on Adopting Non-Animal Methods for Training | Shareholder | Against | Against | |
| Companhia De Bebidas Das Americas — AMBEV | 2,000 | ABV | 20441W203 | 4/27/12 | |
| 1 | Election of the members of the Company's Fiscal Council and their respective alternates. | Issuer | None | For | |
| AT&T Inc. | 2,600 | T | 00206R102 | 04/27/12 | |
| 1A-K | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of appointment of independent auditors. | Issuer | For | For | |
| 3 | Advisory approval of executive compensation. | Issuer | For | For | |
| 4 | Amend Certificate of Incorporation. | Issuer | For | For | |
| 5 | Political contributions report. | Shareholder | Against | Against | |
| 6 | Limit wireless network management. | Shareholder | Against | Against | |
| 7 | Independent Board Chairman. | Shareholder | Against | Against | |
| Abbott Laboratories | 300 | ABT | 002824100 | 4/27/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of Deloitte & Touche LLP as auditors | Issuer | For | For | |
| 3 | Say on Pay — an advisory vote to approve executive compensation | Issuer | For | For | |
| 4 | Shareholder proposal — transparency in animal research | Shareholder | Against | Against | |
| 5 | Shareholder proposal — lobbying disclosure | Shareholder | Against | Against | |
| 6 | Shareholder proposal — independent board chair | Shareholder | Against | Against | |
| 7 | Shareholder proposal — tax gross-ups | Shareholder | Against | Against | |
| 8 | Shareholder proposal — equity retention and hedging | Shareholder | Against | Against | |
| 9 | Shareholder proposal — incentive compensation | Shareholder | Against | Against | |
| 10 | Shareholder proposal — ban accelerated vesting of awards upon a change in control | Shareholder | Against | Against | |
| BASF SE | 400 | BASFY | 055262505 | 4/27/12 | |
| 2 | Adoption of a resolution on the appropriation of profit. | Issuer | For | For | |
| 3 | Adoption of a resolution giving formal approval to the actions of the 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 2012 | Issuer | For | For | |
| 6 | Authorization to buy back shares and put them to further use including the authorization to redeem bought-back shares and reduce capital | Issuer | For | For | |
| 7 | Resolution on the amendment of Article 17 of the statutes | Issuer | For | For | |
| Barrick Gold Corporation | 1,000 | ABX | 67901108 | 5/2/12 | |
| 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 | |
| Pepsico, Inc. | 1,000 | PEP | 713448108 | 5/2/12 | |
| 1A-L | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratify the appointment of KPMG LLP as our independent registered public accountants for fiscal year 2012. | Issuer | For | For | |
| 3 | Approval, by non-binding vote, of executive compensation. | Issuer | For | For | |
| 4 | Re-approval of the performance measures under our 2007 Long-Term Incentive Plan. | Issuer | For | For | |
| 5 | Shareholder Proposal — Lobbying Practices Report. | Shareholder | Against | Against | |
| 6 | Shareholder Proposal — Formation of Risk Oversight Committee. | Shareholder | Against | Against | |
| 7 | Shareholder Proposal — Chairman of the Board shall be an Independent Director. | Shareholder | Against | Against | |
| GlaxoSmithKline PLC | 500 | GSK | 37733W105 | 5/3/12 | |
| 1 | To receive and adopt the Directors' Report and the Financial Statements | Issuer | None | For | |
| 2 | To approve the Remuneration Report | Issuer | None | For | |
| 3-16 | Directors' recommendation for re-election | Issuer | None | For All Nominees | |
| 17 | To re-appoint auditors | Issuer | None | For | |
| 18 | To determine remuneration of auditors | Issuer | None | For | |
| 19 | To authorise the company and its subsidiaries to make donations to political organisations and incur political expenditure | Issuer | None | For | |
| 20 | To authorise allotment of shares | Issuer | None | For | |
| 21 | To disapply pre-emption rights | Issuer | None | For | |
| 22 | To authorise the company to purchase its own shares | Issuer | None | For | |
| 23 | To authorise exemption from statement of name of senior statutory auditor | Issuer | None | For | |
| 24 | To authorise reduced notice of a general meeting other than an AGM | Issuer | None | For | |
| 25 | To renew the GSK ShareSave Plan | Issuer | None | For | |
| 26 | To renew the GSK ShareReward Plan | Issuer | None | For | |
| Sanofi | 1,037 | SNY | 80105N105 | 5/4/12 | |
| 1 | Approval of the individual company financial statements for the year ended December 31, 2011 | Issuer | None | For | |
| 2 | Approval of the consolidated financial statements for the year ended December 31, 2011 | Issuer | None | For | |
| 3 | Appropriation of profits, declaration of dividend | Issuer | None | For | |
| 4-9 | Appointment and reppointment of directors | Issuer | None | For | |
| 10 | Appointment of a Statutory Auditor | Issuer | None | For | |
| 11 | Appointment of a Deputy Statutory Auditor | Issuer | None | For | |
| 12 | Ratification of the transfer of the registered office | Issuer | None | For | |
| 13 | Authorization to the Board of Directors to carry out transactions in shares issued by the company | Issuer | None | For | |
| 14 | Delegation to the Board of Directors to carry out transactions in shares issued by the company | Issuer | None | For | |
| 15 | Powers for formalities | Issuer | None | For | |
| Autoliv, Inc. | 1,000 | ALV | 52800109 | 5/8/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory vote on Autoliv, Inc.'s 2011 executive compensation. | Issuer | For | For | |
| 3 | Approval of the amendment to the 1997 stock incentive plan, as amended and restated. | Issuer | For | For | |
| 4 | Approval of Ernst & Young AB As independent auditors of the company for the fiscal year ending December 31, 2012. | Issuer | For | For | |
| 3M Company | 600 | MMM | 88579Y101 | 5/8/12 | |
| 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 | Advisory approval of executive compensation. | Issuer | For | For | |
| 4 | To approve the 2012 Amended and Restated General Employees Stock Purchase Plan. | Issuer | For | For | |
| 5 | To approve the amended 2008 Long-Term Incentive Plan. | Issuer | For | For | |
| 6 | Stockholder proposal on lobbying. | Shareholder | Against | Against | |
| 7 | Stockholder proposal to prohibit political spending from corporate treasury funds. | Shareholder | Against | Against | |
| 8 | Stockholder proposal on independent board chairman. | Shareholder | Against | Against | |
| ConocoPhillips | 1,250 | COP | 20825C104 | 5/9/12 | |
| 1A-O | 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 2012. | Issuer | For | For | |
| 3 | Advisory Approval of Executive Compensation. | Issuer | For | For | |
| 4 | Company Environmental Policy (Louisiana Wetlands). | Shareholder | Against | Against | |
| 5 | Accident Risk Mitigation. | Shareholder | Against | Against | |
| 6 | Report on Grassroots Lobbying Expenditures. | Shareholder | Against | Against | |
| 7 | Greenhouse Gas Reduction Targets. | Shareholder | Against | Against | |
| 8 | Gender Expression Non-Discrimination. | Shareholder | Against | Against | |
| Unilever PLC | 1,850 | UL | 904767704 | 5/9/12 | |
| 1 | To receive the Report and Accounts for the year ended 31 December 2011 | Issuer | For | For | |
| 2 | To approve the Directors' Remuneration Report for the year ended 31 December 2011 | Issuer | For | For | |
| 3-14 | Directors' recommendation for re-election | Issuer | For | For All Nominees | |
| 15 | To re-appoint PricewaterhouseCoopers LLP as Auditors of the Company | Issuer | For | For | |
| 16 | To authorise 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 authorise Political Donations and Expenditure | Issuer | For | For | |
| 21 | To shorten the Notice period for General Meetings | Issuer | For | For | |
| 22 | To adopt the new Articles of Association of the company | Issuer | For | For | |
| Nucor Corporation | 800 | NUE | 670346105 | 5/10/12 | |
| 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, 2012. | Issuer | For | For | |
| 3 | Stockholder proposal regarding majority vote | Shareholder | Against | Against | |
| Norfolk Southern Corporation | 800 | NSC | 655844108 | 5/10/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | The ratification of the appointment of KPMG LLP, independent registered public accounting firm, as Norfolk Southern's independent auditors for the year ending December 31, 2012. | Issuer | For | For | |
| 3 | Approval of executive compensation as disclosed in the proxy statement for the 2012 annual meeting of stockholders. | Issuer | For | For | |
| China Mobile (Hong Kong) Limited | 500 | CHL | 16941M109 | 5/16/12 | |
| 1 | To receive and consider the audited financial statements and the reports of the directors and auditors of the company and its subsidiaries for the year ended 31 December 2011. | Issuer | For | For | |
| 2 | To declare a final dividend for the year ended 31 December 2011. | Issuer | For | For | |
| 3A-E | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 4 | To re-appoint Messrs. KPMG as auditors and to authorise the directors of the company to fix their remuneration. | Issuer | For | For | |
| 5 | General mandate to directors to repurchase shares in company not exceeding 10% of aggregate nominal amt. of issued share capital. | Issuer | For | For | |
| 6 | To give a general mandate to the directors to issue, allot and deal with additional shares in the company not exceeding 20% of the aggregate nominal amount of the existing issued share capital. | Issuer | For | For | |
| 7 | To extend the general mandate granted to the directors to issue, allot and deal with shares by the number of shares repurchased. | Issuer | For | For | |
| Idacorp, Inc. | 1,400 | IDA | 451107106 | 5/17/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratify the appointment of Deloitte and Touche LLP as our independent registered public accounting firm for the year ending December 31, 2012. | Issuer | For | For | |
| 3 | Advisory resolution to approve executive compensation. | Issuer | For | For | |
| 4 | Amendment to our articles of incorporation to eliminate the classification of the board of directors. | Issuer | For | For | |
| The Williams Companies, Inc. | 3,000 | WMB | 969457100 | 5/17/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of Ernst & Young LLP as auditors for 2012 | Issuer | For | For | |
| 3 | Approval, by nonbinding advisory vote, of the company's executive compensation | Issuer | For | For | |
| Intel Corporation | 3,000 | INTC | 458140100 | 5/17/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of selection of Ernst & Young LLP as our independent registered public accounting firm for the current year | Issuer | For | For | |
| 3 | Advisory vote to approve executive compensation | Issuer | For | For | |
| 4 | Stockholder proposal: Whether to hold an advisory vote on political contributions | Shareholder | Against | Against | |
| Lowe's Companies, Inc. | 1,400 | LOW | 548661107 | 6/1/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for fiscal 2012. | Issuer | For | For | |
| 3 | Advisory approval of the Company's executive compensation. | Issuer | For | For | |
| 4 | Approval of an amendment to the Lowes Companies Employee Stock Purchase Plan Stock Options For Everyone to increase the number of shares authorized for issuance under the Plan. | Issuer | For | For | |
| 5 | Shareholder proposal regarding report on political spending. | Shareholder | Against | Against | |
| 6 | Shareholder proposal regarding executive severance agreements. | Shareholder | Against | Against | |
| 7 | Shareholder proposal regarding executive stock retention requirements. | Shareholder | Against | Against | |
| UnitedHealth Group Incorporated | 2,000 | UNH | 91324P102 | 06/04/12 | |
| 1A-J | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Advisory approval of the Company's executive compensation. | Issuer | For | For | |
| 3 | Ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the Company for the year ending December 31, 2012. | Issuer | For | For | |
| 4 | Consideration of the shareholder proposal set forth in the proxy statement, if properly presented at the 2012 Annual Meeting of Shareholders. | Shareholder | Against | Against | |
| Devon Energy Corporation | 1,200 | DVN | 25179M103 | 6/6/12 | |
| 1 | Directors' recommendation for election | Issuer | For | For All Nominees | |
| 2 | Approve, in an advisory vote, Executive Compensation. | Issuer | For | For | |
| 3 | Ratify the Appointment of the Independent Auditors for 2012. | Issuer | For | For | |
| 4 | Approve Amending the Amended and Restated Certificate of Incorporation to Grant Stockholders the Right to Call a Special Meeting. | Issuer | For | For | |
| 5 | Approve the 2012 Incentive Compensation Plan. | Issuer | For | For | |
| 6 | Approve the 2012 Amendment to the 2009 Long-Term Incentive Compensation Plan. | Issuer | For | For | |
| 7 | Report on the Disclosure of Lobbying Policies and Practices. | Shareholder | Against | Against | |
| Taiwan Semiconductor Mfg. Co. Ltd. | 4,534 | TSM | 874039100 | 6/12/12 | |
| 1 | To accept 2011 business report and financial statements | Issuer | For | For | |
| 2 | To approve the proposal for distribution of 2011 profits | Issuer | For | For | |
| 3 | To revise the Articles of Incorporation | Issuer | For | For | |
| 4 | To revise the rules for election of directors | Issuer | For | For | |
| 5 | Directors' recommendation for election | Issuer | For | For All Nominees | |
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 29, 2012