diff --git a/ChangeLog b/ChangeLog
index 7b216978f..28b3d4f2a 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -19,6 +19,8 @@
    complement of a filtered set (thanks to Dan White).
 
 # Tracked Bugs, sorted by ID.
+ + Fixed bug #703, where global substitutions didn't make all expected
+   annotation changes.
  + Fixed Bug #713, which fixes typos in the holidays-UK.rc file (thanks to
    Alexei Romanoff).
  + Added feature #714, including Belarus holidays (thanks to Alexei Romanoff).
diff --git a/src/Subst.cpp b/src/Subst.cpp
index d2b79778b..c30567f54 100644
--- a/src/Subst.cpp
+++ b/src/Subst.cpp
@@ -205,10 +205,10 @@ void Subst::apply (
 
         // Perform all subs on annotations.
         counter = 0;
-        pattern = 0;
         std::vector <Att>::iterator i;
         for (i = annotations.begin (); i != annotations.end (); ++i)
         {
+          pattern = 0;
           std::string annotation = i->value ();
           while ((pattern = find (annotation, mFrom, pattern, sensitive)) != std::string::npos)
           {
diff --git a/test/bug.703.t b/test/bug.703.t
new file mode 100755
index 000000000..92f7eaa90
--- /dev/null
+++ b/test/bug.703.t
@@ -0,0 +1,80 @@
+#! /usr/bin/perl
+################################################################################
+## taskwarrior - a command line task list manager.
+##
+## Copyright 2006 - 2011, Paul Beckingham, Federico Hernandez.
+## All rights reserved.
+##
+## This program is free software; you can redistribute it and/or modify it under
+## the terms of the GNU General Public License as published by the Free Software
+## Foundation; either version 2 of the License, or (at your option) any later
+## version.
+##
+## This program is distributed in the hope that it will be useful, but WITHOUT
+## ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS
+## FOR A PARTICULAR PURPOSE.  See the GNU General Public License for more
+## details.
+##
+## You should have received a copy of the GNU General Public License along with
+## this program; if not, write to the
+##
+##     Free Software Foundation, Inc.,
+##     51 Franklin Street, Fifth Floor,
+##     Boston, MA
+##     02110-1301
+##     USA
+##
+################################################################################
+
+use strict;
+use warnings;
+use Test::More tests => 13;
+
+# Create the rc file.
+if (open my $fh, '>', 'bug.rc')
+{
+  print $fh "data.location=.\n";
+  print $fh "confirmation=no\n";
+  close $fh;
+  ok (-r 'bug.rc', 'Created bug.rc');
+}
+
+# Bug 703: /from/t/g fails to make all changes to annotations
+
+# Setup: Add a few tasks
+diag ("2 second delay");
+qx{../src/task rc:bug.rc add This is a test};
+qx{../src/task rc:bug.rc 1 annotate Annotation one};
+sleep 1;
+qx{../src/task rc:bug.rc 1 annotate Annotation two};
+sleep 1;
+qx{../src/task rc:bug.rc 1 annotate Annotation three};
+
+my $output = qx{../src/task rc:bug.rc list};
+like ($output, qr/This is a test/,   'original description');
+like ($output, qr/Annotation one/,   'original annotation one');
+like ($output, qr/Annotation two/,   'original annotation two');
+like ($output, qr/Annotation three/, 'original annotation three');
+
+qx{../src/task rc:bug.rc 1 /i/I/g};
+$output = qx{../src/task rc:bug.rc list};
+like ($output, qr/ThIs Is a test/,   'new description');
+like ($output, qr/AnnotatIon one/,   'new annotation one');
+like ($output, qr/AnnotatIon two/,   'new annotation two');
+like ($output, qr/AnnotatIon three/, 'new annotation three');
+
+# Cleanup.
+unlink 'pending.data';
+ok (!-r 'pending.data', 'Removed pending.data');
+
+unlink 'completed.data';
+ok (!-r 'completed.data', 'Removed completed.data');
+
+unlink 'undo.data';
+ok (!-r 'undo.data', 'Removed undo.data');
+
+unlink 'bug.rc';
+ok (!-r 'bug.rc', 'Removed bug.rc');
+
+exit 0;
+