N-PX/A 1 sit-ig071026_npxa.txt AMENDMENT NO. 1 TO FORM N-PX YEAR ENDED 6-30-06 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM N-PX/A ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act number 811-06373 --------------------------------------------------- Sit International Growth Fund, a series of Sit Mutual Funds, Inc. -------------------------------------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) 3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402 -------------------------------------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) Kelly K. Boston, Staff Attorney -------------------------------------------------------------------------------- 3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402 -------------------------------------------------------------------------------- (NAME AND ADDRESS OF AGENT FOR SERVICE) Registrant's telephone number, including area code: 612-332-3223 ---------------------------- Date of fiscal year end: June 30, 2006 ------------------------------------- Date of reporting period: July 1, 2005 - June 30, 2006 ------------------------------------ PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Advanced Info Service PCL Y0014U183 4/24/2006 1 Open Meeting Mgmt For For 2 Approve Minutes of Previous AGM Mgmt For For 3 Accept 2005 Operation Results Mgmt For For Accept Financial Statements and 4 Statutory Reports Mgmt For For Approve Allocation of Income and Payment of Final Dividend of Baht 3.3 5 Per Share Mgmt For For Approve Auditors and Authorize Board to 6 Fix Their Remuneration Mgmt For For 7 Reelect Boonklee Plangsiri as Director Mgmt For For 8 Approve Remuneration of Directors Mgmt For For Approve Issuance of 10.14 Million Warrants to Directors and Employees of the Company Under the Employee Stock 9 Option Plan Grant V (ESOP Grant V) Mgmt For For Approve Allocation of 10.14 Million New Ordinary Shares Pursuant to the ESOP 10 Grant V Mgmt For For Approve Issuance of 5.31 percent of the Total Warrants to Somprasong Boonyachai 11 Under the ESOP Grant V Mgmt For For Approve Allocation of 615,800 Additional Ordinary Shares Pursuant to the Employee Stock Option Plan Grant 1, 12 2, 3, and 4 Mgmt For For 13 Other Business Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- AES Tiete SA(formerly Companhia de Accept Financial Statements and Geracao de Statutory Reports and Approve Energia Tiete) P4991B101 3/21/2006 1 Allocation of Income Mgmt For For Approve Aggregate Annual Remuneration 2 of Directors Mgmt For For Elect Employee Representative and 3 Alternate to the Board Mgmt For For 4 Elect Directors Mgmt For For 5 Elect Supervisory Board Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- AFLAC Incorporated AFL 1055102 5/1/2006 1.1 Elect Director Daniel P. Amos Mgmt For For 1.2 Elect Director John Shelby Amos, II Mgmt For For
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 1.3 Elect Director Michael H. Armacost Mgmt For Withhold 1.4 Elect Director Kriss Cloninger, III Mgmt For For 1.5 Elect Director Joe Frank Harris Mgmt For For 1.6 Elect Director Elizabeth J. Hudson Mgmt For For 1.7 Elect Director Kenneth S. Janke Sr. Mgmt For For 1.8 Elect Director Douglas W. Johnson Mgmt For For 1.9 Elect Director Robert B. Johnson Mgmt For For 1.10 Elect Director Charles B. Knapp Mgmt For For 1.11 Elect Director Hidefumi Matsui Mgmt For For 1.12 Elect Director E. Stephen Purdom, M.D. Mgmt For For 1.13 Elect Director Barbara K. Rimer, Dr. Ph Mgmt For For 1.14 Elect Director Marvin R. Schuster Mgmt For For 1.15 Elect Director David Gary Thompson Mgmt For For 1.16 Elect Director Tohru Tonoike Mgmt For For 1.17 Elect Director Robert L. Wright Mgmt For For 2 Ratify Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Allianz AG (formerly Allianz Holding Receive Financial Statements and AG) D03080112 5/3/2006 1 Statutory Reports for Fiscal 2005 Mgmt None None Approve Allocation of Income and 2 Dividends of EUR 2.00 per Share Mgmt For For Approve Discharge of Management Board 3 for Fiscal 2005 Mgmt For For Approve Discharge of Supervisory Board 4 for Fiscal 2005 Mgmt For For Approve Affiliation Agreement with Subsidiary Allianz Alternative Assets 5 Holding GmbH Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Allianz AG Approve Merger by Absorption of (formerly Riunione Adriatica di Sicurta SpA; Allianz Holding Approve Change of Corporate Form to AG) D03080112 2/8/2006 1 Societas Europea (SE) Mgmt For For Issue 25.1 Million Shares in Connection with Merger by Merger by Absorption of RIUNIONE ADRIATICA DI SICURTA Societa 2 per Azioni Mgmt For For Approve Creation of EUR 450 Million Pool of Conditional Capital with 3 Preemptive Rights Mgmt For For 4 Approve Employee Stock Purchase Plan Mgmt For For Approve Issuance of Convertible Bonds and/or Bonds with Warrants Attached up to Aggregate Nominal Amount of EUR 10 Billion with Preemptive Rights; Approve Creation of EUR 250 Million Pool of Conditional Capital to Guarantee 5 Conversion Rights Mgmt For For
-2- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Authorize Repurchase of up to Five Percent of Issued Share Capital for 6 Trading Purposes Mgmt For For Authorize Repurchase of up to 10 Percent of Issued Share Capital for 7 Purposes other than Trading Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Amdocs Limited DOX G02602103 1/19/2006 1.1 Elect Director Bruce K. Anderson Mgmt For For 1.2 Elect Director Adrian Gardner Mgmt For For 1.3 Elect Director Charles E. Foster Mgmt For For 1.4 Elect Director James S. Kahan Mgmt For For 1.5 Elect Director Dov Baharav Mgmt For For 1.6 Elect Director Julian A. Brodsky Mgmt For For 1.7 Elect Director Eli Gelman Mgmt For For 1.8 Elect Director Nehemia Lemelbaum Mgmt For For 1.9 Elect Director John T. Mclennan Mgmt For For 1.10 Elect Director Robert A. Minicucci Mgmt For For 1.11 Elect Director Simon Olswang Mgmt For For 1.12 Elect Director Mario Segal Mgmt For For APPROVAL OF AMENDMENT OF THE 1998 STOCK OPTION AND INCENTIVE PLAN TO INCREASE THE NUMBER OF SHARES AUTHORIZED FOR ISSUANCE THEREUNDER, TO CONTINUE THE TERM OF THE PLAN FOR AN ADDITIONAL 10-YEAR TERM AND TO MAKE OTHER CHANGES 2 AS DESCRIBED IN THE ACCOMPANY Mgmt For For APPROVAL OF SPECIAL RESOLUTION TO PERMIT DIRECT REPURCHASE BY THE COMPANY OF UNVESTED SHARES OF RESTRICTED STOCK GRANTED UNDER THE 1998 STOCK OPTION AND INCENTIVE PLAN UPON TERMINATION OF 3 EMPLOYMENT OR SERVICE. Mgmt For For APPROVAL OF CONSOLIDATED FINANCIAL 4 STATEMENTS FOR FISCAL YEAR 2005. Mgmt For For RATIFICATION AND APPROVAL OF ERNST & YOUNG LLP AND AUTHORIZATION OF AUDIT 5 COMMITTEE OF BOARD TO FIX REMUNERATION. Mgmt For For -----------------------------------------------------------------------------------------------------------------------------------
-3- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Anglo Irish Bank Accept Financial Statements and Corporation Plc G03815118 1/27/2006 1 Statutory Reports Mgmt For For 2 Approve Dividends Mgmt For For 3a Reelect F. Drury as Director Mgmt For For 3b Reelect S. FitzPatrick as Director Mgmt For For 3c Reelect M. Jacob as Director Mgmt For For Authorize Board to Fix Remuneration of 4 Auditors Mgmt For For Approve Remuneration of Non-executive 5 Directors Mgmt For For Authorize Share Repurchase Program and 6 Reissuance of Repurchased Shares Mgmt For For Authorize Issuance of Equity or Equity-Linked Securities with 7 Preemptive Rights Mgmt For For Approve Issuance of Equity or Equity-Linked Securities without 8 Preemptive Rights Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including Asahi Breweries the Following Dividends: Interim JY Ltd. J02100113 3/30/2006 1 7.5, Final JY 9.5, Special JY 0 Mgmt For For Amend Articles to: Expand Business Lines - Decrease Authorized Capital to Reflect Share Repurchase - Authorize Public Announcements in Electronic Format - Update Language of Articles to 2 Reflect New Corporate Law Mgmt For For 3 Approve Executive Stock Option Plan Mgmt For For 4.1 Elect Director Mgmt For For 4.2 Elect Director Mgmt For For 4.3 Elect Director Mgmt For For 4.4 Elect Director Mgmt For For 4.5 Elect Director Mgmt For For 4.6 Elect Director Mgmt For For 4.7 Elect Director Mgmt For For 4.8 Elect Director Mgmt For For 4.9 Elect Director Mgmt For For 5 Approve Retirement Bonuses for Directors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- DISCUSSION OF ANNUAL REPORT 2005 AND ASML Holding NV ADOPTION OF THE FINANCIAL STATEMENTS (Formerly ASM (FY ) 2005, AS PREPARED IN ACCORDANCE Lithography Hldg) N07059111 3/23/2006 1 WITH DUTCH LAW Mgmt For For
-4- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- DISCHARGE OF THE MEMBERS OF THE BOARD OF MANAGEMENT ( BOM ) FROM LIABILITY 2 FOR THE FY 2005. Mgmt For For DISCHARGE OF THE MEMBERS OF THE SUPERVISORY BOARD FROM LIABILITY FOR 3 THE FY 2005. Mgmt For For TO AMEND THE ARTICLES OF ASSOCIATION OF 4 THE COMPANY. Mgmt For For ADOPTION OF THE REVISED REMUNERATION 5 POLICY FOR THE BOM. Mgmt For For APPROVAL OF THE PERFORMANCE STOCK ARRANGEMENT FOR THE BOM, AS MORE FULLY 6 DESCRIBED IN THE AGENDA. Mgmt For For APPROVAL OF THE PERFORMANCE STOCK OPTION ARRANGEMENT FOR THE BOM, AS MORE 7 FULLY DESCRIBED IN THE AGENDA. Mgmt For For APPROVAL OF THE STOCK OPTION ARRANGEMENTS FOR THE ASML EMPLOYEES, AS 8 MORE FULLY DESCRIBED IN THE AGENDA. Mgmt For For AUTHORIZATION OF THE BOARD OF MANAGEMENT TO ISSUE 22,000 SIGN-ON STOCK AND 22,000 SIGN-ON STOCK OPTIONS 9 TO MR. K.P. FUCHS. Mgmt For For TO RE-APPOINT MR. DEKKER AS MEMBER OF 10 THE SUPERVISORY BOARD. Mgmt For For TO AUTHORIZE THE BOM FOR A PERIOD OF 18 MONTHS TO ISSUE SHARES OR RIGHTS TO SUBSCRIBE FOR A LIMIT OF 10% OF THE 11 SHARE CAPITAL. Mgmt For For TO AUTHORIZE THE BOM FOR A PERIOD OF 18 MONTHS TO RESTRICT OR EXCLUDE THE PRE-EMPTION RIGHT ACCRUING TO 12 SHAREHOLDERS. Mgmt For For
-5- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- TO AUTHORIZE THE BOM FOR A PERIOD OF 18 MONTHS TO ISSUE SHARES OR RIGHTS TO SUBSCRIBE FOR AN ADDITIONAL 10% OF THE 13 CAPITAL. Mgmt For For TO AUTHORIZE THE BOM FOR A PERIOD OF 18 MONTHS FROM MARCH 23, 2006, TO RESTRICT THE PRE-EMPTION RIGHT ACCRUING TO 14 SHAREHOLDERS Mgmt For For TO AUTHORIZE THE BOM FOR A PERIOD OF 18 MONTHS TO ACQUIRE OWN SHARES. **VOTING 15 CUT-OFF DATE: MARCH 15, 2006.** Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Australia and New Zealand Banking Group Ltd. (formerly Receive Financial Statements and Austr ANZ Q09504137 12/16/2005 1 Statutory Reports Mgmt None None 2 Adopt Remuneration Report Mgmt For For 3a Elect R Deane as Director Mgmt For For 3b Elect D Gonski as Director Mgmt For For 3c Elect C Goode as Director Mgmt For For 4 Amend Constitution Mgmt For For Amend the Director's Access, Insurance 5 and Indemnity Deed Mgmt For For Amend the Non-executive Directors' 6 Retirement Scheme Mgmt For For Approve Remuneration of Directors in 7 the Amount of AUD 3,000,000 Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Merger by Absorption of Finaxa Axa (Formerly and Capital Increase in Connection with Axa-Uap) F06106102 12/16/2005 1 the Merger Mgmt For For 2 Approve Accounting Treatment of Merger Mgmt For For 3 Approve Reduction in Share Capital Mgmt For For Assume Obligations of 2.75% 1997/2006 4 Convertible Bonds Issued by Finaxa Mgmt For For Assume Obligations of Stock Options 5 Granted by Finaxa Mgmt For For Approve Dissolution of Finaxa without 6 Liquidation Mgmt For For Amend Articles to Reflect Changes in 7 Capital Mgmt For For
-6- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Authorize Issuance of Convertible Bonds to Holders of Finaxa 3% 1998/2007 Bonds 8 Convertible Into Axa Shares Mgmt None None Reserve Convertible Bonds Issuance to 9 Holders of Finaxa 3% 1998/2007 Bonds Mgmt None None Approve Capital Increase Reserved for Employees Participating in 10 Savings-Related Share Purchase Plan Mgmt Against Against Authorize Filing of Required 11 Documents/Other Formalities Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Axa (Formerly Approve Financial Statements and Axa-Uap) F06106102 5/4/2006 1 Statutory Reports Mgmt For For Accept Consolidated Financial 2 Statements and Statutory Reports Mgmt For For Approve Allocation of Income and 3 Dividends of EUR 0.88 per Share Mgmt For For Approve Special Auditors' Report 4 Regarding Related-Party Transactions Mgmt For For Election of Norbert Dentressangle as 5 Supervisory Board Member Mgmt For For Ratify PricewaterhouseCoopers Audit as 6 Auditor Mgmt For For Ratify Patrick Frotiee as Alternate 7 Auditor Mgmt For For Authorize Repurchase of Up to Ten 8 Percent of Issued Share Capital Mgmt For For Approve Reduction in Share Capital via 9 Cancellation of Repurchased Shares Mgmt For For Authorize Filling of Required 10 Documents/Other Formalities Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements, Statutory AZIMUT HOLDING Reports and Consolidated Financial SPA T0783G106 4/26/2006 1 Statements, for the Fiscal Year 2005 Mgmt For For 2 Approve Allocation of Income Mgmt For For Authorize Share Repurchase Program and 3 Reissuance of Repurchased Shares Mgmt For For
-7- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 4 Elect One Director Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- BAE Systems PLC (frm.British Accept Financial Statements and Aerospace Plc ) G06940103 5/4/2006 1 Statutory Reports Mgmt For For 2 Approve Remuneration Report Mgmt For For Approve Final Dividend of 6.3 Pence Per 3 Ordinary Share Mgmt For For 4 Re-elect Susan Birley as Director Mgmt For For Re-elect Christopher Geoghegan as 5 Director Mgmt For For 6 Re-elect Michael Lester as Director Mgmt For For 7 Elect Philip Carroll as Director Mgmt For For 8 Elect Roberto Quarta as Director Mgmt For For 9 Elect Peter Weinberg as Director Mgmt For For Reappoint KPMG Audit Plc as Auditors of 10 the Company Mgmt For For Authorise Board to Fix Remuneration of 11 Auditors Mgmt For For Approve Bae Systems Performance Share 12 Plan 2006 Mgmt For For 13 Approve Bae Systems Share Matching Plan Mgmt For For Authorise the Company to Make EU Political Organisations Donations and Incur EU Political Expenditure up to 14 GBP 100,000 Mgmt For For Authorise BAE Systems Marine Limited to Make EU Political Organisations Donations and Incur EU Political 15 Expenditure up to GBP 100,000 Mgmt For For Authorise BAE Systems (Operations) Limited to Make EU Political Organisations Donations and Incur EU 16 Political Expenditure up to GBP 100,000 Mgmt For For Authorise BAE Systems Land Systems (Munitions and Ordnance) Ltd. to Make EU Political Organisations Donations and Incur EU Political Expenditure up 17 to GBP 100,000 Mgmt For For Authorise BAE Systems Land Systems (Weapons and Vehicles) Ltd. to Make EU Political Organisations Donations and Incur EU Political Expenditure up to 18 GBP 100,000 Mgmt For For Authorise Land Systems Hagglunds AB to Make EU Political Organisations Donations and Incur EU Political 19 Expenditure up to GBP 100,000 Mgmt For Against
-8- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 20 Nominal Amount of GBP 26,829,626 Mgmt For Against Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 21 Nominal Amount of GBP 4,024,846 Mgmt For Against Authorise 321,987,720 Ordinary Shares 22 for Market Purchase Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and Banca Popolare Statutory Reports for the Fiscal Year di Milano T15120107 4/28/2006 1 2005 Mgmt For For Amend External Auditors' Report to Reflect the New Accounting Principles 2 IAS/IFRS Mgmt For For Approve Remuneration of Board of Directors, Executive Committee and 3 Internal Statutory Auditors Mgmt For For 4.1 Elect Board of Directors - Slate 1 Mgmt For For Appoint Internal Statutory Auditors - 5.1 Slate 1 Mgmt For For 6 Appoint Censors (Collegio dei Probiviri) Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and Barclays Plc G08036124 4/27/2006 1 Statutory Reports Mgmt For For 2 Approve Remuneration Report Mgmt For For 3 Elect Fulvio Conti as Director Mgmt For For 4 Elect Danie Cronje as Director Mgmt For For 5 Elect Robert Diamond Jr. as Director Mgmt For For 6 Elect Robert Steel as Director Mgmt For For 7 Elect John Sunderland as Director Mgmt For For 8 Re-elect Dame Dawson as Director Mgmt For For Re-elect Sir Richard Broadbent as 9 Director Mgmt For For 10 Re-elect Gary Hoffman as Director Mgmt For For 11 Re-elect Naguib Kheraj as Director Mgmt For For Re-elect Sir Nigel Rudd as Director 12 Nigel Rudd as Director Mgmt For For Reappoint PricewaterhouseCoopers LLP as 13 Auditors of the Company Mgmt For For Authorize Board to Fix Remuneration of 14 Auditors Mgmt For For Authorise the Company to make EU Political Organisation Donations up to GBP 25,000 and Incur EU Political 15 Expenditure up to GBP 25,000 Mgmt For For
-9- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Authorise Barclays Bank plc to make EU Political Organisation Donations up to GBP 100,000 and Incur EU Political 16 Expenditure up to GBP 100,000 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 17 Nominal Amount of GBP 541,215,604 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 18 Nominal Amount of GBP 81,182,340 Mgmt For For Authorise 968,600,000 Ordinary Shares 19 for Market Purchase Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- BHP Billiton Limited (Formerly BHP Receive Financial Statements and Ltd.) BHP Q1498M100 11/25/2005 1 Statutory Reports of BHP Billiton Plc Mgmt For For Receive Financial Statements and Statutory Reports of BHP Billiton 2 Limited Mgmt For For Elect Carlos Cordeiro as a Director of 3 BHP Billiton Plc Mgmt For For Elect Carlos Cordeiro as Director 4 Billiton Limited Mgmt For For Elect Gail de Planque as a Director of 5 BHP Billiton Plc Mgmt For For Elect Gail de Planque as a Director of 6 BHP Billiton Limited Mgmt For For Elect David Crawford as a Director of 7 BHP Billiton Plc Mgmt For For Elect David Crawford as a Director of 8 BHP Billiton Limited Mgmt For For Elect David Jenkins as a Director of 9 BHP Billiton Plc Mgmt For For Elect David Jenkins as a Director of 10 BHP Billiton Limited Mgmt For For Elect Mike Salomon as a Director of BHP 11 Billiton Plc Mgmt For For Elect Mike Salomon as a Director of BHP 12 Billiton Limited Mgmt For For Approve KPMG Audit Plc as Auditors and Authorize Board to Fix Their 13 Remuneration Mgmt For For Approve the Allotment of 531.85 Million Unissued Shares to Participants of the Group Incentive Schemes and Other 14 Legacy Employee Share Schemes Mgmt For For Approve the Issuance of Up to 123.41 15 Million Shares Mgmt For For 16 Authorize Share Repurchase Program Mgmt For For 17 Approve Remuneration Report Mgmt For For
-10- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Stock Option Plan Grants to C W 18 Goodyear, Executive Director Mgmt For For Approve Stock Option Plan Grants to 19 Mike Salomon, Executive Director Mgmt For For 20 Amend Articles of BHP Billiton Plc Mgmt For For 21 Amend Articles of BHP Billiton Limited Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- BP PLC (Form. Bp TO RECEIVE THE DIRECTORS ANNUAL REPORT Amoco Plc ) 55622104 4/20/2006 1 AND THE ACCOUNTS Mgmt For For TO APPROVE THE DIRECTORS REMUNERATION 2 REPORT Mgmt For For 3.1 Elect Director Dr D C Allen Mgmt For For 3.2 Elect Director Lord Browne Mgmt For For 3.3 Elect Director Mr J H Bryan Mgmt For For 3.4 Elect Director Mr A Burgmans Mgmt For For 3.5 Elect Director Mr I C Conn Mgmt For For 3.6 Elect Director Mr E B Davis, Jr Mgmt For For 3.7 Elect Director Mr D J Flint Mgmt For For 3.8 Elect Director Dr B E Grote Mgmt For For 3.9 Elect Director Dr A B Hayward Mgmt For For 3.10 Elect Director Dr D S Julius Mgmt For For 3.11 Elect Director Sir Tom Mckillop Mgmt For For 3.12 Elect Director Mr J A Manzoni Mgmt For For 3.13 Elect Director Dr W E Massey Mgmt For For 3.14 Elect Director Sir Ian Prosser Mgmt For For 3.15 Elect Director Mr M H Wilson Mgmt For For 3.16 Elect Director Mr P D Sutherland Mgmt For For 4 Ratify Auditors Mgmt For For SPECIAL RESOLUTION: TO GIVE LIMITED AUTHORITY FOR THE PURCHASE OF ITS OWN 5 SHARES BY THE COMPANY Mgmt For For TO GIVE AUTHORITY TO ALLOT SHARES UP TO 6 A SPECIFIED AMOUNT Mgmt For For SPECIAL RESOLUTION: TO GIVE AUTHORITY TO ALLOT A LIMITED NUMBER OF SHARES FOR CASH WITHOUT MAKING AN OFFER TO 7 SHAREHOLDERS Mgmt For For -----------------------------------------------------------------------------------------------------------------------------------
-11- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- BURBERRY GROUP Accept Financial Statements and PLC G1699R107 7/14/2005 1 Statutory Reports Mgmt For For 2 Approve Remuneration Report Mgmt For For Approve Final Dividend of 4.5 Pence Per 3 Ordinary Share Mgmt For For 4 Elect Brian Blake as Director Mgmt For For 5 Re-elect Rose Bravo as Director Mgmt For For 6 Re-elect Philip Bowman as Director Mgmt For For Reappoint PricewaterhouseCoopers LLP as 7 Auditors of the Company Mgmt For For Authorise Board to Fix Remuneration of 8 the Auditors Mgmt For For Authorise the Company to Make EU Political Organisation Donations and to Incur EU Political Expenditure up to 9 Aggregate Nominal Amount of GBP 25,000 Mgmt For Against Authorise Burberry Limited to Make EU Political Organisation Donations and to Incur EU Political Expenditure up to 10 Aggregate Nominal Amount of GBP 25,000 Mgmt For Against Authorise 48,224,669 Ordinary Shares 11 for Market Purchase Mgmt For For Authorise the Company to Repurchase 48,224,669 Ordinary Shares from GUS plc in Accordance with the Terms of 12 Agreement Mgmt For For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 13 Nominal Amount of GBP 80,372 Mgmt For For Renew the Authority Conferred on Directors to Allot Shares for Cash in Connection with a Rights Issue without Offering Those Shares Pro Rata to 14 Existing Shareholders Mgmt For For Authorise Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights Otherwise than in Connection with a Rights Issue up to 15 Aggregate Nominal Amount of GBP 12,056 Mgmt For For Amend Articles of Association Re: 16 Electronic Proxy Voting Service Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- BURBERRY GROUP PLC G1699R107 12/12/2005 1 Approve the Demerger Agreement Mgmt For For Amend Articles of Association Re: 2 Preference Shares Mgmt For For
-12- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve the Preference Share Repurchase Contract Between the Company and the 3 Trustee Mgmt For For Amend Articles of Association Re: 4 Indemnification Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Business Objects APPROVAL OF THE COMPANY'S STATUTORY S.A. 12328X107 5/30/2006 1 FINANCIAL STATEMENTS Mgmt For For APPROVAL OF THE COMPANY'S CONSOLIDATED 2 FINANCIAL STATEMENTS Mgmt For For ALLOCATION OF THE COMPANY'S EARNINGS 3 FOR THE YEAR ENDED DECEMBER 31, 2005 Mgmt For For RENEWAL OF THE TERM OF OFFICE OF MR. 4 BERNARD LIAUTAUD Mgmt For For RENEWAL OF THE TERM OF OFFICE OF MR. 5 JEAN-FRANCOIS HEITZ Mgmt For For RENEWAL OF THE TERM OF OFFICE OF MR. 6 DAVID PETERSCHMIDT Mgmt For For 7 RATIFICATION OF MR. JOHN SCHWARTZ Mgmt For For RENEWAL OF THE TERM OF OFFICE OF MR. 8 JOHN SCHWARZ Mgmt For For 9 RATIFICATION OF REGULATED AGREEMENTS Mgmt For Against 10 APPROVAL OF REGULATED AGREEMENTS Mgmt For Against 11 Ratify Auditors Mgmt For For AUTHORIZATIONGRANTED TO THE BOARD OF DIRECTORS TO REPURCHASE ORDINARY SHARES 12 OF THE COMPANY Mgmt For For
-13- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- TO REDUCE THE COMPANY'S SHARE CAPITAL 13 BY CANCELLATION OF TREASURY SHARES Mgmt For For TO ISSUE WARRANTS TO SUBSCRIBE UP TO A MAXIMUM OF 45,000 ORDINARY SHARES 14 RESERVED FOR MR. JEAN-FRANCOIS HEITZ Mgmt For Against TO ISSUE WARRANTS TO SUBSCRIBE UP TO A MAXIMUM OF 45,000 ORDINARY SHARES 15 RESERVED FOR MR. DAVID PETERSCHMIDT Mgmt For Against TO INCREASE THE COMPANY'S SHARE CAPITAL 16 THROUGH THE ISSUANCE OF ORDINARY SHARES Mgmt For For 17 TO INCREASE THE COMPANY'S SHARE CAPITAL Mgmt For For TO GRANT OPTIONS TO SUBSCRIBE OR TO 18 PURCHASE ORDINARY SHARES OF THE COMPANY Mgmt For Against 19 TO INCREASE THE COMPANY'S SHARE CAPITAL Mgmt For Against AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS TO ALLOCATE, FREE OF CHARGE, 20 EXISTING ORDINARY SHARES Mgmt For Against TO INCREASE THE COMPANY'S SHARES CAPITAL, WITH SHAREHOLDER PREFERENTIAL 21 SUBSCRIPTION RIGHTS Mgmt For For TO INCREASE THE COMPANY'S SHARES CAPITAL, WITHOUT SHAREHOLDER 22 PREFERENTIAL SUBSCRIPTION RIGHTS Mgmt For Against AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS TO INCREASE THE NUMBER OF 23 ORDINARY SHARES Mgmt For Against DELEGATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS TO INCREASE THE 24 COMPANY'S SHARE CAPITAL Mgmt For For
-14- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- DELEGATION OF POWERS GRANTED TO THE BOARD OF DIRECTORS TO INCREASE THE 25 COMPANY'S SHARE CAPITAL Mgmt For For APPROVAL OF THE AMENDMENTS OF THE 26 COMPANY'S ARTICLES OF ASSOCIATION Mgmt For For DELEGATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS TO PROCEED WITH THE 27 ISSUANCE OF WARRANTS FREE OF CHARGE Mgmt For Against AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS IN THE EVENT OF A PUBLIC TENDER OFFER EXCHANGE OFFER FOR THE 28 COMPANY Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and Cairn Energy PLC G64399101 4/20/2006 1 Statutory Reports Mgmt For For 2 Approve Remuneration Report Mgmt For For Reappoint Ernst & Young LLP as Auditors and Authorise the Board to Determine 3 Their Remuneration Mgmt For For 4 Re-elect Mike Watts as Director Mgmt For For 5 Re-elect Phil Tracy as Director Mgmt For For 6 Re-elect Todd Hunt as Director Mgmt For For 7 Re-elect Hamish Grossart as Director Mgmt For For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 8 Nominal Amount of GBP 5,327,663.40 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 9 Nominal Amount of GBP 799,149.51 Mgmt For For Authorise 14.99% of the Ordinary Share Capital of the Company for Market 10 Purchase Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends: Interim JY Canon Inc. J05124144 3/30/2006 1 32.5, Final JY 67.5, Special JY 0 Mgmt For For Amend Articles to: Increase Number of 2 Internal Auditors Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For
-15- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 3.12 Elect Director Mgmt For For 3.13 Elect Director Mgmt For For 3.14 Elect Director Mgmt For For 3.15 Elect Director Mgmt For For 3.16 Elect Director Mgmt For For 3.17 Elect Director Mgmt For For 3.18 Elect Director Mgmt For For 3.19 Elect Director Mgmt For For 3.20 Elect Director Mgmt For For 3.21 Elect Director Mgmt For For 3.22 Elect Director Mgmt For For 3.23 Elect Director Mgmt For For 3.24 Elect Director Mgmt For For 3.25 Elect Director Mgmt For For 3.26 Elect Director Mgmt For For 4.1 Appoint Internal Statutory Auditor Mgmt For Against 4.2 Appoint Internal Statutory Auditor Mgmt For Against Approve Retirement Bonuses for 5 Directors and Statutory Auditor Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Central European Media Enterprises Ltd CETV G20045202 6/7/2006 1.1 Elect Director Ronald S. Lauder Mgmt For For 1.2 Elect Director Charles R. Frank, Jr. Mgmt For For 1.3 Elect Director Michael Garin Mgmt For For 1.4 Elect Director Herbert A. Granath Mgmt For For 1.5 Elect Director Herbert Kloiber Mgmt For For 1.6 Elect Director Alfred W. Langer Mgmt For For 1.7 Elect Director Bruce Maggin Mgmt For For 1.8 Elect Director Ann Mather Mgmt For For 1.9 Elect Director Eric Zinterhofer Mgmt For For THE ADOPTION OF THE FINANCIAL STATEMENTS OF THE COMPANY AND THE AUDITORS REPORT THEREON FOR THE COMPANY 2 S FISCAL YEAR ENDED DECEMBER 31, 2005. Mgmt For For
-16- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF THE COMPANY IN RESPECT OF THE FISCAL YEAR ENDING DECEMBER 31, 2006 AND THE AUTHORIZATION OF THE BOARD OF DIRECTORS, ACTING 3 THROUGH THE AUDIT COMMITTEE, TO AP Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse Group (Formerly Cs Holding) H3698D419 4/28/2006 1 Share Re-registration Consent Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse Group (Formerly Accept Financial Statements and Cs Holding) H3698D419 4/28/2006 1 Statutory Reports Mgmt For For Approve Discharge of Board and Senior 2 Management Mgmt For For Approve CHF 17 Million Reduction in Share Capital via Cancellation of 3 Repurchased Shares Mgmt For For Approve Allocation of Income and 4 Dividends of CHF 2 per Share Mgmt For For Reelect Walter Kielholz and Hans-Ulrich 5.1.a Doerig as Directors Mgmt For For 5.1.b Elect Richard Thornburgh as Director Mgmt For For Ratify KPMG Klynveld Peat Marwick 5.2 Goerdeler SA as Auditors Mgmt For For 5.3 Ratify BDO Visura as Special Auditors Mgmt For For Approve CHF 3.4 Million Reduction in Pool of Capital Reserved for Donaldson 6 Lufkin & Jenrette Employee Options Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends: Interim JY Dentsu Inc. J1207N108 6/29/2006 1 1000, Final JY 1500, Special JY 0 Mgmt For For Amend Articles to: Amend Business Lines - Update Terminology to Match that of New Corporate Law - Limit Liability of 2 Statutory Auditors Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For
-17- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 3.12 Elect Director Mgmt For For 3.13 Elect Director Mgmt For For 3.14 Elect Director Mgmt For For 3.15 Elect Director Mgmt For For 3.16 Elect Director Mgmt For For 4 Appoint Internal Statutory Auditor Mgmt For For Approve Retirement Bonuses for 5 Directors and Statutory Auditor Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Telekom AG 251566105 5/3/2006 1 THE APPROPRIATION OF NET INCOME. Mgmt For For THE APPROVAL OF THE ACTIONS OF THE MEMBERS OF THE BOARD OF MANAGEMENT FOR 2 THE 2005 FINANCIAL YEAR. Mgmt For For THE APPROVAL OF THE ACTIONS OF THE MEMBERS OF THE SUPERVISORY BOARD FOR 3 THE 2005 FINANCIAL YEAR. Mgmt For For 4 Ratify Auditors Mgmt For For AUTHORIZING THE CORPORATION TO PURCHASE AND USE ITS OWN SHARES INCLUDING USE WITH THE EXCLUSION OF SUBSCRIPTION 5 RIGHTS. Mgmt For For THE CREATION OF AUTHORIZED CAPITAL 2006 6 FOR CASH AND/OR NON-CASH CONTRIBUTIONS. Mgmt For For APPROVAL OF THE SPLIT-OFF AND SHARE TRANSFER AGREEMENT WITH T-SYSTEMS 7 BUSINESS SERVICES GMBH. Mgmt For For THE APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER AGREEMENT WITH SCS 8 PERSONALBERATUNG GMBH. Mgmt For For
-18- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- THE APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER AGREEMENT WITH CASPAR 9 TELEKOMMUNIKATIONSDIENSTE GMBH. Mgmt For For THE APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER AGREEMENT WITH 10 MELCHIOR TELEKOMMUNIKATIONSDIENSTE GMBH. Mgmt For For THE APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER AGREEMENT WITH BALTHASAR TELEKOMMUNIKATIONSDIENSTE 11 GMBH. Mgmt For For APPROVAL OF THE CONTROL AGREEMENT WITH 12 T-COM INNOVATIONS-GESELLSCHAFT MBH. Mgmt For For THE AMENDMENT OF SECTIONS 14 (2) AND 13 (16) OF THE ARTICLES OF INCORPORATION. Mgmt For For 14.1 Elect Director Dr. Thomas Mirow Mgmt For Abstain Elect Director Mrs. Ingrid 14.2 Matthaus-Maier Mgmt For Abstain 14.3 Elect Director Dr. Mathias Dopfner Mgmt For For Elect Director Prof. Dr. Wulf von 14.4 Schimmelmann Mgmt For Abstain 14.5 Elect Director Dr. H. Von Grunberg Mgmt For For 14.6 Elect Director Mr. Bernhard Walter Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including East Japan the Following Dividends: Interim JY Railway Co J1257M109 6/23/2006 1 4000, Final JY 4000, Special JY 0 Mgmt For For Amend Articles to: Decrease Maximum Board Size - Authorize Public Announcements in Electronic Format - Update Terminology to Match that of New 2 Corporate Law Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For
-19- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 3.12 Elect Director Mgmt For For 3.13 Elect Director Mgmt For For 3.14 Elect Director Mgmt For For 3.15 Elect Director Mgmt For For 3.16 Elect Director Mgmt For For 3.17 Elect Director Mgmt For For 3.18 Elect Director Mgmt For For 3.19 Elect Director Mgmt For For 3.20 Elect Director Mgmt For For 3.21 Elect Director Mgmt For For 3.22 Elect Director Mgmt For For 3.23 Elect Director Mgmt For For 3.24 Elect Director Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- RECEIVE THE FINANCIAL STATEMENTS Elan Corporation TOGETHER WITH THE REPORTS OF THE Plc 284131208 5/25/2006 1 DIRECTORS AND AUDITORS THEREON. Mgmt For For 2.1 Elect Director Mr. Laurence Crowley Mgmt For Withhold 2.2 Elect Director Mr. William Daniel Mgmt For For 2.3 Elect Director Mr. Kelly Martin Mgmt For For 2.4 Elect Director Dr. Goran Ando Mgmt For For 2.5 Elect Director Mr. Shane Cooke Mgmt For For 2.6 Elect Director Dr. Lars Ekman Mgmt For For 2.7 Elect Director Mr. Gary Kennedy Mgmt For For 2.8 Elect Director Ms. Nancy Lurker Mgmt For For AUTHORISE THE DIRECTORS TO FIX THE 3 REMUNERATION OF THE AUDITORS. Mgmt For For APPROVE THE ELAN CORPORATION, PLC 2006 4 LONG TERM INCENTIVE PLAN. Mgmt For Against APPROVE THE AMENDMENT TO THE EMPLOYEE 5 EQUITY PURCHASE PLAN. Mgmt For For AUTHORISE THE DIRECTORS TO ISSUE 6 SECURITIES. Mgmt For For
-20- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- TO AUTHORISE THE DISAPPLICATION OF PRE-EMPTION RIGHTS ON THE ALLOTMENT OF 7 UP TO 40 MILLION SHARES FOR CASH. Mgmt For For TO REPLACE ARTICLES 58 AND 59 OF THE 8 ARTICLES OF ASSOCIATION. Mgmt For For TO REPLACE ARTICLE 62 OF THE ARTICLES 9 OF ASSOCIATION. Mgmt For For TO AUTHORISE THE COMPANY TO MAKE MARKET 10 PURCHASES OF OWN SHARES. Mgmt For For TO SET THE RE-ISSUE PRICE RANGE FOR 11 TREASURY SHARES. Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- EnCana Corporation ECA. 292505104 4/26/2006 1.1 Elect Director Michael N. Chernoff Mgmt For For 1.2 Elect Director Ralph S. Cunningham Mgmt For For 1.3 Elect Director Patrick D. Daniel Mgmt For For 1.4 Elect Director Ian W. Delaney Mgmt For For 1.5 Elect Director Randall K. Eresman Mgmt For For 1.6 Elect Director Michael A. Grandin Mgmt For For 1.7 Elect Director Barry W. Harrison Mgmt For For 1.8 Elect Director Dale A. Lucas Mgmt For For 1.9 Elect Director Ken F. McCready Mgmt For For 1.10 Elect Director Gwyn Morgan Mgmt For For 1.11 Elect Director Valerie A.A. Nielsen Mgmt For For 1.12 Elect Director David P. O'Brien Mgmt For For 1.13 Elect Director Jane L. Peverett Mgmt For For 1.14 Elect Director Dennis A. Sharp Mgmt For For 1.15 Elect Director James M. Stanford Mgmt For For Ratify PricewaterhouseCoopers LLP as Auditors and Authorize Board to Fix 2 Remuneration of Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends: Interim JY 31, Fanuc Ltd. J13440102 6/28/2006 1 Final JY 65, Special JY 0 Mgmt For For Amend Articles to: Reduce Directors Term in Office - Limit Rights of Odd-lot Holders - Limit Liability of 2 Directors and Statutory Auditors Mgmt For For
-21- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For Approve Adjustment to Aggregate 4 Compensation Ceiling for Directors Mgmt For For Approve Adjustment to Aggregate Compensation Ceiling for Statutory 5 Auditors Mgmt For For 6 Approve Retirement Bonuses for Directors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Receive Financial Statements and Fresenius AG D27348107 5/10/2006 1 Statutory Reports Mgmt None None Approve Allocation of Income and Dividends of EUR 1.48 per Ordinary 2 Share and EUR 1.51 per Preference Share Mgmt For For 3 Approve Discharge of Management Board Mgmt For For 4 Approve Discharge of Supervisory Board Mgmt For For Approve Creation of EUR 12.8 Million and EUR 6.4 Million Pools of Capital 5 without Preemptive Rights Mgmt For For 6 Adopt New Articles of Association Mgmt For For Ratify KPMG Deutsche 7 Treuhand-Gesellschaft AG as Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Creation of EUR 12.8 Million and EUR 6.4 Million Pools of Capital Fresenius AG D27348107 5/10/2006 1 without Preemptive Rights Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- GlaxoSmithKline PLC (formerly Glaxo Wellcome TO RECEIVE AND ADOPT THE DIRECTORS Plc ) 37733W105 5/17/2006 1 REPORT AND THE FINANCIAL STATEMENTS Mgmt For For 2 TO APPROVE THE REMUNERATION REPORT Mgmt For For 3 TO ELECT DR MONCEF SLAOUI AS A DIRECTOR Mgmt For For 4 TO ELECT MR TOM DE SWAAN AS A DIRECTOR Mgmt For For 5 TO RE-ELECT MR LARRY CULP AS A DIRECTOR Mgmt For For TO RE-ELECT SIR CRISPIN DAVIS AS A 6 DIRECTOR Mgmt For For
-22- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- TO RE-ELECT DR RONALDO SCHMITZ AS A 7 DIRECTOR Mgmt For For 8 Ratify Auditors Mgmt For For 9 REMUNERATION OF AUDITORS Mgmt For For TO AUTHORISE THE COMPANY TO MAKE DONATIONS TO EU POLITICAL ORGANISATIONS 10 AND INCUR EU POLITICAL EXPENDITURE Mgmt For Against 11 AUTHORITY TO ALLOT SHARES Mgmt For For DISAPPLICATION OF PRE-EMPTION RIGHTS 12 (INDICATES A SPECIAL RESOLUTION) Mgmt For For AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN SHARES (INDICATES A SPECIAL 13 RESOLUTION) Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Financial Statements and Groupe Danone F12033134 4/27/2006 1 Statutory Reports Mgmt For For Accept Consolidated Financial 2 Statements and Statutory Reports Mgmt For For Approve Allocation of Income and 3 Dividends of EUR 1.70 per Share Mgmt For For Approve Special Auditors' Report 4 Regarding Related-Party Transactions Mgmt For For Reelect Richard Goblet d'Alviella as 5 Director Mgmt For Against 6 Reelect Christian Laubie as Director Mgmt For Against 7 Reelect Jean Laurent as Director Mgmt For For 8 Reelect Hakan Mogren as Director Mgmt For For 9 Reelect Benoit Potier as Director Mgmt For For Authorize Repurchase of Up to Ten 10 Percent of Issued Share Capital Mgmt For For Authorize Issuance of Bonds/Debentures 11 in the Aggregate Value of EUR 4 billion Mgmt For For Approve Employee Savings-Related Share 12 Purchase Plan Mgmt For For Authorize Filling of Required 13 Documents/Other Formalities Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including Honda Motor Co. the Following Dividends: Interim JY 40, Ltd. J22302111 6/23/2006 1 Final JY 60, Special JY 0 Mgmt For For
-23- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Amend Articles to: Authorize Board to Determine Income Allocation - Decrease Authorized Capital to Reflect Share Repurchase - Update Terminology to 2 Match that of New Corporate Law Mgmt For Against 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 3.12 Elect Director Mgmt For For 3.13 Elect Director Mgmt For For 3.14 Elect Director Mgmt For For 3.15 Elect Director Mgmt For For 3.16 Elect Director Mgmt For For 3.17 Elect Director Mgmt For For 3.18 Elect Director Mgmt For For 3.19 Elect Director Mgmt For For 3.20 Elect Director Mgmt For For Approve Payment of Annual Bonuses to 4 Directors and Statutory Auditors Mgmt For For 5 Approve Retirement Bonus for Director Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Adopt Financial Statements and Hongkong Land Auditors' Reports and Approve Final Holdings Ltd. G4587L109 6/14/2006 1 Dividend Mgmt For For 2a Reelect R C Kwok as Director Mgmt For For 2b Reelect A J L Nightingale as Director Mgmt For Against 2c Reelect Percy Weatherall as Director Mgmt For For 3 Approve Directors' Fees Mgmt For For Reappoint Auditors and Authorize Board 4 to Fix Their Remuneration Mgmt For For Approve Issuance of Shares without 5 Preemptive Rights Mgmt For For
-24- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 6 Authorize Share Repurchase Program Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and HSBC Holdings Plc G4634U169 5/26/2006 1 Statutory Reports Mgmt For For 2 Approve Remuneration Report Mgmt For For 3(a) Re-elect Baroness Lydia Dunn as Director Mgmt For For 3(b) Re-elect Michael Geoghegan as Director Mgmt For For 3(c) Re-elect Stephen Green as Director Mgmt For For Re-elect Sir Mark Moody-Stuart as 3(d) Director Mgmt For For 3(e) Elect Simon Robertson as Director Mgmt For For 3(f) Re-elect Helmut Sohmen as Director Mgmt For For Re-elect Sir Brian Williamson as 3(g) Director Mgmt For For Reappoint KPMG Audit plc as Auditors and Authorise the Audit Committee to 4 Determine Their Remuneration Mgmt For For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 5 Nominal Amount of USD 1,137,200,000 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 6 Nominal Amount of USD 284,300,000 Mgmt For For Authorise 10 Percent of Ordinary Shares 7 for Market Purchase Mgmt For For Approve Increase in Remuneration of 8 Non-Executive Directors to GBP 65,000 Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Opening and Approval of the Webcasting of This Present Meeting and Subsequent ING Groep NV N4578E413 4/25/2006 1 Shareholders' Meetings Mgmt For For Receive Report of Executive and 2a Supervisory Board Mgmt None None Discussion on Profit Retention and 2b Distribution Policy Mgmt None None Approve Financial Statements and 3a Statutory Reports Mgmt For For Approve Allocation of Income and 3b Dividends of EUR 1.18 per Share Mgmt For For 4a Approve Discharge of Executive Board Mgmt For For 4b Approve Discharge of Supervisory Board Mgmt For For Discussion on Company's Corporate 5 Governance Structure Mgmt None None 6a Elect Dick Harryvan to Management Board Mgmt For For
-25- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 6b Elect Tom McInerney to Management Board Mgmt For For Elect Hans van der Noordaa to 6c Management Board Mgmt For For Elect Jacques de Vaucleroy to 6d Management Board Mgmt For For Reelect Cor Herkstroter to Supervisory 7a Board Mgmt For For Reelect Karel Vuursteen to Supervisory 7b Board Mgmt For For 7c Elect Piet Klaver to Supervisory Board Mgmt For For Approve Stock Option Grants and Performance Shares for the Members of 8 Executive Board Mgmt For For Approve Amendment Pension Scheme of the 9 Executive Board Mgmt For For Approve Remuneration of Supervisory 10 Board Mgmt For For Grant Board Authority to Issue 220 Million Ordinary Shares Restricting/Excluding Preemptive Rights (Plus 220 Million Ordinary Shares in 11a Connection with Merger) Mgmt For For Grant Board Authority to Issue 10 Million Preference B Shares in Connection with Conversion of ING 11b Perpetuals III Mgmt For For Authorize Repurchase of Up to Ten 12a Percent of Issued Share Capital Mgmt For For Authorize Repurchase of 24,051,039 Depositary Receipts for Preference A 12b Shares Mgmt For For Authorize Repurchase Preference A Shares or Depositary Receipts for 12c Preference A Shares Mgmt For For Approve Cancellation of Preference A 13 shares Which are Held by ING Groep N.V. Mgmt For For Approval of the English language as the Official Language of the Annual Report 14a with Effect From the 2006 Report Mgmt For For Approval of the English Language as the Official Language as of the 2007 14b Shareholders' Meeting Mgmt For For 15 Other Business (Non-Voting) Mgmt None None -----------------------------------------------------------------------------------------------------------------------------------
-26- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Ito En Ltd. JP3143000002 7/28/2005 1 Final JY 45, Special JY 0 Mgmt For For Amend Articles to: Abolish Retirement 2 Bonus System Mgmt For For 3 Elect Director Mgmt For For 4.1 Appoint Internal Statutory Auditor Mgmt For For 4.2 Appoint Internal Statutory Auditor Mgmt For Against 5 Approve Deep Discount Stock Option Plan Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends: Interim JY 25, Kao Corp. J30642169 6/29/2006 1 Final JY 25, Special JY 0 Mgmt For For Amend Articles to: Expand Business Lines - Limit Outside Statutory Auditors' Legal Liability - Authorize Public Announcements in Electronic 2 Format - Limit Rights of Odd-Lot Holders Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 3.12 Elect Director Mgmt For For 3.13 Elect Director Mgmt For For 3.14 Elect Director Mgmt For For 3.15 Elect Director Mgmt For For 4 Appoint Internal Statutory Auditor Mgmt For For Appoint Alternate Internal Statutory 5 Auditor Mgmt For For Approve Deep Discount Stock Option Plan 6 for Directors Mgmt For For 7 Approve Employee Stock Option Plan Mgmt For For 8 Approve Retirement Bonuses for Directors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Kuehne & Nagel International AG H4673L137 5/2/2006 1 Share Re-registration Consent Mgmt For For -----------------------------------------------------------------------------------------------------------------------------------
-27- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Kuehne & Nagel Accept Financial Statements and International AG H4673L137 5/2/2006 1 Statutory Reports Mgmt For For Approve Allocation of Income and 2 Dividends of CHF 5.50 per Share Mgmt For For Approve Discharge of Board and Senior 3 Management Mgmt For For Reelect Joachim Hausser, Willy Kissling, Klaus-Michael Kuehne, Georg Obermeier, and Thomas Staehelin as 4 Directors Mgmt For Against 5 Approve 5:1 Stock Split Mgmt For For Approve Creation of CHF 20 Million Pool 6 of Capital without Preemptive Rights Mgmt For For 7 Ratify KPMG Fides Peat as Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Ladbrokes PLC (formerly Hilton Approve Sale of Hilton International Group PLC) G45098103 1/27/2006 1 Hotels Division Mgmt For For 2 Change Company Name to Ladbrokes plc Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Ladbrokes PLC Approve Final Dividend of 6.6 Pence Per (formerly Hilton Ordinary Share Pursuant to the Passing Group PLC) G5337D115 3/29/2006 1 of Item 5 Mgmt For For Approve Special Dividend of 233.4 Pence Per Existing Ordinary Share Pursuant to 2 the Passing of Items 3 and 5 Mgmt For For Approve Sub-Div. of Each Unissued Ord. Share into 6 Ord. Shares of 1 2/3p; Share Consolidation of Every 17 Issued Intermediate Ord. Shares into 1 New Ord. Share of 28 1/3p and Every 17 Unissued Intermediate Ord. Shares into 3 1 Unissued New Ord. Share Mgmt For For Authorise 57,254,485 New Ordinary Shares for Market Purchase Pursuant to 4 Passing of Item 2 & 3 Mgmt For For 5 Adopt New Articles of Association Mgmt For For -----------------------------------------------------------------------------------------------------------------------------------
-28- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Ladbrokes PLC (formerly Hilton Accept Financial Statements and Group PLC) G5337D107 5/26/2006 1 Statutory Reports Mgmt For For 2 Re-elect Nicholas Jones as Director Mgmt For For 3 Re-elect Sir Ian Robinson as Director Mgmt For For 4 Elect John O'Reilly as Director Mgmt For For 5 Elect Alan Ross as Director Mgmt For For 6 Elect Rosemary Thorne as Director Mgmt For For Reappoint Ernst & Young LLP as Auditors and Authorise the Board to Determine 7 Their Remuneration Mgmt For For 8 Approve Remuneration Report Mgmt For For Approve EU Political Organisation Donations up to GBP 10,000 and to Incur EU Political Expenditures up to GBP 10,000; and Authorise Ladbrokes Ltd. to Make EU Political Donations up to GBP 25,000 and to Incur EU Political 9 Expenditures up to GBP 25,000 Mgmt For For Approve Increase in Authorised Capital 10 from GBP 230,000,000 to GBP 253,000,000 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 11 Nominal Amount of GBP 54,450,207 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate Nominal Amount of GBP 8,029,922 and up to Aggregate Nominal Amount of GBP 54,450,207 in Connection with a Rights 12 Issue Mgmt For For Authorise 56,682,299 Ordinary Shares 13 for Market Purchase Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- LIPMAN ELECTRONIC ENGINEERING LTD, TEL AVIV M6772H101 7/6/2005 1.1 Elect Director Jacob Perry Mgmt For For 1.2 Elect Director Meir Shamir Mgmt For For 1.3 Elect Director Ishay Davidi Mgmt For For 1.4 Elect Director Aharon Lipman Mgmt For For 1.5 Elect Director Rami Lipman Mgmt For For 1.6 Elect Director Mordechai Gorfung Mgmt For For 1.7 Elect Director Jonathan Kaplan Mgmt For For
-29- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 1.8 Elect Director David Rubner Mgmt For For 2 Ratify Auditors Mgmt For For TO APPROVE AN OPTION GRANT TO TWO NON-EMPLOYEE DIRECTORS AND TO APPROVE THE REMUNERATION OF ONE OF THESE 3 DIRECTORS. Mgmt For For INCREASE THE NUMBER OF OPTIONS AVAILABLE FOR GRANT UNDER THE COMPANY'S 4 2004 SHARE OPTION PLAN BY 150,000. Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- LIPMAN ELECTRONIC ENGINEERING LTD, TEL AVIV M6772H101 3/27/2006 1.1 Elect Director Jacob Perry Mgmt For For 1.2 Elect Director Meir Shamir Mgmt For For 1.3 Elect Director Ishay Davidi Mgmt For For 1.4 Elect Director Aharon Lipman Mgmt For For 1.5 Elect Director Rami Lipman Mgmt For For 1.6 Elect Director Mordechai Gorfung Mgmt For For 1.7 Elect Director Jonathan Kaplan Mgmt For For 1.8 Elect Director David Rubner Mgmt For For TO ELECT LINDA HARNEVO AND IZHAK DAVIDI AS OUTSIDE DIRECTORS TO SERVE FOR A PERIOD OF THREE YEARS COMMENCING AT THE END OF THEIR PRESENT TERM ON APRIL 1, 2 2006. Mgmt For For 3 Ratify Auditors Mgmt For For TO APPROVE AN AMENDMENT TO THE MANAGEMENT SERVICES AGREEMENT WITH PERRY JACOB MANAGEMENT SERVICES LIMITED, A COMPANY CONTROLLED BY JACOB 4 PERRY. Mgmt For For TO APPROVE THE COMPANY'S 2006 SHARE 5 INCENTIVE PLAN. Mgmt For Against -----------------------------------------------------------------------------------------------------------------------------------
-30- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- APPROVAL OF THE ANNUAL REPORT, THE CONSOLIDATED ACCOUNTS OF THE LOGITECH GROUP AND ACCOUNTS OF LOGITECH INTERNATIONAL SA FOR FISCAL YEAR 2006. Logitech REPORT OF THE STATUTORY AND GROUP International SA 541419107 6/16/2006 1 AUDITORS Mgmt For For 2 SHARE SPLIT ON 2 FOR 1 BASIS Mgmt For For 3 APPROPRIATION OF RETAINED EARNINGS Mgmt For For 4 APPROVAL OF NEW EMPLOYEE STOCK PLAN Mgmt For Against 5 AUTHORIZED INCREASE OF SHARE CAPITAL Mgmt For Against AUTHORIZATION TO EXCEED 10% HOLDING OF 6 OWN SHARE CAPITAL Mgmt For Against 7 AMENDMENTS TO ARTICLES OF INCORPORATION Mgmt For For 8 DISCHARGE OF THE BOARD OF DIRECTORS Mgmt For For 9 ELECTION OF ERH-HSUN CHANG Mgmt For Against 10 RE-ELECTION OF KEE-LOCK CHUA Mgmt For For 11 ELECTION OF AUDITORS Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including Matsumotokiyoshi the Following Dividends: Interim JY 10, Co. Ltd. J40885105 6/29/2006 1 Final JY 20, Special JY 0 Mgmt For For Amend Articles to: Authorize Public Announcements in Electronic Format - Update Terminology to Match that of New Corporate Law - Limit Liability of 2 Directors and Statutory Auditors Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 4 Approve Retirement Bonus for Director Mgmt For For Approve Retirement Bonus for Outside 5 Director Mgmt For Against -----------------------------------------------------------------------------------------------------------------------------------
-31- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including MILLEA HOLDINGS the Following Dividends: Interim JY 0, INC. J4276P103 6/28/2006 1 Final JY 15000, Special JY 0 Mgmt For For Amend Articles to: Adjust Authorized Capital to Reflect Share Repurchase and Stock Split - Limit Liability of Non-Executive Directors and Statutory Auditors - Limit Rights of Odd-Lot Holders - Adjust Share Trading Unit to 2 Reflect Stock Split Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 4.1 Appoint Internal Statutory Auditor Mgmt For For 4.2 Appoint Internal Statutory Auditor Mgmt For For 5 Approve Deep Discount Stock Option Plan Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends on Ordinary Mitsubishi UFJ Shares: Interim JY 3000, Final JY 4000, Financial Group J44497105 6/29/2006 1 Special JY 0 Mgmt For For 2 Approve Reduction in Legal Reserves Mgmt For For Amend Articles to: Decrease Authorized Preferred Share Capital to Reflect Share Repurchase - Update Terminology to Match that of New Corporate Law - Limit Liability of Directors and 3 Statutory Auditors Mgmt For For 4.1 Elect Director Mgmt For For 4.2 Elect Director Mgmt For For 4.3 Elect Director Mgmt For For 4.4 Elect Director Mgmt For For 4.5 Elect Director Mgmt For For 4.6 Elect Director Mgmt For For 4.7 Elect Director Mgmt For For 4.8 Elect Director Mgmt For For 4.9 Elect Director Mgmt For For 4.10 Elect Director Mgmt For For
-32- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 4.11 Elect Director Mgmt For For 4.12 Elect Director Mgmt For For 4.13 Elect Director Mgmt For For 4.14 Elect Director Mgmt For For 4.15 Elect Director Mgmt For For Approve Retirement Bonuses for 5 Directors and Statutory Auditors Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including Mitsui O.S.K. the Following Dividends: Interim JY 9, Lines Ltd. J45013109 6/22/2006 1 Final JY 9, Special JY 0 Mgmt For For Amend Articles to: Limit Directors' and Statutory Auditors' Legal Liability - Limit Rights of Odd-Lot Holders - Update Terminology to Match that of New 2 Corporate Law Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 4.1 Appoint Internal Statutory Auditor Mgmt For For 4.2 Appoint Internal Statutory Auditor Mgmt For For 5 Approve Director Stock Option Plan Mgmt For For 6 Approve Employee Stock Option Plan Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Muenchener Rueckversicherungs- Receive Financial Statements and Gesellschaft AG D55535104 4/19/2006 1 Statutory Reports Mgmt None None Approve Allocation of Income and 2 Dividends of EUR 3.10 per Share Mgmt For For Approve Discharge of Management Board 3 for Fiscal 2006 Mgmt For For Approve Discharge of Supervisory Board 4 for Fiscal 2006 Mgmt For For Authorize Share Repurchase Program and 5 Reissuance of Repurchased Shares Mgmt For For Approve Employee Stock Purchase Plan; Approve Creation of EUR 5 Million Pool of Capital for Employee Stock Purchase 6 Plan Mgmt For For Amend Articles Re: Conducting of Shareholder Meetings due to New German Legislation (Law on Company Integrity and Modernization of the Right of 7 Avoidance) Mgmt For For -----------------------------------------------------------------------------------------------------------------------------------
-33- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- National Bank of Approve Reports of the Board of Greece X56533114 4/27/2006 1 Directors and of the Auditor Mgmt For For Accept Financial Statements and Statutory Reports and Distribution of 2 Dividend Mgmt For For 3 Approve Discharge of Board and Auditors Mgmt For For Approve Directors' Remuneration for 2005 and Preapprove Non Executive 4 Directors Remuneration untill 2007 Mgmt For For Authorize Board and Managers of the Company to Participate in Boards and 5 Management of Similar Companies Mgmt For For Ratify Election of Director in 6 Replacement of a Resigned One Mgmt For For Approve Auditors and Authorize Board to 7 Fix Their Remuneration Mgmt For For 8 Authorize Share Repurchase Program Mgmt For For Approve/Change in the Use of Outstanding Funds Raised By the 9 Absorbed National Real Estate SA Mgmt For For Approve Stock Option Plan and Amend 10 Existing One Mgmt For Against 11 Amend Articles Mgmt For For Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights and Amend Articles 12 Accordingly Mgmt For For 13 Other Business Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- National Bank of Approve Stock Option Plan and Amend Greece X56533114 5/9/2006 1 Existing One Mgmt For Against 2 Amend Articles Mgmt For For Authorize Issuance of Equity or Equity-Linked Securities with 3 Preemptive Rights Mgmt For For 4 Other Business Mgmt For Against -----------------------------------------------------------------------------------------------------------------------------------
-34- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- SHARE CAPITAL - SHARES - RESTRICTIONS. ABOLISH THIS 3% VOTING LIMIT? FOR=NO CHANGE//AGAINST=NO Nestle SA H57312466 8/26/2005 1 OPINION//WITHHOLD=ABOLISH THE ARTICLE Mgmt None Against ORGANISATION OF THE COMPANY - SPECIAL QUORUM. ABOLISH THE NEED FOR SPECIAL QUORUMS? FOR=NO CHANGE//AGAINST=NO 2 OPINION//WITHHOLD=ABOLISH THE ARTICLE Mgmt None Against ORGANISATION OF THE COMPANY - QUALIFIED MAJORITIES. ABOLISH NEED FOR QUALIFIED MAJORITIES OF PRESENT SHAREHOLDERS? FOR=NO CHANGE//AGAINST=NO 3 OPINION//WITHHOLD=ABOLISH THE ARTICLE Mgmt None Against BOARD OF DIRECTORS - TERM OF OFFICE. IN VIEW OF THE COMPLEXITY OF THE GROUP, MY PREFERENCE IS A TERM OF OFFICE DIRECTORS. FOR=5 YEARS//AGAINST=4 4 YEARS//WITHHOLD=3 YEARS Mgmt None Withhold AUDITOR - TERM OF OFFICE. IN VIEW OF THE COMPLEXITY OF THE GROUP, MY PREFERENCE IS A TERM OF OFFICE FOR AUDITORS. FOR=3 YEARS//AGAINST=2 5 YEARS//WITHHOLD=1 YEAR Mgmt None Withhold ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and Nestle SA H57312466 4/6/2006 1 Statutory Reports Mgmt For For Approve Discharge of Board and Senior 2 Management Mgmt For For Approve Allocation of Income and 3 Dividends of CHF 9 per Share Mgmt For For Approve CHF 2.8 Million Reduction in 4 Share Capital Mgmt For For 5.1 Reelect Jean-Pierre Meyers as Director Mgmt For For 5.2 Reelect Andre Kudelski as Director Mgmt For For 5.3 Elect Naina Kidwai as Director Mgmt For For 5.4 Elect Jean-Rene Fourtou as Director Mgmt For For 5.5 Elect Steven Hoch as Director Mgmt For For Amend Articles Re: Mandate Board to Draft Revised Articles; Waive Quorum Requirement and Reduce Supermajority Requirement for Adoption of Revised 6 Articles at 2007 AGM or Later Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- NII Holdings, Inc. NIHD 62913F201 4/26/2006 1.1 Elect Director Carolyn Katz Mgmt For For 1.2 Elect Director Donald E. Morgan Mgmt For For 1.3 Elect Director George A. Cope Mgmt For For
-35- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 2 Increase Authorized Common Stock Mgmt For For 3 Ratify Auditors Mgmt For For 4 Adjourn Meeting Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Nippon Oil Corp. (Formerly Nippon Approve Allocation of Income, Including Mitsubishi Oil the Following Dividends: Interim JY 6, Co.) J5484F100 6/29/2006 1 Final JY 6, Special JY 0 Mgmt For For Amend Articles to: Limit Rights of Odd-lot Holders - Update Terminology to Match that of New Corporate Law - Limit Liability of Non-executive Statutory 2 Auditors Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 3.12 Elect Director Mgmt For For 3.13 Elect Director Mgmt For For 3.14 Elect Director Mgmt For For 3.15 Elect Director Mgmt For For 3.16 Elect Director Mgmt For For 3.17 Elect Director Mgmt For For 3.18 Elect Director Mgmt For For 3.19 Elect Director Mgmt For For 3.20 Elect Director Mgmt For For Approve Adjustment to Aggregate Compensation Ceiling for Directors and 4 Statutory Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including Nitto Denko the Following Dividends: Interim JY 30, Corp. J58472119 6/23/2006 1 Final JY 30, Special JY 0 Mgmt For For Amend Articles to: Limit Rights of Odd-lot Holders - Update Terminology to Match that of New Corporate Law - Limit 2 Liability of Statutory Auditors Mgmt For For
-36- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For Approve Stock Option Plan and Deep Discount Stock Option Plan for 4 Directors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- APPROVAL OF THE INCOME STATEMENTS AND Nokia Corp. 654902204 3/30/2006 1 THE BALANCE SHEETS. Mgmt For For PROPOSAL TO THE ANNUAL GENERAL MEETING 2 OF A DIVIDEND OF EUR 0.37 PER SHARE. Mgmt For For APPROVAL OF THE DISCHARGE OF THE CHAIRMAN, THE MEMBERS OF THE BOARD OF DIRECTORS AND THE PRESIDENT FROM 3 LIABILITY. Mgmt For For APPROVAL OF THE REMUNERATION TO BE PAID TO THE MEMBERS OF THE BOARD OF 4 DIRECTORS. Mgmt For For PROPOSAL ON THE NUMBER OF MEMBERS OF THE BOARD OF DIRECTORS AS PROPOSED BY THE CORPORATE GOVERNANCE AND NOMINATION 5 COMMITTEE. Mgmt For For 6.1 Elect Director Paul J. Collins Mgmt For For 6.2 Elect Director Georg Ehrnrooth Mgmt For For 6.3 Elect Director Daniel R. Hesse Mgmt For For 6.4 Elect Director Bengt Holmstrom Mgmt For For 6.5 Elect Director Per Karlsson Mgmt For For 6.6 Elect Director Edouard Michelin Mgmt For For 6.7 Elect Director Jorma Ollila Mgmt For For 6.8 Elect Director Marjorie Scardino Mgmt For For 6.9 Elect Director Keijo Suila Mgmt For For 6.10 Elect Director Vesa Vainio Mgmt For For
-37- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- APPROVAL OF THE REMUNERATION TO BE PAID 7 TO THE AUDITOR. Mgmt For For APPROVAL OF THE RE-ELECTION OF PRICEWATERHOUSECOOPERS OY AS THE 8 AUDITORS FOR FISCAL YEAR 2006. Mgmt For For PROPOSAL OF THE BOARD TO REDUCE THE SHARE CAPITAL THROUGH CANCELLATION OF 9 NOKIA SHARES HELD BY COMPANY. Mgmt For For AUTHORIZATION TO THE BOARD TO INCREASE 10 THE SHARE CAPITAL OF THE COMPANY. Mgmt For For AUTHORIZATION TO THE BOARD TO 11 REPURCHASE NOKIA SHARES. Mgmt For For AUTHORIZATION TO THE BOARD TO DISPOSE 12 NOKIA SHARES HELD BY THE COMPANY. Mgmt For For MARK THE FOR BOX IF YOU WISH TO INSTRUCT NOKIA S LEGAL COUNSELS TO VOTE IN THEIR DISCRETION ON YOUR BEHALF ONLY 13 UPON ITEM 13. Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Amend Articles to: Limit Rights of Odd-Lot Holders - Update Terminology to Match that of New Corporate Law - Set Nomura Holdings Record Dates for Payment of Quarterly Inc. J59009159 6/28/2006 1 Dividends Mgmt For For 2.1 Elect Director Mgmt For For 2.2 Elect Director Mgmt For For 2.3 Elect Director Mgmt For For 2.4 Elect Director Mgmt For For 2.5 Elect Director Mgmt For For 2.6 Elect Director Mgmt For For 2.7 Elect Director Mgmt For For 2.8 Elect Director Mgmt For For 2.9 Elect Director Mgmt For For 2.10 Elect Director Mgmt For For 2.11 Elect Director Mgmt For For
-38- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Executive Stock Option Plan and 3 Deep-Discount Option Plan Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and Novartis AG H5820Q150 2/28/2006 1 Statutory Reports Mgmt For For Approve Discharge of Board and Senior 2 Management Mgmt For For Approve Allocation of Income and 3 Dividends of CHF 1.15 per Share Mgmt For For Approve CHF 5.1 Million Reduction in 4 Share Capital Mgmt For For Amend Articles to Remove 12-Year Term 5 Limit for Board Members Mgmt For For Accept Retirement of Helmut Sihler as 6.1 Director Mgmt For For 6.2.a Reelect Srikant Datar as Director Mgmt For For 6.2.b Reelect William George as Director Mgmt For For 6.2.c Reelect Wendelin Wiedeking as Director Mgmt For For 6.2.d Reelect Rolf Zinkernagel as Director Mgmt For For 6.3 Elect Andreas von Planta as Director Mgmt For For Ratify PricewaterhouseCoopers AG as 7 Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Panalpina Welttransport Accept Financial Statements and (Holding) AG H60147107 5/11/2006 1 Statutory Reports Mgmt For For Approve Discharge of Board and Senior 2 Management Mgmt For For Approve Allocation of Income and 3 Dividends of CHF 2 per Share Mgmt For For Ratify PricewaterhouseCoopers AG as 4 Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Acquisition of a Total of 50 Percent Interest in the Enlarged Registered Capital of Zhong You Kan Tan Kai Fa Co. Ltd. (Newco) By Way of Petrochina Capital Contribution to Newco in an Company Limited Y6883Q104 8/16/2005 1 Aggregate Amount of RMB 20.7 Billion Mgmt For For Approve Transfer by the Company of the Entire Issued Capital of PetroChina International Ltd. to Newco at a Cash 2 Consideration of RMB 579.4 Million Mgmt For For Approve Supplemental Comprehensive Agreement and Continuing Connected 3a Transactions Mgmt For For Approve Annual Limits of Continuing 3b Connected Transactions Mgmt For For Authorize the Chief Financial Officer of the Company to Do All Acts Necessary to Implement the Supplemental Comprehensive Agreement, Continuing Connected Transactions, and Proposed 4 Caps Mgmt For For
-39- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Petrochina Company Limited Y6883Q104 11/8/2005 1 Elect Su Shulin as Director Mgmt For For 2 Elect Gong Huazhang as Director Mgmt For Against 3 Elect Wang Yilin as Director Mgmt For Against 4 Elect Zeng Yukang as Director Mgmt For Against 5 Elect Jiang Fan as Director Mgmt For For Elect Chee-Chen Tung as Independent 6 Director Mgmt For For 7 Elect Liu Hongru as Independent Director Mgmt For For 8 Elect Wang Fucheng as Supervisor Mgmt For For 9 Elect Wen Qingshan as Supervisor Mgmt For For Elect Li Yongwu as Independent 10 Supervisor Mgmt For For Elect Wu Zhipan as Independent 11 Supervisor Mgmt For For Approve Second Supplemental 12 Comprehensive Agreement Mgmt For Against Approve CRMSC Products and Services 13 Agreement Mgmt For For 14 Approve Ongoing Connected Transactions Mgmt For Against Approve Annual Caps of the Ongoing Connected Transactions Except the Annual Limit in Respect of the Products and Services to be Provided to China Railway Materials and Suppliers Corp. (CRMSC) Under the CRMSC Products and 15 Services Agreement Mgmt For Against Approve Annual Caps in Respect of the Products and Services to be Provided to CRMSC Under the CRMSC Products and 16 Services Agreement Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Petrochina Company Limited Y6883Q104 5/26/2006 1 Accept Report of the Board of Directors Mgmt For For Accept Report of the Supervisory 2 Committee Mgmt For For Accept Financial Statements and 3 Statutory Reports Mgmt For For 4 Approve Final Dividend Mgmt For For Authorize Board to Distribute Interim 5 Dividend Mgmt For For Reappoint PricewaterhouseCoopers and PricewaterhouseCoopers Zhong Tian CPAs Company Limited as International and Domestic Auditors Respectively and Authorize Board to Fix Their 6 Remuneration Mgmt For For 7 Reelect Zheng Hu as Director Mgmt For For Reelect Franco Bernabe as Independent 8 Non-Executive Director Mgmt For For Approve Issuance of Equity or Equity-Linked Securities without 9 Preemptive Rights Mgmt For Against
-40- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 10 Other Business Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Philips Electronics Nv N6817P109 3/30/2006 1 Speech President Mgmt None None Approve Financial Statements and 2a Statutory Reports Mgmt For For Explanation of Policy on Additions To 2b Reserves and Dividends Mgmt None None Approve Dividend of EUR 0.44 ($0.52)per 2c Share Mgmt For For 2d Approve Discharge of Management Board Mgmt For For 2e Approve Discharge of Supervisory Board Mgmt For For Elect T.W.H. van Deursen to Management 3a Board Mgmt For For Elect F.A. van Houten to Management 3b Board Mgmt For For 3c Elect J.A. Karvinen to Management Board Mgmt For For 3d Elect R.S. Provoost to Management Board Mgmt For For 3e Elect A. Ragnetti to Management Board Mgmt For For Reelect W. de Kleuver to Supervisory 4a Board Mgmt For For Reelect Richard Greenbury to 4b Supervisory Board Mgmt For For Proposal to Amend the Remuneration 5a Policy for Management Board Mgmt For For Proposal to Amend the Maximum Percentage of The Annual LTIP Pool-size To Be Allocated To Members of 5b Management Board Mgmt For For Cancellation of Shares Held by the 6a Company Mgmt For For Amend Articles to Reflect Changes in 6b Capital Mgmt For For Grant Board Authority to Issue Shares Up To 10 Percent of Issued Capital Plus Additional 10 Percent in Case of Takeover/Merger Restricting/Excluding 7 Preemptive Rights Mgmt For For Authorize Repurchase of Up to Ten 8 Percent of Issued Share Capital Mgmt For For 9 Other Business (Non-Voting) Mgmt None None ----------------------------------------------------------------------------------------------------------------------------------- Precision Approve Plan of Arrangement to Convert Drilling Trust PD.U 74022D100 10/31/2005 1 to Trust Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Elect Robert J.S. Gibson, Patrick M. Precision Murray and H. Garth Wiggins as Trustees Drilling Trust PD.U 740215108 5/9/2006 1 of the Trust Mgmt For For
-41- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Elect W.C. (Mickey) Dunn, Brian A. Felesky, Robert J.S. Gibson, Patrick M. Murray, Frederick W. Pheasey, Robert L. Phillips, Hank B. Swartout and H. Garth Wiggins as Directors of Precision 2 Drilling Corporation Mgmt For For 3 Ratify KPMG LLP as Auditors Mgmt For For 4 Other Business Mgmt For Withhold ----------------------------------------------------------------------------------------------------------------------------------- PUMA AG Rudolf Receive Financial Statements and Dassler Sport D62318148 4/27/2006 1 Statutory Reports Mgmt None None Approve Allocation of Income and 2 Dividends of EUR 2.00 per Share Mgmt For For Approve Discharge of Management Board 3 for Fiscal 2005 Mgmt For For Approve Discharge of Supervisory Board 4 for Fiscal 2005 Mgmt For For Ratify PricewaterhouseCoopers AG as 5 Auditors for Fiscal 2006 Mgmt For For Elect Guenter Herz to the Supervisory 6.1 Board Mgmt For For Elect Rainer Kutzner to the Supervisory 6.2 Board Mgmt For For Elect Hinrich Stahl als Alternate 6.3 Supervisory Board Member Mgmt For For Authorize Share Repurchase Program and Reissuance or Cancellation of 7 Repurchased Shares Mgmt For For Amend Articles Re: Calling of and Registration for Shareholder Meetings due to New German Legislation (Law on Company Integrity and Modernization of 8 the Right of Avoidance) Mgmt For For Amend Articles Re: Conducting of Shareholder Meetings due to New German Legislation (Law on Company Integrity and Modernization of the Right of 9 Avoidance) Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Reckitt Benckiser Plc (Formerly Reckitt & Colman Accept Financial Statements and Plc ) G7420A107 5/4/2006 1 Statutory Reports Mgmt For For 2 Approve Remuneration Report Mgmt For For Approve Final Dividend of 21 Pence Per 3 Ordinary Share Mgmt For For 4 Re-elect Bart Becht as Director Mgmt For For 5 Re-elect Peter Harf as Director Mgmt For For 6 Elect Gerard Murphy as Director Mgmt For For Reappoint PricewaterhouseCoopers LLP as 7 Auditors of the Company Mgmt For For Authorise Board to Fix Remuneration of 8 Auditors Mgmt For For
-42- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 9 Nominal Amount of GBP 25,360,000 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 10 Nominal Amount of GBP 3,804,000 Mgmt For For Authorise 72,280,000 Ordinary Shares 11 for Market Purchase Mgmt For For Approve Increase in Remuneration of 12 Non-Executive Directors to GBP 1,000,000 Mgmt For For Approve Reckitt Benckiser Long-Term 13 Incentive Plan Mgmt For For Amend Reckitt Benckiser 2005 Savings-Related Share Option Plan, 2005 Global Stock Profit Plan, 2005 USA Savings-Related Share Option Plan and Senior Executive Share Ownership Policy 14 Plan Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Elect Michael Lazardis, James Balsillie, Douglas Fregin, Kendall Research In Cork, James Estill, John Richardson and Motion Ltd RIM 760975102 7/18/2005 1 Douglas Wright as Directors Mgmt For For Approve Ernst & Young LLP as Auditors and Authorize Board to Fix Remuneration 2 of Auditors Mgmt For For 3 Approve Restricted Share Unit Plan Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Rio Tinto Plc AUTHORITY TO ALLOT RELEVANT SECURITIES (Formerly Rtz UNDER SECTION 80 OF THE COMPANIES ACT Corp. Plc) 767204100 4/12/2006 1 1985 Mgmt For For AUTHORITY TO ALLOT EQUITY SECURITIES FOR CASH UNDER SECTION 89 OF THE 2 COMPANIES ACT 1985 Mgmt For For AUTHORITY TO PURCHASE RIO TINTO PLC SHARES BY THE COMPANY OR RIO TINTO 3 LIMITED Mgmt For For
-43- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- ADOPTION OF NEW ARTICLES OF ASSOCIATION OF RIO TINTO PLC AND AMENDMENTS TO 4 CONSTITUTION OF RIO TINTO LIMITED Mgmt For For 5 ELECTION OF TOM ALBANESE Mgmt For For 6 ELECTION OF SIR ROD EDDINGTON Mgmt For For 7 RE-ELECTION OF SIR DAVID CLEMENTI Mgmt For For 8 RE-ELECTION OF LEIGH CLIFFORD Mgmt For For 9 RE-ELECTION OF ANDREW GOULD Mgmt For For 10 RE-ELECTION OF DAVID MAYHEW Mgmt For For 11 Ratify Auditors Mgmt For For 12 APPROVAL OF THE REMUNERATION REPORT Mgmt For For RECEIVE THE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 13 DECEMBER 2005 * Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Royal Bank Of Scotland Group Accept Financial Statements and Plc (The) G76891111 4/28/2006 1 Statutory Reports Mgmt For For 2 Approve Remuneration Report Mgmt For For Approve Final Dividend of 53.1 Pence 3 Per Ordinary Share Mgmt For For 4 Re-elect Bob Scott as Director Mgmt For For 5 Re-elect Peter Sutherland as Director Mgmt For For 6 Re-elect Colin Buchan as Director Mgmt For For 7 Elect Sir Tom McKillop as Director Mgmt For For 8 Elect Janis Kong as Director Mgmt For For 9 Elect Guy Whittaker as Director Mgmt For For 10 Elect Johnny Cameron as Director Mgmt For For 11 Elect Mark Fisher as Director Mgmt For For 12 Elect Bill Friedrich as Director Mgmt For For Reappoint Deloitte & Touche LLP as 13 Auditors of the Company Mgmt For For Authorise Board to Fix Remuneration of 14 Auditors Mgmt For For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 15 Nominal Amount of GBP 266,482,100 Mgmt For For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 16 Nominal Amount of GBP 39,972,315 Mgmt For For Authorise 319,778,520 Ordinary Shares 17 for Market Purchase Mgmt For For
-44- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve EU Political Donations up to GBP 250,000 and Incur EU Political 18 Expenditure up to GBP 250,000 Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- APPROVAL OF THE BALANCE SHEET, INCOME STATEMENT AND STATEMENT OF APPROPRIATION OF RETAINED EARNINGS FOR THE 37TH FISCAL YEAR (FROM JANUARY 1, Samsung 2005 TO DECEMBER 31, 2005), AS SET Electronics Co. FORTH IN THE COMPANY'S NOTICE OF Ltd. 796050888 2/28/2006 1 MEETING ENCLOSED HEREWITH. Mgmt For For APPROVAL OF THE APPOINTMENT OF DIRECTORS: (A) INDEPENDENT DIRECTORS: GWI-HO CHUNG, JAE-SUNG HWANG, OH SOO 2 PARK, CHAE-WOONG LEE AND DONG-MIN YOON. Mgmt For For APPROVAL OF THE APPOINTMENT OF DIRECTORS: (B) EXECUTIVE DIRECTORS: KUN-HEE LEE, JONG-YONG YUN, YOON-WOO 3 LEE AND DOH-SEOK CHOI Mgmt For For APPROVAL OF THE APPOINTMENT OF DIRECTORS: (C) AUDIT COMMITTEE: 4 JAE-SUNG HWANG AND CHAE-WOONG LEE. Mgmt For For APPROVAL OF THE COMPENSATION CEILING FOR THE DIRECTORS, AS SET FORTH IN THE COMPANY'S NOTICE OF MEETING ENCLOSED 5 HEREWITH. Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis (Formerly Sanofi-Synthelabo ) Approve Financial Statements and F5548N101 5/31/2006 1 Statutory Reports Mgmt For For Accept Consolidated Financial 2 Statements and Statutory Reports Mgmt For For Approve Allocation of Income and 3 Dividends of EUR 1.52 per Share Mgmt For For Approve Special Auditors' Report 4 Regarding Related-Party Transactions Mgmt For For 5 Reelect Lord Douro as Director Mgmt For For 6 Elect Gerard Le Fur as Director Mgmt For For 7 Ratify Ernst & Young Audit as Auditor Mgmt For For 8 Ratify Auditex as Alternate Auditor Mgmt For For
-45- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Remuneration of Directors in 9 the Aggregate Amount of EUR 1.2 Million Mgmt For For Authorize Repurchase of Up to Ten 10 Percent of Issued Share Capital Mgmt For For Approve Merger by Absorption of Rhone Cooper by Sanofi-Aventis, Approve its Remuneration, and Approve Capital 11 Increase in Connection with the Merger Mgmt For Against 12 Allocation of Merger Premium Mgmt For Against Acknowledge Definitive Realisation of Merger on May 31, 2006, and Capital 13 Increase in Connection with the Merger Mgmt For Against Amend Articles of Association Re: Change in Capital Pursuant to Items 14 Above Mgmt For Against Amend Articles of Association Board 15 Related Re: Term of Mandate of Chairman Mgmt For For Authorize Filling of Required 16 Documents/Other Formalities Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Receive Financial Statements and SAP AG D66992104 5/9/2006 1 Statutory Reports Mgmt None None Approve Allocation of Income and 2 Dividends of EUR 1.45 per Share Mgmt For For Approve Discharge of Management Board 3 for Fiscal Year 2005 Mgmt For For Approve Discharge of Supervisory Board 4 for Fiscal Year 2005 Mgmt For For Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors 5 for Fiscal Year 2006 Mgmt For For Approve EUR 950 Million Capitalization 6 of Reserves Mgmt For For Amend Articles Re: Supervisory Board 7 Remuneration Mgmt For For Approve Creation of EUR 180 Million Pool of Capital with Preemptive Rights 8a (Conditional Capital Ia) Mgmt For For
-46- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Creation of EUR 180 Million Pool of Capital without Preemptive 8b Rights (Conditional Capital IIa) Mgmt For For Authorize Share Repurchase Program and 9 Reissuance of Repurchased Shares Mgmt For For Authorize Use of Financial Derivatives 10 Method When Repurchasing Shares Mgmt For Against Approve Issuance of Convertible Bonds and/or Bonds with Warrants Attached up to Aggregate Nominal Amount of EUR 5 Billion with Preemptive Rights; Approve Creation of EUR 25 Million Pool of Capital to Guarantee Conversion Rights 11a (Conditional Capital IV) Mgmt For For Approve Issuance of Convertible Bonds and/or Bonds with Warrants Attached up to Aggregate Nominal Amount of EUR 5 Million with Preemptive Rights; Approve Creation of EUR 75 Million Pool of Capital to Guarantee Conversion Rights 11b (Conditional Capital IVa) Mgmt For For Approve Affiliation Agreements with 12 Subsidiaries Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Schlumberger Ltd. SLB 806857108 4/12/2006 1.1 Elect Director J. Deutch Mgmt For For 1.2 Elect Director J.S. Gorelick Mgmt For For 1.3 Elect Director A. Gould Mgmt For For 1.4 Elect Director T. Isaac Mgmt For For 1.5 Elect Director A. Lajous Mgmt For For 1.6 Elect Director A. Levy-Lang Mgmt For For 1.7 Elect Director M.E. Marks Mgmt For For 1.8 Elect Director D. Primat Mgmt For For 1.9 Elect Director T.I. Sandvold Mgmt For For 1.10 Elect Director N. Seydoux Mgmt For For 1.11 Elect Director L.G. Stuntz Mgmt For For 1.12 Elect Director R. Talwar Mgmt For For ADOPTION AND APPROVAL OF FINANCIALS AND 2 DIVIDENDS Mgmt For For ADOPTION OF AMENDMENT TO THE ARTICLES 3 OF INCORPORATION Mgmt For For
-47- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- APPROVAL OF AMENDMENT AND RESTATEMENT OF THE SCHLUMBERGER 2005 STOCK OPTION 4 PLAN Mgmt For For APPROVAL OF INDEPENDENT REGISTERED 5 PUBLIC ACCOUNTING FIRM Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including Seven & I the Following Dividends: Interim JY 0, Holdings Co Ltd J7165H108 5/25/2006 1 Final JY 28.5, Special JY 0 Mgmt For For 2 Approve Reduction in Legal Reserves Mgmt For For Amend Articles to: Expand Business Lines - Limit Legal Liability of Non-executive Statutory Auditors - Limit Rights of Odd-Lot Holders - Update Terminology to Match that of New 3 Corporate Law Mgmt For For 4.1 Elect Director Mgmt For For 4.2 Elect Director Mgmt For For 4.3 Elect Director Mgmt For For 4.4 Elect Director Mgmt For For 4.5 Elect Director Mgmt For For 4.6 Elect Director Mgmt For For 4.7 Elect Director Mgmt For For 4.8 Elect Director Mgmt For For 4.9 Elect Director Mgmt For For 4.10 Elect Director Mgmt For For 4.11 Elect Director Mgmt For For 4.12 Elect Director Mgmt For For 4.13 Elect Director Mgmt For For 4.14 Elect Director Mgmt For For 4.15 Elect Director Mgmt For For 4.16 Elect Director Mgmt For For 5.1 Appoint Internal Statutory Auditor Mgmt For For 5.2 Appoint Internal Statutory Auditor Mgmt For For 5.3 Appoint Internal Statutory Auditor Mgmt For For 5.4 Appoint Internal Statutory Auditor Mgmt For For 5.5 Appoint Internal Statutory Auditor Mgmt For For Approve Increase in Aggregate Compensation Ceilings for Directors and 6 Statutory Auditors Mgmt For For -----------------------------------------------------------------------------------------------------------------------------------
-48- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends: Interim JY Shimizu Corp. J72445117 6/29/2006 1 3.5, Final JY 3.5, Special JY 0 Mgmt For For Amend Articles to: Expand Business Lines - Limit Rights of Odd-lot Holders - Update Terminology to Match that of New Corporate Law - Limit Liability of 2 Non-Executive Statutory Auditors Mgmt For For 3.1 Appoint Internal Statutory Auditor Mgmt For For 3.2 Appoint Internal Statutory Auditor Mgmt For Against 3.3 Appoint Internal Statutory Auditor Mgmt For For Approve Retirement Bonuses for Director and Statutory Auditors and Special Payments to Continuing Directors and Statuory Auditors in Connection with 4 Abolition of Retirement Bonus System Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Shoppers Drug Mart Corp. SC. 82509W103 5/4/2006 1.1 Elect Director M. Shan Atkins Mgmt For For 1.2 Elect Director Krystyna Hoeg Mgmt For For 1.3 Elect Director Holger Kluge Mgmt For For 1.4 Elect Director Eva Kwok Mgmt For For 1.5 Elect Director Dean Metcalf Mgmt For For 1.6 Elect Director Glenn K. Murphy Mgmt For For 1.7 Elect Director David Peterson Mgmt For For 1.8 Elect Director Derek Ridout Mgmt For For 1.9 Elect Director Leslee J. Thompson Mgmt For For 1.10 Elect Director David M. Williams Mgmt For For Approve Deloitte & Touche LLP as Auditors and Authorize Board to Fix 2 Remuneration of Auditors Mgmt For For 3 Adopt New General By-law No. 3B Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Receive Supervisory Board Report, Corporate Governance Report, and Siemens AG D69671218 1/26/2006 1 Compensation Report Mgmt None None Receive Financial Statements and 2 Statutory Reports Mgmt None None Approve Allocation of Income and 3 Dividends of EUR 1.35 per Share Mgmt For For Approve Discharge of Management Board 4 for Fiscal 2004/2005 Mgmt For For Approve Discharge of Supervisory Board 5 for Fiscal 2004/2005 Mgmt For For
-49- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Ratify KPMG Deutsche Treuhand-Gesellschaft AG as Auditors 6 for Fiscal 2005/2006 Mgmt For For Authorize Share Repurchase Program and Reissuance or Cancellation of 7 Repurchased Shares Mgmt For For Approve Creation of EUR 75 Million Pool of Capital to Guarantee Conversion 8 Rights under Stock Option Plans Mgmt For For Amend Articles Re: Calling of, Registration for, and Conducting of Shareholder Meetings due to New German Legislation (Law on Company Integrity and Modernization of the Right of 9 Avoidance) Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including SUMITOMO MITSUI the Following Dividends on Ordinary FINANCIAL GROUP Shares: Interim JY 0, Final JY 3000, INC. J7771X109 6/29/2006 1 Special JY 0 Mgmt For For 2 Approve Reduction in Legal Reserves Mgmt For For Authorize Share Repurchase Program for 3 Ordinary and Preferred Shares Mgmt For For Amend Articles to: Decrease Authorized Preferred Share Capital - Limit Liability of Non-Executive Directors and Statutory Auditors - Update Terminology to Match That of New 4 Corporate Law Mgmt For For 5.1 Elect Director Mgmt For For 5.2 Elect Director Mgmt For For 5.3 Elect Director Mgmt For For 6 Appoint Internal Statutory Auditor Mgmt For Against Approve Retirement Bonuses for Director 7 and Statutory Auditor Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Sun Hung Kai Accept Financial Statements and Properties Ltd. Y82594121 12/8/2005 1 Statutory Reports Mgmt For For 2 Approve Final Dividend Mgmt For For 3a1 Reelect Li Ka-cheung, Eric as Director Mgmt For For Reelect Wong Yue-chim, Richard as 3a2 Director Mgmt For For 3a3 Reelect Lee Shau-kee as Director Mgmt For For
-50- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3a4 Reelect Chan Kui-yen, Thomas as Director Mgmt For For 3a5 Reelect Chan Kai-ming as Director Mgmt For For 3a6 Reelect Kwong Chun as Director Mgmt For For Reelect Wong Yick-kam, Michael as 3a7 Director Mgmt For For 3a8 Reelect Wong Chik-wing, Mike as Director Mgmt For For 3b Fix the Directors' Remuneration Mgmt For For Reappoint Auditors and Authorize Board 4 to Fix Their Remuneration Mgmt For For Approve Repurchase of Up to 10 Percent 5 of Issued Capital Mgmt For For Approve Issuance of Equity or Equity-Linked Securities without 6 Preemptive Rights Mgmt For Against Authorize Reissuance of Repurchased 7 Shares Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Suncor Energy Inc SU. 867229106 4/26/2006 1.1 Elect Director Mel E. Benson Mgmt For For 1.2 Elect Director Brian A. Canfield Mgmt For For 1.3 Elect Director Bryan P. Davies Mgmt For For 1.4 Elect Director Brian A. Felesky Mgmt For For 1.5 Elect Director John T. Ferguson Mgmt For For 1.6 Elect Director W. Douglas Ford Mgmt For For 1.7 Elect Director Richard L. George Mgmt For For 1.8 Elect Director John R. Huff Mgmt For For 1.9 Elect Director M. Ann McCaig Mgmt For For 1.10 Elect Director Michael W. O'Brien Mgmt For Withhold 1.11 Elect Director JR Shaw Mgmt For For 1.12 Elect Director Eira M. Thomas Mgmt For For Ratify PricewaterhouseCoopers as 2 Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Synthes Inc 87162M409 4/20/2006 1 Other Business Mgmt For Against 2 Other Business Mgmt For Against Accept Financial Statements and 3 Statutory Reports Mgmt For For Approve University Prof. Dr. Norbert 4 Haas, Charite Berlin as a Guest Speaker Mgmt For For Receive Financial Statements and 5 Statutory Reports Mgmt For For Receive the Report on Dividend Approved 6 by the Board of Directors Mgmt For For Elect Directors David Helfet, Andre 7 Muller and Hansjorg Wyss Mgmt For Against 8 Ratify Auditors Mgmt For For 9 Other Business Mgmt For Against -----------------------------------------------------------------------------------------------------------------------------------
-51- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Takeda Approve Allocation of Income, Including Pharmaceutical the Following Dividends: Interim JY 53, Co. Ltd. J8129E108 6/29/2006 1 Final JY 53, Special JY 0 Mgmt For For Amend Articles to: Authorize Public Announcements in Electronic Format - Update Terminology to Match that of New 2 Corporate Law Mgmt For For 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 4 Approve Retirement Bonus for Director Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Talisman Energy Inc. TLM. 87425E103 5/9/2006 1.1 Elect Director Douglas D. Baldwin Mgmt For For 1.2 Elect Director James W. Buckee Mgmt For For 1.3 Elect Director William R.P. Dalton Mgmt For For 1.4 Elect Director Kevin S. Dunne Mgmt For For 1.5 Elect Director Lawrence G. Tapp Mgmt For For 1.6 Elect Director Stella M. Thompson Mgmt For For 1.7 Elect Director Robert G. Welty Mgmt For For 1.8 Elect Director Charles R. Williamson Mgmt For For 1.9 Elect Director Charles W. Wilson Mgmt For For 2 Ratify Ernst & Young LLP as Auditors Mgmt For For 3 Approve Stock Split Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Telefonica S.A. (Formerly Approve Individual and Consolidated Telefonica De Financial Statements, Allocation of Espana, S.A.) 879382109 6/20/2006 1 Income, and Discharge Directors Mgmt For For Approve Merger by Absorption of Telefonica Moviles SA; Adopt 2 Consolidated Tax Regime Mgmt For For Reelect Carlos Colomer Casellas as 3.1 Director Mgmt For For 3.2 Reelect Isidro Faine Casas as Director Mgmt For For Reelect Alfonso Ferrari Herrero as 3.3 Director Mgmt For For 3.4 Reelect Luis Lada Diaz as Director Mgmt For For Reelect Antonio Massanell Lavilla as 3.5 Director Mgmt For For Ratify the Appointment of David Arculus 3.6 as Director Mgmt For For Ratify the Appointment of Peter Erskine 3.7 as Director Mgmt For For Ratify the Appointment of Julio Linares 3.8 Lopez as Director Mgmt For For Ratify the Appointment of Vitalino 3.9 Manuel Nafria Aznar as Director Mgmt For For
-52- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 4 Approve Equity-Based Incentive Plan Mgmt For For 5 Authorize Repurchase of Shares Mgmt For For Authorize Issuance of Equity or Equity-Linked Securities without 6 Preemptive Rights Mgmt For For Authorize Board to Ratify and Execute 7 Approved Resolutions Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Teva TO RECEIVE AND DISCUSS THE COMPANY'S Pharmaceutical CONSOLIDATED BALANCE SHEET AND THE Industries 881624209 7/27/2005 1 CONSOLIDATED STATEMENTS OF INCOME Mgmt For For TO APPROVE THE BOARD OF DIRECTORS RECOMMENDATION THAT THE CASH DIVIDEND 2 FOR THE YEAR ENDED DECEMBER 31, 2004 Mgmt For For TO APPOINT DR. LEORA (RUBIN) MERIDOR AS A STATUTORY INDEPENDENT DIRECTOR FOR AN 3 ADDITIONAL TERM OF THREE YEARS Mgmt For For TO ELECT ELI HURVITZ TO SERVE FOR AN 4 ADDITIONAL THREE-YEAR TERM Mgmt For For TO ELECT RUTH CHESHIN TO SERVE FOR AN 5 ADDITIONAL THREE-YEAR TERM Mgmt For For TO ELECT PROF. MICHAEL SELA TO SERVE 6 FOR AN ADDITIONAL THREE-YEAR TERM Mgmt For For TO ELECT HAROLD SNYDER TO SERVE FOR AN 7 ADDITIONAL THREE-YEAR TERM Mgmt For For TO APPROVE THE PURCHASE OF DIRECTOR S AND OFFICER S LIABILITY INSURANCE FOR THE DIRECTORS AND OFFICERS OF THE 8 COMPANY Mgmt For Against TO APPROVE THE COMPANY'S 2005 OMNIBUS 9 LONG-TERM SHARE INCENTIVE PLAN Mgmt For Against
-53- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- TO APPROVE AN AMENDMENT TO PROVISIONS OF THE COMPANY'S ARTICLES RELATING TO THE INDEMNIFICATION OF DIRECTORS AND 10 OFFICERS Mgmt For For TO APPROVE AN AMENDMENT TO THE COMPANYS ARTICLES THAT WOULD INCREASE THE 11 REGISTERED SHARE CAPITAL OF THE COMPANY Mgmt For For TO APPOINT KESSELMAN & KESSELMAN, A MEMBER OF PRICEWATERHOUSECOOPERS INTERNATIONAL LTD., AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND TO DETERMINE THEIR 12 COMPENSATION Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- TO APPROVE THE ISSUANCE OF ORDINARY SHARES OF TEVA, PURSUANT TO THE AGREEMENT AND PLAN OF MERGER, DATED JULY 25, 2005, BY AND AMONG IVAX Teva CORPORATION, TEVA AND TWO WHOLLY OWNED Pharmaceutical SUBSIDIARIES OF TEVA, IVORY ACQUISITION Industries 881624209 10/27/2005 1 SUB, INC. AND IVORY ACQUISITION SUB II Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- TO RECEIVE AND DISCUSS THE COMPANY'S CONSOLIDATED BALANCE SHEET AS OF Teva DECEMBER 31, 2005 AND THE CONSOLIDATED Pharmaceutical STATEMENTS OF INCOME FOR THE YEAR THEN Industries 881624209 5/4/2006 1 ENDED. Mgmt For For TO APPROVE THE BOARD OF DIRECTORS RECOMMENDATION THAT THE CASH DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2005 BE 2 DECLARED FINAL. Mgmt For For TO APPOINT PROF. GABRIELA SHALEV AS A STATUTORY INDEPENDENT DIRECTOR FOR AN 3 ADDITIONAL TERM OF THREE YEARS. Mgmt For For TO ELECT THE FOLLOWING DIRECTOR TO SERVE FOR A THREE-YEAR TERM: DR. 4 PHILLIP FROST Mgmt For For
-54- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- TO ELECT THE FOLLOWING DIRECTOR TO 5 SERVE FOR A THREE-YEAR TERM: CARLO SALVI Mgmt For For TO ELECT THE FOLLOWING DIRECTOR TO SERVE FOR A THREE-YEAR TERM: DAVID 6 SHAMIR Mgmt For For TO APPROVE THE PURCHASE OF DIRECTOR S AND OFFICER S LIABILITY INSURANCE FOR THE DIRECTORS AND OFFICERS OF THE 7 COMPANY. Mgmt For Against TO APPROVE AN AMENDMENT TO SECTION 60(E) OF THE COMPANY'S ARTICLES OF 8 ASSOCIATION. Mgmt For For TO APPROVE AN INCREASE IN THE REMUNERATION PAID TO THE DIRECTORS OF THE COMPANY (OTHER THAN THE CHAIRMAN OF 9 THE BOARD). Mgmt For For TO APPOINT KESSELMAN & KESSELMAN, AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND DETERMINE THEIR 10 COMPENSATION. Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- The India Fund, Inc. 454089103 3/16/2006 1 Approve Investment Advisory Agreement Mgmt For For 2 Approve Investment Advisory Agreement Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- The India Fund, Inc. 454089103 4/28/2006 1.1 Elect Director Lawrence K. Becker Mgmt For For 1.2 Elect Director Peter G. Peterson Mgmt For For 1.3 Elect Director Jeswald W. Salacuse Mgmt For For 1.4 Elect Director Prakash A. Melwani Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Total SA (Formerly Total Approve Financial Statements and Fina Elf S.A ) F92124100 5/12/2006 1 Statutory Reports Mgmt For For Accept Consolidated Financial 2 Statements and Statutory Reports Mgmt For For Approve Allocation of Income and 3 Dividends of EUR 6.48 per Share Mgmt For For Approve Accounting Transfer from Special Long-Term Capital Gains Reserve 4 Account to Other Reserves Account Mgmt For For
-55- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Special Auditors' Report 5 Regarding Related-Party Transactions Mgmt For For Authorize Repurchase of Up to Ten 6 Percent of Issued Share Capital Mgmt For For 7 Reelect Anne Lauvergeon as Director Mgmt For For 8 Reelect Daniel Bouton as Director Mgmt For Against 9 Reelect Bertrand Collomb as Director Mgmt For For Reelect Antoine Jeancourt-Galignani as 10 Director Mgmt For For 11 Reelect Michel Pebereau as Director Mgmt For Against 12 Reelect Pierre Vaillaud as Director Mgmt For For 13 Elect Christophe de Margerie as Mgmt For Against Director Approve Partial Spin-Off 14 Agreement to Arkema Mgmt For For 15 Approve 1-for-4 Stock Split Mgmt For For Amend Article 11 Regarding the Number 16 of Shares to Be Held By Directors Mgmt For For Amend Article 11 to Require a Majority A of Independent Directors on Board ShrHoldr Against For Grant a Second Board Mandate to an B Employee Shareholder Representative ShrHoldr Against Against ----------------------------------------------------------------------------------------------------------------------------------- Trican Well Service Ltd. TCW. 895945103 5/10/2006 1 Fix Number of Directors at Six Mgmt For For 2.1 Elect Director Kenneth M. Bagan Mgmt For For 2.2 Elect Director Gary R. Bugeaud Mgmt For For 2.3 Elect Director Murray L. Cobbe Mgmt For For 2.4 Elect Director Donald R. Luft Mgmt For For 2.5 Elect Director Douglas F. Robinson Mgmt For For 2.6 Elect Director Victor J. Stobbe Mgmt For For Ratify KPMG LLP as Auditors and Authorize Board to Fix Remuneration of 3 Auditors Mgmt For For 4 Approve 2:1 Stock Split Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and UBS AG H8920M855 4/19/2006 1 Statutory Reports Mgmt For For Approve Allocation of Income and 2 Dividends of CHF 3.20 per Share Mgmt For For Approve Discharge of Board and Senior 3 Management Mgmt For For 4.1.1 Reelect Rolf Meyer as Director Mgmt For For 4.1.2 Reelect Ernesto Bertarelli as Director Mgmt For For
-56- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Elect Gabrielle Kaufmann-Kohler as 4.2.1 Director Mgmt For For 4.2.2 Elect Joerg Wolle as Director Mgmt For For 4.3 Ratify Ernst & Young Ltd. as Auditors Mgmt For For 4.4 Ratify BDO Visura as Special Auditors Mgmt For For Approve CHF 29.7 Million Reduction in Share Capital via Cancellation of 5.1 Repurchased Shares Mgmt For For Authorize Repurchase of Issued Share 5.2 Capital Mgmt For For Approve Reduction in Share Capital via 5.3 Capital Repayment of CHF 0.60 per Share Mgmt For For 5.4 Approve 2:1 Stock Split Mgmt For For Amend Articles to Reflect Changes in 5.5.1 Capital Mgmt For For Amend Articles Re: Capital Holding Requirement for Submitting Shareholder 5.5.2 Proposals Mgmt For For Approve Creation of CHF 15 Million Pool of Capital without Preemptive Rights to 6 Service Existing Stock Option Plan Mgmt For Against ----------------------------------------------------------------------------------------------------------------------------------- Veolia Environnement (Formerly Vivendi Approve Financial Statements and Environment) F9686M107 5/11/2006 1 Statutory Reports Mgmt For For Accept Consolidated Financial 2 Statements and Statutory Reports Mgmt For For 3 Approve Expenses and Charges Mgmt For For Approve Allocation of Income and 4 Dividends of EUR 0.85 per Share Mgmt For For Approve Standard Accounting Transfer from Special Long-Term Capital Gains Reserve Account to Ordinary Reserve 5 Account Mgmt For For Approve Special Auditors' Report 6 Regarding Related-Party Transactions Mgmt For Against Approve Transaction with a Related Party Re: Change or End of Functions of 7 a Corporate Officer Mgmt For For 8 Reelect Daniel Bouton as Director Mgmt For Against 9 Elect Jean-Francois Dehecq as Director Mgmt For Against
-57- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 10 Reelect Jean-Marc Espalioux as Director Mgmt For Against 11 Reelect Paul Louis Girardot as Director Mgmt For Against 12 Reelect Serge Michel as Director Mgmt For Against 13 Reelect Georges Ralli as Director Mgmt For Against 14 Reelect Murray Stuart as Director Mgmt For Against Approve Remuneration of Directors in 15 the Aggregate Amount of EUR 770,000 Mgmt For For Authorize Repurchase of Up to Ten 16 Percent of Issued Share Capital Mgmt For For Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate 17 Nominal Amount of EUR 1 Billion Mgmt For For Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate 18 Nominal Amount of EUR 400 Million Mgmt For For Authorize Capitalization of Reserves of Up to EUR 370 Million for Bonus Issue 19 or Increase in Par Value Mgmt For For Authorize Board to Increase Capital with Preemptive Rights in the Event of Additional Demand Related to Delegations Submitted to Shareholder 20 Vote Above Mgmt For For Authorize Board to Increase Capital without Preemptive Rights in the Event of Additional Demand Related to Delegations Submitted to Shareholder 21 Vote Above Mgmt For Against Authorize Capital Increase of up to 10 Percent of Issued Capital for Future 22 Acquisitions Mgmt For Against Approve Employee Savings-Related Share 23 Purchase Plan Mgmt For For 24 Approve Stock Option Plans Grants Mgmt For For Authorize up to 0.5 Percent of Issued 25 Capital for Use in Restricted Stock Plan Mgmt For Against Approve Reduction in Share Capital via 26 Cancellation of Repurchased Shares Mgmt For For
-58- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Authorize Filling of Required 27 Documents/Other Formalities Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Vestas Wind System AS K9773J128 4/25/2006 1 Receive Report of Board Mgmt None None Receive and Approve Financial 2 Statements and Statutory Reports Mgmt For For Approve Treatment of Net Loss and 3 Omission of Dividends Mgmt For For Approve Discharge of Management and 4 Board Mgmt For For Reelect Bent Carlsen, Arne Pedersen, Joergen Rasmussen, Torsten Rasmussen, Joern Thomsen, and Freddy Frandsen as Directors; Elect Kurt Nielsen as New 5 Director Mgmt For For Reappoint PricewaterhouseCoopers and 6 KPMG C. Jespersen as Auditors Mgmt For For Extend Authorization to Create DKK 18.5 Million Pool of Capital without 7.1 Preemptive Rights Until January 1, 2011 Mgmt For For Extend Authorization to Issue 1.8 Million Shares for Employee Share 7.2 Issuance Plan Until January 1, 2011 Mgmt For Against Extend Authorization to Issue Warrants to Key Employees and/or Board Members without Preemptive Rights up to Nominal Amount of DKK 368,000 until January 1, 7.3 2011 Mgmt For Against Amend Articles Re: Allow Company to Hold General Meetings in Central Jutland or in the Greater Copenhagen 7.4 Area Mgmt For For Authorize Repurchase of Up to Ten 7.5 Percent of Issued Share Capital Mgmt For For 8 Other Business (Non-Voting) Mgmt None None ----------------------------------------------------------------------------------------------------------------------------------- Wal-Mart de Mexico S.A. de C.V. (frmrly. Cifra S.A.) P98180105 2/28/2006 1 Accept Chairman's Report Mgmt For For 2 Accept Audit Committe's Report Mgmt For For 3 Accept Supervisory Board Report Mgmt For For Accept Financial Statements for Fiscal 4 Year Ended December 2005 Mgmt For For Present Report on the Share Repurchase 5 Reserves Mgmt For For Approve Cancellation of 201.5 Million 6 Company Treasury Shares Mgmt For For
-59- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Modifications to Article 5 in the Bylaws Re: Changes in Variable and 7 Fixed Capital Mgmt For For 8 Approve Allocation of Income Mgmt For For Approve Dividend of MXN 0.38 per Share 9 or Stock Calculated as of March 22, 2006 Mgmt For For Approve MXN 3.28 Million Variable Capital Increase Through Issuance of 164.3 Million Common Shares To Be Paid 10 Back as Dividends at MXN 20 per Share Mgmt For For Accept Report Re: Employee Stock 11 Purchase Plan Mgmt For Against Accept Report Re: Wal-Mart de Mexico 12 Foundation Mgmt For For Approve Discharge of the Board of 13 Directors Mgmt For For Elect or Ratify Members of the Board of 14 Directors and Supervisory Board Mgmt For For 15 Approve Minutes of Meeting Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- WPP Group Plc G97974102 9/26/2005 1 Approve Scheme of Arrangement Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Scheme of Arrangement; Reduction and Increase of Cap.; Issue Equity with Pre-emp. Rights up to GBP 175M; Amend Art. of Assoc; Amend Incentive Schemes; Approve New WPP Reduction of Cap.; Change Co. Name to WPP 2005 plc; Approve De-listing of WPP Group Plc G97974102 9/26/2005 1 Shares Mgmt For For Approve WPP 2005 Executive Stock Option 2 Plan Mgmt For For Approve WPP 2005 Worldwide Ownership 3 Plan Mgmt For For Amend WPP Group plc 2004 Leadership 4 Equity Acquisition Plan Mgmt For For 5 Amend WPP Performance Share Plan Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Accept Financial Statements and WPP Group Plc G9787H105 6/27/2006 1 Statutory Reports Mgmt For For Approve Final Dividend of 6.34 Pence 2 Per Ordinary Share Mgmt For For
-60- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3 Elect Colin Day as Director Mgmt For For 4 Re-elect Philip Lader as Director Mgmt For For 5 Re-elect Esther Dyson as Director Mgmt For For 6 Re-elect Orit Gadiesh as Director Mgmt For For 7 Re-elect David Komansky as Director Mgmt For For Re-elect Christopher Mackenzie as 8 Director Mgmt For For 9 Re-elect Stanley Morten as Director Mgmt For For 10 Re-elect Koichiro Naganuma as Director Mgmt For For 11 Re-elect Lubna Olayan as Director Mgmt For For 12 Re-elect John Quelch as Director Mgmt For For 13 Re-elect Jeffrey Rosen as Director Mgmt For For 14 Re-elect Paul Spencer as Director Mgmt For For Reappoint Deloitte & Touche LLP as Auditors and Authorise the Board to 15 Determine Their Remuneration Mgmt For For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 16 Nominal Amount of GBP 48,704,061.37 Mgmt For For Authorise 125,022,397 Ordinary Shares 17 for Market Purchase Mgmt For For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 18 Nominal Amount of GBP 6,251,119.84 Mgmt For For 19 Approve Remuneration Report Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Approve Allocation of Income, Including the Following Dividends: Interim JY 0, Yamada Denki Co. J95534103 6/29/2006 1 Final JY 25, Special JY 0 Mgmt For For Amend Articles to: Increase Authorized Capital - Limit Rights of Odd-Lot Holders - Update Terminology to Match 2 that of New Corporate Law Mgmt For Against 3.1 Elect Director Mgmt For For 3.2 Elect Director Mgmt For For 3.3 Elect Director Mgmt For For 3.4 Elect Director Mgmt For For 3.5 Elect Director Mgmt For For 3.6 Elect Director Mgmt For For 3.7 Elect Director Mgmt For For 3.8 Elect Director Mgmt For For
-61- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- 3.9 Elect Director Mgmt For For 3.10 Elect Director Mgmt For For 3.11 Elect Director Mgmt For For 3.12 Elect Director Mgmt For For 3.13 Elect Director Mgmt For For 3.14 Elect Director Mgmt For For 4 Appoint Internal Statutory Auditor Mgmt For For Approve Adjustment to Aggregate 5 Compensation Ceiling for Directors Mgmt For For Approve Adjustment to Aggregate Compensation Ceiling for Statutory 6 Auditors Mgmt For For Approve Retirement Bonuses for 7 Directors and Statutory Auditors Mgmt For For ----------------------------------------------------------------------------------------------------------------------------------- Zenon Environmental Approve Continuation of Company Under Inc. 98942B100 5/3/2006 1 Provincial Business Corporation Act Mgmt For For 2 Approve Acquisition Mgmt For For
-62- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- National Bank of Greece X56533114 5/23/2006 Approve Stock Option Plan and Amend 1 Existing One Mgmt For 2 Amend Articles Mgmt For Authorize Issuance of Equity or Equity-Linked Securities with 3 Preemptive Rights Mgmt For 4 Other Business Mgmt For ----------------------------------------------------------------------------------------------------------------------------------- National Bank of Greece X56533114 6/1/2006 Approve Stock Option Plan and Amend 1 Existing One Mgmt For 2 Amend Articles Mgmt For Authorize Issuance of Equity or Equity-Linked Securities with 3 Preemptive Rights Mgmt For 4 Other Business Mgmt For ----------------------------------------------------------------------------------------------------------------------------------- SHAMIR OPTICAL INDUSTRY LTD M83683108 7/18/2005 1.1 Elect A. Netzer as External Director Mgmt For 1.2 Elect A. Samuels as External Director Mgmt For Approve Cash Compensation of External 2 Directors Mgmt For Approve Stock Option Plan Grants to 3 External Directors Mgmt For ----------------------------------------------------------------------------------------------------------------------------------- Vodafone Group PLC G93882101 7/26/2005 Accept Financial Statements and 1 Statutory Reports Mgmt For Re-elect Lord MacLaurin of Knebworth 2 as Director Mgmt For 3 Re-elect Paul Hazen as Director Mgmt For 4 Re-elect Arun Sarin as Director Mgmt For Re-elect Sir Julian Horn-Smith as 5 Director Mgmt For 6 Re-elect Peter Bamford as Director Mgmt For 7 Re-elect Thomas Geitner as Director Mgmt For 8 Re-elect Michael Boskin as Director Mgmt For 9 Re-elect Lord Broers as Director Mgmt For 10 Re-elect John Buchanan as Director Mgmt For 11 Re-elect Penny Hughes as Director Mgmt For 12 Re-elect Jurgen Schrempp as Director Mgmt For 13 Re-elect Luc Vandevelde as Director Mgmt For 14 Elect Sir John Bond as Director Mgmt For 15 Elect Andrew Halford as Director Mgmt For Approve Final Dividend of 2.16 Pence 16 Per Ordinary Share Mgmt For
-63- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT INTERNATIONAL GROWTH FUND
Fund Meeting Mgmt. Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast ----------------------------------------------------------------------------------------------------------------------------------- Approve Remuneration Report Mgmt For 17 Reappoint Deloitte & Touche LLP as Auditors of the Company Mgmt For 18 Authorise the Audit Committee to Fix 19 Remuneration of the Auditors Mgmt For Authorise the Company and Any Company Which is or Becomes a Subsidiary of the Company to Make EU Political Organisation Donations up to GBP 50,000 and Incur EU Political 20 Expenditure up to GBP 50,000 Mgmt For Authorise Issue of Equity or Equity-Linked Securities with Pre-emptive Rights up to Aggregate 21 Nominal Amount of USD 900,000,000 Mgmt For Authorise Issue of Equity or Equity-Linked Securities without Pre-emptive Rights up to Aggregate 22 Nominal Amount of USD 320,000,000 Mgmt For Authorise 6,400,000,000 Ordinary Shares 23 for Market Purchase Mgmt For Amend Memorandum of Association and Articles of Association Re: 24 Indemnification of Directors Mgmt For Approve the Vodafone Global Incentive 25 Plan Mgmt For
-64- 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 duly authorized. (Registrant) Sit International Growth Fund, a series of Sit Mutual Funds, Inc. ------------------------------------------------------------------- By (Signature and Title)* /s/ Paul E. Rasmussen, Vice President ------------------------------------------------------ Date March 8, 2007 --------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.