UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act number 811-06373
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Sit Balanced Fund, a series of Sit Mutual Funds, Inc.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Kelly K. Boston, Staff Attorney
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3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402
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(NAME AND ADDRESS OF AGENT FOR SERVICE)
Registrant's telephone number, including area code: 612-332-3223
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Date of fiscal year end: June 30, 2005
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Date of reporting period: July 1, 2004 - June 30, 2005
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PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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3M CO MMM 88579Y101 5/10/2005 1.1 Elect Director Vance D. Coffman Mgmt For For
1.2 Elect Director Rozanne L. Ridgway Mgmt For For
1.3 Elect Director Louis W. Sullivan Mgmt For For
2 Ratify Auditors Mgmt For For
3 Approve Omnibus Stock Plan Mgmt For For
4 Eliminate Animal Testing ShrHoldr Against Against
5 Implement China Principles ShrHoldr Against Against
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Adobe Systems Inc. ADBE 00724F101 4/28/2005 1.1 Elect Director Carol Mills Mgmt For For
1.2 Elect Director Colleen M. Pouliot Mgmt For For
1.3 Elect Director Robert Sedgewick Mgmt For For
1.4 Elect Director John E. Warnock Mgmt For For
2 Amend Omnibus Stock Plan Mgmt For For
3 Amend Non-Employee Director Stock
Option Plan Mgmt For For
4 Expense Stock Options ShrHoldr Against For
5 Review/Limit Executive Compensation ShrHoldr Against For
6 Ratify Auditors Mgmt For For
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American Express
Co. AXP 25816109 4/27/2005 1.1 Elect Director Daniel F. Akerson Mgmt For For
1.2 Elect Director Charlene Barshefsky Mgmt For For
1.3 Elect Director William G. Bowen Mgmt For For
1.4 Elect Director Ursula M. Burns Mgmt For For
1.5 Elect Director Kenneth I. Chenault Mgmt For For
1.6 Elect Director Peter R. Dolan Mgmt For For
1.7 Elect Director Vernon E. Jordan, Jr. Mgmt For For
1.8 Elect Director Jan Leschly Mgmt For For
1.9 Elect Director Richard A. McGinn Mgmt For For
1.1 Elect Director Edward D. Miller Mgmt For For
1.11 Elect Director Frank P. Popoff Mgmt For For
1.12 Elect Director Robert D. Walter Mgmt For For
2 Ratify Auditors Mgmt For For
3 Company-Specific--Compensation-Related ShrHoldr Against Against
4 Report on Political Contributions ShrHoldr Against Against
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-1-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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American Select
Portfolio, Inc. 29570108 9/15/2004 1.1 Elect Director Benjamin R. Field III Mgmt For For
1.2 Elect Director Mickey P. Foret Mgmt For For
1.3 Elect Director Roger A. Gibson Mgmt For For
1.4 Elect Director Victoria J. Herget Mgmt For For
1.5 Elect Director Leonard W. Kedrowski Mgmt For For
1.6 Elect Director Richard K. Riederer Mgmt For For
1.7 Elect Director Joseph D. Strauss Mgmt For For
1.8 Elect Director Virginia L. Stringer Mgmt For For
1.9 Elect Director James M. Wade Mgmt For For
2 Ratify Auditors Mgmt For For
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American
Strategic Income
Portfolio Inc. 30098107 9/15/2004 1.1 Elect Director Benjamin R. Field III Mgmt For For
1.2 Elect Director Mickey P. Foret Mgmt For For
1.3 Elect Director Roger A. Gibson Mgmt For For
1.4 Elect Director Victoria J. Herget Mgmt For For
1.5 Elect Director Leonard W. Kedrowski Mgmt For For
1.6 Elect Director Richard K. Riederer Mgmt For For
1.7 Elect Director Joseph D. Strauss Mgmt For For
1.8 Elect Director Virginia L. Stringer Mgmt For For
1.9 Elect Director James M. Wade Mgmt For For
2 Ratify Auditors Mgmt For For
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American Strategic
Income Portfolio
Inc. -- II 30099105 9/15/2004 1.1 Elect Director Benjamin R. Field III Mgmt For For
1.2 Elect Director Mickey P. Foret Mgmt For For
1.3 Elect Director Roger A. Gibson Mgmt For For
1.4 Elect Director Victoria J. Herget Mgmt For For
1.5 Elect Director Leonard W. Kedrowski Mgmt For For
1.6 Elect Director Richard K. Riederer Mgmt For For
1.7 Elect Director Joseph D. Strauss Mgmt For For
1.8 Elect Director Virginia L. Stringer Mgmt For For
1.9 Elect Director James M. Wade Mgmt For For
2 Ratify Auditors Mgmt For For
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-2-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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American Strategic
Income Portfolio
Inc. - III 03009T101 9/15/2004 1.1 Elect Director Benjamin R. Field III Mgmt For For
1.2 Elect Director Mickey P. Foret Mgmt For For
1.3 Elect Director Roger A. Gibson Mgmt For For
1.4 Elect Director Victoria J. Herget Mgmt For For
1.5 Elect Director Leonard W. Kedrowski Mgmt For For
1.6 Elect Director Richard K. Riederer Mgmt For For
1.7 Elect Director Joseph D. Strauss Mgmt For For
1.8 Elect Director Virginia L. Stringer Mgmt For For
1.9 Elect Director James M. Wade Mgmt For For
2 Ratify Auditors Mgmt For For
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Amgen, Inc. AMGN 31162100 5/11/2005 1.1 Elect Director Dr. David Baltimore Mgmt For For
1.2 Elect Director Ms. Judith C. Pelham Mgmt For For
1.3 Elect Director Mr. Kevin W. Sharer Mgmt For For
2 Ratify Auditors Mgmt For For
3 Eliminate Animal Testing ShrHoldr Against Against
4 Review/Limit Executive Compensation ShrHoldr Against Against
5 Adopt Retention Ratio for Executives ShrHoldr Against For
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Analog Devices,
Inc. ADI 32654105 3/8/2005 1.1 Elect Director John L. Doyle Mgmt For For
1.2 Elect Director Christine King Mgmt For For
1.3 Elect Director Ray Stata Mgmt For For
2 Ratify Auditors Mgmt For For
3 Expense Stock Options ShrHoldr Against For
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Best Buy Co., Inc. BBY 86516101 6/23/2005 1.1 Elect Director Ronald James Mgmt For For
1.2 Elect Director Elliot S. Kaplan Mgmt For For
1.3 Elect Director Matthew H. Paull Mgmt For For
1.4 Elect Director Richard M. Schulze Mgmt For For
1.5 Elect Director Mary A. Tolan Mgmt For For
1.6 Elect Director Hatim A. Tyabji Mgmt For For
2 Ratify Auditors Mgmt For For
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-3-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Boston Scientific
Corp. BSX 101137107 5/10/2005 1.1 Elect Director Ray J. Groves Mgmt For For
1.2 Elect Director Peter M. Nicholas Mgmt For For
1.3 Elect Director Warren B. Rudman Mgmt For For
1.4 Elect Director James R. Tobin Mgmt For For
2 Ratify Auditors Mgmt For For
3 Require a Majority Vote for the
Election of Directors ShrHoldr Against For
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Burlington
Northern Santa Fe
Corp. BNI 12189T104 4/20/2005 1.1 Elect Director A.L. Boeckmann Mgmt For For
1.2 Elect Director V.S. Martinez Mgmt For Withhold
1.3 Elect Director M.F. Racicot Mgmt For Withhold
1.4 Elect Director R.S. Roberts Mgmt For For
1.5 Elect Director M.K. Rose Mgmt For For
1.6 Elect Director M.J. Shapiro Mgmt For For
1.7 Elect Director J.C. Watts, Jr. Mgmt For For
1.8 Elect Director R.H. West Mgmt For For
1.9 Elect Director J.S. Whisler Mgmt For For
1.1 Elect Director E.E. Whitacre, Jr. Mgmt For For
2 Ratify Auditors Mgmt For For
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Caterpillar Inc. CAT 149123101 4/13/2005 1.1 Elect Director W. Frank Blount Mgmt For For
1.2 Elect Director John R. Brazil Mgmt For For
1.3 Elect Director Eugene V. Fife Mgmt For For
1.4 Elect Director Gaul D. Fosler Mgmt For For
1.5 Elect Director Peter A. Magowan Mgmt For For
2 Ratify Auditors Mgmt For For
3 Submit Shareholder Rights Plan (Poison
Pill) to Shareholder Vote ShrHoldr Against For
4 Report on Equipment Sales to Israel ShrHoldr Against Against
5 Report on Operational Imact of HIV/AIDS,
TB, and Malaria Pandemic ShrHoldr Against Against
6 Require a Majority Vote for the Election
of Directors ShrHoldr Against For
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-4-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Cisco Systems,
Inc. CSCO 17275R102 11/18/2004 1.1 Elect Director Carol A. Bartz Mgmt For For
1.2 Elect Director M. Michele Burns Mgmt For For
1.3 Elect Director Larry R. Carter Mgmt For For
1.4 Elect Director John T. Chambers Mgmt For For
1.5 Elect Director Dr. James F. Gibbons Mgmt For For
1.6 Elect Director Dr. John L. Hennessy Mgmt For For
1.7 Elect Director Roderick C. McGeary Mgmt For For
1.8 Elect Director James C. Morgan Mgmt For For
1.9 Elect Director John P. Morgridge Mgmt For For
1.1 Elect Director Donald T. Valentine Mgmt For For
1.11 Elect Director Steven M. West Mgmt For For
1.12 Elect Director Jerry Yang Mgmt For For
2 Ratify Auditors Mgmt For For
3 Report on Pay Disparity ShrHoldr Against Against
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Citigroup Inc. C 172967101 4/19/2005 1.1 Elect Director C. Michael Armstrong Mgmt For For
1.2 Elect Director Alain J.P. Belda Mgmt For For
1.3 Elect Director George David Mgmt For For
1.4 Elect Director Kenneth T. Derr Mgmt For For
1.5 Elect Director John M. Deutch Mgmt For For
1.6 Elect Director Roberto Hernandez Ramirez Mgmt For For
1.7 Elect Director Ann Dibble Jordan Mgmt For For
1.8 Elect Director Klaus Kleinfeld Mgmt For For
1.9 Elect Director Dudley C. Mecum Mgmt For For
1.1 Elect Director Anne Mulcahy Mgmt For For
1.11 Elect Director Richard D. Parsons Mgmt For For
1.12 Elect Director Charles Prince Mgmt For For
1.13 Elect Director Judith Rodin Mgmt For For
1.14 Elect Director Robert E. Rubin Mgmt For For
1.15 Elect Director Franklin A. Thomas Mgmt For For
1.16 Elect Director Sanford I. Weill Mgmt For For
1.17 Elect Director Robert B. Willumstad Mgmt For For
2 Ratify Auditors Mgmt For For
-5-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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3 Amend Omnibus Stock Plan Mgmt For For
4 Limit/Prohibit Awards to Executives ShrHoldr Against Against
5 Report on Political Contributions ShrHoldr Against Against
6 Prohibit Chairman From Management
Duties, Titles or Responsibilities ShrHoldr Against For
7 Limit Executive Compensation ShrHoldr Against Against
8 Require a Majority Vote for the Election
of Directors ShrHoldr Against For
9 Review/Limit Executive Compensation ShrHoldr Against Against
10 Adopt Simple Majority Vote ShrHoldr Against For
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Comcast Corp. CMCSA 20030N101 6/1/2005 1.1 Elect Director S. Decker Anstrom Mgmt For For
1.2 Elect Director Kenneth J. Bacon Mgmt For For
1.3 Elect Director Sheldon M. Bonovitz Mgmt For For
1.4 Elect Director Edward D. Breen Mgmt For For
1.5 Elect Director Julian A. Brodsky Mgmt For For
1.6 Elect Director Joseph L. Castle, II Mgmt For Withhold
1.7 Elect Director Joseph J. Collins Mgmt For For
1.8 Elect Director J. Michael Cook Mgmt For For
1.9 Elect Director Brian L. Roberts Mgmt For For
1.10 Elect Director Ralph J. Roberts Mgmt For For
1.11 Elect Director Dr. Judith Rodin Mgmt For For
1.12 Elect Director Michael I. Sovern Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Restricted Stock Plan Mgmt For For
4 Report on Political Contributions ShrHoldr Against Against
5 Separate Chairman and CEO Positions ShrHoldr Against For
6 Submit Shareholder Rights Plan (Poison
Pill) to Shareholder Vote ShrHoldr Against For
7 Approve Recapitalization Plan ShrHoldr Against For
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ConocoPhillips COP 20825C104 5/5/2005 1.1 Elect Director J.J. Mulva Mgmt For For
1.2 Elect Director Norman R. Augustine Mgmt For For
1.3 Elect Director Larry D. Horner Mgmt For For
-6-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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1.4 Elect Director Charles C. Krulak Mgmt For For
2 Ratify Auditors Mgmt For For
3 Limit Executive Compensation ShrHoldr Against Against
4 Require a Majority Vote for the Election
of Directors ShrHoldr Against For
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Crown Castle
International
Corp. CCI 228227104 5/26/2005 1.1 Elect Director Dale N. Hatfield Mgmt For For
1.2 Elect Director Lee W. Hogan Mgmt For For
1.3 Elect Director Robert F. McKenzie Mgmt For For
1.4 Elect Director Robert E. Garrison, II Mgmt For For
2 Ratify Auditors Mgmt For For
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Danaher Corp. DHR 235851102 5/4/2005 1.1 Elect Director H. Lawrence Culp, Jr. Mgmt For For
1.2 Elect Director Mitchell P. Rales Mgmt For For
1.3 Elect Director A. Emmet Stephenson, Jr. Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For For
4 Require a Majority Vote for the Election
of Directors ShrHoldr Against For
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Dell Inc. DELL 24702R101 7/16/2004 1.1 Elect Director Donald J. Carty Mgmt For For
1.2 Elect Director Michael S. Dell Mgmt For For
1.3 Elect Director William H. Gray, III Mgmt For For
1.4 Elect Director Judy C. Lewent Mgmt For For
1.5 Elect Director Thomas W. Luce, III Mgmt For For
1.6 Elect Director Klaus S. Luft Mgmt For For
1.7 Elect Director Alex J. Mandl Mgmt For For
1.8 Elect Director Michael A. Miles Mgmt For For
1.9 Elect Director Samuel A. Nunn, Jr. Mgmt For For
1.1 Elect Director Kevin B. Rollins Mgmt For For
2 Ratify Auditors Mgmt For For
3 Expense Stock Options ShrHoldr Against For
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-7-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Eaton Corp. ETN 278058102 4/27/2005 1.1 Elect Director Ned C. Lautenbach Mgmt For For
1.2 Elect Director John R. Miller Mgmt For For
1.3 Elect Director Gregory R. Page Mgmt For For
1.4 Elect Director Victor A. Pelson Mgmt For For
2 Ratify Auditors Mgmt For For
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eBay Inc. EBAY 278642103 6/23/2005 1.1 Elect Director Fred D. Anderson Mgmt For For
1.2 Elect Director Edward W. Barnholt Mgmt For For
1.3 Elect Director Scott D. Cook Mgmt For For
1.4 Elect Director Robert C. Kagle Mgmt For For
2 Approve Executive Incentive Bonus Plan Mgmt For For
3 Increase Authorized Common Stock Mgmt For For
4 Ratify Auditors Mgmt For For
5 Performance- Based/Indexed Options ShrHoldr Against For
6 Require a Majority Vote for the Election
of Directors ShrHoldr Against For
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Elan Corporation
Plc 284131208 5/26/2005 Meeting for Holders of ADRs
1 TO RECEIVE AND CONSIDER THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED
DECEMBER 31, 2004 TOGETHER WITH THE
REPORTS OF THE DIRECTORS AND AUDITORS
THEREON. Mgmt For For
2 TO RE-ELECT DR. ALAN GILLESPIE WHO
RETIRES FROM THE BOARD BY ROTATION AS
A DIRECTOR OF THE COMPANY. Mgmt For For
3 TO RE-ELECT MS. ANN MAYNARD GRAY WHO
RETIRES FROM THE BOARD BY ROTATION AS
A DIRECTOR OF THE COMPANY. Mgmt For For
4 TO RE-ELECT MR. KIERAN MCGOWAN WHO
RETIRES FROM THE BOARD BY ROTATION AS
A DIRECTOR OF THE COMPANY. Mgmt For For
5 TO AUTHORISE THE DIRECTORS TO FIX THE
REMUNERATION OF THE AUDITORS. Mgmt For For
6 TO AUTHORISE THE DIRECTORS TO ISSUE
SECURITIES. Mgmt For For
-8-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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7 TO AUTHORISE THE DISAPPLICATION OF
PRE-EMPTION RIGHTS ON THE ALLOTMENT OF
UP TO 40 MILLION SHARES FOR CASH. Mgmt For For
8 TO AUTHORISE THE COMPANY TO MAKE MARKET
PURCHASES OF OWN SHARES. Mgmt For For
9 TO SET THE RE-ISSUE PRICE RANGE FOR
TREASURY SHARES. Mgmt For For
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Electronic Arts,
Inc. ERTS 285512109 7/29/2004 1.1 Elect Director M. Richard Asher Mgmt For For
1.2 Elect Director William J. Byron Mgmt For For
1.3 Elect Director Leonard S. Coleman Mgmt For For
1.4 Elect Director Gary M. Kusin Mgmt For For
1.5 Elect Director Gregory B. Maffei Mgmt For For
1.6 Elect Director Timothy Mott Mgmt For For
1.7 Elect Director Robert W. Pittman Mgmt For For
1.8 Elect Director Lawrence F. Probst III Mgmt For For
1.9 Elect Director Linda J. Srere Mgmt For For
2 Amend Omnibus Stock Plan Mgmt For For
3 Amend Employee Stock Purchase Plan Mgmt For For
4 Amend Articles to Consolidate Common
Stock Mgmt For For
5 Increase Authorized Common Stock Mgmt For For
6 Ratify Auditors Mgmt For For
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Eli Lilly and Co. LLY 532457108 4/18/2005 1.1 Elect Director G.M.C. Fisher Mgmt For Withhold
1.2 Elect Director A.G. Gilman Mgmt For For
1.3 Elect Director K.N. Horn Mgmt For Withhold
1.4 Elect Director J. Rose Mgmt For For
2 Ratify Auditors Mgmt For For
3 Separate Chairman and CEO Positions ShrHoldr Against For
4 Review and Report on Drug Reimportation
Policy ShrHoldr Against Against
5 Report on Product Availability in Canada ShrHoldr Against For
6 Report on Political Contributions ShrHoldr Against Against
7 Adopt Policy on Performance-based Stock
Option Grants ShrHoldr Against For
8 Eliminate Animal Testing ShrHoldr Against Against
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-9-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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EMC Corp. EMC 268648102 5/5/2005 1.1 Elect Director Michael J. Cronin Mgmt For For
1.2 Elect Director W. Paul Fitzgerald Mgmt For Withhold
1.3 Elect Director Joseph M. Tucci Mgmt For For
2 Approve Omnibus Stock Plan Mgmt For For
3 Ratify Auditors Mgmt For For
4 Performance- Based/Indexed Options ShrHoldr Against For
5 Creation of an Independent Audit
Committee ShrHoldr Against Against
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First Data Corp. FDC 319963104 5/11/2005 1.1 Elect Director Alison Davis Mgmt For For
1.2 Elect Director James D. Robinson III Mgmt For For
1.3 Elect Director Bernard L. Schwartz Mgmt For For
1.4 Elect Director Arthur F. Weinbach Mgmt For For
2 Amend Qualified Employee Stock Purchase
Plan Mgmt For For
3 Amend Executive Incentive Bonus Plan Mgmt For For
4 Ratify Auditors Mgmt For For
5 Report on Outsourcing ShrHoldr Against Against
6 Amend Director/Officer
Liability/Indemnifications Provisions ShrHoldr Against Against
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Franklin
Resources, Inc. BEN 354613101 1/25/2005 1.1 Elect Director Samuel H. Armacost Mgmt For For
1.2 Elect Director Harmon E. Burns Mgmt For For
1.3 Elect Director Charles Crocker Mgmt For For
1.4 Elect Director Robert D. Joffe Mgmt For For
1.5 Elect Director Charles B. Johnson Mgmt For For
1.6 Elect Director Rupert H. Johnson, Jr. Mgmt For For
1.7 Elect Director Thomas H. Kean Mgmt For For
1.8 Elect Director Chutta Ratnathicam Mgmt For For
1.9 Elect Director Peter M. Sacerdote Mgmt For For
1.1 Elect Director Anne M. Tatlock Mgmt For For
1.11 Elect Director Louis E. Woodworth Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For For
4 Increase Authorized Common Stock Mgmt For For
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-10-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Genentech, Inc. DNA 368710406 4/14/2005 1.1 Elect Director Herbert W. Boyer Mgmt For Withhold
1.2 Elect Director William M. Burns Mgmt For Withhold
1.3 Elect Director Erich Hunziker Mgmt For Withhold
1.4 Elect Director Jonathan K.C. Knowles Mgmt For Withhold
1.5 Elect Director Arthur D. Levinson Mgmt For Withhold
1.6 Elect Director Charles A. Sanders Mgmt For For
2 Ratify Auditors Mgmt For For
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General Electric
Co. GE 369604103 4/27/2005 1.1 Elect Director James I. Cash, Jr. Mgmt For For
1.2 Elect Director William M. Castell Mgmt For For
1.3 Elect Director Dennis D. Dammerman Mgmt For For
1.4 Elect Director Ann M. Fudge Mgmt For For
1.5 Elect Director Claudio X. Gonzalez Mgmt For Withhold
1.6 Elect Director Jeffrey R. Immelt Mgmt For For
1.7 Elect Director Andrea Jung Mgmt For For
1.8 Elect Director Alan G. Lafley Mgmt For For
1.9 Elect Director Ralph S. Larsen Mgmt For For
1.1 Elect Director Rochelle B. Lazarus Mgmt For For
1.11 Elect Director Sam Nunn Mgmt For For
1.12 Elect Director Roger S. Penske Mgmt For For
1.13 Elect Director Robert J. Swieringa Mgmt For For
1.14 Elect Director Douglas A. Warner III Mgmt For For
1.15 Elect Director Robert C. Wright Mgmt For For
2 Ratify Auditors Mgmt For For
3 Provide for Cumulative Voting ShrHoldr Against Against
4 Report on Nuclear Fuel Storage Risks ShrHoldr Against Against
5 Report on PCB Clean-up Costs ShrHoldr Against For
6 Adopt Policy on Overboarded Directors ShrHoldr Against For
7 Prepare a Sustainability Report ShrHoldr Against Against
8 Political Contributions/Activities ShrHoldr Against Against
9 Eliminate Animal Testing ShrHoldr Against Against
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-11-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
Gilead Sciences,
Inc. GILD 375558103 5/10/2005 1.1 Elect Director Paul Berg Mgmt For For
1.2 Elect Director Etienne F. Davignon Mgmt For For
1.3 Elect Director James M. Denny Mgmt For For
1.4 Elect Director John C. Martin Mgmt For For
1.5 Elect Director Gordon E. Moore Mgmt For For
1.6 Elect Director Nicholas G. Moore Mgmt For For
1.7 Elect Director George P. Shultz Mgmt For For
1.8 Elect Director Gayle E. Wilson Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For For
4 Report on Impact of HIV/AIDS, TB,
and Malaria Pandemics ShrHoldr Against For
- ----------------------------------------------------------------------------------------------------------------------------------
GOOGLE INC GOOG 38259P508 5/12/2005 1.1 Elect Director Eric Schmidt Mgmt For For
1.2 Elect Director Larry Page Mgmt For For
1.3 Elect Director Sergey Brin Mgmt For For
1.4 Elect Director L. John Doerr Mgmt For Withhold
1.5 Elect Director John L. Hennessy Mgmt For For
1.6 Elect Director Arthur D. Levinson Mgmt For For
1.7 Elect Director Michael Moritz Mgmt For For
1.8 Elect Director Paul S. Otellini Mgmt For For
1.9 Elect Director K. Ram Shriram Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For Against
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Harrah's
Entertainment,
Inc. HET 413619107 3/11/2005 1 Issue Shares in Connection with an
Acquisition Mgmt For For
2 Increase Authorized Common Stock Mgmt For For
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Harrah's
Entertainment,
Inc. HET 413619107 4/28/2005 1.1 Elect Director Barbara T. Alexander Mgmt For For
1.2 Elect Director Frank J. Biondi, Jr. Mgmt For For
1.3 Elect Director Robert G. Miller Mgmt For For
1.4 Elect Director Christopher J. Williams Mgmt For For
2 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-12-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
Intel Corp. INTC 458140100 5/18/2005 1.1 Elect Director Craig R. Barrett Mgmt For For
1.2 Elect Director Charlene Barshefsky Mgmt For For
1.3 Elect Director E. John P. Browne Mgmt For For
1.4 Elect Director D. James Guzy Mgmt For For
1.5 Elect Director Reed E. Hundt Mgmt For For
1.6 Elect Director Paul S. Otellini Mgmt For For
1.7 Elect Director David S. Pottruck Mgmt For For
1.8 Elect Director Jane E. Shaw Mgmt For For
1.9 Elect Director John L. Thornton Mgmt For For
1.1 Elect Director David B. Yoffie Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For For
4 Amend Executive Incentive Bonus Plan Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
International
Game Technology IGT 459902102 3/1/2005 1.1 Elect Director Neil Barsky Mgmt For For
1.2 Elect Director Robert A. Bittman Mgmt For For
1.3 Elect Director Richard R. Burt Mgmt For For
1.4 Elect Director Leslie S. Heisz Mgmt For For
1.5 Elect Director Robert A. Mathewson Mgmt For For
1.6 Elect Director Thomas J. Matthews Mgmt For For
1.7 Elect Director Robert Miller Mgmt For Withhold
1.8 Elect Director Frederick B. Rentschler Mgmt For For
2 Amend Omnibus Stock Plan Mgmt For For
3 Ratify Auditors Mgmt For For
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ITT Industries,
Inc. ITT 450911102 5/10/2005 1.1 Elect Director Steven R. Loranger Mgmt For For
1.2 Elect Director Curtis J. Crawford Mgmt For For
1.3 Elect Director Christina A. Gold Mgmt For For
1.4 Elect Director Ralph F. Hake Mgmt For For
1.5 Elect Director John J. Hamre Mgmt For For
1.6 Elect Director Raymond W. LeBoeuf Mgmt For For
1.7 Elect Director Frank T. MacInnis Mgmt For For
1.8 Elect Director Linda S. Sanford Mgmt For For
1.9 Elect Director Markos I. Tambakeras Mgmt For For
2 Ratify Auditors Mgmt For For
3 Increase Authorized Common Stock Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-13-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
J. C. Penney Co.,
Inc (HLDG CO) JCP 708160106 5/20/2005 1.1 Elect Director Thomas J. Engibous Mgmt For For
1.2 Elect Director Kent B. Foster Mgmt For For
1.3 Elect Director Leonard H. Roberts Mgmt For For
1.4 Elect Director Myron E. Ullman, III Mgmt For For
2 Ratify Auditors Mgmt For For
3 Approve Omnibus Stock Plan Mgmt For For
4 Declassify the Board of Directors ShrHoldr Against For
- ----------------------------------------------------------------------------------------------------------------------------------
Jabil Circuit,
Inc. JBL 466313103 1/20/2005 1.1 Elect Director William D. Morean Mgmt For Withhold
1.2 Elect Director Thomas A. Sansone Mgmt For Withhold
1.3 Elect Director Timothy L. Main Mgmt For Withhold
1.4 Elect Director Lawrence J. Murphy Mgmt For Withhold
1.5 Elect Director Mel S. Lavitt Mgmt For Withhold
1.6 Elect Director Steven A. Raymund Mgmt For Withhold
1.7 Elect Director Frank A. Newman Mgmt For Withhold
1.8 Elect Director Laurence S. Grafstein Mgmt For For
2 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Johnson & Johnson JNJ 478160104 4/28/2005 1.1 Elect Director Mary Sue Coleman Mgmt For For
1.2 Elect Director James G. Cullen Mgmt For For
1.3 Elect Director Robert J. Darretta Mgmt For For
1.4 Elect Director Michael M. E. Johns Mgmt For For
1.5 Elect Director Ann Dibble Jordan Mgmt For For
1.6 Elect Director Arnold G. Langbo Mgmt For For
1.7 Elect Director Susan L. Lindquist Mgmt For For
1.8 Elect Director Leo F. Mullin Mgmt For For
1.9 Elect Director Christine A. Poon Mgmt For For
1.1 Elect Director Steven S. Reinemund Mgmt For For
1.11 Elect Director David Satcher Mgmt For For
1.12 Elect Director William C. Weldon Mgmt For For
2 Approve Omnibus Stock Plan Mgmt For For
3 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-14-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
Lowe's Companies,
Inc. LOW 548661107 5/27/2005 1.1 Elect Director Robert A. Ingram Mgmt For For
1.2 Elect Director Richard K. Lochridge Mgmt For For
1.3 Elect Director Robert L. Johnson Mgmt For For
1.4 Amend Non-Employee Director Stock
Option Plan Mgmt For For
1.5 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Marriott
International
Inc. (New) MAR 571903202 5/6/2005 1.1 Elect Director J.W. Marriott, Jr. Mgmt For For
1.2 Elect Director Debra L. Lee Mgmt For For
1.3 Elect Director George Munoz Mgmt For For
1.4 Elect Director William J. Shaw Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For Against
4 Declassify the Board of Directors ShrHoldr Against For
5 Require a Majority Vote for the Election
of Directors ShrHoldr Against For
- ----------------------------------------------------------------------------------------------------------------------------------
Medtronic, Inc. MDT 585055106 8/26/2004 1.1 Elect Director William R. Brody,
M.D., Ph.D. Mgmt For For
1.2 Elect Director Arthur D. Collins, Jr. Mgmt For For
1.3 Elect Director Antonio M. Gotto, Jr.,
M.D., D. Phil. Mgmt For For
2 Ratify Auditors Mgmt For For
3 Charitable Contributions ShrHoldr Against Against
- ----------------------------------------------------------------------------------------------------------------------------------
Microsoft Corp. MSFT 594918104 11/9/2004 1.1 Elect Director William H. Gates III Mgmt For For
1.2 Elect Director Steven A. Ballmer Mgmt For For
1.3 Elect Director James I. Cash Jr., Ph.D. Mgmt For For
1.4 Elect Director Raymond V. Gilmartin Mgmt For For
1.5 Elect Director Ann McLaughlin Korologos Mgmt For For
1.6 Elect Director David F. Marquardt Mgmt For For
1.7 Elect Director Charles H. Noski Mgmt For For
1.8 Elect Director Dr. Helmut Panke Mgmt For For
1.9 Elect Director Jon A. Shirley Mgmt For For
2 Amend Bundled Compensation Plans Mgmt For For
3 Amend Bundled Compensation Plans Mgmt For For
4 Amend Stock Option Plan Mgmt For For
5 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-15-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
Murphy Oil Corp. MUR 626717102 5/11/2005 1.1 Elect Director Frank W. Blue Mgmt For For
1.2 Elect Director George S. Dembroski Mgmt For For
1.3 Elect Director Claiborne P. Deming Mgmt For For
1.4 Elect Director Robert A. Hermes Mgmt For For
1.5 Elect Director R. Madison Murphy Mgmt For For
1.6 Elect Director William C. Nolan, Jr. Mgmt For For
1.7 Elect Director Ivar B. Ramberg Mgmt For For
1.8 Elect Director Neal E. Schmale Mgmt For For
1.9 Elect Director David J.H. Smith Mgmt For For
1.1 Elect Director Caroline G. Theus Mgmt For For
2 Increase Authorized Common Stock Mgmt For For
3 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Nabors
Industries, Ltd. NBR G6359F103 6/7/2005 Meeting for Holders of ADR's
1.1 Elect Director Anthony G. Petrello Mgmt For For
1.2 Elect Director Myron M. Sheinfeld Mgmt For For
1.3 Elect Director Martin J. Whitman Mgmt For For
2 Ratify Auditors Mgmt For For
3 AMENDMENT TO AMENDED AND RESTATED
BYE-LAWS TO REQUIRE SHAREHOLDER
APPROVAL OF CERTAIN DISPOSITIONS OF
COMPANY'S ASSETS. Mgmt For For
4 AMENDMENT TO 2003 EMPLOYEE STOCK PLAN
TO MAKE NONEMPLOYEE DIRECTORS ELIGIBLE
PARTICIPANTS. Mgmt For Against
5 SHAREHOLDER PROPOSAL TO REQUIRE THE
COMPANY TO ADOPT A POLICY THAT A
SIGNIFICANT AMOUNT OF FUTURE STOCK
GRANTS TO SENIOR EXECUTIVES BE
PERFORMANCE BASED. ShrHoldr Against For
- ----------------------------------------------------------------------------------------------------------------------------------
NOBLE CORP NE G65422100 4/28/2005 Meeting for Holders of ADR's
1.1 Elect Director Lawrence J. Chazen Mgmt For For
1.2 Elect Director Mary P. Ricciardello Mgmt For For
1.3 Elect Director William A. Sears Mgmt For For
-16-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
2 APPROVAL OF ADOPTION OF SPECIAL
RESOLUTION OF MEMBERS TO AMEND ARTICLES
OF ASSOCIATION TO INCREASE DIRECTOR
RETIREMENT AGE. Mgmt For For
3 APPROVAL OF THE PROPOSAL REGARDING THE
AMENDED AND RESTATED NOBLE CORPORATION
1992 NONQUALIFIED STOCK OPTION PLAN
FOR NON-EMPLOYEE DIRECTORS. Mgmt For For
4 APPROVAL OF THE PROPOSAL TO AMEND THE
NOBLE CORPORATION EQUITY COMPENSATION
PLAN FOR NON-EMPLOYEE DIRECTORS. Mgmt For For
5 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Nokia Corp. 654902204 4/7/2005 Meeting for Holders of ADRs
1 APPROVAL OF THE INCOME STATEMENTS AND
THE BALANCE SHEET. Mgmt For For
2 APPROVAL OF A PROPOSAL TO THE ANNUAL
GENERAL MEETING OF A DIVIDEND OF
EUR 0.33 PER SHARE. Mgmt For For
3 DISCHARGE OF THE CHAIRMAN, THE MEMBERS
OF THE BOARD OF DIRECTORS, AND THE
PRESIDENT, FROM LIABILITY. Mgmt For For
4 PROPOSAL ON THE COMPOSITION OF THE BOARD
AS PROPOSED BY THE CORPORATE GOVERNANCE
AND NOMINATION COMMITTEE. Mgmt For For
5.1 Elect Directors Paul J. Collins Mgmt For For
5.2 Elect Directors Georg Ehrnrooth Mgmt For For
5.3 Elect Directors Bengt Holmstrom Mgmt For For
5.4 Elect Directors Per Karlsson Mgmt For For
5.5 Elect Directors Jorma Ollila Mgmt For For
5.6 Elect Directors Marjorie Scardino Mgmt For For
5.7 Elect Directors Vesa Vainio Mgmt For For
5.8 Elect Directors Arne Wessberg Mgmt For For
5.9 Elect Directors Dan Hesse Mgmt For For
5.1 Elect Directors Edouard Michelin Mgmt For For
-17-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
6 APPROVAL OF THE REMUNERATION TO BE PAID
TO THE AUDITOR. Mgmt For For
7 APPROVAL OF THE RE-ELECTION OF
PRICEWATERHOUSECOOPERS OY AS THE
AUDITORS FOR FISCAL YEAR 2005. Mgmt For For
8 APPROVAL OF THE PROPOSAL TO GRANT STOCK
OPTIONS TO SELECTED PERSONNEL OF THE
COMPANY. Mgmt For For
9 APPROVAL OF THE PROPOSAL OF THE BOARD
TO REDUCE THE SHARE CAPITAL THROUGH
CANCELLATION OF NOKIA SHARES HELD BY
COMPANY. Mgmt For For
10 AUTHORIZATION TO THE BOARD TO INCREASE
THE SHARE CAPITAL OF THE COMPANY. Mgmt For For
11 AUTHORIZATION TO THE BOARD TO
REPURCHASE NOKIA SHARES. Mgmt For For
12 AUTHORIZATION TO THE BOARD TO DISPOSE
NOKIA SHARES HELD BY THE COMPANY. Mgmt For For
13 MARK THE FOR BOX IF YOU WISH TO
INSTRUCT NOKIA'S LEGAL COUNSELS TO
VOTE IN THEIR DISCRETION ON YOUR
BEHALF ONLY UPON ITEM 15. Mgmt For Against
- ----------------------------------------------------------------------------------------------------------------------------------
Occidental
Petroleum Corp. OXY 674599105 5/6/2005 1.1 Elect Director Spencer Abraham Mgmt For For
1.2 Elect Director Ronald W. Burkle Mgmt For For
1.3 Elect Director John S. Chalsky Mgmt For For
1.4 Elect Director Edward P. Djerejian Mgmt For For
1.5 Elect Director R. Chad Dreier Mgmt For For
1.6 Elect Director John E. Feick Mgmt For For
1.7 Elect Director Ray R. Irani Mgmt For For
1.8 Elect Director Irwin W. Maloney Mgmt For For
1.9 Elect Director Rodolfo Segovia Mgmt For For
1.1 Elect Director Aziz D. Syriani Mgmt For For
1.11 Elect Director Rosemary Tomich Mgmt For For
1.12 Elect Director Walter L. Weisman Mgmt For For
-18-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
2 Ratify Auditors Mgmt For For
3 Approve Omnibus Stock Plan Mgmt For For
4 Proposal Regarding Board Sponsored
Proposals ShrHoldr Against Against
5 Submit Severance Agreement (Change-in-
Control) to Shareholder Vote ShrHoldr Against For
- ----------------------------------------------------------------------------------------------------------------------------------
PepsiCo, Inc. PEP 713448108 5/4/2005 1.1 Elect Director John F. Akers Mgmt For For
1.2 Elect Director Robert E. Allen Mgmt For For
1.3 Elect Director Ray L. Hunt Mgmt For For
1.4 Elect Director Arthur C. Martinez Mgmt For For
1.5 Elect Director Indra K. Nooyi Mgmt For For
1.6 Elect Director Steven S Reinemund Mgmt For For
1.7 Elect Director Sharon P. Rockefeller Mgmt For For
1.8 Elect Director James J. Schiro Mgmt For For
1.9 Elect Director Franklin A. Thomas Mgmt For For
1.1 Elect Director Cynthia M. Trudell Mgmt For For
1.11 Elect Director Solomon D. Trujillo Mgmt For For
1.12 Elect Director Daniel Vasella Mgmt For For
2 Ratify Auditors Mgmt For For
3 Report on Corporate Political
Contributions ShrHoldr Against Against
- ----------------------------------------------------------------------------------------------------------------------------------
Pfizer Inc. PFE 717081103 4/28/2005 1.1 Elect Director Michael S. Brown Mgmt For For
1.2 Elect Director M. Anthony Burns Mgmt For For
1.3 Elect Director Robert N. Burt Mgmt For For
1.4 Elect Director W. Don Cornwell Mgmt For For
1.5 Elect Director William H. Gray III Mgmt For For
1.6 Elect Director Constance J. Horner Mgmt For For
1.7 Elect Director William R. Howell Mgmt For For
1.8 Elect Director Stanley O. Ikenberry Mgmt For For
1.9 Elect Director George A. Lorch Mgmt For For
1.1 Elect Director Henry A. McKinnell Mgmt For For
1.11 Elect Director Dana G. Mead Mgmt For For
1.12 Elect Director Ruth J. Simmons Mgmt For For
1.13 Elect Director William C. Steere, Jr. Mgmt For For
1.14 Elect Director Jean-Paul Valles Mgmt For For
2 Ratify Auditors Mgmt For For
-19-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
3 Establish Term Limits for Directors ShrHoldr Against Against
4 Report on Pharmaceutical Price Restraint ShrHoldr Against Against
5 Review and Report on Drug Reimportation
Policy ShrHoldr Against Against
6 Report on Political Contributions ShrHoldr Against Against
7 Report on Product Availability in Canada ShrHoldr Against For
8 Separate Chairman and CEO Positions ShrHoldr Against For
- ----------------------------------------------------------------------------------------------------------------------------------
Prudential
Financial Inc PRU 744320102 6/7/2005 1.1 Elect Director James G. Cullen Mgmt For For
1.2 Elect Director James A. Unruh Mgmt For For
1.3 Elect Director Gordon M. Bethune Mgmt For For
2 Ratify Auditors Mgmt For For
3 Declassify the Board of Directors Mgmt For For
4 Approve Qualified Employee Stock
Purchase Plan Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
QUALCOMM Inc. QCOM 747525103 3/8/2005 1.1 Elect Director Robert E. Kahn Mgmt For For
1.2 Elect Director Duane A. Nelles Mgmt For Withhold
1.3 Elect Director Brent Scowcroft Mgmt For For
2 Declassify the Board of Directors
and Eliminate Cumulative Voting Mgmt For For
3 Increase Authorized Common Stock Mgmt For For
4 Amend Articles Mgmt For For
5 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Royal Caribbean
Cruises Ltd. RCL V7780T103 5/17/2005 Meeting for Holders of ADRs
1.1 Elect Director Laura Laviada Mgmt For For
1.2 Elect Director Eyal Ofer Mgmt For For
1.3 Elect Director William K. Reilly Mgmt For For
1.4 Elect Director Arne A. Wilhelmsen Mgmt For For
2 RATIFICATION OF APPOINTMENT OF
PRICEWATERHOUSECOOPERS LLP AS THE
COMPANY'S INDEPENDENT REGISTERED
ACCOUNTING FIRM FOR 2005. Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-20-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
SAP AG 803054204 5/12/2005 Meeting for Holders of ADR's
1 RESOLUTION ON THE APPROPRIATION OF
THE RETAINED EARNINGS OF THE FISCAL
YEAR 2004 Mgmt For For
2 RESOLUTION ON THE FORMAL APPROVAL OF
THE ACTS OF THE EXECUTIVE BOARD IN THE
FISCAL YEAR 2004 Mgmt For For
3 RESOLUTION ON THE FORMAL APPROVAL OF
THE ACTS OF THE SUPERVISORY BOARD IN
THE FISCAL YEAR 2004 Mgmt For For
4 Ratify Auditors Mgmt For For
5 ELECTION OF MEMBERS OF THE SUPERVISORY
BOARD Mgmt For For
6 RESOLUTION ON THE ADJUSTMENT OF THE
AMOUNTS AND FIGURES STATED IN
SECTION 4 (1) OF THE ARTICLES OF
ASSOCIATION (CAPITAL STOCK) Mgmt For For
7 RESOLUTION ON THE CANCELLATION OF
CONTINGENT CAPITAL IIA AND ON THE
DELETION OF SECTION 4 (5) OF THE
ARTICLES OF ASSOCIATION Mgmt For For
8 REDUCTION OF CONTINGENT CAPITAL IIIA
AND ADJUSTMENT OF THE AMOUNTS AND
FIGURES STATED IN SECTION 4 (7) OF THE
ARTICLES Mgmt For For
9 RESOLUTION ON THE AMENDMENT OF
SECTION 1 (1) OF THE ARTICLES OF
ASSOCIATION (CORPORATE NAME) Mgmt For For
10 RESOLUTION ON THE ADJUSTMENT OF THE
ARTICLES OF ASSOCIATION TO REFLECT THE
PROVISIONS OF THE GERMAN ACT Mgmt For For
11 CANCELLATION OF AUTHORIZED CAPITAL I AND
CREATION OF A NEW AUTHORIZED CAPITAL I Mgmt For For
12 CANCELLATION OF AUTHORIZED CAPITAL II AND
CREATION OF A NEW AUTHORIZED CAPITAL II Mgmt For For
-21-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
13 RESOLUTION ON THE AUTHORIZATION TO
ACQUIRE AND USE TREASURY SHARES PURSUANT
TO THE GERMAN STOCK CORPORATION ACT Mgmt For For
14 RESOLUTION ON THE AUTHORIZATION TO USE
EQUITY DERIVATIVES IN CONNECTION WITH
THE ACQUISITION OF TREASURY SHARES Mgmt For Against
- ----------------------------------------------------------------------------------------------------------------------------------
Schlumberger Ltd. SLB 806857108 4/13/2005 Meeting for Holders of ADR's
1.1 Elect Director J. Deutch Mgmt For Abstain
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
1.1 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
2 ADOPTION AND APPROVAL OF FINANCIALS
AND DIVIDENDS Mgmt For For
3 ADOPTION OF MANDATORY AMENDMENTS TO
THE ARTICLES OF INCORPORATION Mgmt For For
4 ADOPTION OF VOLUNTARY AMENDMENTS TO
THE ARTICLES OF INCORPORATION Mgmt For For
5 APPROVAL OF ADOPTION OF THE
SCHLUMBERGER 2005 OPTION PLAN Mgmt For For
6 APPROVAL OF ADOPTION OF AN AMENDMENT
TO THE SCHLUMBERGER DISCOUNTED STOCK
PURCHASE PLAN Mgmt For For
7 APPROVAL OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-22-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
SIT Money Market
Fund Inc. 82979F101 10/18/2004 1.1 Elect Director Eugene C. Sit Mgmt For For
1.2 Elect Director Sidney L. Jones Mgmt For For
1.3 Elect Director William E. Frenzel Mgmt For For
1.4 Elect Director John E. Hulse Mgmt For For
1.5 Elect Director Bruce C. Lueck Mgmt For For
1.6 Elect Director Donald W. Phillips Mgmt For For
2 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Stryker Corp. SYK 863667101 4/26/2005 1.1 Elect Director John W. Brown Mgmt For For
1.2 Elect Director Howard E. Cox, Jr. Mgmt For For
1.3 Elect Director Donald M. Engelman, Ph.D. Mgmt For For
1.4 Elect Director Jerome H. Grossman, M.D. Mgmt For For
1.5 Elect Director Stephen P. MacMillan Mgmt For For
1.6 Elect Director William U. Parfet Mgmt For For
1.7 Elect Director Ronda E. Stryker Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Suncor Energy Inc SU. 867229106 4/28/2005 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 Robert W. Korthals Mgmt For For
1.1 Elect Director M. Ann McCaig Mgmt For For
1.11 Elect Director Michael W. O'Brien Mgmt For For
1.12 Elect Director JR Shaw Mgmt For For
2 Ratify PricewaterhouseCoopers LLP
as Auditors Mgmt For For
3 Amend Shareholder Rights Plan (Poison
Pill) Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-23-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
Symantec Corp. SYMC 871503108 9/15/2004 1.1 Elect Director Tania Amochaev Mgmt For For
1.2 Elect Director William T. Coleman Mgmt For For
1.3 Elect Director Franciscus Lion Mgmt For For
1.4 Elect Director David Mahoney Mgmt For For
1.5 Elect Director Robert S. Miller Mgmt For For
1.6 Elect Director George Reyes Mgmt For For
1.7 Elect Director Daniel H. Schulman Mgmt For For
1.8 Elect Director John W. Thompson Mgmt For For
2 Increase Authorized Common Stock Mgmt For For
3 Approve Omnibus Stock Plan Mgmt For For
4 Amend Outside Director Stock in Lieu
of Cash Plan Mgmt For For
5 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Symantec Corp. SYMC 871503108 6/24/2005 1 Approve Merger Agreement Mgmt For For
2 Increase Authorized Common Stock Mgmt For For
3 Adjourn Meeting Mgmt For Against
- ----------------------------------------------------------------------------------------------------------------------------------
Target Corporation TGT 87612E106 5/18/2005 1.1 Elect Director Roxanne S. Austin Mgmt For For
1.2 Elect Director James A. Johnson Mgmt For For
2 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
The Chubb Corp. CB 171232101 4/26/2005 1.1 Elect Director ZOE BAIRD Mgmt For For
1.2 Elect Director SHEILA P. BURKE Mgmt For For
1.3 Elect Director JAMES I. CASH, JR. Mgmt For For
1.4 Elect Director JOEL J. COHEN Mgmt For For
1.5 Elect Director JAMES M. CORNELIUS Mgmt For For
1.6 Elect Director JOHN D. FINNEGAN Mgmt For For
1.7 Elect Director KLAUS J. MANGOLD Mgmt For For
1.8 Elect Director SIR DAVID G SCHOLEY CBE Mgmt For For
1.9 Elect Director RAYMOND G.H. SEITZ Mgmt For For
1.1 Elect Director LAWRENCE M. SMALL Mgmt For For
1.11 Elect Director DANIEL E. SOMERS Mgmt For For
1.12 Elect Director KAREN HASTIE WILLIAMS Mgmt For For
1.13 Elect Director ALFRED W. ZOLLAR Mgmt For For
2 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
-24-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
The Dow Chemical
Company DOW 260543103 5/12/2005 1.1 Elect Director Jacqueline K. Barton Mgmt For For
1.2 Elect Director Anthony J. Carbone Mgmt For For
1.3 Elect Director Barbara H. Franklin Mgmt For For
1.4 Elect Director Andrew N. Liveris Mgmt For For
1.5 Elect Director Harold T. Shapiro Mgmt For For
2 Ratify Auditors Mgmt For For
3 Report on Persistent Bioaccumulative
and Toxic Chemicals ShrHoldr Against Against
- ----------------------------------------------------------------------------------------------------------------------------------
The Goldman Sachs
Group, Inc. GS 38141G104 4/6/2005 1.1 Elect Director John H. Bryan Mgmt For For
1.2 Elect Director Stephen Friedman Mgmt For For
1.3 Elect Director William W. George Mgmt For For
1.4 Elect Director Henry M. Paulson, Jr. Mgmt For For
2 Declassify the Board of Directors Mgmt For For
3 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
The Procter &
Gamble Company PG 742718109 10/12/2004 1.1 Elect Director R. Kerry Clark Mgmt For For
1.2 Elect Director Joseph T. Gorman Mgmt For For
1.3 Elect Director Lynn M. Martin Mgmt For For
1.4 Elect Director Ralph Snyderman, M.D. Mgmt For For
1.5 Elect Director Robert D. Storey Mgmt For For
2 Ratify Auditors Mgmt For For
3 Increase Authorized Common Stock Mgmt For For
4 Declassify the Board of Directors Mgmt Against For
5 Implement/Report on Animal Welfare
Standards ShrHoldr Against Against
- ----------------------------------------------------------------------------------------------------------------------------------
Time Warner Inc TWX 887317105 5/20/2005 1.1 Elect Director James L. Barksdale Mgmt For For
1.2 Elect Director Stephen F. Bollenbach Mgmt For For
1.3 Elect Director Stephen M. Case Mgmt For For
1.4 Elect Director Frank J. Caufield Mgmt For For
1.5 Elect Director Robert C. Clark Mgmt For For
-25-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
1.6 Elect Director Jessica P. Einhorn Mgmt For For
1.7 Elect Director Miles R. Gilburne Mgmt For For
1.8 Elect Director Carla A. Hills Mgmt For For
1.9 Elect Director Reuben Mark Mgmt For For
1.1 Elect Director Michael A. Miles Mgmt For For
1.11 Elect Director Kenneth J. Novack Mgmt For For
1.12 Elect Director Richard D. Parsons Mgmt For For
1.13 Elect Director R. E. Turner Mgmt For For
1.14 Elect Director Francis T. Vincent, Jr Mgmt For For
1.15 Elect Director Deborah C. Wright Mgmt For For
2 Ratify Auditors Mgmt For For
3 Report on Pay Disparity ShrHoldr Against Against
- ----------------------------------------------------------------------------------------------------------------------------------
United Parcel
Service, Inc. UPS 911312106 5/5/2005 1.1 Elect Director John J. Beystehner Mgmt For For
1.2 Elect Director Michael L. Eskew Mgmt For For
1.3 Elect Director James P. Kelly Mgmt For For
1.4 Elect Director Ann M. Livermore Mgmt For For
1.5 Elect Director Gary E. Macdougal Mgmt For For
1.6 Elect Director Victor A. Pelson Mgmt For For
1.7 Elect Director Lea N. Soupata Mgmt For For
1.8 Elect Director John W. Thompson Mgmt For Withhold
1.9 Elect Director Carol B. Tome Mgmt For For
1.1 Elect Director Ben Verwaayen Mgmt For For
2 Ratify Auditors Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
UnitedHealth
Group Incorporated UNH 91324P102 5/3/2005 1.1 Elect Director Thomas H. Kean Mgmt For For
1.2 Elect Director Robert L. Ryan Mgmt For For
1.3 Elect Director William G. Spears Mgmt For For
1.4 Elect Director Gail R. Wilensky, Ph.D. Mgmt For For
2 Ratify Auditors Mgmt For For
3 Performance- Based/Indexed Options ShrHoldr Against For
4 Performance- Based/Indexed Options ShrHoldr Against For
- ----------------------------------------------------------------------------------------------------------------------------------
-26-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
Uti Worldwide Inc. UTIW G87210103 6/13/2005 Meeting for Holders of ADR's
1.1 Elect Director Leon J. Level Mgmt For For
1.2 Elect Director J. Simon Stubbings Mgmt For For
2 TO RATIFY THE APPOINTMENT OF DELOITTE
& TOUCHE LLP AS INDEPENDENT REGISTERED
PUBLIC ACCOUNTANTS OF THE COMPANY. Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Valero Energy
Corp. VLO 91913Y100 9/13/2004 1 Increase Authorized Common Stock Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Valero Energy
Corp. VLO 91913Y100 4/28/2005 1.1 Elect Director W.E. Bill Bradford Mgmt For For
1.2 Elect Director Ronald K. Calgaard Mgmt For For
1.3 Elect Director William E. Greehey Mgmt For For
2 Ratify Auditors Mgmt For For
3 Approve Omnibus Stock Plan Mgmt For For
- ----------------------------------------------------------------------------------------------------------------------------------
Veritas Software
Corp. VRTS 923436109 8/25/2004 1.1 Elect Director Michael Brown Mgmt For For
1.2 Elect Director Kurt J. Lauk Mgmt For For
1.3 Elect Director Fred van den Bosch Mgmt For For
2 Amend Stock Option Plan Mgmt For For
3 Ratify Auditors Mgmt For For
1 Approve Merger Agreement Mgmt For For
2 Adjourn Meeting Mgmt For Against
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Vodafone Group PLC 92857W100 7/27/2004 Meeting for Holders of ADRs
1 TO RECEIVE THE REPORT OF THE DIRECTORS
AND FINANCIAL STATEMENTS Mgmt For For
2 TO APPROVE THE REMUNERATION REPORT Mgmt For For
3 TO RE-ELECT PETER BAMFORD AS A DIRECTOR Mgmt For For
4 TO RE-ELECT JULIAN HORN-SMITH AS A
DIRECTOR Mgmt For For
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-27-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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5 TO RE-ELECT SIR DAVID SCHOLEY AS
A DIRECTOR (MEMBER OF THE NOMINATIONS
AND GOVERNANCE AND AUDIT COMMITTEE) Mgmt For For
6 TO ELECT LUC VANDEVELDE AS A DIRECTOR
(MEMBER OF THE REMUNERATION COMMITTEE) Mgmt For For
7 TO APPROVE A FINAL DIVIDEND OF 1.07800
PENCE PER ORDINARY SHARE Mgmt For For
8 Ratify Auditors Mgmt For For
9 TO AUTHORIZE THE AUDIT COMMITTEE TO
DETERMINE THE AUDITORS REMUNERATION Mgmt For For
10 TO AUTHORIZE DONATIONS UNDER THE
POLITICAL PARTIES, ELECTIONS AND
REFERENDUMS ACT 2000 Mgmt For Against
11 TO RENEW AUTHORITY TO ALLOT SHARES
UNDER ARTICLE 16.2 OF THE COMPANY'S
ARTICLES OF ASSOCIATION Mgmt For For
12 TO RENEW AUTHORITY TO DISAPPLY
PRE-EMPTION RIGHTS UNDER ARTICLE 16.3
OF THE COMPANY S ARTICLES OF ASSOCIATION Mgmt For For
13 TO AUTHORIZE THE COMPANY'S PURCHASE
OF ITS OWN SHARES Mgmt For For
14 TO AUTHORIZE THE COMPANY'S PURCHASE
OF ITS OWN SHARES PURSUANT TO
CONTINGENT PURCHASE CONTRACTS AND
OFF-MARKET PURCHASES Mgmt For For
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Wells Fargo &
Company WFC 949746101 4/26/2005 1.1 Elect Director J.A. Blanchard III Mgmt For For
1.2 Elect Director Susan E. Engel Mgmt For For
1.3 Elect Director Enrique Hernandez, Jr. Mgmt For For
1.4 Elect Director Robert L. Joss Mgmt For For
1.5 Elect Director Reatha Clark King Mgmt For For
1.6 Elect Director Richard M. Kovacevich Mgmt For For
-28-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT BALANCED FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- ----------------------------------------------------------------------------------------------------------------------------------
1.7 Elect Director Richard D. McCormick Mgmt For For
1.8 Elect Director Cynthia H. Milligan Mgmt For Withhold
1.9 Elect Director Philip J. Quigley Mgmt For For
1.1 Elect Director Donald B. Rice Mgmt For Withhold
1.11 Elect Director Judith M. Runstad Mgmt For Withhold
1.12 Elect Director Stephen W. Sanger Mgmt For For
1.13 Elect Director Susan G. Swenson Mgmt For For
1.14 Elect Director Michael W. Wright Mgmt For Withhold
2 Amend Omnibus Stock Plan Mgmt For For
3 Ratify Auditors Mgmt For For
4 Adopt Policy on Payday Lenders ShrHoldr Against Against
5 Link Executive Compensation to Predatory
Lending ShrHoldr Against Against
6 Performance- Based/Indexed Options ShrHoldr Against For
7 Limit Executive Compensation ShrHoldr Against Against
8 Separate Chairman and CEO Positions ShrHoldr Against For
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XTO Energy Corp. XTO 98385X106 11/16/2004 1 Approve Omnibus Stock Plan Mgmt For For
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XTO Energy Inc. XTO 98385X106 5/17/2005 1.1 Elect Director Herbert D. Simons Mgmt For For
1.2 Elect Director William A. Adams, III Mgmt For For
1.3 Elect Director Keith A. Hutton Mgmt For For
1.4 Elect Director Jack P. Randall Mgmt For For
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Yahoo!, Inc. YHOO 984332106 5/19/2005 1.1 Elect Director Terry S. Semel Mgmt For For
1.2 Elect Director Jerry Yang Mgmt For For
1.3 Elect Director Roy J. Bostock Mgmt For For
1.4 Elect Director Ronald W. Burkle Mgmt For For
1.5 Elect Director Eric Hippeau Mgmt For For
1.6 Elect Director Arthur H. Kern Mgmt For Withhold
1.7 Elect Director Robert A. Kotick Mgmt For Withhold
1.8 Elect Director Edward R. Kozel Mgmt For For
1.9 Elect Director Gary L. Wilson Mgmt For Withhold
2 Amend Omnibus Stock Plan Mgmt For For
3 Amend Non-Employee Director Stock
Option Plan Mgmt For For
4 Ratify Auditors Mgmt For For
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-29-
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 Balanced Fund, a series of Sit Mutual Funds, Inc.
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By (Signature and Title)* /s/ Paul E. Rasmussen, Vice President
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Date August 31, 2005
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* Print the name and title of each signing officer under his or her signature.