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 Science and Technology Growth 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 SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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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
Amend Non-Employee Director Stock
3 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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Agilent
Technologies Inc. A 00846U101 3/1/2005 1.1 Elect Director Heidi Kunz Mgmt For For
1.2 Elect Director David M. Lawrence, M.D. Mgmt For For
1.3 Elect Director A. Barry Rand Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Executive Incentive Bonus Plan Mgmt For For
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Amdocs Limited DOX G02602103 1/20/2005 Meeting for Holders of ADRs
1.1 Elect Director Bruce K. Anderson Mgmt For For
1.2 Elect Director Adrian Gardner Mgmt For For
1.3 Elect Director Dov Baharav Mgmt For For
1.4 Elect Director Julian A. Brodsky Mgmt For For
1.5 Elect Director Charles E. Foster Mgmt For For
1.6 Elect Director Eli Gelman Mgmt For For
1.7 Elect Director James S. Kahan Mgmt For For
1.8 Elect Director Nehemia Lemelbaum Mgmt For For
1.9 Elect Director John T. Mclennan Mgmt For For
1.1 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 CONSOLIDATED FINANCIAL
2 STATEMENTS FOR FISCAL YEAR 2004. Mgmt For For
RATIFICATION AND APPROVAL OF ERNST &
YOUNG LLP AND AUTHORIZATION OF AUDIT
3 COMMITTEE OF BOARD TO FIX REMUNERATION. Mgmt For For
-1-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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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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ANSYS, Inc. ANSS 03662Q105 5/10/2005 1.1 Elect Director James E. Cashman, III Mgmt For For
1.2 Elect Director John F. Smith Mgmt For For
2 Ratify Auditors Mgmt For For
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Apple Computer,
Inc. AAPL 37833100 4/21/2005 1.1 Elect Director Fred D. Anderson Mgmt For For
1.2 Elect Director William V. Campbell Mgmt For For
1.3 Elect Director Millard S. Drexler Mgmt For For
1.4 Elect Director Albert A. Gore, Jr. Mgmt For For
1.5 Elect Director Steven P. Jobs Mgmt For For
1.6 Elect Director Arthur D. Levinson Mgmt For For
1.7 Elect Director Jerome B. York Mgmt For For
2 Approve Executive Incentive Bonus Plan Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For For
Amend Qualified Employee Stock
4 Purchase Plan Mgmt For For
5 Ratify Auditors Mgmt For For
6 Performance- Based/Indexed Options ShrHoldr Against For
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Autodesk, Inc. ADSK 52769106 6/23/2005 1.1 Elect Director Carol A. Bartz Mgmt For For
1.2 Elect Director Mark A. Bertelsen Mgmt For For
1.3 Elect Director Crawford W. Beveridge Mgmt For For
1.4 Elect Director J. Hallam Dawson Mgmt For For
1.5 Elect Director Michael J. Fister Mgmt For For
1.6 Elect Director Per-Kristian Halvorsen Mgmt For For
1.7 Elect Director Steven L. Scheid Mgmt For For
1.8 Elect Director Mary Alice Taylor Mgmt For For
1.9 Elect Director Larry W. Wangberg Mgmt For For
2 Approve Omnibus Stock Plan Mgmt For Against
Approve Increase in Common Stock
3 and a Stock Split Mgmt For For
4 Approve Executive Incentive Bonus Plan Mgmt For For
5 Ratify Auditors Mgmt For For
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Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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Biogen Idec, Inc. BIIB 09062X103 6/3/2005 1.1 Elect Director Thomas F. Keller Mgmt For For
1.2 Elect Director William H. Rastetter Mgmt For For
1.3 Elect Director Lynn Schenk Mgmt For For
1.4 Elect Director Philip A. Sharp Mgmt For For
2 Ratify Auditors Mgmt For For
3 Approve Omnibus Stock Plan Mgmt For For
Amend Qualified Employee Stock
4 Purchase Plan Mgmt For For
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Biomet, Inc. BMET 90613100 9/18/2004 1.1 Elect Director M. Ray Harroff Mgmt For Withhold
1.2 Elect Director Jerry L. Miller Mgmt For For
1.3 Elect Director Charles E. Niemier Mgmt For Withhold
1.4 Elect Director L. Gene Tanner Mgmt For For
2 Ratify Auditors Mgmt For For
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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
Require a Majority Vote for the
3 Election of Directors ShrHoldr Against For
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Broadcom Corp. BRCM 111320107 4/28/2005 1.1 Elect Director George L. Farinsky Mgmt For Withhold
1.2 Elect Director John Major Mgmt For Withhold
1.3 Elect Director Scott A. McGregor Mgmt For For
1.4 Elect Director Alan E. Ross Mgmt For For
1.5 Elect Director Henry Samueli, Ph.D. Mgmt For For
1.6 Elect Director Robert E. Switz Mgmt For Withhold
1.7 Elect Director Werner F. Wolfen Mgmt For Withhold
2 Amend Omnibus Stock Plan Mgmt For Against
3 Ratify Auditors Mgmt For For
Link Executive Compensation to Social
4 and Financial Issues ShrHoldr Against For
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Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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Business Objects
S.A. 12328X107 6/14/2005 Meeting for Holders of ADRs
APPROVAL OF THE STATUTORY FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED
1 DECEMBER 31, 2004. Mgmt For For
APPROVAL OF THE CONSOLIDATED FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED
2 DECEMBER 31, 2004. Mgmt For For
ALLOCATION OF EARNINGS FOR THE FISCAL
3 YEAR ENDED DECEMBER 31, 2004. Mgmt For For
RENEWAL OF THE TERM OF OFFICE OF MR.
4 GERALD HELD AS DIRECTOR. Mgmt For For
RATIFICATION OF THE APPOINTMENT OF
5 MR. CARL PASCARELLA AS DIRECTOR. Mgmt For For
6 Ratify Auditors Mgmt For For
7 RATIFICATION OF REGULATED AGREEMENTS. Mgmt For For
INCREASE OF THE AGGREGATE AMOUNT OF
8 AUTHORIZED DIRECTORS FEES. Mgmt For For
AUTHORIZATION GRANTED TO THE BOARD OF
DIRECTORS TO REPURCHASE ORDINARY SHARES
9 OF THE COMPANY. Mgmt For For
TO REDUCE THE SHARE CAPITAL BY
10 CANCELLATION OF TREASURY SHARES. Mgmt For For
TO ISSUE WARRANTS TO SUBSCRIBE UP TO A
MAXIMUM OF 45,000 ORDINARY SHARES
11 RESERVED FOR MR. GERALD HELD. Mgmt For Against
TO ISSUE WARRANTS TO SUSBCRIBE UP TO A
MAXIMUM OF 45,000 ORDINARY SHARES
12 RESERVED FOR MR. CARL PASCARELLA. Mgmt For Against
TO INCREASE THE SHARE CAPITAL THROUGH
THE ISSUANCE OF ORDINARY SHARES, WITH
SUBSCRIPTION RESERVED TO THE PARTICIPANTS
13 IN THE COMPANY EMPLOYEE SAVINGS PLAN. Mgmt For For
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Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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TO INCREASE THE SHARE CAPITAL TRHOUGH THE
ISSUANCE OF ORDINARY SHARES, WITH
SUBSCRIPTION RESERVED TO THE 2004 BUSINESS
OBJECTS S.A. EMPLOYEE BENEFITS TRUST UNDER
THE 2004 INTERNATIONAL EMPLOYEE STOCK
14 PURCHASE PLAN. Mgmt For For
TO ALLOCATE, FREE OF CHARGE, EXISTING
ORDINARY SHARES, OR TO ISSUE NEW ORDINARY
SHARES, FREE OF CHARGE, TO THE EMPLOYEES
AND CERTAIN OFFICERS OF THE COMPANY AND
TO THE EMPLOYEES OF THE COMPANY'S
15 SUBSIDIARIES. Mgmt For Against
THE AMENDMENT OF THE ARTICLE 7.2 OF THE
16 COMPANY'S ARTICLES OF ASSOCIATION. Mgmt For Against
AMENDMENTS OF THE COMPANY'S ARTICLES OF
ASSOCIATION TO CONFORM THEM TO THE NEW
17 PROVISIONS OF THE FRENCH COMMERCIAL CODE. Mgmt For For
THE REMOVAL OF THE FIFTEENTH, SEVENTEENTH
AND TWENTY-FOURTH PARAGRAPHS OF THE
ARTICLE 6 OF THE COMPANY'S ARTICLES OF
18 ASSOCIATION. Mgmt For For
TO GRANT FULL POWERS OF ATTORNEY TO
19 CARRY OUT REGISTRATIONS AND FORMALITIES. Mgmt For For
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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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Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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Cognex Corp. CGNX 192422103 4/21/2005 1.1 Elect Director Robert J. Shillman Mgmt For Withhold
1.2 Elect Director Jerald Fishman Mgmt For For
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Cognos Inc. CSN 19244C109 6/23/2005 1.1 Elect Director Robert G. Ashe Mgmt For For
1.2 Elect Director John E. Caldwell Mgmt For For
1.3 Elect Director Paul D. Damp Mgmt For For
1.4 Elect Director Pierre Y. Ducros Mgmt For For
1.5 Elect Director Robert W. Korthals Mgmt For For
1.6 Elect Director John J. Rando Mgmt For For
1.7 Elect Director Bill V. Russell Mgmt For For
1.8 Elect Director James M. Tory Mgmt For For
1.9 Elect Director Renato Zambonini Mgmt For For
2 Approve Ernst & Young LLP as Auditors Mgmt For For
3 Amend 2003 Stock Option Plan Mgmt For For
4 Amend Restricted Share Unit Plan Mgmt For For
5 Amend Employee Stock Purchase Plan Mgmt For For
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Connetics Corp. CNCT 208192104 4/22/2005 1.1 Elect Director Alexander E. Barkas, Ph.D. Mgmt For For
1.2 Elect Director Eugene A. Bauer, M.D. Mgmt For Withhold
1.3 Elect Director R. Andrew Eckert Mgmt For Withhold
1.4 Elect Director Denise M. Gilbert Ph.D. Mgmt For For
1.5 Elect Director John C. Kane Mgmt For For
1.6 Elect Director Thomas K. Kiley Mgmt For For
1.7 Elect Director Leon E. Panetta Mgmt For Withhold
1.8 Elect Director G. Kirk Raab Mgmt For For
1.9 Elect Director Thomas G. Wiggans Mgmt For For
2 Approve Omnibus Stock Plan Mgmt For Against
3 Increase Authorized Common Stock Mgmt For For
4 Ratify Auditors Mgmt For For
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Cyberonics, Inc. CYBX 23251P102 9/28/2004 1.1 Elect Director Robert P. Cummins Mgmt For For
1.2 Elect Director Reese S. Terry, Jr. Mgmt For For
1.3 Elect Director Guy C. Jackson Mgmt For For
1.4 Elect Director Stanley H. Appel, Md Mgmt For For
1.5 Elect Director Tony Coelho Mgmt For For
1.6 Elect Director Michael J. Strauss, Md Mgmt For For
1.7 Elect Director Alan J. Olsen Mgmt For For
1.8 Elect Director Ronald A. Matricaria Mgmt For For
2 Approve Omnibus Stock Plan Mgmt For Against
3 Ratify Auditors Mgmt For For
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Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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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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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
Require a Majority Vote for the Election
6 of Directors ShrHoldr Against For
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Elan Corporation
Plc 284131208 5/26/2005 Meeting for Holders of ADRs
TO RECEIVE AND CONSIDER THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED DECEMBER 31,
2004 TOGETHER WITH THE REPORTS OF THE
1 DIRECTORS AND AUDITORS THEREON. Mgmt For For
TO RE-ELECT DR. ALAN GILLESPIE WHO
RETIRES FROM THE BOARD BY ROTATION AS A
2 DIRECTOR OF THE COMPANY. Mgmt For For
TO RE-ELECT MS. ANN MAYNARD GRAY WHO
RETIRES FROM THE BOARD BY ROTATION AS A
3 DIRECTOR OF THE COMPANY. Mgmt For For
TO RE-ELECT MR. KIERAN MCGOWAN WHO
RETIRES FROM THE BOARD BY ROTATION AS A
4 DIRECTOR OF THE COMPANY. Mgmt For For
TO AUTHORISE THE DIRECTORS TO FIX
5 THE REMUNERATION OF THE AUDITORS. Mgmt For For
-7-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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TO AUTHORISE THE DIRECTORS TO ISSUE
6 SECURITIES. Mgmt For For
TO AUTHORISE THE DISAPPLICATION OF
PRE-EMPTION RIGHTS ON THE ALLOTMENT OF
7 UP TO 40 MILLION SHARES FOR CASH. Mgmt For For
TO AUTHORISE THE COMPANY TO MAKE MARKET
8 PURCHASES OF OWN SHARES. Mgmt For For
TO SET THE RE-ISSUE PRICE RANGE FOR
9 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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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
-8-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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Encysive
Pharmaceuticals,
Inc. ENCY 29256X107 5/11/2005 1.1 Elect Director John M. Pietruski Mgmt For For
1.2 Elect Director Ron J. Anderson Mgmt For For
1.3 Elect Director J. Kevin Buchi Mgmt For For
1.4 Elect Director Frank C. Carlucci Mgmt For For
1.5 Elect Director Robert J. Cruikshank Mgmt For For
1.6 Elect Director John H. Dillon, II Mgmt For For
1.7 Elect Director Richard A.F. Dixon Mgmt For For
1.8 Elect Director Bruce D. Given Mgmt For For
1.9 Elect Director Suzanne Oparil Mgmt For For
1.1 Elect Director James A. Thomson Mgmt For For
1.11 Elect Director James T. Willerson Mgmt For For
2 Increase Authorized Common Stock Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For For
4 Amend Omnibus Stock Plan Mgmt For For
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EyeTech
Pharmaceuticals,
Inc. EYET 302297106 5/11/2005 1.1 Elect Director Phillip M. Satow Mgmt For For
1.2 Elect Director Samir Patel Mgmt For For
1.3 Elect Director Michael J. Regan Mgmt For For
1.4 Elect Director Damion E. Wicker Mgmt For For
2 Ratify Auditors Mgmt For For
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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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Gen-Probe, Inc. GPRO 36866T103 5/19/2005 1.1 Elect Director Raymond V. Dittamore Mgmt For For
1.2 Elect Director Abraham D. Sofaer Mgmt For For
1.3 Elect Director Phillip M. Schneider Mgmt For For
2 Ratify Auditors Mgmt For For
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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
Report on Impact of HIV/AIDS, TB,
4 and Malaria Pandemics ShrHoldr Against For
-9-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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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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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
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Juniper Networks,
Inc. JNPR 48203R104 5/18/2005 1.1 Elect Director William R. Hearst III Mgmt For For
1.2 Elect Director Kenneth Goldman Mgmt For For
1.3 Elect Director Frank Marshall Mgmt For For
2 Ratify Auditors Mgmt For For
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KLA-Tencor Corp. KLAC 482480100 10/18/2004 1.1 Elect Director Edward W. Barnholt Mgmt For For
1.2 Elect Director Stephen P. Kaufman Mgmt For For
1.3 Elect Director Kenneth L. Schroeder Mgmt For For
2 Approve Omnibus Stock Plan Mgmt For For
3 Ratify Auditors Mgmt For For
-10-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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KYPHON INC KYPH 501577100 6/16/2005 1.1 Elect Director James T. Treace Mgmt For For
1.2 Elect Director Elizabeth H. Weatherman Mgmt For For
1.3 Elect Director Louis J. Lavigne, Jr. Mgmt For For
2 Ratify Auditors Mgmt For For
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Lam Research Corp. LRCX 512807108 11/4/2004 1.1 Elect Director James W. Bagley Mgmt For Withhold
1.2 Elect Director David G. Arscott Mgmt For Withhold
1.3 Elect Director Robert M. Berdahl Mgmt For Withhold
1.4 Elect Director Richard J. Elkus, Jr. Mgmt For Withhold
1.5 Elect Director Jack R. Harris Mgmt For Withhold
1.6 Elect Director Grant M. Inman Mgmt For Withhold
2 Ratify Auditors Mgmt For For
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MCAFEE INC. MFE 579064106 5/25/2005 1.1 Elect Director Mr. Robert Bucknam Mgmt For For
1.2 Elect Director Ms. Liane Wilson Mgmt For For
2 Amend Omnibus Stock Plan Mgmt For For
Amend Qualified Employee
3 Stock Purchase Plan Mgmt For For
4 Ratify Auditors Mgmt For For
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Medtronic, Inc. MDT 585055106 8/26/2004 Elect Director William R. Brody,
1.1 M.D., Ph.D. Mgmt For For
1.2 Elect Director Arthur D. Collins, Jr. Mgmt For For
Elect Director Antonio M. Gotto, Jr.,
1.3 M.D., D. Phil. Mgmt For For
2 Ratify Auditors Mgmt For For
3 Charitable Contributions ShrHoldr Against Against
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Mercury Interactive
Corp. MERQ 589405109 5/19/2005 1.1 Elect Director Amnon Landan Mgmt For For
1.2 Elect Director Brad Boston Mgmt For For
1.3 Elect Director Igal Kohavi Mgmt For For
1.4 Elect Director Clyde Ostler Mgmt For For
1.5 Elect Director Yair Shamir Mgmt For For
1.6 Elect Director Giora Yaron Mgmt For For
1.7 Elect Director Anthony Zingale Mgmt For For
2 Ratify Auditors Mgmt For For
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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
-11-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
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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
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National
Semiconductor
Corp. NSM 637640103 10/1/2004 1.1 Elect Director Brian L. Halla Mgmt For For
1.2 Elect Director Steven R. Appleton Mgmt For For
1.3 Elect Director Gary P. Arnold Mgmt For Withhold
1.4 Elect Director Richard J. Danzig Mgmt For For
1.5 Elect Director Robert J. Frankenberg Mgmt For For
1.6 Elect Director E. Floyd Kvamme Mgmt For For
1.7 Elect Director Modesto A. Maidique Mgmt For For
1.8 Elect Director Edward R. Mccracken Mgmt For For
2 Ratify Auditors Mgmt For For
3 Approve Executive Incentive Bonus Plan Mgmt For For
4 Approve Executive Stock Option Plan Mgmt For Against
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NAVTEQ
Corporation NVT 63936L100 5/11/2005 1.1 Elect Director Richard J.A. de Lange Mgmt For Withhold
1.2 Elect Director Christopher Galvin Mgmt For For
1.3 Elect Director Judson C. Green Mgmt For For
1.4 Elect Director Wilhelmus C.M. Groenhuysen Mgmt For For
1.5 Elect Director William Kimsey Mgmt For For
1.6 Elect Director Scott D. Miller Mgmt For For
1.7 Elect Director Dirk-Jan Van Ommeren Mgmt For For
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Nokia Corp. 654902204 4/7/2005 Meeting for Holders of ADRs
APPROVAL OF THE INCOME STATEMENTS AND THE
1 BALANCE SHEET. Mgmt For For
APPROVAL OF A PROPOSAL TO THE ANNUAL
GENERAL MEETING OF A DIVIDEND OF EUR 0.33
2 PER SHARE. Mgmt For For
DISCHARGE OF THE CHAIRMAN, THE MEMBERS OF
THE BOARD OF DIRECTORS, AND THE PRESIDENT,
3 FROM LIABILITY. Mgmt For For
-12-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
- ------------------------------------------------------------------------------------------------------------------------------------
PROPOSAL ON THE COMPOSITION OF THE BOARD
AS PROPOSED BY THE CORPORATE GOVERNANCE
4 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
APPROVAL OF THE REMUNERATION TO BE PAID
6 TO THE AUDITOR. Mgmt For For
APPROVAL OF THE RE-ELECTION OF
PRICEWATERHOUSECOOPERS OY AS THE
7 AUDITORS FOR FISCAL YEAR 2005. Mgmt For For
APPROVAL OF THE PROPOSAL TO GRANT STOCK
OPTIONS TO SELECTED PERSONNEL OF THE
8 COMPANY. Mgmt For For
APPROVAL OF THE PROPOSAL OF THE BOARD TO
REDUCE THE SHARE CAPITAL THROUGH
CANCELLATION OF NOKIA SHARES
9 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 UPON
13 ITEM 15. Mgmt For Against
-13-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
- ------------------------------------------------------------------------------------------------------------------------------------
PORTALPLAYER
INC. PLAY 736187204 6/10/2005 1.1 Elect Director Richard L. Sanquini Mgmt For Withhold
1.2 Elect Director Gary Johnson Mgmt For For
1.3 Elect Director Henry T. DeNero Mgmt For For
1.4 Elect Director T. Raj Singh Mgmt For For
1.5 Elect Director Shahan D. Soghikian Mgmt For For
1.6 Elect Director Thomas Spiegel Mgmt For For
1.7 Elect Director James L. Whims Mgmt For For
2 Ratify Auditors 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
Declassify the Board of Directors
2 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
- ------------------------------------------------------------------------------------------------------------------------------------
Radyne Comstream
Inc. RADN 750611402 6/8/2005 1.1 Elect Director Lee Yip Loi Mgmt For Withhold
1.2 Elect Director Dennis W. Elliott Mgmt For For
1.3 Elect Director Robert C. Fitting Mgmt For For
1.4 Elect Director Dr. C.J. Waylan Mgmt For For
1.5 Elect Director Michael A. Smith Mgmt For For
2 Other Business Mgmt For Against
- ------------------------------------------------------------------------------------------------------------------------------------
Rimage Corporation RIMG 766721104 5/17/2005 1.1 Elect Director Bernard P. Aldrich Mgmt For For
1.2 Elect Director Lawrence M. Benveniste Mgmt For For
1.3 Elect Director Philip D. Hotchkiss Mgmt For For
1.4 Elect Director Thomas F. Madison Mgmt For For
1.5 Elect Director Steven M. Quist Mgmt For For
1.6 Elect Director James L. Reissner Mgmt For For
1.7 Elect Director David J. Suden Mgmt For For
2 Amend Omnibus Stock Plan Mgmt For For
-14-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
- ------------------------------------------------------------------------------------------------------------------------------------
SAP AG 803054204 5/12/2005 Meeting for Holders of ADRs
RESOLUTION ON THE APPROPRIATION OF THE
1 RETAINED EARNINGS OF THE FISCAL YEAR 2004 Mgmt For For
RESOLUTION ON THE FORMAL APPROVAL OF THE
ACTS OF THE EXECUTIVE BOARD IN THE
2 FISCAL YEAR 2004 Mgmt For For
RESOLUTION ON THE FORMAL APPROVAL OF THE
ACTS OF THE SUPERVISORY BOARD IN THE
3 FISCAL YEAR 2004 Mgmt For For
4 Ratify Auditors Mgmt For For
ELECTION OF MEMBERS OF THE
5 SUPERVISORY BOARD Mgmt For For
RESOLUTION ON THE ADJUSTMENT OF THE
AMOUNTS AND FIGURES STATED IN SECTION 4 (1)
OF THE ARTICLES OF ASSOCIATION
6 (CAPITAL STOCK) Mgmt For For
RESOLUTION ON THE CANCELLATION OF
CONTINGENT CAPITAL IIA AND ON THE
DELETION OF SECTION 4 (5) OF THE
7 ARTICLES OF ASSOCIATION Mgmt For For
REDUCTION OF CONTINGENT CAPITAL IIIA AND
ADJUSTMENT OF THE AMOUNTS AND FIGURES
8 STATED IN SECTION 4 (7) OF THE ARTICLES Mgmt For For
RESOLUTION ON THE AMENDMENT OF
SECTION 1 (1) OF THE ARTICLES OF
9 ASSOCIATION (CORPORATE NAME) Mgmt For For
RESOLUTION ON THE ADJUSTMENT OF THE
ARTICLES OF ASSOCIATION TO REFLECT THE
10 PROVISIONS OF THE GERMAN ACT Mgmt For For
CANCELLATION OF AUTHORIZED CAPITAL I AND
11 CREATION OF A NEW AUTHORIZED CAPITAL I Mgmt For For
CANCELLATION OF AUTHORIZED CAPITAL II AND
12 CREATION OF A NEW AUTHORIZED CAPITAL II Mgmt For For
-15-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
- ------------------------------------------------------------------------------------------------------------------------------------
RESOLUTION ON THE AUTHORIZATION TO
ACQUIRE AND USE TREASURY SHARES PURSUANT
13 TO THE GERMAN STOCK CORPORATION ACT Mgmt For For
RESOLUTION ON THE AUTHORIZATION TO USE
EQUITY DERIVATIVES IN CONNECTION WITH
14 THE ACQUISITION OF TREASURY SHARES Mgmt For Against
- ------------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
Sonus Networks,
Inc. SONS 835916107 12/9/2004 1.1 Elect Director Paul J. Ferri Mgmt For For
1.2 Elect Director Rubin Gruber Mgmt For For
1.3 Elect Director H. Brian Thompson Mgmt For For
- ------------------------------------------------------------------------------------------------------------------------------------
St. Jude Medical,
Inc. STJ 790849103 5/11/2005 1.1 Elect Director Richard R. Devenuti Mgmt For For
1.2 Elect Director Stuart M. Essig Mgmt For For
1.3 Elect Director Thomas H. Garrett III Mgmt For For
1.4 Elect Director Wendy L. Yarno Mgmt For For
2 Ratify Auditors Mgmt For For
Prohibit Auditor from Providing
3 Non-Audit Services ShrHoldr Against Against
- ------------------------------------------------------------------------------------------------------------------------------------
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
Amend Outside Director Stock in
4 Lieu of Cash Plan Mgmt For For
5 Ratify Auditors Mgmt For For
-16-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
- ------------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
TERCICA INC TRCA 88078L105 6/1/2005 1.1 Elect Director Ross G. Clark, Ph.D. Mgmt For For
Elect Director Olle Isaksson,
1.2 M.D., Ph.D. Mgmt For For
1.3 Elect Director David L. Mahoney Mgmt For For
2 Ratify Auditors Mgmt For For
- ------------------------------------------------------------------------------------------------------------------------------------
Tessera
Technologies, Inc. TSRA 88164L100 5/19/2005 1.1 Elect Director Robert J. Boehlke Mgmt For Withhold
1.2 Elect Director E. Borje Ekholm Mgmt For For
1.3 Elect Director John B. Goodrich Mgmt For For
1.4 Elect Director Al S. Joseph, Ph.D. Mgmt For For
1.5 Elect Director Bruce M. McWilliams, Ph.D. Mgmt For For
1.6 Elect Director David C. Nagel, Ph.D. Mgmt For Withhold
1.7 Elect Director Henry R. Nothhaft Mgmt For For
1.8 Elect Director Robert A. Young, Ph.D. Mgmt For For
2 Ratify Auditors Mgmt For For
3 Amend Omnibus Stock Plan Mgmt For Against
- ------------------------------------------------------------------------------------------------------------------------------------
Thermo Electron
Corp. TMO 883556102 5/17/2005 1.1 Elect Director John L. LaMattina Mgmt For For
1.2 Elect Director Michael E. Porter Mgmt For Withhold
2 Ratify Auditors Mgmt For For
3 Approve Omnibus Stock Plan Mgmt For For
Require a Majority Vote for the
4 Election of Directors ShrHoldr Against 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
- ------------------------------------------------------------------------------------------------------------------------------------
Veritas Software
Corp. VRTS 923436109 6/24/2005 1 Approve Merger Agreement Mgmt For For
2 Adjourn Meeting Mgmt For Against
-17-
Proxy Vote Summary Report from 07/01/04 to 06/30/05
SIT SCIENCE & TECHNOLOGY GROWTH FUND
Issuer Symbol CUSIP Meeting Date Ballot Issues Proponent Mgmt. Rec. Fund Vote Cast
- ------------------------------------------------------------------------------------------------------------------------------------
Xilinx, Inc. XLNX 983919101 8/5/2004 1.1 Elect Director Willem P. Roelandts Mgmt For For
1.2 Elect Director John L. Doyle Mgmt For For
1.3 Elect Director Jerald G. Fishman Mgmt For For
1.4 Elect Director Philip T. Gianos Mgmt For For
1.5 Elect Director Harold E. Hughes, Jr. Mgmt For For
1.6 Elect Director William G. Howard, Jr. Mgmt For For
1.7 Elect Director Richard W. Sevcik Mgmt For For
1.8 Elect Director Elizabeth Vanderslice Mgmt For For
2 Ratify Auditors Mgmt For For
- ------------------------------------------------------------------------------------------------------------------------------------
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
Amend Non-Employee Director
3 Stock Option Plan Mgmt For For
4 Ratify Auditors Mgmt For For
- ------------------------------------------------------------------------------------------------------------------------------------
Zix Corp. ZIXI 98974P100 5/25/2005 1.1 Elect Director Michael E. Keane Mgmt For For
1.2 Elect Director James S. Marston Mgmt For For
1.3 Elect Director John A. Ryan Mgmt For For
1.4 Elect Director Antonio R. Sanchez, III Mgmt For For
1.5 Elect Director Richard D. Spurr Mgmt For For
1.6 Elect Director Dr. Ben G. Streetman Mgmt For For
2 Approve Omnibus Stock Plan Mgmt For Against
3 Amend Stock Option Plan Mgmt For Against
-18-
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 Science and Technology Growth Fund, a series of Sit Mutual
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Funds, Inc.
- -----------
By (Signature and Title)*/s/ Paul E. Rasmussen, Vice President
-------------------------------------------------------
Date August 31, 2005
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* Print the name and title of each signing officer under his or her signature.