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 International 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 INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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Advanced Info Service
PCL TH0268010Z11 3/30/2005 1 Open Meeting
2 Approve Minutes of Previous AGM Mgmt For For
3 Accept Directors' Report Mgmt For For
Accept Financial Statements and Statutory
4 Reports Mgmt For For
Approve PricewaterhouseCoopers ABAS Limited
as Auditors and Authorize Board to Fix Their
5 Remuneration Mgmt For For
Approve Allocation of Income and Final
6 Dividend of Baht 2.60 per Share Mgmt For For
7 Elect Directors and Fix Their Remuneration Mgmt For For
Approve Issuance of 9.79 Million Units of
Warrants to Directors, Employees, and
8 Advisors of the Company Mgmt For For
Approve the Issuance of 9.79 Million Shares
Reserved Exclusively for the Conversion of
9 Warrants Mgmt For For
Approve Issuance of Warrants to Directors,
Employees and Advisors Exceeding Five
10 Percent of the Total Issuance Mgmt For For
Approve the Issuance of 620,000 Shares
Reserved Exclusively for the Conversion of
11 the ESOP Warrants Grant 1, 2, and 3 Mgmt For For
12 Other Business Mgmt For Against
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AFLAC Incorporated AFL 1055102 5/2/2005 1.1 Elect Director Daniel P. Amos Mgmt For For
1.2 Elect Director John Shelby Amos II Mgmt For For
1.3 Elect Director Michael H. Armacost Mgmt For For
1.4 Elect Director Kriss Cloninger III Mgmt For For
1.5 Elect Director Joe Frank Harris Mgmt For For
1.6 Elect Director Elizabeth J. Hudson Mgmt For For
1.7 Elect Director Kenneth S. Janke Sr. Mgmt For For
1.8 Elect Director Douglas W. Johnson Mgmt For For
1.9 Elect Director Robert B. Johnson Mgmt For For
1.1 Elect Director Charles B. Knapp Mgmt For For
1.11 Elect Director Hidefumi Matsui Mgmt For For
1.12 Elect Director E. Stephen Purdom, M.D. Mgmt For For
1.13 Elect Director Barbara K. Rimer, Ph.D. Mgmt For For
1.14 Elect Director Marvin R. Schuster Mgmt For For
1.15 Elect Director David Gary Thompson Mgmt For For
1.16 Elect Director Tohru Tonoike Mgmt For For
1.17 Elect Director Robert L. Wright Mgmt For For
2 Ratify Auditors Mgmt For For
-1-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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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 COMMITTEE OF
3 BOARD TO FIX REMUNERATION. Mgmt For For
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Approve Allocation of Income, Including the
Following Dividends: Interim JY 7.5, Final
Asahi Breweries Ltd. JP3116000005 3/30/2005 1 JY 7.5, Special JY 0 Mgmt For For
2 Approve Executive Stock Option Plan Mgmt For For
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
4 Appoint Internal Statutory Auditor Mgmt For For
Approve Retirement Bonus for Statutory
5 Auditor Mgmt For For
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AU OPTRONICS CORP 2255107 6/14/2005 Meeting for Holders of ADR's
ACCEPTANCE OF THE 2004 BUSINESS REPORT AND
1 FINANCIAL STATEMENTS Mgmt For For
APPROVAL OF THE PROPOSAL FOR DISTRIBUTION OF
2 2004 PROFITS Mgmt For For
-2-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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APPROVAL OF THE CAPITALIZATION OF 2004 STOCK
3 DIVIDENDS AND EMPLOYEE STOCK BONUS Mgmt For For
APPROVAL OF THE REVISIONS TO ARTICLES OF
4 INCORPORATION Mgmt For Against
APPROVAL OF THE ISSUANCE OF NEW COMMON
5 SHARES FOR CASH TO SPONSOR DR OFFERING Mgmt For Against
APPROVAL OF THE PROPOSAL TO OPT FOR TAX
BENEFITS ON THE ISSUANCE OF NEW COMMON
SHARES IN 2004 IN ACCORDANCE WITH THE
STATUTE OF UPGRADING INDUSTRIES PROMULGATED
6 BY THE ROC MINISTRY OF ECONOMIC AFFAIRS Mgmt For For
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Australia & NZ Accept Financial Statements and Statutory
Banking Group Ltd AU000000ANZ3 12/17/2004 1 Reports
2a Elect J. K. Ellis as Director Mgmt For For
2b Elect M. A. Jackson as Director Mgmt For For
2c Elect G. J. Clark as Director Mgmt For For
2d Elect D. E. Meiklejohn as Director Mgmt For For
2e Elect J. P. Morschel as Director Mgmt For For
Approve Grant of 175,000 Performance Shares
3 to John McFarlane, Managing Director and CEO Mgmt For Against
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Axa (Formerly Axa-Uap) FR0000120628 4/20/2005 Ordinary Business
Approve Financial Statements and Statutory
1 Reports Mgmt For For
Accept Consolidated Financial Statements and
2 Statutory Reports Mgmt For For
Approve Allocation of Income and Dividends
3 of EUR 0.61 per Share Mgmt For For
Approve Accounting Transfer from Special
Long-Term Capital Gains Account to Ordinary
4 Reserve Mgmt For For
-3-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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Approve Special Auditors' Report Regarding
5 Related-Party Transactions Mgmt For For
Confirm Resignation and Non-Reelection of
6 Thierry Breton as Supervisory Board Member Mgmt For For
Reelect Anthony Hamilton as Supervisory
7 Board Member Mgmt For For
Reelect Henri Lachmann as Supervisory Board
8 Member Mgmt For For
Reelect Michel Pebereau as Supervisory Board
9 Member Mgmt For For
Ratify Appointment of Leo Apotheker as
10 Supervisory Board Member Mgmt For For
Elect Jacques de Chateauvieux as Supervisory
11 Board Member Mgmt For For
Elect Dominique Reiniche as Supervisory
12 Board Member Mgmt For For
Approve Remuneration of Directors in the
13 Aggregate Amount of EUR 1 Million Mgmt For For
Authorize Repurchase of Up to Ten Percent of
14 Issued Share Capital Mgmt For For
Special Business
Authorize Capitalization of Reserves of Up
to EUR 1 Billion for Bonus Issue or Increase
15 in Par Value Mgmt For For
Authorize Issuance of Equity or
Equity-Linked Securities with Preemptive
Rights up to Aggregate Nominal Amount of EUR
16 1.5 Billion Mgmt For For
Authorize Issuance of Equity or
Equity-Linked Securities without Preemptive
Rights up to Aggregate Nominal Amount of EUR
17 1 Billion Mgmt For For
Authorize Management Board to Set Issue
Price for Ten Percent of Issued Capital
Pursuant to Issue Authority without
18 Preemptive Rights Mgmt For Against
Authorize Board to Increase Capital in the
Event of Demand Exceeding Amounts Submitted
19 to Shareholder Vote Above Mgmt For For
Authorize Capital Increase of Up to EUR 1
20 Billion for Future Exchange Offers Mgmt For For
-4-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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Authorize Capital Increase of Up to Ten
Percent of Issued Capital for Future
21 Exchange Offers Mgmt For For
Authorize Issuance of Equity Upon Conversion
22 of a Subsidiary's Equity-Linked Securities Mgmt For For
Approve Issuance of Securities Convertible
23 into Debt Mgmt For For
Approve Capital Increase Reserved for
Employees Participating in Savings-Related
24 Share Purchase Plan Mgmt For For
Authorize Up to 0.5 Percent of Issued
25 Capital for Use in Restricted Stock Plan Mgmt For Against
26 Approve Stock Option Plan Grants Mgmt For Against
Approve Reduction in Share Capital via
27 Cancellation of Repurchased Shares Mgmt For For
Amend Articles of Association Re: Definition
28 of Related-Party Transactions Mgmt For Against
Amend Articles Re: Stock Option and
29 Restricted Stock Plans Mgmt For For
Authorize Filing of Required Documents/Other
30 Formalities Mgmt For For
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Accept Financial Statements and Statutory
Barclays Plc GB0031348658 4/28/2005 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For For
3 Re-elect Sir Andrew Likierman as Director Mgmt For For
4 Re-elect Richard Clifford as Director Mgmt For For
5 Re-elect Matthew Barrett as Director Mgmt For For
6 Re-elect John Varley as Director Mgmt For For
7 Re-elect David Arculus as Director Mgmt For For
8 Re-elect Sir Nigel Rudd as Director Mgmt For For
Reappoint PricewaterhouseCoopers LLP as
9 Auditors of the Company Mgmt For For
Authorise Board to Fix Remuneration of the
10 Auditors Mgmt For For
11 Approve Barclays PLC Performance Share Plan Mgmt For For
-5-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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Authorise the Directors to Establish
Supplements or Appendices to the Performance
12 Share Plan Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities with Pre-emptive Rights up to
13 Aggregate Nominal Amount of GBP 538,163,237 Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
14 Aggregate Nominal Amount of GBP 80,724,485 Mgmt For For
Authorise 968,600,000 Ordinary Shares for
15 Market Purchase Mgmt For For
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Accept Financial Statements and Statutory
BHP Billiton Limited AU000000BHP4 10/22/2004 1 Reports Mgmt For For
Accept Financial Statements and Statutory
2 Reports Mgmt For For
Elect D.R. Argus as Director of BHP Billiton
3 Ltd. Mgmt For For
Elect D.R. Argus as Director of BHP Billiton
4 PLc. Mgmt For For
Elect D.A. Crawford as Director of BHP
5 Billiton Ltd. Mgmt For For
Elect D.A. Crawford as Director of BHP
6 Billiton PLc. Mgmt For For
Elect C.W. Goodyear as Director of BHP
7 Billiton Ltd. Mgmt For For
Elect C.W. Goodyear as Director of BHP
8 Billiton PLc. Mgmt For For
Elect J.M. Schubert as Director of BHP
9 Billiton Ltd. Mgmt For For
Elect J.M. Schubert as Director of BHP
10 Billiton PLc. Mgmt For For
Approve KPMG Audit Plc as Auditors of BHP
Billiton PLc. and Authorize Board to Fix
11 Their Remuneration Mgmt For For
Authorise Issuance of Equity or
Equity-Linked Securities with Pre-emptive
Rights up to Aggregate Nominal Amount of USD
12 265,926,499 Mgmt For For
Authorise Issuance of Equity or
Equity-Linked Securities without Pre-emptive
Rights up to Aggregate Nominal Amount of USD
13 61,703,675 Mgmt For For
Authorise 246,814,700 BHP Billiton Plc
14 Ordinary Shares for Market Purchase Mgmt For For
-6-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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Approve Remuneration Report For the Year
15 Ended June 30, 2003 Mgmt For For
Amend BHP Billiton Ltd. and BHP Billiton Plc
16 Group Incentive Scheme Mgmt For For
Approve BHP Billiton Ltd. and BHP Billiton
17 Plc Long Term Incentive Plan Mgmt For For
Approve Grant of Deferred Shares and Options
under the Amended BHP Billiton Ltd. Group
Incentive Scheme and Grant of Performance
Shares under the BHP Billiton Ltd. Long Term
18 Incentive Plan to Charles Goodyear Mgmt For For
Approve Grant of Deferred Shares and Options
under the Amended BHP Billiton Plc Group
Incentive Scheme and Grant of Performance
Shares under the BHP Billiton Plc Long Term
19 Incentive Plan to Mike Salamon Mgmt For For
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BP Plc 55622104 4/14/2005 Meeting for Holders of ADR's
1.1 Elect Director Dr D C Allen Mgmt For For
1.2 Elect Director Lord Browne Mgmt For For
1.3 Elect Director Mr J H Bryan Mgmt For For
1.4 Elect Director Mr A Burgmans Mgmt For For
1.5 Elect Director Mr I C Conn Mgmt For For
1.6 Elect Director Mr E B Davis, Jr Mgmt For For
1.7 Elect Director Mr D J Flint Mgmt For For
1.8 Elect Director Dr B E Grote Mgmt For For
1.9 Elect Director Dr A B Hayward Mgmt For For
1.1 Elect Director Dr D S Julius Mgmt For For
1.11 Elect Director Sir Tom Mckillop Mgmt For For
1.12 Elect Director Mr J A Manzoni Mgmt For For
1.13 Elect Director Dr W E Massey Mgmt For For
1.14 Elect Director Mr H M P Miles Mgmt For For
1.15 Elect Director Sir Ian Prosser Mgmt For For
1.16 Elect Director Mr M H Wilson Mgmt For For
1.17 Elect Director Mr P D Sutherland Mgmt For For
2 Ratify Auditors Mgmt For For
TO GIVE AUTHORITY TO ALLOT SHARES UP TO A
3 SPECIFIED AMOUNT Mgmt For For
-7-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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SPECIAL RESOLUTION: TO GIVE AUTHORITY TO
ALLOT A LIMITED NUMBER OF SHARES FOR CASH
4 WITHOUT MAKING AN OFFER TO SHAREHOLDERS Mgmt For For
SPECIAL RESOLUTION: TO GIVE LIMITED
AUTHORITY FOR THE PURCHASE OF ITS OWN SHARES
5 BY THE COMPANY Mgmt For For
6 TO APPROVE THE DIRECTORS REMUNERATION REPORT Mgmt For For
TO APPROVE THE RENEWAL OF EXECUTIVE
7 DIRECTORS INCENTIVE PLAN Mgmt For For
TO RECEIVE THE DIRECTORS ANNUAL REPORT AND
8 THE ACCOUNTS Mgmt For For
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Accept Financial Statements and Statutory
BURBERRY GROUP PLC GB0031743007 7/20/2004 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For Against
Approve Final Dividend of 3 Pence Per
3 Ordinary Share Mgmt For For
4 Elect Stacey Cartwright as Director Mgmt For For
5 Re-elect John Peace as Director Mgmt For Against
6 Re-elect Guy Peyrelongue as Director Mgmt For For
Re-appoint PricewaterhouseCoopers LLP as
7 Auditors of the Company Mgmt For For
Authorise Board to Fix Remuneration of the
8 Auditors Mgmt For For
Authorise the Company to Make EU Political
Donations and Incur EU Political Expenditure
9 up to Aggregate Nominal Amount of GBP 25,000 Mgmt For For
Authorise Burberry Limited to Make EU
Political Donations and Incur EU Political
Expenditure up to Aggregate Nominal Amount
10 of GBP 25,000 Mgmt For For
Authorise 50,069,116 Ordinary Shares for
11 Market Purchase Mgmt For For
-8-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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Authorise Issuance of Equity or
Equity-Linked Securities with Pre-emptive
Rights up to Aggregate Nominal Amount of GBP
12 83,448 Mgmt For For
Renew the Authority Conferred on Directors
to Allot Shares for Cash in Connection with
a Rights Issue without Offering Those Shares
13 Pro Rata to Existing Shareholders Mgmt For For
Authorise Issuance of Equity or
Equity-Linked Securities without Pre-emptive
Rights Otherwise than in Connection with a
Rights Issue up to Aggregate Nominal Amount
14 of GBP 12,517 Mgmt For For
Approve the Burberry Senior Executive
15 Restricted Share Plan 2004 Mgmt For For
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Authorise the Company to Repurchase up to
50,069,116 Shares from Gus PLC in
BURBERRY GROUP PLC GB0031743007 12/20/2004 1 Conjunction with On-Market Repurchases Mgmt For For
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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 YEAR
3 ENDED DECEMBER 31, 2004. Mgmt For For
RENEWAL OF THE TERM OF OFFICE OF MR. GERALD
4 HELD AS DIRECTOR. Mgmt For For
RATIFICATION OF THE APPOINTMENT OF MR. CARL
5 PASCARELLA AS DIRECTOR. Mgmt For For
6 Ratify Auditors Mgmt For For
-9-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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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 OF
9 THE COMPANY. Mgmt For For
TO REDUCE THE SHARE CAPITAL BY CANCELLATION
10 OF TREASURY SHARES. Mgmt For For
TO ISSUE WARRANTS TO SUBSCRIBE UP TO A
MAXIMUM OF 45,000 ORDINARY SHARES RESERVED
11 FOR MR. GERALD HELD. Mgmt For Against
TO ISSUE WARRANTS TO SUSBCRIBE UP TO A
MAXIMUM OF 45,000 ORDINARY SHARES RESERVED
12 FOR MR. CARL PASCARELLA. Mgmt For Against
TO INCREASE THE SHARE CAPITAL THROUGH THE
ISSUANCE OF ORDINARY SHARES, WITH
SUBSCRIPTION RESERVED TO THE PARTICIPANTS IN
13 THE COMPANY EMPLOYEE SAVINGS PLAN. Mgmt For For
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
15 EMPLOYEES OF THE COMPANY S 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
-10-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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THE REMOVAL OF THE FIFTEENTH, SEVENTEENTH
AND TWENTY-FOURTH PARAGRAPHS OF THE ARTICLE
18 6 OF THE COMPANY S ARTICLES OF ASSOCIATION. Mgmt For For
TO GRANT FULL POWERS OF ATTORNEY TO CARRY
19 OUT REGISTRATIONS AND FORMALITIES. Mgmt For For
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Accept Financial Statements and Statutory
Cairn Energy PLC GB0032399312 6/3/2005 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For For
Reappoint Ernst & Young LLP as Auditors and
Authorise the Board to Determine Their
3 Remuneration Mgmt For For
4 Elect Andrew Shilston as Director Mgmt For For
5 Re-elect Norman Murray as Director Mgmt For For
6 Re-elect Hamish Grossart as Director Mgmt For For
7 Re-elect Ed Story as Director Mgmt For For
8 Re-elect Bill Gammell as Director Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities with Pre-emptive Rights up to
9 Aggregate Nominal Amount of GBP 5,309,878.80 Mgmt For For
Approve Cancellation of 49,999 Non-voting
10.a Redeemable Preference Shares Mgmt For For
10.b Adopt New Articles of Association Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
11 Aggregate Nominal Amount of GBP 796,481.80 Mgmt For For
Authorise 14.99 Percent of the Ordinary
12 Share Capital for Market Purchase Mgmt For For
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Approve Allocation of Income, Including the
Following Dividends: Interim JY 25, Final JY
Canon Inc. JP3242800005 3/30/2005 1 40, Special JY 0 Mgmt For For
2 Amend Articles to: Expand Business Lines Mgmt For For
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
-11-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
3.6 Elect Director Mgmt For For
3.7 Elect Director Mgmt For For
3.8 Elect Director Mgmt For For
3.9 Elect Director Mgmt For For
3.1 Elect Director Mgmt For For
3.11 Elect Director Mgmt For For
3.12 Elect Director Mgmt For For
3.13 Elect Director Mgmt For For
3.14 Elect Director Mgmt For For
3.15 Elect Director Mgmt For For
3.16 Elect Director Mgmt For For
3.17 Elect Director Mgmt For For
3.18 Elect Director Mgmt For For
3.19 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.21 Elect Director Mgmt For For
3.22 Elect Director Mgmt For For
3.23 Elect Director Mgmt For For
3.24 Elect Director Mgmt For For
3.25 Elect Director Mgmt For For
4 Approve Retirement Bonuses for Directors 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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Elect Mel F. Belich, Irvine J. Koop, John W.
Compton Petroleum Preston, Jeffrey T. Smith, Ernie G. Sapieha,
Corporation CMT. CA2049401003 5/10/2005 1 and John A. Thomson as Directors Mgmt For For
Approve Grant Thornton LLP as Auditors and
Authorize Board to Fix Remuneration of
2 Auditors Mgmt For For
3 Approve Stock Option Plan Mgmt For Against
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-12-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Credit Suisse Group
(Formerly Cs Holding) CH0012138530 4/29/2005 1 Share Re-registration Consent Mgmt For For
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Credit Suisse Group Accept Financial Statements and Statutory
(Formerly Cs Holding) CH0012138530 4/29/2005 1 Reports Mgmt For For
Approve Discharge of Board and Senior
2 Management Mgmt For For
Approve Allocation of Income and Dividends
3 of CHF 1.50 per Share Mgmt For For
Authorize Repurchase of up to Ten Percent of
4 Issued Share Capital Mgmt For For
Reelect Peter Brabeck-Letmathe, Thomas
Bechtler, Robert Benmosche and Ernst Tanner
as Directors; Elect Jean Lanier and Anton
5.1 van Rossum as Directors Mgmt For For
Ratify KPMG Klynveld Peat Marwick Goerdeler
5.2 SA as Auditors Mgmt For For
5.3 Ratify BDO Visura as Special Auditors Mgmt For For
Extend Authorization Term for Creation of
6 CHF 22.7 Million Conditional Capital Mgmt For For
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DBS Group Holdings
Ltd.(Formerly Adopt Financial Statements and Directors'
Development Bank and Auditors' Reports for the Year Ended
of Singap) SG1L01001701 4/29/2005 1 December 31, 2004 Mgmt For For
Declare Final Dividend of SGD 0.22 Per
2a Ordinary Share Mgmt For For
Declare Final Dividend of SGD 0.12 Per
2b Non-Voting Convertible Preference Share Mgmt For For
-13-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Declare Final Dividend of SGD 0.12 Per
Non-Voting Redeemable Convertible Preference
2c Share Mgmt For For
Approve Directors' Fees of SGD 976,689 for
3 2004 (2003: SGD 647,851) Mgmt For For
Appoint Ernst & Young as Auditors and
4 Authorize Board to Fix Their Remuneration Mgmt For For
5a1 Reelect Jackson Tai as Director Mgmt For For
5a2 Reelect CY Leung as Director Mgmt For For
5a3 Reelect Peter Ong as Director Mgmt For For
5a4 Reelect John Ross as Director Mgmt For For
5b1 Reelect Ang Kong Hua as Director Mgmt For For
5b2 Reelect Goh Geok Ling as Director Mgmt For For
5b3 Reelect Wong Ngit Liong as Director Mgmt For For
Approve Issuance of Shares and Grant of
Options Pursuant to the DBSH Share Option
6a Plan Mgmt For Against
Approve Issuance of Shares and Grant of
Options Pursuant to the DBSH Performance
6b Share Plan Mgmt For Against
Approve Issuance of Shares without
6c Preemptive Rights Mgmt For For
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DBS Group Holdings
Ltd. (Formerly
Development Bank of
Singap) SG1L01001701 4/29/2005 1 Authorize Share Repurchase Program Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Deutsche Telekom AG 251566105 4/26/2005 Meeting for Holders of ADR's
APPROVAL OF THE RESOLUTION ON THE
1 APPROPRIATION OF NET INCOME. Mgmt For For
APPROVAL OF ACTIONS BY THE BOARD OF
2 MANAGEMENT FOR THE FINANCIAL YEAR 2004. Mgmt For For
-14-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF ACTIONS BY THE SUPERVISORY BOARD
3 FOR THE FINANCIAL YEAR 2004. Mgmt For For
4 Ratify Auditors Mgmt For For
APPROVAL OF THE RESOLUTION AUTHORIZING THE
5 COMPANY TO PURCHASE AND USE ITS OWN SHARES. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE ELECTION
OF STATE SECRETARY VOLKER HALSCH AS MEMBER
6 OF THE SUPERVISORY BOARD. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE ELECTION
OF DR. WOLFGANG REITZLE AS MEMBER OF THE
7 SUPERVISORY BOARD. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE
AUTHORIZATION TO ISSUE CONVERTIBLE BONDS
8 AND/OR BONDS WITH WARRANTS. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
9 AGREEMENT WITH MAGYARCOM HOLDING GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
10 AGREEMENT WITH DETEFLEET SERVICES GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
11 AGREEMENT WITH DFMG HOLDING GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON CONTROL
AGREEMENT WITH DE TELMMOBILIEN, DEUTSCHE
12 TELEKOM IMMOBILIEN UND SERVICE GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON CONTROL
AGREEMENT WITH DE TE ASSEKURANZ - DEUTSCHE
TELEKOM ASSEKURANZVERMITTLUNGSGESELLSCHAFT
13 MBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH T-PUNKT VERTRIEBSGESELLSCHAFT
14 MBH. Mgmt For For
-15-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH DEUTSCHE TELEKOM TRAINING
15 GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
16 AGREEMENT WITH T-SYSTEMS INTERNATIONAL GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH DETEMEDIEN DEUTSCHE TELEKOM
17 MEDIEN GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH CARMEN
18 TELEKOMMUNIKATIONSDIENSTE GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH NORMA
19 TELEKOMMUNIKATIONSDIANSTE GMBH. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Deutsche Telekom AG 251566105 4/26/2005 Meeting for Holders of ADR's
APPROVAL OF THE RESOLUTION ON THE
1 APPROPRIATION OF NET INCOME. Mgmt For For
APPROVAL OF ACTIONS BY THE BOARD OF
2 MANAGEMENT FOR THE FINANCIAL YEAR 2004. Mgmt For For
APPROVAL OF ACTIONS BY THE SUPERVISORY BOARD
3 FOR THE FINANCIAL YEAR 2004. Mgmt For For
4 Ratify Auditors Mgmt For For
APPROVAL OF THE RESOLUTION AUTHORIZING THE
5 COMPANY TO PURCHASE AND USE ITS OWN SHARES. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE ELECTION
OF STATE SECRETARY VOLKER HALSCH AS MEMBER
6 OF THE SUPERVISORY BOARD. Mgmt For For
-16-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE RESOLUTION ON THE ELECTION
OF DR. WOLFGANG REITZLE AS MEMBER OF THE
7 SUPERVISORY BOARD. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE
AUTHORIZATION TO ISSUE CONVERTIBLE BONDS
8 AND/OR BONDS WITH WARRANTS. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
9 AGREEMENT WITH MAGYARCOM HOLDING GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
10 AGREEMENT WITH DETEFLEET SERVICES GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
11 AGREEMENT WITH DFMG HOLDING GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON CONTROL
AGREEMENT WITH DE TELMMOBILIEN, DEUTSCHE
12 TELEKOM IMMOBILIEN UND SERVICE GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON CONTROL
AGREEMENT WITH DE TE ASSEKURANZ - DEUTSCHE
TELEKOM ASSEKURANZVERMITTLUNGSGESELLSCHAFT
13 MBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH T-PUNKT VERTRIEBSGESELLSCHAFT
14 MBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH DEUTSCHE TELEKOM TRAINING
15 GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
16 AGREEMENT WITH T-SYSTEMS INTERNATIONAL GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH DETEMEDIEN DEUTSCHE TELEKOM
17 MEDIEN GMBH. Mgmt For For
-17-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH CARMEN
18 TELEKOMMUNIKATIONSDIENSTE GMBH. Mgmt For For
APPROVAL OF THE RESOLUTION ON THE CONTROL
AGREEMENT WITH NORMA
19 TELEKOMMUNIKATIONSDIANSTE GMBH. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
Diageo Plc GB0002374006 10/20/2004 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For For
Approve Final Dividend of 17 Pence Per
3 Ordinary Share Mgmt For For
Re-elect Lord Hollick of Notting Hill as
4 Director Mgmt For For
5 Re-elect Nick Rose as Director Mgmt For For
6 Re-elect Paul Walker as Director Mgmt For For
7 Elect Todd Stitzer as Director Mgmt For For
8 Elect Jon Symonds as Director Mgmt For For
Reappoint KPMG Audit Plc as Auditors and
Authorise Board to Fix Remuneration of
9 Auditors Mgmt For For
Authorise Issuance of Equity or
Equity-Linked Securities without Pre-emptive
Rights up to Aggregate Nominal Amount of GBP
10 44,234,986 Mgmt For For
Amend Articles of Association Re: Treasury
11 Shares Mgmt For For
Authorise 305,752,223 Shares for Market
12 Purchase Mgmt For For
13 Amend Diageo Long Term Incentive Plan Mgmt For For
14 Amend Diageo Executive Share Option Plan Mgmt For For
15 Amend Discretionary Incentive Plan Mgmt For For
16 Amend Diageo 2001 Share Incentive Plan Mgmt For For
17 Amend Diageo UK Sharesave Scheme 2000 Mgmt For For
18 Amend Diageo 1999 Irish Sharesave Scheme Mgmt For For
19 Amend Diageo Long Term Incentive Plan Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 3000, Final
East Japan Railway Co JP3783600004 6/23/2005 1 JY 3500, Special JY 0 Mgmt For For
2.1 Elect Director Mgmt For For
2.2 Elect Director Mgmt For For
2.3 Elect Director Mgmt For For
3.1 Appoint Internal Statutory Auditor Mgmt For For
3.2 Appoint Internal Statutory Auditor Mgmt For Against
-18-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
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 DIRECTOR OF
2 THE COMPANY. Mgmt For For
TO RE-ELECT MS. ANN MAYNARD GRAY WHO RETIRES
FROM THE BOARD BY ROTATION AS A DIRECTOR OF
3 THE COMPANY. Mgmt For For
TO RE-ELECT MR. KIERAN MCGOWAN WHO RETIRES
FROM THE BOARD BY ROTATION AS A DIRECTOR OF
4 THE COMPANY. Mgmt For For
TO AUTHORISE THE DIRECTORS TO FIX THE
5 REMUNERATION OF THE AUDITORS. Mgmt For For
TO AUTHORISE THE DIRECTORS TO ISSUE
6 SECURITIES. Mgmt For For
TO AUTHORISE THE DISAPPLICATION OF
PRE-EMPTION RIGHTS ON THE ALLOTMENT OF UP TO
7 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 TREASURY
9 SHARES. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-19-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
ENCANA CORP[formerly
PANCANADIAN ENERGY
CORP ECA. CA2925051047 4/27/2005 1.1 Elect Director Michael N. Chernoff Mgmt For For
1.2 Elect Director Ralph S. Cunningham Mgmt For For
1.3 Elect Director Patrick D. Daniel Mgmt For For
1.4 Elect Director Ian W. Delaney Mgmt For For
1.5 Elect Director William R. Fatt Mgmt For For
1.6 Elect Director Michael A. Grandin Mgmt For For
1.7 Elect Director Barry W. Harrison Mgmt For For
1.8 Elect Director Dale A. Lucas Mgmt For For
1.9 Elect Director Ken F. McCready Mgmt For For
1.1 Elect Director Gwyn Morgan Mgmt For For
1.11 Elect Director Valerie A.A. Nielsen Mgmt For For
1.12 Elect Director David P. O'Brien Mgmt For For
1.13 Elect Director Jane L. Peverett Mgmt For For
1.14 Elect Director Dennis A. Sharp Mgmt For For
1.15 Elect Director James M. Stanford Mgmt For For
Approve Auditors and Authorize Board to Fix
2 Remuneration of Auditors Mgmt For For
3 Amend Employee Stock Option Plan Mgmt For For
4 Approve 2:1 Stock Split Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Flextronics
International Ltd. FLEX Y2573F102 9/23/2004 Meeting for Holders of ADRs
1.1 Elect Director Michael E. Marks Mgmt For For
1.2 Elect Director Michael J. Moritz Mgmt For For
RE-APPOINTMENT OF PATRICK FOLEY AS A
2 DIRECTOR OF THE COMPANY. Mgmt For For
3 Ratify Auditors Mgmt For For
TO APPROVE AN AMENDMENT TO THE COMPANY S
4 1997 EMPLOYEE SHARE PURCHASE PLAN. Mgmt For For
TO APPROVE AMENDMENTS TO THE COMPANY S 2001
5 EQUITY INCENTIVE PLAN. Mgmt For For
-20-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
TO APPROVE AN AMENDMENT TO THE COMPANY S
2001 EQUITY INCENTIVE PLAN TO ALLOW FOR
6 ISSUANCES OF STOCK BONUSES. Mgmt For For
TO APPROVE THE CONSOLIDATION OF ORDINARY
SHARES AVAILABLE UNDER OUR ASSUMED PLANS
7 INTO OUR 2001 EQUITY INCENTIVE PLAN. Mgmt For For
TO APPROVE THE AUTHORIZATION FOR THE
DIRECTORS OF THE COMPANY TO ALLOT AND ISSUE
8 ORDINARY SHARES. Mgmt For For
TO APPROVE THE AUTHORIZATION FOR THE COMPANY
TO PROVIDE $37,200 OF ANNUAL CASH
COMPENSATION TO EACH OF ITS NON-EMPLOYEE
9 DIRECTORS. Mgmt For For
TO APPROVE THE AUTHORIZATION FOR THE COMPANY
TO PROVIDE AN ADDITIONAL $10,000 OF ANNUAL
CASH COMPENSATION FOR EACH OF ITS
NON-EMPLOYEE DIRECTORS FOR COMMITTEE
10 PARTICIPATION. Mgmt For For
TO APPROVE THE AUTHORIZATION OF THE PROPOSED
RENEWAL OF THE SHARE REPURCHASE MANDATE
RELATING TO ACQUISITIONS BY THE COMPANY OF
11 ITS OWN ISSUED ORDINARY SHARES. Mgmt For For
TO APPROVE THE AUTHORIZATION OF THE PROPOSAL
12 APPROVAL OF A BONUS ISSUE. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Four Seasons Hotels
Inc. FSH.SV 35100E104 5/18/2005 Agenda for Holders of Limited Voting Shares
Elect Nan-b de Gaspe Beaubien and J.Robert
1.1 S. Prichard as Directors Mgmt For For
Elect William D. Anderson, Brent Belzberg,
H. Roger Garland, Charles S. Henry, Heather
Munroe-Blum, Ronald W. Osborne, Lionel H.
Schipper, Isadore Sharp, Anthony Sharp, and
1.2 Simon M. Turner as Directors Mgmt For For
Approve KPMG LLP as Auditors and Authorize
2 Board to Fix Remuneration of Auditors Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-21-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
GlaxoSmithKline PLC
(formerly Glaxo Wellcome
Plc ) 37733W105 5/25/2005 Meeting for Holders of ADR's
1 DIRECTORS REPORT AND FINANCIAL STATEMENTS Mgmt For For
2 REMUNERATION REPORT Mgmt For For
3 TO ELECT SIR CHRISTOPHER GENT AS A DIRECTOR Mgmt For For
4 TO ELECT SIR DERYCK MAUGHAN AS A DIRECTOR Mgmt For For
5 TO ELECT MR JULIAN HESLOP AS A DIRECTOR Mgmt For For
TO RE-ELECT DR JEAN-PIERRE GARNIER AS A
6 DIRECTOR Mgmt For For
7 TO RE-ELECT SIR IAN PROSSER AS A DIRECTOR Mgmt For For
8 TO RE-ELECT DR RONALDO SCHMITZ AS A DIRECTOR Mgmt For For
9 TO RE-ELECT DR LUCY SHAPIRO AS A DIRECTOR Mgmt For For
10 Ratify Auditors Mgmt For For
11 REMUNERATION OF AUDITORS Mgmt For For
TO AUTHORISE THE COMPANY TO MAKE DONATIONS
TO EU POLITICAL ORGANISATIONS AND INCUR EU
12 POLITICAL EXPENDITURE Mgmt For For
13 DISAPPLICATION OF PRE-EMPTION RIGHTS Mgmt For For
AUTHORITY FOR THE COMPANY TO PURCHASE ITS
14 OWN SHARES Mgmt For For
INSERTION OF NEW ARTICLE 48A INTO ARTICLES
15 OF ASSOCIATION Mgmt For For
DELETION OF ARTICLE 154.2 OF ARTICLES OF
16 ASSOCIATION Mgmt For For
AMENDMENT OF ARTICLE 81 OF ARTICLES OF
17 ASSOCIATION Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-22-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
GREAT CANADIAN GAMING
CORP GCD CA3899141020 6/15/2005 1 Fix Number of Directors at Eight Mgmt For For
2.1 Elect Director Ross J. McLeod Mgmt For For
2.2 Elect Director Adrian R. Thomas Mgmt For For
2.3 Elect Director E.H. Hintz Mgmt For For
2.4 Elect Director Earnest C. Beaudin Mgmt For For
2.5 Elect Director R. Ronald Sheppard Mgmt For For
2.6 Elect Director Peter G. Meredith Mgmt For For
2.7 Elect Director Gregory J. D. McKinstry Mgmt For For
2.8 Elect Director Bryan J. McKnight Mgmt For For
Approve Deloitte & Touche LLP as Auditors
and Authorize Board to Fix Remuneration of
3 Auditors Mgmt For Abstain
4 Amend Stock Option Plan Mgmt For For
5 Other Business (Voting) Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Groupe Danone FR0000120644 4/22/2005 Ordinary Business
Approve Financial Statements and Statutory
1 Reports Mgmt For For
Accept Consolidated Financial Statements and
2 Statutory Reports Mgmt For For
Approve Allocation of Income and Dividends
3 of EUR 1.35 per Share Mgmt For For
Approve Special Auditors' Report Regarding
4 Related-Party Transactions Mgmt For For
5 Reelect Bruno Bonnell as Director Mgmt For For
6 Reelect Michel David-Weill as Director Mgmt For For
7 Reelect Jacques Nahmias as Director Mgmt For For
8 Reelect Jacques Vincent as Director Mgmt For For
9 Reelect Hirokatsu Hirano as Director Mgmt For For
10 Reelect Jean Laurent as Director Mgmt For For
11 Elect Bernard Hours as Director Mgmt For For
Authorize Repurchase of Up to Ten Percent of
12 Issued Share Capital Mgmt For For
-23-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Authorize Issuance of Bonds/Debentures in
13 the Aggregate Value of EUR 2 Billion Mgmt For For
Special Business
Authorize Issuance of Equity or
Equity-Linked Securities with Preemptive
Rights up to Aggregate Nominal Amount of EUR
14 45 Million Mgmt For For
Authorize Issuance of Equity or
Equity-Linked Securities without Preemptive
Rights up to Aggregate Nominal Amount of EUR
15 33 Million Mgmt For For
Authorize Board to Increase Capital in the
Event of Demand Exceeding Amounts Proposed
16 in Items 14 and 15 Mgmt For For
Authorize Capital Increase of Up to EUR 33
17 Million for Future Exchange Offers Mgmt For For
Authorize Capital Increase of Up to Ten
Percent of Issued Capital for Future
18 Exchange Offers Mgmt For For
Authorize Issuance of Securities Convertible
19 Into Debt Mgmt For For
Authorize Capitalization of Reserves of Up
to EUR 33 Million for Bonus Issue or
20 Increase in Par Value Mgmt For For
Approve Capital Increase Reserved for
Employees Participating in Savings-Related
21 Share Purchase Plan Mgmt For For
22 Approve Stock Option Plan Grants Mgmt For Against
Authorize Issuance of Up to 0.4 Percent of
23 Issued Capital For Restricted Stock Plan Mgmt For Against
Approve Reduction in Share Capital via
24 Cancellation of Repurchased Shares Mgmt For For
Authorize Filing of Required Documents/Other
25 Formalities Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-24-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Hilton Group Plc
(frm.Ladbroke Group Accept Financial Statements and Statutory
PLC) GB0005002547 5/20/2005 1 Reports Mgmt For For
Approve Final Dividend of 6 Pence Per
2 Ordinary Share Mgmt For For
3 Re-elect Christopher Bell as Director Mgmt For For
4 Re-elect Stephen Bollenbach as Director Mgmt For For
5 Re-elect David Michels as Director Mgmt For For
6 Elect Ian Carter as Director Mgmt For For
7 Elect Pippa Wicks as Director Mgmt For For
Reappoint Ernst & Young LLP as Auditors and
Authorise the Board to Determine Their
8 Remuneration Mgmt For For
9 Approve Remuneration Report Mgmt For For
Approve EU Political Organisation Donations
up to GBP 10,000 and to Incur EU Political
Expenditures up to GBP 10,000; and Approve
Ladbrokes Ltd. to Make EU Political Donations
up to GBP 25,000 and to Incur EU
10 Political Expenditures up to GBP 25,000 Mgmt For For
Approve Increase in Authorised Capital from
11 GBP 226,000,000 to GBP 230,000,000 Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities with Pre-emptive Rights up to
12 Aggregate Nominal Amount of GBP 52,900,000 Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
Aggregate Nominal Amount of GBP 7,938,508
and up to Aggregate Nominal Amount of GBP
13 52,900,000 in Connection with a Rights Issue Mgmt For For
Authorise 158,770,156 Shares for Market
14 Purchase Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-25-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 28, Final JY
Honda Motor Co. Ltd. JP3854600008 6/23/2005 1 37, Special JY 0 Mgmt For For
Amend Articles to: Reduce Maximum Board Size
- Decrease Authorized Capital to Reflect
2 Share Repurchase Mgmt For For
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
3.6 Elect Director Mgmt For For
3.7 Elect Director Mgmt For For
3.8 Elect Director Mgmt For For
3.9 Elect Director Mgmt For For
3.1 Elect Director Mgmt For For
3.11 Elect Director Mgmt For For
3.12 Elect Director Mgmt For For
3.13 Elect Director Mgmt For For
3.14 Elect Director Mgmt For For
3.15 Elect Director Mgmt For For
3.16 Elect Director Mgmt For For
3.17 Elect Director Mgmt For For
3.18 Elect Director Mgmt For For
3.19 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.21 Elect Director Mgmt For For
4 Appoint Internal Statutory Auditor Mgmt For For
5 Appoint External Auditors Mgmt For For
Approve Reduction in Aggregate Compensation
6 Ceiling for Directors Mgmt For For
Approve Payment of Annual Bonuses to
7 Directors and Statutory Auditors Mgmt For For
8 Approve Retirement Bonuses for Directors Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Hongkong Land Adopt Financial Statements and Directors'
Holdings Ltd. BMG4587L1090 5/4/2005 1 and Auditors' Reports and Final Dividend Mgmt For For
2a Reelect Charles Allen-Jones as Director Mgmt For For
2b Reelect Nicholas Sallnow-Smith as Director Mgmt For For
Reappoint Auditors and Authorize Board to
3 Fix Their Remuneration Mgmt For For
Approve Issuance of Shares without
4 Preemptive Rights Mgmt For For
5 Authorize Share Repurchase Program Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-26-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
HSBC Holdings Plc GB0005405286 5/27/2005 1 Reports Mgmt For For
2.a Re-elect Sir John Bond as Director Mgmt For For
2.b Re-elect R Ch'ien as Director Mgmt For For
2.c Re-elect J Coombe as Director Mgmt For For
2.d Re-elect Baroness Dunn as Director Mgmt For For
2.e Re-elect D Flint as Director Mgmt For For
2.f Re-elect J Hughes-Hallet as Director Mgmt For For
2.g Re-elect Sir Brian Moffat as Director Mgmt For For
2.h Re-elect S Newton as Director Mgmt For For
2.i Re-elect H Sohmen as Director Mgmt For For
Reappoint KPMG Audit Plc as Auditors and
Authorise the Board to Determine Their
3 Remuneration Mgmt For For
4 Approve Remuneration Report Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities with Pre-emptive Rights up to
Aggregate Nominal Amount of GBP 100,000
(Preference Shares); USD 100,000
(Preference Shares); EUR 100,000
(Preference Shares);
5 and USD 1,119,000,000 (Oridnary Shares) Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
6 Aggregate Nominal Amount of USD 279,750,000 Mgmt For For
Authorise 1,119,000,000 Ordinary Shares for
7 Market Purchase Mgmt For For
Amend HSBC Holdings Savings-Related Share
8 Option Plan Mgmt For For
Amend HSBC Holdings Savings-Related Share
9 Option Plan: International Mgmt For For
10 Approve the HSBC US Employee Stock Plan Mgmt For For
11 Approve the HSBC Share Plan Mgmt For For
Amend Articles of Association Re: Statutory
12 and Best Practice Changes Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-27-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Hysan Development Co. Accept Financial Statements and Statutory
Ltd. HK0014000126 5/10/2005 1 Reports Mgmt For For
2 Approve Final Dividend with Scrip Alternative Mgmt For For
3a Reelect Fa-kuang Hu as Director Mgmt For For
3b Reelect Geoffrey Meou-tsen Yeh as Director Mgmt For For
3c Reelect Pauline Wah Ling Yu Wong as Director Mgmt For For
3d Reelect Per Jorgensen as Director Mgmt For For
Reelect Deanna Ruth Tak Yung Rudgard as
3e Director Mgmt For For
3f Reelect Anthony Hsien Pin Lee as Director Mgmt For For
Approve Annual Directors' Fees and
Additional Fees Payable to Directors Serving
4 on Board Committees Mgmt For For
Reappoint Deloitte Touche Tohmatsu as
Auditors and Authorize Board to Fix Their
5 Remuneration Mgmt For For
Approve Issuance of Equity or Equity-Linked
6 Securities without Preemptive Rights Mgmt For Against
Approve Repurchase of Up to 10 Percent of
7 Issued Capital Mgmt For For
8 Authorize Reissuance of Repurchased Shares Mgmt For For
9 Approve New Share Option Scheme Mgmt For Against
Amend Articles Re: Voting at Meetings and
10 Retirement by Rotation of Directors Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Industrial Bank of
Korea US4560361028 3/30/2005 Meeting for Holders of ADR's
APPROVAL OF BALANCE SHEET, INCOME STATEMENT
AND APPROPRIATION OF RETAINED EARNINGS FOR
THE 44TH FISCAL YEAR, AS SET FORTH IN THE
1 BANK S NOTICE OF MEETING ENCLOSED HEREWITH. Mgmt For For
APPROVAL OF AMENDMENT TO THE ARTICLES OF
INCORPORATION, AS SET FORTH IN THE BANK S
2 NOTICE OF MEETING ENCLOSED HEREWITH. Mgmt For For
-28-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE INCREASE OF REMUNERATION
LIMIT OF EXECUTIVE OFFICER, AS SET FORTH IN
THE BANK S NOTICE OF MEETING ENCLOSED
3 HEREWITH. Mgmt For For
APPROVAL OF THE INCREASE OF REMUNERATION
LIMIT OF AUDITOR, AS SET FORTH IN THE BANK S
4 NOTICE OF MEETING ENCLOSED HEREWITH. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
ING Groep NV NL0000303600 4/26/2005 1 Open Meeting
Receive Reports of Executive and Supervisory
2a Boards
Discussion on Profit Retention and
2b Distribution Policy
Approve Financial Statements and Statutory
3a Reports Mgmt For For
Approve Allocation of Income and Total
3b Dividends of EUR 1.07 Per Share Mgmt For For
4a Approve Discharge of Executive Board Mgmt For For
4b Approve Discharge of Supervisory Board Mgmt For For
Discuss and Approve Implementation of Dutch
5a Corporate Governance Code by Company Mgmt For For
5b Discuss Executive Board Profile
5c Discuss Supervisory Board Profile
Reelect Luella Gross Goldberg to Supervisory
6a Board Mgmt For For
Reelect Godfried van der Lugt to Supervisory
6b Board Mgmt For For
6c Elect Jan Hommen to Supervisory Board Mgmt For For
6d Elect Christine Lagarde to Supervisory Board Mgmt For For
Approve Stock Option and Incentive Stock
7 Grants for Members of Executive Board Mgmt For For
Grant Board Authority to Issue 220 Million
Ordinary Shares Restricting/Excluding
Preemptive Rights (Plus 220 Million Ordinary
8a Shares in Connection with Merger) Mgmt For For
Grant Board Authority to Issue 10 Million
Preference B Shares in Connection with
8b Conversion of ING Perpetuals III Mgmt For For
-29-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Authorize Repurchase of Up to Ten Percent of
9 Issued Share Capital Mgmt For For
10 Other Business (Non-Voting)
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 16, Final JY
Ito-Yokado Co. Ltd. JP3142800006 5/26/2005 1 18, Special JY 0 Mgmt For For
Approve Formation of Joint Holding Company
with Seven-Eleven Japan Co. and Denny's
2 Japan Co. Mgmt For For
Amend Articles to Change Record Date for
3 Payment of Interim Dividends Mgmt For For
4.1 Elect Director Mgmt For For
4.2 Elect Director Mgmt For For
4.3 Elect Director Mgmt For For
4.4 Elect Director Mgmt For For
4.5 Elect Director Mgmt For For
4.6 Elect Director Mgmt For For
4.7 Elect Director Mgmt For For
4.8 Elect Director Mgmt For For
4.9 Elect Director Mgmt For For
4.1 Elect Director Mgmt For For
4.11 Elect Director Mgmt For For
4.12 Elect Director Mgmt For For
4.13 Elect Director Mgmt For For
4.14 Elect Director Mgmt For For
4.15 Elect Director Mgmt For For
4.16 Elect Director Mgmt For For
4.17 Elect Director Mgmt For For
4.18 Elect Director Mgmt For For
5.1 Appoint Internal Statutory Auditor Mgmt For For
5.2 Appoint Internal Statutory Auditor Mgmt For For
Approve Retirement Bonuses for Director and
6 Statutory Auditor Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-30-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 19, Final JY
Kao Corp. JP3205800000 6/29/2005 1 19, Special JY 0 Mgmt For For
2 Authorize Share Repurchase Program Mgmt For For
Amend Articles to: Expand Business Lines -
Restore Previous Level of Authorized Capital
3 Following Share Repurchase and Cancellation Mgmt For For
4 Appoint Internal Statutory Auditor Mgmt For For
5 Approve Executive Stock Option Plan Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
Li & Fung BMG5485F1445 5/12/2005 1 Reports Mgmt For For
Approve Final Dividend of HK$0.30 Per Share
2 and Special Dividend of HK$0.25 Per Share Mgmt For For
Reelect Victor Fung Kwok King as
3a Non-Executive Director Mgmt For For
Reelect William Fung Kwok Lun as Executive
3b Director Mgmt For For
Reelect Allan Wong Chi Yun as Independent
3c Non-Executive Director Mgmt For For
Reelect Makoto Yasuda as Inependent
3d Non-Executive Director Mgmt For For
Reelect Lau Butt Farn as Non-Executive
3e Director Mgmt For For
Reelect Bruce Philip Rockowitz as Executive
3f Director Mgmt For For
Approve Remuneration of Directors and
Chairman of the Board at HK$80,000 and
HK$200,000 Respectively for the Year Ending
December 31, 2005 and Pay Additional
Remuneration to Non-Executive Directors Who
4 Serve on the Board Committees Mgmt For For
Reappoint PricewaterhouseCoopers as Auditors
5 and Authorize Board to Fix Their Remuneration Mgmt For For
Approve Repurchase of Up to 10 Percent of
6 Issued Capital Mgmt For For
Approve Issuance of Equity or Equity-Linked
7 Securities without Preemptive Rights Mgmt For Against
8 Authorize Reissuance of Repurchased Shares Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-31-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Mitsubishi Tokyo Following Dividends on Ordinary Shares:
Financial Group Inc JP3902900004 6/29/2005 1 Interim JY 0, Final JY 6000, Special JY 0 Mgmt For For
Amend Articles to: Increase Authorized
Preferred Share Capital - Delete References
to Cancelled Preferred Shares and Add
2 References to New Classes of Preferred Shares Mgmt For For
Approve Merger Agreement with UFJ Holdings
3 Inc. Mgmt For For
4.1 Elect Director Mgmt For For
4.2 Elect Director Mgmt For For
4.3 Elect Director Mgmt For For
4.4 Elect Director Mgmt For For
5.1 Appoint Internal Statutory Auditor Mgmt For For
5.2 Appoint Internal Statutory Auditor Mgmt For Against
Approve Retirement Bonuses for Directors and
6 Statutory Auditors Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Mitsui O.S.K. Lines Following Dividends: Interim JY 7.5, Final
Ltd. JP3362700001 6/23/2005 1 JY 8.5, Special JY 0 Mgmt For For
Amend Articles to: Authorize Public
Announcements in Electronic Format - Cancel
Year-End Closure of Shareholder Register -
2 Streamline Board Structure Mgmt For For
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
3.6 Elect Director Mgmt For For
4.1 Appoint Internal Statutory Auditor Mgmt For For
4.2 Appoint Internal Statutory Auditor Mgmt For For
Approve Retirement Bonuses for Director and
Statutory Auditor and Approve Special
Payments to Continuing Directors and
Statutory Auditors in Connection with
5 Abolition of Retirement Bonus System Mgmt For Against
Approve Adjustment to Aggregate Compensation
6 Ceiling for Statutory Auditors Mgmt For For
7 Approve Executive Stock Option Plan Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-32-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Muenchener
Rueckversicherungs-
Gesellschaft AG DE0008430026 4/28/2005 Receive Financial Statements and Statutory
1 Reports
Approve Allocation of Income and Dividends
2 of EUR 2.00 per Share Mgmt For For
Approve Discharge of Management Board for
3 Fiscal 2004 Mgmt For For
Approve Discharge of Supervisory Board for
4 Fiscal 2004 Mgmt For For
Authorize Share Repurchase Program and
5 Reissuance of Repurchased Shares Mgmt For For
Approve Issuance of Convertible Bonds and/or
Bonds with Warrants Attached up to Aggregate
Nominal Amount of EUR 3 Billion with
Preemptive Rights; Approve Creation of EUR
100 Million Pool of Conditional Capital to
6 Guarantee Conversion Rights Mgmt For For
Amend Articles Re: Supervisory Board
7 Remuneration Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Nestle Sa CH0012056047 4/14/2005 1 Share Re-registration Consent Mgmt For For
Management Proposals
Accept Financial Statements and Statutory
1a Reports Mgmt For For
Accept Consolidated Financial Statements and
1b Statutory Reports Mgmt For For
Approve Discharge of Board and Senior
2 Management Mgmt For For
Approve Allocation of Income and Dividends
3 of CHF 8.00 per Share Mgmt For For
-33-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Shareholder Proposals Submitted by Ethos
Group
Amend Articles of Association to Separate
4a Position of CEO and Chairman of the Board ShrHoldr AgainsFor
Amend Articles of Association to Reduce
Board Terms from Five Years to Three Years;
4b Approve Individual Election of Board Members ShrHoldr AgainsFor
Amend Articles of Association to Reduce
Threshold for Submitting Shareholder
4c Proposals From CHF 1 Million to CHF 100,000 ShrHoldr AgainsAgainst
Management Proposals
5 Elect Guenter Blobel as Director Mgmt For For
Ratify KPMG Klynveld Peat Marwick Goerdeler
6 SA as Auditors Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
News Corporation Ltd. NWS 652487802 10/26/2004 Meeting for Holders of ADRs
SHARE SCHEME MEETING OF PREFERRED
SHAREHOLDERS. APPROVAL OF THE SHARE SCHEME
1 DESCRIBED IN THE INFORMATION MEMORANDUM. Mgmt For For
CAPITAL REDUCTION MEETING. APPROVAL OF THE
CAPITAL REDUCTION BY CANCELLATION OF ALL
2 SHARES IN THE COMPANY. Mgmt For For
IF YOU MARK THE AGAINST BOX, YOU WILL NOT
VOTE AS REGISTERED LEGAL OWNER OF NEWSCORP
SHARES AND YOUR VOTE WILL NOT BE COUNTED IN
DETERMINING WHETHER THE SHARE SCHEME IS
APPROVED BY A MAJORITY IN NUMBER OF
3 SHAREHOLDERS VOTING AT THE MEETINGS. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-34-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
NII Holdings, Inc. NIHD 62913F201 4/27/2005 1.1 Elect Director Neal P. Goldman Mgmt For For
1.2 Elect Director Charles M. Herington Mgmt For For
1.3 Elect Director John W. Risner Mgmt For For
2 Ratify Auditors Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Nippon Oil Corp. Approve Allocation of Income, Including the
(Formerly Nippon Following Dividends: Interim JY 4, Final JY
Mitsubishi Oil Co.) JP3679700009 6/29/2005 1 6, Special JY 0 Mgmt For For
Amend Articles to: Increase Authorized
Capital from 2 Billion Shares to 5 Billion
Shares - Authorize Public Announcements in
2 Electronic Format Mgmt For Against
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
3.6 Elect Director Mgmt For For
3.7 Elect Director Mgmt For For
3.8 Elect Director Mgmt For For
3.9 Elect Director Mgmt For For
3.1 Elect Director Mgmt For For
3.11 Elect Director Mgmt For For
3.12 Elect Director Mgmt For For
3.13 Elect Director Mgmt For For
3.14 Elect Director Mgmt For For
3.15 Elect Director Mgmt For For
3.16 Elect Director Mgmt For For
3.17 Elect Director Mgmt For For
3.18 Elect Director Mgmt For For
3.19 Elect Director Mgmt For For
4 Appoint Internal Statutory Auditor Mgmt For For
Approve Retirement Bonuses for Directors and
Statutory Auditor and Special Payments to
Continuing Directors and Auditors in
Connection with Abolition of Retirement
5 Bonus System Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
-35-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 25, Final JY
Nitto Denko Corp. JP3684000007 6/24/2005 1 25, Special JY 0 Mgmt For For
2.1 Elect Director Mgmt For For
2.2 Elect Director Mgmt For For
2.3 Elect Director Mgmt For For
2.4 Elect Director Mgmt For For
2.5 Elect Director Mgmt For For
3 Appoint Internal Statutory Auditor Mgmt For For
4 Approve Executive Stock Option Plan Mgmt For For
5 Approve Deep Discount Stock Option Plan Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
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
2 MEETING OF A DIVIDEND OF EUR 0.33 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
PROPOSAL ON THE COMPOSITION OF THE BOARD AS
PROPOSED BY THE CORPORATE GOVERNANCE AND
4 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 TO
6 THE AUDITOR. Mgmt For For
-36-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE RE-ELECTION OF
PRICEWATERHOUSECOOPERS OY AS THE AUDITORS
7 FOR FISCAL YEAR 2005. Mgmt For For
APPROVAL OF THE PROPOSAL TO GRANT STOCK
8 OPTIONS TO SELECTED PERSONNEL OF THE COMPANY. Mgmt For For
APPROVAL OF THE PROPOSAL OF THE BOARD TO
REDUCE THE SHARE CAPITAL THROUGH
9 CANCELLATION OF NOKIA SHARES HELD BY COMPANY. Mgmt For For
AUTHORIZATION TO THE BOARD TO INCREASE THE
10 SHARE CAPITAL OF THE COMPANY. Mgmt For For
AUTHORIZATION TO THE BOARD TO REPURCHASE
11 NOKIA SHARES. Mgmt For For
AUTHORIZATION TO THE BOARD TO DISPOSE NOKIA
12 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
13 DISCRETION ON YOUR BEHALF ONLY UPON ITEM 15. Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Amend Articles to: Authorize Public
Nomura Holdings Inc. JP3762600009 6/28/2005 1 Announcements in Electronic Format Mgmt For For
Approve Executive Stock Option Plan and
2 Deep-Discount Stock Option Plan Mgmt For For
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
3.6 Elect Director Mgmt For For
3.7 Elect Director Mgmt For For
3.8 Elect Director Mgmt For For
3.9 Elect Director Mgmt For For
3.1 Elect Director Mgmt For For
3.11 Elect Director Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-37-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
Novartis AG CH0012005267 3/1/2005 1 Reports Mgmt For For
Approve Discharge of Board and Senior
2 Management Mgmt For For
Approve Allocation of Income and Dividends
3 of CHF 1.05 per Share Mgmt For For
Approve CHF 19 Million Reduction in Share
4 Capital via Share Cancellation Mgmt For For
Authorize Repurchase of up to Ten Percent of
5 Issued Share Capital Mgmt For For
6.1 Reelect Birgit Breuel as Director Mgmt For For
6.2 Reelect Peter Burckhardt as Director Mgmt For For
6.3 Reelect Alexandre Jetzer as Director Mgmt For For
6.4 Reelect Pierre Landolt as Director Mgmt For For
6.5 Reelect Ulrich Lehner as Director Mgmt For For
7 Ratify PricewaterhouseCoopers AG as Auditors Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 1000, Final
NTT DoCoMo Inc. JP3165650007 6/21/2005 1 JY 1000, Special JY 0 Mgmt For For
2 Authorize Share Repurchase Program Mgmt For For
Amend Articles to: Expand Business Lines -
Reduce Maximum Board Size - Decrease
Authorized Capital to Reflect Share
Repurchase - Authorize Public Announcements
3 in Electronic Format Mgmt For For
4.1 Elect Director Mgmt For For
4.2 Elect Director Mgmt For For
4.3 Elect Director Mgmt For For
5 Appoint Internal Statutory Auditor Mgmt For Against
Approve Retirement Bonuses for Directors and
6 Statutory Auditor Mgmt For Against
Approve Adjustment to Aggregate Compensation
7 Ceiling for Directors Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
-38-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Petrochina Co. Ltd. CN0009365379 5/26/2005 1 Accept Report of the Board of Directors Mgmt For For
2 Accept Report of the Supervisory Committee Mgmt For For
Accept Financial Statements and Statutory
3 Reports Mgmt For For
4 Approve Final Dividend Mgmt For For
Authorize Board to Determine the
5 Distribution of Interim Dividend for 2005 Mgmt For For
Appoint PricewaterhouseCoopers, Certified
Public Accountants as International Auditors
and PricewaterhouseCoopers Zhong Tian CPAs
Co. Ltd., Certified Public Accountants as
Domestic Auditors and Authorize Board to Fix
6 Their Remuneration Mgmt For For
Amend Articles Re: Editing Changes, Reports
Available to Shareholders, Voting at
Meetings, Nomination of Directors, Releasing
of Notices of Meetings, Material Interest of
Directors in Contracts Entered into by the
7 Company Mgmt For For
Approve Issuance of Equity or Equity-Linked
8 Securities without Preemptive Rights Mgmt For Against
9 Other Business (Voting) Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Philips Electronics Nv NL0000009538 3/31/2005 1 Open Meeting
Approve Financial Statements and Statutory
2.a Reports Mgmt For For
Receive Explanation on Dividend and Reserve
2.b Policy (Non-Voting)
Approve Dividend of EUR 0.40 ($0.52) Per
2.c Common Share Mgmt For For
2.d Approve Discharge of Management Board Mgmt For For
2.e Approve Discharge of Supervisory Board Mgmt For For
Discussion of Corporate Governance Structure
3.a (Non-Voting)
-39-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Amend Articles to Reflect Recommendations of
Dutch Corporate Governance Code and
3.b Amendments to Book 2 of Dutch Civil Code Mgmt For For
4 Ratify KPMG Accountants NV as Auditors Mgmt For For
Reelect G. Kleisterlee as President and CEO
5.a and Member of Management Board Mgmt For For
5.b Elect P. Sivignon to Management Board Mgmt For For
6.a Reelect L. Schweitzer to Supervisory Board Mgmt For For
6.b Elect N. Wong to Supervisory Board Mgmt For For
6.c Elect J. Schiro to Supervisory Board Mgmt For For
7 Approve Remuneration of Supervisory Board Mgmt For For
Grant Board Authority to Issue Authorized
Yet Unissued Shares up to 10% (20% in
Connection with Merger or Acquisition) of
Issued Shares Restricting/Excluding
8 Preemptive Rights Mgmt For For
Authorize Repurchase of Up to Ten Percent of
9 Issued Share Capital Mgmt For For
10 Other Business (Non-Voting)
11 Close Meeting
- -----------------------------------------------------------------------------------------------------------------------------------
Elect W.C. Dunn, R.J.S. Gibson, P.M. Murray,
Precision Drilling F.W. Pheasey, R.L. Phillips, H.B. Swartout,
Corporation PD. 74022D100 5/10/2005 1 H.G. Wiggins as Directors Mgmt For For
2 Ratify KPMG LLP as Auditors Mgmt For For
3 Approve 2:1 Stock Split Mgmt For For
4 Approve 2005 Stock Option Plan Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Reckitt Benckiser Plc
(Formerly Reckitt & Accept Financial Statements and Statutory
Colman Plc ) GB0007278715 5/5/2005 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For Against
3 Approve Final Dividend of 18 Pence Per Share Mgmt For For
-40-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
4 Re-elect Adrian Bellamy as Director Mgmt For For
5 Re-elect George Greener as Director Mgmt For For
6 Elect Graham Mackay as Director Mgmt For For
Reappoint PricewaterhouseCoopers LLP as
Auditors and Authorise the Board to
7 Determine Their Remuneration Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities with Pre-emptive Rights up to
8 Aggregate Nominal Amount of GBP 25,438,000 Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
9 Aggregate Nominal Amount of GBP 3,815,000 Mgmt For For
Authorise 72,500,000 Shares for Market
10 Purchase Mgmt For For
Approve Reckitt Benckiser 2005
11 Savings-Related Share Option Plan Mgmt For For
Approve Reckitt Benckiser 2005 Global Stock
12 Profit Plan Mgmt For For
Approve Reckitt Benckiser 2005 USA
13 Savings-Related Share Option Plan Mgmt For For
Amend Reckitt Benckiser Senior Executive
14 Share Ownership Policy Plan Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Rio Tinto Plc
(Formerly Rtz Corp.
Plc) 767204100 4/14/2005 Meeting for Holders of ADR's
AUTHORITY TO ALLOT RELEVANT SECURITIES UNDER
1 SECTION 80 OF THE COMPANIES ACT 1985 Mgmt For For
AUTHORITY TO ALLOT EQUITY SECURITIES FOR
CASH UNDER SECTION 89 OF THE COMPANIES ACT
2 1985 Mgmt For For
AUTHORITY TO PURCHASE RIO TINTO PLC SHARES
3 BY THE COMPANY OR RIO TINTO LIMITED Mgmt For For
AUTHORITY TO PURCHASE RIO TINTO LIMITED
SHARES, OFF MARKET BY TENDER, BY RIO TINTO
4 LIMITED Mgmt For For
-41-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
AMENDMENTS TO THE ARTICLES OF ASSOCIATION OF
THE COMPANY AND THE CONSTITUTION OF RIO
5 TINTO LIMITED Mgmt For For
AMENDMENTS TO THE DLC MERGER SHARING
6 AGREEMENT Mgmt For For
7 APPROVAL OF THE RIO TINTO SHARE SAVINGS PLAN Mgmt For For
8 ELECTION OF RICHARD GOODMANSON AS A DIRECTOR Mgmt For For
9 ELECTION OF ASHTON CALVERT AS A DIRECTOR Mgmt For For
10 ELECTION OF VIVIENNE COX AS A DIRECTOR Mgmt For For
11 RE-ELECTION OF PAUL SKINNER AS A DIRECTOR Mgmt For For
12 Ratify Auditors Mgmt For For
13 APPROVAL OF REMUNERATION REPORT Mgmt For For
RECEIVE THE ANNUAL REPORT AND FINANCIAL
STATEMENTS FOR THE YEAR ENDED DECEMBER 31,
14 2004 * Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Royal Bank Of
Scotland Group Plc Accept Financial Statements and Statutory
(The) GB0007547838 4/20/2005 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For For
Approve Final Dividend of 41.2 Pence Per
3 Share Mgmt For For
4 Re-elect Jim Currie as Director Mgmt For For
5 Re-elect Sir Fred Goodwin as Director Mgmt For For
6 Re-elect Sir Steve Robson as Director Mgmt For For
7 Elect Archie Hunter as Director Mgmt For For
8 Elect Charles Koch as Director Mgmt For For
9 Elect Joe MacHale as Director Mgmt For For
Reappoint Deloitte & Touche LLP as Auditors
10 of the Company Mgmt For For
Authorise Board to Fix Remuneration of the
11 Auditors Mgmt For For
Approve Increase in Authorised Share
Capital; Authorise Issue of Equity or
Equity-Linked Securities with Pre-emptive
Rights up to Aggregate Nominal Amount of GBP
12 264,579,936 Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
13 Aggregate Nominal Amount of GBP 39,686,990 Mgmt For For
Authorise 317,495,924 Shares for Market
14 Purchase Mgmt For For
-42-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Approve 71 M Category II Non-Cumulative US$
Pref. Shares; Allot the Newly Created and
179.5 M Unissued Category II Non-Cumulative
US$ Pref. Shares, the 64.75 M Unissued
Non-Cumulative Euro Pref. Shares and 300 M
15 Unissued Non-Cumulative GBP Pref. Shares Mgmt For For
Approve Citizens Financial Group, Inc. Long
16 Term Incentive Plan Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Samsung Electronics
Co. Ltd. 796050888 2/28/2005 Meeting for Holders of ADRs
APPROVAL OF THE BALANCE SHEET, INCOME
STATEMENT AND STATEMENT OF APPROPRIATION OF
RETAINED EARNINGS (DRAFT) FOR THE 36TH
FISCAL YEAR (FROM JANUARY 1, 2004 TO
DECEMBER 31, 2004), AS SET FORTH IN THE
COMPANY S NOTICE OF MEETING ENCLOSED
1 HEREWITH. Mgmt For For
APPROVAL OF THE APPOINTMENT OF IN-JOO KIM AS
AN EXECUTIVE DIRECTOR, AS SET FORTH IN THE
COMPANY S NOTICE OF MEETING ENCLOSED
2 HEREWITH. Mgmt For For
APPROVAL OF THE COMPENSATION CEILING FOR THE
DIRECTORS, AS SET FORTH IN THE COMPANY S
3 NOTICE OF MEETING ENCLOSED HEREWITH. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Sanofi-Aventis
(Formerly
Sanofi-Synthelabo ) FR0000120578 12/23/2004 Special Business
Approve Merger by Absorption of Aventis by
Sanofi-Aventis; Authorize Issuance of 19.1
Million Shares to Compensate Aventis
1 Minority Shareholders Mgmt For For
2 Approve Accounting Treatment of Absorption Mgmt For For
-43-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Assume Obligations of 257,248 Outstanding
Aventis Warrants; Authorize Issuance of Up
to 301,984 Sanofi-Aventis Shares to Satisfy
3 Conversion of Aventis Warrants Mgmt For For
Assume Obligations of 48.08 Million
Outstanding Aventis Stock Options; Authorize
Issuance of Sanofi-Aventis Shares to Satisfy
4 Conversion of Aventis Stock Options Mgmt For For
Set Dec. 31, 2004, as Effective Date of
Merger and Related Capital Increase to
5 Aventis Minority Shareholders Mgmt For For
6 Amend Articles to Reflect Changes in Capital Mgmt For For
Approve Capital Increase Reserved for
Employees Participating in Savings-Related
7 Share Purchase Plan Mgmt For For
Authorize Filing of Required Documents/Other
8 Formalities Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Sanofi-Aventis
(Formerly
Sanofi-Synthelabo ) FR0000120578 5/31/2005 Ordinary Business
Approve Financial Statements and Statutory
1 Reports Mgmt For For
Accept Consolidated Financial Statements and
2 Statutory Reports Mgmt For For
Approve Allocation of Income and Dividends
3 of EUR 1.20 per Share Mgmt For For
Approve Special Auditors' Report Regarding
4 Related-Party Transactions Mgmt For For
Ratify PricewaterhouseCoopers Audit as
5 Auditor Mgmt For For
6 Ratify Pierre Coll as Alternate Auditor Mgmt For For
Authorize Repurchase of Up to Ten Percent of
7 Issued Share Capital Mgmt For For
8 Cancel Outstanding Debt Issuance Authority Mgmt For For
-44-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Special Business
Authorize Issuance of Equity or
Equity-Linked Securities with Preemptive
Rights up to Aggregate Nominal Amount of EUR
1.4 Billion; Authorize Global Limit of EUR
9 1.6 Billion Mgmt For For
Authorize Issuance of Equity or
Equity-Linked Securities without Preemptive
Rights up to Aggregate Nominal Amount of EUR
10 840 Million Mgmt For Against
Authorize Capitalization of Reserves of Up
to EUR 500 Million for Bonus Issue or
11 Increase in Par Value Mgmt For For
Authorize Board to Increase Capital in the
Event of Demand Exceeding Amounts Proposed
12 in Issuance Authorities Above Mgmt For Against
Approve Capital Increase Reserved for
Employees Participating in Savings-Related
13 Share Purchase Plan Mgmt For For
14 Approve Stock Option Plan Grants Mgmt For Against
Authorize Up to 1 Percent of Issued Capital
15 For Use in Restricted Stock Plan Mgmt For Against
Approve Reduction in Share Capital via
16 Cancellation of Repurchased Shares Mgmt For For
Authorize Filing of Required Documents/Other
17 Formalities Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Receive Financial Statements and Statutory
SAP AG DE0007164600 5/12/2005 1 Reports
Approve Allocation of Income and Dividends
2 of EUR 1.10 per Share Mgmt For For
Approve Discharge of Management Board for
3 Fiscal 2004 Mgmt For For
Approve Discharge of Supervisory Board for
4 Fiscal 2004 Mgmt For For
Ratify KPMG Deutsche Treuhand-Gesellschaft
5 AG as Auditors Mgmt For For
-45-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Elect Erhard Schipporeit to the Supervisory
6 Board Mgmt For For
Amend Articles Re: Share Capital;
Conditional Captial IIa; Conditional Capital
7 IIIa Mgmt For For
8 Change Company Name to SAP AG Mgmt For For
Amend Articles Re: Calling of and
Registration for Shareholder Meetings due to
Proposed Changes in German Law (Company
Integrity and Modernization of Shareholder
9 Lawsuits Regulation) Mgmt For For
Approve Creation of EUR 60 Million Pool of
Conditional Capital with Preemptive Rights;
Approve Creation of EUR 60 Million Pool of
10 Conditional Capital without Preemptive Rights Mgmt For For
Authorize Share Repurchase Program and
11 Reissuance of Repurchased Shares Mgmt For For
Authorize Use of Financial Derivatives
12 Method when Repurchasing 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
ADOPTION AND APPROVAL OF FINANCIALS AND
2 DIVIDENDS Mgmt For For
ADOPTION OF MANDATORY AMENDMENTS TO THE
3 ARTICLES OF INCORPORATION Mgmt For For
-46-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
ADOPTION OF VOLUNTARY AMENDMENTS TO THE
4 ARTICLES OF INCORPORATION Mgmt For For
APPROVAL OF ADOPTION OF THE SCHLUMBERGER
5 2005 OPTION PLAN Mgmt For For
APPROVAL OF ADOPTION OF AN AMENDMENT TO THE
6 SCHLUMBERGER DISCOUNTED STOCK PURCHASE PLAN Mgmt For For
APPROVAL OF INDEPENDENT REGISTERED PUBLIC
7 ACCOUNTING FIRM Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
SHOPPERS DRUG MART
CORP SC. CA82509W1032 5/11/2005 1.1 Elect Director Glenn K. Murphy Mgmt For For
1.2 Elect Director Joshua Bekenstein Mgmt For For
1.3 Elect Director Kim Davis Mgmt For For
1.4 Elect Director James H. Greene, Jr. Mgmt For For
1.5 Elect Director Eva L. Kwok Mgmt For For
1.6 Elect Director Dean Metcalf Mgmt For For
1.7 Elect Director Paul E. Raether Mgmt For For
1.8 Elect Director Leslee J. Thompson Mgmt For For
1.9 Elect Director David M. Williams Mgmt For For
2 Ratify Deloitte & Touche LLP as Auditors Mgmt For For
3 Adopt Shareholder Rights Plan (Poison Pill) Mgmt For For
4 Amend Bylaw No. 2B Re: Executive Committee Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Siemens AG DE0007236101 1/27/2005 1 Receive Supervisory Board Report
Receive Financial Statements and Statutory
2 Reports
Approve Allocation of Income and Dividends
3 of EUR 1.25 per Share Mgmt For For
Approve Discharge of Management Board for
4 Fiscal 2003/2004 Mgmt For For
Approve Discharge of Supervisory Board for
5 Fiscal 2003/2004 Mgmt For For
-47-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Ratify KPMG Deutsche Treuhand-Gesellschaft
6 AG as Auditors Mgmt For For
Elect Heinrich v. Pierer to the Supervisory
Board; Elect Michael Mirow as Alternate
7 Supervisory Board Memeber Mgmt For For
Authorize Share Repurchase Program and
8 Reissuance of Repurchased Shares Mgmt For For
Approve Remuneration of Supervisory Board
9 Members Mgmt For For
Amend Articles Re: Designate Electronic
Publications for Meeting Announcements and
10 Invitation to Shareholder Meetings Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 0, Final JY
Softbank Corp JP3436100006 6/22/2005 1 7, Special JY 0 Mgmt For For
2 Amend Articles to: Expand Business Lines Mgmt For Against
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
3.6 Elect Director Mgmt For For
3.7 Elect Director Mgmt For For
3.8 Elect Director Mgmt For For
4.1 Appoint Internal Statutory Auditor Mgmt For For
4.2 Appoint Internal Statutory Auditor Mgmt For For
4.3 Appoint Internal Statutory Auditor Mgmt For Against
4.4 Appoint Internal Statutory Auditor Mgmt For For
5 Approve Executive Stock Option Plan Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-48-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
SUMITOMO MITSUI Following Dividends on Ordinary Shares:
FINANCIAL GROUP INC. JP3890350006 6/29/2005 1 Interim JY 0, Final JY 3000, Special JY 0 Mgmt For For
2 Authorize Repurchase of Preferred Shares Mgmt For For
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
3.6 Elect Director Mgmt For For
3.7 Elect Director Mgmt For For
4.1 Appoint Internal Statutory Auditor Mgmt For For
4.2 Appoint Internal Statutory Auditor Mgmt For Against
Approve Retirement Bonuses for Directors and
5 Statutory Auditors Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Sun Hung Kai Accept Financial Statements and Statutory
Properties Ltd. HK0016000132 12/9/2004 1 Reports for the Year Ended June 30, 2004 Mgmt For For
2 Approve Final Dividend Mgmt For For
3a1 Reelect Sze-yuen Chung as Director Mgmt For For
3a2 Reelect Fung Kwok-king, Victor as Director Mgmt For For
3a3 Reelect Po-shing Woo as Director Mgmt For For
3a4 Reelect Kwan Cheuk-yin, William as Director Mgmt For For
3a5 Reelect Dicky Peter Yip as Director Mgmt For For
3b Fix Directors' Remuneration Mgmt For For
Reappoint Auditors and Authorize Board to
4 Fix Their Remuneration Mgmt For For
Approve Repurchase of Up to 10 Percent of
5 Issued Capital Mgmt For For
Approve Issuance of Equity or Equity-Linked
6 Securities without Preemptive Rights Mgmt For Against
7 Authorize Reissuance of Repurchased Shares Mgmt For For
8 Adopt New Articles of Association Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-49-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------------------------------------------------------------
Synthes Inc US87162M4096 4/21/2005 1 Other Business Mgmt For Against
2 Approve the Report on the Business Year 2004 Mgmt For For
Accept Consolidated Financial Statements and
3 Statutory Reports Mgmt For For
Approve the Report on the Dividend Approved
4 by the Board of Directors Mgmt For For
Elect Directors Robert Bland, Roland
5 Bronnimann and Allen Misher Mgmt For For
6 Ratify Auditors Mgmt For For
Amend Certificate to Establish Restrictions
7 on Stock Issuance Mgmt For Against
8 Other Business Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Takeda Pharmaceutical Following Dividends: Interim JY 44, Final JY
Co. Ltd. JP3463000004 6/29/2005 1 44, Special JY 0 Mgmt For For
Amend Articles to: Increase Authorized
Capital from 2.4 Billion to 3.5 Billion
Shares - Set Maximum Number of Internal
Auditors - Clarify Board's Authority to Vary
2 AGM Record Date - Set Maximum Board Size Mgmt For For
-50-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
3.4 Elect Director Mgmt For For
3.5 Elect Director Mgmt For For
4 Appoint Internal Statutory Auditor Mgmt For For
Approve Retirement Bonuses for Director and
5 Statutory Auditor Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Talisman Energy Inc. TLM. 87425E103 5/3/2005 1.1 Elect Director Douglas D. Balwin Mgmt For For
1.2 Elect Director James W. Buckee Mgmt For For
1.3 Elect Director Kevin S. Dunne Mgmt For For
1.4 Elect Director Al L. Flood Mgmt For For
1.5 Elect Director Dale G. Parker Mgmt For For
1.6 Elect Director Lawrence G. Tapp Mgmt For For
1.7 Elect Director Stella M. Thompson Mgmt For For
1.8 Elect Director Robert G. Welty Mgmt For For
1.9 Elect Director Charles W. Wilson Mgmt For For
2 Ratify Ernst & Young LLP as Auditors Mgmt For For
3 Amend Shareholder Rights Plan (Poison Pill) Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Conditional Stock Purchase by
Techtronic Industries Co. Ltd., Ryobi
Technologies GmbH and Techtronic Industries
North America, Inc. from Atlas Copco AB,
Atlas Copco North America Inc. and Atlas
Techtronic Industries HK0669013440 1/3/2005 1 Copco Hldg. GmbH Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
Techtronic Industries HK0669013440 5/30/2005 1 Reports Mgmt For For
2 Approve Final Dividend of HK$0.125 Per Share Mgmt For Against
Reelect Horst Julius Pudwill as Group
3a Executive Director Mgmt For For
Reelect Vincent Ting Kau Cheung as
3b Non-Executive Director Mgmt For For
Reelect Christopher Patrick Langley as
3c Independent Non-Executive Director Mgmt For For
Reelect Manfred Kuhlmann as Independent
3d Non-Executive Director Mgmt For For
Authorize Board to Fix the Remuneration of
3e Directors for 2005 Mgmt For For
-51-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Appoint Auditors and Authorize Board to Fix
4 Their Remuneration Mgmt For For
Approve Issuance of Equity or Equity-Linked
5 Securities without Preemptive Rights Mgmt For Against
Approve Repurchase of Up to 10 Percent of
6 Issued Capital Mgmt For For
7 Authorize Reissuance of Repurchased Shares Mgmt For For
Approve Issuance of Shares Pursuant to the
8 Share Option Scheme Mgmt For Against
- -----------------------------------------------------------------------------------------------------------------------------------
Telecom Italia Mobile IT0001052049 4/5/2005 Special Meeting Agenda
Approve Merger Agreement of the Company Into
1 Telecom Italia Spa Mgmt For For
Ordinary Business
Accept Financial Statements and Statutory
1 Reports Mgmt For For
Fix Number of Directors on the Board; Elect
Directors; Determine Directors' Term and
2 Remuneration Mgmt For For
Appoint Internal Statutory Auditors; Approve
3 Remuneration of Auditors Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Telecom Italia SPA IT0003497176 10/25/2004 Meeting For Savings Shareholders
Approve Report Re: Utilization of Savings
1 Shares' Special Reserve Mgmt For
Reelect Current Board Representative for
2.1.A Holders of Savings Shares, Carlo Pasteris Mgmt For
Elect New Candidate Designated by Saving
Shareholders as Board Representative for
2.1.B Holders of Savings Shares Mgmt Against
-52-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Fix Board Representative for Holders of
2.2.A Savings Shares' Term in Office to Three Years Mgmt For
Fix Board Representative of Holders of
Savings Shares' Term in Office To the Newly
Proposed Term Presented by Saving
2.2.B Shareholders Mgmt Against
Fix Board Representative for Holders of
2.3.A Savings Shares' Remuneration at EUR 36,152 Mgmt For
Fix Board Representative for Holders of
Savings Shares' Remuneration To the Newly
Proposed Amount Presented by Saving
2.3.B Shareholders Mgmt Against
- -----------------------------------------------------------------------------------------------------------------------------------
Telecom Italia Spa IT0003497168 4/7/2005 Special Business
Approve Acquisition of Telecom Italia Mobile
1 Spa Mgmt For For
Ordinary Business
Accept Financial Statements and Statutory
1 Reports Mgmt For For
2.1 Fix Number of Directors on the Board Mgmt For For
2.2 Approve Remuneration of Directors Mgmt For For
2.3 Elect Two Directors on the Board Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Telefonica S.A. Approve Individual and Consolidated
(Formerly Telefonica Financial Statements, Allocation of Income,
De Espana, S.A.) ES0178430E18 5/30/2005 1 and Discharge Directors Mgmt For For
2 Approve Dividend Mgmt For For
Approve Merger by Absorption of Terra
3 Networks Mgmt For For
4 Elect Directors Mgmt For For
5 Approve Auditors Mgmt For For
6 Authorize Share Repurchase Program Mgmt For For
7 Approve Reduction in Stated Capital Mgmt For For
Authorize Board to Ratify and Execute
8 Approved Resolutions Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
-53-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
Tesco Plc GB0008847096 6/24/2005 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For For
Approve Final Dividend of 5.27 Pence Per
3 Ordinary Share Mgmt For For
4 Re-elect Rodney Chase as Director Mgmt For For
5 Re-elect Sir Terry Leahy as Director Mgmt For For
6 Re-elect Tim Mason as Director Mgmt For For
7 Re-elect David Potts as Director Mgmt For For
8 Elect Karen Cook as Director Mgmt For For
9 Elect Carolyn McCall as Director Mgmt For For
Reappoint PricewaterhouseCooopers LLP as
10 Auditors of the Company Mgmt For For
Authorise Board to Fix Remuneration of the
11 Auditors Mgmt For For
Approve Increase in Authorised Capital from
12 GBP 530,000,000 to GBP 535,000,000 Mgmt For For
13 Approve Scrip Dividend Program Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities with Pre-emptive Rights up to
14 Aggregate Nominal Amount of GBP 129,200,000 Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
15 Aggregate Nominal Amount of GBP 19,470,000 Mgmt For For
Authorise 778,700,000 Ordinary Shares for
16 Market Purchase Mgmt For For
Authorise the Company to Make EU Political
Organisation Donations up to GBP 100,000 and
to Incur EU Political Expenditure up to GBP
17 100,000 Mgmt For For
Authorise Tesco Stores Ltd. to Make EU
Political Organisation Donations up to GBP
100,000 and Incur EU Political Expenditure
18 up to GBP 100,000 Mgmt For For
Authorise Tesco Ireland Ltd. to Make EU
Political Organisation Donations up to GBP
25,000 and Incur EU Political Expenditure up
19 to GBP 25,000 Mgmt For For
-54-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Authorise Tesco Vin Plus S.A. to Make EU
Political Organisation Donations up to GBP
25,000 and Incur EU Political Expenditure up
20 to GBP 25,000 Mgmt For For
Authorise Tesco Stores CR a.s. to Make EU
Political Organisation Donations up to GBP
25,000 and Incur EU Political Expenditure up
21 to GBP 25,000 Mgmt For For
Authorise Tesco Stores SR a.s. to Make EU
Political Organisation Donations up to GBP
25,000 and Incur EU Political Expenditure up
22 to GBP 25,000 Mgmt For For
Authorise Tesco Global Rt to Make EU
Political Organisation Donations up to GBP
25,000 and Incur EU Political Expenditure up
23 to GBP 25,000 Mgmt For For
Authorise Tesco Polska Sp z.o.o. to Make EU
Political Organisation Donations up to GBP
25,000 and Incur EU Political Expenditure up
24 to GBP 25,000 Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
The India Fund, Inc. 454089103 4/21/2005 1.1 Elect Director Leslie H. Gelb Mgmt For For
1.2 Elect Director Stephane R.F. Henry Mgmt For Withhold
1.3 Elect Director Luis F. Rubio Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Total S.A. (Formerly
Total Fina Elf S.A ) FR0000120271 5/17/2005 Ordinary Business
Approve Financial Statements and Statutory
1 Reports Mgmt For For
Accept Consolidated Financial Statements and
2 Statutory Reports Mgmt For For
Approve Allocation of Income and Dividends
of EUR 5.40 per Share of which EUR 3.00
3 Remains to be Distributed Mgmt For For
Approve Special Auditors' Report Regarding
4 Related-Party Transactions Mgmt For Against
-55-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Authorize Repurchase of Up to 24.4 Million
5 Shares Mgmt For For
6 Reelect Paul Desmarais Jr as Director Mgmt For For
7 Reelect Bertrand Jacquillat as Director Mgmt For For
8 Reelect Maurice Lippens as Director Mgmt For For
Elect Lord Levene of Portsoken KBE as
9 Director Mgmt For For
Special Business
Authorize Issuance of Equity or
Equity-Linked Securities with Preemptive
Rights up to Aggregate Nominal Amount of EUR
10 4 Billion Mgmt For For
Authorize Issuance of Equity or
Equity-Linked Securities without Preemptive
Rights up to Aggregate Nominal Amount of EUR
11 1.8 Billion Mgmt For For
Approve Capital Increase Reserved for
Employees Participating in Savings-Related
12 Share Purchase Plan Mgmt For For
Authorize Up to One Percent of Issued
13 Capital for Use in Restricted Stock Plan Mgmt For Against
Shareholder Proposals
Shareholder Proposal: Authorize Up to One
Percent of Issued Capital for Use in
A Restricted Stock Plan ShrHoldr AgainsAgainst
- -----------------------------------------------------------------------------------------------------------------------------------
TSAKOS ENERGY
NAVIGATION
LTD.(formerly MIF
Limited) TNP G9108L108 5/25/2005 Meeting for Holders of ADRs
1.1 Elect Director Mr. T. Janholt Mgmt For For
1.2 Elect Director Mr. M. Jolliffe Mgmt For For
1.3 Elect Director Mr. A. Plakopitas Mgmt For For
APPROVAL OF THE FINANCIAL STATEMENTS FOR THE
YEAR ENDED DECEMBER 31, 2004, TOGETHER WITH
2 THE AUDITORS REPORT. Mgmt For For
3 Ratify Auditors Mgmt For For
-56-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE OF THE AUTHORIZED SHARE CAPITAL OF
4 THE COMPANY. Mgmt For Against
AUTHORIZATION OF THE REMUNERATION OF
5 DIRECTORS. Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
UBS AG CH0012032030 4/21/2005 1 Share Re-registration Consent Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
UBS AG CH0012032030 4/21/2005 1 Reports Mgmt For For
Approve Allocation of Income and Dividends
2 of CHF 3.00 per Share Mgmt For For
Approve Discharge of Board and Senior
3 Management Mgmt For For
4.1.1 Reelect Marcel Ospel as Director Mgmt For For
4.1.2 Reelect Lawrence Weinbach as Director Mgmt For For
4.2.1 Elect Marco Suter as Director Mgmt For For
4.2.2 Elect Peter Voser as Director Mgmt For For
4.3 Ratify Ernst & Young Ltd. as Auditors Mgmt For For
Approve CHF 31.9 Million Reduction in Share
Capital via Cancellation of Repurchased
5.1 Shares Mgmt For For
5.2 Authorize Repurchase of Issued Share Capital Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
UFJ Holdings Inc. JP3944300007 6/29/2005 Agenda For Common and Preferred Shareholders
Approve Handling of Net Loss, with No
1 Dividends on Ordinary Shares Mgmt For For
Amend Articles to: Decrease Authorized
Capital to Reflect Cancellation and
2 Conversion of Preferred Shares Mgmt For For
Approve Merger Agreement with Mitsubishi
3 Tokyo Financial Group Mgmt For For
4.1 Elect Director Mgmt For For
4.2 Elect Director Mgmt For For
4.3 Elect Director Mgmt For For
-57-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
4.4 Elect Director Mgmt For For
4.5 Elect Director Mgmt For For
4.6 Elect Director Mgmt For For
4.7 Elect Director Mgmt For For
5.1 Appoint Internal Statutory Auditor Mgmt For For
5.2 Appoint Internal Statutory Auditor Mgmt For For
5.3 Appoint Internal Statutory Auditor Mgmt For Against
5.4 Appoint Internal Statutory Auditor Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
UFJ Holdings Inc. JP3944300007 6/29/2005 Agenda For Common Shareholders Only
Approve Merger Agreement with Mitsubishi
1 Tokyo Financial Group Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Veolia Environnement
(Formerly Vivendi
Environment) FR0000124141 5/12/2005 Ordinary Business
Approve Financial Statements and Statutory
1 Reports Mgmt For For
Accept Consolidated Financial Statements and
2 Statutory Reports Mgmt For For
3 Approve Non-Tax Deductible Expenses Mgmt For For
Approve Accounting Transfer from Special
Long-Term Capital Gains Account to Ordinary
4 Reserve Account Mgmt For For
Approve Allocation of Income and Dividends
5 of EUR 0.68 per Share Mgmt For For
Approve Special Auditors' Report Regarding
6 Related-Party Transactions Mgmt For For
7 Ratify Barbier Frinault & Cie as Auditor Mgmt For For
8 Ratify Auditex as Alternate Auditor Mgmt For For
Authorize Repurchase of Up to Ten Percent of
9 Issued Share Capital Mgmt For For
10 Cancel Outstanding Debt Issuance Authority Mgmt For For
-58-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Special Business
Authorize Issuance of Equity or
Equity-Linked Securities with Preemptive
Rights up to Aggregate Nominal Amount of EUR
1 Billion; Authorize Issuance of Securities
11 Convertible into Debt Mgmt For For
Authorize Issuance of Equity or
Equity-Linked Securities without Preemptive
Rights up to Aggregate Nominal Amount of EUR
1 Billion; Authorize Issuance of Securities
12 Convertible into Debt Mgmt For Against
Authorize Capitalization of Reserves of Up
to EUR 370 Million for Bonus Issue or
13 Increase in Par Value Mgmt For For
Authorize the Board to Increase Capital in
the Event of Demand Exceeding Amounts
14 Submitted to Shareholder Vote Above Mgmt For Against
Approve Capital Increase Reserved for
Employees Participating in Savings-Related
15 Share Purchase Plan Mgmt For For
16 Approve Stock Option Plan Grants Mgmt For For
Authorize Up to 0.5 Percent of Issued
17 Capital for Use in Restricted Stock Plan Mgmt For Against
Approve Reduction in Share Capital via
18 Cancellation of Treasury Shares Mgmt For For
Amend Articles of Association Re:
19 Shareholding Threshold Disclosure Mgmt For For
Ordinary Business and Special Business
Authorize Filing of Required Documents/Other
20 Formalities Mgmt For For
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-59-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
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Accept Financial Statements and Statutory
Vodafone Group PLC GB0007192106 7/27/2004 1 Reports Mgmt For For
2 Approve Remuneration Report Mgmt For For
3 Re-elect Peter Bamford as Director Mgmt For For
4 Re-elect Julian Horn-Smith as Director Mgmt For For
5 Re-elect Sir David Scholey as Director Mgmt For For
6 Elect Luc Vandevelde as Director Mgmt For For
Approve Final Dividend of 1.0780 Pence Per
7 Ordinary Share Mgmt For For
Re-appoint Deloitte and Touche LLP as
8 Auditors of the Company Mgmt For For
Authorise Board to Fix Remuneration of the
9 Auditors Mgmt For For
Authorise the Company and Any Company Which
is or Becomes a Subsidiary of the Company to
Make EU Political Donations or Incur EU
Political Expenditure up to Aggregate
10 Nominal Amount of GBP 100,000 Mgmt For Against
Authorise Issuance of Equity or
Equity-Linked Securities with Pre-emptive
Rights up to Aggregate Nominal Amount of USD
11 900 Million Mgmt For For
Authorise Issuance of Equity or
Equity-Linked Securities without Pre-emptive
Rights up to Aggregate Nominal Amount of USD
12 330 Million Mgmt For For
Authorise 6.6 Billion Ordinary Shares for
13 Market Purchase Mgmt For For
Authorise 660 Million Ordinary Shares for
Market Purchase Pursuant to Contingent
14 Purchase Contracts Mgmt For For
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Wal-Mart de Mexico
S.A. de C.V. (frmrly.
Cifra S.A.) MXP810081010 2/24/2005 Only V Shares Can Vote
1 Accept Chairman's Report Mgmt For For
2 Accept Audit Committee's Report Mgmt For For
3 Accept Supervisory Board Report Mgmt For For
Accept Financial Statements for Fiscal Year
4 Ended December 2004 Mgmt For For
Present Report on the Share Repurchase
5 Reserves Mgmt For For
-60-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Cancellation of 105.3 Million
6 Company Treasury Shares Mgmt For For
7 Approve Allocation of Income Mgmt For For
Approve Dividend With Payout of MXN 0.63
Per Share or Stock in the Company Whose
Value Will Be Determined on The Closing Day
8 of March 15, 2005 Mgmt For For
Approve Variable Capital Increase Through
Issuance of 137.6 Million Common Shares To
Be Paid Back as Dividends at MXN 0.63 Per
Share; The Targeted Increase in Capital is
9 MXN 2.8 Billion Mgmt For For
Approve Modifications to Article 5 in the
10 Bylaws Mgmt For For
11 Accept Report Re: Employee Stock Option Plan Mgmt For Against
Accept Report Re: Wal-Mart de Mexico
12 Foundation Mgmt For For
13 Approve Discharge of the Board of Directors Mgmt For For
Elect or Approve Members of the Board of
14 Directors and Supervisory Board Mgmt For For
15 Approve Minutes of Meeting Mgmt For For
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Westpac Banking Corp. Accept Financial Statements and Statutory
(Wbc) AU000000WBC1 12/16/2004 1 Reports
2a Elect Edward Alfred Evans as Director Mgmt For For
2b Elect Gordon McKellar Cairns as Director Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Accept Financial Statements and Statutory
WPP Group Plc GB0009740423 6/27/2005 1 Reports Mgmt For For
Approve Final Dividend of 5.28 Pence Per
2 Ordinary Share Mgmt For For
3 Elect Lubna Olayan as Director Mgmt For For
4 Elect Jeffrey Rosen as Director Mgmt For For
5 Elect Mark Read as Director Mgmt For For
6 Re-elect Sir Martin Sorrell as Director Mgmt For For
7 Re-elect Stanley Morten as Director Mgmt For Against
8 Re-elect John Quelch as Director Mgmt For For
Reappoint Deloitte & Touche LLP as Auditors
and Authorise the Board to Determine Their
9 Remuneration Mgmt For For
-61-
PROXY VOTE SUMMARY REPORT FROM 07/01/04 TO 06/30/05
SIT INTERNATIONAL GROWTH FUND
Fund
Meeting Ballot Mgmt. Vote
Issuer Symbol CUSIP Date Issues Proponent Rec. Cast
- -----------------------------------------------------------------------------------------------------------------------------------
Authorise Issue of Equity or Equity-Linked
Securities with Pre-emptive Rights up to
10 Aggregate Nominal Amount of GBP 42,115,797 Mgmt For For
Authorise 126,473,866 Ordinary Shares for
11 Market Purchase Mgmt For For
Authorise Issue of Equity or Equity-Linked
Securities without Pre-emptive Rights up to
12 Aggregate Nominal Amount of GBP 6,323,693 Mgmt For For
13 Approve Remuneration Report Mgmt For For
- -----------------------------------------------------------------------------------------------------------------------------------
Approve Allocation of Income, Including the
Following Dividends: Interim JY 0, Final JY
Yamada Denki Co. JP3939000000 6/29/2005 1 20, Special JY 1 Mgmt For For
2 Amend Articles to: Expand Business Lines Mgmt For For
3.1 Elect Director Mgmt For For
3.2 Elect Director Mgmt For For
3.3 Elect Director Mgmt For For
4 Appoint Internal Statutory Auditor Mgmt For For
Approve Increase in Aggregate Compensation
5 Ceiling for Directors Mgmt For For
Approve Retirement Bonuses for Director and
Statutory Auditor, and Special Bonus for
6 Family of Deceased Director Mgmt For For
-62-
SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
(Registrant) Sit International Growth Fund, a series of Sit Mutual Funds, Inc.
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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.