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 --------------------------------------------------- Sit Dividend Growth Fund, a series of Sit Mutual Funds, Inc. - -------------------------------------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) 3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402 - -------------------------------------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) Kelly K. Boston, Staff Attorney - -------------------------------------------------------------------------------- 3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402 - -------------------------------------------------------------------------------- (NAME AND ADDRESS OF AGENT FOR SERVICE) Registrant's telephone number, including area code: 612-332-3223 ---------------------------- Date of fiscal year end: June 30, 2006 ------------------------------------- Date of reporting period: July 1, 2005 - June 30, 2006 ------------------------------------ PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 3M CO MMM 88579Y101 5/9/2006 1.1 Elect Director Linda G. Alvarado Mgmt For For 1.2 Elect Director Edward M. Liddy Mgmt For For 1.3 Elect Director Robert S. Morrison Mgmt For For 1.4 Elect Director Aulana L. Peters Mgmt For For 2 Ratify Auditors Mgmt For For 3 Declassify the Board of Directors Mgmt For For 4 Performance-Based ShrHoldr Against For 5 Adopt Animal Welfare Policy ShrHoldr Against Against 6 Implement China Principles ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ Abbott ABT 2824100 4/28/2006 1.1 Elect Director Roxanne S. Austin Mgmt For For Laboratories 1.2 Elect Director William M. Daley Mgmt For For 1.3 Elect Director W. James Farrell Mgmt For For 1.4 Elect Director H. Laurance Fuller Mgmt For For 1.5 Elect Director Richard A. Gonzalez Mgmt For For 1.6 Elect Director Jack M. Greenberg Mgmt For For 1.7 Elect Director Lord Owen Mgmt For For 1.8 Elect Director Boone Powell, Jr. Mgmt For For 1.9 Elect Director W. Ann Reynolds, Ph.D. Mgmt For For 1.10 Elect Director Roy S. Roberts Mgmt For For 1.11 Elect Director William D. Smithburg Mgmt For For 1.12 Elect Director John R. Walter Mgmt For For 1.13 Elect Director Miles D. White Mgmt For For 2 Ratify Auditors Mgmt For For 3 Performance-Based Equity Awards ShrHoldr Against For 4 Report on Political Contributions ShrHoldr Against Against 5 Separate Chairman and CEO Positions ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ ACCENTURE LTD ACN G1150G111 2/1/2006 1 APPOINTMENT OF THE FOLLOWING BERMUDA NOMINEE TO THE BOARD OF DIRECTORS: DINA DUBLON Mgmt For For 2 APPOINTMENT OF THE FOLLOWING NOMINEE TO THE BOARD OF DIRECTORS: WILLIAM D. GREEN Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -1- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Ace Ltd. ACE G0070K103 5/18/2006 1.1 Elect Director Michael G. Atieh Mgmt For For 1.2 Elect Director Mary A. Cirillo Mgmt For For 1.3 Elect Director Bruce L. Crockett Mgmt For For 1.4 Elect Director Thomas J. Neff Mgmt For For 1.5 Elect Director Gary M. Stuart Mgmt For For 2 APPROVAL OF AMENDMENT TO ACE LIMITED EMPLOYEE STOCK PURCHASE PLAN. Mgmt For For 3 RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF ACE LIMITED FOR THE FISCAL YEAR ENDING DECEMBER 31, 2006. Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Air Products APD 9158106 1/26/2006 1.1 Elect Director Mario L. Baeza Mgmt For For & Chemicals, 1.2 Elect Director Edward E. Inc. Hagenlocker Mgmt For For 1.3 Elect Director Terrence Murray Mgmt For For 1.4 Elect Director Charles H. Noski Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For 4 Approve Executive Incentive Bonus Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ AMB Property AMB 00163T109 5/11/2006 1.1 Elect Director Hamid R. Moghadam Mgmt For For Corp. 1.2 Elect Director W. Blake Baird Mgmt For For 1.3 Elect Director Afsaneh M. Beschloss Mgmt For For 1.4 Elect Director T. Robert Burke Mgmt For For 1.5 Elect Director David A. Cole Mgmt For For 1.6 Elect Director Lydia H. Kennard Mgmt For For 1.7 Elect Director J. Michael Losh Mgmt For For 1.8 Elect Director Frederick W. Reid Mgmt For For 1.9 Elect Director Jeffrey L. Skelton Mgmt For For 1.10 Elect Director Thomas W. Tusher Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ American APCC 29066107 6/8/2006 1 Fix Number of Directors Mgmt For For Power 2.1 Elect Director Rodger B. Conversion Dowdell, Jr. Mgmt For For Corp. 2.2 Elect Director Neil E. Rasmussen Mgmt For For 2.3 Elect Director Ervin F. Lyon Mgmt For For 2.4 Elect Director James D. Gerson Mgmt For For 2.5 Elect Director John G. Kassakian Mgmt For For 2.6 Elect Director Ellen B. Richstone Mgmt For For 3 Ratify Auditors Mgmt For For 4 Amend Qualified Employee Stock Purchase Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -2- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Aon Corp. AOC 37389103 5/19/2006 1.1 Elect Director Patrick G. Ryan Mgmt For For 1.2 Elect Director Gregory C. Case Mgmt For For 1.3 Elect Director Edgar D. Jannotta Mgmt For For 1.4 Elect Director Jan Kalff Mgmt For For 1.5 Elect Director Lester B. Knight Mgmt For For 1.6 Elect Director J. Michael Losh Mgmt For For 1.7 Elect Director R. Eden Martin Mgmt For For 1.8 Elect Director Andrew J. McKenna Mgmt For For 1.9 Elect Director Robert S. Morrison Mgmt For For 1.10 Elect Director Richard B. Myers Mgmt For For 1.11 Elect Director Richard C. Notebaert Mgmt For For 1.12 Elect Director John W. Rogers, Jr. Mgmt For For 1.13 Elect Director Gloria Santona Mgmt For For 1.14 Elect Director Carolyn Y. Woo Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Executive Incentive Bonus Plan Mgmt For For 4 Amend Omnibus Stock Plan Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ AT&T Inc T 00206R102 4/28/2006 1.1 Elect Director William F. Aldinger, III Mgmt For For 1.2 Elect Director Gilbert F. Amelio Mgmt For For 1.3 Elect Director August A. Busch, III Mgmt For For 1.4 Elect Director Martin K. Eby, Jr. Mgmt For For 1.5 Elect Director James A. Henderson Mgmt For For 1.6 Elect Director Charles F. Knight Mgmt For For 1.7 Elect Director Jon C. Madonna Mgmt For For 1.8 Elect Director Lynn M. Martin Mgmt For For 1.9 Elect Director John B. McCoy Mgmt For For 1.10 Elect Director Mary S. Metz Mgmt For For 1.11 Elect Director Toni Rembe Mgmt For For 1.12 Elect Director S. Donley Ritchey Mgmt For For 1.13 Elect Director Joyce M. Roche Mgmt For For 1.14 Elect Director Randall L. Stephenson Mgmt For For 1.15 Elect Director Laura D'Andrea Tyson Mgmt For For 1.16 Elect Director Patricia P. Upton Mgmt For For 1.17 Elect Director Edward E. Whitacre, Jr. Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For For 4 Amend Articles/Bylaws/Charter-Non-Routine Mgmt For For 5 Report on Political Contributions ShrHoldr Against Against 6 Separate Chairman and CEO Positions ShrHoldr Against For 7 Report on Pay Disparity ShrHoldr Against Against 8 Non-Employee Director Compensation ShrHoldr Against Against 9 Submit Severance Agreement (Change in Control) to shareholder Vote ShrHoldr Against For 10 Adopt Simple Majority Vote Requirement ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -3- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Autoliv Inc. ALV 52800109 5/4/2006 1.1 Elect Director George A. Lorch Mgmt For For 1.2 Elect Director James M. Ringler Mgmt For For 1.3 Elect Director Tetsuo Sekiya Mgmt For For 1.4 Elect Director Per Welin Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Automatic ADP 53015103 11/8/2005 1.1 Elect Director Gregory D. Data Brenneman Mgmt For For Processing, 1.2 Elect Director Leslie A. Brun Mgmt For For Inc. 1.3 Elect Director Gary C. Butler Mgmt For For 1.4 Elect Director Leon G. Cooperman Mgmt For For 1.5 Elect Director R. Glenn Hubbard Mgmt For For 1.6 Elect Director John P. Jones Mgmt For For 1.7 Elect Director Ann Dibble Jordan Mgmt For For 1.8 Elect Director Harvey M. Krueger Mgmt For For 1.9 Elect Director Frederic V. Malek Mgmt For For 1.10 Elect Director Henry Taub Mgmt For For 1.11 Elect Director Arthur F. Weinbach Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Becton, BDX 75887109 1/31/2006 1.1 Elect Director Edward J. Ludwig Mgmt For For Dickinson and 1.2 Elect Director Willard J. Company Overlock, Jr. Mgmt For For 1.3 Elect Director Bertram L. Scott Mgmt For For 2 Ratify Auditors Mgmt For For 3 Report on Toxic Chemicals ShrHoldr Against Against 4 Provide for Cumulative Voting ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Best Buy Co., BBY 86516101 6/21/2006 1.1 Elect Director Bradbury H. Inc. Anderson Mgmt For For 1.2 Elect Director Kathy J. Higgins Victor Mgmt For For 1.3 Elect Director Allen U. Lenzmeier Mgmt For For 1.4 Elect Director Frank D. Trestman Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ BJ Services BJS 55482103 1/31/2006 1.1 Elect Director John R. Huff Mgmt For For Company 1.2 Elect Director Michael E. Patrick Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Adjourn Meeting Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ -4- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ BP PLC 55622104 4/20/2006 1 TO RECEIVE THE DIRECTORS ANNUAL (Form. Bp REPORT AND THE ACCOUNTS Mgmt For For Amoco Plc ) 2 TO APPROVE THE DIRECTORS REMUNERATION REPORT Mgmt For For 3.1 Elect Director Dr D C Allen Mgmt For For 3.2 Elect Director Lord Browne Mgmt For For 3.3 Elect Director Mr J H Bryan Mgmt For For 3.4 Elect Director Mr A Burgmans Mgmt For For 3.5 Elect Director Mr I C Conn Mgmt For For 3.6 Elect Director Mr E B Davis, Jr Mgmt For For 3.7 Elect Director Mr D J Flint Mgmt For For 3.8 Elect Director Dr B E Grote Mgmt For For 3.9 Elect Director Dr A B Hayward Mgmt For For 3.10 Elect Director Dr D S Julius Mgmt For For 3.11 Elect Director Sir Tom Mckillop Mgmt For For 3.12 Elect Director Mr J A Manzoni Mgmt For For 3.13 Elect Director Dr W E Massey Mgmt For For 3.14 Elect Director Sir Ian Prosser Mgmt For For 3.15 Elect Director Mr M H Wilson Mgmt For For 3.16 Elect Director Mr P D Sutherland Mgmt For For 4 Ratify Auditors Mgmt For For 5 SPECIAL RESOLUTION: TO GIVE LIMITED AUTHORITY FOR THE PURCHASE OF ITS OWN SHARES BY THE COMPANY Mgmt For For 6 TO GIVE AUTHORITY TO ALLOT SHARES UP TO A SPECIFIED AMOUNT Mgmt For For 7 SPECIAL RESOLUTION: TO GIVE AUTHORITY TO ALLOT A LIMITED NUMBER OF SHARES FOR CASH WITHOUT MAKING AN OFFER TO SHAREHOLDERS Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Burlington BNI 12189T104 4/19/2006 1.1 Elect Director A.L. Boeckmann Mgmt For For Northern 1.2 Elect Director D.G. Cook Mgmt For For Santa Fe Corp. 1.3 Elect Director V.S. Martinez Mgmt For For 1.4 Elect Director M.F. Racicot Mgmt For For 1.5 Elect Director R.S. Roberts Mgmt For For 1.6 Elect Director M.K. Rose Mgmt For For 1.7 Elect Director M.J. Shapiro Mgmt For For 1.8 Elect Director J.C. Watts, Jr Mgmt For For 1.9 Elect Director R.H. West Mgmt For For 1.10 Elect Director J.S. Whisler Mgmt For For 1.11 Elect Director E.E. Whitacre, Jr. Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For 4 Amend Executive Incentive Bonus Plan Mgmt For For 5 Require a Majority Vote for the Election of Directors ShrHoldr Against For 6 Separate Chairman and CEO Positions ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ -5- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ C. R. Bard, Inc. BCR 67383109 4/19/2006 1.1 Elect Director Marc C. Breslawsky Mgmt For For 1.2 Elect Director Herbert L. Henkel Mgmt For For 1.3 Elect Director Timothy M. Ring Mgmt For For 1.4 Elect Director Tommy G. Thompson Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Amend Non-Employee Director Stock Option Plan Mgmt For For 4 Amend Qualified Employee Stock Purchase Plan Mgmt For For 5 Ratify Auditors Mgmt For For 6 Adopt ILO Standards ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Caterpillar Inc. CAT 149123101 6/14/2006 1.1 Elect Director David R. Goode Mgmt For For 1.2 Elect Director James W. Owens Mgmt For For 1.3 Elect Director Charles D. Powell Mgmt For For 1.4 Elect Director Joshua I. Smith Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For Against 4 Approve Executive Incentive Bonus Plan Mgmt For For 5 Ratify Auditors Mgmt For For 6 Declassify the Board of Directors ShrHoldr Against For 7 Separate Chairman and CEO Positions ShrHoldr Against For 8 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Inc. C 172967101 4/18/2006 1.1 Elect Director C. Michael Armstrong Mgmt For For 1.2 Elect Director Alain J.P. Belda Mgmt For For 1.3 Elect Director George David Mgmt For For 1.4 Elect Director Kenneth T. Derr Mgmt For For 1.5 Elect Director John M. Deutch Mgmt For For 1.6 Elect Director Roberto Hernandez Ramirez Mgmt For For 1.7 Elect Director Ann Dibble Jordan Mgmt For For 1.8 Elect Director Klaus Kleinfeld Mgmt For For 1.9 Elect Director Andrew N. Liveris Mgmt For For 1.10 Elect Director Dudley C. Mecum Mgmt For For 1.11 Elect Director Anne M. Mulcahy Mgmt For For 1.12 Elect Director Richard D. Parsons Mgmt For For 1.13 Elect Director Charles Prince Mgmt For For 1.14 Elect Director Dr. Judith Rodin Mgmt For For 1.15 Elect Director Robert E. Rubin Mgmt For For 1.16 Elect Director Franklin A. Thomas Mgmt For For 2 Ratify Auditors Mgmt For For 3 Reduce Supermajority Vote Requirement Mgmt For For 4 Reduce Supermajority Vote Requirement Mgmt For For 5 Reduce Supermajority Vote Requirement Mgmt For For 6 End Issuance of Options and Prohibit Repricing ShrHoldr Against Against 7 Report on Political Contributions ShrHoldr Against Against 8 Report on Charitable Contributions ShrHoldr Against Against 9 Performance-Based Equity Awards ShrHoldr Against For 10 Reimbursement of Expenses Incurred by Shareholder(s) ShrHoldr Against Against 11 Separate Chairman and CEO Positions ShrHoldr Against Against 12 Clawback of Payments Under Restatement ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -6- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Claires CLE 179584107 6/27/2006 1.1 Elect Director Marla L. Schaefer Mgmt For For Stores, Inc. 1.2 Elect Director E. Bonnie Schaefer Mgmt For For 1.3 Elect Director Ira D. Kaplan Mgmt For For 1.4 Elect Director Bruce G. Miller Mgmt For For 1.5 Elect Director Steven H. Tishman Mgmt For For 1.6 Elect Director Ann Spector Lieff Mgmt For For 1.7 Elect Director Martha Clark Goss Mgmt For For 2 Ratify Auditors Mgmt For For 3 Adopt MacBride Principles ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ Colgate-Palmolive CL 194162103 5/4/2006 1.1 Elect Director John T. Cahill Mgmt For For Co. 1.2 Elect Director Jill K. Conway Mgmt For For 1.3 Elect Director Ellen M. Hancock Mgmt For For 1.4 Elect Director David W. Johnson Mgmt For For 1.5 Elect Director Richard J. Kogan Mgmt For For 1.6 Elect Director Delano E. Lewis Mgmt For For 1.7 Elect Director Reuben Mark Mgmt For For 1.8 Elect Director J. Pedro Reinhard Mgmt For For 1.9 Elect Director Howard B. Wentz, Jr. Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Non-Employee Director Stock Option Plan Mgmt For For 4 Separate Chairman and CEO Positions ShrHoldr Against Against 5 Performance-Based Equity Awards ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Costco COST 22160K105 1/25/2006 1.1 Elect Director James D. Sinegal Mgmt For For Wholesale 1.2 Elect Director Jeffrey H. Brotman Mgmt For For Corporation 1.3 Elect Director Richard A. Galanti Mgmt For For 1.4 Elect Director Daniel J. Evans Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For Against 3 Declassify the Board of Directors ShrHoldr Against For 4 Adopt Vendor Standards ShrHoldr Against Against 5 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Deb Shops, Inc. DEBS 242728103 5/17/2006 1.1 Elect Director Barry H. Feinberg Mgmt For For 1.2 Elect Director Barry H. Frank Mgmt For For 1.3 Elect Director Ivan Inerfield Mgmt For For 1.4 Elect Director Ned J. Kaplin Mgmt For For 1.5 Elect Director Marvin Rounick Mgmt For For 1.6 Elect Director Jack A. Rounick Mgmt For For 1.7 Elect Director Warren Weiner Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -7- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Diageo Plc 25243Q205 10/18/2005 1 REPORTS AND ACCOUNTS 2005 Mgmt For For (Formerly 2 DIRECTORS REMUNERATION REPORT Guinness Plc) 2005 Mgmt For For 3 DECLARATION OF FINAL DIVIDEND Mgmt For For 4 RE-ELECTION OF LORD BLYTH OF ROWINGTON (MEMBER OF NOMINATION COMMITTEE) Mgmt For For 5 RE-ELECTION OF MS M LILJA (MEMBER OF AUDIT, NOMINATION AND REMUNERATION COMMITTEE) Mgmt For For 6 RE-ELECTION OF MR WS SHANAHAN (MEMBER OF AUDIT, NOMINATION AND REMUNERATION COMMITTEE) Mgmt For For 7 ELECTION OF DR FB HUMER (MEMBER OF AUDIT, NOMINATION AND REMUNERATION COMMITTEE) Mgmt For For 8 Ratify Auditors Mgmt For For 9 AUTHORITY TO ALLOT RELEVANT SECURITIES Mgmt For For 10 DISAPPLICATION OF PRE-EMPTION RIGHTS Mgmt For For 11 AUTHORITY TO PURCHASE OWN ORDINARY SHARES Mgmt For For 12 AUTHORITY TO MAKE EU POLITICAL DONATIONS/EXPENDITURE Mgmt For For 13 ADOPTION OF NEW ARTICLES OF ASSOCIATION Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -8- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ EAGLE BULK EGLE Y2187A101 5/24/2006 1.1 Elect Director Sophocles N. SHIPPING INC Zoullas Mgmt For Withhold 1.2 Elect Director Michael B. Goldberg Mgmt For For 2 THE BOARD HAS SELECTED THE FIRM OF ERNST & YOUNG LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO AUDIT THE FINANCIAL STATEMENTS OF EAGLE BULK SHIPPING FOR THE FISCAL YEAR ENDING DECEMBER 31, 2006 AND RECOMMENDS THAT SHAREHOLDERS VOTE Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Eli Lilly and LLY 532457108 4/24/2006 1.1 Elect Director Martin S. Co. Feldstein, Ph.D. Mgmt For For 1.2 Elect Director J. Erik Fyrwald Mgmt For For 1.3 Elect Director Ellen R. Marram Mgmt For For 1.4 Elect Director Sidney Taurel Mgmt For For 2 Ratify Auditors Mgmt For For 3 Report on Animal Welfare Policy ShrHoldr Against Against 4 Separate Chairman and CEO Positions ShrHoldr Against For 5 Declassify the Board of Directors ShrHoldr Against For 6 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Emerson EMR 291011104 2/7/2006 1.1 Elect Director A. A. Busch,III Mgmt For For Electric 1.2 Elect Director A. F. Golden Mgmt For Withhold Co. 1.3 Elect Director V. R. Loucks, Jr Mgmt For For 1.4 Elect Director J. B. Menzer Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For 4 Submit Severance Agreement (Change-in-Control) to Shareholder Vote ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ ENDURANCE ENH G30397106 10/26/2005 1 TO ADOPT THE COMPANY'S EMPLOYEE SPECIALTY SHARE PURCHASE PLAN. Mgmt For For HOLDINGS 2 TO ESTABLISH THE COMPANY'S 2005 SHARESAVE SCHEME AND AUTHORIZE THE BOARD TO DO ALL ACTS AND THINGS WHICH THEY MAY CONSIDER NECESSARY OR DESIRABLE TO BRING THE 2005 SHARESAVE SCHEME INTO EFFECT AND TO MAKE SUCH MODIFICATIONS WHICH THEY MAY CONSIDER NECESS Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -9- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Equitable EQT 294549100 4/12/2006 1.1 Elect Director Thomas A. McConomy Mgmt For For Resources, Inc. 1.2 Elect Director Barbara S. Jeremiah Mgmt For For 1.3 Elect Director Lee T. Todd, Jr., Ph.D. Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Executive Incentive Bonus Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Exelon Corp. EXC 30161N101 6/27/2006 1.1 Elect Director M.W. D'Alessio Mgmt For For 1.2 Elect Director R.B. Greco Mgmt For For 1.3 Elect Director J.M. Palms Mgmt For For 1.4 Elect Director J.W. Rogers Mgmt For For 1.5 Elect Director R.L. Thomas Mgmt For For 2 Ratify Auditors Mgmt For For 3 Submit Severance Agreement (Change in Control) to shareholder Vote ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Freeport-McMoRan FCX 35671D857 5/4/2006 1.1 Elect Director Robert J. Copper & Gold Inc. Allison, Jr. Mgmt For For 1.2 Elect Director Robert A. Day Mgmt For For 1.3 Elect Director Gerald J. Ford Mgmt For For 1.4 Elect Director H.Devon Graham, Jr. Mgmt For For 1.5 Elect Director J. Bennett Johnston Mgmt For For 1.6 Elect Director Bobby Lee Lackey Mgmt For For 1.7 Elect Director Gabrielle K. McDonald Mgmt For For 1.8 Elect Director James R. Moffet Mgmt For For 1.9 Elect Director B.M. Rankin, Jr. Mgmt For For 1.10 Elect Director J. Stapleton Roy Mgmt For For 1.11 Elect Director J. Taylor Wharton Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For For 4 Review Payment Policy to Indonesian Military ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ General GD 369550108 5/3/2006 1.1 Elect Director N.D. Chabraja Mgmt For For Dynamics Corp. 1.2 Elect Director J.S. Crown Mgmt For For 1.3 Elect Director W.P. Fricks Mgmt For For 1.4 Elect Director C.H. Goodman Mgmt For For 1.5 Elect Director J.L. Johnson Mgmt For For 1.6 Elect Director G.A. Joulwan Mgmt For For 1.7 Elect Director P.G. Kaminski Mgmt For For 1.8 Elect Director J.M. Keane Mgmt For For 1.9 Elect Director D.J. Lucas Mgmt For For 1.10 Elect Director L.L. Lyles Mgmt For For 1.11 Elect Director C.E. Mundy, Jr. Mgmt For For 1.12 Elect Director R. Walmsley Mgmt For For 2 Ratify Auditors Mgmt For For 3 Require a Majority Vote for the Election of Directors ShrHoldr Against For 4 Disqualification of Directors Who Fail to Receive Majority Vote ShrHoldr Against For 5 Separate Chairman and CEO Positions ShrHoldr Against For 6 Report Political Contributions ShrHoldr Against For 7 Sustainability Report ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ -10- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ General GE 369604103 4/26/2006 1.1 Elect Director James I. Cash, Jr. Mgmt For For Electric Co. 1.2 Elect Director Sir William M. Castell Mgmt For For 1.3 Elect Director Ann M. Fudge Mgmt For For 1.4 Elect Director Claudio X.Gonzalez Mgmt For Withhold 1.5 Elect Director Jeffrey R. Immelt Mgmt For For 1.6 Elect Director Andrea Jung Mgmt For For 1.7 Elect Director Alan G. Lafley Mgmt For For 1.8 Elect Director Robert W. Lane Mgmt For For 1.9 Elect Director Ralph S. Larsen Mgmt For For 1.10 Elect Director Rochelle B. Lazarus Mgmt For For 1.11 Elect Director Sam Nunn Mgmt For For 1.12 Elect Director Roger S. Penske Mgmt For For 1.13 Elect Director Robert J. Swieringa Mgmt For For 1.14 Elect Director Douglas A. Warner, III Mgmt For For 1.15 Elect Director Robert C. Wright Mgmt For For 2 Ratify Auditors Mgmt For For 3 Restore or Provide for Cumulative Voting ShrHoldr Against Against 4 Adopt Policy on Overboarded Directors ShrHoldr Against For 5 Company-Specific -- One Director from the Ranks of the Retirees ShrHoldr Against Against 6 Separate Chairman and CEO Positions ShrHoldr Against Against 7 Require a Majority Vote for the Election of Directors ShrHoldr Against Against 8 Report on Environmental Policies ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ General GIS 370334104 9/26/2005 1.1 Elect Director Paul Danos Mgmt For For Mills, Inc. 1.2 Elect Director William T. Esrey Mgmt For For 1.3 Elect Director Raymond V. Gilmartin Mgmt For For 1.4 Elect Director Judith Richards Hope Mgmt For For 1.5 Elect Director Heidi G. Miller Mgmt For For 1.6 Elect Director H. Ochoa-Brillembourg Mgmt For For 1.7 Elect Director Steve Odland Mgmt For For 1.8 Elect Director Michael D. Rose Mgmt For For 1.9 Elect Director Robert L. Ryan Mgmt For For 1.10 Elect Director Stephen W. Sanger Mgmt For For 1.11 Elect Director A. Michael Spence Mgmt For For 1.12 Elect Director Dorothy A. Terrell Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For For 4 Hire Advisor/Maximize Shareholder Value ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -11- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ GlaxoSmithKline 37733W105 5/17/2006 1 TO RECEIVE AND ADOPT THE PLC (formerly DIRECTORS REPORT AND THE Glaxo FINANCIAL STATEMENTS Mgmt For For Wellcome Plc ) 2 TO APPROVE THE REMUNERATION REPORT Mgmt For For 3 TO ELECT DR MONCEF SLAOUI AS A DIRECTOR Mgmt For For 4 TO ELECT MR TOM DE SWAAN AS A DIRECTOR Mgmt For For 5 TO RE-ELECT MR LARRY CULP AS A DIRECTOR Mgmt For For 6 TO RE-ELECT SIR CRISPIN DAVIS AS A DIRECTOR Mgmt For For 7 TO RE-ELECT DR RONALDO SCHMITZ AS A DIRECTOR Mgmt For For 8 Ratify Auditors Mgmt For For 9 REMUNERATION OF AUDITORS Mgmt For For 10 TO AUTHORISE THE COMPANY TO MAKE DONATIONS TO EU POLITICAL ORGANISATIONS AND INCUR EU POLITICAL EXPENDITURE Mgmt For Against 11 AUTHORITY TO ALLOT SHARES Mgmt For For 12 DISAPPLICATION OF PRE-EMPTION RIGHTS (INDICATES A SPECIAL RESOLUTION) Mgmt For For 13 AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN SHARES (INDICATES A SPECIAL RESOLUTION) Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Global GSL 37944Q103 5/18/2006 1.1 Elect Director David Abrams Mgmt For For Signal, Inc. 1.2 Elect Director Howard Rubin Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Granite GVA 387328107 5/22/2006 1.1 Elect Director Linda Griego Mgmt For For Construction Inc. 1.2 Elect Director David H. Kelsey Mgmt For For 1.3 Elect Director James W. Bradford Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -12- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Hewlett-Packard HPQ 428236103 3/15/2006 1.1 Elect Director P.C. Dunn Mgmt For For Co. 1.2 Elect Director L.T. Babbio, Jr. Mgmt For For 1.3 Elect Director S.M. Baldauf Mgmt For For 1.4 Elect Director R.A. Hackborn Mgmt For For 1.5 Elect Director J.H. Hammergren Mgmt For For 1.6 Elect Director M.V. Hurd Mgmt For For 1.7 Elect Director G.A. Keyworth Ii Mgmt For For 1.8 Elect Director T.J. Perkins Mgmt For For 1.9 Elect Director R.L. Ryan Mgmt For For 1.10 Elect Director L.S. Salhany Mgmt For For 1.11 Elect Director R.P. Wayman Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Executive Incentive Bonus Plan Mgmt For For 4 Require a Majority Vote for the Election of Directors ShrHoldr Against For 5 Claw-Back of Payments under Restatement ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ Intel Corp. INTC 458140100 5/17/2006 1 Elect Director Craig R. Barrett Mgmt For For 2 Elect Director Charlene Barshefsky Mgmt For For 3 Elect Director E. John P. Browne Mgmt For For 4 Elect Director D. James Guzy Mgmt For For 5 Elect Director Reed E. Hundt Mgmt For For 6 Elect Director Paul S. Otellini Mgmt For For 7 Elect Director James D. Plummer Mgmt For For 8 Elect Director David S. Pottruck Mgmt For For 9 Elect Director Jane E. Shaw Mgmt For For 10 Elect Director John L. Thornton Mgmt For For 11 Elect Director David B. Yoffie Mgmt For For 12 Rescind Fair Price Provision Mgmt For For 13 Amend Articles/Bylaws/Repeal Supermajority Vote Mgmt For For 14 Ratify Auditors Mgmt For For 15 Approve Omnibus Stock Plan Mgmt For For 16 Approve Qualified Employee Stock Purchase Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Ipc Holdings Ltd IPCR G4933P101 6/16/2006 1.1 Elect Director Frank Mutch Mgmt For For 1.2 Elect Director James P. Bryce Mgmt For For 1.3 Elect Director Peter S. Christie Mgmt For For 1.4 Elect Director S. George Cubbon Mgmt For For 1.5 Elect Director Kenneth L. Hammond Mgmt For For 1.6 Elect Director Dr. The Hon. C.E. James Mgmt For For 1.7 Elect Director Antony P.D. Lancaster Mgmt For For 2 Ratify Auditors Mgmt For For 3 APPROVAL OF REVISED PLAN OF REMUNERATION OF THE BOARD OF DIRECTORS. Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ ITT Corp. ITT 450911102 5/9/2006 1.1 Elect Director Steven R. Loranger Mgmt For For 1.2 Elect Director Curtis J. Crawford Mgmt For For 1.3 Elect Director Christina A. Gold Mgmt For For 1.4 Elect Director Ralph F. Hake Mgmt For For 1.5 Elect Director John J. Hamre Mgmt For For 1.6 Elect Director Raymond W. LeBoeuf Mgmt For For 1.7 Elect Director Frank T. MacInnis Mgmt For For 1.8 Elect Director Linda S. Sanford Mgmt For For 1.9 Elect Director Markos I. Tambakeras Mgmt For For 2 Ratify Auditors Mgmt For For 3 Change Company Name Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -13- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Johnson & JNJ 478160104 4/27/2006 1.1 Elect Director Mary S. Coleman Mgmt For For Johnson 1.2 Elect Director James G. Cullen Mgmt For For 1.3 Elect Director Robert J. Darretta Mgmt For For 1.4 Elect Director Michael M. E. Johns Mgmt For For 1.5 Elect Director Ann D. Jordan Mgmt For For 1.6 Elect Director Arnold G. Langbo Mgmt For For 1.7 Elect Director Susan L. Lindquist Mgmt For For 1.8 Elect Director Leo F. Mullin Mgmt For For 1.9 Elect Director Christine A. Poon Mgmt For For 1.10 Elect Director Charles Prince Mgmt For For 1.11 Elect Director Steven S. Reinemund Mgmt For For 1.12 Elect Director David Satcher Mgmt For For 1.13 Elect Director William C. Weldon Mgmt For For 2 Amend Articles to Remove Antitakeover Provision Mgmt For For 3 Ratify Auditors Mgmt For For 4 Disclose Charitable Contributions ShrHoldr Against Against 5 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan JPM 46625H100 5/16/2006 1.1 Elect Director John H. Biggs Mgmt For For Chase & Co. 1.2 Elect Director Stephen B. Burke Mgmt For For 1.3 Elect Director James S. Crown Mgmt For For 1.4 Elect Director James Dimon Mgmt For For 1.5 Elect Director Ellen V. Futter Mgmt For For 1.6 Elect Director William H. Gray, III Mgmt For For 1.7 Elect Director William B. Harrison, Jr. Mgmt For For 1.8 Elect Director Laban P. Jackson, Jr. Mgmt For For 1.9 Elect Director John W. Kessler Mgmt For For 1.10 Elect Director Robert I. Lipp Mgmt For For 1.11 Elect Director Richard A. Manoogian Mgmt For For 1.12 Elect Director David C. Novak Mgmt For For 1.13 Elect Director Lee R. Raymond Mgmt For For 1.14 Elect Director William C. Weldon Mgmt For For 2 Ratify Auditors Mgmt For For 3 Put Repricing of Stock Options to Shareholder Vote ShrHoldr Against Against 4 Performance-Based Equity Awards ShrHoldr Against For 5 Separate Chairman and CEO Positions ShrHoldr Against For 6 Remove Reference to Sexual Orientation from EEO Statement ShrHoldr Against Against 7 Amend Articles/Bylaws/Charter -- Call Special Meetings ShrHoldr Against For 8 Report on Lobbying Activities ShrHoldr Against For 9 Report on Political Contributions ShrHoldr Against For 10 Approve Terms of Existing Poison Pill ShrHoldr Against Against 11 Provide for Cumulative Voting ShrHoldr Against For 12 Claw-back of Payments under Restatements ShrHoldr Against Against 13 Require Director Nominee Qualifications ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -14- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Kayne 486606106 6/13/2006 1.1 Elect Director Kevin S. Mccarthy Mgmt For For Anderson MLP Investment Company - ------------------------------------------------------------------------------------------------------------------------------------ Kimberly-Clark KMB 494368103 4/27/2006 1.1 Elect Director Dennis R. Corp. Beresford Mgmt For For 1.2 Elect Director Abelardo E. Bru Mgmt For For 1.3 Elect Director Thomas J. Falk Mgmt For For 1.4 Elect Director Mae C. Jemison, M.D. Mgmt For For 2 Ratify Auditors Mgmt For For 3 Declassify the Board of Directors ShrHoldr Against For 4 Adopt ILO Standards ShrHoldr Against Against 5 Require a Majority Vote for the Election of Directors ShrHoldr Against For 6 Report on Feasibility of Phasing Out the Use of Non-certified Wood Fiber ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ Kinder KMI 49455P101 5/9/2006 1.1 Elect Director Richard D. Kinder Mgmt For For Morgan, Inc. 1.2 Elect Director Edward H. Austin, Jr. Mgmt For For 1.3 Elect Director William J. Hybl Mgmt For For 1.4 Elect Director Ted A. Gardner Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Approve Nonqualified Employee Stock Purchase Plan Mgmt For For 4 Amend Qualified Employee Stock Purchase Plan Mgmt For For 5 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Lincoln LNC 534187109 3/20/2006 1 Issue Shares in Connection with National Corp. an Acquisition Mgmt For For 2 Adjourn Meeting Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Lincoln LNC 534187109 6/9/2006 1.1 Elect Director Jon A. Boscia Mgmt For For National Corp. 1.2 Elect Director George W. Henderson, III Mgmt For For 1.3 Elect Director Eric G. Johnson Mgmt For For 1.4 Elect Director M. Leanne Lachman Mgmt For For 1.5 Elect Director Isaiah Tidwell Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -15- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Marathon Oil MRO 565849106 4/26/2006 1.1 Elect Director Clarence P. Cazalot Mgmt For For 1.2 Elect Director David A. Daberko Mgmt For For 1.3 Elect Director William L. Davis Mgmt For For 2 Ratify Auditors Mgmt For For 3 Declassify the Board of Directors Mgmt For For 4 Eliminate Class of Preferred Stock Mgmt For For 5 Require a Majority Vote for the Election of Directors ShrHoldr Against For 6 Adopt Simple Majority Vote Requirement ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Motorola, Inc. MOT 620076109 5/1/2006 1.1 Elect Director E. Zander Mgmt For For 1.2 Elect Director H.L. Fuller Mgmt For Against 1.3 Elect Director J. Lewent Mgmt For For 1.4 Elect Director T. Meredith Mgmt For For 1.5 Elect Director N. Negroponte Mgmt For For 1.6 Elect Director I. Nooyi Mgmt For For 1.7 Elect Director S. Scott, III Mgmt For For 1.8 Elect Director R. Sommer Mgmt For For 1.9 Elect Director J. Stengel Mgmt For For 1.10 Elect Director D. Warner, III Mgmt For For 1.11 Elect Director J. White Mgmt For For 1.12 Elect Director M. White Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Nokia Corp. 654902204 3/30/2006 1 APPROVAL OF THE INCOME STATEMENTS AND THE BALANCE SHEETS. Mgmt For For 2 PROPOSAL TO THE ANNUAL GENERAL MEETING OF A DIVIDEND OF EUR 0.37 PER SHARE. Mgmt For For 3 APPROVAL OF THE DISCHARGE OF THE CHAIRMAN, THE MEMBERS OF THE BOARD OF DIRECTORS AND THE PRESIDENT FROM LIABILITY. Mgmt For For 4 APPROVAL OF THE REMUNERATION TO BE PAID TO THE MEMBERS OF THE BOARD OF DIRECTORS. Mgmt For For 5 PROPOSAL ON THE NUMBER OF MEMBERS OF THE BOARD OF DIRECTORS AS PROPOSED BY THE CORPORATE GOVERNANCE AND NOMINATION COMMITTEE. Mgmt For For -16- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 6.1 Elect Director Paul J. Collins Mgmt For For 6.2 Elect Director Georg Ehrnrooth Mgmt For For 6.3 Elect Director Daniel R. Hesse Mgmt For For 6.4 Elect Director Bengt Holmstrom Mgmt For For 6.5 Elect Director Per Karlsson Mgmt For For 6.6 Elect Director Edouard Michelin Mgmt For For 6.7 Elect Director Jorma Ollila Mgmt For For 6.8 Elect Director Marjorie Scardino Mgmt For For 6.9 Elect Director Keijo Suila Mgmt For For 6.10 Elect Director Vesa Vainio Mgmt For For 7 APPROVAL OF THE REMUNERATION TO BE PAID TO THE AUDITOR. Mgmt For For 8 APPROVAL OF THE RE-ELECTION OF PRICEWATERHOUSECOOPERS OY AS THE AUDITORS FOR FISCAL YEAR 2006. Mgmt For For 9 PROPOSAL OF THE BOARD TO REDUCE THE SHARE CAPITAL THROUGH CANCELLATION OF NOKIA SHARES HELD BY COMPANY. Mgmt For For 10 AUTHORIZATION TO THE BOARD TO INCREASE THE SHARE CAPITAL OF THE COMPANY. Mgmt For For 11 AUTHORIZATION TO THE BOARD TO REPURCHASE NOKIA SHARES. Mgmt For For 12 AUTHORIZATION TO THE BOARD TO DISPOSE NOKIA SHARES HELD BY THE COMPANY. Mgmt For For 13 MARK THE FOR BOX IF YOU WISH TO INSTRUCT NOKIA'S LEGAL COUNSELS TO VOTE IN THEIR DISCRETION ON YOUR BEHALF ONLY UPON ITEM 13. Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ -17- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Occidental OXY 674599105 5/5/2006 1.1 Elect Director Spencer Abraham Mgmt For For Petroleum Corp. 1.2 Elect Director Ronald W. Burkle Mgmt For Withhold 1.3 Elect Director John S. Chalsty Mgmt For Withhold 1.4 Elect Director Edward P. Djerejian Mgmt For For 1.5 Elect Director R. Chad Dreier Mgmt For Withhold 1.6 Elect Director John E. Feick Mgmt For For 1.7 Elect Director Ray R. Irani Mgmt For For 1.8 Elect Director Irvin W. Maloney Mgmt For Withhold 1.9 Elect Director Rodolfo Segovia Mgmt For For 1.10 Elect Director Aziz D. Syriani Mgmt For For 1.11 Elect Director Rosemary Tomich Mgmt For Withhold 1.12 Elect Director Walter L. Weisman Mgmt For For 2 Ratify Auditors Mgmt For For 3 Increase Authorized Common Stock Mgmt For For 4 Limit Executive Compensation ShrHoldr Against Against 5 Report on Global Warming ShrHoldr Against Against 6 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Olin Corp. OLN 680665205 4/27/2006 1.1 Elect Director Donald W. Bogus Mgmt For For 1.2 Elect Director C. Robert Bunch Mgmt For For 1.3 Elect Director John M.B. O'Connor Mgmt For For 1.4 Elect Director Philip J. Schulz Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Owens & OMI 690732102 4/28/2006 1.1 Elect Director John T. Crotty Mgmt For For Minor, Inc. 1.2 Elect Director Richard E. Fogg Mgmt For For 1.3 Elect Director James E. Rogers Mgmt For For 1.4 Elect Director James E. Ukrop Mgmt For For 2 Ratify Auditors Mgmt For For 3 Other Business Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ PepsiCo, Inc. PEP 713448108 5/3/2006 1.1 Elect Director John F. Akers Mgmt For For 1.2 Elect Director Robert E. Allen Mgmt For For 1.3 Elect Director Dina Dublon Mgmt For For 1.4 Elect Director Victor J. Dzau, M.D. Mgmt For For 1.5 Elect Director Ray L. Hunt Mgmt For For 1.6 Elect Director Alberto Ibarguen Mgmt For For 1.7 Elect Director Arthur C. Martinez Mgmt For For 1.8 Elect Director Indra K. Nooyi Mgmt For For 1.9 Elect Director Steven S. Reinemund Mgmt For For 1.10 Elect Director Sharon Percy Rockefeller Mgmt For For 1.11 Elect Director James J. Schiro Mgmt For For 1.12 Elect Director Franklin A. Thomas Mgmt For For 1.13 Elect Director Cynthia M. Trudell Mgmt For For 1.14 Elect Director Daniel Vasella Mgmt For For 1.15 Elect Director Michael D. White Mgmt For For 2 Ratify Auditors Mgmt For For 3 Publish Political Contributions ShrHoldr Against Against 4 Report on Charitable Contributions ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -18- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ PerkinElmer Inc. PKI 714046109 4/25/2006 1.1 Elect Director Tamara J. Erickson Mgmt For For 1.2 Elect Director Robert F. Friel Mgmt For For 1.3 Elect Director Nicholas A. Lopardo Mgmt For For 1.4 Elect Director Alexis P. Michas Mgmt For For 1.5 Elect Director James C. Mullen Mgmt For For 1.6 Elect Director Vicki L. Sato Mgmt For For 1.7 Elect Director Gabriel Schmergel Mgmt For For 1.8 Elect Director Kenton J. Sicchitano Mgmt For For 1.9 Elect Director Gregory L. Summe Mgmt For For 1.10 Elect Director G. Robert Tod Mgmt For For 2 Ratify Auditors Mgmt For For 3 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Pitney Bowes PBI 724479100 5/8/2006 1.1 Elect Director Anne Sutherland Fuchs Mgmt For For 1.2 Elect Director James H. Keyes Mgmt For For 1.3 Elect Director David L. Shedlarz Mgmt For For 1.4 Elect Director David B. Snow, Jr. Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Executive Incentive Bonus Plan Mgmt For For 4 Approve Qualified Employee Stock Purchase Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Precision PD.U 740215108 5/9/2006 1 Elect Robert J.S. Gibson, Drilling Trust Patrick M. Murray and H. Garth Wiggins as Trustees of the Trust Mgmt For For 2 Elect W.C. (Mickey) Dunn, Brian A. Felesky, Robert M. Murray, Frederick W. Pheasey, Robert L. Phillips, Hank B. Swartout and H. Garth Wiggins as Directors of Precision Drilling Corporation Mgmt For For 3 Ratify KPMG LLP as Auditors Mgmt For For 4 Other Business Mgmt For Withhold - ------------------------------------------------------------------------------------------------------------------------------------ Prudential PRU 744320102 5/9/2006 1.1 Elect Director Frederic K. Becker Mgmt For For Financial Inc 1.2 Elect Director Gordon M. Bethune Mgmt For For 1.3 Elect Director James G. Cullen Mgmt For For 1.4 Elect Director William H. Gray, III Mgmt For For 1.5 Elect Director Jon F. Hanson Mgmt For For 1.6 Elect Director Constance J. Homer Mgmt For For 1.7 Elect Director James A. Unruh Mgmt For For 2 Ratify Auditors Mgmt For For 3 Eliminate or Restrict Severance Agreements (Change-in-Control) ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ -19- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Southern PCU 84265V105 5/4/2006 1.1 Elect Director Emilio Carrillo Copper Gamboa Mgmt For Withhold 1.2 Elect Director Jaime Fernando Collazo Gonzalez Mgmt For Withhold 1.3 Elect Director Xavier Garcia de Quevedo Topete Mgmt For Withhold 1.4 Elect Director Oscar Gonzalez Rocha Mgmt For Withhold 1.5 Elect Director J. Eduardo Gonzalez Felix Mgmt For Withhold 1.6 Elect Director Harold S. Handelsman Mgmt For For 1.7 Elect Director German Larrea Mota-Velasco Mgmt For Withhold 1.8 Elect Director Genaro Larrea Mota-Velasco Mgmt For Withhold 1.9 Elect Director Armando Ortega Gomez Mgmt For Withhold 1.10 Elect Director Juan Rebolledo Gout Mgmt For Withhold 1.11 Elect Director Luis Miguel Palomino Bonilla Mgmt For For 1.12 Elect Director Gilberto Perezalonso Cifuentes Mgmt For For 1.13 Elect Director Carlos Ruiz Sacristan Mgmt For For 2 Require Advance Notice for Shareholder Proposals/Nominations Mgmt For Against 3 Amend Articles/Bylaws/Charter-Non-Routine Mgmt For For 4 Amend Articles/Change in Control Mgmt For For 5 Adopt Supermajority Vote Requirement for Amendments Mgmt For Against 6 Increase Authorized Common Stock Mgmt For For 7 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Syntel, Inc. SYNT 87162H103 6/1/2006 1.1 Elect Director Paritosh K. Choksi Mgmt For For 1.2 Elect Director Bharat Desai Mgmt For For 1.3 Elect Director Paul R. Donavan Mgmt For For 1.4 Elect Director George R. Mrkonic, Jr. Mgmt For For 1.5 Elect Director Vasant Raval Mgmt For For 1.6 Elect Director Neerja Sethi Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Approve Qualified Employee Stock Purchase Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ The Chubb Corp. CB 171232101 4/25/2006 1.1 Elect Director Zoe Baird Mgmt For For 1.2 Elect Director Sheila P. Burke Mgmt For For 1.3 Elect Director James I. Cash, Jr. Mgmt For For 1.4 Elect Director Joel J. Cohen Mgmt For For 1.5 Elect Director James M. Cornelius Mgmt For For 1.6 Elect Director John D. Finnegan Mgmt For For 1.7 Elect Director Klaus J. Mangold Mgmt For For 1.8 Elect Director Sir David G. Scholey Mgmt For For 1.9 Elect Director Raymond G.H. Seitz Mgmt For For 1.10 Elect Director Lawrence M. Small Mgmt For For 1.11 Elect Director Daniel E. Somers Mgmt For For 1.12 Elect Director Karen Hastie Williams Mgmt For For 1.13 Elect Director Alfred W. Zollar Mgmt For For 2 Approve Executive Incentive Bonus Plan Mgmt For For 3 Ratify Auditors Mgmt For For 4 Require a Majority Vote for the Election of Directors ShrHoldr Against For 5 Report on Political Contributions ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -20- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ The Dow DOW 260543103 5/11/2006 1.1 Elect Director Jacqueline K. Barton Mgmt For For Chemical 1.2 Elect Director James A. Bell Mgmt For For Company 1.3 Elect Director Barbara Hackman Franklin Mgmt For For 1.4 Elect Director Andrew N. Liveris Mgmt For For 1.5 Elect Director Geoffery E. Merszei Mgmt For For 1.6 Elect Director J. Pedro Reinhard Mgmt For For 1.7 Elect Director Ruth G. Shaw Mgmt For For 1.8 Elect Director Paul G. Stern Mgmt For For 2 Ratify Auditors Mgmt For For 3 Report on Remediation Policies in Bhopal ShrHoldr Against Against 4 Report on Genetically Modified Organisms ShrHoldr Against Against 5 Evaluate Potential Links Between Company Products and Asthma ShrHoldr Against Against 6 Report on Security of Chemical Facilities ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ The McGraw-Hill MHP 580645109 4/26/2006 1.1 Elect Director James H. Ross Mgmt For For Companies, Inc. 1.2 Elect Director Kurt L. Schmoke Mgmt For For 1.3 Elect Director Sidney Taurel Mgmt For For 2 Ratify Auditors Mgmt For For 3 Declassify the Board of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ The Procter & PG 742718109 10/11/2005 1.1 Elect Director Bruce L. Byrnes Mgmt For For Gamble Company 1.2 Elect Director Scott D. Cook Mgmt For For 1.3 Elect Director Charles R. Lee Mgmt For For 1.4 Elect Director W. James McNerney, Jr. Mgmt For For 1.5 Elect Director Ernesto Zedillo Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Articles Mgmt For For 4 Declassify the Board of Directors Mgmt For For 5 Report on Animal Welfare Policy ShrHoldr Against Against 6 Seek Sale of Company/Assets ShrHoldr Against Against 7 Report on Political Contributions ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ The Procter & PG 742718109 7/12/2005 1 Approve Merger Agreement Mgmt For For Gamble Company 2 Adjourn Meeting Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -21- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Tortoise Energy 89147L100 4/12/2006 1.1 Elect Director Charles E. Heath Mgmt For For Infrastructure Corp. 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Total SA (Formerly 89151E109 5/12/2006 1 APPROVAL OF PARENT COMPANY Total Fina FINANCIAL STATEMENTS Mgmt For For Elf S.A ) 2 APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS Mgmt For For 3 ALLOCATION OF EARNINGS, DECLARATION OF DIVIDEND Mgmt For For 4 AUTHORIZATION TO BE GIVEN TO THE BOARD OF DIRECTORS TO TRANSFER THE SPECIAL LONG-TERM CAPITAL GAINS RESERVED TO THE ACCOUNT Mgmt For For 5 AGREEMENTS COVERED BY ARTICLE L.225-38 OF THE FRENCH COMMERCIAL CODE Mgmt For For 6 AUTHORIZATION FOR THE BOARD OF DIRECTORS TO TRADE SHARES OF THE COMPANY Mgmt For For 7.1 Elect Director Anne Lauvergeon Mgmt For For 7.2 Elect Director Daniel Bouton Mgmt For Withhold 7.3 Elect Director Bertrand Collomb Mgmt For For 7.4 Elect Director A Jeancourt-Galignani Mgmt For For 7.5 Elect Director Michel Pebereau Mgmt For Withhold 7.6 Elect Director Pierre Vaillaud Mgmt For For 7.7 Elect Director Christophe De Margerie Mgmt For Withhold 8 APPROVAL OF THE ASSET CONTRIBUTION BY THE COMPANY TO ARKEMA, GOVERNED BY THE LEGAL REGIME APPLICABLE TO DEMERGERS Mgmt For For 9 FOUR-FOR-ONE STOCK SPLIT Mgmt For For 10 AMENDMENT OF ARTICLE 11-3 OF THE COMPANY'S ARTICLES OF ASSOCIATION FIXING THE NUMBER OF SHARES OF THE COMPANY Mgmt For For 11 RESOLUTION A (NOT APPROVED BY THE BOARD OF DIRECTORS) ShrHoldr Against For 12 RESOLUTION B (NOT APPROVED BY THE BOARD OF DIRECTORS) ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -22- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ TSAKOS ENERGY TNP G9108L108 6/1/2006 1.1 Elect Director Francis T. NAVIGATION Nusspickel Mgmt For For LTD.(formerly 1.2 Elect Director William A. O'Neil Mgmt For For MIF Limited) 2 APPROVAL OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2005, TOGETHER WITH THE AUDITORS REPORT. Mgmt For For 3 RATIFICATION OF ERNST & YOUNG, ATHENS AS AUDITORS. Mgmt For For 4 AUTHORIZATION OF THE REMUNERATION OF DIRECTORS. Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ TXU Corp. TXU 873168108 5/19/2006 1.1 Elect Director E. Gail de Planque Mgmt For For 1.2 Elect Director Leldon E. Echols Mgmt For For 1.3 Elect Director Kerney Laday Mgmt For For 1.4 Elect Director Jack E. Little Mgmt For For 1.5 Elect Director Gerardo I. Lopez Mgmt For For 1.6 Elect Director J.E. Oesterreicher Mgmt For For 1.7 Elect Director Michael W. Ranger Mgmt For For 1.8 Elect Director Leonard H. Roberts Mgmt For For 1.9 Elect Director Glenn F. Tilton Mgmt For For 1.10 Elect Director C. John Wilder Mgmt For For 2 Ratify Auditors Mgmt For For 3 Establish Range For Board Size Mgmt For For 4 Amend Articles/Bylaws/Charter-Non-Routine Mgmt For For 5 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ -23- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG H8920M855 4/19/2006 1 ANNUAL REPORT, GROUP AND PARENT COMPANY ACCOUNTS FOR FINANCIAL YEAR 2005 REPORTS OF THE GROUP AND STATUTORY AUDITORS Mgmt For For 2 APPROPRIATION OF RETAINED EARNINGS DIVIDEND FOR FINANCIAL YEAR 2005 Mgmt For For 3 DISCHARGE OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE GROUP EXECUTIVE BOARD Mgmt For For 4 RE-ELECTION OF BOARD MEMBER: ROLF A. MEYER Mgmt For For 5 RE-ELECTION OF BOARD MEMBER: ERNESTO BERTARELLI Mgmt For For 6 ELECTION OF NEW BOARD MEMBER: GABRIELLE KAUFMANN-KOHLER Mgmt For For 7 ELECTION OF NEW BOARD MEMBER: JOERG WOLLE Mgmt For For 8 ELECTION OF THE GROUP AND STATUTORY AUDITORS Mgmt For For 9 ELECTION OF THE SPECIAL AUDITORS Mgmt For For 10 CANCELLATION OF SHARES REPURCHASED UNDER THE 2005/2006 SHARE BUYBACK PROGRAM Mgmt For For 11 APPROVAL OF NEW SHARE BUYBACK PROGRAM FOR 2006/2007 Mgmt For For 12 ONE-TIME PAYOUT IN THE FORM OF A PAR VALUE REPAYMENT Mgmt For For 13 SHARE SPLIT Mgmt For For 14 AMENDMENTS TO ARTICLE 4 PARA. 1 AND ARTICLE 4A OF THE ARTICLES OF ASSOCIATION Mgmt For For 15 REDUCTION OF THE THRESHOLD VALUE FOR AGENDA ITEM REQUESTS (ARTICLE 12 PARA. 1 OF THE ARTICLES OF ASSOCIATION) Mgmt For For 16 CREATION OF CONDITIONAL CAPITAL, APPROVAL OF ARTICLE 4A PARA. 2 OF THE ARTICLES OF ASSOCIATION Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ -24- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ United Parcel UPS 911312106 5/4/2006 1.1 Elect Director John J. Beystehner Mgmt For For Service, Inc. 1.2 Elect Director Michael J. Burns Mgmt For For 1.3 Elect Director D. Scott Davis Mgmt For For 1.4 Elect Director Stuart E. Eizenstat Mgmt For For 1.5 Elect Director Michael L. Eskew Mgmt For For 1.6 Elect Director James P. Kelly Mgmt For Withhold 1.7 Elect Director Ann M. Livermore Mgmt For For 1.8 Elect Director Gary E. MacDougal Mgmt For For 1.9 Elect Director Victor A. Pelson Mgmt For For 1.10 Elect Director John W. Thompson Mgmt For For 1.11 Elect Director Carol B. Tome Mgmt For For 1.12 Elect Director Ben Verwaayen Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ United UTX 913017109 4/12/2006 1.1 Elect Director Louis R. Chenevert Mgmt For For Technologies Corp. 1.2 Elect Director George David Mgmt For For 1.3 Elect Director John V. Faraci Mgmt For For 1.4 Elect Director Jean-Pierre Garnier Mgmt For For 1.5 Elect Director Jamie S. Gorelick Mgmt For For 1.6 Elect Director Charles R. Lee Mgmt For For 1.7 Elect Director Richard D. McCormick Mgmt For For 1.8 Elect Director Harold McGraw, III Mgmt For For 1.9 Elect Director Frank P. Popoff, III Mgmt For For 1.10 Elect Director H. Patrick Swygert Mgmt For For 1.11 Elect Director Andre Villeneuve Mgmt For For 1.12 Elect Director H.A. Wagner Mgmt For For 1.13 Elect Director Christine Todd Whitman Mgmt For For 2 Ratify Auditors Mgmt For For 3 Increase Authorized Common Stock Mgmt For For 4 Establish Term Limits for Directors ShrHoldr Against Against 5 Report on Foreign Sales of Military Products ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ VF Corp. VFC 918204108 4/25/2006 1.1 Elect Director Robert J. Hurst Mgmt For For 1.2 Elect Director W. Alan McCollough Mgmt For For 1.3 Elect Director M. Rust Sharp Mgmt For For 1.4 Elect Director Raymond G. Viault Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Vodafone 92857W100 7/26/2005 1 TO RECEIVE THE REPORT OF THE Group PLC DIRECTORS AND FINANCIAL STATEMENTS Mgmt For For 2.1 Elect Director Lord Maclaurin Mgmt For For 2.2 Elect Director Paul Hazen Mgmt For For 2.3 Elect Director Arun Sarin Mgmt For For 2.4 Elect Director Sir Julian Horn-Smith Mgmt For For -25- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 2.5 Elect Director Peter Bamford Mgmt For For 2.6 Elect Director Thomas Geitner Mgmt For For 2.7 Elect Director Dr Michael Boskin Mgmt For For 2.8 Elect Director Lord Broers Mgmt For For 2.9 Elect Director John Buchanan Mgmt For For 2.10 Elect Director Penny Hughes Mgmt For For 2.11 Elect Director Prof. Jurgen Schrempp Mgmt For For 2.12 Elect Director Luc Vandevelde Mgmt For For 2.13 Elect Director Sir John Bond Mgmt For For 2.14 Elect Director Andrew Halford Mgmt For For 3 TO APPROVE A FINAL DIVIDEND OF 2.16P PER ORDINARY SHARE Mgmt For For 4 TO APPROVE THE REMUNERATION REPORT Mgmt For For 5 Ratify Auditors Mgmt For For 6 TO AUTHORISE THE AUDIT COMMITTEE TO DETERMINE THE AUDITORS REMUNERATION Mgmt For For 7 TO AUTHORISE DONATIONS UNDER THE POLITICAL PARTIES, ELECTIONS AND REFERENDUMS ACT 2000 Mgmt For For 8 TO RENEW AUTHORITY TO ALLOT SHARES UNDER ARTICLE 16.2 OF THE COMPANY'S ARTICLES OF ASSOCIATION Mgmt For For 9 TO RENEW AUTHORITY TO DISAPPLY PRE-EMPTION RIGHTS UNDER ARTICLE 16.3 OF THE COMPANY'S ARTICLES OF ASSOCIATION Mgmt For For 10 TO AUTHORISE THE COMPANY'S PURCHASE OF ITS OWN SHARES (SECTION 166, COMPANIES ACT 1985) Mgmt For For 11 TO APPROVE CHANGES TO THE COMPANY'S MEMORANDUM AND ARTICLES OF ASSOCIATION Mgmt For For 12 TO APPROVE THE VODAFONE GLOBAL INCENTIVE PLAN Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -26- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT DIVIDEND GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Wachovia Corp. WB 929903102 4/18/2006 1.1 Elect Director William H. Goodwin, Jr. Mgmt For For 1.2 Elect Director Robert A. Ingram Mgmt For For 1.3 Elect Director Mackey J. McDonald Mgmt For Withhold 1.4 Elect Director Lanty L. Smith Mgmt For For 1.5 Elect Director Ruth G. Shaw Mgmt For For 1.6 Elect Director Ernest S. Rady Mgmt For For 2 Ratify Auditors Mgmt For For 3 Submit Severance Agreement (Change in Control) to shareholder Vote ShrHoldr Against For 4 Report on Political Contributions ShrHoldr Against Against 5 Separate Chairman and CEO Positions ShrHoldr Against Against 6 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Wells Fargo & WFC 949746101 4/25/2006 1.1 Elect Director Lloyd H. Dean Mgmt For For Company 1.2 Elect Director Susan E. Engel Mgmt For For 1.3 Elect Director Enrique Hernandez, Jr. Mgmt For For 1.4 Elect Director Robert L. Joss Mgmt For For 1.5 Elect Director Richard M. Kovacevich Mgmt For For 1.6 Elect Director Richard D. McCormick Mgmt For For 1.7 Elect Director Cynthia H. Milligan Mgmt For Withhold 1.8 Elect Director Nicholas G. Moore Mgmt For For 1.9 Elect Director Philip J. Quigley Mgmt For Withhold 1.10 Elect Director Donald B. Rice Mgmt For Withhold 1.11 Elect Director Judith M. Runstad Mgmt For For 1.12 Elect Director Stephen W. Sanger Mgmt For For 1.13 Elect Director Susan G. Swenson Mgmt For For 1.14 Elect Director Michael W. Wright Mgmt For Withhold 2 Ratify Auditors Mgmt For For 3 Require a Majority Vote for the Election of Directors ShrHoldr Against For 4 Separate Chairman and CEO Positions ShrHoldr Against For 5 Compensation- Director Compensation ShrHoldr Against Against 6 Report on Discrimination in Lending ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ Wyeth WYE 983024100 4/27/2006 1.1 Elect Director Robert Essner Mgmt For For 1.2 Elect Director John D. Feerick Mgmt For For 1.3 Elect Director Frances D. Fergusson, Ph.D. Mgmt For For 1.4 Elect Director Victor F. Ganzi Mgmt For For 1.5 Elect Director Robert Langer Mgmt For For 1.6 Elect Director John P. Mascotte Mgmt For For 1.7 Elect Director Mary Lake Polan, M.D., Ph.D. Mgmt For For 1.8 Elect Director Gary L. Rogers Mgmt For For 1.9 Elect Director Ivan G. Seidenberg Mgmt For For 1.10 Elect Director Walter V. Shipley Mgmt For For 1.11 Elect Director John R. Torell, III Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Non-Employee Director Omnibus Stock Plan Mgmt For For 4 Report on Product Availability in Canada ShrHoldr Against For 5 Report on Political Contributions ShrHoldr Against For 6 Report on Animal welfare Policy ShrHoldr Against For 7 Require a Majority Vote for the Election of Directors ShrHoldr Against For 8 Separate Chairman and CEO Positions ShrHoldr Against For 9 Adopt Simple Majority Vote Requirement ShrHoldr Against For -27- 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 Dividend Growth Fund, a series of Sit Mutual Funds, Inc. ------------------------------------------------------------------- By (Signature and Title)*/s/ Paul E. Rasmussen, Vice President ------------------------------------------------------- Date August 30, 2006 --------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.