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 Balanced 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 VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED 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 - ---------------------------------------------------------------------------------------------------------------------------------- Adobe Systems Inc. ADBE 00724F101 8/24/2005 1 Issue Shares in Connection with an Acquisition Mgmt For For 2 Adjourn Meeting Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Adobe Systems Inc. ADBE 00724F101 3/28/2006 1.1 Elect Director Edward W. Barnholt Mgmt For For 1.2 Elect Director Michael R. Cannon Mgmt For For 1.3 Elect Director Bruce R. Chizen Mgmt For For 1.4 Elect Director James E. Daley Mgmt For For 1.5 Elect Director Charles M. Geschke Mgmt For For 1.6 Elect Director Delbert W. Yocam Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Approve Executive Incentive Bonus Plan Mgmt For For 4 Ratify Auditors 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. Hagenlocker Mgmt For For Inc. 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 - ---------------------------------------------------------------------------------------------------------------------------------- -1- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- American Express AXP 25816109 4/24/2006 1.1 Elect Director Daniel F. Akerson Mgmt For For Co. 1.2 Elect Director Charlene Barshefsky Mgmt For For 1.3 Elect Director Ursula M. Burns Mgmt For For 1.4 Elect Director Kenneth I. Chenault Mgmt For For 1.5 Elect Director Peter Chernin Mgmt For For 1.6 Elect Director Peter R. Dolan Mgmt For For 1.7 Elect Director Vernon E. Jordan, Jr. Mgmt For For 1.8 Elect Director Jan Leschly Mgmt For For 1.9 Elect Director Ricahrd A. McGinn Mgmt For For 1.10 Elect Director Edward D. Miller Mgmt For For 1.11 Elect Director Frank P. Popoff Mgmt For For 1.12 Elect Director Robert D. Walter Mgmt For For 2 Ratify Auditors Mgmt For For 3 Limit/Prohibit Executive Stock-Based Awards ShrHoldr Against Against 4 Require a Majority Vote for the Election of Directors ShrHoldr Against For 5 Exclude Reference to Sexual Orientation from the Company's EEO Statement ShrHoldr Against Against 6 Company-Specific -- Reimbursement of Expenses for Certain Shareholder-Nominated Director Candidates ShrHoldr Against Against - ---------------------------------------------------------------------------------------------------------------------------------- American AIG 26874107 8/11/2005 1.1 Elect Director M. Aidinoff Mgmt For For International 1.2 Elect Director P. Chia Mgmt For For Group, Inc. 1.3 Elect Director M. Cohen Mgmt For Withhold 1.4 Elect Director W. Cohen Mgmt For For 1.5 Elect Director M. Feldstein Mgmt For For 1.6 Elect Director E. Futter Mgmt For For 1.7 Elect Director S. Hammerman Mgmt For For 1.8 Elect Director C. Hills Mgmt For For 1.9 Elect Director R. Holbrooke Mgmt For For 1.10 Elect Director D. Kanak Mgmt For For 1.11 Elect Director G. Miles, Jr Mgmt For For 1.12 Elect Director M. Offit Mgmt For For 1.13 Elect Director M. Sullivan Mgmt For For 1.14 Elect Director E. Tse Mgmt For For 1.15 Elect Director F. Zarb Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- American AIG 26874107 5/17/2006 1.1 Elect Director Pei-yuan Chia Mgmt For For International 1.2 Elect Director Marshall A. Cohen Mgmt For For Group, Inc. 1.3 Elect Director Martin S. Feldstein Mgmt For For 1.4 Elect Director Ellen V. Futter Mgmt For For 1.5 Elect Director Stephen L. Hammerman Mgmt For For 1.6 Elect Director Richard C. Holbrooke Mgmt For For 1.7 Elect Director Fred H. Langhammer Mgmt For For 1.8 Elect Director George L. Miles, Jr. Mgmt For For 1.9 Elect Director Morris W. Offit Mgmt For For 1.10 Elect Director James F. Orr, III Mgmt For For 1.11 Elect Director Martin J. Sullivan Mgmt For For 1.12 Elect Director Michael H. Sutton Mgmt For For 1.13 Elect Director Edmund S.W. Tse Mgmt For For 1.14 Elect Director Robert B. Willumstad Mgmt For For 1.15 Elect Director Frank G. Zarb Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Executive Incentive Bonus Plan Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- American Select SLA 29570108 9/19/2005 1.1 Elect Trustee Benjamin R. Field, III Mgmt For Withhold Portfolio, Inc. 1.2 Elect Trustee Roger A. Gibson Mgmt For Withhold 1.3 Elect Trustee Victoria J. Herget Mgmt For Withhold 1.4 Elect Trustee Leonard W. Kedrowski Mgmt For Withhold 1.5 Elect Trustee Richard K. Riederer Mgmt For Withhold 1.6 Elect Trustee Joseph D. Strauss Mgmt For Withhold 1.7 Elect Trustee Virginia L. Stringer Mgmt For Withhold 1.8 Elect Trustee James M. Wade Mgmt For Withhold 2 Ratify Auditors Mgmt For Abstain - ---------------------------------------------------------------------------------------------------------------------------------- -2- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- American ASP 30098107 9/19/2005 1.1 Elect Trustee Benjamin R. Field, III Mgmt For Withhold Strategic Income 1.2 Elect Trustee Roger A. Gibson Mgmt For Withhold Portfolio Inc. 1.3 Elect Trustee Victoria J. Herget Mgmt For Withhold 1.4 Elect Trustee Leonard W. Kedrowski Mgmt For Withhold 1.5 Elect Trustee Richard K. Riederer Mgmt For Withhold 1.6 Elect Trustee Joseph D. Strauss Mgmt For Withhold 1.7 Elect Trustee Virginia L. Stringer Mgmt For Withhold 1.8 Elect Trustee James M. Wade Mgmt For Withhold 2 Ratify Auditors Mgmt For Against - ---------------------------------------------------------------------------------------------------------------------------------- American BSP 30099105 9/19/2005 1.1 Elect Trustee Benjamin R. Field, III Mgmt For Withhold Strategic Income 1.2 Elect Trustee Roger A. Gibson Mgmt For Withhold Portfolio Inc. -- 1.3 Elect Trustee Victoria J. Herget Mgmt For Withhold II 1.4 Elect Trustee Leonard W. Kedrowski Mgmt For Withhold 1.5 Elect Trustee Richard K. Riederer Mgmt For Withhold 1.6 Elect Trustee Joseph D. Strauss Mgmt For Withhold 1.7 Elect Trustee Virginia L. Stringer Mgmt For Withhold 1.8 Elect Trustee James M. Wade Mgmt For Withhold 2 Ratify Auditors Mgmt For Abstain - ---------------------------------------------------------------------------------------------------------------------------------- American CSP 03009T101 9/19/2005 1.1 Elect Trustee Benjamin R. Field, III Mgmt For Withhold Strategic Income 1.2 Elect Trustee Roger A. Gibson Mgmt For Withhold Portfolio Inc. - 1.3 Elect Trustee Victoria J. Herget Mgmt For Withhold III 1.4 Elect Trustee Leonard W. Kedrowski Mgmt For Withhold 1.5 Elect Trustee Richard K. Riederer Mgmt For Withhold 1.6 Elect Trustee Joseph D. Strauss Mgmt For Withhold 1.7 Elect Trustee Virginia L. Stringer Mgmt For Withhold 1.8 Elect Trustee James M. Wade Mgmt For Withhold 2 Ratify Auditors Mgmt For Abstain - ---------------------------------------------------------------------------------------------------------------------------------- Amgen, AMGN 31162100 5/10/2006 1.1 Elect Director Frederick W. Gluck Mgmt For For Inc. 1.2 Elect Director J. Paul Reason Mgmt For For 1.3 Elect Director Donald B. Rice Mgmt For For 1.4 Elect Director Leonard D. Schaeffer Mgmt For For 2 Ratify Auditors Mgmt For For 3 Stock Retention ShrHoldr Against For 4 Link Executive Compensation to Social Issues ShrHoldr Against Against 5 Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote ShrHoldr Against For 6 Develop an Animal Welfare Policy ShrHoldr Against Against 7 Require a Majority Vote for the Election of Directors ShrHoldr Against For 8 Report on Political Contributions ShrHoldr For For - ---------------------------------------------------------------------------------------------------------------------------------- Analog Devices, ADI 32654105 3/14/2006 1.1 Elect Director James A. Champy Mgmt For Withhold Inc. 1.2 Elect Director Kenton J. Sicchitano Mgmt For For 1.3 Elect Director Lester C. Thurow Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For 4 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- Best Buy Co., Inc. BBY 86516101 6/21/2006 1.1 Elect Director Bradbury H. 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 - ---------------------------------------------------------------------------------------------------------------------------------- -3- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Boston Scientific BSX 101137107 3/31/2006 1 Increase Authorized Common Stock Mgmt For For Corp. 2 Issue Shares in Connection with an Acquisition Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Boston Scientific BSX 101137107 5/9/2006 1.1 Elect Director John E. Abele Mgmt For For Corp. 1.2 Elect Director Joel L. Fleishman Mgmt For For 1.3 Elect Director Ernest Mario Mgmt For For 1.4 Elect Director Uwe E. Reinhardt Mgmt For For 2.1 Elect Director Kristina M. Johnson, Ph.D. Mgmt For For 2.2 Elect Director Nancy-Ann DeParle Mgmt For For 3 Ratify Auditors Mgmt For For 4 Approve Qualified Employee Stock Purchase Plan Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Burlington BNI 12189T104 4/19/2006 1.1 Elect Director A.L. Boeckmann Mgmt For For Northern Santa Fe 1.2 Elect Director D.G. Cook Mgmt For For 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 - ---------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------- Celgene Corp. CELG 151020104 2/16/2006 1 Increase Authorized Common Stock Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Celgene Corp. CELG 151020104 6/14/2006 1.1 Elect Director John W. Jackson Mgmt For For 1.2 Elect Director Sol J. Barer, Ph.D. Mgmt For For 1.3 Elect Director Robert J. Hugin Mgmt For For 1.4 Elect Director Jack L. Bowman Mgmt For For 1.5 Elect Director Michael D. Casey Mgmt For For 1.6 Elect Director Rodman L. Drake Mgmt For For 1.7 Elect Director A. Hull Hayes, Jr., Md Mgmt For For 1.8 Elect Director Gilla Kaplan, Ph.D. Mgmt For For 1.9 Elect Director Richard C.E. Morgan Mgmt For For 1.10 Elect Director Walter L. Robb, Ph.D. Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- -4- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Check Point CHKP M22465104 9/27/2005 1 ELECTION OF DIRECTORS (OTHER THAN OUTSIDE Software DIRECTORS): Technologies Inc GIL SHWED, MARIUS NACHT, JERRY UNGERMAN, DAVID RUBNER, TAL SHAVIT. Mgmt For For 2 TO RATIFY THE APPOINTMENT AND COMPENSATION OF CHECK POINT'S INDEPENDENT PUBLIC ACCOUNTANTS. Mgmt For For 3 TO RATIFY AND APPROVE CHECK POINT'S NEW EQUITY INCENTIVE PLANS. Mgmt For Against 4 TO RATIFY AND APPROVE AN EXTENSION OF CHECK POINT'S 1996 EMPLOYEE STOCK PURCHASE PLAN. Mgmt For For 5 TO AMEND CHECK POINT'S ARTICLES OF ASSOCIATION REGARDING INSURANCE, INDEMNIFICATION AND EXCULPATION. Mgmt For For 6 TO APPROVE CORRESPONDING AMENDMENTS TO THE INDEMNIFICATION AGREEMENTS WITH EACH OF CHECK POINT'S DIRECTORS. Mgmt For For 7 TO AMEND CHECK POINT'S ARTICLES OF ASSOCIATION REGARDING DISTRIBUTION OF ANNUAL FINANCIAL STATEMENTS. Mgmt For For 8 TO APPROVE COMPENSATION TO CERTAIN EXECUTIVE OFFICERS WHO ARE ALSO BOARD MEMBERS. Mgmt For Against 9 TO APPROVE CASH COMPENSATION OF CHECK POINT'S DIRECTORS WHO ARE NOT EMPLOYEES. Mgmt For For 10 I HAVE A PERSONAL INTEREST IN ITEM 5 PLEASE MARK FOR IF YOU HAVE A PERSONAL INTEREST Mgmt None Against 11 I HAVE A PERSONAL INTEREST IN ITEM 6 PLEASE MARK FOR IF YOU HAVE A PERSONAL INTEREST Mgmt None Against 12 I HAVE A PERSONAL INTEREST IN ITEM 8 PLEASE MARK FOR IF YOU HAVE A PERSONAL INTEREST Mgmt None Against - ---------------------------------------------------------------------------------------------------------------------------------- Cisco Systems, Inc. CSCO 17275R102 11/15/2005 1.1 Elect Director Carol A. Bartz Mgmt For For 1.2 Elect Director M. Michele Burns Mgmt For For 1.3 Elect Director Larry R. Carter Mgmt For For 1.4 Elect Director John T. Chambers Mgmt For For 1.5 Elect Director Dr. John L. Hennessy Mgmt For For 1.6 Elect Director Richard M. Kovacevich Mgmt For For 1.7 Elect Director Roderick C. McGeary Mgmt For For 1.8 Elect Director James C. Morgan Mgmt For For 1.9 Elect Director John P. Morgridge Mgmt For For 1.10 Elect Director Steven M. West Mgmt For For 1.11 Elect Director Jerry Yang Mgmt For For 2 Approve Stock Option Plan Mgmt For For 3 Ratify Auditors Mgmt For For 4 Review/Limit Executive Compensation ShrHoldr Against For 5 Report on Pay Disparity ShrHoldr Against Against 6 Report on Human Rights Policy ShrHoldr Against Against - ---------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------- -5- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Comcast Corp. CMCSA 20030N101 5/18/2006 1.1 Elect Director S. Decker Anstrom Mgmt For For 1.2 Elect Director Kenneth J. Bacon Mgmt For For 1.3 Elect Director Sheldon M. Bonovitz Mgmt For For 1.4 Elect Director Edward D. Breen Mgmt For For 1.5 Elect Director Julian A. Brodsky Mgmt For For 1.6 Elect Director Joseph J. Collins Mgmt For For 1.7 Elect Director J. Michael Cook Mgmt For For 1.8 Elect Director Jeffrey A. Honickman Mgmt For For 1.9 Elect Director Brian L. Roberts Mgmt For For 1.10 Elect Director Ralph J. Roberts Mgmt For For 1.11 Elect Director Judith Rodin Mgmt For For 1.12 Elect Director Michael I. Sovern Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Qualified Employee Stock Purchase Plan Mgmt For For 4 Amend Restricted Stock Plan Mgmt For For 5 Approve Executive Incentive Bonus Plan Mgmt For For 6 Put Repricing of Stock Options to Shareholder Vote ShrHoldr Against Against 7 Separate Chairman and CEO Positions ShrHoldr Against For 8 Limit Executive Compensation ShrHoldr Against Against 9 Company-Specific-Adopt Recapitalization Plan ShrHoldr Against For 10 Establish Other Board Committee ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- Crown Castle CCI 228227104 5/25/2006 1.1 Elect Director Ari Q. Fitzgerald Mgmt For Withhold International 1.2 Elect Director John P. Kelly Mgmt For For Corp. 1.3 Elect Director Robert E. Garrison, II Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Dell Inc. DELL 24702R101 7/15/2005 1.1 Elect Director Donald J. Carty Mgmt For For 1.2 Elect Director Michael S. Dell Mgmt For For 1.3 Elect Director William H. Gray, III Mgmt For For 1.4 Elect Director Judy C. Lewent Mgmt For For 1.5 Elect Director Thomas W. Luce, III Mgmt For For 1.6 Elect Director Klaus S. Luft Mgmt For For 1.7 Elect Director Alex J. Mandl Mgmt For For 1.8 Elect Director Michael A. Miles Mgmt For For 1.9 Elect Director Samuel A. Nunn, Jr. Mgmt For For 1.10 Elect Director Kevin B. Rollins Mgmt For For 2 Ratify Auditors Mgmt For For 3 Require a Majority Vote for the Election of Directors ShrHoldr Against For 4 Expense Stock Options ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- eBay Inc. EBAY 278642103 6/13/2006 1.1 Elect Director William C. Ford, Jr. Mgmt For For 1.2 Elect Director Dawn G. Lepore Mgmt For For 1.3 Elect Director Pierre M. Omidyar Mgmt For For 1.4 Elect Director Richard T. Sclosberg, III Mgmt For For 2 Amend Stock Option Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Elan Corporation 284131208 5/25/2006 1 RECEIVE THE FINANCIAL STATEMENTS TOGETHER Plc WITH THE REPORTS OF THE DIRECTORS AND AUDITORS THEREON. Mgmt For For 2.1 Elect Director Mr. Laurence Crowley Mgmt For Withhold 2.2 Elect Director Mr. William Daniel Mgmt For For 2.3 Elect Director Mr. Kelly Martin Mgmt For For 2.4 Elect Director Dr. Goran Ando Mgmt For For 2.5 Elect Director Mr. Shane Cooke Mgmt For For 2.6 Elect Director Dr. Lars Ekman Mgmt For For 2.7 Elect Director Mr. Gary Kennedy Mgmt For For 2.8 Elect Director Ms. Nancy Lurker Mgmt For For 3 AUTHORISE THE DIRECTORS TO FIX THE REMUNERATION OF THE AUDITORS. Mgmt For For 4 APPROVE THE ELAN CORPORATION, PLC 2006 LONG TERM INCENTIVE PLAN. Mgmt For Against 5 APPROVE THE AMENDMENT TO THE EMPLOYEE EQUITY PURCHASE PLAN. Mgmt For For 6 AUTHORISE THE DIRECTORS TO ISSUE SECURITIES. Mgmt For For 7 TO AUTHORISE THE DISAPPLICATION OF PRE-EMPTION RIGHTS ON THE ALLOTMENT OF UP TO 40 MILLION SHARES FOR CASH. Mgmt For For 8 TO REPLACE ARTICLES 58 AND 59 OF THE ARTICLES OF ASSOCIATION. Mgmt For For 9 TO REPLACE ARTICLE 62 OF THE ARTICLES OF ASSOCIATION. Mgmt For For 10 TO AUTHORISE THE COMPANY TO MAKE MARKET PURCHASES OF OWN SHARES. Mgmt For For 11 TO SET THE RE-ISSUE PRICE RANGE FOR TREASURY SHARES. Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- -6- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Electronic Arts ERTS 285512109 7/28/2005 1.1 Elect Director M. Richard Asher Mgmt For For Inc. 1.2 Elect Director Leonard S. Coleman Mgmt For For 1.3 Elect Director Gary M. Kusin Mgmt For For 1.4 Elect Director Gregory B. Maffei Mgmt For For 1.5 Elect Director Timothy Mott Mgmt For Withhold 1.6 Elect Director Vivek Paul Mgmt For For 1.7 Elect Director Robert W. Pittman Mgmt For For 1.8 Elect Director Lawrence F. Probst III Mgmt For For 1.9 Elect Director Linda J. Srere Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Amend Qualified Employee Stock Purchase Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Eli Lilly and Co. LLY 532457108 4/24/2006 1.1 Elect Director Martin S. 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 - ---------------------------------------------------------------------------------------------------------------------------------- EMC Corp. EMC 268648102 5/4/2006 1.1 Elect Director Gail Deegan Mgmt For For 1.2 Elect Director Olli-Pekka Kallasvuo Mgmt For For 1.3 Elect Director Windle B. Priem Mgmt For For 1.4 Elect Director Alfred M. Zeien Mgmt For For 2 Ratify Auditors Mgmt For For 3 Require a Majority Vote for the Election of Directors ShrHoldr Against For 4 Performance-Based and/or Time-Based Equity Awards ShrHoldr Against For 5 Declassify the Board of Directors ShrHoldr Against For 6 Limit Composition of Committee(s) to Independent Directors ShrHoldr Against Against - ---------------------------------------------------------------------------------------------------------------------------------- Equitable EQT 294549100 4/12/2006 1.1 Elect Director Thomas A. McConomy Mgmt For For Resources, 1.2 Elect Director Barbara S. Jeremiah Mgmt For For Inc. 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 - ---------------------------------------------------------------------------------------------------------------------------------- Everest Re Group RE G3223R108 5/23/2006 1.1 Elect Director Martin Abrahams Mgmt For For LTD 1.2 Elect Director John R. Dunne Mgmt For For 1.3 Elect Director John A. Weber Mgmt For For 2 Ratify Auditors Mgmt For For 3 TO APPROVE AN AMENDMENT TO THE EVEREST RE GROUP, LTD. 2002 STOCK INCENTIVE PLAN. Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- First Data Corp. FDC 319963104 5/10/2006 1.1 Elect Director Daniel P. Burnham Mgmt For For 1.2 Elect Director Jack M. Greenberg Mgmt For For 1.3 Elect Director Courtney F. Jones Mgmt For For 1.4 Elect Director Charles T. Russell Mgmt For For 2 Elect Director David A. Coulter Mgmt For For 3 Elect Director Henry C. Duques Mgmt For For 4 Elect Director Peter B. Ellwood Mgmt For For 5 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- -7- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Franklin BEN 354613101 1/26/2006 1.1 Elect Director Samuel H. Armacost Mgmt For For Resources, 1.2 Elect Director Harmon E. Burns Mgmt For For Inc. 1.3 Elect Director Charles Crocker Mgmt For For 1.4 Elect Director Joseph R. Hardiman Mgmt For For 1.5 Elect Director Robert D. Joffe Mgmt For For 1.6 Elect Director Charles B. Johnson Mgmt For For 1.7 Elect Director Rupert H. Johnson, Jr. Mgmt For For 1.8 Elect Director Thomas H. Kean Mgmt For For 1.9 Elect Director Chutta Ratnathicam Mgmt For For 1.10 Elect Director Peter M. Sacerdote Mgmt For For 1.11 Elect Director Laura Stein Mgmt For For 1.12 Elect Director Anne M. Tatlock Mgmt For For 1.13 Elect Director Louis E. Woodworth Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Freeport-McMoRan FCX 35671D857 5/4/2006 1.1 Elect Director Robert J. Allison, Jr. Mgmt For For Copper & Gold Inc. 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 - ---------------------------------------------------------------------------------------------------------------------------------- Genentech, Inc. DNA 368710406 4/20/2006 1.1 Elect Director Herbert W. Boyer Mgmt For Withhold 1.2 Elect Director William M. Burns Mgmt For Withhold 1.3 Elect Director Erich Hunziker Mgmt For Withhold 1.4 Elect Director Jonathan K.C. Knowles Mgmt For Withhold 1.5 Elect Director Arthur D. Levinson Mgmt For Withhold 1.6 Elect Director Debra L. Reed Mgmt For For 1.7 Elect Director Charles A. Sanders Mgmt For For 2 Amend Qualified Employee Stock Purchase Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- General Dynamics GD 369550108 5/3/2006 1.1 Elect Director N.D. Chabraja Mgmt For For 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 - ---------------------------------------------------------------------------------------------------------------------------------- -8- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- General Electric GE 369604103 4/26/2006 1.1 Elect Director James I. Cash, Jr. Mgmt For For 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 - ---------------------------------------------------------------------------------------------------------------------------------- Gilead Sciences, GILD 375558103 5/10/2006 1.1 Elect Director Paul Berg Mgmt For For Inc. 1.2 Elect Director John F. Cogan Mgmt For For 1.3 Elect Director Etienne F. Davignon Mgmt For For 1.4 Elect Director James M. Denny Mgmt For For 1.5 Elect Director John W. Madigan Mgmt For For 1.6 Elect Director John C. Martin Mgmt For For 1.7 Elect Director Gordon E. Moore Mgmt For For 1.8 Elect Director Nicholas G. Moore Mgmt For For 1.9 Elect Director Gayle E. Wilson 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 5 Increase Authorized Common Stock Mgmt For For 6 Report on Impact of HIV/AIDS, TB, and Malaria Pandemics ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- Google Inc GOOG 38259P508 5/11/2006 1.1 Elect Director Eric Schmidt Mgmt For For 1.2 Elect Director Sergey Brin Mgmt For For 1.3 Elect Director Larry Page Mgmt For For 1.4 Elect Director L. John Doerr Mgmt For For 1.5 Elect Director John L. Hennessy Mgmt For For 1.6 Elect Director Arthur D. Levinson Mgmt For For 1.7 Elect Director Ann Mather Mgmt For For 1.8 Elect Director Michael Moritz Mgmt For For 1.9 Elect Director Paul S. Otellini Mgmt For For 1.10 Elect Director K. Ram Shriram Mgmt For For 1.11 Elect Director Shirley M. Tilghman Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For Against 4 Company-Specific-Recapitalization Plan ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- Harrah's HET 413619107 4/25/2006 1.1 Elect Director Charles L. Atwood Mgmt For For Entertainment, 1.2 Elect Director R. Brad Martin Mgmt For For Inc. 1.3 Elect Director Gary G. Michael Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Intel INTC 458140100 5/17/2006 1 Elect Director Craig R. Barrett Mgmt For For Corp. 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 - ---------------------------------------------------------------------------------------------------------------------------------- -9- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------- J. C. Penney Co., JCP 708160106 5/19/2006 1.1 Elect Director Vernon E. Jordan, Jr. Mgmt For For Inc (HLDG CO) 1.2 Elect Director Burl Osborne Mgmt For For 1.3 Elect Director Mary Beth Stone West Mgmt For For 1.4 Elect Director R. Gerald Turner Mgmt For For 2 Ratify Auditors Mgmt For For 3 Declassify the Board of Directors Mgmt For For 4 Performance-Based Equity Awards ShrHoldr Against Against - ---------------------------------------------------------------------------------------------------------------------------------- Johnson & Johnson JNJ 478160104 4/27/2006 1.1 Elect Director Mary S. Coleman Mgmt For For 1.2 Elect Director James G. Cullen Mgmt For For 1.3 Elect Director Robert J. Darretta Mgmt For For 1.4 Elect Director Michael M. E. Johns Mgmt For For 1.5 Elect Director Ann 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 Chase & JPM 46625H100 5/16/2006 1.1 Elect Director John H. Biggs Mgmt For For 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 - ---------------------------------------------------------------------------------------------------------------------------------- -10- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Lowe's Companies, LOW 548661107 5/25/2006 1.1 Elect Director Peter C. Browning Mgmt For For Inc. 1.2 Elect Director Marshall O. Larsen Mgmt For For 1.3 Elect Director Stephen F. Page Mgmt For For 1.4 Elect Director O. Temple Sloan, Jr. Mgmt For For 2 Approve Executive Incentive Bonus Plan Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For For 4 Ratify Auditors Mgmt For For 5 Company Specific--RELATING TO THE BOARD OF DIRECTORS Mgmt For For 6 Report on Wood Procurement Policy ShrHoldr Against Against - ---------------------------------------------------------------------------------------------------------------------------------- Marriott MAR 571903202 4/28/2006 1.1 Elect Director Richard S. Braddock Mgmt For For International 1.2 Elect Director Floretta Dukes McKenzie Mgmt For For Inc. 1.3 Elect Director Lawrence M. Small Mgmt For For 2 Ratify Auditors Mgmt For For 3 Declassify the Board of Directors Mgmt For For 4 Require a Majority Vote for the Election of Directors ShrHoldr For For - ---------------------------------------------------------------------------------------------------------------------------------- Maxim Integrated MXIM 57772K101 11/10/2005 1.1 Elect Director James R. Bergman Mgmt For Withhold Products, Inc. 1.2 Elect Director Michael J. Byrd Mgmt For For 1.3 Elect Director Peter de Roeth Mgmt For For 1.4 Elect Director John F. Gifford Mgmt For Withhold 1.5 Elect Director B. Kipling Hagopian Mgmt For For 1.6 Elect Director A.R. Frank Wazzan Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For Against 3 Amend Qualified Employee Stock Purchase Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Medtronic, MDT 585055106 8/25/2005 1.1 Elect Director Shirley Ann Jackson, Ph.D. Mgmt For For Inc. 1.2 Elect Director Denise M. O'Leary Mgmt For For 1.3 Elect Director Jean-Pierre Rosso Mgmt For For 1.4 Elect Director Jack W. Schuler Mgmt For Withhold 2 Ratify Auditors Mgmt For For 3 Approve Qualified Employee Stock Purchase Plan Mgmt For For 4 Amend Non-Employee Director Stock Option Plan Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. MSFT 594918104 11/9/2005 1.1 Elect Director William H. Gates, III Mgmt For For 1.2 Elect Director Steven A. Ballmer Mgmt For For 1.3 Elect Director James I. Cash Jr. Mgmt For For 1.4 Elect Director Dina Dublon Mgmt For For 1.5 Elect Director Raymond V. Gilmartin Mgmt For For 1.6 Elect Director A. Mclaughlin Korologos Mgmt For For 1.7 Elect Director David F. Marquardt Mgmt For For 1.8 Elect Director Charles H. Noski Mgmt For For 1.9 Elect Director Helmut Panke Mgmt For For 1.10 Elect Director Jon A. Shirley Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Motorola, MOT 620076109 5/1/2006 1.1 Elect Director E. Zander Mgmt For For Inc. 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 - ---------------------------------------------------------------------------------------------------------------------------------- -11- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Murphy Oil MUR 626717102 5/10/2006 1.1 Elect Director Frank W. Blue Mgmt For For Corp. 1.2 Elect Director George S. Dembroski Mgmt For For 1.3 Elect Director Clairborne P. Deming Mgmt For For 1.4 Elect Director Robert A. Hermes Mgmt For For 1.5 Elect Director R. Madison Murphy Mgmt For For 1.6 Elect Director William C. Nolan, Jr. Mgmt For For 1.7 Elect Director Ivar B. Ramberg Mgmt For For 1.8 Elect Director Neal E. Schmale Mgmt For For 1.9 Elect Director David J.H. Smith Mgmt For For 1.10 Elect Director Caroline G. Theus Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Nabors NBR G6359F103 3/30/2006 1 Increase Authorized Common Stock Mgmt For For Industries, Ltd. - ---------------------------------------------------------------------------------------------------------------------------------- Nabors NBR G6359F103 6/30/2006 1.1 Elect Director Eugene M. Isenberg Mgmt For For Industries, Ltd. 2 Ratify Auditors Mgmt For For 3 MANAGEMENT PROPOSAL: APPROVAL OF THE COMPANY'S AMENDED AND RESTATED 2003 EMPLOYEE STOCK PLAN. Mgmt For Against - ---------------------------------------------------------------------------------------------------------------------------------- Nextel 65332V103 7/13/2005 1 Approve Merger Agreement Mgmt For For Communications, 2 Adjourn Meeting Mgmt For For Inc. 3.1 Elect Director Timothy M. Donahue Mgmt For For 3.2 Elect Director Frank M. Drendel Mgmt For For 3.3 Elect Director William E. Kennard Mgmt For For 4 Ratify Auditors Mgmt For For 5 Approve Omnibus Stock Plan Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- NOBLE CORP NE G65422100 4/27/2006 1.1 Elect Director James C. Day Mgmt For For 1.2 Elect Director Julie H. Edwards Mgmt For For 1.3 Elect Director Marc E. Leland Mgmt For For 2 Ratify Auditors Mgmt For For 3 MEMBER (SHAREHOLDER) PROPOSAL TO SEPARATE THE POSITIONS OF CHAIRMAN/CHIEF EXECUTIVE OFFICER. ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- Nokia 654902204 3/30/2006 1 APPROVAL OF THE INCOME STATEMENTS AND Corp. 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 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 - ---------------------------------------------------------------------------------------------------------------------------------- -12- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED 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 - ---------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------- Pfizer Inc. PFE 717081103 4/27/2006 1.1 Elect Director Michael S. Brown Mgmt For For 1.2 Elect Director M. Anthony Burns Mgmt For For 1.3 Elect Director Robert N. Burt Mgmt For For 1.4 Elect Director W. Don Cornwell Mgmt For For 1.5 Elect Director William H. Gray, III Mgmt For For 1.6 Elect Director Constance J. Horner Mgmt For For 1.7 Elect Director William R. Howell Mgmt For For 1.8 Elect Director Stanley O. Ikenberry Mgmt For For 1.9 Elect Director George A. Lorch Mgmt For Withhold 1.10 Elect Director Henry A. McKinnell Mgmt For For 1.11 Elect Director Dana G. Mead Mgmt For Withhold 1.12 Elect Director Ruth J. Simmons Mgmt For For 1.13 Elect Director William C. Steere, Jr. Mgmt For For 2 Ratify Auditors Mgmt For For 3 Reduce Supermajority Vote Requirement Mgmt For For 4 Establish Term Limits for Directors ShrHoldr Against Against 5 Social Proposal ShrHoldr Against Against 6 Restore or Provide for Cumulative Voting ShrHoldr Against For 7 Separate Chairman and CEO Positions ShrHoldr Against For 8 Report on Political Contributions ShrHoldr Against Against 9 Report on Animal Welfare Policy ShrHoldr Against Against 10 Report on Animal-based Testing ShrHoldr Against Against - ---------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------- -13- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- QUALCOMM Inc. QCOM 747525103 3/7/2006 1.1 Elect Director Richard C. Atkinson Mgmt For Withhold 1.2 Elect Director Diana Lady Dougan Mgmt For Withhold 1.3 Elect Director Peter M. Sacerdote Mgmt For Withhold 1.4 Elect Director Marc I. Stern Mgmt For Withhold 2 Declassify the Board and Eliminate Cumulative Voting Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For 4 Ratify Auditors Mgmt For For 5 Adjourn Meeting Mgmt For Against - ---------------------------------------------------------------------------------------------------------------------------------- Royal Caribbean RCL V7780T103 5/26/2006 1.1 Elect Director Bernard W. Aronson Mgmt For For Cruises Ltd. 1.2 Elect Director Richard D. Fain Mgmt For For 1.3 Elect Director Arvid Grundekjoen Mgmt For For 2 RATIFICATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY'S INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM FOR 2006. Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- SAP AG 803054204 5/9/2006 1 RESOLUTION ON THE APPROPRIATION OF THE RETAINED EARNINGS OF THE FISCAL YEAR 2005 Mgmt For For 2 RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE EXECUTIVE BOARD IN THE FISCAL YEAR 2005 Mgmt For For 3 RESOLUTION ON THE FORMAL APPROVAL OF THE ACTS OF THE SUPERVISORY BOARD IN THE FISCAL YEAR 2005 Mgmt For For 4 Ratify Auditors Mgmt For For 5 RESOLUTION ON A CAPITAL INCREASE FROM COMPANY FUNDS BY THREE TIMES THE AMOUNT OF THE EXISTING CAPITAL STOCK BY CONVERTING PARTIAL AMOUNTS OF THE CAPITAL RESERVES Mgmt For For 6 RESOLUTION ON THE IMPLEMENTATION OF THE CAPITAL INCREASE FROM COMPANY FUNDS BY THREE TIMES THE AMOUNT OF THE EXISTING CAPITAL STOCK BY CONVERTING PARTIAL AMOUNTS OF THE CAPITAL RESERVES Mgmt For For 7 RESOLUTION ON A CHANGE IN THE REMUNERATION OF THE MEMBERS OF THE SUPERVISORY BOARD AND ON A CORRESPONDING AMENDMENT OF THE ARTICLES OF ASSOCIATION Mgmt For For 8 RESOLUTION ON THE CREATION OF A NEW AUTHORIZED CAPITAL LA AGAINST CONTRIBUTIONS IN CASH WITH THE OPTION TO EXCLUDE THE SHAREHOLDERS SUBSCRIPTION RIGHTS Mgmt For For 9 RESOLUTION ON THE CREATION OF A NEW AUTHORIZED CAPITAL LLA AGAINST CONTRIBUTIONS IN CASH OR IN KIND WITH THE OPTION TO EXCLUDE THE SHAREHOLDERS SUBSCRIPTION RIGHTS Mgmt For For 10 RESOLUTION ON THE AUTHORIZATION TO USE TREASURY SHARES WITH A PRO RATA AMOUNT OF CAPITAL STOCK REPRESENTED BY SUCH SHARES OF UP TO EUR 30 MILLION IN AGGREGATE Mgmt For For 11 RESOLUTION ON AN AUTHORIZATION TO ACQUIRE ADDITIONAL TREASURY SHARES WITH A PRO RATE AMOUNT OF CAPITAL STOCK REPRESENTED BY SUCH SHARES OF UP TO EUR 90 MILLION IN AGGREGATE Mgmt For For 12 RESOLUTION ON THE AUTHORIZATION TO USE EQUITY DERIVATIVES IN CONNECTION WITH THE ACQUISITION OF TREASURY SHARES Mgmt For Against 13 RESOLUTION ON THE AUTHORIZATION TO ISSUE CONVERTIBLE AND/OR WARRANT-LINKED BONDS, ON THE CANCELLATION OF THE EXISTING CONTINGENT CAPITAL IV, ON THE CREATION OF A NEW CONTINGENT CAPITAL IV Mgmt For For 14 RESOLUTION ON AN ADDITIONAL AUTHORIZATION TO ISSUE CONVERTIBLE AND/OR WARRANT-LINKED BONDS, ON THE CREATION OF A NEW CONTINGENT CAPITAL IVA Mgmt For For 15 RESOLUTION ON THE APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER AGREEMENT BETWEEN SAP AG AND SAP ERSTE BETEILIGUNGS- UND VERMOGENSVERWALTUNGS GMBH Mgmt For For 16 RESOLUTION ON THE APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER AGREEMENT BETWEEN SAP AG AND SAP ZWEITE BETEILIGUNGS- UND VERMOGENSVERWALTUNGS GMBH Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- -14- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Schlumberger SLB 806857108 4/12/2006 1.1 Elect Director J. Deutch Mgmt For For Ltd. 1.2 Elect Director J.S. Gorelick Mgmt For For 1.3 Elect Director A. Gould Mgmt For For 1.4 Elect Director T. Isaac Mgmt For For 1.5 Elect Director A. Lajous Mgmt For For 1.6 Elect Director A. Levy-Lang Mgmt For For 1.7 Elect Director M.E. Marks Mgmt For For 1.8 Elect Director D. Primat Mgmt For For 1.9 Elect Director T.I. Sandvold Mgmt For For 1.10 Elect Director N. Seydoux Mgmt For For 1.11 Elect Director L.G. Stuntz Mgmt For For 1.12 Elect Director R. Talwar Mgmt For For 2 ADOPTION AND APPROVAL OF FINANCIALS AND DIVIDENDS Mgmt For For 3 ADOPTION OF AMENDMENT TO THE ARTICLES OF INCORPORATION Mgmt For For 4 APPROVAL OF AMENDMENT AND RESTATEMENT OF THE SCHLUMBERGER 2005 STOCK OPTION PLAN Mgmt For For 5 APPROVAL OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Southern Copper PCU 84265V105 5/4/2006 1.1 Elect Director Emilio Carrillo Gamboa Mgmt For Withhold Corporation 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 Require Advance Notice for Shareholder 2 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 - ---------------------------------------------------------------------------------------------------------------------------------- Southwestern SWN 845467109 5/25/2006 1.1 Elect Director Lewis E. Epley, Jr. Mgmt For For Energy Co. 1.2 Elect Director Robert L. Howard Mgmt For For 1.3 Elect Director Harold M. Korell Mgmt For For 1.4 Elect Director Vello A. Kuuskraa Mgmt For For 1.5 Elect Director Kenneth R. Mourton Mgmt For For 1.6 Elect Director Charles E. Scharlau Mgmt For For 2 Ratify Auditors Mgmt For For 3 Change State of Incorporation [From Arkansas to Delaware] Mgmt For For 4 Increase Authorized Common Stock Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- St. Jude Medical, STJ 790849103 5/10/2006 1.1 Elect Director John W. Brown Mgmt For For Inc. 1.2 Elect Director Daniel J. Starks Mgmt For For 2 Approve Stock Option Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Starbucks Corp. SBUX 855244109 2/8/2006 1.1 Elect Director Howard P. Behar Mgmt For For 1.2 Elect Director James G. Shennan, Jr Mgmt For For 1.3 Elect Director Myron E. Ullman, III Mgmt For For 1.4 Elect Director Craig E. Weatherup Mgmt For For 1.5 Elect Director James L. Donald Mgmt For For 1.6 Elect Director Javier G. Teruel Mgmt For For 2 Ratify Auditors Mgmt For For 3 Declassify the Board of Directors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- -15- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Stryker Corp. SYK 863667101 4/26/2006 1.1 Elect Director John W. Brown Mgmt For For 1.2 Elect Director Howard E. Cox, Jr. Mgmt For For 1.3 Elect Director Donald M. Engelman Mgmt For For 1.4 Elect Director Jerome H. Grossman Mgmt For For 1.5 Elect Director Stephen P. Macmillan Mgmt For For 1.6 Elect Director William U. Parfet Mgmt For For 1.7 Elect Director Ronda E. Stryker Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Suncor Energy Inc SU. 867229106 4/26/2006 1.1 Elect Director Mel E. Benson Mgmt For For 1.2 Elect Director Brian A. Canfield Mgmt For For 1.3 Elect Director Bryan P. Davies Mgmt For For 1.4 Elect Director Brian A. Felesky Mgmt For For 1.5 Elect Director John T. Ferguson Mgmt For For 1.6 Elect Director W. Douglas Ford Mgmt For For 1.7 Elect Director Richard L. George Mgmt For For 1.8 Elect Director John R. Huff Mgmt For For 1.9 Elect Director M. Ann McCaig Mgmt For For 1.10 Elect Director Michael W. O'Brien Mgmt For Withhold 1.11 Elect Director JR Shaw Mgmt For For 1.12 Elect Director Eira M. Thomas Mgmt For For 2 Ratify PricewaterhouseCoopers as Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Symantec SYMC 871503108 9/16/2005 1.1 Elect Director Gary L. Bloom Mgmt For For Corp. 1.2 Elect Director Michael Brown Mgmt For For 1.3 Elect Director William T. Coleman Mgmt For For 1.4 Elect Director David L. Mahoney Mgmt For For 1.5 Elect Director Robert S. Miller Mgmt For Withhold 1.6 Elect Director George Reyes Mgmt For For 1.7 Elect Director David Roux Mgmt For For 1.8 Elect Director Daniel H. Schulman Mgmt For For 1.9 Elect Director John W. Thompson Mgmt For For 1.10 Elect Director V. Paul Unruh Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Target Corporation TGT 87612E106 5/17/2006 1.1 Elect Director Richard M. Kovacevich Mgmt For For 1.2 Elect Director George W. Tamke Mgmt For For 1.3 Elect Director Solomon D. Trujillo Mgmt For For 1.4 Elect Director Robert J. Ulrich Mgmt For For 2 Ratify Auditors Mgmt For For 3 Report Political Contributions/Activities ShrHoldr Against Against - ---------------------------------------------------------------------------------------------------------------------------------- Teva 881624209 7/27/2005 1 TO RECEIVE AND DISCUSS THE COMPANY'S Pharmaceutical CONSOLIDATED BALANCE SHEET AND THE Industries CONSOLIDATED STATEMENTS OF INCOME Mgmt For For 2 TO APPROVE THE BOARD OF DIRECTORS RECOMMENDATION THAT THE CASH DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2004 Mgmt For For 3 TO APPOINT DR. LEORA (RUBIN) MERIDOR AS A STATUTORY INDEPENDENT DIRECTOR FOR AN ADDITIONAL TERM OF THREE YEARS Mgmt For For 4 TO ELECT ELI HURVITZ TO SERVE FOR AN ADDITIONAL THREE-YEAR TERM Mgmt For For 5 TO ELECT RUTH CHESHIN TO SERVE FOR AN ADDITIONAL THREE-YEAR TERM Mgmt For For 6 TO ELECT PROF. MICHAEL SELA TO SERVE FOR AN ADDITIONAL THREE-YEAR TERM Mgmt For For 7 TO ELECT HAROLD SNYDER TO SERVE FOR AN ADDITIONAL THREE-YEAR TERM Mgmt For For 8 TO APPROVE THE PURCHASE OF DIRECTOR'S AND OFFICER'S LIABILITY INSURANCE FOR THE DIRECTORS AND OFFICERS OF THE COMPANY Mgmt For Against 9 TO APPROVE THE COMPANY'S 2005 OMNIBUS LONG-TERM SHARE INCENTIVE PLAN Mgmt For Against 10 TO APPROVE AN AMENDMENT TO PROVISIONS OF THE COMPANY'S ARTICLES RELATING TO THE INDEMNIFICATION OF DIRECTORS AND OFFICERS Mgmt For For 11 TO APPROVE AN AMENDMENT TO THE COMPANY'S ARTICLES THAT WOULD INCREASE THE REGISTERED SHARE CAPITAL OF THE COMPANY Mgmt For For 12 TO APPOINT KESSELMAN & KESSELMAN, A MEMBER OF PRICEWATERHOUSECOOPERS INTERNATIONAL LTD., AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND TO DETERMINE THEIR COMPENSATION Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- -16- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Teva 881624209 10/27/2005 1 TO APPROVE THE ISSUANCE OF ORDINARY SHARES Pharmaceutical OF TEVA, PURSUANT TO THE AGREEMENT AND Industries PLAN OF MERGER, DATED JULY 25, 2005, BY AND AMONG IVAX CORPORATION, TEVA AND TWO WHOLLY OWNED SUBSIDIARIES OF TEVA, IVORY ACQUISITION SUB, INC. AND IVORY ACQUISITION SUB II Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Teva 881624209 5/4/2006 1 TO RECEIVE AND DISCUSS THE COMPANY'S Pharmaceutical CONSOLIDATED BALANCE SHEET AS OF DECEMBER Industries 31, 2005 AND THE CONSOLIDATED STATEMENTS OF INCOME FOR THE YEAR THEN ENDED. Mgmt For For 2 TO APPROVE THE BOARD OF DIRECTORS' RECOMMENDATION THAT THE CASH DIVIDEND FOR THE YEAR ENDED DECEMBER 31, 2005 BE DECLARED FINAL. Mgmt For For 3 TO APPOINT PROF. GABRIELA SHALEV AS A STATUTORY INDEPENDENT DIRECTOR FOR AN ADDITIONAL TERM OF THREE YEARS. Mgmt For For 4 TO ELECT THE FOLLOWING DIRECTOR TO SERVE FOR A THREE-YEAR TERM: DR. PHILLIP FROST Mgmt For For 5 TO ELECT THE FOLLOWING DIRECTOR TO SERVE FOR A THREE-YEAR TERM: CARLO SALVI Mgmt For For 6 TO ELECT THE FOLLOWING DIRECTOR TO SERVE FOR A THREE-YEAR TERM: DAVID SHAMIR Mgmt For For 7 TO APPROVE THE PURCHASE OF DIRECTOR'S AND OFFICER'S LIABILITY INSURANCE FOR THE DIRECTORS AND OFFICERS OF THE COMPANY. Mgmt For Against 8 TO APPROVE AN AMENDMENT TO SECTION 60(E) OF THE COMPANY'S ARTICLES OF ASSOCIATION. Mgmt For For 9 TO APPROVE AN INCREASE IN THE REMUNERATION PAID TO THE DIRECTORS OF THE COMPANY (OTHER THAN THE CHAIRMAN OF THE BOARD). Mgmt For For 10 TO APPOINT KESSELMAN & KESSELMAN, AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND DETERMINE THEIR COMPENSATION. Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Texas Instruments TXN 882508104 4/20/2006 1.1 Elect Director J.R. Adams Mgmt For For Inc. 1.2 Elect Director D.L. Boren Mgmt For For 1.3 Elect Director D.A. Carp Mgmt For For 1.4 Elect Director C.S. Cox Mgmt For For 1.5 Elect Director T.J. Engibous Mgmt For For 1.6 Elect Director G.W. Fronterhouse Mgmt For For 1.7 Elect Director D.R. Goode Mgmt For For 1.8 Elect Director P.H. Patsley Mgmt For For 1.9 Elect Director W.R. Sanders Mgmt For For 1.10 Elect Director R.J. Simmons Mgmt For For 1.11 Elect Director R.K. Templeton Mgmt For For 1.12 Elect Director C.T. Whitman Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- The Boeing Co. BA 97023105 5/1/2006 1.1 Elect Director John H. Biggs Mgmt For For 1.2 Elect Director John E. Bryson Mgmt For For 1.3 Elect Director Linda Z. Cook Mgmt For For 1.4 Elect Director William M. Daley Mgmt For For 1.5 Elect Director Kenneth M. Duberstein Mgmt For For 1.6 Elect Director John F. McDonnell Mgmt For For 1.7 Elect Director W. James McNerney, Jr. Mgmt For For 1.8 Elect Director Richard D. Nanula Mgmt For For 1.9 Elect Director Rozanne L. Ridgway Mgmt For For 1.10 Elect Director Mike S. Zafirovski Mgmt For For 2 Approve Executive Incentive Bonus Plan Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For Against 4 Reduce Supermajority Vote Requirement Mgmt For For 5 Ratify Auditors Mgmt For For 6 Develop a Human Rights Policy ShrHoldr Against For 7 Develop Ethical Criteria for Military Contracts ShrHoldr Against Against 8 Report on Charitable Contributions ShrHoldr Against Against 9 Require a Majority Vote for the Election of Directors ShrHoldr Against For 10 Separate Chairman and CEO Positions ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- -17- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- The Dow Chemical DOW 260543103 5/11/2006 1.1 Elect Director Jacqueline K. Barton Mgmt For For Company 1.2 Elect Director James A. Bell Mgmt For For 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 Goldman Sachs GS 38141G104 3/31/2006 1.1 Elect Director Lloyd C. Blankfein Mgmt For For Group, Inc. 1.2 Elect Director Lord Browne Ofmadingley Mgmt For For 1.3 Elect Director John H. Bryan Mgmt For For 1.4 Elect Director Claes Dahlback Mgmt For For 1.5 Elect Director Stephen Friedman Mgmt For For 1.6 Elect Director William W. George Mgmt For For 1.7 Elect Director James A. Johnson Mgmt For For 1.8 Elect Director Lois D. Juliber Mgmt For For 1.9 Elect Director Edward M. Liddy Mgmt For For 1.10 Elect Director Henry M. Paulson, Jr. Mgmt For For 1.11 Elect Director Ruth J. Simmons Mgmt For For 2 Amend Restricted Partner Compensation Plan Mgmt For For 3 Ratify Auditors Mgmt For 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 - ---------------------------------------------------------------------------------------------------------------------------------- Time Warner Inc TWX 887317105 5/19/2006 1.1 Elect Director James L. Barksdale Mgmt For For 1.2 Elect Director Stephen F. Bollenbach Mgmt For For 1.3 Elect Director Frank J Caufield Mgmt For For 1.4 Elect Director Robert C. Clark Mgmt For For 1.5 Elect Director Jessica P. Einhorn Mgmt For For 1.6 Elect Director Reuben Mark Mgmt For For 1.7 Elect Director Michael A. Miles Mgmt For For 1.8 Elect Director Kenneth J. Novack Mgmt For For 1.9 Elect Director Richard D. Parsons Mgmt For For 1.10 Elect Director Francis T. Vincent, Jr Mgmt For For 1.11 Elect Director Deborah C. Wright Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For For 4 Adopt Simple Majority Vote Requirement ShrHoldr Against For 5 Separate Chairman and CEO Positions ShrHoldr Against Against 6 Develop a Code Vendor of Conduct ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------- -18- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------- UnitedHealth UNH 91324P102 5/2/2006 1.1 Elect Director James A. Johnson Mgmt For Withhold Group Incorporated 1.2 Elect Director Douglas W. Leatherdale Mgmt For For 1.3 Elect Director William W. McGuire, M.D. Mgmt For For 1.4 Elect Director Mary O. Mundinger, Ph.D. Mgmt For Withhold 2 Ratify Auditors Mgmt For For 3 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ---------------------------------------------------------------------------------------------------------------------------------- Uti Worldwide Inc. UTIW G87210103 6/12/2006 1.1 Elect Director Brian D. Belchers Mgmt For For 1.2 Elect Director Roger I. Macfarlane Mgmt For For 1.3 Elect Director Matthys J. Wessels Mgmt For For 2 TO RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS OF THE COMPANY. Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Valero Energy VLO 91913Y100 12/1/2005 1 Increase Authorized Common Stock Mgmt For For Corp. - ---------------------------------------------------------------------------------------------------------------------------------- Valero Energy VLO 91913Y100 4/27/2006 1.1 Elect Director Jerry D. Choate Mgmt For For Corp. 1.2 Elect Director William R. Klesse Mgmt For For 1.3 Elect Director Donald L. Nickles Mgmt For For 1.4 Elect Director Susan Kaufman Purcell Mgmt For For 2 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Vodafone Group PLC 92857W100 7/26/2005 1 TO RECEIVE THE REPORT OF THE 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 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 - ---------------------------------------------------------------------------------------------------------------------------------- -19- PROXY VOTING SUMMARY REPORT FROM 07/01/05 TO 6/30/06 SIT BALANCED FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ---------------------------------------------------------------------------------------------------------------------------------- Wellpoint Inc WLP 94973V107 5/16/2006 1.1 Elect Director Lenox D. Baker, Jr., M.D. Mgmt For For 1.2 Elect Director Susan B. Bayh Mgmt For For 1.3 Elect Director Larry C. Glasscock Mgmt For For 1.4 Elect Director Julie A. Hill Mgmt For For 1.5 Elect Director Ramiro G. Peru Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For 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 - ---------------------------------------------------------------------------------------------------------------------------------- XTO Energy Inc XTO 98385X106 5/16/2006 1.1 Elect Director Phillip R. Kevil Mgmt For For 1.2 Elect Director Herbert D. Simons Mgmt For For 1.3 Elect Director Vaughn O. Vennerberg, II Mgmt For For 1.4 Elect Director Lane G. Collins Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ---------------------------------------------------------------------------------------------------------------------------------- Yahoo!, Inc. YHOO 984332106 5/25/2006 1.1 Elect Director Terry S. Semel Mgmt For For 1.2 Elect Director Jerry Yang Mgmt For For 1.3 Elect Director Roy J. Bostock Mgmt For For 1.4 Elect Director Ronald W. Burkle Mgmt For For 1.5 Elect Director Eric Hippeau Mgmt For For 1.6 Elect Director Arthur H. Kern Mgmt For For 1.7 Elect Director Vyomesh Joshi Mgmt For For 1.8 Elect Director Robert A. Kotick Mgmt For For 1.9 Elect Director Edward R. Kozel Mgmt For For 1.10 Elect Director Gary L. Wilson Mgmt For For 2 Amend Non-Employee Director Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For -20- SIGNATURES Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Sit Balanced Fund, a series of Sit Mutual Funds, Inc. ------------------------------------------------------------------- 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.