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 Science and Technology 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 SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Adobe Systems ADBE 00724F101 8/24/2005 1 Issue Shares in Connection with an Inc. Acquisition Mgmt For For 2 Adjourn Meeting Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Adobe Systems ADBE 00724F101 3/28/2006 1.1 Elect Director Edward W. Barnholt Mgmt For For Inc. 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 - ------------------------------------------------------------------------------------------------------------------------------------ Advanced AEIS 7973100 5/3/2006 1.1 Elect Director Douglas S. Schatz Mgmt For For Energy 1.2 Elect Director Richard P. Beck Mgmt For Withhold Industries, 1.3 Elect Director Hans-Georg Betz Mgmt For For Inc. 1.4 Elect Director Joseph R. Bronson Mgmt For For 1.5 Elect Director Trung T. Doan Mgmt For For 1.6 Elect Director Barry Z. Posner Mgmt For For 1.7 Elect Director Thomas Rohrs Mgmt For For 1.8 Elect Director Elwood Spedden Mgmt For For 2 Amend Non-Employee Director Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Advanced EYE 00763M108 5/25/2006 1.1 Elect Director William J. Link, Ph.D. Mgmt For For Medical Optics, 1.2 Elect Director Michael A. Mussallem Mgmt For For Inc. 1.3 Elect Director Deborah J. Neff Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Agilent A 00846U101 3/1/2006 1.1 Elect Director William P. Sullivan Mgmt For For Technologies 1.2 Elect Director Robert J. Herbold Mgmt For For Inc. 1.3 Elect Director Koh Boon Hwee Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Executive Incentive Bonus Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Amgen, Inc. AMGN 31162100 5/10/2006 1.1 Elect Director Frederick W. Gluck Mgmt For For 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 - ------------------------------------------------------------------------------------------------------------------------------------ -1- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Amylin AMLN 32346108 5/17/2006 1.1 Elect Director Steven R. Altman Mgmt For For Pharmaceuticals, 1.2 Elect Director Vaughn D. Bryson Mgmt For For Inc. 1.3 Elect Director Joseph C. Cook, Jr. Mgmt For For 1.4 Elect Director Karin Eastham Mgmt For For 1.5 Elect Director James R. Gavin III Mgmt For For 1.6 Elect Director Ginger L. Graham Mgmt For For 1.7 Elect Director Howard E. Greene, Jr. Mgmt For For 1.8 Elect Director Jay S. Skyler Mgmt For For 1.9 Elect Director Joseph P. Sullivan Mgmt For For 1.10 Elect Director Thomas R. Testman Mgmt For For 1.11 Elect Director James N. Wilson 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 - ------------------------------------------------------------------------------------------------------------------------------------ Analog ADI 32654105 3/14/2006 1.1 Elect Director James A. Champy Mgmt For Withhold Devices, 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 - ------------------------------------------------------------------------------------------------------------------------------------ Ansys, Inc. ANSS 03662Q105 6/15/2006 1.1 Elect Director Peter J. Smith Mgmt For For 1.2 Elect Director Bradford C. Morley Mgmt For For 1.3 Elect Director Patrick J. Zilvitis 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 - ------------------------------------------------------------------------------------------------------------------------------------ Apple AAPL 37833100 4/27/2006 1.1 Elect Director Fred D. Anderson Mgmt For For Computer, 1.2 Elect Director William V. Campbell Mgmt For For Inc. 1.3 Elect Director Millard S. Drexler Mgmt For For 1.4 Elect Director Albert A. Gore, Jr. Mgmt For For 1.5 Elect Director Steven P. Jobs Mgmt For For 1.6 Elect Director Arthur D. Levinson, Ph.D. Mgmt For For 1.7 Elect Director Jerome B. York Mgmt For For 2 Ratify Auditors Mgmt For For 3 Report on Computer Recycling Policy ShrHoldr Against Against - ------------------------------------------------------------------------------------------------------------------------------------ -2- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Autodesk, Inc. ADSK 52769106 11/10/2005 1 Approve Stock Option Plan Mgmt For For 2 Amend Non-Employee Director Omnibus Stock Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Autodesk, Inc. ADSK 52769106 6/8/2006 1.1 Elect Director Carol A. Bartz Mgmt For For 1.2 Elect Director Carl Bass Mgmt For For 1.3 Elect Director Mark A. Bertelsen Mgmt For For 1.4 Elect Director Crawford W. Beveridge Mgmt For For 1.5 Elect Director J. Hallam Dawson Mgmt For For 1.6 Elect Director Michael J. Fister Mgmt For For 1.7 Elect Director Per-Kristian Halvorsen Mgmt For For 1.8 Elect Director Stevn L. Scheid Mgmt For For 1.9 Elect Director Mary Alice Taylor Mgmt For For 1.10 Elect Director Larry W. Wangberg Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Broadcom Corp. BRCM 111320107 4/27/2006 1.1 Elect Director George L. Farinsky Mgmt For For 1.2 Elect Director Maureen E. Grzelakowski Mgmt For For 1.3 Elect Director Nancy H. Handel Mgmt For For 1.4 Elect Director John Major Mgmt For For 1.5 Elect Director Scott A. McGregor Mgmt For For 1.6 Elect Director Alan E. Ross Mgmt For For 1.7 Elect Director Henry Samueli Mgmt For For 1.8 Elect Director Robert E. Switz Mgmt For For 1.9 Elect Director Werner F. Wolfen Mgmt For For 2 Amend Articles/Bylaws/Charter-Non-Routine Mgmt For For 3 Establish Range For Board Size Mgmt For For 4 Amend Non-Employee Director Omnibus Stock Plan Mgmt For Against 5 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Business 12328X107 5/30/2006 1 APPROVAL OF THE COMPANY'S STATUTORY Objects S.A. FINANCIAL STATEMENTS Mgmt For For 2 APPROVAL OF THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS Mgmt For For -3- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 3 ALLOCATION OF THE COMPANY'S EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2005 Mgmt For For 4 RENEWAL OF THE TERM OF OFFICE OF MR. BERNARD LIAUTAUD Mgmt For For 5 RENEWAL OF THE TERM OF OFFICE OF MR. JEAN-FRANCOIS HEITZ Mgmt For For 6 RENEWAL OF THE TERM OF OFFICE OF MR. DAVID PETERSCHMIDT Mgmt For For 7 RATIFICATION OF MR. JOHN SCHWARTZ Mgmt For For 8 RENEWAL OF THE TERM OF OFFICE OF MR. JOHN SCHWARZ Mgmt For For 9 RATIFICATION OF REGULATED AGREEMENTS Mgmt For Against 10 APPROVAL OF REGULATED AGREEMENTS Mgmt For Against 11 Ratify Auditors Mgmt For For 12 AUTHORIZATIONGRANTED TO THE BOARD OF DIRECTORS TO REPURCHASE ORDINARY SHARES OF THE COMPANY Mgmt For For 13 TO REDUCE THE COMPANY'S SHARE CAPITAL BY CANCELLATION OF TREASURY SHARES Mgmt For For 14 TO ISSUE WARRANTS TO SUBSCRIBE UP TO A MAXIMUM OF 45,000 ORDINARY SHARES RESERVED FOR MR. JEAN-FRANCOIS HEITZ Mgmt For Against 15 TO ISSUE WARRANTS TO SUBSCRIBE UP TO A MAXIMUM OF 45,000 ORDINARY SHARES RESERVED FOR MR. DAVID PETERSCHMIDT Mgmt For Against 16 TO INCREASE THE COMPANY'S SHARE CAPITAL THROUGH THE ISSUANCE OF ORDINARY SHARES Mgmt For For -4- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 17 TO INCREASE THE COMPANY'S SHARE CAPITAL Mgmt For For 18 TO GRANT OPTIONS TO SUBSCRIBE OR TO PURCHASE ORDINARY SHARES OF THE COMPANY Mgmt For Against 19 TO INCREASE THE COMPANY'S SHARE CAPITAL Mgmt For Against 20 AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS TO ALLOCATE, FREE OF CHARGE, EXISTING ORDINARY SHARES Mgmt For Against 21 TO INCREASE THE COMPANY'S SHARES CAPITAL, WITH SHAREHOLDER PREFERENTIAL SUBSCRIPTION RIGHTS Mgmt For For 22 TO INCREASE THE COMPANY'S SHARES CAPITAL, WITHOUT SHAREHOLDER PREFERENTIAL SUBSCRIPTION RIGHTS Mgmt For Against 23 AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS TO INCREASE THE NUMBER OF ORDINARY SHARES Mgmt For Against 24 DELEGATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS TO INCREASE THE COMPANY'S SHARE CAPITAL Mgmt For For 25 DELEGATION OF POWERS GRANTED TO THE BOARD OF DIRECTORS TO INCREASE THE COMPANY'S SHARE CAPITAL Mgmt For For 26 APPROVAL OF THE AMENDMENTS OF THE COMPANY'S ARTICLES OF ASSOCIATION Mgmt For For 27 DELEGATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS TO PROCEED WITH THE ISSUANCE OF WARRANTS FREE OF CHARGE Mgmt For Against 28 AUTHORIZATION GRANTED TO THE BOARD OF DIRECTORS IN THE EVENT OF A PUBLIC TENDER OFFER EXCHANGE OFFER FOR THE COMPANY Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ -5- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Check Point CHKP M22465104 9/27/2005 1 ELECTION OF DIRECTORS (OTHER THAN Software OUTSIDE DIRECTORS): GIL SHWED, MARIUS Technologies NACHT, JERRY UNGERMAN, DAVID RUBNER, Inc 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 -6- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 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, CSCO 17275R102 11/15/2005 1.1 Elect Director Carol A. Bartz Mgmt For For Inc. 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 - ------------------------------------------------------------------------------------------------------------------------------------ CV CVTX 126667104 6/6/2006 1.1 Elect Director Louis G. Lange Mgmt For For Therapeutics 1.2 Elect Director Peter Barton Hutt Mgmt For For Inc. 1.3 Elect Director Thomas E. Shenk Mgmt For For 2 Amend Qualified Employee Stock Purchase Plan Mgmt For For 3 Amend Articles/Bylaws/Charter General Matters Mgmt For For 4 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -7- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 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 284131208 5/25/2006 1 RECEIVE THE FINANCIAL STATEMENTS Corporation Plc TOGETHER 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 -8- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Energy ENER 292659109 11/15/2005 1.1 Elect Director Robert I. Frey Mgmt For For Conversion 1.2 Elect Director William J. Ketelhut Mgmt For For Devices, Inc. 1.3 Elect Director Florence I. Metz Mgmt For For 1.4 Elect Director Iris M. Ovshinsky Mgmt For For 1.5 Elect Director Stanford R. Ovshinsky Mgmt For For 1.6 Elect Director Stephen Rabinowitz Mgmt For For 1.7 Elect Director Robert C. Stempel Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -9- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ EV3 INC EVVV 26928A200 5/9/2006 1.1 Elect Director J.M. Corbett Mgmt For Withhold 1.2 Elect Director T.E. Timbie Mgmt For Withhold 2 Amend Omnibus Stock Plan Mgmt For For 3 Approve Qualified Employee Stock Purchase Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Gen-Probe, Inc. GPRO 36866T103 5/17/2006 1.1 Elect Director John W. Brown Mgmt For For 1.2 Elect Director Henry L. Nordhoff Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Genzyme Corp. GENZ 372917104 5/25/2006 1.1 Elect Director Victor J. Dzau, M.D. Mgmt For For 1.2 Elect Director Connie Mack, III Mgmt For For 1.3 Elect Director Henri A. Termeer Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Amend Non-Employee Director Stock Option Plan Mgmt For For 4 Declassify the Board of Directors Mgmt For For 5 Ratify Auditors Mgmt For For 6 Submit Severance Agreement (Change in Control) to shareholder Vote ShrHoldr Against For - ------------------------------------------------------------------------------------------------------------------------------------ Gilead GILD 375558103 5/10/2006 1.1 Elect Director Paul Berg Mgmt For For Sciences, 1.2 Elect Director John F. Cogan Mgmt For For Inc. 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 - ------------------------------------------------------------------------------------------------------------------------------------ -10- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ GIVEN M52020100 8/30/2005 1.1 Elect Director Mr. Doron Birger Mgmt For For IMAGING 1.2 Elect Director Mr. J. Silverstein Mgmt For For 1.3 Elect Director Mr. Chen Barir Mgmt For For 1.4 Elect Director Mr. Eyal Lifschitz Mgmt For For 1.5 Elect Director Prof. Anat Leowenstein Mgmt For For 1.6 Elect Director Mr. Gavriel D. Meron Mgmt For For 2 TO APPROVE THE COMPENSATION OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMPANY. Mgmt For Against 3 TO APPROVE CHANGES TO THE COMPENSATION OF THE DIRECTORS OF THE COMPANY. Mgmt For Against 4 Ratify Auditors Mgmt For 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 - ------------------------------------------------------------------------------------------------------------------------------------ Harris Corp. HRS 413875105 10/28/2005 1.1 Elect Director Lewis Hay, III Mgmt For For 1.2 Elect Director Karen Katen Mgmt For For 1.3 Elect Director Stephen P. Kaufman Mgmt For For 1.4 Elect Director Hansel E. Tookes, II Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Approve/Amend Executive Incentive Bonus Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -11- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY 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 - ------------------------------------------------------------------------------------------------------------------------------------ InterVoice Inc INTV 461142101 7/13/2005 1.1 Elect Director Saj-nicole A. Joni, Ph.D. Mgmt For For 1.2 Elect Director Gerald F. Montry Mgmt For For 1.3 Elect Director Joseph J. Pietropaolo Mgmt For For 1.4 Elect Director George C. Platt Mgmt For For 1.5 Elect Director Donald B. Reed Mgmt For For 1.6 Elect Director Jack P. Reily Mgmt For For 1.7 Elect Director Robert E. Ritchey Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Other Business Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ -12- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ J2 Global JCOM 46626E205 5/3/2006 1.1 Elect Director Douglas Y. Bech Mgmt For For Communications, 1.2 Elect Director Robert J. Cresci Mgmt For For Inc. 1.3 Elect Director John F. Reiley Mgmt For Withhold 1.4 Elect Director Richard S. Ressler Mgmt For Withhold 1.5 Elect Director Michael P. Schulhof Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Amend Stock Option Plan Mgmt For For 4 Other Business Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ Juniper JNPR 48203R104 5/18/2006 1.1 Elect Director Scott Kriens Mgmt For For Networks, Inc. 1.2 Elect Director Stratton Sclavos Mgmt For Withhold 1.3 Elect Director William R. Stensrud Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Kyphon Inc KYPH 501577100 6/15/2006 1.1 Elect Director Richard W. Mott Mgmt For For 1.2 Elect Director Karen D. Talmadge, Ph.D. Mgmt For For 2 Approve Qualified Employee Stock Purchase Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Lam Research LRCX 512807108 11/3/2005 1.1 Elect Director James W. Bagley Mgmt For Withhold Corp. 1.2 Elect Director David G. Arscott Mgmt For Withhold 1.3 Elect Director Robert M. Berdahl Mgmt For Withhold 1.4 Elect Director Richard J. Elkus, Jr. Mgmt For Withhold 1.5 Elect Director Jack R. Harris Mgmt For Withhold 1.6 Elect Director Grant M. Inman Mgmt For Withhold 1.7 Elect Director Stephen G. Newberry Mgmt For For 1.8 Elect Director Seiichi Watanabe Mgmt For For 2 Amend Executive Incentive Bonus Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ McAfee, Inc. MFE 579064106 5/25/2006 1.1 Elect Director Leslie Denend Mgmt For For 1.2 Elect Director George Samenuk Mgmt For For 2 Amend Non-Employee Director Stock Option Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -13- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Medtronic, Inc. MDT 585055106 8/25/2005 1.1 Elect Director Shirley Ann Jackson, Ph.D. Mgmt For For 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 - ------------------------------------------------------------------------------------------------------------------------------------ Microsemi MSCC 595137100 2/22/2006 1.1 Elect Director Dennis R. Leibel Mgmt For For Corp. 1.2 Elect Director James J. Peterson Mgmt For For 1.3 Elect Director Thomas R. Anderson Mgmt For For 1.4 Elect Director William E. Bendush Mgmt For For 1.5 Elect Director William L. Healey Mgmt For For 1.6 Elect Director Paul F. Folino Mgmt For For 1.7 Elect Director Matthew E. Massengill Mgmt For For 2 Ratify Auditors 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, 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 - ------------------------------------------------------------------------------------------------------------------------------------ -14- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ NAVTEQ NVT 63936L100 5/9/2006 1.1 Elect Director Richard J.A. De Lange Mgmt For For Corporation 1.2 Elect Director Christopher Galvin Mgmt For For 1.3 Elect Director Andrew J. Green Mgmt For For 1.4 Elect Director Judson C. Green Mgmt For For 1.5 Elect Director William L. Kimsey Mgmt For For 1.6 Elect Director Scott D. Miller Mgmt For For 1.7 Elect Director Dirk-Jan Van Ommeren Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Network NTAP 64120L104 8/31/2005 1.1 Elect Director Daniel J. Warmenhoven Mgmt For For Appliance, 1.2 Elect Director Donald T. Valentine Mgmt For For Inc. 1.3 Elect Director Jeffry R. Allen Mgmt For For 1.4 Elect Director Carol A. Bartz Mgmt For For 1.5 Elect Director Alan L. Earhart Mgmt For For 1.6 Elect Director Mark Leslie Mgmt For For 1.7 Elect Director Nicholas C. Moore Mgmt For For 1.8 Elect Director Sachio Semmoto Mgmt For For 1.9 Elect Director George T. Sheheen Mgmt For For 1.10 Elect Director Robert T. Wall 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 - ------------------------------------------------------------------------------------------------------------------------------------ NuVasive, Inc. NUVA 670704105 5/24/2006 1.1 Elect Director P.C. Farrell, Ph.D., Am Mgmt For For 1.2 Elect Director Lesley H. Howe Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ NuVasive, Inc. NUVA 670704105 7/27/2005 1.1 Elect Director Arda M. Minocherhomjee Mgmt For For 1.2 Elect Director Robert J. Hunt Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Oracle Corp. ORCL 68389X105 10/10/2005 1.1 Elect Director Jeffrey O. Henley Mgmt For For 1.2 Elect Director Lawrence J. Ellison Mgmt For For 1.3 Elect Director Donald L. Lucas Mgmt For For 1.4 Elect Director Michael J. Boskin Mgmt For For 1.5 Elect Director Jack F. Kemp Mgmt For For 1.6 Elect Director Jeffrey S. Berg Mgmt For For 1.7 Elect Director Safra A. Catz Mgmt For For 1.8 Elect Director Hector Garcia-Molina Mgmt For For 1.9 Elect Director Joseph A. Grundfest Mgmt For For 1.10 Elect Director H. Raymond Bingham Mgmt For Withhold 1.11 Elect Director Charles E. Phillips, Jr. Mgmt For For 2 Approve Executive Incentive Bonus Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -15- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ QUALCOMM QCOM 747525103 3/7/2006 1.1 Elect Director Richard C. Atkinson Mgmt For Withhold Inc. 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 - ------------------------------------------------------------------------------------------------------------------------------------ Radyne Corp RADN 750611402 6/7/2006 1.1 Elect Director Yip Loi Lee Mgmt For Withhold 1.2 Elect Director Dennis W. Elliott Mgmt For For 1.3 Elect Director Robert C. Fitting Mgmt For For 1.4 Elect Director Dr. C.J. Waylan Mgmt For For 1.5 Elect Director Dr. James Spilker, Jr. Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For Against - ------------------------------------------------------------------------------------------------------------------------------------ Research In RIM 760975102 7/18/2005 1 Elect Michael Lazardis, James Motion Ltd Balsillie, Douglas Fregin, Kendall Cork, James Estill, John Richardson and Douglas Wright as Directors Mgmt For For 2 Approve Ernst & Young LLP as Auditors and Authorize Board to Fix Remuneration of Auditors Mgmt For For 3 Approve Restricted Share Unit Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Rimage RIMG 766721104 5/16/2006 1.1 Elect Director Bernard P. Aldrich Mgmt For For Corporation 1.2 Elect Director Lawrence M. Benveniste Mgmt For For 1.3 Elect Director Philip D. Hotchkiss Mgmt For For 1.4 Elect Director Thomas F. Madison Mgmt For For 1.5 Elect Director Steven M. Quist Mgmt For For 1.6 Elect Director James L. Reissner Mgmt For For 1.7 Elect Director David J. Suden Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -16- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 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 -17- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Silicon Image, SIMG 82705T102 5/23/2006 1.1 Elect Director Peter Hanelt Mgmt For For Inc. 1.2 Elect Director William George Mgmt For For 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -18- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Sonus SONS 835916107 10/12/2005 1.1 Elect Director Hassan M. Ahmed Mgmt For For Networks, 1.2 Elect Director John P. Cunningham Mgmt For For Inc. 1.3 Elect Director Paul J. Severino Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ St. Jude STJ 790849103 5/10/2006 1.1 Elect Director John W. Brown Mgmt For For Medical, 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 - ------------------------------------------------------------------------------------------------------------------------------------ Standard SMSC 853626109 8/1/2005 1.1 Elect Director Steven J. Bilodeau Mgmt For For Microsystems 1.2 Elect Director Peter F. Dicks Mgmt For For Corp. 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Surmodics, Inc. SRDX 868873100 1/30/2006 1 Fix Number of Directors Mgmt For For 2.1 Elect Director Bruce J Barclay Mgmt For For 2.2 Elect Director Jose H. Bedoya Mgmt For For 2.3 Elect Director John A. Meslow Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Symantec Corp. SYMC 871503108 9/16/2005 1.1 Elect Director Gary L. Bloom Mgmt For For 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 - ------------------------------------------------------------------------------------------------------------------------------------ Vertex VRTX 92532F100 5/11/2006 1.1 Elect Director Eric K. Brandt Mgmt For For Pharmaceuticals 1.2 Elect Director Bruce I. Sachs Mgmt For For Inc. 1.3 Elect Director Eve E. Slater, M.D. Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ -19- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SCIENCE & TECHNOLOGY GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ------------------------------------------------------------------------------------------------------------------------------------ Witness WITS 977424100 5/18/2006 1.1 Elect Director David Gould Mgmt For For Systems, Inc. 2 Ratify Auditors Mgmt For For - ------------------------------------------------------------------------------------------------------------------------------------ Xilinx, Inc. XLNX 983919101 8/4/2005 1.1 Elect Director Willem P. Roelandts Mgmt For For 1.2 Elect Director John L. Doyle Mgmt For For 1.3 Elect Director Jerald G. Fishman Mgmt For For 1.4 Elect Director Philip T. Gianos Mgmt For For 1.5 Elect Director William G. Howard, Jr. Mgmt For For 1.6 Elect Director Harold E. Hughes, Jr. Mgmt For For 1.7 Elect Director J. Michael Patterson Mgmt For For 1.8 Elect Director Richard W. Sevcik Mgmt For For 1.9 Elect Director Elizabeth W. Vanderslice Mgmt For For 2 Amend Qualified Employee Stock Purchase Plan Mgmt For For 3 Ratify Auditors Mgmt For For 4 Require a Majority Vote for the Election of Directors ShrHoldr Against 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 - ------------------------------------------------------------------------------------------------------------------------------------ Zix Corp. ZIXI 98974P100 11/21/2005 1.1 Elect Director Robert C. Hausmann Mgmt For For 1.2 Elect Director Charles A. 'Chip' Kahn Mgmt For For 1.3 Elect Director Paul E. Schlosberg Mgmt For For 2 Approve Issuance of Shares for a Private Placement 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 Science and Technology 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.