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 Small Cap 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 SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- ADE Corp. ADEX 00089C107 9/21/2005 1 Fix Number of Directors Mgmt For For 2.1 Elect Director Harris Clay Mgmt For For 2.2 Elect Director Landon T. Clay Mgmt For For 2.3 Elect Director H. Kimball Faulkner Mgmt For For 2.4 Elect Director Chris L. Koliopoulos Mgmt For Withhold 2.5 Elect Director Kendall Wright Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Advance Auto AAP 00751Y106 5/17/2006 1.1 Elect Director John C. Brouillard Mgmt For For Parts Inc 1.2 Elect Director Lawrence P. Castellani Mgmt For For 1.3 Elect Director Michael N. Coppola Mgmt For For 1.4 Elect Director Darren R. Jackson Mgmt For For 1.5 Elect Director Nicholas J. LaHowchic Mgmt For For 1.6 Elect Director William S. Oglesby Mgmt For For 1.7 Elect Director Gilbert T. Ray Mgmt For For 1.8 Elect Director Carlos A. Saladrigas Mgmt For For 1.9 Elect Director William L. Salter Mgmt For For 1.10 Elect Director Francesca M. Spinelli Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Affiliated AMG 8252108 5/31/2006 1.1 Elect Director Richard E. Floor Mgmt For For Managers Group, 1.2 Elect Director Sean M. Healey Mgmt For For Inc. 1.3 Elect Director Harold J. Meyerman Mgmt For For 1.4 Elect Director William J. Nutt Mgmt For For 1.5 Elect Director Rita M. Rodriguez Mgmt For For 1.6 Elect Director Patrick T. Ryan Mgmt For For 1.7 Elect Director Jide J. Zeitlin Mgmt For For 2 Approve Stock Option Plan Mgmt For For 3 Increase Authorized Common Stock Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Agere Systems Inc AGR 00845V308 2/23/2006 1.1 Elect Director Thomas P. Salice Mgmt For For 1.2 Elect Director Rae F. Sedel Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Amend Non-Employee Director Omnibus Stock Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- AMETEK, Inc. AME 31100100 4/25/2006 1.1 Elect Director Steven W. Kohlhagen Mgmt For For 1.2 Elect Director James R. Malone Mgmt For For 1.3 Elect Director Elizabeth R. Varet Mgmt For For 1.4 Elect Director Dennis K. Williams Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -1- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP 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 - ----------------------------------------------------------------------------------------------------------------------------------- Anixter AXE 35290105 5/18/2006 1.1 Elect Director Lord James Blyth Mgmt For For International 1.2 Elect Director Linda Walker Bynoe Mgmt For For Inc. 1.3 Elect Director Robert L. Crandall Mgmt For For 1.4 Elect Director Robert W. Grubbs Jr. Mgmt For For 1.5 Elect Director F. Philip Handy Mgmt For For 1.6 Elect Director Melvyn N. Klein Mgmt For For 1.7 Elect Director George Munoz Mgmt For For 1.8 Elect Director Stuart M. Sloan Mgmt For For 1.9 Elect Director Thomas C. Theobald Mgmt For For 1.10 Elect Director Matthew Zell Mgmt For For 1.11 Elect Director Samuel Zell Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For 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 - ----------------------------------------------------------------------------------------------------------------------------------- Arris Group Inc ARRS 04269Q100 5/24/2006 1.1 Elect Director Alex B. Best Mgmt For For 1.2 Elect Director Harry L. Bosco Mgmt For For 1.3 Elect Director John Anderson Craig Mgmt For For 1.4 Elect Director Matthew B. Kearney Mgmt For For 1.5 Elect Director William H. Lambert Mgmt For For 1.6 Elect Director John R. Petty Mgmt For For 1.7 Elect Director Robert J. Stanzione Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For 4 Amend Executive Incentive Bonus Plan Mgmt For For 5 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -2- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Astec ASTE 46224101 4/27/2006 1.1 Elect Director Daniel K. Frierson Mgmt For For Industries, Inc. 1.2 Elect Director Robert G. Stafford Mgmt For For 1.3 Elect Director Glenn E. Tellock Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Other Business Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- ATP Oil & Gas ATPG 00208J108 6/14/2006 1.1 Elect Director Arthur H. Dilly Mgmt For For Corp. 1.2 Elect Director Robert C. Thomas Mgmt For For 1.3 Elect Director Burt A. Adams Mgmt For For 1.4 Elect Director George R. Edwards Mgmt For For 1.5 Elect Director Robert J. Karow Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Aztar Corp. AZR 54802103 5/11/2006 1.1 Elect Director Linda C. Faiss Mgmt For Withhold 1.2 Elect Director Robert M. Haddock Mgmt For Withhold 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Biosite Inc BSTE 90945106 6/23/2006 1.1 Elect Director Kim D. Blickenstaff Mgmt For For 1.2 Elect Director Kenneth F. Buechler, Ph.D. Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Business Objects 12328X107 5/30/2006 1 APPROVAL OF THE COMPANY'S STATUTORY S.A. FINANCIAL STATEMENTS Mgmt For For 2 APPROVAL OF THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS Mgmt For For 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 17 TO INCREASE THE COMPANY'S SHARE CAPITAL Mgmt For For -3- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------------- C.H. Robinson CHRW 12541W100 10/14/2005 1 Approve Stock Split Mgmt For For Worldwide, Inc. 2 Increase Authorized Common Stock Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- C.H. Robinson CHRW 12541W209 5/18/2006 1.1 Elect Director Kenneth E. Keiser Mgmt For For Worldwide, Inc. 1.2 Elect Director Gerald A. Schwalbach Mgmt For For 1.3 Elect Director John P. Wiehoff Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- CACI CAI 127190304 11/17/2005 1.1 Elect Director Herbert W. Anderson Mgmt For For International, 1.2 Elect Director Michael J. Bayer Mgmt For For Inc. 1.3 Elect Director Peter A. Derow Mgmt For For 1.4 Elect Director Richard L. Leatherwood Mgmt For For 1.5 Elect Director J. Phillip London Mgmt For For 1.6 Elect Director Barbara A. McNamara Mgmt For For 1.7 Elect Director Arthur L. Money Mgmt For Withhold 1.8 Elect Director Warren R. Phillips Mgmt For For 1.9 Elect Director Charles P. Revoile Mgmt For For 1.10 Elect Director Larry D. Welch Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Carbo Ceramics CRR 140781105 4/18/2006 1.1 Elect Director Claude E. Cooke, Jr. Mgmt For For Inc. 1.2 Elect Director Chad C. Deaton Mgmt For For 1.3 Elect Director H.E. Lentz, Jr. Mgmt For For 1.4 Elect Director William C. Morris Mgmt For For 1.5 Elect Director John J. Murphy Mgmt For For 1.6 Elect Director Jesse P. Orsini Mgmt For For 1.7 Elect Director Robert S. Rubin Mgmt For For 2 Amend Restricted Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -4- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Carrizo Oil & CRZO 144577103 5/23/2006 1.1 Elect Director S.P. Johnson IV Mgmt For For Gas, Inc. 1.2 Elect Director Steven A. Webster Mgmt For Withhold 1.3 Elect Director Thomas L. Carter, Jr. Mgmt For For 1.4 Elect Director Paul B. Loyd, Jr. Mgmt For For 1.5 Elect Director F. Gardner Parker Mgmt For For 1.6 Elect Director Roger A. Ramsey Mgmt For For 1.7 Elect Director Frank A. Wojtek Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Carter's, Inc. CRI 146229109 5/11/2006 1.1 Elect Director Paul Fulton Mgmt For For 1.2 Elect Director John R. Welch Mgmt For For 1.3 Elect Director Thomas Whiddon Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Approve/Amend Executive Incentive Bonus Plan Mgmt For 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 - ----------------------------------------------------------------------------------------------------------------------------------- Chicos FAS Inc. CHS 168615102 6/20/2006 1.1 Elect Director Scott A. Edmonds Mgmt For For 1.2 Elect Director Charles J. Kleman Mgmt For For 1.3 Elect Director Ross E. Roeder Mgmt For For 1.4 Elect Director Michael A. Weiss Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Citrix Systems, CTXS 177376100 5/18/2006 1.1 Elect Director Thomas F. Bogan Mgmt For For Inc. 1.2 Elect Director Gary E. Morin Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Coach, Inc. COH 189754104 11/2/2005 1.1 Elect Director Joseph Ellis Mgmt For For 1.2 Elect Director Lew Frankfort Mgmt For For 1.3 Elect Director Gary Loveman Mgmt For For 1.4 Elect Director Ivan Menezes Mgmt For For 1.5 Elect Director Irene Miller Mgmt For For 1.6 Elect Director Keith Monda Mgmt For For 1.7 Elect Director Michael Murphy Mgmt For For 2 Amend Executive Incentive Bonus Plan Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -5- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Cognex CGNX 192422103 4/25/2006 1.1 Elect Director Robert J. Shillman Mgmt For For Corp. 1.2 Elect Director Reuben Wasserman Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Coldwater Creek CWTR 193068103 6/10/2006 1.1 Elect Director Dennis C. Pence Mgmt For For Inc. 1.2 Elect Director Robert H. Mccall Mgmt For For 2 Approve Qualified Employee Stock Purchase Plan Mgmt For For 3 Increase Authorized Common Stock Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Connetics Corp. CNCT 208192104 5/22/2006 1.1 Elect Director David E. Cohen, M.D. Mgmt For For 1.2 Elect Director R. Andrew Eckert Mgmt For For 1.3 Elect Director Carl B. Feldbaum Mgmt For For 1.4 Elect Director Denise M. Gilbert, Ph.D. Mgmt For For 1.5 Elect Director John C. Kane Mgmt For For 1.6 Elect Director Thomas K. Kiley Mgmt For For 1.7 Elect Director Leon E. Panetta Mgmt For For 1.8 Elect Director G. Kirk Raab Mgmt For For 1.9 Elect Director Thomas G. Wiggans Mgmt For For 2 Approve/Amend Executive Incentive Bonus Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Conor CONR 208264101 6/21/2006 1.1 Elect Director John F. Shanley Mgmt For For Medsystems, Inc. 1.2 Elect Director Steven B. Gerber, M.D. Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Core CLB N22717107 6/28/2006 1.1 Elect Director Richard L. Bergmark Mgmt For For Laboratories N V 1.2 Elect Director Alexander Vriesendorp Mgmt For For 2 CONFIRMATION AND ADOPTION OF ANNUAL ACCOUNTS. Mgmt For For 3 APPROVAL OF CANCELLATION OF OUR REPURCHASED SHARES. Mgmt For For 4 APPROVAL OF EXTENSION OF AUTHORITY OF MANAGEMENT BOARD TO REPURCHASE UP TO 10% OF THE ISSUED SHARE CAPITAL OF THE COMPANY. Mgmt For For 5 APPROVAL OF EXTENSION OF AUTHORITY OF SUPERVISORY BOARD TO ISSUE SHARES AND/OR TO GRANT RIGHTS (INCLUDING OPTIONS TO PURCHASE) WITH RESPECT TO OUR COMMON AND/OR PREFERENCE SHARES UNTIL JUNE 28, 2011. Mgmt For For 6 APPROVAL OF EXTENSION OF AUTHORITY OF SUPERVISORY BOARD TO LIMIT OR ELIMINATE PREEMPTIVE RIGHTS OF HOLDERS OF COMMON SHARES UNTIL JUNE 28, 2011. Mgmt For For 7 APPROVAL OF THE AMENDMENT AND RESTATEMENT OF THE CORE LABORATORIES N.V. 1995 NONEMPLOYEE DIRECTOR STOCK OPTION PLAN. Mgmt For For 8 APPROVAL OF THE MANDATORY AMENDMENTS OF THE ARTICLES OF ASSOCIATION, INCLUDING A CAPITAL INCREASE. Mgmt For For 9 APPROVAL OF THE AMENDMENT OF THE INDEMNIFICATION PROVISION OF THE ARTICLES OF ASSOCIATION. Mgmt For For 10 APPROVAL OF THE TWO-FOR-ONE STOCK SPLIT. Mgmt For For 11 RATIFICATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY'S INDEPENDENT PUBLIC ACCOUNTANTS FOR THE YEAR ENDED DECEMBER 31, 2006. Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -6- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Covance Inc. CVD 222816100 5/10/2006 1.1 Elect Director Robert Barchi Mgmt For For 1.2 Elect Director Sandra L. Helton Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Coventry Health CVH 222862104 5/18/2006 1.1 Elect Director John H. Austin Mgmt For For Care Inc. 1.2 Elect Director Daniel N. Mendelson Mgmt For For 1.3 Elect Director Rodman W. Moorhead, III Mgmt For For 1.4 Elect Director Timothy T. Weglicki Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Amend Articles/Bylaws/Charter- Non-Routine Mgmt For For 4 Authorize Board to Fill Vacancies Mgmt For For 5 Amend Omnibus Stock Plan Mgmt For For 6 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Cryolife, Inc. CRY 228903100 5/4/2006 1.1 Elect Director Steven G. Anderson Mgmt For For 1.2 Elect Director Thomas F. Ackerman Mgmt For For 1.3 Elect Director James S. Benson Mgmt For For 1.4 Elect Director Daniel J. Bevevino Mgmt For For 1.5 Elect Director John M. Cook Mgmt For For 1.6 Elect Director Ronald C. Elkins, M.D. Mgmt For For 1.7 Elect Director Virginia C. Lacy Mgmt For For 1.8 Elect Director Ronald D. McCall, Esq. Mgmt For Withhold 1.9 Elect Director Bruce J. Van Dyne, M.D. Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- CV Therapeutics CVTX 126667104 6/6/2006 1.1 Elect Director Louis G. Lange Mgmt For For Inc. 1.2 Elect Director Peter Barton Hutt Mgmt For For 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 - ----------------------------------------------------------------------------------------------------------------------------------- Dexcom Inc DXCM 252131107 5/15/2006 1.1 Elect Director Kim D. Blickenstaff Mgmt For For 1.2 Elect Director Terrance H. Gregg Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For Against 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- DRS DRS 23330X100 8/4/2005 1.1 Elect Director Mark S. Newman Mgmt For For Technologies, 1.2 Elect Director Donald C. Fraser Mgmt For For Inc. 1.3 Elect Director Steven S. Honigman Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- DRS DRS 23330X100 1/30/2006 1 Issue Shares in Connection with an Mgmt For For Technologies, Acquisition Inc. 2 Increase Authorized Common Stock Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------------- -7- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP 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 - ----------------------------------------------------------------------------------------------------------------------------------- Fairchild FCS 303726103 5/3/2006 1.1 Elect Director Richard A. Aurelio Mgmt For For Semiconductor 1.2 Elect Director Charles P. Carinalli Mgmt For For International, 1.3 Elect Director Charles M. Clough Mgmt For For Inc. 1.4 Elect Director Robert F. Friel Mgmt For For 1.5 Elect Director Thomas L. Magnanti Mgmt For For 1.6 Elect Director Kevin J. McGarity Mgmt For For 1.7 Elect Director Kirk P. Pond Mgmt For For 1.8 Elect Director Bryan R. Roub Mgmt For For 1.9 Elect Director Ronald W. Shelly Mgmt For For 1.10 Elect Director William N. Stout Mgmt For For 1.11 Elect Director Mark S. Thompson Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Flotek FTK 343389102 5/18/2006 1.1 Elect Director J.W. Chisholm Mgmt For For Industries, Inc 1.2 Elect Director J.D. Dumas, Sr. Mgmt For Withhold 1.3 Elect Director G.S. Penny Mgmt For Withhold 1.4 Elect Director G.M. Pittman Mgmt For For 1.5 Elect Director B.E. Stewart Mgmt For For 1.6 Elect Director R.O. Wilson Mgmt For For 1.7 Elect Director W.R. Ziegler Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Foundation Coal FCL 35039W100 5/18/2006 1.1 Elect Director James F. Roberts Mgmt For For Hldgs Inc 1.2 Elect Director David I. Foley Mgmt For For 1.3 Elect Director Alex T. Krueger Mgmt For For 1.4 Elect Director P. Michael Giftos Mgmt For For 1.5 Elect Director Robert C. Scharp Mgmt For For 1.6 Elect Director William J. Crowley, Jr. Mgmt For For 1.7 Elect Director Joel Richards, III Mgmt For For 1.8 Elect Director Thomas V. Shockley, III Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Articles/Bylaws Mgmt For For 4 Other Business Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- Frontier Oil FTO 35914P105 4/26/2006 1.1 Elect Director James R. Gibbs Mgmt For For Corp. 1.2 Elect Director Douglas Y. Bech Mgmt For For 1.3 Elect Director G. Clyde Buck Mgmt For For 1.4 Elect Director T. Michael Dossey Mgmt For For 1.5 Elect Director James H. Lee Mgmt For For 1.6 Elect Director Paul B. Loyd, Jr. Mgmt For Withhold 1.7 Elect Director Michael E. Rose Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Frontier Oil FTO 35914P105 6/9/2006 1 Increase Authorized Common Stock Mgmt For For Corp. - ----------------------------------------------------------------------------------------------------------------------------------- GASCO ENERGY INC GSX 367220100 6/14/2006 1.1 Elect Director Marc A. Bruner Mgmt For Withhold 1.2 Elect Director Richard J. Burgess Mgmt For For 1.3 Elect Director Charles B. Crowell Mgmt For For 1.4 Elect Director Mark A. Erickson Mgmt For Withhold 1.5 Elect Director Richard S. Langdon Mgmt For For 1.6 Elect Director Carmen J. Lotito Mgmt For For 1.7 Elect Director John A. Schmit Mgmt For For 1.8 Elect Director Carl Stadelhofer Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -8- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Getty Images, GYI 374276103 5/2/2006 1.1 Elect Director Jonathan D. Klein Mgmt For For Inc. 1.2 Elect Director Michael A. Stein Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- GIVEN IMAGING M52020100 8/30/2005 1.1 Elect Director Mr. Doron Birger Mgmt For For 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 - ----------------------------------------------------------------------------------------------------------------------------------- Granite GVA 387328107 5/22/2006 1.1 Elect Director Linda Griego Mgmt For For Construction 1.2 Elect Director David H. Kelsey Mgmt For For Inc. 1.3 Elect Director James W. Bradford Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Guitar Center, GTRC 402040109 4/28/2006 1.1 Elect Director Marty Albertson Mgmt For For Inc. 1.2 Elect Director Larry Livingston Mgmt For For 1.3 Elect Director Pat Macmillan Mgmt For For 1.4 Elect Director Bob L. Martin Mgmt For For 1.5 Elect Director George Mrkonic Mgmt For For 1.6 Elect Director Kenneth Reiss Mgmt For For 1.7 Elect Director Walter Rossi Mgmt For For 1.8 Elect Director Peter Starrett Mgmt For For 1.9 Elect Director Paul Tarvin Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Increase Authorized Common Stock Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Hansen Natural HANS 411310105 11/11/2005 1.1 Elect Director Rodney C. Sacks Mgmt For For Corp. 1.2 Elect Director Hilton H. Schlosberg Mgmt For For 1.3 Elect Director Norman C. Epstein Mgmt For For 1.4 Elect Director Benjamin M. Polk Mgmt For For 1.5 Elect Director Sydney Selati Mgmt For For 1.6 Elect Director Harold C. Taber, Jr. Mgmt For For 1.7 Elect Director Mark S. Vidergauz Mgmt For For 2 Increase Authorized Common Stock Mgmt For Against 3 Approve Non-Employee Director Stock Option Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Hansen Natural HANS 411310105 6/1/2006 1 Increase Authorized Common Stock Mgmt For For Corp. 2 Amend Stock Option Plan Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Hydril Company HYDL 448774109 5/16/2006 1.1 Elect Director Jerry S. Cox Mgmt For For 1.2 Elect Director Roger Goodan Mgmt For For 1.3 Elect Director Patrick T. Seaver Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Hyperion HYSL 44914M104 11/16/2005 1.1 Elect Director Godfrey Sullivan Mgmt For For Solutions 1.2 Elect Director John Riccitiello Mgmt For Withhold Corp. 1.3 Elect Director Gary Greenfield Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Approve Qualified Employee Stock Purchase Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -9- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- IDEX Corp. IEX 45167R104 4/4/2006 1.1 Elect Director Michael T. Tokarz Mgmt For For 1.2 Elect Director Frank S. Hermance Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Informatica INFA 45666Q102 5/18/2006 1.1 Elect Director David W. Pidwell Mgmt For For Corporation 1.2 Elect Director Sohaib Abbasi Mgmt For For 1.3 Elect Director Geoffrey W. Squire Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Intersil ISIL 46069S109 5/10/2006 1.1 Elect Director Richard M. Beyer Mgmt For For Corporation 1.2 Elect Director Dr. Robert W. Conn Mgmt For For 1.3 Elect Director James V. Diller Mgmt For For 1.4 Elect Director Gary E. Gist Mgmt For For 1.5 Elect Director Mercedes Johnson Mgmt For For 1.6 Elect Director Gregory Lang Mgmt For For 1.7 Elect Director Jan Peeters Mgmt For For 1.8 Elect Director Robert N. Pokelwaldt Mgmt For For 1.9 Elect Director James A. Urry Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Intuitive ISRG 46120E602 5/19/2006 1.1 Elect Director Lonnie M. Smith Mgmt For For Surgical Inc 1.2 Elect Director Richard J. Kramer Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Invitrogen Corp. IVGN 46185R100 4/21/2006 1.1 Elect Director Gregory T. Lucier Mgmt For For 1.2 Elect Director Donald W. Grimm Mgmt For For 2 Ratify Auditors Mgmt For For 3 Amend Qualified Employee Stock Purchase Plan Mgmt For For 4 Increase Authorized Common Stock Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Jos. A. Bank JOSB 480838101 6/23/2006 1.1 Elect Director Andrew A. Giordano Mgmt For For Clothiers, Inc. 1.2 Elect Director William E. Herron Mgmt For For 2 Ratify Auditors Mgmt For For 3 Increase Authorized Common Stock Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Joy Global, Inc. JOYG 481165108 2/23/2006 1.1 Elect Director Steven L. Gerard Mgmt For Withhold 1.2 Elect Director John Nils Hanson Mgmt For For 1.3 Elect Director Ken C. Johnsen Mgmt For For 1.4 Elect Director James R. Klauser Mgmt For For 1.5 Elect Director Richard B. Loynd Mgmt For For 1.6 Elect Director P. Eric Siegert Mgmt For For 1.7 Elect Director James H. Tate Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------------- Kaydon Corp. KDN 486587108 5/12/2006 1.1 Elect Director David A. Brandon Mgmt For For 1.2 Elect Director Brian P. Campbell Mgmt For For 1.3 Elect Director Timothy J. O'Donovan Mgmt For For 1.4 Elect Director James O'Leary Mgmt For For 1.5 Elect Director Thomas C. Sullivan Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Kronos Inc. KRON 501052104 2/16/2006 1.1 Elect Director Mark S. Ain Mgmt For For 1.2 Elect Director David B. Kiser Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -10- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------------- Life Time LTM 53217R207 5/4/2006 1.1 Elect Director Bahram Akradi Mgmt For For Fitness, Inc. 1.2 Elect Director Timothy C. DeVries Mgmt For For 1.3 Elect Director James F. Halpin Mgmt For For 1.4 Elect Director Guy C. Jackson Mgmt For For 1.5 Elect Director David A. Landau Mgmt For For 1.6 Elect Director Stephen R. Sefton Mgmt For For 1.7 Elect Director Giles H. Bateman Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Qualified Employee Stock Purchase Plan Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- McDermott MDR 580037109 1/18/2006 1 APPROVING, SUBJECT TO SUCH CHANGES International, AS MCDERMOTT'S BOARD OF DIRECTORS Inc. MAY SUBSEQUENTLY APPROVE, THE SETTLEMENT CONTEMPLATED BY THE PROPOSED SETTLEMENT AGREEMENT ATTACHED TO THE PROXY STATEMENT, AND THE FORM, TERMS, PROVISIONS AND MCDERMOTT'S EXECUTION OF Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- McDermott MDR 580037109 5/3/2006 1.1 Elect Director Robert L. Howard Mgmt For For International, 1.2 Elect Director D. Bradley Inc. Mcwilliams Mgmt For For 1.3 Elect Director Thomas C Schievelbein Mgmt For For 1.4 Elect Director Robert W. Goldman Mgmt For For 2 APPROVE AMENDED AND RESTATED 2001 DIRECTORS AND OFFICERS LONG-TERM INCENTIVE PLAN Mgmt For For 3 APPROVE EXECUTIVE INCENTIVE COMPENSATION PLAN Mgmt For For 4 RATIFICATION OF APPOINTMENT OF MCDERMOTT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, 2006 Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Microsemi Corp. MSCC 595137100 2/22/2006 1.1 Elect Director Dennis R. Leibel Mgmt For For 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 - ----------------------------------------------------------------------------------------------------------------------------------- National NFP 63607P208 5/17/2006 1.1 Elect Director Stephanie Abramson Mgmt For For Financial 1.2 Elect Director Arthur Ainsberg Mgmt For For Partners Corp. 1.3 Elect Director Marc Becker Mgmt For For 1.4 Elect Director Jessica Bibliowicz Mgmt For For 1.5 Elect Director John Elliott Mgmt For For 1.6 Elect Director Shari Loessberg Mgmt For For 1.7 Elect Director Kenneth Mlekush Mgmt For For 2 Approve Qualified Employee Stock Purchase Plan Mgmt For For 3 Increase Authorized Common Stock Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- New York NYB 649445103 6/7/2006 1.1 Elect Director Maureen E. Clancy Mgmt For For Community 1.2 Elect Director Robert S. Farrell Mgmt For For Bancorp, Inc. 1.3 Elect Director Joseph R. Ficalora Mgmt For For 1.4 Elect Director Michael F. Manzulli Mgmt For For 1.5 Elect Director James J. O'Donovan Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Executive Incentive Bonus Plan Mgmt For For 4 Approve Omnibus Stock Plan Mgmt For For 5 Declassify the Board of Directors ShrHoldr Against For - ----------------------------------------------------------------------------------------------------------------------------------- -11- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- NII Holdings, NIHD 62913F201 4/26/2006 1.1 Elect Director Carolyn Katz Mgmt For For Inc. 1.2 Elect Director Donald E. Morgan Mgmt For For 1.3 Elect Director George A. Cope Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Ratify Auditors Mgmt For For 4 Adjourn Meeting Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------------- Palomar Medical PMTI 697529303 5/10/2006 1.1 Elect Director Joseph P. Caruso Mgmt For Withhold Technologies, 1.2 Elect Director Jeanne Cohane Mgmt For For Inc. 1.3 Elect Director Nicholas P. Economou Mgmt For For 1.4 Elect Director James G. Martin Mgmt For For 1.5 Elect Director A. Neil Pappalardo Mgmt For For 1.6 Elect Director Louis P. Valente Mgmt For Withhold 2 Ratify Auditors Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For Against 4 Other Business Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- Panera Bread PNRA 69840W108 5/25/2006 1.1 Elect Director Domenic Colasacco Mgmt For For Company 1.2 Elect Director Thomas E. Lynch Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Petco Animal PETC 716016209 7/28/2005 1.1 Elect Director David B. Appel Mgmt For For Supplies, Inc. 1.2 Elect Director Sandra N. Bane Mgmt For For 1.3 Elect Director Julian C. Day Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Pioneer Drilling PDC 723655106 8/5/2005 1.1 Elect Director Michael F. Harness Mgmt For For Company 1.2 Elect Director James M. Tidwell Mgmt For Withhold 1.3 Elect Director Dean A. Burkhardt Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Plantronics, PLT 727493108 7/21/2005 1.1 Elect Director Marv Tseu Mgmt For For Inc. 1.2 Elect Director Ken Kannappan Mgmt For For 1.3 Elect Director Gregg Hammann Mgmt For For 1.4 Elect Director Marshall Mohr Mgmt For For 1.5 Elect Director Trude Taylor Mgmt For For 1.6 Elect Director Roger Wery 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 - ----------------------------------------------------------------------------------------------------------------------------------- Psychiatric PSYS 74439H108 12/15/2005 1 Increase Authorized Common Stock Mgmt For For Solutions, Inc. - ----------------------------------------------------------------------------------------------------------------------------------- Psychiatric PSYS 74439H108 5/16/2006 1.1 Elect Director David M. Dill Mgmt For For Solutions, Inc. 1.2 Elect Director Christopher Grant, 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 - ----------------------------------------------------------------------------------------------------------------------------------- -12- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Quest Software, QSFT 74834T103 8/2/2005 1.1 Elect Director Vincent C. Smith Mgmt For For Inc. 1.2 Elect Director Jerry Murdock, Jr Mgmt For For 1.3 Elect Director Raymond J. Lane Mgmt For For 1.4 Elect Director Augustine L. Nieto, II Mgmt For For 1.5 Elect Director Kevin M. Klausmeyer Mgmt For For 1.6 Elect Director Paul Sallaberry Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Quicksilver KWK 74837R104 5/23/2006 1.1 Elect Director Glenn Darden Mgmt For For Resources Inc. 1.2 Elect Director James A. Hughes Mgmt For For 1.3 Elect Director W. Yandell Rogers, III Mgmt For For 2 Ratify Auditors Mgmt For For 3 Increase Authorized Common Stock Mgmt For For 4 Approve Omnibus Stock Plan Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- RACKABLE SYSTEMS RACK 750077109 5/31/2006 1.1 Elect Director Thomas K. Barton Mgmt For For INC 1.2 Elect Director Gary A. Griffiths Mgmt For For 1.3 Elect Director Michael J. Maulick Mgmt For For 1.4 Elect Director Hagi Schwartz Mgmt For For 1.5 Elect Director Ronald D. Verdoorn Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------------------------------- Roper ROP 776696106 6/28/2006 1.1 Elect Director Wilbur J. Prezzano Mgmt For For Industries, Inc. 1.2 Elect Director Robert D. Johnson Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Amend Votes Per Share of Existing Stock Mgmt For For 4 Ratify Auditors Mgmt For For 5 Other Business Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- RTI RTI 74973W107 4/28/2006 1.1 Elect Director Craig R. Andersson Mgmt For For International 1.2 Elect Director Daniel I. Booker Mgmt For For Metals, Inc. 1.3 Elect Director Donald P. Fusilli Mgmt For For 1.4 Elect Director Ronald L. Gallatin Mgmt For For 1.5 Elect Director Charles C. Gedeon Mgmt For For 1.6 Elect Director Robert M. Hernandez Mgmt For For 1.7 Elect Director Edith E. Holiday Mgmt For For 1.8 Elect Director John H. Odle Mgmt For For 1.9 Elect Director Timothy G. Rupert Mgmt For For 1.10 Elect Director James A. Williams Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- SBA SBAC 78388J106 5/4/2006 1.1 Elect Director Brian C. Carr Mgmt For For Communications 1.2 Elect Director Philip L. Hawkins Mgmt For For Corp. 1.3 Elect Director Steven E. Nielsen Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Scientific Games SGMS 80874P109 6/8/2006 1.1 Elect Director A. Lorne Weil Mgmt For For Corporation 1.2 Elect Director Peter A. Cohen Mgmt For For 1.3 Elect Director Gerald J. Ford Mgmt For For 1.4 Elect Director Howard Gittis Mgmt For Withhold 1.5 Elect Director Ronald O. Perelman Mgmt For For 1.6 Elect Director Michael J. Regan Mgmt For For 1.7 Elect Director Barry F. Schwartz Mgmt For For 1.8 Elect Director Eric M. Turner Mgmt For For 1.9 Elect Director Sir Brian G. Wolfson Mgmt For For 1.10 Elect Director Joseph R. Wright, Jr. Mgmt For For 2 Ratify Auditors 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 - ----------------------------------------------------------------------------------------------------------------------------------- -13- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Silicon SLAB 826919102 4/19/2006 1.1 Elect Director Necip Sayiner Mgmt For For Laboratories, 1.2 Elect Director David R. Welland Mgmt For For Inc. 1.3 Elect Director Harvey B. Cash Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Sonus Networks, SONS 835916107 10/12/2005 1.1 Elect Director Hassan M. Ahmed Mgmt For For Inc. 1.2 Elect Director John P. Cunningham Mgmt For For 1.3 Elect Director Paul J. Severino Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Sonus Networks, SONS 835916107 6/21/2006 1.1 Elect Director Edward T. Anderson Mgmt For For Inc. 1.2 Elect Director Albert A. Notini 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 - ----------------------------------------------------------------------------------------------------------------------------------- Spectrasite, Inc. 84761M104 8/3/2005 1 Approve Merger Agreement Mgmt For For 2 Adjourn Meeting Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- SS&C 85227Q100 11/22/2005 1 Approve Merger Agreement Mgmt For For Technologies, 2 Adjourn Meeting Mgmt For For Inc. 3 Other Business Mgmt For Against - ----------------------------------------------------------------------------------------------------------------------------------- Stericycle, Inc. SRCL 858912108 5/3/2006 1.1 Elect Director Jack W. Schuler Mgmt For For 1.2 Elect Director Mark C. Miller Mgmt For For 1.3 Elect Director Rod F. Dammeyer Mgmt For For 1.4 Elect Director Jonathan T. Lord, M.D. Mgmt For For 1.5 Elect Director John Patience Mgmt For For 1.6 Elect Director Thomas R. Reusche Mgmt For For 1.7 Elect Director Peter Vardy Mgmt For For 1.8 Elect Director L. John Wilkerson, Ph.D Mgmt For For 2 Ratify Auditors Mgmt For For 3 Develop Plan to Eliminate Incineration of Medical Waste ShrHoldr Against Against - ----------------------------------------------------------------------------------------------------------------------------------- Surmodics, SRDX 868873100 1/30/2006 1 Fix Number of Directors Mgmt For For Inc. 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 - ----------------------------------------------------------------------------------------------------------------------------------- The Navigators NAVG 638904102 5/31/2006 1.1 Elect Director H.J. Mervyn Blakeney Mgmt For For Group, Inc. 1.2 Elect Director Peter A. Cheney Mgmt For For 1.3 Elect Director Terence N. Deeks Mgmt For For 1.4 Elect Director Robert W. Eager, Jr. Mgmt For For 1.5 Elect Director Stanley A. Galanski Mgmt For For 1.6 Elect Director Leandro S. Galban, Jr. Mgmt For For 1.7 Elect Director John F. Kirby Mgmt For For 1.8 Elect Director Marc M. Tract Mgmt For For 1.9 Elect Director Robert F. Wright Mgmt For For 2 Increase Authorized Common Stock Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Titanium Metals TIE 888339207 5/23/2006 1.1 Elect Director Keith R. Coogan Mgmt For For Corp. 1.2 Elect Director Norman N. Green Mgmt For For 1.3 Elect Director Glenn R. Simmons Mgmt For Withhold 1.4 Elect Director Harold C. Simmons Mgmt For Withhold 1.5 Elect Director Thomas P. Stafford Mgmt For For 1.6 Elect Director Steven L. Watson Mgmt For Withhold 1.7 Elect Director Paul J. Zucconi Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -14- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- TODCO THE 88889T107 5/9/2006 1.1 Elect Director Thomas M Hamilton Mgmt For For 1.2 Elect Director Thomas R. Hix Mgmt For For 2 Amend Articles/Bylaws/Charter- Non-Routine Mgmt For For 3 Amend Articles/Bylaws/Charter- Non-Routine Mgmt For For 4 Company-Specific--Eliminate Supermajority Voting Requirements Mgmt For For 5 Company-Specific--Eliminate Supermajority Voting Requirements Mgmt For For 6 Eliminate Class of Common Stock Mgmt For For 7 Company Specific-Permit Issuance of Stock Dividends Mgmt For For 8 Company Specific-Authority to Amend and Restate the Charter Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Trimble TRMB 896239100 5/18/2006 1.1 Elect Director Steven W. Berglund Mgmt For For Navigation 1.2 Elect Director Robert S. Cooper Mgmt For For Ltd. 1.3 Elect Director John B. Goodrich Mgmt For Withhold 1.4 Elect Director William Hart Mgmt For For 1.5 Elect Director Ulf J. Johansson, Ph.D. Mgmt For For 1.6 Elect Director Bradford W. Parkinson Mgmt For For 1.7 Elect Director Nickolas W. Vande Steeg Mgmt For For 2 Amend Stock Option Plan Mgmt For For 3 Amend Qualified Employee Stock Purchase Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Ubiquitel, Inc 903474302 6/27/2006 1 Approve Merger Agreement Mgmt For For 2.1 Elect Director Robert A. Berlacher Mgmt For For 2.2 Elect Director Donald A. Harris Mgmt For For 2.3 Elect Director Joseph N. Walter Mgmt For For 3 Adjourn Meeting Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- UCBH Holdings, UCBH 90262T308 5/18/2006 1.1 Elect Director Joseph J. Jou Mgmt For For Inc. 1.2 Elect Director James Kwok Mgmt For For 1.3 Elect Director David Ng Mgmt For For 2 Approve Executive Incentive Bonus Plan Mgmt For For 3 Amend Omnibus Stock Plan Mgmt For For 4 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- United Surgical USPI 913016309 5/3/2006 1.1 Elect Director Joel T. Allison Mgmt For For Partners 1.2 Elect Director Boone Powell, Jr. Mgmt For For International Inc 1.3 Elect Director Jerry P. Widman Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- URS Corp. URS 903236107 5/25/2006 1.1 Elect Director H. Jesse Arnelle Mgmt For For 1.2 Elect Director Betsy J. Bernard Mgmt For For 1.3 Elect Director Armen Der Marderosian Mgmt For For 1.4 Elect Director Mickey P. Foret Mgmt For For 1.5 Elect Director Martin M. Koffel Mgmt For For 1.6 Elect Director Joseph W. Ralston Mgmt For For 1.7 Elect Director John D. Roach Mgmt For For 1.8 Elect Director William D. Walsh Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Require a Majority Vote for the Election of Directors ShrHoldr Against For - ----------------------------------------------------------------------------------------------------------------------------------- Uti Worldwide UTIW G87210103 6/12/2006 1.1 Elect Director Brian D. Belchers Mgmt For For Inc. 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 - ----------------------------------------------------------------------------------------------------------------------------------- Valeant VRX 91911X104 5/23/2006 1.1 Elect Director Robert A. Ingram Mgmt For For Pharmaceuticals 1.2 Elect Director Lawrence N. Kugelman Mgmt For For Intl. 1.3 Elect Director Theo Melas-Kyriazi Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- -15- PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06 SIT SMALL CAP GROWTH FUND Meeting Mgmt. Fund Vote Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast - ----------------------------------------------------------------------------------------------------------------------------------- Varian VSEA 922207105 2/9/2006 1.1 Elect Director Gary E. Dickerson Mgmt For For Semiconductor 2 Approve Omnibus Stock Plan Mgmt For For Equipment 3 Approve Executive Incentive Bonus Associates, Inc. Plan Mgmt For For 4 Amend Qualified Employee Stock Purchase Plan Mgmt For For 5 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- VCA Antech, Inc. WOOF 918194101 6/5/2006 1.1 Elect Director John M. Baumer Mgmt For For 1.2 Elect Director Frank Reddick Mgmt For Withhold 2 Ratify Auditors Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Websense, Inc. WBSN 947684106 6/6/2006 1.1 Elect Director Bruce T. Coleman Mgmt For For 1.2 Elect Director Gene Hodges Mgmt For For 1.3 Elect Director John F. Schaefer Mgmt For For 2 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- Wintrust WTFC 97650W108 7/28/2005 1 Increase Authorized Common Stock Mgmt For For Financial Corp. - ----------------------------------------------------------------------------------------------------------------------------------- Wintrust WTFC 97650W108 5/25/2006 1.1 Elect Director James B. McCarthy Mgmt For For Financial Corp. 1.2 Elect Director Thomas J. Neis Mgmt For For 1.3 Elect Director J. Christopher Reyes Mgmt For For 1.4 Elect Director Edward J. Wehmer Mgmt For For 1.5 Elect Director Allan E. Bulley, Jr. Mgmt For For 2 Declassify the Board of Directors Mgmt For For 3 Ratify Auditors Mgmt For For - ----------------------------------------------------------------------------------------------------------------------------------- WMS Industries WMS 929297109 12/15/2005 1.1 Elect Director Louis J. Nicastro Mgmt For For Inc. 1.2 Elect Director Brian R. Gamache Mgmt For For 1.3 Elect Director Norman J. Menell Mgmt For For 1.4 Elect Director Harold H. Bach, Jr. Mgmt For For 1.5 Elect Director William C. Bartholomay Mgmt For Withhold 1.6 Elect Director Neil D. Nicastro Mgmt For For 1.7 Elect Director Edward W. Rabin Jr. Mgmt For For 1.8 Elect Director Harvey Reich Mgmt For For 1.9 Elect Director Ira S. Sheinfeld Mgmt For For 1.10 Elect Director William J. Vareschi, Jr. Mgmt For For 2 Ratify Auditors Mgmt For For -16- 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 Small Cap 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.