UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-PX/A
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act number 811-06373
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Sit Developing Markets Growth Fund, a series of Sit Mutual Funds, Inc.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Kelly K . Boston, Staff Attorney
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3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402
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(NAME AND ADDRESS OF AGENT FOR SERVICE)
Registrant's telephone number, including area code: 612-332-3223
Date of fiscal year end: June 30, 2006
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Date of reporting period: July 1, 2005 - June 30, 2006
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PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Advanced Info Y0014U183 4/24/2006 1 Open Meeting Mgmt For For
Service PCL 2 Approve Minutes of Previous AGM Mgmt For For
3 Accept 2005 Operation Results Mgmt For For
4 Accept Financial Statements and
Statutory Reports Mgmt For For
5 Approve Allocation of Income and
Payment of Final Dividend of Baht 3.3
Per Share Mgmt For For
6 Approve Auditors and Authorize Board to
Fix Their Remuneration Mgmt For For
7 Reelect Boonklee Plangsiri as Director Mgmt For For
8 Approve Remuneration of Directors Mgmt For For
9 Approve Issuance of 10.14 Million
Warrants to Directors and Employees of
the Company Under the Employee Stock
Option Plan Grant V (ESOP Grant V) Mgmt For For
10 Approve Allocation of 10.14 Million New
Ordinary Shares Pursuant to the ESOP
Grant V Mgmt For For
11 Approve Issuance of 5.31 percent of the
Total Warrants to Somprasong Boonyachai
Under the ESOP Grant V Mgmt For For
12 Approve Allocation of 615,800
Additional Ordinary Shares Pursuant to
the Employee Stock Option Plan Grant 1,
2, 3, and 4 Mgmt For For
13 Other Business Mgmt For Against
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AES Tiete P4991B101 3/21/2006 1 Accept Financial Statements and
SA(formerly Statutory Reports and Approve
Companhia de Allocation of Income Mgmt For For
Geracao de 2 Approve Aggregate Annual Remuneration
Energia Tiete) of Directors Mgmt For For
3 Elect Employee Representative and
Alternate to the Board Mgmt For For
4 Elect Directors Mgmt For For
5 Elect Supervisory Board Mgmt For For
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Amdocs Limited DOX G02602103 1/19/2006 1.1 Elect Director Bruce K. Anderson Mgmt For For
1.2 Elect Director Adrian Gardner Mgmt For For
1.3 Elect Director Charles E. Foster Mgmt For For
1.4 Elect Director James S. Kahan Mgmt For For
1.5 Elect Director Dov Baharav Mgmt For For
1.6 Elect Director Julian A. Brodsky Mgmt For For
1.7 Elect Director Eli Gelman Mgmt For For
1.8 Elect Director Nehemia Lemelbaum Mgmt For For
1.9 Elect Director John T. Mclennan Mgmt For For
1.10 Elect Director Robert A. Minicucci Mgmt For For
1.11 Elect Director Simon Olswang Mgmt For For
1.12 Elect Director Mario Segal Mgmt For For
2 APPROVAL OF AMENDMENT OF THE 1998 STOCK
OPTION AND INCENTIVE PLAN TO INCREASE
THE NUMBER OF SHARES AUTHORIZED FOR
ISSUANCE THEREUNDER, TO CONTINUE THE
TERM OF THE PLAN FOR AN ADDITIONAL
10-YEAR TERM AND TO MAKE OTHER CHANGES
AS DESCRIBED IN THE ACCOMPANY Mgmt For For
3 APPROVAL OF SPECIAL RESOLUTION TO
PERMIT DIRECT REPURCHASE BY THE COMPANY
OF UNVESTED SHARES OF RESTRICTED STOCK
GRANTED UNDER THE 1998 STOCK OPTION AND
INCENTIVE PLAN UPON TERMINATION OF
EMPLOYMENT OR SERVICE. Mgmt For For
4 APPROVAL OF CONSOLIDATED FINANCIAL
STATEMENTS FOR FISCAL YEAR 2005. Mgmt For For
5 RATIFICATION AND APPROVAL OF ERNST &
YOUNG LLP AND AUTHORIZATION OF AUDIT
COMMITTEE OF BOARD TO FIX REMUNERATION. Mgmt For For
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-1-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Anglo American G03764100 4/25/2006 1 Accept Financial Statements and
PLC (formerly Statutory Reports Mgmt For For
Anglo Ame. Corp. 2 Approve Final Dividend of USD 0.95 Per
of S. Africa L Ordinary Share Mgmt For For
3 Elect Peter Woicke as Director Mgmt For For
4 Elect Mamphela Ramphele as Director Mgmt For For
5 Re-elect David Challen as Director Mgmt For For
6 Re-elect Fred Phaswana as Director Mgmt For For
7 Re-elect Sir Mark Moody-Stuart as
Director Mgmt For For
8 Reappoint Deloitte & Touche LLP as
Auditors of the Company Mgmt For For
9 Authorize Board to Fix Remuneration of
Auditors Mgmt For For
10 Approve Remuneration Report Mgmt For For
11 Authorise Issue of Equity or
Equity-Linked Securities with
Pre-emptive Rights up to Aggregate
Nominal Amount of USD 248,750,000 Mgmt For For
12 Authorise Issue of Equity or
Equity-Linked Securities without
Pre-emptive Rights up to Aggregate
Nominal Amount of USD 37,250,000 Mgmt For For
13 Authorise 149,000,000 Ordinary Shares
for Market Purchase Mgmt For For
14 Amend Articles of Association Re: Board
Composition Mgmt For For
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ASTRO ALL ASIA G0594A110 7/20/2005 1 Accept Financial Statements and
NETWORKS PLC Statutory Reports Mgmt For For
2 Approve Final Dividend of 2.5 Sen Per
Share Mgmt For For
3 Re-elect Dato' Haji Badri Bin Haji
Masri as Director Mgmt For For
4 Re-elect Tan Poh Ching as Director Mgmt For For
5 Reappoint PricewaterhouseCoopers LLP as
Auditors and Authorise the Board to
Determine Their Remuneration Mgmt For For
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ASTRO ALL ASIA G0594A110 7/20/2005 1 Approve Recurrent Related Party
NETWORKS PLC Transactions of a Revenue or Trading
Nature with UTSB Management Sdn Bhd,
SRG Asia Pacific Sdn Bhd, Bonuskad
Loyalty Sn Bhd and Light Style Sdn Bhd Mgmt For For
2 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with Maxis Communications
Berhad, Maxis Mobile Sdn Bhd, Maxis
Broadband Sdn Bhd and Malaysian Mobile
Services Sdn Bhd Mgmt For For
3 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with Pan Malaysian Pools Sdn Bhd
and TGV Cinemas Sdn Bhd Mgmt For For
4 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with Valuelabs Mgmt For For
5 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with MEASAT Satellite Systems
Sdn Bhd Mgmt For For
6 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with Malaysian Airline System
Berhad, VADS Berhad and Celcom
(Malaysia) Berhad Mgmt For For
7 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with PT Direct Vision Mgmt For For
8 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with PT Broadband Multimedia
Tbk, PT Multipolar Corporation TBk
and/or Affiliates Mgmt For For
9 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with Goal TV International
(Mauritius) Ltd Mgmt For For
10 Approve Recurrent Related Party
Transactions of a Revenue or Trading
Nature with Yes Television (Hong Kong)
Limited Mgmt For For
11 Approve Cancellation of the Amount
Standing to the Credit of the Share
Premium Account Mgmt For For
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-2-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Asustek Computer Y04327105 12/6/2005 1 Approve Swap of Shares with Askey
Inc. Computer Company Mgmt For For
2 Approve Issuance of Shares for the
Share Swap Mgmt For For
3 Amend Articles of Association Mgmt For For
4 Elect Yang Longhui with ID number
N103321517 as Supervisor Mgmt For For
5 Other Business Mgmt None Against
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Asustek Computer Y04327105 6/13/2006 1 Accept Financial Statements and
Inc. Statutory Reports Mgmt For For
2 Approve Allocation of Income and
Dividends Mgmt For For
3 Approve Capitalization of 2005
Dividends and Employee Profit Sharing Mgmt For For
4 Amend Articles of Association Mgmt For Against
5 Amend Operating Procedures for Loan of
Funds to Other Parties, Endorsement and
Guarantee Mgmt For For
6 Approve Increase of Registered Capital
and Issuance of Ordinary Shares to
Participate in the Issuance of Global
Depository Receipt or Domestic Rights
Issue Mgmt For For
7 Approve Investment in People's Republic
of China Mgmt For For
8 Other Business Mgmt For Against
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Banco Bradesco P1808G117 3/27/2006 1 Accept Financial Statements and
S.A. Statutory Reports and Approve
Allocation of Income Mgmt For For
2 Elect Directors Mgmt For For
3 Elect Supervisory Board Members Mgmt For For
4 Approve Aggregate Annual Remuneration
of Directors Mgmt For For
5 Cancel Company Treasury Shares and
Transfrom the Ethics Committee into a
Statutory Body Mgmt For For
6 Amend Articles Re: Modifications in the
Previous Item Mgmt For For
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Bangkok Bank Y0606R119 4/12/2006 1 Approve Minutes of Previous AGM Mgmt For For
Public Co. Ltd 2 Accept 2005 Operating Results Mgmt For For
3 Accept Audit Committee Report Mgmt For For
4 Accept Financial Statements and
Statutory Reports Mgmt For For
5 Approve Allocation of Income and
Payment of Dividend Mgmt For For
6 Elect Staporn Kavitanon, Kosit
Panpiemras, Chartsiri Sophonpanich,
Deja Tulananda, M.C. Mongkolchaleam
Yugala, and Charn Sophonpanich as
Directors Mgmt For For
7 Approve Remuneration of Directors Mgmt For For
8 Approve Deloitte Touche Tohmatsu Jaiyos
as Auditors and Authorize Board to Fix
Their Remuneration Mgmt For For
9 Amend Clause 4 of the Memorandum of
Association to Conform with the
Conversion of Preferred Shares of the
Company Mgmt For For
10 Other Business Mgmt For Against
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-3-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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BHP Billiton BHP 88606108 11/25/2005 1 TO RECEIVE THE FINANCIAL STATEMENTS AND
Limited REPORTS OF BHP BILLITON PLC. Mgmt For For
(Formerly BHP 2 TO RECEIVE THE FINANCIAL STATEMENTS AND
Ltd.) REPORTS OF BHP BILLITON LIMITED. Mgmt For For
3.1 Elect Director Mr C A S Cordeiro Mgmt For For
3.2 Elect Director Mr C A S Cordeiro Mgmt For For
3.3 Elect Director Hon. E G De Planque Mgmt For For
3.4 Elect Director Hon. E G De Planque Mgmt For For
3.5 Elect Director Mr D A Crawford Mgmt For For
3.6 Elect Director Mr D A Crawford Mgmt For For
3.7 Elect Director Dr D A L Jenkins Mgmt For For
3.8 Elect Director Dr D A L Jenkins Mgmt For For
3.9 Elect Director Mr M Salamon Mgmt For For
3.10 Elect Director Mr M Salamon Mgmt For For
4 Ratify Auditors Mgmt For For
5 TO RENEW THE GENERAL AUTHORITY TO ALLOT
SHARES IN BHP BILLITON PLC. Mgmt For For
6 TO RENEW THE DISAPPLICATION OF
PRE-EMPTION RIGHTS IN BHP BILLITON PLC. Mgmt For For
7 TO APPROVE THE RE-PURCHASE OF SHARES IN
BHP BILLITON PLC. Mgmt For For
8 TO APPROVE THE REMUNERATION REPORT. Mgmt For For
9 TO APPROVE THE GRANT OF AWARDS OF MR C
W GOODYEAR UNDER THE GIS AND THE LTIP. Mgmt For For
10 TO APPROVE THE GRANT OF AWARDS TO MR M
SALAMON UNDER THE GIS AND THE LTIP. Mgmt For For
11 TO APPROVE THE AMENDMENTS TO THE
ARTICLES OF ASSOCIATION OF BHP BILLITON
PLC. Mgmt For For
12 TO APPROVE THE AMENDMENTS TO THE
CONSTITUTION OF BHP BILLITON LIMITED. Mgmt For For
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CATHAY FINANCIAL Y11654103 6/9/2006 1 Accept 2005 Operating Results and
HOLDING COMPANY Financial Statements Mgmt For For
2 Approve Allocation of Income and
Dividends Mgmt For For
3 Approve Capitalization of 2005
Dividends and Employee Profit Sharing Mgmt For For
4 Amend Articles of Association Mgmt For For
5 Amend Election Rules of Directors and
Supervisors Mgmt For Against
6 Amend Procedures Governing the
Acquisition or Disposal of Assets Mgmt For Against
7 Approve Acquisition Through Share Swap
Agreement Mgmt For For
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Cemex 151290889 4/27/2006 1 PROPOSAL TO SPLIT EACH OF THE COMPANY'S
S.A. ORDINARY COMMON SHARES SERIES "A" AND
SERIES "B" SHARES AND AMEND ARTICLE 6
OF THE COMPANY'S BY-LAWS. Mgmt For For
2 PROPOSAL TO CHANGE THE COMPANY'S
BY-LAWS. Mgmt For For
3 APPOINTMENT OF DELEGATES TO FORMALIZE
THE RESOLUTIONS ADOPTED AT THE MEETING
AND THE CHANGES IN THE COMPANY'S BY-LAWS
OR ESTATUTOS SOCIALES, IF APPLICABLE. Mgmt For For
4 APPROVAL OF THE FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED DECEMBER 31,
2005. Mgmt For For
5 ALLOCATION OF PROFITS AND THE MAXIMUM
AMOUNT OF FUNDS TO BE USED FOR THE
PURCHASE OF COMPANY SHARES. Mgmt For For
6 PROPOSAL TO INCREASE THE CAPITAL STOCK
OF THE COMPANY IN ITS VARIABLE PORTION. Mgmt For For
7 APPOINTMENT OF DIRECTORS AND STATUTORY
AUDITORS, AND PRESIDENT OF THE AUDIT
COMMITTEE AND SOCIETAL PRACTICES. Mgmt For For
8 COMPENSATION OF DIRECTORS, STATUTORY
AUDITORS AND AUDIT AND SOCIETAL
PRACTICES COMMITTEE. Mgmt For For
9 APPOINTMENT OF DELEGATES TO FORMALIZE
THE RESOLUTIONS ADOPTED AT THE MEETING. Mgmt For For
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-4-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Central European CEDC 153435102 5/1/2006 1.1 Elect Director William V. Carey Mgmt For For
Distribution 1.2 Elect Director David Bailey Mgmt For For
Corporation 1.3 Elect Director N. Scott Fine Mgmt For For
1.4 Elect Director Tony Housh Mgmt For For
1.5 Elect Director Robert P. Koch Mgmt For For
1.6 Elect Director Jan W. Laskowski Mgmt For For
1.7 Elect Director D. Heriard Dubreuil Mgmt For For
1.8 Elect Director Markus Sieger Mgmt For For
2 Ratify Auditors Mgmt For For
3 Increase Authorized Common Stock Mgmt For For
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Central European CETV G20045202 6/7/2006 1.1 Elect Director Ronald S. Lauder Mgmt For For
Media 1.2 Elect Director Charles R. Frank, Jr. Mgmt For For
Enterprises Ltd 1.3 Elect Director Michael Garin Mgmt For For
1.4 Elect Director Herbert A. Granath Mgmt For For
1.5 Elect Director Herbert Kloiber Mgmt For For
1.6 Elect Director Alfred W. Langer Mgmt For For
1.7 Elect Director Bruce Maggin Mgmt For For
1.8 Elect Director Ann Mather Mgmt For For
1.9 Elect Director Eric Zinterhofer Mgmt For For
2 THE ADOPTION OF THE FINANCIAL
STATEMENTS OF THE COMPANY AND THE
AUDITORS REPORT THEREON FOR THE
COMPANY'S FISCAL YEAR ENDED
DECEMBER 31, 2005. Mgmt For For
3 THE APPOINTMENT OF DELOITTE & TOUCHE
LLP AS THE INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM OF THE COMPANY
IN RESPECT OF THE FISCAL YEAR ENDING
DECEMBER 31, 2006 AND THE AUTHORIZATION
OF THE BOARD OF DIRECTORS, ACTING
THROUGH THE AUDIT COMMITTEE, TO AP Mgmt For For
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Cez A.S. X2337V121 5/23/2006 1 Open Meeting; Elect Chairman and Other
Meeting Officials Mgmt For For
2 Receive Financial Statements and
Statutory Reports Mgmt None None
3 Receive Supervisory Board Report Mgmt None None
4 Approve Financial Statements and
Statutory Reports; Approve Consolidated
Financial Statements and Statutory
Reports Mgmt For For
5 Approve Allocation of Income Mgmt For For
6 Approve Sale of Teplarny Dvur Kralove Mgmt For For
7 Amend Articles of Association Mgmt For Against
8 Decide on Volume of Company's
Sponsorship Funds Mgmt For Against
9 Authorize Share Repurchase Program Mgmt For For
10 Elect Supervisory Board Mgmt For For
11 Approve Election of Co-opted
Supervisory Board Members Mgmt For For
12 Approve Agreement on Performance of
Supervisory Board Members Mgmt For Against
13 Close Meeting Mgmt None None
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Cheil Y1296G108 2/28/2006 1 Approve Appropriation of Income and
Communications Dividends of KRW 5000 Per Share Mgmt For For
Inc. 2 Elect Director Mgmt For For
3 Appoint Auditor Mgmt For For
4 Approve Limit on Remuneration of
Directors Mgmt For For
5 Approve Limit on Remuneration of
Auditors Mgmt For For
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CHINA OILFIELD Y15002101 10/26/2005 1 Approve Special Interim Dividend for
SERVICES LTD 2005 Mgmt For For
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-5-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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CHINA OILFIELD Y15002101 1/12/2006 1 Approve Issuance of a Short-Term
SERVICES LTD Debenture in an Aggregate Principal
Amount Not Exceeding RMB 2.0 Billion Mgmt For For
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CHINA OILFIELD Y15002101 5/25/2006 1 Accept Financial Statements and
SERVICES LTD Statutory Reports Mgmt For For
2 Approve Annual Dividend Mgmt For For
3 Approve Budget for Fiscal Year 2006 Mgmt For For
4 Accept Report of the Board of Directors
and Corporate Governance Report Mgmt For For
5 Accept Report of the Supervisory
Committee Mgmt For For
6 Elect Li Yong as Director and Reelect
Zhang Dunjie as Independent Supervisor Mgmt For Against
7 Approve Remuneration of Independent
Non-Executive Directors and Independent
Supervisor Mgmt For For
8 Reappoint Ernst & Young Hua Ming and
Ernst & Young as Domestic and
International Auditors and Authorize
Board to Fix Their Remuneration Mgmt For For
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Companhia Vale 204412209 3/31/2006 1 TO APPROVE THE TERMS, CONDITIONS AND
Do Rio Doce REASONS (THE PROTOCOLO E JUSTIFICACAO)
FOR THE MERGER OF ALL THE SHARES OF
THE CAPITAL STOCK OF CAEMI - MINERACAO E
METALURGIA S.A. (CAEMI)) INTO THE ASSETS
OF CVRD IN ORDER TO CONVERT THE FORMER
INTO A WHOLLY-OWNED Mgmt For For
2 TO RATIFY THE APPOINTMENT OF THE
EXPERTS WHO PREPARED THE VALUE APPRAISAL
OF THE PREFERRED SHARES ISSUED BY CAEMI
TO BE MERGED INTO CVRD ASSETS. Mgmt For For
3 TO DECIDE ON THE APPRAISAL REPORT,
PREPARED BY THE EXPERTS. Mgmt For For
4 TO APPROVE THE MERGER OF ALL OF THE
SHARES ISSUED BY CAEMI INTO THE ASSETS
OF THE CVRD. Mgmt For For
5 TO APPROVE CVRD CAPITAL INCREASE WITHIN
THE ISSUANCE OF 64,151,361 PREFERRED
CLASS A SHARES, TO BE PAID-IN WITH THE
SHARES OF CAEMI TO BE MERGED INTO THE
COMPANY'S ASSETS, AND THE CONSEQUENT
CHANGE OF THE CAPUT OF ARTICLE 5 OF
THE CVRD'S BY-LAWS. Mgmt For For
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Companhia Vale 204412209 4/27/2006 1 APPRECIATION OF THE MANAGEMENTS REPORT
Do Rio Doce AND ANALYSIS, DISCUSSION AND VOTE ON
THE FINANCIAL STATEMENTS FOR THE FISCAL
YEAR ENDING DECEMBER 31, 2005 Mgmt For For
2 PROPOSAL FOR THE DESTINATION OF PROFITS
OF THE SAID FISCAL YEAR AND APPROVAL OF
THE INVESTMENT BUDGET FOR THE COMPANY,
ALL AS MORE FULLY DESCRIBED IN THE
PROXY STATEMENT Mgmt For For
3 APPOINTMENT OF THE MEMBERS OF THE
FISCAL COUNCIL Mgmt For For
4 ESTABLISHMENT OF THE REMUNERATION OF
THE SENIOR MANAGEMENT AND FISCAL
COUNCIL MEMBERS Mgmt For For
5 PROPOSAL FOR A FORWARD SPLIT, ALL AS
MORE FULLY DESCRIBED IN THE PROXY
STATEMENT Mgmt For For
6 PROPOSAL TO MODIFY THE COMPANY'S
BY-LAWS, RELATED TO SECTION II AND
SUBSECTION IV OF CHAPTER IV, IN
RELATION TO THE ADVISORY COMMITTEES, IN
THE FOLLOWING TERMS: A) CHANGE OF THE
HEADING OF ARTICLE 15; B) AMENDMENT TO
ARTICLE 16; C) ADD ITEM IV TO ARTICLE Mgmt For For
7 CONSOLIDATION OF THE AMENDMENTS TO
CVRD'S BY-LAWS, ALL AS MORE FULLY
DESCRIBED IN THE PROXY STATEMENT Mgmt For For
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-6-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
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Embraer, Empresa 29081M102 3/31/2006 1 APPOINTMENT OF THE COMPANIES
Brasileira de RESPONSIBLE FOR THE PREPARATION OF THE
Aeronautica VALUATION REPORTS OF THE COMPANY AND OF
RIO HAN TO WIT: I) VALUATION OF THE
SHAREHOLDERS EQUITY VALUE; II)
VALUATION BASED ON THE COMPANY'S AND
RIO HAN'S RESPECTIVE SHAREHOLDERS
EQUITY; Mgmt For For
2 APPROVAL OF THE VALUATION REPORTS
PREPARED BY THE COMPANIES REFERRED TO
IN ITEM 1 ABOVE. Mgmt For For
3 APPROVAL OF THE PROTOCOL AND
JUSTIFICATION OF MERGER OF EMBRAER WITH
AND INTO RIO HAN AND ALL EXHIBITS
THERETO ( MERGER AGREEMENT ), WHICH WAS
PREPARED AS SET FORTH IN ARTICLES 224
AND 225 OF LAW NO. 6,404/76 AND OF
INSTRUCTION CVM NO. 319/99 AND WHICH C Mgmt For For
4 APPROVAL OF THE MERGER OF THE COMPANY
WITH AND INTO RIO HAN, PURSUANT TO THE
TERMS OF THE PROTOCOL AND OTHER RELATED
DOCUMENTS. Mgmt For For
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Finansbank M4567H105 3/31/2006 1 Elect Presiding Council of Meeting Mgmt For For
2 Authorize Presiding Council to Sign
Minutes of Meeting Mgmt For For
3 Accept Board and Statutory Reports and
Approve Discharge of Directors and
Internal Auditors Mgmt For For
4 Approve Allocation of Income Mgmt For For
5 Increase Authorized Capital from TRL 1
Billion to TRL 3 Billion, and Amend
Articles No. 5, 7, and 18 Mgmt For For
6 Elect Internal Auditors and Determine
Their Terms of Office Mgmt For For
7 Approve Remuneration of Directors and
Internal Auditors Mgmt For For
8 Ratify Independent External Auditors Mgmt For For
9 Approve Donations Made in Financial
Year 2005 Mgmt For Against
10 Grant Permission for Board Members to
Engage in Commercial Transactions with
Company and Be Involved with Companies
with Similar Corporate Purpose Mgmt For For
11 Wishes Mgmt None None
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Hon Hai 438090201 6/14/2006 1 Accept Financial Statements and
Precision Statutory Reports Mgmt For For
Industry Co. 2 Approve Allocation of Income and
Ltd. Dividends Mgmt For For
3 Approve Capitalization of 2005
Dividends and Employee Profit Sharing Mgmt For For
4 Approve Increase of Registered Capital
and Issuance of Ordinary Shares to
Participate in the Issuance of Global
Depository Receipt or Domestic Rights
Issue Mgmt For For
5 Amend Operating Procedures for
Endorsement and Guarantee Mgmt For Against
6 Amend Operating Procedures for Loan of
Funds to Other Parties Mgmt For Against
7 Amend Articles of Association Mgmt For Against
8 Other Business Mgmt None None
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Hon Hai Y36861105 6/14/2006 1 Accept Financial Statements and
Precision Statutory Reports Mgmt For For
Industry Co. 2 Approve Allocation of Income and
Ltd. Dividends Mgmt For For
3 Approve Capitalization of 2005
Dividends and Employee Profit Sharing Mgmt For For
4 Approve Increase of Registered Capital
and Issuance of Ordinary Shares to
Participate in the Issuance of Global
Depository Receipt or Domestic Rights
Issue Mgmt For For
5 Amend Operating Procedures for
Endorsement and Guarantee Mgmt For Against
6 Amend Operating Procedures for Loan of
Funds to Other Parties Mgmt For Against
7 Amend Articles of Association Mgmt For Against
8 Other Business Mgmt None None
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-7-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Hongkong Land G4587L109 6/14/2006 1 Adopt Financial Statements and
Holdings Auditors' Reports and Approve Final
Ltd. Dividend Mgmt For For
2a Reelect R C Kwok as Director Mgmt For For
2b Reelect A J L Nightingale as Director Mgmt For Against
2c Reelect Percy Weatherall as Director Mgmt For For
3 Approve Directors' Fees Mgmt For For
4 Reappoint Auditors and Authorize Board
to Fix Their Remuneration Mgmt For For
5 Approve Issuance of Shares without
Preemptive Rights Mgmt For For
6 Authorize Share Repurchase Program Mgmt For For
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Industrial Bank 456036102 3/24/2006 1 APPROVAL OF BALANCE SHEET, INCOME
of Korea STATEMENT AND APPROPRIATION OF RETAINED
EARNINGS FOR THE 45TH FISCAL YEAR, AS
SET FORTH IN THE BANK'S NOTICE OF
MEETING ENCLOSED HEREWITH. Mgmt For For
2 APPROVAL OF AMENDMENT TO THE ARTICLES
OF INCORPORATION, AS SET FORTH IN THE
BANK'S NOTICE OF MEETING ENCLOSED
HEREWITH. Mgmt For For
3 APPROVAL OF THE INCREASE OF
REMUNERATION LIMIT OF EXECUTIVE
OFFICERS, AS SET FORTH IN THE BANK S
NOTICE OF MEETING ENCLOSED HEREWITH. Mgmt For For
4 APPROVAL OF THE INCREASE OF
REMUNERATION LIMIT OF AUDITOR, AS SET
FORTH IN THE BANK'S NOTICE OF MEETING
ENCLOSED HEREWITH. Mgmt For For
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Infosys 456788108 6/10/2006 1 TO RECEIVE, CONSIDER AND ADOPT THE
Technologies Ltd BALANCE SHEET AS AT MARCH 31, 2006 AND
THE PROFIT & LOSS ACCOUNT FOR THE YEAR
ENDED ON THAT DATE AND THE REPORT OF THE
DIRECTORS AND THE AUDITORS THEREON. Mgmt For For
2 TO DECLARE A FINAL DIVIDEND AND A
SILVER JUBILEE SPECIAL DIVIDEND FOR THE
FINANCIAL YEAR ENDED IN MARCH 31, 2006. Mgmt For For
3.1 Elect Director Dr. Omkar Goswami Mgmt For For
3.2 Elect Director Mr. Sridar A. Iyengar Mgmt For For
3.3 Elect Director Mr. Srinath Batni Mgmt For For
3.4 Elect Director Ms. Rama Bijapurkar Mgmt For For
3.5 Elect Director Mr. David L. Boyles Mgmt For For
3.6 Elect Director Mr. Jeffrey Lehman Mgmt For For
4 TO RESOLVE NOT TO FILL THE VACANCY,
CAUSED BY THE RETIREMENT OF SEN. LARRY
PRESSLER, WHO RETIRES BY ROTATION. Mgmt For For
5 Ratify Auditors Mgmt For For
6 TO APPROVE THE PAYMENT OF THE REVISED
REMUNERATION TO MR. S.D. SHIBULAL, AS
MORE FULLY DESCRIBED IN THE NOTICE OF
MEETING. Mgmt For For
7 TO APPROVE THE PAYMENT OF THE REVISED
REMUNERATION TO MR. T.V. MOHANDAS PAI
AND MR. SRINATH BATNI, AS DESCRIBED IN
THE NOTICE. Mgmt For For
8 TO AMEND THE CAPITAL CLAUSE IN THE
MEMORANDUM OF ASSOCIATION TO INCREASE
THE AUTHORIZED CAPITAL OF THE COMPANY. Mgmt For For
9 TO AMEND THE CAPITAL CLAUSE IN THE
ARTICLES OF ASSOCIATION OF THE COMPANY
TO INCREASE THE AUTHORIZED CAPITAL OF
THE COMPANY. Mgmt For For
10 TO ISSUE BONUS SHARES/STOCK DIVIDEND. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
IS Finansal M57338101 3/20/2006 1 Elect Presiding Council of Meeting Mgmt For For
Kiralma AS 2 Accept Financial Statements and
(frmely Is Genel Statutory Reports for Fiscal 2005 Mgmt For For
Finansal 3 Receive Financial Statements and
Kiralama AS) Statutory Reports Mgmt None For
4 Approve Allocation of Income Mgmt For For
5 Approve Discharge of Board and Internal
Auditors Mgmt For For
6 Fix Number of and Elect Directors Mgmt For For
7 Fix Number of and Elect Internal
Auditors Mgmt For For
8 Approve Remuneration of Directors and
Internal Auditors Mgmt For For
9 Ratify Independent External Auditors Mgmt For For
10 Approve Donations Made in Financial
Year 2005 Mgmt For Against
11 Amend Articles Re: Capital, Articles of
Association, Shares Mgmt For Against
12 Wishes Mgmt None None
- --------------------------------------------------------------------------------------------------------------------------------
-8-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Kookmin Bank Y4822W100 3/24/2006 1 Approve Appropriation of Income and
Dividend of KRW 550 Per Share Mgmt For For
2 Amend Articles of Incorporation to
Require Shareholder Approval on Stock
Option Issuances, to Require Minimum
Five Independent Non-Executive
Directors, to Set Terms of Directors,
to Create Sub-Committee, and to Allow
Quarterly Dividends Mgmt For For
3 Elect Directors Mgmt For For
4 Elect Members of Audit Committee Mgmt For For
5 Approve Previous Stock Option Grants Mgmt For For
6 Approve Stock Option Grants Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Kookmin Bank 50049M109 3/24/2006 1 APPROVAL OF NON-CONSOLIDATED FINANCIAL
STATEMENTS (BALANCE SHEET, INCOME
STATEMENTS, AND STATEMENTS OF
APPROPRIATION OF RETAINED EARNINGS) FOR
THE FISCAL YEAR 2005. Mgmt For For
2 AMENDMENT OF THE ARTICLES OF
INCORPORATION Mgmt For For
3 APPOINTMENT OF DIRECTORS Mgmt For For
4 APPOINTMENT OF CANDIDATES FOR THE
MEMBERS OF THE AUDIT COMMITTEE, WHO ARE
NON-EXECUTIVE DIRECTORS Mgmt For For
5 APPROVAL OF PREVIOUSLY GRANTED STOCK
OPTIONS Mgmt For For
6 GRANT OF STOCK OPTIONS Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
KS Energy Y498A2103 4/21/2006 1 Adopt Financial Statements and
Services Limited Directors' and Auditors' Reports Mgmt For For
(frmly KS Tech 2 Declare Final Dividend of SGD 0.02 Per
Ltd) Share Mgmt For For
3 Declare Special Dividend of SGD 0.006
Per Share Mgmt For For
4 Approve Directors' Fees of SGD 155,000 Mgmt For For
5 Reelect Tan Fuh Gih as Director Mgmt For Against
6 Reelect Billy Lee Beng Cheng as Director Mgmt For Against
7 Reelect Lim Jit Poh as Director Mgmt For Against
8 Reelect Lim Ho Seng as Director Mgmt For Against
9 Reelect Sheikh Faisal F.J. Althani as
Director Mgmt For Against
10 Reappoint KPMG as Auditors and
Authorize Board to Fix Their
Remuneration Mgmt For For
11 Approve Issuance of Shares without
Preemptive Rights Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
LIPMAN M6772H101 7/6/2005 1.1 Elect Director Jacob Perry Mgmt For For
ELECTRONIC 1.2 Elect Director Meir Shamir Mgmt For For
ENGINEERING LTD, 1.3 Elect Director Ishay Davidi Mgmt For For
TEL AVIV 1.4 Elect Director Aharon Lipman Mgmt For For
1.5 Elect Director Rami Lipman Mgmt For For
1.6 Elect Director Mordechai Gorfung Mgmt For For
1.7 Elect Director Jonathan Kaplan Mgmt For For
1.8 Elect Director David Rubner Mgmt For For
2 Ratify Auditors Mgmt For For
3 TO APPROVE AN OPTION GRANT TO TWO
NON-EMPLOYEE DIRECTORS AND TO APPROVE
THE REMUNERATION OF ONE OF THESE
DIRECTORS. Mgmt For For
4 INCREASE THE NUMBER OF OPTIONS
AVAILABLE FOR GRANT UNDER THE COMPANY'S
2004 SHARE OPTION PLAN BY 150,000. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
LIPMAN M6772H101 3/27/2006 1.1 Elect Director Jacob Perry Mgmt For For
ELECTRONIC 1.2 Elect Director Meir Shamir Mgmt For For
ENGINEERING LTD, 1.3 Elect Director Ishay Davidi Mgmt For For
TEL AVIV 1.4 Elect Director Aharon Lipman Mgmt For For
1.5 Elect Director Rami Lipman Mgmt For For
1.6 Elect Director Mordechai Gorfung Mgmt For For
1.7 Elect Director Jonathan Kaplan Mgmt For For
1.8 Elect Director David Rubner Mgmt For For
2 TO ELECT LINDA HARNEVO AND IZHAK DAVIDI
AS OUTSIDE DIRECTORS TO SERVE FOR A
PERIOD OF THREE YEARS COMMENCING AT THE
END OF THEIR PRESENT TERM ON APRIL 1,
2006. Mgmt For For
3 Ratify Auditors Mgmt For For
4 TO APPROVE AN AMENDMENT TO THE
MANAGEMENT SERVICES AGREEMENT WITH PERRY
JACOB MANAGEMENT SERVICES LIMITED, A
COMPANY CONTROLLED BY JACOB PERRY. Mgmt For For
5 TO APPROVE THE COMPANY'S 2006 SHARE
INCENTIVE PLAN. Mgmt For Against
- --------------------------------------------------------------------------------------------------------------------------------
-9-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Lukoil Oao 677862104 6/28/2006 1 TO APPROVE THE ANNUAL REPORT OF OAO
LUKOIL FOR 2005, AND THE DISTRIBUTION
OF PROFITS: THE NET PROFIT FOR
DISTRIBUTION FOR 2005 WAS EQUAL TO
66,326,909,000 ROUBLES. TO DISTRIBUTE
28,068,587,000 ROUBLES TO THE PAYMENT
OF DIVIDEND FOR 2005. THE REST OF TH Mgmt None For
2 ELECTION OF THE BOARD OF DIRECTORS -
(Cumulative Voting Applies to
Directors.) Mgmt None Abstain
3 Elect Vagit Yusufovich Alekperov as
President of OAO Lukoil Mgmt None For
4 TO ELECT THE AUDIT COMMISSION FROM THE
LIST OF CANDIDATES APPROVED BY THE
BOARD OF DIRECTORS OF OAO LUKOIL ON 4
FEBRUARY 2006: KONDRATIEV, PAVEL
GENNADIEVICH Mgmt None For
5 TO ELECT THE AUDIT COMMISSION FROM THE
LIST OF CANDIDATES APPROVED BY THE
BOARD OF DIRECTORS OF OAO LUKOIL ON 4
FEBRUARY 2006: NIKITENKO, VLADIMIR
NIKOLAEVICH Mgmt None For
6 TO ELECT THE AUDIT COMMISSION FROM THE
LIST OF CANDIDATES APPROVED BY THE
BOARD OF DIRECTORS OF OAO LUKOIL ON 4
FEBRUARY 2006: SKLYAROVA, TATYANA
SERGEEVNA Mgmt None For
7 TO RECOGNIZE AS ADVISABLE THE RETENTION
OF THE AMOUNTS OF REMUNERATION OF
MEMBERS OF THE BOARD OF DIRECTORS AND
THE AUDIT COMMISSION OF OAO LUKOIL
ESTABLISHED BY DECISION OF THE ANNUAL
GENERAL SHAREHOLDERS MEETING OF OAO
LUKOIL OF 24 JUNE 2004 Mgmt None For
8 TO APPROVE THE COMPANY'S INDEPENDENT
AUDITOR CLOSED JOINT STOCK COMPANY KPMG. Mgmt None For
9 TO APPROVE AMENDMENTS AND ADDENDA TO
THE CHARTER OF OPEN JOINT STOCK COMPANY
OIL COMPANY LUKOIL, PURSUANT TO
APPENDIX 1. Mgmt None For
10 TO APPROVE AN ADDENDUM TO THE
REGULATIONS ON THE BOARD OF DIRECTORS
OF OAO LUKOIL, PURSUANT TO APPENDIX 2. Mgmt None For
11 TO APPROVE AMENDMENTS AND ADDENDA TO
THE REGULATIONS ON THE AUDIT COMMISSION
OF OAO LUKOIL, PURSUANT TO APPENDIX 3. Mgmt None For
12 TO APPROVE OIL SUPPLY CONTRACT BETWEEN
OAO LUKOIL AND OOO LUKOIL
VOLGOGRADNEFTEPERERABOTKA. Mgmt None For
13 TO APPROVE SUPPLY CONTACT BETWEEN OAO
LUKOIL AND OOO LUKOIL
VOLGOGRADNEFTEPERERABOTKA. Mgmt None For
14 TO APPROVE SUPPLEMENTAL AGREEMENT TO
SHAREHOLDER LOAN AGREEMENT NO. 0510225
OF 29 MARCH 2005 BETWEEN OAO LUKOIL AND
OOO NARYANMARNEFTEGAZ. Mgmt None For
15 TO APPROVE SUPPLEMENTAL AGREEMENT TO
SHAREHOLDER LOAN AGREEMENT NO. 0610114
OF 3 MARCH 2005 BETWEEN OAO LUKOIL AND
OOO NARYANMARNEFTEGAZ. Mgmt None For
16 TO APPROVE LOAN AGREEMENT BETWEEN OAO
LUKOIL AND OOO NARYANMARNEFTEGAZ. Mgmt None For
17 TO APPROVE LOAN AGREEMENT BETWEEN OAO
LUKOIL AND OOO NARYANMARNEFTEGAZ. Mgmt None For
18 TO APPROVE POLICY (CONTRACT) ON
INSURING THE LIABILITY OF DIRECTORS,
OFFICERS AND CORPORATIONS BETWEEN OAO
LUKOIL AND OAO KAPITAL STRAKHOVANIE. Mgmt None For
- --------------------------------------------------------------------------------------------------------------------------------
-10-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
MANILA WATER Y56999108 4/3/2006 1 Determination of Quorum Mgmt None None
COMPANY INC 2 Approve Minutes of Previous Shareholder
Meeting Mgmt For For
3 Notation of Manila Water's 2005 Annual
Report and Approval of Its Audited
Financial Statements as of Dec. 31, 2005 Mgmt For For
4 Ratify Acts and Resolutions During the
Past Year of the Board of Directors,
Executive Commitee, Management
Committees and Officers of Manila Water Mgmt For For
5 Elect Directors Mgmt For For
6 Appoint Auditors Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
MediaTek Y5945U103 6/21/2006 1 Accept Operating Results and Financial
Inc. Statements Mgmt For For
2 Approve Allocation of Income and
Dividends Mgmt For For
3 Approve Capitalization of 2005
Dividends and Employee Profit Sharing Mgmt For For
4 Amend Articles of Association Mgmt For For
5 Amend Procedures Governing the
Acquisition or Disposal of Assets Mgmt For For
6.1 Elect Ming-Kai Tsai as Director with
Shareholder No.1 Mgmt For Against
6.2 Elect Jyh-Jer Cho as Director with
Shareholder No. 2 Mgmt For Against
6.3 Elect Qing-Jiang Xie as Director with
Shareholder No. 11 Mgmt For Against
6.4 Elect a Representative of National
Taiwan University as Director with
Shareholder No. 23053 Mgmt For For
6.5 Elect a Representative of National
Chiao University as Director with
Shareholder No. 23286 Mgmt For For
6.6 Elect a Representative of National
Chinghwa University as Supervisor with
Shareholder No. 48657 Mgmt For For
6.7 Elect a Representative of National
Cheng Kung University as Supervisor
with Shareholder No. 76347 Mgmt For Against
6.8 Elect a Representative of Flyway
Investment Ltd. as Supervisor with
Shareholder No. 2471 Mgmt For Against
7 Approve Release of Restrictions of
Competitive Activities of Directors Mgmt For For
8 Other Business Mgmt None None
- --------------------------------------------------------------------------------------------------------------------------------
National Bank of 633643408 12/29/2005 1 RESOLUTION ON THE MERGER THROUGH THE
Greece ABSORPTION OF NATIONAL REAL ESTATE S.A.
BY NATIONAL BANK OF GREECE S.A., MORE
SPECIFICALLY APPROVAL OF: (A) THE
RELEVANT DRAFT MERGER AGREEMENT DATED
13.10.2005, (B) THE INDIVIDUAL AND THE
COMBINED PRO-FORMA TRANSFORM Mgmt For For
2 CANCELLATION, PURSUANT TO COMPANIES
ACT 2190/1920, ARTICLE 75, PARAGRAPH 4,
OF THE ABSORBED NATIONAL REAL ESTATE
S.A.'S SHARES OWNED BY THE ABSORBING
NATIONAL BANK OF GREECE. Mgmt For For
3 INCREASE IN THE SHARE CAPITAL OF
NATIONAL BANK OF GREECE. Mgmt For For
4 AMENDMENT OF ARTICLES 3, 4, 39, 22 AND
23 OF ARTICLES OF ASSOCIATION AS MORE
FULLY DESCRIBED IN THE PROXY STATEMENT. Mgmt For Against
5 APPROVAL OF THE BOD ACTS REGARDING THE
SAID MERGER AND IRREVOCABLE
AUTHORIZATION TO THE BOD FOR SETTLEMENT
OF FRACTIONAL RIGHTS, AS MORE DESCRIBED
IN THE PROXY STATEMENT. Mgmt For For
6 APPOINTMENT OF BANK REPRESENTATIVES TO
EXECUTE THE NOTARIAL CONTRACT OF THE
MERGER THROUGH THE ABSORPTION OF
NATIONAL REAL ESTATES S.A., AS MORE
FULLY DESCRIBED IN THE PROXY STATEMENT. Mgmt For For
7 ISSUE OF BOND LOANS UP TO EURO
6,000,000,000. Mgmt For For
8 Other Business Mgmt None Against
- --------------------------------------------------------------------------------------------------------------------------------
-11-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS 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
- --------------------------------------------------------------------------------------------------------------------------------
OTP Bank RT X60746116 4/28/2006 1 Accept Board of Directors Report on
Company's 2005 Business Operations;
Approve Financial Statements
(Non-consolidated and Consolidated);
Approve Allocation of Income Mgmt For For
2 Accept Supervisory Board Report Mgmt For For
3 Accept Auditor Report Mgmt For For
4 Accept Board of Directors Report on
Company's Business Policy in 2006 Mgmt For For
5 Approve Auditor and Fix Their
Remuneration Mgmt For For
6 Elect Board of Directors Mgmt For For
7 Approve Remuneration of Board of
Directors and Supervisory Board Mgmt For For
8 Approve Incentive Program for
Management for Years 2006 to 2010 Mgmt For Against
9 Amend Articles of Association Mgmt For Against
10 Authorize Share Repurchase Program Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Petrochina Y6883Q104 8/16/2005 1 Approve Acquisition of a Total of 50
Company Limited Percent Interest in the Enlarged
Registered Capital of Zhong You Kan Tan
Kai Fa Co. Ltd. (Newco) By Way of
Capital Contribution to Newco in an
Aggregate Amount of RMB 20.7 Billion Mgmt For For
2 Approve Transfer by the Company of the
Entire Issued Capital of PetroChina
International Ltd. to Newco at a Cash
Consideration of RMB 579.4 Million Mgmt For For
3a Approve Supplemental Comprehensive
Agreement and Continuing Connected
Transactions Mgmt For For
3b Approve Annual Limits of Continuing
Connected Transactions Mgmt For For
4 Authorize the Chief Financial Officer
of the Company to Do All Acts Necessary
to Implement the Supplemental
Comprehensive Agreement, Continuing
Connected Transactions, and Proposed
Caps Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Petrochina Y6883Q104 11/8/2005 1 Elect Su Shulin as Director Mgmt For For
Company Limited 2 Elect Gong Huazhang as Director Mgmt For Against
3 Elect Wang Yilin as Director Mgmt For Against
4 Elect Zeng Yukang as Director Mgmt For Against
5 Elect Jiang Fan as Director Mgmt For For
6 Elect Chee-Chen Tung as Independent
Director Mgmt For For
7 Elect Liu Hongru as Independent Director Mgmt For For
8 Elect Wang Fucheng as Supervisor Mgmt For For
9 Elect Wen Qingshan as Supervisor Mgmt For For
10 Elect Li Yongwu as Independent
Supervisor Mgmt For For
11 Elect Wu Zhipan as Independent
Supervisor Mgmt For For
12 Approve Second Supplemental
Comprehensive Agreement Mgmt For Against
13 Approve CRMSC Products and Services
Agreement Mgmt For For
14 Approve Ongoing Connected Transactions Mgmt For Against
15 Approve Annual Caps of the Ongoing
Connected Transactions Except the
Annual Limit in Respect of the Products
and Services to be Provided to China
Railway Materials and Suppliers Corp.
(CRMSC) Under the CRMSC Products and
Services Agreement Mgmt For Against
16 Approve Annual Caps in Respect of the
Products and Services to be Provided to
CRMSC Under the CRMSC Products and
Services Agreement Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-12-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Petrochina Y6883Q104 5/26/2006 1 Accept Report of the Board of Directors Mgmt For For
Company Limited 2 Accept Report of the Supervisory
Committee Mgmt For For
3 Accept Financial Statements and
Statutory Reports Mgmt For For
4 Approve Final Dividend Mgmt For For
5 Authorize Board to Distribute Interim
Dividend Mgmt For For
6 Reappoint PricewaterhouseCoopers and
PricewaterhouseCoopers Zhong Tian CPAs
Company Limited as International and
Domestic Auditors Respectively and
Authorize Board to Fix Their
Remuneration Mgmt For For
7 Reelect Zheng Hu as Director Mgmt For For
8 Reelect Franco Bernabe as Independent
Non-Executive Director Mgmt For For
9 Approve Issuance of Equity or
Equity-Linked Securities without
Preemptive Rights Mgmt For Against
10 Other Business Mgmt For Against
- --------------------------------------------------------------------------------------------------------------------------------
Petroleo P78331140 8/30/2005 1 Approve Protocol and Justification for
Brasileiro Partial Spin-off of Downstream
Participacoes Ltda. and Incorporation
of the Spun-off Portion by Petrobras Mgmt For For
2 Ratify Appraisal Firm Mgmt For For
3 Approve Appraisal Report of the
Spun-off Portion to be Incorporated by
Petrobras Mgmt For For
4 Approve Spin-Off Following the
Incorporation of the Spun-off Portion's
Capital Mgmt For For
5 Authorize Executive Board to Ratify and
Execute Approved Resolutions Mgmt For For
6 Elect Director to the Board Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Petroleo P78331140 4/3/2006 1 Accept Financial Statements and
Brasileiro Statutory Reports Mgmt For For
2 Approve Capital Budget Mgmt For For
3 Approve Allocation of Income Mgmt For For
4 Elect Directors Mgmt For For
5 Elect Board Chairman Mgmt For For
6 Elect Supervisory Board Members and
their Alternates Mgmt For For
7 Approve Remuneration of Directors,
Including Participation in the
Company's Profit and Approve
Supervisory Board's Remuneration Mgmt For Against
8 Approve Increase in Capital from BRL
32.896 Million to BRL 48.248 Million
through Capitalization of Reserves,
Without Issuance Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
PORTS DESIGN LTD G71848124 5/24/2006 1 Accept Financial Statements and
Statutory Reports Mgmt For For
2 Approve Final Dividend Mgmt For For
3 Reappoint Auditors and Authorize Board
to Fix Their Remuneration Mgmt For For
4 Reelect Directors and Authorize Board
to Fix Their Remuneration Mgmt For Against
5a Approve Issuance of Equity or
Equity-Linked Securities without
Preemptive Rights Mgmt For Against
5b Authorize Repurchase of Up to 10
Percent of Issued Share Capital Mgmt For For
5c Authorize Reissuance of Repurchased
Shares Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-13-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
POSCO (formerly 693483109 2/24/2006 1 APPROVAL OF BALANCE SHEET, INCOME
Pohang Iron & STATEMENT, AND THE STATEMENT OF
Steel) APPROPRIATION OF RETAINED EARNINGS FOR
THE 38TH FISCAL YEAR Mgmt For For
2 PARTIAL AMENDMENTS TO ARTICLES OF
INCORPORATION Mgmt For For
3 ELECTION OF OUTSIDE DIRECTOR: PARK,
YOUNG-JU Mgmt For For
4 ELECTION OF OUTSIDE DIRECTOR: HUH,
SUNG-KWAN Mgmt For For
5 ELECTION OF OUTSIDE DIRECTOR AS AUDIT
COMMITTEE MEMBER: SUH, YOON-SUK Mgmt For For
6 ELECTION OF STANDING DIRECTOR: CHO,
SOUNG-SIK Mgmt For For
7 ELECTION OF STANDING DIRECTOR: LEE,
DONG-HEE Mgmt For For
8 APPROVAL OF LIMITS OF TOTAL
REMUNERATION FOR DIRECTORS Mgmt For For
9 WAIVER OF CLAIM FOR OVERPAID EMPLOYMENT
BENEFIT Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
PT Astra Y7117N149 5/24/2006 1 Accept Financial Statements and
International Statutory Reports Mgmt For For
Tbk. 2 Approve Allocation of Income and
Dividends of IDR 370 Mgmt For For
3A Elect Commissioners Mgmt For For
3B Approve Remuneration of Directors and
Commissioners Mgmt For For
4 Approve Haryanto Sahari & Rekan as
Auditors and Authorize Board to Fix
Their Remuneration Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
PT 715684106 12/21/2005 1 APPROVAL ON THE AMENDMENT AND
Telekomunikasi RE-ARRANGEMENT OF THE ARTICLES OF
Indonesia Tbk ASSOCIATION OF THE COMPANY. Mgmt For Against
2 APPROVAL ON THE PLAN OF THE COMPANY'S
SHARE BUY BACK. Mgmt For For
3 DETERMINATION ON CONCEPT/FORMULA OF THE
COMPENSATION FOR THE MANAGEMENT OF THE
COMPANY. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
PT 715684106 6/30/2006 1 APPROVAL OF THE COMPANY'S ANNUAL REPORT
Telekomunikasi FOR THE FINANCIAL YEAR 2005. Mgmt For For
Indonesia Tbk 2 RATIFICATION OF THE COMPANY AUDITED
CONSOLIDATED FINANCIAL STATEMENTS,
COMMUNITY DEVELOPMENT, SOCIAL
CONTRIBUTION PROGRAM FINANCIAL
STATEMENT FOR THE FINANCIAL YEAR AND
ACQUITTAL AND DISCHARGE TO THE BOARD OF
DIRECTORS AND BOARD OF COMMISSIONERS. Mgmt For For
3 RESOLUTION ON THE USE OF NET INCOME
FROM FISCAL YEAR 2005. Mgmt For For
4 Ratify Auditors Mgmt For For
5 COMPENSATION FOR THE MEMBER OF THE
BOARD OF DIRECTORS AND THE BOARD OF
COMMISSIONERS FOR THE FISCAL YEAR 2006. Mgmt For For
6 ADJUSTMENT OF THE COMPANY'S BOARD OF
COMMISSIONERS, IN ACCORDANCE WITH THE
COMPANY'S NEW ARTICLE OF ASSOCIATION AND
LAW NO.19/2003 REGARDING STATE-OWNED
ENTERPRISE. Mgmt For For
7 APPROVAL OF THE CHANGES AND ADDITIONAL
MEMBER FOR THE COMPANY'S BOARD OF
DIRECTORS AND APPOINTMENT OF THE NEW
DIRECTOR. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-14-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Rio Tinto Plc 767204100 4/12/2006 1 AUTHORITY TO ALLOT RELEVANT SECURITIES
(Formerly Rtz UNDER SECTION 80 OF THE COMPANIES ACT Mgmt For For
Corp. Plc) 1985 2 AUTHORITY TO ALLOT EQUITY SECURITIES
FOR CASH UNDER SECTION 89 OF THE
COMPANIES ACT 1985 Mgmt For For
3 AUTHORITY TO PURCHASE RIO TINTO PLC
SHARES BY THE COMPANY OR RIO TINTO
LIMITED Mgmt For For
4 ADOPTION OF NEW ARTICLES OF ASSOCIATION
OF RIO TINTO PLC AND AMENDMENTS TO
CONSTITUTION OF RIO TINTO LIMITED Mgmt For For
5 ELECTION OF TOM ALBANESE Mgmt For For
6 ELECTION OF SIR ROD EDDINGTON Mgmt For For
7 RE-ELECTION OF SIR DAVID CLEMENTI Mgmt For For
8 RE-ELECTION OF LEIGH CLIFFORD Mgmt For For
9 RE-ELECTION OF ANDREW GOULD Mgmt For For
10 RE-ELECTION OF DAVID MAYHEW Mgmt For For
11 Ratify Auditors Mgmt For For
12 APPROVAL OF THE REMUNERATION REPORT Mgmt For For
13 RECEIVE THE ANNUAL REPORT AND FINANCIAL
STATEMENTS FOR THE YEAR ENDED 31
DECEMBER 2005 * Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Samsung Y74718100 2/28/2006 1 Approve Financial Statements and
Electronics Co. Appropriation of Income, with a Final
Ltd. Dividend of KRW 5000 Per Common Share Mgmt For For
2.1 Elect Independent Non-Executive
Directors Mgmt For For
2.2 Elect Executive Directors Mgmt For For
2.3 Elect Members of Audit Committee Mgmt For For
3 Approve Limit on Remuneration of
Directors Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Sasol Ltd. 803866300 12/2/2005 1 TO RECEIVE AND CONSIDER THE ANNUAL
FINANCIAL STATEMENTS OF THE COMPANY AND
OF THE GROUP FOR THE YEAR ENDED 30 JUNE
2005 Mgmt For For
2 TO ELECT DIRECTOR, RETIRING, IN TERMS
OF ARTICLE 75(D) AND 75(E) OF THE
COMPANY'S ARTICLES OF ASSOCIATION: W A
M CLEWLOW Mgmt For For
3 TO ELECT DIRECTOR, RETIRING, IN TERMS
OF ARTICLE 75(D) AND 75(E) OF THE
COMPANY'S ARTICLES OF ASSOCIATION: S
MONTSI Mgmt For For
4 TO ELECT DIRECTOR, RETIRING, IN TERMS
OF ARTICLE 75(D) AND 75(E) OF THE
COMPANY'S ARTICLES OF ASSOCIATION: T S
MUNDAY Mgmt For For
5 TO ELECT DIRECTOR, RETIRING, IN TERMS
OF ARTICLE 75(D) AND 75(E) OF THE
COMPANY'S ARTICLES OF ASSOCIATION: M S
V GANTSHO Mgmt For For
6 TO ELECT DIRECTOR, RETIRING, IN TERMS
OF ARTICLE 75(D) AND 75(E) OF THE
COMPANY'S ARTICLES OF ASSOCIATION: A
JAIN Mgmt For Against
7 TO ELECT DIRECTOR, RETIRING IN TERMS OF
ARTICLE 75(H) OF THE COMPANY'S ARTICLES
OF ASSOCIATION: I N MKHIZE Mgmt For For
8 TO ELECT DIRECTOR, RETIRING IN TERMS OF
ARTICLE 75(H) OF THE COMPANY'S ARTICLES
OF ASSOCIATION: V N FAKUDE Mgmt For For
9 Ratify Auditors Mgmt For For
10 SPECIAL RESOLUTION NUMBER 1 - TO AMEND
THE ARTICLES OF ASSOCIATION OF THE
COMPANY Mgmt For For
11 ORDINARY RESOLUTION NUMBER 1 - PLACING
5% OF THE ORDINARY SHARES OF THE
COMPANY, NOT ALLOTTED NOR ISSUED AS AT
2 DECEMBER 2005 Mgmt For For
12 ORDINARY RESOLUTION NUMBER 2 - TO
APPROVE THE REVISED ANNUAL FEES PAYABLE
BY THE COMPANY TO NON-EXECUTIVE
DIRECTORS Mgmt For For
13 ORDINARY RESOLUTION NUMBER 3 - TO
APPROVE THE AMENDMENT TO THE SHARE
TRUST DEED BY THE INSERTION OF CLAUSE
18.2 BIS Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-15-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Shinhan Y7749X101 3/21/2006 1 Approve Appropriation of Income and
Financial Group Dividend of KRW 800 Per Share Mgmt For For
Co. Ltd. 2 Amend Articles of Incorporation to
Extend Convertible Bond Maturity, to
Allow Board to Issue Shares with
Shareholder Approval, and to Shorten
Share Registry Cancellation Period Mgmt For For
3 Elect Directors Mgmt For For
4 Elect Members of Audit Committee Mgmt For For
5 Approve Limit on Remuneration of
Directors Mgmt For For
6 Approve Stock Option Grants Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Shinsegae Co. Y77538109 3/3/2006 1 Approve Appropriation of Income and
(Formerly Dividends of KRW 1250 Per Share Mgmt For For
Shinsegae 2 Amend Articles of Incorporation to
Department Store) Expand Business Objectives Mgmt For For
3 Elect Executive Director Mgmt For For
4 Elect Members of Audit Committee Mgmt For For
5 Approve Limit on Remuneration of Mgmt For For
Directors
- --------------------------------------------------------------------------------------------------------------------------------
SK Telecom 78440P108 3/10/2006 1 APPROVAL OF THE BALANCE SHEETS, THE
STATEMENTS OF INCOME, AND STATEMENTS OF
APPROPRIATIONS OF RETAINED EARNINGS OF
THE 22ND FISCAL YEAR, AS SET FORTH IN
ITEM 1 OF THE COMPANY'S AGENDA ENCLOSED
HEREWITH. Mgmt For For
2 APPROVAL OF THE AMENDMENT TO THE
ARTICLES OF INCORPORATION, AS SET FORTH
IN ITEM 2 OF THE COMPANY'S AGENDA
ENCLOSED HEREWITH. Mgmt For For
3 APPROVAL OF THE CEILING AMOUNT OF THE
REMUNERATION OF DIRECTORS, AS SET FORTH
IN THE COMPANY'S AGENDA ENCLOSED
HEREWITH. Mgmt For For
4 APPROVAL OF THE APPOINTMENT OF
INDEPENDENT NON-EXECUTIVE DIRECTORS WHO
WILL BE AUDIT COMMITTEE MEMBERS, AS SET
FORTH IN ITEM 3 OF THE COMPANY'S AGENDA
ENCLOSED HEREWITH. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Southern Copper PCU 84265V105 5/4/2006 1.1 Elect Director Emilio Carrillo Gamboa Mgmt For Withhold
Corporation 1.2 Elect Director Jaime Fernando Collazo
Gonzalez Mgmt For Withhold
1.3 Elect Director Xavier Garcia de Quevedo
Topete Mgmt For Withhold
1.4 Elect Director Oscar Gonzalez Rocha Mgmt For Withhold
1.5 Elect Director J. Eduardo Gonzalez Felix Mgmt For Withhold
1.6 Elect Director Harold S. Handelsman Mgmt For For
1.7 Elect Director German Larrea
Mota-Velasco Mgmt For Withhold
1.8 Elect Director Genaro Larrea
Mota-Velasco Mgmt For Withhold
1.9 Elect Director Armando Ortega Gomez Mgmt For Withhold
1.10 Elect Director Juan Rebolledo Gout Mgmt For Withhold
1.11 Elect Director Luis Miguel Palomino
Bonilla Mgmt For For
1.12 Elect Director Gilberto Perezalonso
Cifuentes Mgmt For For
1.13 Elect Director Carlos Ruiz Sacristan Mgmt For For
2 Require Advance Notice for Shareholder
Proposals/Nominations Mgmt For Against
3 Amend
Articles/Bylaws/Charter-Non-Routine Mgmt For For
4 Amend Articles/Change in Control Mgmt For For
5 Adopt Supermajority Vote Requirement
for Amendments Mgmt For Against
6 Increase Authorized Common Stock Mgmt For For
7 Ratify Auditors Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-16-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
STARHUB LTD Y8152F108 4/26/2006 1 Adopt Financial Statements and
Directors' and Auditors' Reports Mgmt For For
2 Reelect Lim Chin Beng as Director Mgmt For For
3 Reelect Osamu Inoue as Director Mgmt For For
4 Reelect Tan Guong Ching as Director Mgmt For For
5 Reelect Lee Theng Kiat as Director Mgmt For For
6 Reelect Steven Terrell Clontz as
Director Mgmt For For
7 Reelect Robert J. Sachs as Director Mgmt For For
8 Approve Directors' Fees of SGD 685,452
(2004: SGD 322,982) Mgmt For For
9 Declare Final Dividend of SGD 0.025 Per
Share Mgmt For For
10 Reappoint KPMG as Auditors and
Authorize Board to Fix Their
Remuneration Mgmt For For
11 Approve Issuance of Shares without
Preemptive Rights Mgmt For For
12 Approve Issuance of Shares and Grant of
Options Pursuant to the StarHub Pte Ltd
Share Option Plan Mgmt For Against
13 Approve Issuance of Shares and Grant of
Options and/or Awards Pursuant to the
StarHub Share Option Plan 2004, the
StarHub Performance Share Plan, and the
StarHub Restricted Stock Plan Mgmt For Against
- --------------------------------------------------------------------------------------------------------------------------------
STARHUB LTD Y8152F108 4/26/2006 1 Amend Articles of Association Mgmt For For
2 Authorize Share Repurchase Program Mgmt For For
3 Approve Mandate for Transactions with Mgmt For For
Related Parties
- --------------------------------------------------------------------------------------------------------------------------------
Sun Hung Kai Y82594121 12/8/2005 1 Accept Financial Statements and
Properties Statutory Reports Mgmt For For
Ltd. 2 Approve Final Dividend Mgmt For For
3a1 Reelect Li Ka-cheung, Eric as Director Mgmt For For
3a2 Reelect Wong Yue-chim, Richard as
Director Mgmt For For
3a3 Reelect Lee Shau-kee as Director Mgmt For For
3a4 Reelect Chan Kui-yen, Thomas as Director Mgmt For For
3a5 Reelect Chan Kai-ming as Director Mgmt For For
3a6 Reelect Kwong Chun as Director Mgmt For For
3a7 Reelect Wong Yick-kam, Michael as
Director Mgmt For For
3a8 Reelect Wong Chik-wing, Mike as Director Mgmt For For
3b Fix the Directors' Remuneration Mgmt For For
4 Reappoint Auditors and Authorize Board
to Fix Their Remuneration Mgmt For For
5 Approve Repurchase of Up to 10 Percent
of Issued Capital Mgmt For For
6 Approve Issuance of Equity or
Equity-Linked Securities without
Preemptive Rights Mgmt For Against
7 Authorize Reissuance of Repurchased Mgmt For For
Shares
- --------------------------------------------------------------------------------------------------------------------------------
-17-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Taiwan Y84629107 5/16/2006 1 Accept 2005 Business Report and
Semiconductor Financial Statements Mgmt For For
Manufacturing 2 Approve Allocation of Income and
Co. Payment of Cash Dividend of NTD 2.5 Per
Share and Stock Dividend at the Ratio
of 15 Shares Per 1,000 Shares Held Mgmt For For
3 Approve Capitalization of 2005
Dividends, Employee Profit Sharing, and
Capitalization of Capital Surplus Mgmt For For
4 Amend Articles of Association Mgmt For For
5.10 Elect Morris Chang as Director with
Shareholder No. 4515 Mgmt For Abstain
5.2 Elect JC Lobbezoo, a Representative of
Koninklijke Philips Electronics NV, as
Director with Shareholder No. 2 Mgmt For Abstain
5.3 Elect FC Tseng as Director with
Shareholder No. 104 Mgmt For Abstain
5.4 Elect Stan Shih as Director with
Shareholder No. 534770 Mgmt For For
5.5 Elect Chintay Shih, a Representative of
Development Fund, as Director with
Shareholder No. 1 Mgmt For Abstain
5.6 Elect Sir Peter Leahy Bonfield as
Director with ID No. 500166059 Mgmt For For
5.7 Elect Lester Carl Thurow as Director
with ID No. 102505482 Mgmt For For
5.8 Elect Rick Tsai as Director with
Shareholder No. 7252 Mgmt For Abstain
5.9 Elect Carleton S. Fiorina as Director
with ID No. 026323305 Mgmt For For
5.10 Elect James C. Ho, a Representative of
Development Fund, as Supervisor with
Shareholder No. 1 Mgmt For Abstain
5.11 Elect Michael E. Porter as Supervisor
with ID No. 158611569 Mgmt For For
6 Other Business Mgmt None None
- --------------------------------------------------------------------------------------------------------------------------------
Taiwan 874039100 5/16/2006 1 TO ACCEPT 2005 BUSINESS REPORT AND
Semiconductor FINANCIAL STATEMENTS. Mgmt For For
Manufacturing 2 TO APPROVE THE PROPOSAL FOR
Co. DISTRIBUTION OF 2005 PROFITS. Mgmt For For
3 TO APPROVE THE CAPITALIZATION OF 2005
DIVIDENDS, 2005 EMPLOYEE PROFIT
SHARING, AND CAPITAL SURPLUS. Mgmt For For
4 TO APPROVE REVISIONS TO THE ARTICLES OF
INCORPORATION. Mgmt For For
5.1 Elect Director Morris Chang Mgmt For Withhold
5.2 Elect Director J.C. Lobbezoo Mgmt For Withhold
5.3 Elect Director F.C. Tseng Mgmt For Withhold
5.4 Elect Director Stan Shih Mgmt For For
5.5 Elect Director Chintay Shih Mgmt For Withhold
5.6 Elect Director Sir Peter L. Bonfield Mgmt For For
5.7 Elect Director Lester Carl Thurow Mgmt For For
5.8 Elect Director Rick Tsai Mgmt For Withhold
5.9 Elect Director Carleton S. Fiorina Mgmt For For
5.10 Elect Director James C. Ho Mgmt For Withhold
5.11 Elect Director Michael E. Porter Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
TENARIS SA, 88031M109 6/7/2006 1 CONSIDERATION OF THE BOARD OF
LUXEMBOURG DIRECTORS' AND INDEPENDENT AUDITOR'S
REPORTS ON THE CONSOLIDATED FINANCIAL
STATEMENTS. Mgmt For For
2 CONSIDERATION OF THE BOARD OF
DIRECTORS' AND INDEPENDENT AUDITOR'S
REPORTS ON THE UNCONSOLIDATED ANNUAL
ACCOUNTS. Mgmt For For
3 ALLOCATION OF RESULTS AND APPROVAL OF
DIVIDEND PAYMENT. Mgmt For For
4 DISCHARGE TO THE MEMBERS OF THE BOARD
OF DIRECTORS. Mgmt For For
5 ELECTION OF THE BOARD OF DIRECTORS
MEMBERS. Mgmt For For
6 AUTHORIZATION TO THE BOARD OF DIRECTORS
TO DELEGATE THE DAY-TO-DAY MANAGEMENT
OF THE COMPANY'S BUSINESS AND THE POWER
TO REPRESENT THE COMPANY AS
ADMINISTRATEUR DELEGUE (CHIEF
EXECUTIVE OFFICER) TO MR. PAOLO ROCCA. Mgmt For For
7 AUTHORIZATION TO THE BOARD OF DIRECTORS
TO APPOINT ANY OR ALL OF ITS MEMBERS AS
THE COMPANY'S ATTORNEYS-IN-FACT. Mgmt For For
8 AUTHORIZATION TO THE BOARD OF DIRECTORS
TO CAUSE THE DISTRIBUTION OF ALL
SHAREHOLDER COMMUNICATIONS. Mgmt For For
9 BOARD OF DIRECTORS' COMPENSATION. Mgmt For For
10 Ratify Auditors Mgmt For For
11 AMENDMENT OF ARTICLE 11 OF THE ARTICLES
OF ASSOCIATION. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-18-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Teva 881624209 7/27/2005 1 TO RECEIVE AND DISCUSS THE COMPANY'S
Pharmaceutical CONSOLIDATED BALANCE SHEET AND THE
Industries CONSOLIDATED STATEMENTS OF INCOME Mgmt For For
2 TO APPROVE THE BOARD OF DIRECTORS
RECOMMENDATION THAT THE CASH DIVIDEND
FOR THE YEAR ENDED DECEMBER 31, 2004 Mgmt For For
3 TO APPOINT DR. LEORA (RUBIN) MERIDOR AS
A STATUTORY INDEPENDENT DIRECTOR FOR AN
ADDITIONAL TERM OF THREE YEARS Mgmt For For
4 TO ELECT ELI HURVITZ TO SERVE FOR AN
ADDITIONAL THREE-YEAR TERM Mgmt For For
5 TO ELECT RUTH CHESHIN TO SERVE FOR AN
ADDITIONAL THREE-YEAR TERM Mgmt For For
6 TO ELECT PROF. MICHAEL SELA TO SERVE
FOR AN ADDITIONAL THREE-YEAR TERM Mgmt For For
7 TO ELECT HAROLD SNYDER TO SERVE FOR AN
ADDITIONAL THREE-YEAR TERM Mgmt For For
8 TO APPROVE THE PURCHASE OF DIRECTOR'S
AND OFFICER'S LIABILITY INSURANCE FOR
THE DIRECTORS AND OFFICERS OF THE
COMPANY Mgmt For Against
9 TO APPROVE THE COMPANY'S 2005 OMNIBUS
LONG-TERM SHARE INCENTIVE PLAN Mgmt For Against
10 TO APPROVE AN AMENDMENT TO PROVISIONS
OF THE COMPANY'S ARTICLES RELATING TO
THE INDEMNIFICATION OF DIRECTORS AND
OFFICERS Mgmt For For
11 TO APPROVE AN AMENDMENT TO THE COMPANY'S
ARTICLES THAT WOULD INCREASE THE
REGISTERED SHARE CAPITAL OF THE COMPANY Mgmt For For
12 TO APPOINT KESSELMAN & KESSELMAN, A
MEMBER OF PRICEWATERHOUSECOOPERS
INTERNATIONAL LTD., AS THE COMPANY'S
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM AND TO DETERMINE THEIR
COMPENSATION Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Teva 881624209 10/27/2005 1 TO APPROVE THE ISSUANCE OF ORDINARY
Pharmaceutical SHARES OF TEVA, PURSUANT TO THE
Industries AGREEMENT AND PLAN OF MERGER, DATED
JULY 25, 2005, BY AND AMONG IVAX
CORPORATION, TEVA AND TWO WHOLLY OWNED
SUBSIDIARIES OF TEVA, IVORY ACQUISITION
SUB, INC. AND IVORY ACQUISITION SUB II Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Teva 881624209 5/4/2006 1 TO RECEIVE AND DISCUSS THE COMPANY'S
Pharmaceutical CONSOLIDATED BALANCE SHEET AS OF
Industries DECEMBER 31, 2005 AND THE CONSOLIDATED
STATEMENTS OF INCOME FOR THE YEAR THEN
ENDED. Mgmt For For
2 TO APPROVE THE BOARD OF DIRECTORS
RECOMMENDATION THAT THE CASH DIVIDEND
FOR THE YEAR ENDED DECEMBER 31, 2005 BE
DECLARED FINAL. Mgmt For For
3 TO APPOINT PROF. GABRIELA SHALEV AS A
STATUTORY INDEPENDENT DIRECTOR FOR AN
ADDITIONAL TERM OF THREE YEARS. Mgmt For For
4 TO ELECT THE FOLLOWING DIRECTOR TO
SERVE FOR A THREE-YEAR TERM: DR.
PHILLIP FROST Mgmt For For
5 TO ELECT THE FOLLOWING DIRECTOR TO
SERVE FOR A THREE-YEAR TERM: CARLO SALVI Mgmt For For
6 TO ELECT THE FOLLOWING DIRECTOR TO
SERVE FOR A THREE-YEAR TERM: DAVID
SHAMIR Mgmt For For
7 TO APPROVE THE PURCHASE OF DIRECTOR'S
AND OFFICER'S LIABILITY INSURANCE FOR
THE DIRECTORS AND OFFICERS OF THE
COMPANY. Mgmt For Against
8 TO APPROVE AN AMENDMENT TO SECTION
60(E) OF THE COMPANY'S ARTICLES OF
ASSOCIATION. Mgmt For For
9 TO APPROVE AN INCREASE IN THE
REMUNERATION PAID TO THE DIRECTORS OF
THE COMPANY (OTHER THAN THE CHAIRMAN OF
THE BOARD). Mgmt For For
10 TO APPOINT KESSELMAN & KESSELMAN, AS
THE INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM AND DETERMINE THEIR
COMPENSATION. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-19-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
THAI OIL PUBLIC Y8620B119 4/20/2006 1 Approve Minutes of Previous AGM Mgmt For For
CO LTD 2 Accept Financial Statements and
Statutory Reports Mgmt For For
3 Approve Allocation of Income and
Payment of Dividend of Baht 3.5 Per
Share Mgmt For For
4 Reelect Chakramon Phasukavanich, Nibhat
Bhukkanasut, Prajya Phinyawat, and Nit
Chantramonklasri as Directors, and
Elect Pichai Chunhavajira as a New
Director Mgmt For For
5 Approve Remuneration of Directors Mgmt For For
6 Approve KPMG Phoomchai Audit Ltd. as
Auditors and Authorize Board to Fix
Their Remuneration Mgmt For For
7 Other Business Mgmt For Against
- --------------------------------------------------------------------------------------------------------------------------------
The India Fund, 454089103 3/16/2006 1 Approve Investment Advisory Agreement Mgmt For For
Inc. 2 Approve Investment Advisory Agreement Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
The India Fund, 454089103 4/28/2006 1.1 Elect Director Lawrence K. Becker Mgmt For For
Inc. 1.2 Elect Director Peter G. Peterson Mgmt For For
1.3 Elect Director Jeswald W. Salacuse Mgmt For For
1.4 Elect Director Prakash A. Melwani Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Tsingtao Brewery Y8997D102 6/29/2006 1 Accept Working Report of the Board of
Co Directors Mgmt For For
2 Accept Working Report of the
Suprevisory Committee Mgmt For For
3 Accept Financial Statements and
Statutory Reports Mgmt For For
4 Approve Profit Distribution Proposal
Including Dividend Allocation Mgmt For For
5 Reappoint PricewaterhouseCoopers
Zhongtian CPAs Limited and
PricewaterhouseCoopers, Hong Kong as
Domestic and International Auditors
Respectively for 2006, and Authorize
Board to Fix Their Remuneration Mgmt For For
6 Approve the Proposal for Increasing the
Remuneration of the Independent
Directors and External Suprevisors Mgmt For For
7 Approve the Proposal for Purchasing
Indemnity Insurance for the Directors,
Supervisors, and Senior Management
Officers and Authorize Board to Do All
Things Necessary in Respect of Such
Purchase Mgmt For For
8 Amend Articles of Association Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-20-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Tupras Turkiye M8966X108 4/26/2006 1 Elect Presiding Council of Meeting Mgmt For For
Petrol 2 Accept Financial Statements and
Rafinerileri A.S. Statutory Reports Mgmt For For
3 Ratify Directors Appointed During the
Year Mgmt For For
4 Approve Discharge of Directors and
Internal Auditors Mgmt For For
5 Approve Allocation of Income Mgmt For For
6 Elect Directors for Fiscal Year 2006 Mgmt For For
7 Elect Internal Auditors for Fiscal 2006 Mgmt For For
8 Approve Remuneration of Directors and
Internal Auditors Mgmt For For
9 Approve Donations Made in Financial
Year 2005 Mgmt For Against
10 Amend Articles 1, 2, 3, 4, 5, 6, 7,
12, 14, 25, 31, 33, 36, 38, 40, and
41, and Cancel Article 20 Mgmt For For
11 Ratify Independent External Auditors Mgmt For For
12 Grant Permission for Board Members to
Engage in Commercial Transactions with
Company and Be Involved with Companies
with Similar Corporate Purpose Mgmt For For
13 Authorize Presiding Council to Sign
Minutes of Meeting Mgmt For For
14 Wishes Mgmt None None
- --------------------------------------------------------------------------------------------------------------------------------
TURKIYE SINAI M8973M103 3/17/2006 1 Elect Presiding Council of Meeting Mgmt For For
KALKINMA BANKASI 2 Accept Auditor's Report Mgmt For For
A.S. 3 Accept Financial Statements and
Statutory Reports Mgmt For For
4 Approve Allocation of Income Mgmt For For
5 Approve Discharge of Board Mgmt For For
6 Approve Discharge of Internal Auditors Mgmt For For
7 Approve Remuneration of Directors and
Internal Auditors Mgmt For For
8 Approve Agreement in Accordance with
Amendments of the Ministry of Commerce Mgmt For Against
9 Fix Number of and Elect Directors, and
Determine Their Terms of Office and
Remuneration Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
Vimpel 68370R109 4/24/2006 1 APPROVAL OF THE AMENDMENTS TO THE
Communications CHARTER OF VIMPELCOM., ALL AS MORE
OJSC FULLY DESCRIBED IN THE NOTICE. Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
-21-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Vimpel 68370R109 6/23/2006 Management Proxy
Communications
OJSC
1 TO APPROVE THE 2005 VIMPELCOM ANNUAL
REPORT Mgmt For For
2 TO APPROVE VIMPELCOM'S 2005 ACCOUNTING
STATEMENTS, INCLUDING PROFIT AND LOSS
STATEMENT (PREPARED IN ACCORDANCE WITH
RUSSIAN STATUTORY ACCOUNTING PRINCIPLES)
AUDITED BY ROSEXPERTIZA, LLC Mgmt For For
3 TO NOT PAY ANNUAL DIVIDENDS TO HOLDERS
OF COMMON REGISTERED SHARES BASED ON
2005 RESULTS; TO PAY HOLDERS OF
PREFERRED REGISTERED SHARES OF TYPE A
BASED ON 2005 RESULTS IN THE AMOUNT OF
0.1 KOPECK PER SHARE WITHIN 60 DAYS
FROM THE DATE Mgmt For For
4 ELECTION OF THE BOARD OF DIRECTORS -
(Cumulative Voting Applies to Directors
- You have to fill out the card to Vote
For Directors on the Management Slate). Mgmt None Withhold
5 TO ELECT THE FOLLOWING INDIVIDUALS TO
THE AUDIT COMMISSION: ALEXANDER GERSH,
HALVOR BRU AND NIGEL ROBINSON Mgmt For For
6 TO APPROVE THE FIRM ERNST & YOUNG (CIS)
LTD. AS THE AUDITOR OF THE COMPANY'S
U.S. GAAP ACCOUNTS AND THE FIRM
ROSEXPERTIZA, LLC AS THE AUDITOR OF THE
COMPANY'S ACCOUNTS Mgmt For For
7 TO APPROVE THE PROGRAMS OF COMPENSATION
FOR MEMBERS OF VIMPELCOM'S BOARD OF
DIRECTORS Mgmt For For
8 TO APPROVE THE PROGRAMS OF COMPENSATION
FOR MEMBERS OF VIMPELCOM'S AUDIT
COMMISSION Mgmt For For
Dissident Proxy
1 APPROVAL OF THE 2005 VIMPELCOM ANNUAL
REPORT Mgmt For Do Not Vote
2 APPROVAL OF THE 2005 VIMPELCOM'S
ACCOUNTING STATEMENTS Mgmt For Do Not Vote
3 ALLOCATION OF PROFITS AND LOSSES
RESULTING FROM 2005 Mgmt For Do Not Vote
4.1 DIRECTOR MICHAEL LEIBOV Mgmt For Do Not Vote
4.2 DIRECTOR LEONID R. NOVOSELSKY Mgmt For Do Not Vote
4.3 DIRECTOR DAVID J. HAINES Mgmt For Do Not Vote
4.4 DIRECTOR MIKHAIL M. FRIDMAN Mgmt For Do Not Vote
4.5 DIRECTOR ALEXEI M. REZNIKOVICH Mgmt For Do Not Vote
4.6 DIRECTOR OLEG A. MALIS Mgmt For Do Not Vote
5 ELECTION OF THE AUDIT COMMISSION Mgmt For Do Not Vote
6 APPROVAL OF EXTERNAL AUDITORS Mgmt For Do Not Vote
7 APPROVAL OF COMPENSATION TO THE MEMBERS
OF THE BOARD OF DIRECTORS Mgmt For Do Not Vote
8 APPROVAL OF COMPENSATION TO THE MEMBERS
OF THE AUDIT COMMISSION Mgmt For Do Not Vote
2nd Dissident Proxy
1 APPROVAL OF THE 2005 VIMPELCOM ANNUAL
REPORT Mgmt For Do Not Vote
2 APPROVAL OF VIMPELCOM'S ACCOUNTING
STATEMENTS, INCLUDING THE PROFIT AND
LOSS STATEMENT FOR 2005 (PREPARED IN
ACCORDANCE WITH RUSSIAN STATUTORY
ACCOUNTING PRINCIPLES) Mgmt For Do Not Vote
3 ALLOCATION OF PROFITS AND LOSSES
RESULTING FROM 2005 OPERATIONS,
INCLUDING NON-PAYMENT OF DIVIDENDS TO
HOLDERS OF COMMON REGISTERED SHARES AND
PAYMENT OF DIVIDENDS FOR HOLDERS OF
PREFERRED REGISTERED SHARES OF TYPE A Mgmt For Do Not Vote
4.1 DIRECTOR JO LUNDER Mgmt For Do Not Vote
4.2 DIRECTOR LARRY ZIELKE Mgmt For Do Not Vote
5 ELECTION OF THE AUDIT COMMISION Mgmt For Do Not Vote
6 APPROVAL OF EXTERNAL AUDITORS Mgmt For Do Not Vote
7 APPROVAL OF COMPENSATION TO THE MEMBERS
OF THE BOARD OF DIRECTORS Mgmt For Do Not Vote
8 APPROVAL OF COMPENSATION TO THE MEMBERS
OF THE AUDIT COMMISSION Mgmt For Do Not Vote
- --------------------------------------------------------------------------------------------------------------------------------
-22-
PROXY VOTE SUMMARY REPORT FROM 07/01/05 TO 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Wal-Mart de P98180105 2/28/2006 1 Accept Chairman's Report Mgmt For For
Mexico S.A. de 2 Accept Audit Committee's Report Mgmt For For
C.V. (frmrly. 3 Accept Supervisory Board Report Mgmt For For
Cifra S.A.) 4 Accept Financial Statements for Fiscal
Year Ended December 2005 Mgmt For For
5 Present Report on the Share Repurchase
Reserves Mgmt For For
6 Approve Cancellation of 201.5 Million
Company Treasury Shares Mgmt For For
7 Approve Modifications to Article 5 in
the Bylaws Re: Changes in Variable and
Fixed Capital Mgmt For For
8 Approve Allocation of Income Mgmt For For
9 Approve Dividend of MXN 0.38 per Share
or Stock Calculated as of March 22, 2006 Mgmt For For
10 Approve MXN 3.28 Million Variable
Capital Increase Through Issuance of
164.3 Million Common Shares To Be Paid
Back as Dividends at MXN 20 per Share Mgmt For For
11 Accept Report Re: Employee Stock
Purchase Plan Mgmt For Against
12 Accept Report Re: Wal-Mart de Mexico
Foundation Mgmt For For
13 Approve Discharge of the Board of
Directors Mgmt For For
14 Elect or Ratify Members of the Board of
Directors and Supervisory Board Mgmt For For
15 Approve Minutes of Meeting Mgmt For For
- --------------------------------------------------------------------------------------------------------------------------------
XINAO GAS G9826J104 5/23/2006 1 Accept Financial Statements and
HOLDINGS Statutory Reports Mgmt For For
2 Approve Final Dividend Mgmt For For
3a Reelect Yang Yu as Director Mgmt For For
3b Reelect Chen Jiacheng as Director Mgmt For For
3c Reelect Zhao Jinfeng as Director Mgmt For For
3d Reelect Yu Jianchao as Director Mgmt For For
3e Reelect Cheung Yip Sang as Director Mgmt For For
3f Authorize Board to Fix the Remuneration
of Directors Mgmt For For
4 Reappoint Auditors and Authorize Board
to Fix Their Remuneration Mgmt For For
5a Approve Issuance of Equity or
Equity-Linked Securities without
Preemptive Rights Mgmt For Against
5b Authorize Repurchase of Up to 10
Percent of Issued Share Capital Mgmt For For
5c Authorize Reissuance of Repurchased
Shares Mgmt For For
6 Amend Articles Re: Appointment and
Removal of Directors Mgmt For For
-23-
Proxy Vote Summary Report from 07/01/05 to 06/30/06
SIT DEVELOPING MARKETS GROWTH FUND
Meeting Mgmt. Fund Vote
Issuer Symbol CUSIP Date Ballot Issues Proponent Rec. Cast
- --------------------------------------------------------------------------------------------------------------------------------
Companhia Vale Do 204412209 7/19/2005 1 THE PROPOSAL TO AMEND THE COMPANY S
Rio Doce BY-LAWS. Mgmt For
2 THE REPLACEMENT OF A MEMBER OF A FISCAL
COUNCIL, AND HIS RESPECTIVE SUBSTITUTE,
NOMINATED BY THE CONTROLLING SHAREHOLDER. Mgmt For
- --------------------------------------------------------------------------------------------------------------------------------
National Bank of 633643408 10/3/2005 1 RESOLUTION ON THE MERGER THROUGH THE
Greece ABSORPTION OF NATIONAL INVESTMENT
COMPANY S.A. BY NATIONAL BANK OF GREECE
S.A., ALL AS MORE FULLY DESCRIBED IN
THE AGENDA. Mgmt For
2 CANCELLATION, PURSUANT TO COMPANIES
ACT 2190/1920, ARTICLE 75, PARAGRAPH 4,
OF NATIONAL INVESTMENT COMPANY S SHARES
OWNED BY THE ABSORBING NATIONAL
BANK OF GREECE. Mgmt For
3 INCREASE IN THE SHARE CAPITAL OF
NATIONAL BANK OF GREECE, ALL AS MORE
FULLY DESCRIBED IN THE AGENDA. Mgmt For
4 AMENDMENT OF ARTICLES 4 AND 39 OF
NATIONAL BANK OF GREECE S ARTICLES
OF ASSOCIATION DUE TO THE SAID MERGER. Mgmt For
5 APPROVAL OF THE BOD ACTS REGARDING
THE SAID MERGER, ALL AS MORE FULLY
DESCRIBED IN THE AGENDA. Mgmt For
6 APPOINTMENT OF BANK REPRESENTATIVES TO
EXECUTE THE NOTARIAL CONTRACT OF THE
MERGER THROUGH THE ABSORPTION OF NATIONAL
INVESTMENT BANK S.A., ALL AS MORE FULLY
DESCRIBED IN THE AGENDA. Mgmt For
7 Other Business Mgmt None
- --------------------------------------------------------------------------------------------------------------------------------
SHAMIR OPTICAL M83683108 7/18/2005 1.1 Elect A. Netzer as External Director Mgmt For
INDUSTRY LTD 1.2 Elect A. Samuels as External Director Mgmt For
2 Approve Cash Compensation of External
Directors Mgmt For
3 Approve Stock Option Plan Grants to
External Directors Mgmt For
- --------------------------------------------------------------------------------------------------------------------------------
-24-
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 Developing Markets Growth Fund,
a series of Sit Mutual Funds, Inc.
-------------------------------------------------------------------
By (Signature and Title)*/s/ Paul E. Rasmussen, Vice President
--------------------------------------------------------
Date March 8, 2007
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* Print the name and title of each signing officer under his or her signature.