-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O4UxNRN7fSCtqHU7NW5LEuOXYsgATFZM60ZmIWDzidFWXjNwOX0wakMPMOKjQCWC bLZG+4CdO97+GYfZZdWrkQ== 0000897101-04-002450.txt : 20041124 0000897101-04-002450.hdr.sgml : 20041124 20041124122201 ACCESSION NUMBER: 0000897101-04-002450 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041124 DATE AS OF CHANGE: 20041124 EFFECTIVENESS DATE: 20041124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT LARGE CAP GROWTH FUND INC CENTRAL INDEX KEY: 0000356786 IRS NUMBER: 411414580 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03343 FILM NUMBER: 041166008 BUSINESS ADDRESS: STREET 1: 4600 NORWEST CENTER 90 S SEVENTH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612-332-32 MAIL ADDRESS: STREET 1: 4600 NORWEST CENTER 90 SOUTH ST STREET 2: 4600 NORWEST CENTER 90 SOUTH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: SIT GROWTH & INCOME FUND INC DATE OF NAME CHANGE: 19940620 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING GROWTH FUND INC/NEW DATE OF NAME CHANGE: 19870907 N-Q 1 sit-lcg045536_nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811- 03343 SIT LARGE CAP GROWTH FUND, 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, Esq. 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, 2004 Date of reporting period: September 30, 2004 ITEM 1. SCHEDULE OF INVESTMENTS Sit Large Cap Growth Fund, Inc. THE FUND'S SCHEDULE OF INVESTMENTS AS OF THE DATE ON THE COVER OF THIS REPORT HAS NOT BEEN AUDITED. THIS REPORT IS PROVIDED FOR THE GENERAL INFORMATION OF THE FUND'S SHAREHOLDERS. FOR MORE INFORMATION REGARDING THE FUND AND ITS HOLDINGS, PLEASE SEE THE FUND'S MOST RECENT PROSPECTUS AND ANNUAL REPORT. ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September 30, 2004 (Unaudited) ================================================================================ Quantity Name of Issuer Market Value (1)($) - -------------------------------------------------------------------------------- Common Stocks (97.1%) (2) Communications (3.0%) 35,500 Nextel Communications, Inc. (3) 846,320 40,200 Vodafone Group, A.D.R. 969,222 -------------------------- 1,815,542 -------------------------- Consumer Durables (1.0%) 13,500 Electronic Arts, Inc. (3) 620,865 -------------------------- Consumer Non-Durables (5.0%) 7,000 Avon Products, Inc. 305,760 27,000 PepsiCo, Inc. 1,313,550 26,500 Procter & Gamble Co. 1,434,180 -------------------------- 3,053,490 -------------------------- Consumer Services (6.7%) 19,500 Comcast Corp. (3) 550,680 11,500 Harrah's Entertainment, Inc. 609,270 25,500 International Game Technology 916,725 40,804 Liberty Media Corp. (3) 355,811 7,000 Marriott International, Inc. 363,720 4,500 Royal Caribbean Cruises, Ltd. 196,200 18,400 Time Warner, Inc. (3) 296,976 23,477 Viacom, Inc. 787,888 -------------------------- 4,077,270 -------------------------- Electronic Technology (13.1%) 33,000 Analog Devices, Inc. 1,279,740 31,000 Applied Materials, Inc. (3) 511,190 68,800 Cisco Systems, Inc. (3) 1,245,280 27,000 Dell Computer Corp. (3) 961,200 52,400 EMC Corp. (3) 604,696 47,800 Intel Corp. 958,868 22,500 Jabil Circuit, Inc. (3) 517,500 18,000 Juniper Networks, Inc. (3) 424,800 31,500 Nokia Corp., A.D.R. 432,180 26,000 Qualcomm, Inc. 1,015,040 -------------------------- 7,950,494 -------------------------- Energy Minerals (8.5%) 11,000 ConocoPhillips Co. 911,350 9,000 Murphy Oil Corp. 780,930 18,000 Occidental Petroleum Corp. 1,006,740 24,000 Suncor Energy, Inc. 768,240 13,500 Valero Energy Corp. 1,082,835 18,500 XTO Energy, Inc. 600,880 -------------------------- 5,150,975 -------------------------- Finance (11.6%) 17,962 American International Group, Inc. 1,221,236 39,500 Citigroup, Inc. 1,742,740 17,500 Franklin Resources, Inc. 975,800 13,000 J.P. Morgan Chase & Co. 516,490 10,500 Prudential Financial, Inc. 493,920 11,500 The Goldman Sachs Group, Inc. 1,072,260 17,500 Wells Fargo Co. 1,043,525 -------------------------- 7,065,971 -------------------------- Health Services (2.7%) 22,000 UnitedHealth Group, Inc. 1,622,280 -------------------------- ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September 30, 2004 (Unaudited) ================================================================================ Quantity Name of Issuer Market Value (1)($) - -------------------------------------------------------------------------------- Health Technology (15.5%) 25,200 Amgen, Inc. (3) 1,428,336 5,000 Biogen, Inc. (3) 305,850 18,000 Boston Scientific Corp. (3) 715,140 48,550 Elan Corp., A.D.R. (3) 1,136,070 13,800 Eli Lilly and Co. 828,690 15,500 Genentech, Inc. (3) 812,510 22,000 Gilead Sciences, Inc. (3) 822,360 12,150 Johnson & Johnson 684,410 9,700 Medtronic, Inc. 503,430 6,000 Merck & Co., Inc. 198,000 42,825 Pfizer, Inc. 1,310,445 4,000 Stryker Corp. 192,320 19,000 Teva Pharmaceutical, Ltd., A.D.R. 493,050 -------------------------- 9,430,611 -------------------------- Industrial Services (1.5%) 13,300 Schlumberger, Ltd. 895,223 -------------------------- Producer Manufacturing (7.9%) 7,000 Caterpillar, Inc. 563,150 11,500 Danaher Corp. 589,720 5,500 Eaton Corp. 348,755 51,200 General Electric Co. 1,719,296 8,500 ITT Industries, Inc. 679,915 11,000 3M Co. 879,670 -------------------------- 4,780,506 -------------------------- Retail Trade (7.9%) 6,550 Best Buy Co., Inc. 355,272 4,000 eBay, Inc. (3) 367,760 14,000 J.C. Penney Co., Inc. 493,920 28,800 Lowe's Companies, Inc. 1,565,280 45,000 Target Corp. 2,036,250 -------------------------- 4,818,482 -------------------------- Technology Services (10.5%) 9,500 Adobe Systems, Inc. 469,965 23,800 Check Point Software Tech., Ltd. (3) 403,886 16,500 First Data Corp. 717,750 71,300 Microsoft Corp. 1,971,445 16,000 SAP AG 623,200 14,000 Symantec Corp. (3) 768,320 27,400 Veritas Software Corp. (3) 487,720 27,000 Yahoo!, Inc. (3) 915,570 -------------------------- 6,357,856 -------------------------- Transportation (2.2%) 16,000 Burlington Northern Sante Fe Corp. 612,960 10,000 United Parcel Service, Inc. 759,200 -------------------------- 1,372,160 -------------------------- Total common stocks 59,011,725 (cost: $53,164,286) -------------------------- Short-Term Securities (2.8%) (2) 1,673,000 Sit Money Market Fund, 1.13% (4) 1,673,000 (cost: $1,673,000) -------------------------- Total investments in securities (cost: $54,837,286) $60,684,725 ========================== ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September 30, 2004 (Unaudited) ================================================================================ Quantity Name of Issuer Market Value (1)($) - -------------------------------------------------------------------------------- Assets in Excess of Other Liabilities (0.1%) 72,210 -------------------------- Total Net Assets $60,756,935 ========================== -------------------------- Aggregate Cost 54,837,286 -------------------------- Gross Unrealized Appreciation 11,158,150 Gross Unrealized Depreciation (5,310,711) -------------------------- Net Unrealized Appreciation(Depreciation) 5,847,439 ========================== Notes To Schedule of Investments (1) Securities are valued by procedures described in note 1 to the financial statements. (2) Percentage figures indicate percentage of total net assets. (3) Presently non-income producing securities. (4) This security represents an investment in an affiliated party. ITEM 2. CONTROLS AND PROCEDURES. (a) The Vice President and Treasurer and the Chairman have concluded that the Sit Large Cap Growth Fund's (the "Fund") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There was no change in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Fund's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. ITEM 3. EXHIBITS Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and 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. Sit Large Cap Growth Fund, Inc. By: /s/ Paul E. Rasmussen ------------------------------------- Paul Rasmussen Vice President and Treasurer Date: November 24, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Paul E. Rasmussen ------------------------------------- Paul Rasmussen Vice President and Treasurer Date: November 24, 2004 By: /s/ Eugene C. Sit ------------------------------------- Eugene C. Sit Chairman Date: November 24, 2004 EX-99.CERT 2 sit-lcg045536_ex99cert.txt EXHIBIT EX-99.CERT ------------------ I, Paul E. Rasmussen, certify that: 1. I have reviewed this report on Form N-Q of Sit Large Cap Growth Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 24, 2004 ----------------- /s/ Paul E. Rasmussen - ---------------------------------------- Paul E. Rasmussen Vice President and Treasurer I, Eugene C. Sit, certify that: 1. I have reviewed this report on Form N-Q of Sit Large Cap Growth Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 24, 2004 ----------------- /s/ Eugene C. Sit - ---------------------------------------- Eugene C. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----