-----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, QY2S/n3Pehgzd9cUF+OTXdNvDXD5OyFNl2VHLSeC7o7vfDEiaig7Cm5+sy/RTv5g FKpS1odx5smxMhKgCfGG8Q== 0000897101-05-001188.txt : 20050513 0000897101-05-001188.hdr.sgml : 20050513 20050513135819 ACCESSION NUMBER: 0000897101-05-001188 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050513 DATE AS OF CHANGE: 20050513 EFFECTIVENESS DATE: 20050513 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: 05828154 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 sit052246_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, 2005 Date of reporting period: March 31, 2005 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 - MARCH 31, 2005 (UNAUDITED) - ----------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - ----------------------------------------------------------------------------- COMMON STOCKS (98.2%) (2) COMMUNICATIONS (3.3%) 20,500 Crown Castle Intl. Corp. (3) 329,230 21,500 Nextel Communications, Inc. (3) 611,030 40,200 Vodafone Group, A.D.R. 1,067,712 -------------- 2,007,972 -------------- CONSUMER DURABLES (0.5%) 5,500 Electronic Arts, Inc. (3) 284,790 -------------- CONSUMER NON-DURABLES (5.2%) 7,000 Avon Products, Inc. 300,580 27,000 PepsiCo, Inc. 1,431,810 26,500 Procter & Gamble Co. 1,404,500 -------------- 3,136,890 -------------- CONSUMER SERVICES (7.6%) 19,500 Comcast Corp. (3) 658,710 11,500 Harrah's Entertainment, Inc. 742,670 25,500 International Game Technology 679,830 40,804 Liberty Media Corp. (3) 423,137 11,500 Marriott International, Inc. 768,890 17,500 News Corp. (3) 296,100 7,400 Royal Caribbean Cruises, Ltd. 330,706 24,400 Time Warner, Inc. (3) 428,220 8,477 Viacom, Inc. 295,254 -------------- 4,623,517 -------------- ELECTRONIC TECHNOLOGY (12.6%) 24,000 Analog Devices, Inc. 867,360 31,000 Applied Materials, Inc. (3) 503,750 68,800 Cisco Systems, Inc. (3) 1,230,832 27,000 Dell Computer Corp. (3) 1,037,340 58,400 EMC Corp. (3) 719,488 47,800 Intel Corp. 1,110,394 13,500 Jabil Circuit, Inc. (3) 385,020 18,000 Juniper Networks, Inc. (3) 397,080 39,500 Nokia Corp., A.D.R. 609,485 22,000 Qualcomm, Inc. 806,300 -------------- 7,667,049 -------------- ENERGY MINERALS (9.9%) 7,000 ConocoPhillips Co. 754,880 9,000 Murphy Oil Corp. 888,570 13,000 Occidental Petroleum Corp. 925,210 18,500 Suncor Energy, Inc. 743,885 26,200 Valero Energy Corp. 1,919,674 24,666 XTO Energy, Inc. 810,031 -------------- 6,042,250 -------------- FINANCE (11.9%) 5,500 American Express Co. 282,535 17,962 American International Group, Inc. 995,274 3,000 Chubb Corp. 237,810 39,000 Citigroup, Inc. 1,752,660 13,500 Franklin Resources, Inc. 926,775 13,000 Prudential Financial, Inc. 746,200 11,500 The Goldman Sachs Group, Inc. 1,264,885 17,500 Wells Fargo Co. 1,046,500 -------------- 7,252,639 -------------- HEALTH SERVICES (3.0%) 19,000 UnitedHealth Group, Inc. 1,812,220 -------------- - ----------------------------------------------------------------------------- LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - MARCH 31, 2005 (UNAUDITED) - ----------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - ----------------------------------------------------------------------------- HEALTH TECHNOLOGY (12.9%) 1,600 Abbott Laboratories 74,592 23,900 Amgen, Inc. (3) 1,391,219 5,000 Biogen, Inc. (3) 172,550 9,000 Boston Scientific Corp. (3) 263,610 48,550 Elan Corp., A.D.R. (3) 157,302 13,800 Eli Lilly and Co. 718,980 18,500 Genentech, Inc. (3) 1,047,285 21,500 Gilead Sciences, Inc. (3) 769,700 12,150 Johnson & Johnson 815,994 9,700 Medtronic, Inc. 494,215 42,825 Pfizer, Inc. 1,125,013 5,800 Stryker Corp. 258,738 19,000 Teva Pharmaceutical, Ltd., A.D.R. 589,000 -------------- 7,878,198 -------------- INDUSTRIAL SERVICES (1.9%) 6,800 Nabors Industries, Ltd. (3) 402,152 3,000 Noble Corp. (3) 168,630 8,600 Schlumberger, Ltd. 606,128 -------------- 1,176,910 -------------- PROCESS INDUSTRIES (1.0%) 5,000 Air Products and Chemicals, Inc. 316,450 5,500 Dow Chemical Co. 274,175 -------------- 590,625 -------------- PRODUCER MANUFACTURING (9.5%) 7,000 Caterpillar, Inc. 640,080 11,500 Danaher Corp. 614,215 8,000 Eaton Corp. 523,200 51,200 General Electric Co. 1,846,272 9,500 ITT Industries, Inc. 857,280 11,000 3M Co. 942,590 3,500 United Technologies Corp. 355,810 -------------- 5,779,447 -------------- RETAIL TRADE (7.4%) 6,550 Best Buy Co., Inc. 353,766 8,000 eBay, Inc. (3) 298,080 16,500 J.C. Penney Co., Inc. 856,680 25,800 Lowe's Companies, Inc. 1,472,922 31,000 Target Corp. 1,550,620 -------------- 4,532,068 -------------- TECHNOLOGY SERVICES (8.8%) 7,500 Adobe Systems, Inc. 503,775 14,800 Check Point Software Tech., Ltd. (3) 321,752 11,500 First Data Corp. 452,065 1,500 Google, Inc. (3) 270,765 55,800 Microsoft Corp. 1,348,686 16,000 SAP AG 641,280 25,500 Symantec Corp. (3) 543,915 16,400 Veritas Software Corp. (3) 380,808 27,000 Yahoo!, Inc. (3) 915,300 -------------- 5,378,346 -------------- TRANSPORTATION (2.7%) 16,000 Burlington Northern Sante Fe Corp. 862,880 6,300 United Parcel Service, Inc. 458,262 5,000 UTI Worldwide, Inc. 347,250 -------------- 1,668,392 -------------- Total common stocks 59,831,313 -------------- (cost: $51,331,481) - -------------------------------------------------------------------------------- LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - MARCH 31, 2005 (UNAUDITED) - -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - -------------------------------------------------------------------------------- SHORT-TERM SECURITIES (0.0%) (2) 1,000 Sit Money Market Fund, 2.26% (4) 1,000 -------------- (cost: $1,000) Total investments in securities (cost: $51,332,481) $59,832,313 ============== Other Assets and Liabilities, Net (1.8%) 1,094,872 -------------- Total Net Assets $60,927,185 ============== -------------- Aggregate Cost 51,332,481 -------------- Gross Unrealized Appreciation 13,392,713 Gross Unrealized Depreciation (4,892,880) -------------- Net Unrealized Appreciation(Depreciation) 8,499,833 ============== 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: May 13, 2005 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: May 13, 2005 By: /s/Eugene C. Sit ---------------- Eugene C. Sit Chairman Date: May 13, 2005 EX-99.CERT 2 sit052246_ex99-cert.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: May 13, 2005 ------------------ /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: May 13, 2005 ------------------ /s/Eugene C. Sit - ---------------- Eugene C. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----