-----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, OztRGf+sMgNSXxMNnXH0qHmbN2LZNbEvskdKSvhrILomBNC6301k36aW+iMelman P6UU/pbirvIj57wJn3Cd4Q== 0000897101-06-000885.txt : 20060427 0000897101-06-000885.hdr.sgml : 20060427 20060427132853 ACCESSION NUMBER: 0000897101-06-000885 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060427 DATE AS OF CHANGE: 20060427 EFFECTIVENESS DATE: 20060427 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: 06784214 BUSINESS ADDRESS: STREET 1: 3300 IDS CENTER 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CENTER 80 SOUTH 8TH 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 0000356786 S000011803 SIT LARGE CAP GROWTH FUND INC C000032270 SIT LARGE CAP GROWTH FUND INC SNIGX N-Q 1 sit-lcg061804_nq.txt QUARTERLY REPORT FOR PERIOD ENDED 3-31-2006 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, 2006 Date of reporting period: March 31, 2006 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, 2006 (Unaudited) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - -------------------------------------------------------------------------------- COMMON STOCKS (94.4%) (2) COMMUNICATIONS (2.2%) 49,400 Crown Castle Intl. Corp. (3) 1,400,490 40,600 Vodafone Group, A.D.R. 848,540 -------------- 2,249,030 -------------- CONSUMER NON-DURABLES (3.0%) 31,900 PepsiCo, Inc. 1,843,501 22,400 Procter & Gamble Co. 1,290,688 -------------- 3,134,189 -------------- CONSUMER SERVICES (4.8%) 19,500 Comcast Corp. (3) 510,120 9,900 Harrah's Entertainment, Inc. 771,804 20,100 Marriott International, Inc. 1,378,860 24,900 News Corp. 413,589 20,400 Royal Caribbean Cruises, Ltd. 857,208 17,100 Starbucks Corp. (3) 643,644 19,400 Time Warner, Inc. 325,726 -------------- 4,900,951 -------------- ELECTRONIC TECHNOLOGY (11.1%) 36,800 Analog Devices, Inc. 1,409,072 27,200 Applied Materials, Inc. 476,272 90,000 Cisco Systems, Inc. (3) 1,950,300 27,000 Dell Computer Corp. (3) 803,520 132,600 EMC Corp. (3) 1,807,338 51,100 Intel Corp. 988,785 19,900 Juniper Networks, Inc. (3) 380,488 23,600 Motorola, Inc. 540,676 49,700 Nokia Corp., A.D.R. 1,029,784 31,200 Qualcomm, Inc. 1,579,032 13,300 Texas Instruments, Inc. 431,851 -------------- 11,397,118 -------------- ENERGY MINERALS (10.1%) 6,500 ConocoPhillips Co. 410,475 13,500 CONSOL Energy, Inc. 1,001,160 21,700 Murphy Oil Corp. 1,081,094 16,000 Occidental Petroleum Corp. 1,482,400 23,900 Southwestern Energy Co. (3) 769,341 19,500 Suncor Energy, Inc. 1,501,890 43,900 Valero Energy Corp. 2,624,342 34,066 XTO Energy, Inc. 1,484,256 -------------- 10,354,958 -------------- FINANCE (12.4%) 19,100 American Express Co. 1,003,705 24,462 American International Group, Inc. 1,616,693 4,900 Chubb Corp. 467,656 30,000 Citigroup, Inc. 1,417,200 8,900 Everest Re Group, Ltd. 830,993 13,500 Franklin Resources, Inc. 1,272,240 36,800 J.P. Morgan Chase & Co. 1,532,352 14,400 Prudential Financial, Inc. 1,091,664 13,400 The Goldman Sachs Group, Inc. 2,103,264 22,100 Wells Fargo Co. 1,411,527 -------------- 12,747,294 -------------- HEALTH SERVICES (2.7%) 31,100 UnitedHealth Group, Inc. 1,737,246 13,000 WellPoint, Inc. (3) 1,006,590 -------------- 2,743,836 -------------- ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - March 31, 2006 (Unaudited) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - -------------------------------------------------------------------------------- HEALTH TECHNOLOGY (12.4%) 15,100 Abbott Laboratories 641,297 24,100 Amgen, Inc. (3) 1,753,275 29,800 Celgene Corp. (3) 1,317,756 24,050 Elan Corp., A.D.R. (3) 347,282 21,500 Eli Lilly and Co. 1,188,950 18,500 Genentech, Inc. (3) 1,563,435 9,400 Gilead Sciences, Inc. (3) 584,868 14,750 Johnson & Johnson 873,495 24,600 Medtronic, Inc. 1,248,450 42,225 Pfizer, Inc. 1,052,247 29,900 St. Jude Medical, Inc. (3) 1,225,900 22,200 Teva Pharmaceutical, Ltd., A.D.R. 914,196 -------------- 12,711,151 -------------- INDUSTRIAL SERVICES (4.5%) 16,300 Nabors Industries, Ltd. (3) 1,166,754 17,700 Noble Corp. 1,435,470 16,200 Schlumberger, Ltd. 2,050,434 -------------- 4,652,658 -------------- NON-ENERGY MINERALS (1.3%) 8,400 Allegheny Technologies, Inc. 513,912 7,100 Freeport-McMoRan Copper & Gold, Inc. 424,367 4,800 Southern Copper Corp. 405,504 -------------- 1,343,783 -------------- PROCESS INDUSTRIES (2.4%) 13,500 Air Products and Chemicals, Inc. 907,065 13,300 Dow Chemical Co. 539,980 12,100 Monsanto Co. 1,025,475 -------------- 2,472,520 -------------- PRODUCER MANUFACTURING (9.7%) 15,000 Caterpillar, Inc. 1,077,150 11,100 Emerson Electronic Co. 928,293 14,400 General Dynamics Corp. 921,312 75,800 General Electric Co. 2,636,324 29,000 ITT Industries, Inc. 1,630,380 9,500 3M Co. 719,055 12,700 The Boeing Co. 989,711 18,300 United Technologies Corp. 1,060,851 -------------- 9,963,076 -------------- RETAIL TRADE (5.5%) 17,575 Best Buy Co., Inc. 982,970 31,400 CVS Corp. 937,918 8,000 eBay, Inc. (3) 312,480 13,700 J.C. Penney Co., Inc. 827,617 13,100 Lowe's Companies, Inc. 844,164 33,300 Target Corp. 1,731,933 -------------- 5,637,082 -------------- TECHNOLOGY SERVICES (7.8%) 22,500 Adobe Systems, Inc. 785,700 15,000 Automatic Data Processing, Inc. 685,200 24,900 First Data Corp. 1,165,818 3,300 Google, Inc. (3) 1,287,000 76,900 Microsoft Corp. 2,092,449 18,100 SAP AG 983,192 18,936 Symantec Corp. (3) 318,693 21,200 Yahoo!, Inc. (3) 683,912 -------------- 8,001,964 -------------- ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - March 31, 2006 (Unaudited) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - -------------------------------------------------------------------------------- TRANSPORTATION (3.1%) 14,800 Burlington Northern Sante Fe Corp. 1,233,284 11,900 United Parcel Service, Inc. 944,622 30,600 UTI Worldwide, Inc. 966,960 -------------- 3,144,866 -------------- UTILITIES (1.4%) 38,000 Equitable Research, Inc. 1,387,380 -------------- Total common stocks 96,841,856 (cost: $79,371,583) -------------- SHORT-TERM SECURITIES (5.2%) (2) 5,337,000 Sit Money Market Fund, 4.31% (4) 5,337,000 (cost: $5,337,000) -------------- Total investments in securities (cost: $84,708,583) $102,178,856 -------------- Other Assets and Liabilities, Net [0.4%] 359,365 -------------- Total Net Assets $102,538,221 ============== -------------- Aggregate Cost 84,708,583 -------------- Gross Unrealized Appreciation 21,232,345 Gross Unrealized Depreciation (3,762,071) -------------- Net Unrealized Appreciation(Depreciation) 17,470,274 ============== 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: April 27, 2006 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: April 27, 2006 By: /s/ Eugene C. Sit ---------------------------- Eugene C. Sit Chairman Date: April 27, 2006 EX-99.CERT 2 sit-lcg061804_ex99cert.txt CERTIFICATIONS OF VICE PRESIDENT AND CHAIRMAN 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: April 27, 2006 -------------- /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: April 27, 2006 -------------- /s/ Eugene C. Sit - ---------------------------- Eugene C. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----