N-Q 1 sit064325lcg_nq.txt FORM N-Q FOR PERIOD ENDED SEPTEMBER 30, 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: September 30, 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 - SEPTEMBER 30, 2006 (UNAUDITED) ================================================================================ -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) -------------------------------------------------------------------------------- COMMON STOCKS (95.0%) (2) COMMUNICATIONS (2.5%) 49,400 Crown Castle Intl. Corp. (3) 1,740,856 35,525 Vodafone Group, A.D.R. 812,101 ------------------ 2,552,957 ------------------ CONSUMER NON-DURABLES (4.5%) 16,850 Colgate-Palmolive Co. 1,046,385 31,900 PepsiCo, Inc. 2,081,794 22,400 Procter & Gamble Co. 1,388,352 ------------------ 4,516,531 ------------------ CONSUMER SERVICES (5.0%) 19,500 Comcast Corp. (3) 718,575 20,000 Harrah's Entertainment, Inc. 1,328,600 43,600 Marriott International, Inc. 1,684,704 36,600 News Corp. 719,190 17,100 Starbucks Corp. (3) 582,255 ------------------ 5,033,324 ------------------ ELECTRONIC TECHNOLOGY (11.1%) 36,800 Analog Devices, Inc. 1,081,552 3,900 Apple Computer, Inc. (3) 300,417 90,000 Cisco Systems, Inc. (3) 2,070,000 18,100 Dell Computer Corp. (3) 413,404 132,600 EMC Corp. (3) 1,588,548 6,100 Hewlett-Packard Co. 223,809 51,100 Intel Corp. 1,051,127 19,900 Juniper Networks, Inc. (3) 343,872 38,900 Motorola, Inc. 972,500 58,400 Nokia Corp., A.D.R. 1,149,896 40,800 Qualcomm, Inc. 1,483,080 13,300 Texas Instruments, Inc. 442,225 ------------------ 11,120,430 ------------------ ENERGY MINERALS (9.0%) 17,700 Murphy Oil Corp. 841,635 32,000 Occidental Petroleum Corp. 1,539,520 32,000 Southwestern Energy Co. (3) 955,840 19,500 Suncor Energy, Inc. 1,404,975 11,100 Ultra Petroleum Corp. (3) 534,021 42,800 Valero Energy Corp. 2,202,916 34,366 XTO Energy, Inc. 1,447,840 ------------------ 8,926,747 ------------------ FINANCE (14.8%) 19,100 American Express Co. 1,071,128 24,462 American International Group, Inc. 1,620,852 19,900 Chubb Corp. 1,034,004 47,000 Citigroup, Inc. 2,334,490 21,900 Franklin Resources, Inc. 2,315,925 36,800 J.P. Morgan Chase & Co. 1,728,128 27,300 Nomura Holdings, Inc. 479,934 12,900 Prudential Financial, Inc. 983,625 10,300 The Goldman Sachs Group, Inc. 1,742,451 44,200 Wells Fargo Co. 1,599,156 ------------------ 14,909,693 ------------------ HEALTH SERVICES (2.3%) 27,600 UnitedHealth Group, Inc. 1,357,920 13,000 WellPoint, Inc. (3) 1,001,650 ------------------ 2,359,570 ------------------ ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - SEPTEMBER 30, 2006 (UNAUDITED) ================================================================================ -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) -------------------------------------------------------------------------------- HEALTH TECHNOLOGY (12.0%) 20,900 Abbott Laboratories 1,014,904 22,900 Amgen, Inc. (3) 1,638,037 29,800 Celgene Corp. (3) 1,290,340 21,500 Eli Lilly and Co. 1,225,500 25,100 Genentech, Inc. (3) 2,075,770 6,200 Gilead Sciences, Inc. (3) 425,940 14,750 Johnson & Johnson 957,865 24,600 Medtronic, Inc. 1,142,424 42,225 Pfizer, Inc. 1,197,501 29,900 St. Jude Medical, Inc. (3) 1,055,171 ------------------ 12,023,452 ------------------ INDUSTRIAL SERVICES (3.8%) 16,000 Nabors Industries, Ltd. (3) 476,000 20,400 Noble Corp. 1,309,272 32,400 Schlumberger, Ltd. 2,009,772 ------------------ 3,795,044 ------------------ NON-ENERGY MINERALS (1.3%) 8,400 Allegheny Technologies, Inc. 522,396 7,100 Freeport-McMoRan Copper & Gold, Inc. 378,146 4,800 Southern Copper Corp. 444,000 ------------------ 1,344,542 ------------------ PROCESS INDUSTRIES (2.1%) 15,100 Air Products and Chemicals, Inc. 1,002,187 24,200 Monsanto Co. 1,137,642 ------------------ 2,139,829 ------------------ PRODUCER MANUFACTURING (9.8%) 14,200 Caterpillar, Inc. 934,360 16,900 Emerson Electronic Co. 1,417,234 16,600 General Dynamics Corp. 1,189,722 75,800 General Electric Co. 2,675,740 22,800 ITT Industries, Inc. 1,168,956 15,500 The Boeing Co. 1,222,175 18,300 United Technologies Corp. 1,159,305 ------------------ 9,767,492 ------------------ RETAIL TRADE (6.2%) 14,675 Best Buy Co., Inc. 785,993 62,900 CVS Corp. 2,020,348 13,700 J.C. Penney Co., Inc. 936,943 24,000 Lowe's Companies, Inc. 673,440 33,300 Target Corp. 1,839,825 ------------------ 6,256,549 ------------------ TECHNOLOGY SERVICES (7.3%) 16,400 Adobe Systems, Inc. 614,180 15,000 Automatic Data Processing, Inc. 710,100 32,200 First Data Corp. 1,352,400 3,300 Google, Inc. (3) 1,326,270 76,900 Microsoft Corp. 2,101,677 18,100 SAP AG 895,950 13,800 Yahoo!, Inc. (3) 348,864 ------------------ 7,349,441 ------------------ TRANSPORTATION (2.0%) 14,800 Burlington Northern Sante Fe Corp. 1,086,912 34,100 UTI Worldwide, Inc. 953,777 ------------------ 2,040,689 ------------------ UTILITIES (1.3%) 38,000 Equitable Research, Inc. 1,329,240 ------------------ Total common stocks 95,465,530 (cost: $80,509,838) ------------------ ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - SEPTEMBER 30, 2006 (UNAUDITED) ================================================================================ -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) -------------------------------------------------------------------------------- SHORT-TERM SECURITIES (5.0%) (2) 5,064,000 Sit Money Market Fund, 4.88% (4) 5,064,000 (cost: $5,064,000) ------------------ Total investments in securities (cost: $87,416,166) $100,529,530 ------------------ Other Assets and Liabilities, Net [-0.6%] (60,121) ------------------ Total Net Assets $100,469,409 ================== ------------------ Aggregate Cost 87,416,166 ------------------ Gross Unrealized Appreciation 18,758,794 Gross Unrealized Depreciation (3,803,102) ------------------ Net Unrealized Appreciation(Depreciation) 14,955,692 ================== 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 9, 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: November 9, 2006 By: /s/ Eugene C. Sit ---------------------------- Eugene C. Sit Chairman Date: November 9, 2006