N-Q 1 sit071835lcg_nq.txt FORM N-Q FOR PERIOD ENDED MARCH 31, 2007 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, 2007 Date of reporting period: March 31, 2007 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, 2007 (UNAUDITED) ================================================================================ -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) -------------------------------------------------------------------------------- COMMON STOCKS (93.3%) (2) COMMERCIAL SERVICES (0.5%) 8,900 The McGraw-Hill Companies, Inc. 559,632 ------------------- COMMUNICATIONS (3.6%) 62,200 Crown Castle Intl. Corp. (3) 1,998,486 13,800 NII Holdings, Inc. (3) 1,023,684 35,525 Vodafone Group, A.D.R. 954,201 ------------------- 3,976,371 ------------------- CONSUMER NON-DURABLES (4.1%) 16,850 Colgate-Palmolive Co. 1,125,411 31,900 PepsiCo, Inc. 2,027,564 22,400 Procter & Gamble Co. 1,414,784 ------------------- 4,567,759 ------------------- CONSUMER SERVICES (6.5%) 91,350 Comcast Corp. (3) 2,370,532 20,000 Harrah's Entertainment, Inc. 1,689,000 9,000 International Game Technology 363,420 29,200 Marriott International, Inc. 1,429,632 36,600 News Corp. 846,192 17,100 Starbucks Corp. (3) 536,256 ------------------- 7,235,032 ------------------- ELECTRONIC TECHNOLOGY (11.0%) 36,800 Analog Devices, Inc. 1,269,232 9,200 Apple Computer, Inc. (3) 854,772 104,400 Cisco Systems, Inc. (3) 2,665,332 76,500 EMC Corp. (3) 1,059,525 35,800 Hewlett-Packard Co. 1,437,012 49,700 Intel Corp. 950,761 30,000 Motorola, Inc. 530,100 58,400 Nokia Corp., A.D.R. 1,338,528 40,800 Qualcomm, Inc. 1,740,528 13,300 Texas Instruments, Inc. 400,330 ------------------- 12,246,120 ------------------- ENERGY MINERALS (7.6%) 17,700 Murphy Oil Corp. 945,180 32,000 Occidental Petroleum Corp. 1,577,920 32,000 Southwestern Energy Co. (3) 1,311,360 11,700 Suncor Energy, Inc. 893,295 11,100 Ultra Petroleum Corp. (3) 589,743 19,900 Valero Energy Corp. 1,283,351 34,366 XTO Energy, Inc. 1,883,601 ------------------- 8,484,450 ------------------- FINANCE (15.5%) 19,100 American Express Co. 1,077,240 32,862 American International Group, Inc. 2,208,984 1,000 Chicago Merc. Exchange Holdings, Inc. 532,460 47,000 Citigroup, Inc. 2,412,980 19,400 Franklin Resources, Inc. 2,344,102 36,800 J.P. Morgan Chase & Co. 1,780,384 37,300 Mellon Financial Corp. 1,609,122 11,600 Merrill Lynch & Co., Inc. 947,372 12,900 Prudential Financial, Inc. 1,164,354 8,100 The Goldman Sachs Group, Inc. 1,673,703 44,200 Wells Fargo Co. 1,521,806 ------------------- 17,272,507 ------------------- HEALTH SERVICES (2.0%) 22,700 UnitedHealth Group, Inc. 1,202,419 13,000 WellPoint, Inc. (3) 1,054,300 ------------------- 2,256,719 ------------------- ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - MARCH 31, 2007 (UNAUDITED) ================================================================================ -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) -------------------------------------------------------------------------------- HEALTH TECHNOLOGY (10.9%) 26,300 Abbott Laboratories 1,467,540 15,600 Amgen, Inc. (3) 871,728 29,800 Celgene Corp. (3) 1,563,308 32,500 Genentech, Inc. (3) 2,668,900 19,800 Gilead Sciences, Inc. (3) 1,514,700 21,750 Johnson & Johnson 1,310,655 42,225 Pfizer, Inc. 1,066,604 23,900 Thermo Fisher Scientific, Inc. (3) 1,117,325 6,900 Zimmer Holdings, Inc. (3) 589,329 ------------------- 12,170,089 ------------------- INDUSTRIAL SERVICES (3.4%) 8,300 McDermott International, Inc. (3) 406,534 15,300 Noble Corp. 1,203,804 32,400 Schlumberger, Ltd. 2,238,840 ------------------- 3,849,178 ------------------- NON-ENERGY MINERALS (0.9%) 9,050 Allegheny Technologies, Inc. 965,545 ------------------- PROCESS INDUSTRIES (2.7%) 15,100 Air Products and Chemicals, Inc. 1,115,739 35,500 Monsanto Co. 1,951,080 ------------------- 3,066,819 ------------------- PRODUCER MANUFACTURING (8.8%) 8,700 Caterpillar, Inc. 583,161 24,700 Emerson Electronic Co. 1,064,323 16,600 General Dynamics Corp. 1,268,240 75,800 General Electric Co. 2,680,288 14,500 ITT Corp. 874,640 4,200 Precision Castparts Corp. 437,010 19,000 The Boeing Co. 1,689,290 18,300 United Technologies Corp. 1,189,500 ------------------- 9,786,452 ------------------- RETAIL TRADE (5.4%) 11,300 Best Buy Co., Inc. 550,536 53,700 CVS Corp. 1,833,318 13,700 J.C. Penney Co., Inc. 1,125,592 17,800 Lowe's Companies, Inc. 560,522 33,300 Target Corp. 1,973,358 ------------------- 6,043,326 ------------------- TECHNOLOGY SERVICES (7.3%) 21,500 Adobe Systems, Inc. (3) 896,550 21,600 Automatic Data Processing, Inc. 1,045,440 21,800 First Data Corp. 586,420 3,900 Google, Inc. (3) 1,786,824 76,900 Microsoft Corp. 2,143,203 22,000 Oracle Corp. (3) 398,860 13,000 SAP AG 580,450 32,200 Western Union Co. 706,790 ------------------- 8,144,537 ------------------- TRANSPORTATION (1.5%) 14,800 Burlington Northern Sante Fe Corp. 1,190,364 18,800 UTI Worldwide, Inc. 462,104 ------------------- 1,652,468 ------------------- UTILITIES (1.6%) 38,000 Equitable Research, Inc. 1,836,160 ------------------- Total common stocks 104,113,164 (cost: $84,214,740) ------------------- ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - MARCH 31, 2007 (UNAUDITED) ================================================================================ -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) -------------------------------------------------------------------------------- SHORT-TERM SECURITIES (7.2%) (2) 8,083,000 Sit Money Market Fund, 5.09% (4) 8,083,000 (cost: $8,083,000) ------------------- Total investments in securities (cost: $92,297,740) $112,196,164 ------------------- Other Assets and Liabilities, Net [-0.5%] (593,044) ------------------- Total Net Assets $111,603,120 =================== ------------------- Aggregate Cost 92,297,740 ------------------- Gross Unrealized Appreciation 22,445,977 Gross Unrealized Depreciation (2,547,553) ------------------- Net Unrealized Appreciation(Depreciation) 19,898,424 =================== 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 26, 2007 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 26, 2007 By: /s/ Eugene C. Sit ---------------------------- Eugene C. Sit Chairman Date: April 26, 2007