-----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, Uqz5TTW6qu2XueanfuvHscWbKSNUCxBSppUTxp4hapEY9TrxU5eLm6AGdKmwC8X+ p+8UAw/cfxBWyXk7dlE8GQ== 0000897101-08-000945.txt : 20080428 0000897101-08-000945.hdr.sgml : 20080428 20080428071915 ACCESSION NUMBER: 0000897101-08-000945 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080428 DATE AS OF CHANGE: 20080428 EFFECTIVENESS DATE: 20080428 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: 08779226 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 sit081858lcg_nq.txt FORM N-Q FOR PERIOD ENDED MARCH 31, 2008 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, 2008 Date of reporting period: March 31, 2008 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, 2008 (UNAUDITED) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - -------------------------------------------------------------------------------- COMMON STOCKS (95.1%) (2) COMMUNICATIONS (5.0%) 134,200 AT&T, Inc. 5,139,860 66,100 Crown Castle Intl. Corp. (3) 2,279,789 31,400 NII Holdings, Inc. (3) 997,892 119,300 Vodafone Group, A.D.R. 3,520,543 -------------- 11,938,084 -------------- CONSUMER DURABLES (0.4%) 42,100 Activision Inc. 1,149,751 -------------- CONSUMER NON-DURABLES (6.5%) 72,300 Coca-Cola Co. 4,400,901 34,100 Colgate-Palmolive Co. 2,656,731 16,600 NIKE, Inc. 1,128,800 56,400 PepsiCo, Inc. 4,072,080 43,600 Procter & Gamble Co. 3,055,052 -------------- 15,313,564 -------------- CONSUMER SERVICES (4.3%) 7,300 Apollo Group, Inc. (3) 315,360 79,650 Comcast Corp. (3) 1,540,431 57,500 International Game Technology 2,312,075 34,700 Marriott International, Inc. 1,192,292 61,700 McDonald's Corp. 3,441,009 69,300 News Corp. 1,299,375 -------------- 10,100,542 -------------- ELECTRONIC TECHNOLOGY (12.0%) 40,600 Analog Devices, Inc. 1,198,512 16,300 Apple Computer, Inc. (3) 2,339,050 94,900 Applied Materials, Inc. 1,851,499 207,000 Cisco Systems, Inc. (3) 4,986,630 233,300 EMC Corp. (3) 3,345,522 77,000 Hewlett-Packard Co. 3,515,820 132,800 Intel Corp. 2,812,704 96,900 Nokia Corp., A.D.R. 3,084,327 87,300 Qualcomm, Inc. 3,579,300 57,700 Texas Instruments, Inc. 1,631,179 -------------- 28,344,543 -------------- ENERGY MINERALS (8.7%) 32,900 Murphy Oil Corp. 2,702,406 57,200 Occidental Petroleum Corp. 4,185,324 117,800 Southwestern Energy Co. (3) 3,968,682 11,700 Suncor Energy, Inc. 1,127,295 35,900 Ultra Petroleum Corp. (3) 2,782,250 36,600 Valero Energy Corp. 1,797,426 66,082 XTO Energy, Inc. 4,087,832 -------------- 20,651,215 -------------- FINANCE (9.4%) 25,000 American International Group, Inc. 1,081,250 84,600 Bank of New York Mellon Corp. 3,530,358 44,600 Citigroup, Inc. 955,332 4,400 CME Group, Inc. 2,064,040 32,800 Franklin Resources, Inc. 3,181,272 60,800 J.P. Morgan Chase & Co. 2,611,360 25,200 Lincoln National Corp. 1,310,400 29,275 Morgan Stanley 1,337,868 42,100 Prudential Financial, Inc. 3,294,325 17,000 The Goldman Sachs Group, Inc. 2,811,630 -------------- 22,177,835 -------------- ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - -------------------------------------------------------------------------------- HEALTH SERVICES (2.4%) 28,000 McKesson Corp. 1,466,360 50,000 Medco Health Solutions, Inc. (3) 2,189,500 32,300 UnitedHealth Group, Inc. 1,109,828 18,800 WellPoint, Inc. (3) 829,644 -------------- 5,595,332 -------------- HEALTH TECHNOLOGY (11.8%) 64,700 Abbott Laboratories 3,568,205 30,300 Allergan, Inc. 1,708,617 83,100 Celgene Corp. (3) 5,093,199 52,500 Genentech, Inc. (3) 4,261,950 40,600 Genzyme Corp. (3) 3,026,324 71,800 Gilead Sciences, Inc. (3) 3,699,854 13,750 Johnson & Johnson 891,963 46,400 Medtronic, Inc. 2,244,368 31,700 Merck & Co., Inc. 1,203,015 41,100 Thermo Fisher Scientific, Inc. (3) 2,336,124 -------------- 28,033,619 -------------- INDUSTRIAL SERVICES (6.0%) 67,400 McDermott International, Inc. (3) 3,694,868 27,700 National-Oilwell Varco, Inc. (3) 1,617,126 69,500 Noble Corp. 3,452,065 64,000 Schlumberger, Ltd. 5,568,000 -------------- 14,332,059 -------------- NON-ENERGY MINERALS (1.5%) 18,100 Allegheny Technologies, Inc. 1,291,616 23,200 Freeport-McMoran Copper & Gold 2,232,304 -------------- 3,523,920 -------------- PROCESS INDUSTRIES (3.1%) 24,500 Air Products and Chemicals, Inc. 2,254,000 45,300 Monsanto Co. 5,050,950 -------------- 7,304,950 -------------- PRODUCER MANUFACTURING (10.0%) 132,000 ABB, Ltd., A.D.R. 3,553,440 41,300 Deere & Co. 3,322,172 53,000 Emerson Electronic Co. 2,727,380 30,000 General Dynamics Corp. 2,501,100 104,400 General Electric Co. 3,863,844 23,500 ITT Corp. 1,217,535 17,100 Lockheed Martin Corp. 1,698,030 33,700 The Boeing Co. 2,506,269 33,800 United Technologies Corp. 2,326,116 -------------- 23,715,886 -------------- RETAIL TRADE (3.5%) 94,900 CVS/Caremark Corp. 3,844,399 43,400 Target Corp. 2,199,512 45,000 Wal-Mart Stores, Inc. 2,370,600 -------------- 8,414,511 -------------- TECHNOLOGY SERVICES (6.9%) 46,500 Accenture, Ltd. 1,635,405 64,900 Adobe Systems, Inc. (3) 2,309,791 6,400 Google, Inc. (3) 2,819,008 182,300 Microsoft Corp. 5,173,674 111,800 Oracle Corp. (3) 2,186,808 39,500 SAP AG 1,958,015 5,000 Visa, Inc. (3) 311,800 -------------- 16,394,501 -------------- TRANSPORTATION (1.5%) 26,600 Burlington Northern Sante Fe Corp. 2,453,052 56,500 UTI Worldwide, Inc. 1,134,520 -------------- 3,587,572 -------------- ================================================================================ LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - -------------------------------------------------------------------------------- UTILITIES (2.1%) 83,600 Equitable Research, Inc. 4,924,040 -------------- Total common stocks 225,501,924 (cost: $209,626,685) -------------- SHORT-TERM SECURITIES (4.8%) (2) 11,281,000 Sit Money Market Fund, 2.89% (4) 11,281,000 (cost: $11,281,000) -------------- Total investments in securities (cost: $220,907,685) $ 236,782,924 -------------- Other Assets and Liabilities, Net [+0.1%] 314,138 -------------- Total Net Assets $ 237,097,062 ============== -------------- Aggregate Cost 220,907,685 -------------- Gross Unrealized Appreciation 26,918,108 Gross Unrealized Depreciation (11,042,870) -------------- Net Unrealized Appreciation(Depreciation) 15,875,239 ============== 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 28, 2008 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 28, 2008 By: /s/ Eugene C. Sit --------------------------------------- Eugene C. Sit Chairman Date: April 28, 2008 EX-99.CERT 2 sit081858lcg_ex99cert.txt CERTIFICATIONS OF VP/CHAIRMAN PURSUANT TO SECTION 302 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 28, 2008 -------------- /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 28, 2008 -------------- /s/ Eugene C. Sit - ---------------------------- Eugene C. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----