-----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, MmK3DXD5pFZ6XKTS00oII6i5UiNdUFrVvLf8E8BTZbBDVyOuaiklbwpKH1h3fiqb I1bAgPirnY6EOmwI02ZPQw== 0000897101-08-002394.txt : 20081124 0000897101-08-002394.hdr.sgml : 20081124 20081124162504 ACCESSION NUMBER: 0000897101-08-002394 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081124 DATE AS OF CHANGE: 20081124 EFFECTIVENESS DATE: 20081124 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: 081210745 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 sit084847lcg_nq.txt FORM N-Q FOR PERIOD ENDED SEPTEMBER 30, 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: September 30, 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 - September 30, 2008 (Unaudited) =========================================================================== - --------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - --------------------------------------------------------------------------- COMMON STOCKS (90.7%) (2) COMMUNICATIONS (3.6%) 88,200 AT&T, Inc. 2,462,544 101,000 Crown Castle Intl. Corp. (3) 2,925,970 159,200 Verizon Communications, Inc. 5,108,728 -------------- 10,497,242 -------------- CONSUMER DURABLES (0.4%) 84,200 Activision Blizzard, Inc. (3) 1,299,206 -------------- CONSUMER NON-DURABLES (9.0%) 106,800 Coca-Cola Co. 5,647,584 46,000 Colgate-Palmolive Co. 3,466,100 29,700 NIKE, Inc. 1,986,930 85,300 PepsiCo, Inc. 6,079,331 44,500 Philip Morris International, Inc. 2,140,450 74,200 Procter & Gamble Co. 5,170,998 20,000 VF Corp. 1,546,200 -------------- 26,037,593 -------------- CONSUMER SERVICES (3.3%) 79,650 Comcast Corp. 1,563,530 67,800 International Game Technology 1,164,804 92,400 McDonald's Corp. 5,701,080 92,100 News Corp. 1,104,279 -------------- 9,533,693 -------------- ELECTRONIC TECHNOLOGY (10.8%) 40,600 Analog Devices, Inc. 1,069,810 20,000 Apple Computer, Inc. (3) 2,273,200 212,200 Applied Materials, Inc. 3,210,586 68,000 Broadcom Corp. (3) 1,266,840 256,600 Cisco Systems, Inc. (3) 5,788,896 71,700 Corning, Inc. 1,121,388 134,100 EMC Corp. (3) 1,603,836 234,100 Intel Corp. 4,384,693 48,600 IBM Corp. 5,684,256 110,300 Qualcomm, Inc. 4,739,591 -------------- 31,143,096 -------------- ENERGY MINERALS (8.1%) 34,300 Murphy Oil Corp. 2,200,002 73,000 Occidental Petroleum Corp. 5,142,850 204,400 Southwestern Energy Co. (3) 6,242,376 30,500 Suncor Energy, Inc. 1,285,270 56,100 Ultra Petroleum Corp. (3) 3,104,574 25,700 Valero Energy Corp. 778,710 99,782 XTO Energy, Inc. 4,641,858 -------------- 23,395,640 -------------- FINANCE (11.1%) 112,000 Bank of New York Mellon Corp. 3,648,960 94,000 Citigroup, Inc. 1,927,940 5,400 CME Group, Inc. 2,006,154 41,700 Franklin Resources, Inc. 3,675,021 103,100 J.P. Morgan Chase & Co. 4,814,770 36,350 MetLife, Inc. 2,035,600 40,675 Morgan Stanley 935,525 32,600 PartnerRe, Ltd. 2,219,734 38,900 Prudential Financial, Inc. 2,800,800 18,400 The Goldman Sachs Group, Inc. 2,355,200 67,400 U.S. Bancorp 2,427,748 90,000 Wells Fargo & Co. 3,377,700 -------------- 32,225,152 -------------- HEALTH SERVICES (1.9%) 28,000 McKesson Corp. 1,506,680 67,300 Medco Health Solutions, Inc. (3) 3,028,500 32,300 UnitedHealth Group, Inc. 820,097 -------------- 5,355,277 -------------- HEALTH TECHNOLOGY (12.0%) 75,900 Abbott Laboratories 4,370,322 32,800 Allergan, Inc. 1,689,200 83,100 Celgene Corp. (3) 5,258,568 =========================================================================== LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September 30, 2008 (Unaudited) =========================================================================== - --------------------------------------------------------------------------- QUANTITY Name of Issuer MARKET VALUE (1) - --------------------------------------------------------------------------- 66,100 Genentech, Inc. (3) 5,861,748 58,800 Genzyme Corp. (3) 4,756,332 77,500 Gilead Sciences, Inc. (3) 3,532,450 21,250 Johnson & Johnson 1,472,200 59,900 Medtronic, Inc. 3,000,990 55,200 Thermo Fisher Scientific, Inc. (3) 3,036,000 24,500 Zimmer Holdings, Inc. (3) 1,581,720 -------------- 34,559,530 -------------- INDUSTRIAL SERVICES (4.8%) 79,600 McDermott International, Inc. (3) 2,033,780 16,500 Nabors Industries, Ltd. (3) 411,180 48,000 National-Oilwell Varco, Inc. (3) 2,411,040 34,100 Noble Corp. 1,496,990 72,600 Schlumberger, Ltd. 5,669,334 15,700 Transocean, Inc. (3) 1,724,488 -------------- 13,746,812 -------------- NON-ENERGY MINERALS (0.9%) 19,600 Allegheny Technologies, Inc. 579,180 33,500 Freeport-McMoran Copper & Gold 1,904,475 -------------- 2,483,655 -------------- PROCESS INDUSTRIES (3.9%) 37,300 Air Products and Chemicals, Inc. 2,554,677 49,700 Ecolab, Inc. 2,411,444 63,100 Monsanto Co. 6,245,638 -------------- 11,211,759 -------------- PRODUCER MANUFACTURING (7.2%) 142,200 ABB, Ltd., A.D.R. 2,758,680 49,100 Deere & Co. 2,430,450 66,300 Emerson Electronic Co. 2,704,377 25,600 General Dynamics Corp. 1,884,672 113,100 General Electric Co. 2,884,050 20,800 ITT Corp. 1,156,688 27,200 Lockheed Martin Corp. 2,983,024 33,700 The Boeing Co. 1,932,695 33,800 United Technologies Corp. 2,030,028 -------------- 20,764,664 -------------- RETAIL TRADE (3.1%) 102,800 CVS/Caremark Corp. 3,460,248 57,100 Target Corp. 2,800,755 45,000 Wal-Mart Stores, Inc. 2,695,050 -------------- 8,956,053 -------------- TECHNOLOGY SERVICES (7.6%) 73,600 Accenture, Ltd. 2,796,800 64,900 Adobe Systems, Inc. (3) 2,561,603 6,400 Google, Inc. (3) 2,563,328 176,400 Microsoft Corp. 4,708,116 161,500 Oracle Corp. (3) 3,280,065 27,300 SAP AG 1,458,639 50,700 Visa, Inc. 3,112,473 56,000 Western Union Co. 1,381,520 -------------- 21,862,544 -------------- TRANSPORTATION (1.6%) 36,400 Burlington Northern Sante Fe Corp. 3,364,452 21,200 United Parcel Service, Inc. 1,333,268 -------------- 4,697,720 -------------- UTILITIES (1.4%) 111,200 Equitable Resources, Inc. 4,078,816 -------------- Total common stocks 261,848,452 -------------- (cost: $278,119,619) SHORT-TERM SECURITIES (9.0%) (2) 25,848,000 Sit Money Market Fund, 1.80% (4) 25,848,000 (cost: $25,848,000) -------------- Total investments in securities (cost: $303,967,619) $ 287,696,452 ============== Other Assets and Liabilities, Net [+0.4%] 1,036,237 -------------- Total Net Assets $ 288,732,689 ============== -------------- Aggregate Cost 303,967,619 -------------- Gross Unrealized Appreciation 15,920,811 Gross Unrealized Depreciation (32,191,978) -------------- Net Unrealized Appreciation(Depreciation) (16,271,167) ============== Notes To Schedule of Investments - -------------------------------- (1) Securities Valuation: The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Accounting Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below. LEVEL 1 - quoted prices in active markets for identical investments LEVEL 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) LEVEL 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service that are based on transactions in municipal obligations, quotations from municipal bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, the Fund may value these securities at fair value as determined in accordance with the procedures approved by the Fund's Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: INVESTMENTS IN SECURITIES VALUATION INPUTS AT VALUE ------------------------- Level 1 - Quoted Prices $ 287,696,452 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- - -------------------------------------------------------------------------------- Total $ 287,696,452 ================================================================================ (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 24, 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: November 24, 2008 By: /s/Roger J. Sit --------------------------------- Roger J. Sit Chairman Date: November 24, 2008 EX-99.CERT 2 sit084847lcg_ex99-cert.txt CERTIFICATIONS OF VP/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: November 24, 2008 ----------------- /s/Paul E. Rasmussen - --------------------------------- Paul E. Rasmussen Vice President and Treasurer I, Roger J. 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: November 24, 2008 ----------------- /s/Roger J. Sit - --------------------------------- Roger J. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----