-----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, Vn0D9mlXyQAWT5Cp0AHxoTyfdynG2CuVgaWrZXI6bnicaSZGust2THWGeYQStR0J Dq8X5GK+86itP5jw9TTmhg== 0000897101-09-002346.txt : 20091120 0000897101-09-002346.hdr.sgml : 20091120 20091120133547 ACCESSION NUMBER: 0000897101-09-002346 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091120 DATE AS OF CHANGE: 20091120 EFFECTIVENESS DATE: 20091120 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: 091198067 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 sit095336lcg_nq.txt FORM N-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2009 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, 2009 Date of reporting period: September 30, 2009 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, 2009 (Unaudited) ====================================================================== - ---------------------------------------------------------------------- Quantity Name of Issuer Fair Value (1) - ---------------------------------------------------------------------- COMMON STOCKS (97.4%) (2) COMMUNICATIONS (3.2%) 37,700 AT&T, Inc. 1,018,277 150,000 Rogers Communications, Inc. 4,230,000 266,100 Verizon Communications, Inc. 8,054,847 ------------ 13,303,124 ------------ CONSUMER DURABLES (1.4%) 464,100 Activision Blizzard, Inc. (3) 5,750,199 ------------ CONSUMER NON-DURABLES (9.4%) 161,900 Coca-Cola Co. 8,694,030 64,900 Colgate-Palmolive Co. 4,950,572 65,500 General Mills, Inc. 4,216,890 126,200 PepsiCo, Inc. 7,402,892 125,600 Philip Morris International, Inc. 6,121,744 122,100 Procter & Gamble Co. 7,072,032 ------------ 38,458,160 ------------ CONSUMER SERVICES (4.8%) 182,050 Comcast Corp. 3,074,825 148,500 McDonald's Corp. 8,474,895 169,900 News Corp. 2,037,101 88,100 Visa, Inc. 6,088,591 ------------ 19,675,412 ------------ ELECTRONIC TECHNOLOGY (15.7%) 62,300 Analog Devices, Inc. 1,718,234 22,900 Apple, Inc. (3) 4,244,973 327,100 Applied Materials, Inc. 4,383,140 118,900 Broadcom Corp. (3) 3,649,041 445,500 Cisco Systems, Inc. (3) 10,487,070 152,400 Corning, Inc. 2,333,244 146,000 EMC Corp. (3) 2,487,840 420,900 Intel Corp. 8,237,013 81,700 IBM Corp. 9,772,137 231,900 Qualcomm, Inc. 10,430,862 69,900 Research In Motion, Ltd. (3) 4,721,745 118,900 Seagate Technology (3) 1,808,469 ------------ 64,273,768 ------------ ENERGY MINERALS (8.3%) 61,200 Exxon Mobil Corp. 4,198,932 40,800 Murphy Oil Corp. 2,348,856 92,100 Occidental Petroleum Corp. 7,220,640 182,300 Southwestern Energy Co. (3) 7,780,564 63,700 Suncor Energy, Inc. 2,201,472 133,100 Ultra Petroleum Corp. (3) 6,516,576 87,782 XTO Energy, Inc. 3,627,151 ------------ 33,894,191 ------------ FINANCE (11.3%) 73,000 Aflac, Inc. 3,120,020 91,160 Bank of America Corp. 1,542,427 126,000 Bank of New York Mellon Corp. 3,652,740 11,900 CME Group, Inc. 3,667,461 39,900 Franklin Resources, Inc. 4,013,940 26,000 Goldman Sachs Group, Inc. 4,793,100 169,400 J.P. Morgan Chase & Co. 7,423,108 40,100 Northern Trust Corp. 2,332,216 38,700 PartnerRe, Ltd. 2,977,578 43,900 Prudential Financial, Inc. 2,191,049 55,000 The Travelers Companies, Inc. 2,707,650 92,600 U.S. Bancorp 2,024,236 203,535 Wells Fargo & Co. 5,735,616 ------------ 46,181,141 ------------ HEALTH SERVICES (1.4%) 28,000 McKesson Corp. 1,667,400 70,800 Medco Health Solutions, Inc. (3) 3,915,948 ------------ 5,583,348 ------------ HEALTH TECHNOLOGY (9.7%) 70,700 Abbott Laboratories 3,497,529 28,800 Allergan, Inc. 1,634,688 20,200 C.R. Bard, Inc. 1,587,922 ====================================================================== LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September, 2009 (Unaudited) ====================================================================== - ---------------------------------------------------------------------- Quantity Name of Issuer Fair Value (1) - ---------------------------------------------------------------------- 47,400 Baxter International, Inc. 2,702,274 124,700 Celgene Corp. (3) 6,970,730 76,500 Genzyme Corp. (3) 4,339,845 128,800 Gilead Sciences, Inc. (3) 5,999,504 8,100 Intuitive Surgical, Inc. (3) 2,124,225 51,150 Johnson & Johnson 3,114,524 42,300 Medtronic, Inc. 1,556,640 58,800 St. Jude Medical, Inc. (3) 2,293,788 90,200 Thermo Fisher Scientific, Inc. (3) 3,939,034 ------------ 39,760,703 ------------ INDUSTRIAL SERVICES (3.0%) 52,200 McDermott International, Inc. (3) 1,319,094 53,800 Noble Corp. 2,042,248 85,900 Schlumberger, Ltd. 5,119,640 63,300 Smith International, Inc. 1,816,710 22,000 Transocean, Inc. (3) 1,881,660 ------------ 12,179,352 ------------ NON-ENERGY MINERALS (0.5%) 19,600 Allegheny Technologies, Inc. 685,804 18,100 Freeport-McMoran, Inc. (3) 1,241,841 ------------ 1,927,645 ------------ PROCESS INDUSTRIES (3.4%) 47,800 Air Products and Chemicals, Inc. 3,708,324 95,200 Ecolab, Inc. 4,401,096 74,800 Monsanto Co. 5,789,520 ------------ 13,898,940 ------------ PRODUCER MANUFACTURING (7.2%) 29,900 3M Co. 2,206,620 221,500 ABB, Ltd., A.D.R. 4,438,860 29,800 Danaher Corp. 2,006,136 104,000 Deere & Co. 4,463,680 51,500 Emerson Electronic Co. 2,064,120 236,800 General Electric Co. 3,888,256 20,800 ITT Corp. 1,084,720 44,300 Lockheed Martin Corp. 3,458,944 20,900 Precision Castparts Corp. 2,129,083 61,400 United Technologies Corp. 3,741,102 ------------ 29,481,521 ------------ RETAIL TRADE (6.9%) 105,700 Best Buy Co., Inc. 3,965,864 70,561 Costco Wholesale Corp. 3,983,874 172,400 CVS/Caremark Corp. 6,161,576 71,100 Home Depot, Inc. 1,894,104 53,500 Kohl's Corp. (3) 3,052,175 86,800 Target Corp. 4,051,824 109,400 Wal-Mart Stores, Inc. 5,370,446 ------------ 28,479,863 ------------ TECHNOLOGY SERVICES (8.1%) 166,600 Accenture, Ltd. 6,209,182 127,700 Adobe Systems, Inc. (3) 4,219,208 26,100 Dolby Laboratories, Inc. (3) 996,759 20,900 Google, Inc. (3) 10,363,265 165,000 Microsoft Corp. 4,271,850 350,000 Oracle Corp. 7,294,000 ------------ 33,354,264 ------------ TRANSPORTATION (1.7%) 73,400 Expeditors Intl. of Washington, Inc. 2,580,010 45,200 Union Pacific Corp. 2,637,420 28,100 United Parcel Service, Inc. 1,586,807 ------------ 6,804,237 ------------ UTILITIES (1.4%) 79,200 EQT Corp. 3,373,920 51,400 Wisconsin Energy Corp. 2,321,738 ------------ 5,695,658 ------------ Total common stocks 398,701,526 (cost: $385,092,165) ------------ ====================================================================== LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September, 2009 (Unaudited) ====================================================================== - ---------------------------------------------------------------------- Quantity Name of Issuer Fair Value (1) - ---------------------------------------------------------------------- SHORT-TERM SECURITIES (2.5%) (2) 10,061,854 Wells Fargo Adv. Govt. Fund, 0.02% 10,061,855 (cost: $10,061,855) ------------ Total investments in securities (cost: $395,154,020) (4) $408,763,381 ============ Other Assets and Liabilities, Net [+0.1%] 654,391 ------------ Total Net Assets $409,417,772 ============ ------------ Aggregate Cost 395,154,020 ------------ Gross Unrealized Appreciation 30,444,451 Gross Unrealized Depreciation (16,835,090) ------------ Net Unrealized Appreciation(Depreciation) 13,609,361 ============ 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 $408,763,381 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- - -------------------------------------------------------------------------------- Total $408,763,381 ================================================================================ (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 20, 2009 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 20, 2009 By: /s/Roger J. Sit ---------------------------- Roger J. Sit Chairman Date: November 20, 2009 EX-99.CERT 2 sit095336lcg_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 20, 2009 ----------------- /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 20, 2009 ----------------- /s/Roger J. Sit - ---------------------------- Roger J. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----