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.


	Quantity		Name of Issuer	Fair Value ($)

Common Stocks - 98.9%
		Commercial Services - 1.4%
		9,300	Equifax, Inc.		1,271,682
		9,900	Nielsen Holdings, PLC		408,969


					1,680,651


		Communications - 2.4%
		5,900	SBA Communications Corp. ^*		710,183
		41,475	Verizon Communications, Inc.		2,021,906


					2,732,089


		Consumer Durables - 1.5%
		10,300	Electronic Arts, Inc. ^*		922,056
		9,100	Genuine Parts Co.		840,931


					1,762,987


		Consumer Non-Durables - 6.5%
		19,775	Estee Lauder Cos., Inc.-Class A		1,676,722
		28,450	NIKE, Inc.		1,585,519
		25,200	PepsiCo, Inc.		2,818,872
		15,900	Procter & Gamble Co.		1,428,615


					7,509,728


		Consumer Services - 9.3%
		18,100	CBS Corp.		1,255,416
		13,900	Marriott International, Inc.		1,309,102
		39,000	Starbucks Corp.		2,277,210
		14,575	Time Warner, Inc.		1,424,123
		38,600	Visa, Inc.		3,430,382
		10,000	Walt Disney Co.		1,133,900


					10,830,133


		Electronic Technology - 13.9%
		49,875	Apple, Inc.		7,165,043
		69,500	Applied Materials, Inc.		2,703,550
		13,700	Broadcom, Ltd.		2,999,752
		37,000	Ciena Corp. ^*		873,570
		34,600	Intel Corp.		1,248,022
		12,400	MACOM Technology Solutions Holdings, Inc. ^*		598,920
		4,500	NVIDIA Corp.		490,185


					16,079,042


		Energy Minerals - 1.7%
		3,900	Chevron Corp.		418,743
		18,600	Marathon Petroleum Corp.		940,044
		3,100	Occidental Petroleum Corp.		196,416
		2,300	Pioneer Natural Resources Co.		428,329


					1,983,532


		Finance - 5.8%
		28,600	Brixmor Property Group, Inc.		613,756
		5,450	Chubb, Ltd.		742,562
		5,400	Goldman Sachs Group, Inc.		1,240,488


Quantity		Name of Issuer	Fair Value ($)

	20,600	JPMorgan Chase & Co.		1,809,504
	18,300	Legg Mason, Inc.		660,813
	26,625	Synchrony Financial		913,238
	10,500	T Rowe Price Group, Inc.		715,575


				6,695,936


	Health Services - 3.0%
	14,000	Centene Corp. ^*		997,640
	3,500	Humana, Inc.		721,490
	10,625	UnitedHealth Group, Inc.		1,742,606


				3,461,736


	Health Technology - 11.1%
	22,500	AbbVie, Inc.		1,466,100
	4,700	Alexion Pharmaceuticals, Inc. ^*		569,828
	4,200	Allergan, PLC		1,003,464
	11,475	Celgene Corp. ^*		1,427,834
	16,900	Gilead Sciences, Inc.		1,147,848
	2,500	Incyte Corp. ^*		334,175
	13,700	Johnson & Johnson		1,706,335
	22,800	Medtronic, PLC		1,836,768
	35,900	Pfizer, Inc.		1,228,139
	7,500	Thermo Fisher Scientific, Inc.		1,152,000
	7,925	Zimmer Biomet Holdings, Inc.		967,722


				12,840,213


	Industrial Services - 0.5%
	7,100	Schlumberger, Ltd.		554,510


	Process Industries - 2.2%
	15,900	Ecolab, Inc.		1,992,906
	2,000	Sherwin-Williams Co.		620,380


				2,613,286


	Producer Manufacturing - 6.3%
	8,050	3M Co.		1,540,206
	13,425	Honeywell International, Inc.		1,676,380
	10,100	Ingersoll-Rand, PLC		821,332
	13,500	Raytheon Co.		2,058,750
	10,300	United Technologies Corp.		1,155,763


				7,252,431


	Retail Trade - 5.7%
	1,700	Amazon.com, Inc. ^*		1,507,118
	5,200	CVS Health Corp.		408,200
	15,800	Home Depot, Inc.		2,319,914
	21,100	TJX Cos., Inc.		1,668,588
	2,500	Ulta Beauty, Inc. ^*		713,075


				6,616,895


	Technology Services - 22.6%
	13,775	Accenture, PLC		1,651,347
	24,600	Adobe Systems, Inc. ^*		3,201,198
	2,750	Alphabet, Inc. - Class A ^*		2,331,450


	Quantity		Name of Issuer	Fair Value ($)

		5,966	Alphabet, Inc. - Class C ^*		4,949,155
		8,900	ANSYS, Inc. ^*		951,143
		21,800	Cognizant Technology Solutions Corp. ^*		1,297,536
		27,800	Facebook, Inc. ^*		3,948,990
		70,600	Microsoft Corp.		4,649,716
		21,500	PayPal Holdings, Inc. ^*		924,930
		1,275	priceline.com, Inc. ^*		2,269,462


					26,174,927


		Transportation - 4.5%
		11,900	Alaska Air Group, Inc.		1,097,418
		21,615	Delta Air Lines, Inc.		993,425
		6,900	FedEx Corp.		1,346,535
		9,800	Union Pacific Corp.		1,038,016
		7,000	United Parcel Service, Inc.		751,100


					5,226,494


		Utilities - 0.5%
		5,000	NextEra Energy, Inc.		641,850

Total Common Stocks (cost: $69,094,369)					114,656,440


	Quantity		Name of Issuer	Fair Value ($)

Short-Term Securities - 0.9%
		994,482	Fidelity Instl. Money Mkt. Govt. Fund, 0.56%
Total Short-Term Securities (cost: $994,482)					994,482


Total Investments in Securities - 99.8% (cost: $70,088,851)					115,650,922

Other Assets and Liabilities, net - 0.2%					267,096


Total Net Assets - 100.0%				$	115,918,018

*	Non-income producing security.

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

PLC — Public Limited Company

A summary of the levels for the Fund’s investments as of March 31, 2017 is as follows (see notes to Schedule of Investments):

Investments in securities traded on national or international securities exchanges are valued at the last reported sales price prior to the time when assets are valued. Securities traded on the over-the-counter market are valued at the last reported sales price or if the last sales price is not available at the last reported bid price. The sale and bid prices or prices deemed best to reflect fair value quoted by dealers who make markets in these securities are obtained from independent pricing services. Consistent with the Fund’s valuation policies and procedures, debt securities maturing in more than 60 days are priced by an independent pricing service. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality, and prepayment speeds as applicable. When market quotations are not readily available, or when the Advisor becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, securities are valued at fair value as determined in good faith using procedures established by the Board of Directors. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Debt securities of sufficient credit quality maturing in less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value.

The inputs and valuations techniques used to measure fair value of the Fund’s net assets are summarized into three levels as described in the hierarchy below:

• Level 1 – quoted prices for active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

• Level 2 – debt securities are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, U.S. government and government agency obligations, and municipal securities the pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For asset-backed securities and mortgage-backed securities, the pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. All of these inputs are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

• Level 3 – significant unobservable inputs, including the Adviser’s own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A summary of the levels for the Fund’s investments as of March 31, 2017 is included with the Fund’s schedule of investments.

At March 31, 2017, the gross unrealized appreciation (depreciation) on investments and cost of securities on a tax basis for federal income tax purposes are identical to book and are as follows:

(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.

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.

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.

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.


	Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)		Cost of Securities on a Tax Basis
Large Cap Growth		$46,177,462		($615,391)		$45,562,071		$70,088,851


By:		/s/ Paul E. Rasmussen

		Paul Rasmussen

		Vice President and Treasurer

Date:		May 5, 2017


By:		/s/ Paul E. Rasmussen

		Paul Rasmussen

		Vice President and Treasurer

Date:		May 5, 2017

By:		/s/ Roger J. Sit

		Roger J. Sit

		Chairman

Date:		May 5, 2017


See accompanying notes to schedule of investments.
MARCH 31, 2017		1


	Investment in Securities
	Level 1 Quoted Price ($)		Level 2 Other significant observable inputs ($)	Level 3 Significant unobservable inputs ($)	Total ($)

Common Stocks ^**		114,656,440	—	—		114,656,440

Short-Term Securities		994,482	—	—		994,482


Total:		115,650,922	—	—		115,650,922