-----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, BqERYZtYDyU0bFhlX7eZf/KK56FidoRC70CBuIgkcKZWeGyAAhdVYiYw8F0Dfypk xmW2Z7aFVYXm2K39KFeDUg== 0000897101-09-002351.txt : 20091120 0000897101-09-002351.hdr.sgml : 20091120 20091120150322 ACCESSION NUMBER: 0000897101-09-002351 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 MID CAP GROWTH FUND INC CENTRAL INDEX KEY: 0000356787 IRS NUMBER: 411414580 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03342 FILM NUMBER: 091198433 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 S 8TH ST STREET 2: 3300 IDS CTR, 80 S 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 BUSINESS PHONE: 612-332-32 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 S 8TH ST STREET 2: 3300 IDS CTR, 80 S 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT GROWTH FUND INC DATE OF NAME CHANGE: 19940620 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING GROWTH & INCOME FUND INC DATE OF NAME CHANGE: 19930923 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING INCOME & GROWTH FUND INC DATE OF NAME CHANGE: 19870907 0000356787 S000011802 SIT MID CAP GROWTH FUND INC C000032269 SIT MID CAP GROWTH FUND INC NBNGX N-Q 1 sig095337mcg_nq.txt FORM N-Q FOR 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- 03342 SIT MID 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 Mid 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. ================================================================================ MID CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September 30, 2009 (Unaudited) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY/PAR NAME OF ISSUER FAIR VALUE(1) - -------------------------------------------------------------------------------- COMMON STOCKS (98.2%) (2) COMMUNICATIONS (1.3%) 50,900 American Tower Corp. (3) 1,852,760 --------------- CONSUMER DURABLES (2.9%) 312,400 Activision Blizzard, Inc. (3) 3,870,636 9,800 Snap-on, Inc. 340,648 --------------- 4,211,284 --------------- CONSUMER NON-DURABLES (2.7%) 13,100 Avon Products, Inc. 444,876 33,400 Central European Distribution (3) 1,094,184 44,100 Coach, Inc. 1,451,772 24,700 Coca-Cola Enterprises, Inc. 528,827 8,000 Hansen Natural Corp. (3) 293,920 --------------- 3,813,579 --------------- CONSUMER SERVICES (3.3%) 26,200 Devry, Inc. 1,449,384 61,800 International Game Technology 1,327,464 40,198 Marriott International, Inc. 1,109,063 3,500 Strayer Education, Inc. 761,880 --------------- 4,647,791 --------------- ELECTRONIC TECHNOLOGY (12.5%) 63,950 Analog Devices, Inc. 1,763,741 5,400 Apple, Inc. (3) 1,000,998 91,375 Broadcom Corp. (3) 2,804,299 62,800 Ciena Corp. (3) 1,022,384 23,100 CommScope, Inc. (3) 691,383 16,000 F5 Networks, Inc. (3) 634,080 61,800 Juniper Networks, Inc. (3) 1,669,836 34,100 KLA-Tencor Corp. 1,222,826 25,800 Marvell Tech. Group, Ltd. (3) 417,702 63,500 NetApp, Inc. (3) 1,694,180 14,600 Research In Motion, Ltd. (3) 986,230 66,900 Seagate Technology (3) 1,017,549 8,000 Silicon Laboratories, Inc. (3) 370,880 49,700 Synaptics, Inc. (3) 1,252,440 52,500 Xilinx, Inc. 1,229,550 --------------- 17,778,078 --------------- ENERGY MINERALS (5.3%) 11,200 Apache Corp. 1,028,496 22,800 Murphy Oil Corp. 1,312,596 68,900 Southwestern Energy Corp. (3) 2,940,652 29,400 Ultra Petroleum Corp. (3) 1,439,424 20,095 XTO Energy, Inc. 830,325 --------------- 7,551,493 --------------- FINANCE (9.0%) 25,450 Ace, Ltd. 1,360,557 27,200 Affiliated Managers Group, Inc. (3) 1,768,272 25,700 Aflac, Inc. 1,098,418 15,600 IntercontinentalExchange, Inc. (3) 1,516,164 23,300 Northern Trust Corp. 1,355,128 17,700 PartnerRe, Ltd. 1,361,838 35,500 T. Rowe Price Group, Inc. 1,622,350 205,500 TCF Financial Corp. 2,679,720 --------------- 12,762,447 --------------- HEALTH SERVICES (4.0%) 13,500 Covance, Inc. (3) 731,025 23,500 Express Scripts, Inc. (3) 1,823,130 25,800 Laboratory Corp. (3) 1,695,060 ================================================================================ MID CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September 30, 2009 (Unaudited) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY/PAR NAME OF ISSUER FAIR VALUE(1) - -------------------------------------------------------------------------------- 30,400 Stericycle, Inc. (3) 1,472,880 --------------- 5,722,095 --------------- HEALTH TECHNOLOGY (13.9%) 11,800 Alcon, Inc. 1,636,306 30,200 Allergan, Inc. 1,714,152 50,600 Amylin Pharmaceuticals, Inc. (3) 692,714 12,700 C.R. Bard, Inc. 998,347 67,300 Celgene Corp. (3) 3,762,070 64,800 Gilead Sciences, Inc. (3) 3,018,384 37,300 Idexx Laboratories, Inc. (3) 1,865,000 4,046 Intuitive Surgical, Inc. (3) 1,061,063 18,400 Millipore Corp. (3) 1,294,072 50,688 NuVasive, Inc. (3) 2,116,731 36,650 Thermo Fisher Scientific, Inc. (3) 1,600,505 --------------- 19,759,344 --------------- INDUSTRIAL SERVICES (4.4%) 43,400 Aecom Technology Corp. (3) 1,177,876 39,600 Jacobs Engineering Group (3) 1,819,620 37,600 McDermott International, Inc. (3) 950,152 17,400 National-Oilwell Varco, Inc. (3) 750,462 20,600 Noble Corp. 781,976 26,700 Smith International, Inc. 766,290 --------------- 6,246,376 --------------- NON-ENERGY MINERALS (1.0%) 17,350 Allegheny Technologies, Inc. 607,076 25,500 Haynes International, Inc. (3) 811,410 --------------- 1,418,486 --------------- PROCESS INDUSTRIES (7.9%) 53,600 Airgas, Inc. 2,592,632 58,400 Albemarle Corp. 2,020,640 30,500 CF Industries Holdings, Inc. 2,630,015 50,500 Ecolab, Inc. 2,334,615 37,400 Scotts Miracle-Gro Co. 1,606,330 --------------- 11,184,232 --------------- PRODUCER MANUFACTURING (9.4%) 32,200 AGCO Corp. (3) 889,686 35,350 AMETEK, Inc. 1,234,069 38,500 Cummins, Inc. 1,725,185 9,700 Flowserve Corp. 955,838 18,600 IDEX Corp. 519,870 14,700 ITT Corp. 766,605 25,900 Precision Castparts Corp. 2,638,433 25,200 Rockwell Collins, Inc. 1,280,160 35,200 SPX Corp. 2,156,704 52,900 Trimble Navigation, Ltd. (3) 1,264,839 --------------- 13,431,389 --------------- RETAIL TRADE (5.2%) 13,100 Best Buy Co., Inc. 491,512 48,100 Dick's Sporting Goods, Inc. (3) 1,077,440 85,200 GameStop Corp. (3) 2,255,244 37,700 J.C. Penney Company, Inc. 1,272,375 38,700 Nordstrom, Inc. 1,181,898 30,400 TJX Companies, Inc. 1,129,360 --------------- 7,407,829 --------------- TECHNOLOGY SERVICES (11.7%) 55,290 Adobe Systems, Inc. (3) 1,826,782 33,850 Akamai Technologies, Inc. (3) 666,168 29,400 Amdocs, Ltd. (3) 790,272 53,500 ANSYS, Inc. (3) 2,004,645 ================================================================================ MID CAP GROWTH FUND PORTFOLIO OF INVESTMENTS - September 30, 2009 (Unaudited) ================================================================================ - -------------------------------------------------------------------------------- QUANTITY/PAR NAME OF ISSUER FAIR VALUE(1) - -------------------------------------------------------------------------------- 53,800 Autodesk, Inc. (3) 1,280,440 17,500 BMC Software, Inc. (3) 656,775 56,700 Citrix Systems, Inc. (3) 2,224,341 93,600 Cognizant Tech. Solutions Corp. (3) 3,618,576 18,100 Dolby Laboratories, Inc. (3) 691,239 18,000 Salesforce.com, Inc. (3) 1,024,740 48,000 Sybase, Inc. (3) 1,867,200 --------------- 16,651,178 --------------- TRANSPORTATION (2.7%) 39,300 C.H. Robinson Worldwide, Inc. 2,269,575 46,700 Expeditors Intl. of Washington, Inc. 1,641,505 --------------- 3,911,080 --------------- UTILITIES (1.0%) 20,600 EQT Corp. 877,560 13,100 Wisconsin Energy Corp. 591,727 --------------- 1,469,287 --------------- Total common stocks 139,818,728 (cost: $126,608,181) --------------- SHORT-TERM SECURITIES (2.0%) (2) 2,918,177 Wells Fargo Adv. Govt. Fund, 0.02% 2,918,177 (cost: $2,918,177) --------------- Total investments in securities (cost: $129,526,358) (4) $142,736,905 =============== Other Assets and Liabilities, Net [-0.21%] (296,263) --------------- Total Net Assets $142,440,642 =============== --------------- Aggregate Cost 129,526,358 --------------- Gross Unrealized Appreciation 27,579,276 Gross Unrealized Depreciation (14,368,729) --------------- Net Unrealized Appreciation(Depreciation) 13,210,547 =============== 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 $142,736,905 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- - -------------------------------------------------------------------------------- Total $142,736,905 ================================================================================ (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 Mid 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 Mid 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 sit095337mcg_ex99-cert.txt CERTIFICATION 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 Mid 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, 20098 ------------------ /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 Mid 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-----