0000769317-05-000002.txt : 20120703
0000769317-05-000002.hdr.sgml : 20120703
20050121110728
ACCESSION NUMBER: 0000769317-05-000002
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20050121
DATE AS OF CHANGE: 20050121
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: AMERICAN STRATEGIC INCOME PORTFOLIO INC
CENTRAL INDEX KEY: 0000878930
IRS NUMBER: 411705401
STATE OF INCORPORATION: MN
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-47755
FILM NUMBER: 05540357
BUSINESS ADDRESS:
STREET 1: 800 NICOLLET AVE
STREET 2: US BANK
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
BUSINESS PHONE: 6123033381
MAIL ADDRESS:
STREET 1: 800 NICOLLET AVE
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: SIT INVESTMENT ASSOCIATES INC
CENTRAL INDEX KEY: 0000769317
IRS NUMBER: 411404829
STATE OF INCORPORATION: MN
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 4600 NORWEST CENTER
STREET 2: 90 SOUTH SEVENTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
BUSINESS PHONE: 6123323223
MAIL ADDRESS:
STREET 1: 4600 NORWEST CENTER
STREET 2: 90 SOUTH SEVENTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
SC 13D/A
1
asp13d12105.txt
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)
American Strategic Income Portfolio, Inc.
( ASP )
- -----------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- -----------------------------------------------------------------------------
(Title of Class of Securities)
030098107
- -----------------------------------------------------------------------------
(CUSIP Number)
Paul E. Rasmussen
3300 IDS Center
80 South Eighth Street
Minneapolis, MN 55402-4130
- -----------------------------------------------------------------------------
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 21, 2005
- -----------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box. [ x ]
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for an subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a
currently valid OMB control number.
CUSIP No. 030098107
- -----------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Sit Investment Associates, Inc. IRS Identification No. 41-1404829
See Exhibit 1 for schedule of affiliated entities.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See instructions) (a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO Cash deposited in investment accounts regarding which Sit Investment
Associates, Inc. and Sit Investment Fixed Income Advisors, Inc. have
investment discretion.
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
- -----------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 1,003,446 Shares
SHARES ---------------- -----------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
EACH -----------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 1,003,446 Shares
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
1,003,446 Shares
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.72%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions)
IA
- -----------------------------------------------------------------------------
ITEM 1 Security and Issuer
Common Stock
American Strategic Income Portfolio, Inc.
C/o Kristen Ballum
U.S. Bancorp Asset Management
800 Nicollet Mall, BC-MN-H210
Minneapolis, MN 55402
ITEM 2 Identity and Background
a) Sit Investment Associates, Inc. ("SIA")
Eugene C. Sit, Chairman, CEO, and Chief Investment Officer
Peter Lewis Mitchelson, President, Senior Investment Officer, and
Director
Michael Clinton Brilley, Sr. VP and Sr. Fixed Income Officer
Roger Jerome Sit, Executive VP - Research & Investment Mgt., and
Director
Paul E. Rasmussen, Vice President, Secretary
Frederick Richard Adler, Director
Norman Bud Grossman, Director
William E. Frenzel, Director
b) Incorporated in the State of Minnesota
3300 IDS Center, 80 South Eighth Street,
Minneapolis, MN 55402
c) Investment Management
d) None of the individuals listed above or SIA has been convicted
during the last 5 years of any criminal proceeding (excluding
traffic violations).
e) During the last five years none of the individuals listed above or
SIA has been a party to a civil proceeding as a result of which any
of them is subject to a judgment, decree, or final order enjoining
future violations of or prohibiting or mandating activities
subject to, federal or state securities laws or finding any
violation with respect to such laws.
f) Each of the individuals listed above is a United States citizen.
ITEM 3 Source and Amount of Funds or Other Considerations
00 Cash deposited in investment accounts regarding which Sit
Investment Associates, Inc. and Sit Investment Fixed Income
Advisors, Inc. have investment discretion.
ITEM 4 Purpose of Transaction
Shares of the Issuer have been acquired and sold over a period of time
beginning March 11, 1996, and since the filing of the previous amendments
to this Schedule 13D, in the ordinary course of business as an investment
manager for investment purposes.
The shares of the Issuer have been trading at a significant discount to
net asset value during the past several years. Sit Investment Associates,
Inc. ("SIA") and its subsidiary, Sit Investment Fixed Income Advisers, Inc.
("SIFIA"), have determined that it is in the best interests of certain of
their clients to pursue with the Issuer changes in the Issuer's practices
that, if adopted, would provide a limited opportunity to shareholders of
the Issuer to redeem their shares at net asset value, or to pursue other
means which would enable shareholders to realize the net asset value for
their shares of the Issuer.
SIA sent a letter to the management of the Issuer dated January 28, 1998
proposing changes to the Issuer's practices (the letter was attached as an
exhibit to Schedule 13D filed on February 28, 1998). On March 18, 1998 the
management of the Issuer announced that it intended to recommend to the
Issuer's board of directors that the board authorize new discretionary
repurchase offers during December 1999 and December 2001. The Issuer
repurchased 10% of its shares at net asset value in December 1999, and
did not offer to repurchase shares in December 2001.
Subsequently, the board of directors for the Issuer approved a proposal to
reorganize the Issuer into a specialty finance company that would elect to
be taxed as a real estate investment trust ("REIT"). Under the proposal,
shareholders of the Issuer who do not wish to receive shares of the REIT
will have the option, subject to certain limitations, of electing to exchange
their shares for shares of a newly formed closed-end management investment
company with investment policies, restrictions, and strategies substantially
similar to those of the Issuer. After the proposal was announced, SIA and
management of the Issuer held discussions about the proposal.
SIA and SIFIA seek to obtain the adoption of policies or strategies by the
Issuer that would tend to reduce or eliminate the discount at which the
shares of the Issuer will trade in the future, such as the re-purchase
policies discussed above, or that would otherwise enable shareholders to
liquidate shares of the Issuer at the Issuer's net asset value. SIA and
SIFIA otherwise do not seek to influence or control the management of the
Issuer.
SIA and SIFIA will continue to acquire and sell shares of the Issuer on
behalf of its clients for investment purposes in the ordinary course of
business and will vote such additionally acquired shares in favor of any
proposal submitted to shareholders that satisfactorily meets the objectives
discussed above.
ITEM 5 Interest in Securities of the Issuer
a) As of January 21, 2005, Sit Investment Associates, Inc.("SIA") and
its affiliates own 1,003,446 shares which represents 23.72% of
the outstanding Shares. None of the executive officers or
directors of SIA owns any other shares.
Entity Shares Percentage
---------------- --------- ---------
SIA (client accounts) 994,848 23.52%
Sit Bond Fund 8,145 0.19%
Sit Balanced Fund 403 0.01%
-------- -------
Total Owned by SIA and Affiliated Entities 1,003,446 23.72%
b) SIA has the sole power to vote and dispose of all of such shares.
c) Shares have been sold and acquired since September 3, 2004 as
previously reported. Transactions (all open market transactions)
effected since September 3, 2004 ranged in price from $11.90 to
$12.95.
d) Client accounts have the right to receive all dividends from and
any proceeds from the sale of the shares. None of the client
accounts owns more than 5% of the shares outstanding.
e) Not applicable
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer
Sit Investment Associates, Inc. or its affiliates has entered into
investment management agreements with each of its clients pursuant to
which Sit Investment Associates, Inc. or its affiliate has assumed
the responsibility to vote on behalf of its clients all shares held
by its clients in portfolios managed by Sit Investment Associates,
Inc. and affiliates.
ITEM 7 Materials to be Filed as Exhibits
Not applicable.
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete, and correct.
------------------
January 21, 2005
Sit Investment Associates, Inc.
By: /s/ Paul E. Rasmussen
-----------------------------------
Name/Title: Paul E. Rasmussen, Vice President
EXHIBIT 1
The Reporting Person.
Sit Investment Associates, Inc. ("SIA") is an Investment Adviser registered
under section 203 of the Investment Advisers Act of 1940.
SIA has four subsidiaries, each of which are registered Investment Advisers:
Sit Investment Fixed Income Advisors ("SIFIA")
Sit/Kim International Investment Associates, Inc. ("SKI")
Sit Fixed Income Advisors II, LLC
Sit/Kim International Investment Associates II, LLC
SIA is the Investment Advisor for fourteen no-load, open-end mutual funds
(the "Funds") which are comprised of seven registered investment companies,
three of that consist of series funds as listed below. SIA has the voting
power and dispositive power for all securities held in SIA client accounts
and the following fourteen mutual funds.
1) Sit Mid Cap Growth Fund, Inc.
2) Sit Large Cap Growth Fund, Inc.
3) Sit U.S. Government Securities Fund, Inc.
4) Sit Money Market Fund, Inc.
Sit Mutual Funds, Inc.
5) Sit International Growth Fund (series A)
6) Sit Balanced Fund (series B)
7) Sit Developing Markets Growth Fund (series C)
8) Sit Small Cap Growth fund (series D)
9) Sit Science and Technology Growth Fund (Series E)
10) Sit Dividend Growth Fund (Series G)
Sit Mutual Funds II, Inc.
11) Sit Tax-Free Income Fund (series A)
12) Sit Minnesota Tax-Free Income Fund (series B)
13) Sit Bond Fund (series C)
Sit Mutual Funds Trust
14) Sit Florida Tax-Free Income Fund (Series A)
Out of the affiliated entities indicated above, only SIA (client accounts),
SIFIA (client accounts), Sit Bond Fund, Inc. and Sit Balanced Fund
beneficially owned shares of the American Strategic Income Portfolio
Inc. common stock as of January 21, 2005.