0000769317-01-500032.txt : 20011107
0000769317-01-500032.hdr.sgml : 20011107
ACCESSION NUMBER: 0000769317-01-500032
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20011102
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: AMERICAN STRATEGIC INCOME PORTFOLIO INC II
CENTRAL INDEX KEY: 0000886984
STANDARD INDUSTRIAL CLASSIFICATION: []
IRS NUMBER: 411719822
STATE OF INCORPORATION: MN
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-52377
FILM NUMBER: 1773724
BUSINESS ADDRESS:
STREET 1: PIPER JAFFRAY TWR
STREET 2: 222 S NINTH ST
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
BUSINESS PHONE: 6123426000
MAIL ADDRESS:
STREET 1: 222 S 9TH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: SIT INVESTMENT ASSOCIATES INC
CENTRAL INDEX KEY: 0000769317
STANDARD INDUSTRIAL CLASSIFICATION: []
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
bsp13d11201.txt
BSP 13D 11-2-01
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No 5 )
American Strategic Income Portfolio II, Inc.
( BSP )
- -----------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- -----------------------------------------------------------------------------
(Title of Class of Securities)
030099105
- -----------------------------------------------------------------------------
(CUSIP Number)
Paul E. Rasmussen
4600 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402-4130
- -----------------------------------------------------------------------------
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 31, 2001
- -----------------------------------------------------------------------------
(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.
Page 1 of 5
CUSIP No. 030099105
- -----------------------------------------------------------------------------
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*
00 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 3,712,881 Shares
SHARES -----------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
EACH -----------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 3,712,881 Shares
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
3,712,881 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)
20.71%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions)
IA
- -----------------------------------------------------------------------------
Page 2 of 5
ITEM 1 Security and Issuer
Common Stock
American Strategic Income Portfolio, Inc. II
US Bancorp Piper Jaffray
Attn: James Chosy
800 Nicollet Mall, J-1012057
Minneapolis, MN 55402-7020
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.
Paul E. Rasmussen, Vice President, Secretary
Frederick Richard Adler, Director
Norman Bud Grossman, Director
b) Incorporated in the State of Minnesota
4600 Wells Fargo Center, 90 South Seventh 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.
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.
Page 3 of 5
ITEM 5 Interest in Securities of the Issuer
a) As of October 31, 2001, Sit Investment Associates, Inc.
("SIA") and its affiliates own 3,712,881 shares which represents
20.71% of the outstanding Shares. None of the executive officers
or directors of SIA owns any other shares.
Entity Shares Percentage
---------------- --------- ---------
SIA (client accounts) 3,665,017 20.44%
Sit Bond Fund 32,394 0.18%
Sit Balanced Fund 15,470 0.09%
-------- -------
Total Owned by SIA and Affiliated Entities 3,712,881 20.71%
b) SIA has the sole power to vote and dispose of all of such shares.
c) Shares have been sold and acquired since September 14, 2001 as
previously reported. Transactions (all open market transactions)
effected since September 14, 2001 ranged in price from $12.29
to $12.80.
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.
------------------
November 2, 2001
Sit Investment Associates, Inc.
By: /s/ Paul E. Rasmussen
-----------------------------------
Name/Title: Paul E. Rasmussen, Vice President
Page 4 of 5
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 twelve mutual funds (the "Funds") which
are comprised of six registered investment companies, two 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 twelve
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)
Sit Mutual Funds II, Inc.
10) Sit Tax-Free Income Fund (series A)
11) Sit Minnesota Tax-Free Income Fund (series B)
12) Sit Bond Fund (series C)
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. - II common stock as of October 31, 2001.
Page 5 of 5