SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended April 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from ______ to ______
Commission File Number 0-22277
EXCELSIOR PRIVATE EQUITY FUND II, INC.
(Exact name of Registrant as
specified in its charter)
------------------------------------------ -----------------------------
MARYLAND 22-3510108
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
------------------------------------------ -----------------------------
114 West 47th Street
New York, NY 10036-1532
(Address of principal executive offices, including zip code)
(212) 852-1000
(Telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes |X| No |_|
As of April 30, 2000, there were 195,730 shares of the
Registrant's Common Stock, $.01 par value per share, outstanding.
EXCELSIOR PRIVATE EQUITY FUND II, INC.
This Quarterly Report on Form 10-Q contains historical information and
forward-looking statements. Statements looking forward in time are included
in this Form 10-Q pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. They involve known and unknown
risks and uncertainties that may cause the Company's actual results to
differ from future performance suggested herein.
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INDEX PAGE NO.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Portfolio of Investments as of April 30, 2000 (Unaudited) and
October 31, 1999.
Statement of Assets and Liabilities as of April 30, 2000
(Unaudited) and October 31, 1999.
Statement of Operations (Unaudited) for the three month period
ended April 30, 2000, the fiscal year to date April 30, 2000, the
three month period ended April 30, 1999 and the fiscal year to
date April 30, 1999.
Statement of Changes in Net Assets (Unaudited), for the three
month period ended April 30, 2000, the fiscal year to date April
30, 2000, the three month period ended April 30, 1999 and the
fiscal year to date April 30, 1999.
Statement of Cash Flows (Unaudited), for the three month period
ended April 30, 2000, the fiscal year to date April 30, 2000, the
three month period ended April 30, 1999 and the fiscal year to
date April 30, 1999.
Notes to Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Securityholders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
SIGNATURES
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
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EXCELSIOR PRIVATE EQUITY FUND II, INC. FISCAL YEAR END: OCTOBER 31, 2000
PORTFOLIO OF INVESTMENTS QUARTER ENDED: APRIL 30, 2000
-------------------------------------------------------------------------------------------------------
APRIL 30, 2000 OCTOBER 31, 1999
-------------- ----------------
(UNAUDITED)
PORTFOLIO STRUCTURE
<S> <C> <C> <C> <C>
PORTFOLIO COMPANIES $ 107,003,745 32.40% $ 102,068,711 41.64%
PUBLICLY-TRADED COMPANIES 143,713,758 43.51%
PRIVATE FUNDS 57,435,570 17.39% 24,103,891 9.83%
SHORT-TERM INVESTMENTS:
COMMERCIAL PAPER -- 0.00% 70,770,253 28.87%
CORPORATE BONDS -- 0.00% 1,000,526 0.41%
U.S. GOVERNMENT
AND AGENCY OBLIGATIONS 39,928,133 12.09% 43,900,267 17.91%
INVESTMENT COMPANIES 12,579,389 3.81% 12,864,651 5.25%
TOTAL INVESTMENTS 360,660,595 109.20% 254,708,299 103.91%
OTHER ASSETS & LIABILITIES (NET) (30,391,696) - 9.20% (9,601,385) -3.91%
------------ -------- -------------- ------
NET ASSETS $ 330,268,899 100.00% $ 245,106,914 100.00%
============== ======= ============== =======
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EXCELSIOR PRIVATE EQUITY FUND II, INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 2000
PORTFOLIO COUPON VALUE
AMOUNT/SHARES RATE/YIELD (NOTE 1)
------------- ---------- ------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 12.09%
40,000,000 Federal Home Loan Bank, 5/12/00
(Cost $39,928,133) 5.87 39,28,133
-----------
PUBLICLY TRADED COMPANIES - 43.51%
COMPUTER TECHNOLOGY- 0.46%
21,924 Cisco Systems 1,519,950
1,806 Broadcom Corp. 311,309
-----------
1,831,259
-----------
INTERNET SERVICES - BUSINESS - 0.01%
3,715 Sciquest.Com, Inc. 48,295
-----------
INTERNET SERVICES - CONSUMER - 42.95%
4,261,685 Life Minders.com Corp. 141,834,204
-----------
TOTAL PUBLICLY TRADED COMPANIES
(Cost $11,582,170) 143,713,758
PRIVATE INVESTMENT FUNDS - 17.39%
Advanced Technology Ventures V, LP 3,376,941
Brand Equity Ventures I, LP 3,130,658
Brentwood Associates Buyout
Fund II, LP 1,754,245
Broadview Capital Partners, LP 1,386,803
Commonwealth Capital Ventures II, LP 3,768,762
Communications Ventures III, LP 14,008,734
Friedman, Fleischer & Lowe LLC, LP 776,790
Mayfield, LP 5,477,508
MidAtlantic Venture Fund III, LP 7,344,556
Morgenthaler Venture Partners V, LP 6,667,609
Quad-C Partners V, LP 2,628,772
Sevin Rosen Fund VI, LP 2,031,447
Trinity Ventures VI, LP 5,082,745
-----------
TOTAL PRIVATE INVESTMENT FUNDS
(Cost $34,788,890) 57,435,570
-----------
PRIVATE COMPANIES - 32.40%
BIOTECHNOLOGY - 1.72%
7,100,000 Protogene Inc. 5,680,000
-----------
COMPUTER SOFTWARE - 2.12%
1,151,315 Constellar Corp., Series C 6,999,995
-----------
EDUCATIONAL SERVICES - 6.25%
7,548 Advantage Schools, Inc., Series C 8,722,514
859,076 Advantage Schools, Inc., Series D 2,103,018
388,810 Classroom Holdings, Inc. (Preferred) 6,819,953
173,811 Classroom Holdings, Inc., Series C
(Preferred) 2,999,978
-----------
20,645,463
-----------
INTERNET SERVICES - BUSINESS - 12.18%
695,652 Captura Software, Inc., Series D
(Preferred) 7,262,617
1,000,000 Epod Corp. 1,000,000
1 First Source.Com 10,000,000
500,000 Killerbiz, Inc. 500,000
4,694,407 Marketfirst Software, Inc. 5,000,000
2 My Seasons.Com, Inc. 2,000,100
7,113,967 On the Go Software, Inc. 5,000,002
1,676,229 ReleaseNow.com, Series D (Preferred) 8,381,145
115,000 ReleaseNow.com, Series E (Preferred) 575,000
100,000 ReleaseNow.com, Series F (Preferred) 500,000
-----------
40,218,864
-----------
MEDICAL DEVICES - 4.15%
4,124,144 Conway-Stuart Medical 6,124,144
1,123,059 SurVivaLink Corp., Series B 7,585,140
-----------
13,709,284
-----------
SEMICONDUCTORS - 4.26%
7,960,371 PowerSmart, Inc., Series A 7,960,371
4,850,000 PowerSmart, Inc., Common 5,128,390
530,786 PowerSmart, Inc. Private Placement 1,000,000
-----------
14,088,761
-----------
WIRELESS RADIO EQUIPMENT - 1.51%
3,033,981 Zeus Wireless, Inc. 5,000,001
-----------
WARRANTS - 0.20%
EDUCATIONAL SERVICES - 0.01%
42,773 Advantage Schools, Inc., Series D 45,724
SOFTWARE DISTRIBUTION SERVICES - 0.19%
173,913 Captura Software, Inc., Series D 615,653
-----------
TOTAL PRIVATE COMPANIES
(Cost $88,343,279) 107,003,745
-----------
INVESTMENT COMPANIES - 3.81%
7,127,683 Dreyfus Treasury Cash Management
Fund 7,127,682
5,405,307 Fidelity Cash Portfolio, U.S.
Treasury II 5,405,307
46,400 Dreyfus Government Cash Management
Fund 46,400
-----------
TOTAL INVESTMENT COMPANIES
(Cost $12,579,389) 12,579,389
-----------
TOTAL INVESTMENTS (Cost $187,221,861) 109.20% 360,660,595
OTHER ASSETS & LIABILITIES (NET) 9.20 (30,391,696)
------ -----------
NET ASSETS 100.0% $330,268,899
===== ============
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EXCELSIOR PRIVATE EQUITY FUND II, INC. FISCAL YEAR END: OCTOBER 31, 2000
STATEMENT OF ASSETS AND LIABILITIES QUARTER ENDED: APRIL 30, 2000
------------------------------------------------------------------------------------------------------------
ASSETS APRIL 30, 2000 OCTOBER 31, 1999
-------------------------------------- -------------- ----------------
(UNAUDITED)
<S> <C> <C>
Investment Securities, at Cost $ 187,221,861 $ 222,252,794
============== ============
Investment Securities, at Value 360,660,595 254,708,299
Cash -- 136
Receivables:
Interest 150,510 241,822
For Investments Sold 1,705,909 1,705,909
Prepaid Assets 844 28,269
----------- ----------
TOTAL ASSETS 362,517,858 256,684,435
------------ ------------
LIABILITIES
Cash Overdraft 3,898
Managing Investment Advisory Fees Payable 2,262,579 5,599,309
Deferred Incentive Fee Payable 29,798,935 5,837,077
Administration & Shareholder Servicing Fees Payable 34,162 14,499
Directors' Fees Payable 36,390 43,500
Accrued Expenses and Other Payables 112,995 83,136
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TOTAL LIABILITIES 32,248,959 11,577,521
------------ ------------
NET ASSETS $ 330,268,899 $ 245,106,914
============= ==============
NET ASSETS CONSIST OF
Accumulated Undistributed Net Investment Income $ 5,062,820 $ 5,259,727
Accumulated (Distribution in excess of)
Net Realized Gain on Investments (8,804,998) 22,825,393
Net Unrealized Appreciation of Investments 173,438,734 32,455,505
Allowance for Management Incentive Fee (34,745,503) (10,751,557)
Par Value 1,957 1,957
Paid in Capital in Excess of Par Value 195,315,889 195,315,889
----------- ------------
TOTAL NET ASSETS $ 330,268,899 $ 245,106,914
============= =============
Shares of Common Stock Outstanding 195,730 195,730
-------------- --------------
NET ASSET VALUE PER SHARE $ 1,687.37 $ 1,252.27
================ ================
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EXCELSIOR PRIVATE EQUITY FUND II, INC. FISCAL YEAR END: OCTOBER 31, 2000
STATEMENT OF OPERATIONS (UNAUDITED) QUARTER ENDED: APRIL 30, 2000
---------------------------------------------------------------------------------------------------------------------------------
QUARTER ENDED FISCAL YEAR TO DATE QUARTER ENDED FISCAL YEAR TO DATE
INVESTMENT INCOME APRIL 30, 2000 APRIL 30, 2000 APRIL 30, 1999 APRIL 30, 1999
--------------- ---------------- -------------- ------------------
<S> <C> <C> <C> <C>
Interest Income $ 771,740 $ 2,267,032 $ 1,752,362 $ 3,547,135
--------------- -------------- --------------- ---------------
TOTAL INCOME 771,740 2,267,032 1,752,362 3,547,135
--------------- -------------- --------------- ---------------
EXPENSES
Management Investment Advisory Fees 1,148,297 2,229,484 533,598 1,009,908
Administrative Fees &
Shareholder Servicing Fees 16,353 33,068 15,438 31,396
Custodial Fees 18,032 34,744 10,400 20,289
Legal Fees 27,050 73,087 22,334 73,824
Audit and Other Professional Service Fees 6,885 13,923 6,340 12,893
Directors' Fees and Expenses 25,279 36,590 10,607 21,572
Shareholder Reports 2,319 3,827 1,585 3,224
Insurance Expense 19,089 36,907 14,458 29,235
Interest Expense -- -- -- 16,336
Miscellaneous Expense 319 2,309 245 496
--------------- -------------- --------------- ---------------
TOTAL EXPENSES 1,263,623 2,463,939 615,005 1,219,173
Fees Waived and Reimbursed by Advisor -- -- -- --
--------------- -------------- --------------- ---------------
NET EXPENSES 1,263,623 2,463,939 615,005 1,219,173
--------------- -------------- --------------- ---------------
NET INVESTMENT INCOME/(LOSS) (491,883) (196,907) 1,137,357 2,327,962
--------------- -------------- --------------- ---------------
REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS
Net Realized Gain/(Loss) on
Security Transactions 160,439 327,284 428,470 421,501
Change in Unrealized
Appreciation/Depreciation on Investments 21,668,378 140,983,228 16,052,238 15,960,666
--------------- -------------- --------------- ---------------
NET REALIZED AND
UNREALIZED GAIN/(LOSS)
ON INVESTMENTS 21,828,817 141,310,512 16,480,708 16,382,167
Change in Management Incentive Fee (1,669,785) (23,993,947) (84,182) (84,182)
--------------- -------------- --------------- ---------------
NET INCREASE IN NET
ASSETS RESULTING
FROM OPERATIONS $ 19,667,149 $ 17,119,658 $ 17,533,883 $ 18,625,947
=============== ============== =============== ===============
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EXCELSIOR PRIVATE EQUITY FUND II, INC. FISCAL YEAR END: OCTOBER 31, 2000
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) QUARTER ENDED: APRIL 30, 2000
QUARTER ENDED FISCAL YEAR TO DATE QUARTER ENDED FISCAL YEAR TO DATE
APRIL 30, 2000 APRIL 30, 2000 APRIL 30, 1999 APRIL 30, 1999
-------------- --------------------- -------------- --------------------
OPERATIONS:
<S> <C> <C> <C> <C>
Net Investment Income $ (491,883) $ (196,907) $ 1,137,357 $ 2,327,962
Net Realized Gain/(Loss) of Investments 160,439 327,284 428,470 421,501
Change in Unrealized (Depreciation)
on Investments 21,668,378 140,983,228 16,052,238 15,960,666
Change in Allowance for
Management Incentive Fee (1,669,785) (23,993,947) (84,182) (84,182)
------------ ------------ ------------ ------------
Net Increase n Net Assets
Resulting From Operations 19,667,149 117,119,658 17,533,883 18,625,947
DISTRIBUTION TO
From Net Investment Income -- -- -- (7,669,460)
From Net Realized Gain on
Investments -- (31,957,673) -- --
------------ ------------ ------------ ------------
NET INCREASE/(DECREASE) 19,667,149 85,161,985 17,533,883 10,956,487
IN NET ASSETS
NET ASSETS
Beginning of Period 310,601,750 245,106,914 195,683,867 202,261,263
------------ ------------ ------------ ------------
End of Period $ 330,268,899 $ 330,268,899 $ 213,217,750 $ 213,217,750
============== ============== =============== ===============
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EXCELSIOR PRIVATE EQUITY FUND II, INC. FISCAL YEAR END: OCTOBER 31, 2000
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) QUARTER ENDED: APRIL 30, 2000
CASH FLOWS FROM INVESTING AND OPERATING FISCAL YEAR TO DATE FISCAL YEAR TO DATE
ACTIVITIES APRIL 30, 2000 APRIL 30, 1999
-------------- --------------
<S> <C> <C>
Proceeds from Sales of Investments $ 764,512,328 $ 1,178,570,726
Purchases of Investments (804,560,242) (1,189,566,809)
Net Decrease in Short Term Investments 76,028,173 14,693,127
Investment Income 1,516,979 5,348,999
Operating Expenses Paid (5,540,305) (1,133,173)
-------------- ----------------
Net Cash Provided for Investing and Operating Activities 31,956,933 7,912,870
------------ ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions Paid (31,960,967) (7,669,773)
------------ ----------------
Net Cash Used by Financing Activities (31,960,967) (7,669,773)
------------ ----------------
Net Decrease in Cash (4,034) 243,097
CASH AT BEGINNING OF YEAR 136 20,601
---------------- ----------------
CASH AT END OF YEAR $ (3,898) $ 263,698
================= ================
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EXCELSIOR PRIVATE EQUITY FUND II, INC. FISCAL YEAR ENDED: OCTOBER 31, 2000
NOTES TO FINANCIAL STATEMENTS QUARTER ENDED: APRIL 30, 2000
(1) Significant Accounting Policies
Excelsior Private Equity Fund II, Inc. (the "Company")
was incorporated under the laws of the State of Maryland on March
20, 1997 and is registered under the Securities Act of 1933, as
amended, as a non-diversified, closed-end management investment
company which has elected to be treated as a business development
company under the Investment Company Act of 1940, as amended. The
Company commenced operations on October 8, 1997.
Certain information and footnote disclosures normally
included in the financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. Reference is made to the Company's annual report included
in Form 10-K as filed with the Securities and Exchange Commission
for the Notes to the Financial Statements that remain unchanged.
The following is a summary of the Company's significant accounting
policies.
(a) Portfolio valuation:
The Company values portfolio securities quarterly and at
other such times as, in the Board of Directors' view,
circumstances warrant. Investments in unrestricted securities that
are traded on a recognized stock exchange or on the national
securities market are valued at the last sale price for such
securities on the valuation date. Short-term debt instruments with
remaining maturities of 60 days or less are valued at amortized
cost, which approximates market value. Securities and other assets
for which market quotations are not readily available or that are
restricted are valued, pursuant to guidelines adopted by the
Managing Investment Adviser, under the supervision of the Board of
Directors.
(b) Federal income taxes:
It is the policy of the Company to continue to qualify as
a "regulated investment company" solely for purposes of Subchapter
M of the Internal Revenue Code and distribute substantially all of
its taxable income to its shareholders. Therefore, no federal
income or excise tax provision is required.
(2) Purchases and Sales of Securities:
Purchase and sales of securities for the three month period
ended April 30, 2000, excluding short-term investments, for the
Company aggregated $20,399,394 and $0, respectively. At April 30,
2000, the Company had outstanding investment commitments totaling
$22,590,961.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
RESULTS OF OPERATIONS
THREE-MONTH PERIOD ENDED APRIL 30, 2000 AS COMPARED TO
THE SIMILAR PERIOD IN 1999
The Company's net asset value per common share was $1,687.37 at April 30,
2000, up $100.48 per share from the net asset value per common share of
$1,586.89 at January 31, 2000. The increase resulted primarily from the
increase in value of Lifeminders.com, Captura Software, the Company's
interest in ComVentures IV and the receipt of distributions of Cisco
Systems, Sciquest and Broadcom. The Company's net asset value per common
share was $1,089.35 at April 30, 1999, up $89.59 per share from the net
asset value per common share of $999.76 at January 31, 1999.
REALIZED AND UNREALIZED GAINS AND LOSSES FROM PORTFOLIO INVESTMENTS
For the three months ended April 30, 2000 and 1999, the Company had a net
realized gain/(loss) on security transactions of $160,439 and $428,470,
respectively. For the three months ended April 30, 2000 and 1999, the
Company had a net change in unrealized appreciation/(depreciation) on
investments of $21,668,378 and $16,052,238, respectively.
INVESTMENT INCOME AND EXPENSES
For the three months ended April 30, 2000, the Company had interest income
of $771,740 and net operating expenses of $1,263,273, resulting in net
investment income of $491,883. For the three months ended April 30, 1999,
the Company had interest income of $1,752,362 and net operating expenses of
$615,005, resulting in net investment income of $1,137,357. The primary
reason for the decline in interest income was the decline of assets
invested in short-term instruments and an increase in assets invested in
private companies and private funds.
United States Trust Company of New York (the "Managing Investment Adviser")
provides investment management and administrative services required for the
operation of the Company. In consideration of the services rendered by the
Managing Investment Adviser, the Company pays a management fee based upon a
percentage of the net assets of the Company invested or committed to be
invested in certain types of investments and an incentive fee based in part
on a percentage of realized capital gains of the Company. Such fee is
determined and payable quarterly. For the quarters ended April 30, 2000 and
1999, the Managing Investment Adviser earned $1,148,247 and $533,598 in
management fees respectively.
NET ASSETS
At April 30, 2000, the Company's net assets were $330,268,899, an increase
of $19,667,149 from net assets of $310,601,750 at January 31, 2000. At
April 30, 1999, the Company's net assets were $213,217,750, an increase of
$17,533,883 from net assets of $195,683,867 at January 31, 1999.
CASH FLOWS
For the fiscal year to date ended April 30, 2000, the Company's net cash
provided for investing and operating activities was $31,956,933, an
increase of $24,044,063 over the same period in fiscal 1999. This increase
was principally the result of the Company continuing to make initial and
follow-on investments in portfolio companies while meeting capital calls
for all its private fund investments.
LIQUIDITY AND CAPITAL RESOURCES
The Company focuses its investments in the private equity securities of
later-stage venture capital companies and middle-market companies which the
Company believes offer significant long-term capital appreciation. The
Company may offer managerial assistance to certain of these companies. The
Company invests its available cash in short-term investments of marketable
securities to provide the liquidity necessary to make portfolio investments
as investment opportunities arise.
At April 30, 2000, the Company held $0 in cash and $360,660,595 in
investments. At April 30, 2000, investments included $248,837,949 in
portfolio companies, $59,315,124 in private funds, $0 in commercial paper,
$39,928,133 in government agency obligations, and $12,579,389 in
investment companies. At January 31, 2000, investments included
$228,169,374 in portfolio companies, $38,174,038 in private investment
funds, $10,010,045 in investment companies, $61,298,663 in commercial
paper, $0 in corporate bonds, and $0 in U.S. government and agency
obligations. These changes were primarily the result of the investment
activity discussed above.
OTHER
Year 2000:
Like other business development companies and investment companies and
financial and business organizations and individuals around the world, the
Company could be affected adversely if the computer systems used by the
Investment Adviser and the Company's other service providers do not
properly process and calculate date-related information and data from and
after January 1, 2000. This is commonly known as the "Year 2000 Problem."
Based on the Company's current assessment, the costs of addressing
potential problems have not had and are not expected to have a material
adverse impact on the Company's financial position, results of operations
or cash flows. The Investment Adviser and the Company's other service
providers have informed the Company that they have taken steps to address
the Year 2000 Problem with respect to the computer systems that they use
and the Company has not been informed of any material difficulties related
to the Year 2000 Problem. At this time, however, there can be no assurance
that these steps will be sufficient to avoid any adverse impact on the
Company as a result of the Year 2000 Problem.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Equity Price Risk:
A significant portion of the Company's investment portfolio consists
of equity securities in private companies and private investment funds
which are not publicly traded. These investments are recorded at fair value
as determined by the Investment Adviser in accordance with valuation
guidelines adopted by the Board of Directors. This method of valuation does
not result in increases or decreases in the fair value of these equity
securities in response to changes in market prices. Thus, these equity
securities are not subject to equity price risk. Nevertheless, the Company
is exposed to equity price risk through its investment in the equity
securities of one public company. At April 30, 2000, these publicly traded
equity securities were valued at $143,720,953. Thus, there is exposure to
equity price risk, which is estimated as the potential loss in fair value
due to a hypothetical 10% decrease in quoted market prices, and would
result in a decrease of approximately $14,372,095 in the value of these
securities. Actual results may differ.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None.
ITEM 2. CHANGES IN SECURITIES.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS.
None.
ITEM 5. OTHER INFORMATION.
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits.
Exhibit No. 27.1 - Financial Data Schedule
(27) Financial Data Schedule (for EDGAR filing purposes only).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
----------- ----------------------- ---------------------------------------
EXCELSIOR PRIVATE EQUITY FUND II, INC.
----------- ----------------------- ---------------------------------------
Date: June 14, 2000 By: /s/ David I. Fann
-----------------------------------
David I. Fann
President (Principal
Executive Officer)
Date: June 14, 2000 By: /s/ Brian F. Schmidt
-----------------------------------
Brian F. Schmidt
Treasurer (Principal Financial and
Accounting Officer)
