SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
TRO Learning, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
87263R 109
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(CUSIP Number)
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent or
less of such class.) (See Rule 13d-7.)
*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 any subsequent amendment containing information which would alter the
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).
(Continued on following page(s))
Page 1 of 7 Pages
<PAGE>
SCHEDULE 13G
- --------------------------------- -------------------------------
CUSIP No. 87263R 109 Page 2 of 7 Pages
----------------------- ------- -------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cherry Tree Ventures III, a limited partnership
FIN: 41-1585020
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) X
(B) [ ]
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3 SEC USE ONLY
- ------------- ------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- ------------------------- --------- --------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 668,360
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- --------------------------------------------
6 SHARED VOTING POWER
0
--------- --------------------------------------------
7 SOLE DISPOSITIVE POWER
668,360
--------- --------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- ------------- ------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
668,360
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- ------------- ------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.4%
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12 TYPE OF REPORTING PERSON*
PN
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<PAGE>
- --------------------------------- ----------------------------------------
CUSIP No. 87263R 109 Page 3 of 7 Pages
----------------------- ---------- ----------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gordon F. Stofer
SS#: ###-##-####
- ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) X
(B) [ ]
- ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- ------------- ------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- ------------------------- --------- --------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- --------------------------------------------
6 SHARED VOTING POWER
668,360
--------- --------------------------------------------
7 SOLE DISPOSITIVE POWER
0
--------- --------------------------------------------
8 SHARED DISPOSITIVE POWER
668,360
- ------------- ------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
668,360
- ------------- ------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- ------------- ------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.4%
- ------------- ------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ------------- ------------------------------------------------------------------
<PAGE>
- --------------------------------- ----------------------------------
CUSIP No. 87263R 109 Page 4 of 7 Pages
----------------------- ------- -------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Tony J. Christianson
SS#: ###-##-####
- ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X
(b) [ ]
- ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- ------------- ------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- ------------------------- --------- --------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- --------------------------------------------
6 SHARED VOTING POWER
668,360
--------- --------------------------------------------
7 SOLE DISPOSITIVE POWER
0
--------- --------------------------------------------
8 SHARED DISPOSITIVE POWER
668,360
- ------------- ------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
668,360
- ------------- ------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- ------------- ------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.4%
- ------------- ------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ------------- ------------------------------------------------------------------
<PAGE>
Page 5 of 7
Item 1(a) Name of Issuer
TRO Learning, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
555 Poplar Creek Office Plaza
1721 Moon Lake Blvd.
Hoffman Estates, IL 60194
Item 2(a) Name of Person Filing:
This statement is filed on behalf of Cherry Tree Ventures III,
a Limited Partnership and on behalf of Gordon F. Stofer and
Tony J. Christianson who are Managing General Partners of
Cherry Tree III, a Limited Partnership.
Item 2(b) Address of Principal Business Office or, if none, Residence:
Centennial Lakes Office Park
7601 France Avenue S., Suite 225
Minneapolis, MN 55435
Each of Gordon F. Stofer and Tony J. Christianson has the
above address.
Item 2(c) Citizenship: Partnerships are organized in Minnesota.
Each of Gordon F. Stofer and Tony J. Christianson is a
citizen of the United States.
Item 2(d) Title of Class of Securities:
common stock
Items 2(e) CUSIP Number:
87263R109
Item 3 If this Statement is Filed Pursuant to Rules 13d-1(b), or
13d-2(d), Check Whether the Person Filing is a:
Not Applicable.
<PAGE>
Page 6 of 7
Item 4 Ownership:
(a) Amount Beneficially Owned:
See pages 2, 3 & 4 - Item 9
Mr. Stofer and Mr. Christianson are members of this
group because of their positions as Managing General
Partners of Cherry Tree Ventures III; voting and
control is based on their role as Managing General
Partners of CTV III and they disclaim beneficial
ownership of those shares.
(b) Percent of Class:
See pages 2, 3 & 4 - Item 11
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
see pages 2, 3 & 4, Items 5-8
(ii) shared power to vote or to direct the vote:
see pages 2, 3 & 4, Items 5-8
(iii) sole power to dispose or to direct the
disposition of:
see pages 2, 3 & 4, Items 5-8
(iv) shared power to dispose or to direct the
disposition of:
see pages 2, 3 & 4, Items 5-8
Item 5 Ownership of Five Percent or Less of a Class:
Not Applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another
Person:
Not Applicable.
<PAGE>
Page 7 of 7
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company:
Not Applicable.
Item 8 Identification and Classification of Members of the Group:
The Group is Cherry Tree Ventures III. Mr. Stofer and Mr.
Christianson are members of this group because of their
positions as Managing General Partners of CTV III: voting and
control is based on their role as Managing General
Partners of CTV III and they disclaim beneficial ownership of
those shares.
Item 9 Notice of Dissolution of Group:
Not Applicable.
Item 10 Certification:
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.
Dated: 1-28-99 CHERRY TREE VENTURES III,
A LIMITED PARTNERSHIP
By /s/ Tony J. Christianson By /s/ Tony J. Christianson
Tony J. Christianson Tony J. Christianson
Individual Managing General Partner
By /s/ Gordon F. Stofer By /s/ Gordon F. Stofer
Gordon F. Stofer Gordon F. Stofer
Individual Managing General Partner
