SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
TRO Learning, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
87263R 109
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(CUSIP Number)
12/31/99
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[X] Rule 13d-1(d)
*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).
<PAGE>
SCHEDULE 13G
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CUSIP No. 87263R 109 Page 2 of 7 Pages
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY)
Cherry Tree Ventures III, FIN: 41-1585020
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
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NUMBER OF 5 SOLE VOTING POWER
SHARES 548,360
BENEFICIALLY --------- -------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING --------- -------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 548,360
--------- -------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
548,360
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.05%
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12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
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<PAGE>
SCHEDULE 13G
- -------------------------- ------------------------
CUSIP No. 87263R 109 Page 3 of 7 Pages
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY)
Gordon F. Stofer
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
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NUMBER OF 5 SOLE VOTING POWER
SHARES 9,944
BENEFICIALLY --------- -------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 548,360
REPORTING --------- -------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 9,944
--------- -------------------------------------------
8 SHARED DISPOSITIVE POWER
548,360
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
558,304
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.18%
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12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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Page 3 of 7 Pages
<PAGE>
SCHEDULE 13G
- --------------------------- ------------------------
CUSIP No. 87263R 109 Page 4 of 7 Pages
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY)
Tony J. Christianson
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
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NUMBER OF 5 SOLE VOTING POWER
SHARES 7,895
BENEFICIALLY --------- -------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 548,360
REPORTING --------- -------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 7,895
--------- -------------------------------------------
8 SHARED DISPOSITIVE POWER
548,360
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
566,255
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.15%
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12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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Page 4 of 7 Pages
<PAGE>
Answer every item. If an item is inapplicable or the answer is in the negative,
so state.
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 Ventures III, a Limited Partnership.
Item 2(b) Address of Principal Business Office or, if none, residence:
Centennial Lakes Office Park
7601 France Avenue South, Suite 150
Minneapolis, MN 55435
Each of Gordon F. Stofer and Tony J. Christianson has the
above address.
Item 2(c) Citizenship: Partnership is 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
Item 2(e) CUSIP No.:
87263R 109
Item 3 Statement filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c):
Not applicable
[ Alt. Item 3 If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(b) of the Exchange
Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of
the Exchange Act.
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E).
Page 5 of 7 Pages
<PAGE>
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the definition of
an investment company under Section 3(c)(14) of the Investment
Company Act.
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box.
[ ]
Item 4 Ownership
See pages 2, 3, & 4 - Item 9
Item 5 Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following [ ].
Item 6 Ownership of More than Five Percent on Behalf of Another
Person:
Not applicable
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 Certifications:
Not applicable
Page 6 of 7 Pages
<PAGE>
[Alt. Item 10 Certifications:
(a) The following certification shall be included if the
statement is filed pursuant to Rule 13d-1(b):
"By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect."
(b) The following certification shall be included if the
statement is filed pursuant to Rule 13d-1(c):
"By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect."
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.
CHERRY TREE VENTURES III, January 21, 2000
A Limited Partnership (Date)
/s/ Tony J. Christianson /s/ Tony J. Christianson
(Signature) (Signature)
Tony J. Christianson, Managing Partner Tony J. Christianson, Individual
(Name and title) (Name and title)
/s/ Gordon F. Stofer /s/ Gordon F. Stofer
(Signature) (Signature)
Gordon F. Stofer, Managing Partner Gordon F. Stofer, Individual
(Name and title) (Name and title)
Page 7 of 7 Pages
