UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
AMERICAN GOVERNMENT INCOME PORTFOLIO, INC.
(Name of issuer)
COMMON STOCK
(Title of class of securities)
025919101
(CUSIP number)
R. KEITH LONG
400 ROYAL PALM WAY, SUITE 204
PALM BEACH, FLORIDA 33480
(561) 832-4110
with a copy to
MARC S. WOOLF, ESQ.
MIRKIN & WOOLF, P.A.
1700 PALM BEACH LAKES BOULEVARD #580
WEST PALM BEACH, FLORIDA 33401
(561) 687-4460
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
APRIL 1, 1998
(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 Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [X].
Page 1 of 11 Pages
<PAGE>
SCHEDULE 13D
CUSIP NO. 025919101 PAGE 2 OF 11 PAGES
- --------------------------------------------------------------------------------
| 1 | NAME OF REPORTING PERSON
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
| | Otter Creek Partners I. L. P. 65-0273189
- --------------------------------------------------------------------------------
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)[X]
| | (b)[ ]
| |
- --------------------------------------------------------------------------------
| 3 | SEC USE ONLY
| |
- --------------------------------------------------------------------------------
| 4 | SOURCE OF FUNDS*
| | WC
- --------------------------------------------------------------------------------
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
| | ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
| | Delaware
- --------------------------------------------------------------------------------
| 7 | SOLE VOTING POWER
NUMBER OF | | 441,541
SHARES ---------------------------------------------------------
BENEFICIALLY | 8 | SHARED VOTING POWER
OWNED BY EACH | | -0-
REPORTING ---------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 441,541
---------------------------------------------------------
|10 | SHARED DISPOSITIVE POWER
| | -0-
- --------------------------------------------------------------------------------
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
| | 441,541
- --------------------------------------------------------------------------------
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
| | SHARES * [ ]
- --------------------------------------------------------------------------------
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
| | 2.41
- --------------------------------------------------------------------------------
| 14 | TYPE OF REPORTING PERSON *
| | PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 025919101 PAGE 3 OF 11 PAGES
- --------------------------------------------------------------------------------
| 1 | NAME OF REPORTING PERSON
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
| | Roger Keith Long ###-##-####
- --------------------------------------------------------------------------------
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)[X]
| | (b)[ ]
| |
- --------------------------------------------------------------------------------
| 3 | SEC USE ONLY
| |
- --------------------------------------------------------------------------------
| 4 | SOURCE OF FUNDS*
| | PF
- --------------------------------------------------------------------------------
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
| | ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
| | United States
- --------------------------------------------------------------------------------
| 7 | SOLE VOTING POWER
NUMBER OF | | 178,162
SHARES ---------------------------------------------------------
BENEFICIALLY | 8 | SHARED VOTING POWER
OWNED BY EACH | | -0-
REPORTING ---------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 178,162
---------------------------------------------------------
|10 | SHARED DISPOSITIVE POWER
| | -0-
- --------------------------------------------------------------------------------
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
| | 178,162
- --------------------------------------------------------------------------------
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
| | SHARES * [ ]
- --------------------------------------------------------------------------------
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
| | .97%
- --------------------------------------------------------------------------------
| 14 | TYPE OF REPORTING PERSON *
| | IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 025919101 PAGE 4 OF 11 PAGES
- --------------------------------------------------------------------------------
| 1 | NAME OF REPORTING PERSON
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
| | Long Family Limited Partnership 35-1940885
- --------------------------------------------------------------------------------
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)[X]
| | (b)[ ]
| |
- --------------------------------------------------------------------------------
| 3 | SEC USE ONLY
| |
- --------------------------------------------------------------------------------
| 4 | SOURCE OF FUNDS*
| | WC
- --------------------------------------------------------------------------------
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
| | ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
| | Indiana
- --------------------------------------------------------------------------------
| 7 | SOLE VOTING POWER
NUMBER OF | | 5,000
SHARES ---------------------------------------------------------
BENEFICIALLY | 8 | SHARED VOTING POWER
OWNED BY EACH | | -0-
REPORTING ---------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 5,000
---------------------------------------------------------
|10 | SHARED DISPOSITIVE POWER
| | -0-
- --------------------------------------------------------------------------------
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
| | 5,000
- --------------------------------------------------------------------------------
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
| | SHARES * [ ]
- --------------------------------------------------------------------------------
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
| | .027%
- --------------------------------------------------------------------------------
| 14 | TYPE OF REPORTING PERSON *
| | PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 025919101 PAGE 5 OF 11 PAGES
- --------------------------------------------------------------------------------
| 1 | NAME OF REPORTING PERSON
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
| | Roger Keith Long Individual Retirement Account 312-48-9089
- --------------------------------------------------------------------------------
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)[X]
| | (b)[ ]
| |
- --------------------------------------------------------------------------------
| 3 | SEC USE ONLY
| |
- --------------------------------------------------------------------------------
| 4 | SOURCE OF FUNDS*
| | PF
- --------------------------------------------------------------------------------
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
| | ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
| | United States
- --------------------------------------------------------------------------------
| 7 | SOLE VOTING POWER
NUMBER OF | | 30,000
SHARES ---------------------------------------------------------
BENEFICIALLY | 8 | SHARED VOTING POWER
OWNED BY EACH | |
REPORTING ---------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 30,000
---------------------------------------------------------
|10 | SHARED DISPOSITIVE POWER
| |
- --------------------------------------------------------------------------------
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
| | 30,000
- --------------------------------------------------------------------------------
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
| | SHARES * [ ]
- --------------------------------------------------------------------------------
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
| | .16%
- --------------------------------------------------------------------------------
| 14 | TYPE OF REPORTING PERSON *
| | OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 025919101 PAGE 6 OF 11 PAGES
- --------------------------------------------------------------------------------
| 1 | NAME OF REPORTING PERSON
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
| | Joan Greco and John Fyfe JTWROS ###-##-####
- --------------------------------------------------------------------------------
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)[X]
| | (b)[ ]
| |
- --------------------------------------------------------------------------------
| 3 | SEC USE ONLY
| |
- --------------------------------------------------------------------------------
| 4 | SOURCE OF FUNDS*
| | PF
- --------------------------------------------------------------------------------
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
| | ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
| | United States
- --------------------------------------------------------------------------------
| 7 | SOLE VOTING POWER
NUMBER OF | | 294,079
SHARES ---------------------------------------------------------
BENEFICIALLY | 8 | SHARED VOTING POWER
OWNED BY EACH | | -0-
REPORTING ---------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 294,079
---------------------------------------------------------
|10 | SHARED DISPOSITIVE POWER
| | -0-
- --------------------------------------------------------------------------------
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
| | 294,079
- --------------------------------------------------------------------------------
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
| | SHARES * [ ]
- --------------------------------------------------------------------------------
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
| | 1.60%
- --------------------------------------------------------------------------------
| 14 | TYPE OF REPORTING PERSON *
| | IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Item 1. SECURITY AND ISSUER.
This statement relates to shares of common stock (the "Common
Stock") of American Government Income Portfolio, Inc. (the "Issuer") which has
its principal executive offices at 222 South Ninth Street, Minneapolis,
Minnesota 55402-3804
Item 2. IDENTITY AND BACKGROUND.
This statement is filed jointly by: (1) Otter Creek Partners I,
L.P., a Delaware limited partnership ("Otter Creek"), (2) Roger Keith Long and
by Mr. Long on behalf of: (3) the Long Family Limited Partnership, an Indiana
limited partnership ("LFLP"), (4) the Roger Keith Long Individual Retirement
Account (Delaware Charter & Guaranty Trust as custodian) ("IRA") and (5) Joan
Greco and John Fyfe, joint tenants with rights of survivorship ("FYFE")
(sometimes collectively referred to as the "Reporting Persons.")
Otter Creek has its principal business and executive offices at 400
Royal Palm Way, Suite 204, Palm Beach, Florida 33480. Otter Creek is a private
investment company. Otter Creek Management Inc., a Delaware corporation ("OCM"),
is the sole general partner and investment advisor of Otter Creek. OCM also
serves as an investment advisor to other entities. Mr. Long is the sole
executive officer, sole director and sole shareholder of OCM. The business
address of OCM is 400 Royal Palm Way, Suite 204, Palm Beach, Florida 33480.
Mr. Long's business address is 400 Royal Palm Way, Suite 204, Palm
Beach, Florida 33480. Mr. Long is the sole executive officer, sole director and
sole shareholder of OCM. Mr. Long also manages discretionary stock trading
accounts for FYFE. Mr. Long is a director and the president and sole shareholder
of DP River Corporation, an Illinois corporation engaged in the business of
holding real estate.
FLP has its principal business and executive offices at 400 Royal
Palm Way, Suite 204, Palm Beach, Florida 33480. FLP is a family limited
partnership engaged in passive investmenting. Mr. Long's father, Jack Long, is
the general partner of FLP.
IRA's address is 400 Royal Palm Way, Suite 204, Palm Beach, Florida
33480. Its principal business activity is investing for retirement.
FYFE's address is 400 Royal Palm Way, Suite 204, Palm Beach, Florida
33480. Their principal business activity is investing.
During the last five years, none of the Reporting Persons, nor any
of the persons identified in this Item 2, has been
Page 7 of 11 Pages
<PAGE>
convicted in a criminal proceeding or has been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and, as a result of
such proceeding, was or 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. All of the individual Reporting Persons are U.S. citizens.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Otter Creek paid $3,207,349 from its working capital to purchase the
487,500 shares of the Issuer reported herein.
Mr. Long paid $1,232,683 from his personal funds to
purchase the 187,000 shares of the Issuer reported herein.
LFLP paid $32,175 from its working capital to purchase the 32,175
shares of the Issuer reported herein.
IRA paid $195,170 from its investment fund to purchase the 30,000
shares of the Issuer reported herein.
FYFE paid $2,177,077 from their personal funds to purchase the
331,200 shares of the Issuer reported herein.
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons, acting through one or more designees, may
seek representation on the Issuer's Board of Directors in order to assist in the
management of and in establishing policies for the Issuer.
The Reporting Persons intend to continue to evaluate the Issuer's
financial position, management and business, future developments, market
conditions, the price of the Issuer's securities in trading markets and other
factors. One or more of the Reporting Persons may, from time to time, purchase
or dispose of securities of the Issuer.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Otter Creek owns 441,541 shares of common stock of the Issuer
constituting approximately 2.41% of the outstanding common stock.
Mr. Long owns 178,162 shares of common stock of the
Issuer constituting approximately .97% of the outstanding common
stock.
LFLP owns 5,000 shares of common stock of the Issuer constituting
approximately .027% of the outstanding common stock.
Page 8 of 11 Pages
<PAGE>
IRA owns 30,000 shares of common stock of the Issuer constituting
approximately .16% of the outstanding common stock.
FYFE owns 294,079 shares of common stock of the Issuer constituting
approximately 1.60% of the outstanding common stock.
The Reporting Persons acquired and disposed of shares of common stock as set
forth below. All such shares were acquired through brokers' transactions.
SHARES ACQUIRED BY OTTER CREEK
TRADE DATE NUMBER OF SHARES PRICE PER SHARE
---------- ---------------- ---------------
6/9/97 20,000 6.204
7/3/97 20,000 6.271
7/16/97 65,000 6.395
9/12/97 25,000 6.381
12/5/97 -45,959 6.910
1/30/98 40,000 6.443
3/5/98 16,000 6.693
3/6/98 16,500 6.694
3/9/98 285,000 6.693
SHARES ACQUIRED BY MR. LONG
TRADE DATE NUMBER OF SHARES PRICE PER SHARE
---------- ---------------- ---------------
9/5/97 25,000 6.381
12/5/97 -8,838 6.910
2/4/98 22,800 6.443
2/6/98 25,200 6.443
3/10/98 4,000 6.693
3/12/98 95,000 6.693
3/31/98 15,000 6.756
SHARES ACQUIRED BY LFLP
TRADE DATE NUMBER OF SHARES PRICE PER SHARE
---------- ---------------- ---------------
1/9/98 5,000 6.435
SHARES ACQUIRED BY IRA
TRADE DATE NUMBER OF SHARES PRICE PER SHARE
---------- ---------------- ---------------
1/8/98 20,000 6.381
3/30/98 10,000 6.755
Page 9 of 11 Pages
<PAGE>
SHARES ACQUIRED BY FYFE
TRADE DATE NUMBER OF SHARES PRICE PER SHARE
---------- ---------------- ---------------
7/3/97 20,000 6.271
7/16/97 35,000 6.396
9/10/97 50,000 6.380
12/5/97 -37,121 6.910
2/6/98 20,000 6.443
3/12/98 95,000 6.693
3/12/98 95,000 6.693
3/31/98 8,300 6.757
4/1/98 7,900 6.693
As a group, the Reporting Persons own 948,782 shares of common stock
of the Issuer constituting approximately 5.17% of the outstanding common stock.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATION-
SHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Except as discussed herein, there are no such contracts,
arrangements, understandings or relationships.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
None
SIGNATURES
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: April 14, 1998
/s/ R. KEITH LONG
R. Keith Long, individually and on
behalf of the Roger Keith Long
Individual Retirement Account
and John Fyfe and Joan Greco,
JTWROS
Page 10 of 11 Pages
<PAGE>
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: April 14, 1998
OTTER CREEK PARTNERS I, L.P.
By: Otter Creek Management, Inc.,
its general partner
By: /s/ R. KEITH LONG
R. Keith Long, President
LONG FAMILY LIMITED PARTNERSHIP
By: /s/ JACK LONG
Jack Long, General Parter
Page 11 of 11 Pages
