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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
American Opportunity Income Fund
________________________________________________________________________________
(Name of Issuer)
Common Shares
________________________________________________________________________________
(Title of Class of Securities)
028727105
_______________________________________________________________
(CUSIP Number)
Robert S. Goedken
Cargill Financial Services Corporation
6000 Clearwater Drive
Minnetonka, MN 55343
(612) 984-3194
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
11/05/96
_______________________________________________________________
(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]. (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.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* 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
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).
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SCHEDULE 13D
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CUSIP NO. 028727105 PAGE 1 OF 3 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cargill Financial Services Corporation
6000 Clearwater Drive
Minnetonka, MN 55343
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
WC (see Item 3 of attached Schedule 13D Statement)
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF
1,558,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
1,558,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,558,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.73%
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TYPE OF REPORTING PERSON*
14
CO
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*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.
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SCHEDULE 13D STATEMENT
Item 1. Security and Issuer
-------------------
This Statement relates to shares of the American Opportunity Income Fund
(the "Fund"), a closed-end mutual fund, the principal executive offices of which
are located at Piper Jaffray Tower, 222 South Ninth Street, Minneapolis,
Minnesota 55402.
Item 2. Identity and Background
-----------------------
(a) The person filing this Statement is Cargill Financial Services
Corporation, a Delaware corporation ("CFSC"), the address of which is 6000
Clearwater Drive, Minnetonka, Minnesota 55343. The principal business of CFSC is
financial trading and investment activities, conducted both on a proprietary
basis and on behalf of unaffiliated investors.
(b) Not applicable.
(c) Not applicable.
(d) CFSC has not, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) CFSC has not, during the last five years, been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction which
resulted in a judgment, decree or final order against it 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) Not applicable.
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
The source of funds for all purchases of the shares of the Fund was
working capital.
Item 4. Purpose of Transaction
----------------------
The purchases representing an aggregate of 1,558,000 shares of the Fund
were for investment purposes. CFSC intends to review its position in the Fund
from time to time. Depending upon future evaluations of the Fund and market
conditions, CFSC may determine to increase or decrease its holdings in the Fund
by acquiring additional shares of the Fund or by disposing of all or a portion
of its shares, subject to any applicable legal and contractual restrictions on
its ability to do so.
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Except as set forth herein, CFSC does not have any plans or proposals which
would relate to or result in any of the transactions described in subparagraphs
(a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
------------------------------------
As of November 5, 1996, CFSC held 1,558,000 shares of the Fund Stock. Based
upon information provided by Bloomberg, such holdings constituted 6.73% of the
outstanding shares of the Fund. CFSC has sole voting power and disposition power
over the shares of the Fund held by CFSC.
The transactions effected by CFSC in the Fund since the most recent filing
on Schedule 13D are open market purchases of 245,700 shares at $5.77 per share
made October 18, 1996, through November 5, 1996.
Item 6. Contracts, Arrangements, Undertakings or Relationships with
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Respect to Securities of the Issuer
-----------------------------------
None.
Item 7. Material to be Filed as Exhibits
--------------------------------
None.
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.
CARGILL FINANCIAL SERVICES
CORPORATION
By: /s/ Gary W. Jarrett
___________________________
Gary W. Jarrett
Senior Vice President
Date: November 11, 1996
