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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. 2)*
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)
01/10/97
_______________________________________________________________
(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 [_]. (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
509,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
509,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
509,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*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 on a proprietary
basis.
(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 transaction giving rise to the filing of this Schedule 13D Amendment
was the sale of 1,065,300 shares by CFSC in open market transactions on January
10, 1997.
Item 4. Purpose of Transaction
----------------------
CFSC has decided to decrease its holdings in the Fund by disposing of a
portion of its shares. 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.
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Item 5. Interest in Securities of the Issuer
------------------------------------
As of January 10, 1997, CFSC held 529,800 shares of the Fund Stock. Based
upon information provided by Bloomberg, such holdings constituted 2.3% 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 74,500 shares and sales of
1,110,600 shares made November 5, 1996 through January 13, 1997.
Item 6. Contracts, Arrangements, Undertakings or Relationships with
-----------------------------------------------------------
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: January 13, 1997
