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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 1)
American Opportunity Income Fund, Inc.
(OIF)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
028727105
(CUSIP Number)
George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
14 Tobey Village Office Park
Pittsford, New York 14534
(716) 586-4680
(Name, Address, and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 8, 1998
(Date of Event which Requires Filing of this Statement)
If the 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. [x]
(Page 1 of 5 pages)
There are no exhibits.
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CUSIP No. 028727105 SCHEDULE 13D Page 2 of 6 Pages
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Karpus Management, Inc. d/b/a Karpus Investment Management
ID# 16-1290558
2 Check the Appropriate Box if a Member of a Group* (a) / /
(b) /x/
3 SEC Use Only
4 Source of Funds*
AF
5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) / /
6 Citizenship or Place of Organization
New York
7 Sole Voting Power
1,035,257 Shares
Number of Shares
8 Shared Voting Power
Beneficially
Owned by Each
9 Sole Dispositive Power
Reporting Person 1,035,257 Shares
With 10 Shared Dispositive Power
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,035,257 Shares
12 Check Box if the Aggregate Amount in Row 11
Excludes Certain Shares* / /
13 Percent of Class Represented by Amount in Row 11
6.09%
14 Type of Reporting Person*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDE EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 2 of 7
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ITEM 1 Security and Issuer
Common Stock
American Opportunity Income Fund, Inc.
Piper Capital Management, Inc.
222 South Ninth Street
Minneapolis, Minnesota 55402-3804
ITEM 2 Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment Management
("KIM")
George W. Karpus, President , Director and Controlling Stockholder
JoAnn VanDegriff, Vice President and Director
Sophie Karpus, Director
b) 14 Tobey Village Office park
Pittsford, New York 14534
c) Principal business and occupation- Investment Management
for individuals, pension and profit sharing plans,
corporations, endowments, trust and others, specializing
in conservative asset management (i.e. fixed income
investments).
d) None of George W. Karpus, JoAnn VanDegriff or Sophie
Karpus (the "Principals") or KIM has been convicted in the
past 5 years of any criminal proceeding ( excluding
traffic violations).
e) During the last five years non of the principals or KIM
has been a party to a civil proceeding as a result of
which any of them 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.
f) Each of the Principals is a United States citizen. KIM is
a New York Corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated shares
of OIF on behalf of accounts that are managed by KIM ("the
Accounts") under limited powers of attorney. All funds that
have been utilized in making such purchases are from such
Accounts.
ITEM 4 Purpose of Transaction.
KIM has purchased Shares for investment purposes. Being primarily
a fixed income manager, with a specialty focus in the closed end fund
sector, the profile of OIF fit the investment guidelines for
various Accounts. Shares have been acquired since February 1,
1996. KIM intends to influence management and the Board of
Directors to represent shareholder interest and to take steps
to close the discount to net asset at which the fund currently
trades which may include a proposal at the next shareholder
meeting. Initially KIM submitted a formal proposal to
management to add to the proxy a vote on appointing KIM as the
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investment advisor. Subsequently KIM had made a proposal to
open-end the fund to management. On March 6, 1998 KIM formally
announced that it was withdrawing any proposal regarding the
fund and would no longer be seeking a shareholder list. KIM's
proposal came on the heels of Piper Capital's announcement on
February 19, 1998 that it "intends to recommend to the board of
directors that several of the funds be converted to an open-end
format". In a letter dated February 25, 1998 to Karpus, the Piper
Capital Management's general counsel and senior vice president
affirmed her firms position and added that management does no intend
to recommend that a redemption fee be imposed in connection with
the proposed open ending of the fund. Karpus hailed the
decision by Piper Capital Management as a significant
breakthrough for the benefit of the shareholders. He praised
the responsiveness of the Piper Capital Management team for
its willingness to communicate freely regarding these matters.
A shareholder vote regarding open ending of the fund is
expected at the annual meeting in late July or early August.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 1,035,257 Shares
which represents 6.09% of the outstanding Shares. None of the
Principals owns any other Shares except for Karpus Investment
Management Profit Sharing Plan which purchased 1,000 shares on
December 10, 1997 at a price of $6.125 per share.
b) KIM has the sole power to dispose of and to vote all of such Shares
under limited powers of attorney.
c) Open market purchases or sales for the last 90 days for the
Accounts. There have been no dispositions and no acquisitions,
other than by such open market purchases, during such period.
Price Per Price Per
Date Shares Share
---- --------- ----------
3/4/98 40,000 6.4375
3/5/98 100 6.4375
3/6/98 4,100 6.4375
3/9/98 109,100 6.4375
3/10/98 14,700 6.4375
3/11/98 8,700 6.4375
3/12/98 18,700 6.4375
3/13/98 18,200 6.4375
3/16/98 9,900 6.4375
3/17/98 8,500 6.4375
3/18/98 12,990 6.4375
3/19/98 7,700 6.4375
3/20/98 3,672 6.4375
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The Accounts have the right to receive all dividends from, any
proceeds from the sale of, the Shares. None of the Accounts
has an interest in Shares constituting more than 5% of the
Shares outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships
with Respect to Securities of the Issuer.
Except as described above, there are no contracts, arrangements,
understandings or relationships of any kind among the Principals
and KIM and between any of them and any other person with respect
to any of OIF securities.
ITEM 7 Materials to be Filed as Exhibits
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.
Karpus Management, Inc.
April 8, 1998 By: /s/ George W. Karpus Pres
Date ---------------------------
Signature
George W. Karpus, President
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Name/Title
