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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)
March 10, 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 6 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
778,895 shares
Number of Shares
8 Shared Voting Power
Beneficially
Owned by Each
9 Sole Dispositive Power
Reporting Person
778,895 shares
With
10 Shared Dispositive Power
11 Aggregate Amount Beneficially Owned by Each Reporting Person
778,895 shares
12 Check Box if the Aggregate Amount in Row 11
Excludes Certain Shares* / /
13 Percent of Class Represented by Amount in Row 11
4.29%
14 Type of Reporting Person*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDE EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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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
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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 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 Managment 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 778,895 Shares which
represents 4.29% 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 since February 1, 1996 for the
Accounts. There have been no dispositions and no acquisitions, other
than by such open market purchases, during such period.
Purchase Shares Price per Purchase Shares Price per
Date Purchased Share Date Purchased Share
2/1/96 8,500 5.75 3/15/96 3,000 5.5
2/8/96 3,300 5.75 3/18/96 700 5.5
2/9/96 23,700 5.75 4/1/96 200 5.5
2/20/96 12,700 5.75 4/2/96 12,300 5.5
2/21/96 24,100 5.75 4/3/96 8,500 5.5
2/22/96 10,200 5.75 4/4/96 1,000 5.5
2/23/96 21,300 5.75 4/8/96 1,500 5.5
2/26/96 10,000 5.75 4/9/96 18,700 5.5
3/6/96 10,800 5.625 4/10/96 5,000 5.5
3/7/96 1,200 5.625 4/26/96 2,500 5.5
3/8/96 5,000 5.625 6/14/96 42,400 5.25
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Purchase Shares Price Per Purchase Shares Price Per
Date Purchased Share Date Purchased Share
6/17/96 11,400 5.25 8/11/97 7,700 6.125
6/26/96 -5000 5.625 8/13/97 8,800 6.125
9/13/96 34,900 5.75 8/14/97 6,200 6.125
9/16/96 4,100 5.75 8/15/97 7,400 6.125
11/5/96 9,500 5.875 8/19/97 6,200 6.125
12/3/96 53,700 5.875 8/27/97 34,300 6.125
2/21/97 3,000 6 8/28/97 15,700 6.125
2/27/97 2,500 6 9/2/97 6,800 6.6025
3/12/97 -9,800 6 9/3/97 7,500 6.0625
3/13/97 -3,700 6 9/4/97 6,800 6.0625
3/20/97 9,000 5.875 9/5/97 3,000 6.0625
3/20/97 -2,000 6 9/8/97 5,500 6.0625
4/9/97 -2,500 5.75 9/9/97 9,100 6.0625
4/29/97 3,000 5.875 9/10/97 8,000 6.0625
5/1/97 4,000 5.875 9/11/97 3,300 6.0625
5/9/97 5,000 5.875 11/20/97 3,000 6.125
5/14/97 -3,500 6 11/24/97 6,200 6.125
5/15/97 -3,000 6 11/25/97 46,300 6.125
5/19/97 -1,600 6 11/26/97 18,000 6.125
5/20/97 -1,900 6 11/28/97 6,500 6.125
6/9/97 10,000 5.9375 12/1/97 1,000 6.0625
7/1/97 2,900 6 12/1/97 -15,143 6.66
7/2/97 14,900 6 12/2/97 1,500 6.125
7/3/97 5,700 6 12/3/97 1,800 6.0625
7/8/97 10,000 6.0625 12/4/97 7,700 6.0625
7/16/97 8,700 6.125 12/5/97 41,500 6.0625
7/17/97 4,600 6.125 12/8/97 -167,762 6.66
7/18/97 1,700 6.125 12/8/97 81,600 6.0625
8/5/97 7,500 6.125 12/9/97 37,743 6.0625
8/6/97 4,700 6.125 12/10/97 49,000 6.0625
8/7/97 17,800 6.125 12/29/97 5,500 6.0625
8/8/97 13,700 6.125
Sale transactions of 12/1/97 and 12/8/97 were tendered to Fund.
The above listed transactions have totaled 778,895 shares.
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.
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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.
March 10, 1998 By: /s/ George W. Karpus, President
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Date Signature
George W. Karpus, President
Name/ Title
