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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
American Strategic Income Portfolio, Inc.
(ASP)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
030098107
(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 9, 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. [x]
(Page 1 of 5 pages)
There are no exhibits.
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SCHEDULE 13D
CUSIP No. 030098107 Page 2 of 5 Pages
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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
I.D. # 16-1290558
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /x/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
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7 SOLE VOTING POWER
NUMBER OF 88,088 Shares
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 88,088 Shares
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
88,088 Shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.86%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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ITEM 1 Security and Issuer
Common Stock
American Strategic Income Portfolio, 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, trusts 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 adviser, has accumulated shares
of ASP 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 ASP fit the
investment guidelines for various Accounts. Shares of the fund
have been acquired since April 28, 1997. KIM intends to
influence management and the Board of Directors to represent
shareholder interests and to take steps to close the discount
to net asset value at which the fund currently trades. On
March 20, 1998
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Piper Capital Management stated their intentions to recommend open
market repurchases. This announcement prompted KIM to withdraw any
and all previous proposals submitted to the Fund.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 88,088 Shares which
represents 1.86% of the outstanding Shares. None of the Principals
or KIM presently owns any other Shares.
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 since April 1997 for the Accounts.
There have been no dispositions and no acquisitions, other than by
such open market purchases, during such period unless indicated.
Purchase Shares Price Per Purchase Shares Price Per
Date Purchased Share Date Purchased Share
4/28/97 1,000 11 12/11/97 1,500 11.4375
5/5/97 4,000 11.125 12/12/97 5,900 11.4375
5/13/97 350 11.125 12/16/97 11,200 11.4375
5/14/97 3,400 11.125 12/17/97 1,000 11.4375
12/1/97 -920 12.87 12/19/97 -3,900 11.625
12/8/97 -542 12.87 12/23/97 29,200 11.4375
12/9/97 6,100 11.5 12/23/97 3,000 11.5
12/10/97 11,800 11.4375 2/18/98 5,000 11.8125
3/6/98 3,400 11.6875
3/11/98 6,600 11.6875
The above listed transactions have totaled 88,088 Shares. Sale
transactions of 12/1/97 and 12/8/97 were Shares that were tendered to
the Fund per tender offer. 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 ASP securities.
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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 9, 1998 By: /s/ George W. Karpus Pres
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Date Name / Title
George W. Karpus, President
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Name / Title
