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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)
March 10, 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 73,088 Shares
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 73,088 Shares
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
73,088 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)
1.54%
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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. This may include
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a proposal at the next shareholder meeting.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 78,088 Shares which
represents 1.54% 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 12/19/97 -3,900 11.625
12/8/97 -542 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
The above listed transactions have totaled 78,088 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.
By: /s/ George W. Karpus
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March 10, 1998 Name / Title
-------------- George W. Karpus, President
Date Name / Title
