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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
American Select Portfolio
(SLA)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
029570108
(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)
January 22, 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 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. 029570108 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) |__|
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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 163,557 Shares
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 163,557 Shares
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
163,557 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)
1.23%
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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 Select Portfolio, Inc.
Piper Capital Management
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).
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 State citizen KIM is a New York
corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
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KIM, an independent investment advisor, has accumulated shares of SLA 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 form 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 SLA fit the investment guidelines for various
Accounts. Shares of the fund have been acquired since December 29, 1995.
KIM intends to influence management and the Board of Directors to
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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.
ITEM 5 Interest in Securities of the Issuer
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a) As of the date of this Report, KIM owns 163,557 Shares which
represents 1.23% of the outstanding Shares. None of the Principals
or KIM own 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 December 29, 1995 for the Accounts.
There have been no dispositions and no acquisitions, other than by
such open market purchases, during such period.
Purchase Shares Price Purchase Shares Price Per
Date Purchased Per Share Date Purchased Share
12/29/95 2,700 10.75 12/24/96 2,000 10.75
12/29/95 4,000 10.875 1/10/97 10,100 10.75
1/2/96 6,500 10.75 4/14/97 -39,000 11.125
1/15/96 900 10.875 4/14/97 1,334 11.125
1/16/96 2,900 10.875 4/29/97 -4,000 11.5
2/1/96 750 10.875 5/9/97 -11,000 11.125
3/7/96 5,000 11 7/14/97 -750 11.75
4/9/96 25,100 10.25 8/1/97 950 11.4375
4/10/96 1,400 10.25 8/4/97 6,000 11.4375
4/11/96 5,000 10.125 8/5/97 6,500 11.4375
5/29/96 20,000 10.25 8/13/97 6,200 11.4375
7/12/96 1,000 10.25 8/14/97 16,000 11.4375
7/15/96 17,500 10.25 8/15/97 26,400 11.4375
7/16/96 3,900 10.25 8/18/97 10,000 11.4375
7/17/96 16,800 10.25 8/22/97 2,000 11.4375
7/18/96 800 10.25 8/27/97 500 11.5625
8/9/96 1,500 10.5 9/4/97 2,300 11.5625
8/14/96 10,000 10.5 9/5/97 2,000 11.5625
8/26/96 4,400 10.5 11/24/97 -1250 11.75
8/27/96 9,500 10.5 12/1/97 -11,598 12.88
8/28/96 9,000 10.5 12/5/97 -2479 12.88
8/29/96 2,100 10.5 12/8/97 -21,900 12.88
9/13/96 1,000 10.5
12/5/96 6,500 10.875
12/23/96 5,000 10.75
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The above listed transactions have totaled 163,557 Shares. Sale
transactions of December 1, 1997 and December 8,1997 represents 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
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Respect to Securities of the Issuer.
-----------------------------------
Except as described above, there are no contracts, arrangement,
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 SLA
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.
January 22, 1998 By: /s/ George W. Karpus Pres
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Date Signature
George W. Karpus, President
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Name/Title
