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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)
May 6, 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 4 pages)
There are no exhibits
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SCHEDULE 13D
CUSIP No. 029570108 Page 2 of 4 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 187,709 Shares
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 187,709 Shares
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
187,709 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)
1.57%
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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 none 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 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 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 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 represent shareholder interest and to take steps to close
the discount to net asset at which the fund currently trades.
On March 18, 1998 Piper Capital Management announced that it
will recommend to the board
of directors that the Fund adopt policies regarding share
repurchases and that the Fund adopt an open market
repurchase plan. This prompted
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KIM to withdraw any and all proposals made to the Fund.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 187,709 Shares
which represents 1.57% 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 began in December 29, 1995 for the
Accounts. There have been no dispositions and no
acquisitions, other than by such open market purchases,
during such period. The following transactions have
occurred in the last 120 days.
Price per
Date Shares Share
2/17/98 -3,200 12.125
4/8/98 -3,749 12.06
4/9/98 -1,000 12.06
4/13/98 -3,400 12.06
4/14/98 -10,799 12.06
4/15/98 -700 12.06
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,
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.
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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.
May 6, 1998 By:/s/George W. Karpus, President
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Date Signature
George W. Karpus, President
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Name / Title
