-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H9XtiK3wzr0xBxYxbF6anrye4fJOtAq6ZUP/gUUnwSnYSlKvGfXnLay0wmDUrfhf UPWlVc+FXx3D57HzCbZcvA== 0000889812-98-000136.txt : 19980128 0000889812-98-000136.hdr.sgml : 19980128 ACCESSION NUMBER: 0000889812-98-000136 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980127 SROS: NYSE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN STRATEGIC INCOME PORTFOLIO INC CENTRAL INDEX KEY: 0000878930 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 411705401 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-47755 FILM NUMBER: 98514118 BUSINESS ADDRESS: STREET 1: 222 SOUTH NINTH ST STREET 2: PIPER JAFFRAY TOWER CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123426000 MAIL ADDRESS: STREET 1: 222 S. 9TH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KARPUS MANAGEMENT INC CENTRAL INDEX KEY: 0001048703 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 161290558 STATE OF INCORPORATION: NY FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 14 TOBEY VILLAGE OFFICE PARK CITY: PITTSFORD STATE: NY ZIP: 14534 BUSINESS PHONE: 7165864680 SC 13D 1 STATEMENT OF BENEFICIAL OWNERSHIP SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 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) 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 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. SCHEDULE 13D CUSIP No. 030098107 Page 2 of 5 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 I.D. # 16-1290558 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |__| (b) |__| - -------------------------------------------------------------------------------- 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 NUMBER OF 73,088 Shares SHARES ------------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY EACH ------------------------------------------------------------ REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 73,088 Shares ------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON 73,088 Shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |__| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.39% - -------------------------------------------------------------------------------- 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 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 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 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 73,088 Shares which represents 1.39% 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 The above listed transactions have totaled 73,088 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. 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. - ---------------- ---------------------------- Date Name / Title -----END PRIVACY-ENHANCED MESSAGE-----