SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 31)

American Income Fund, Inc.
(MRF)
(Name of Issuer)

Common Stock
(Title of Class of Securities)

02672T109
(CUSIP Number)

George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sully?s Trail
Pittsford, New York 14534
(585) 586-4680

(Name, Address, and Telephone Number of Person Authorized to Receive Notices
and Communications)

April 7, 2006
(Date of Event which Requires Filing of this Statement)

If the 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.

Item 1.  Security and Issuer

Common Stock
American Income Fund
US Bancorp, Piper Jaffray
800 Micollet Mall
Mail St# J1012057
Minneapolis, Minnesota 55402-7020

Item 2.  Identity and Background

(a)  Karpus Management, Inc. d/b/a Karpus Investment Management (?KIM?),
George W. Karpus, President, Director and Controlling Stockholder, Jo Ann
Van Degriff, Vice-President and Director, and Sophie Karpus, Director.

(b)  The address of KIM?s principal place of business and principal office is
183 Sully?s Trail, 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 investments).

(d)  None of George W. Karpus, Jo Ann Van Degriff, or Sophie Karpus
(?the Principals?) or KIM has been convicted in the past five 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 499,655
shares of MRF 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.  However, KIM
reserves the right to contact management with regard to concerns that
they have with respect to the Fund.  This may include letters to the
Board and/or other communications with Fund management. Being
primarily a fixed income manager, with a specialty focus in the closed
end fund sector, the profile of MRF fit the investment guidelines for
various Accounts.  Shares have been acquired since December 13, 1993.


ITEM 5 	Interest in Securities of the Issuer

(a) As of the date of this Report, KIM owns 499,655 shares, which
represents 5.29% of the outstanding Shares.  Sophie P. Karpus,
 presently owns 750 shares purchased on November 24,
1998 at a price of $8.61 per share (250 shares), November 17, 2004
at $8.27 (321 shares) and November 18, 2004 at $8.27 (179 shares).
Karpus Investment Management Profit Sharing Plan presently owns
800 shares purchased on March 29, 2001 at $8.52, (352 shares),
November 17, 2004 at $8.27 (288 shares) and November 18, 2004 at
$8.27 (160 shares).  None of the other Principals presently owns shares.

(b) KIM has the sole power to dispose of and to vote all of such Shares
under limited powers of attorney.

(c) The first open market purchase occurred on December 24, 1997 as
previously reported.  Open market purchases for the last 60 days for the
Accounts.  There have been no dispositions and no acquisitions, other
than by such open market purchases, during such period.


Date
Shares
Price Per Share



3/2/2006
200
7.81
3/3/2006
4100
7.83
3/6/2006
1500
7.81
3/7/2006
1200
7.81
3/8/2006
400
7.81
3/9/2006
600
7.77
3/10/2006
-215
7.92
3/13/2006
2135
7.71
3/14/2006
100
7.66
3/15/2006
4100
7.69
3/16/2006
100
7.69
3/20/2006
3100
7.71
3/21/2006
2400
7.72
3/22/2006
5800
7.71
3/24/2006
2700
7.70
3/27/2006
350
7.73
3/28/2005
50
7.72
3/30/2006
4880
7.73
3/31/2006
5850
7.70

The Accounts have the right to receive all dividends from, any proceeds
from the sale of the Shares.  KIM reserves the right to further accumulate
or sell 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 the MRF 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.




By:
Name:  	Dana R. Consler
Title:  		Senior Vice President
Dated:  	April 7, 2006