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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Americas Income Trust, Inc.
(XUS)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
03060Q103
(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 13, 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. 03060Q103 Page 1 of 5 Pages
1. Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
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) [X]
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
294,750 shares
Number of
Shares 8. Shared Voting Power
Beneficially
Owned By
Reporting 9. Sole Dispositive Power
Person 294,750 shares
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
294,750 shares
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
13. Percent of Class Represented by Amount in Row (11)
4.71%
14. Type of Reporting Person*
IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
2 of 7
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ITEM 1 Security and Issuer
Common Stock
Americas Income Trust, 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 of KIM
has been a party to a civil proceeding as a result of
which any of them is subject to a judgment, decree or
order final 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 XUS
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 XUS fit the investment guidelines for various
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Accounts. Shares of the fund have been acquired since September of
1995.
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 at which the fund currently trades which 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 294,750 Shares which
represents 4.72% of the outstanding Shares. None of the Principals
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 September 8 ,1995 for the Accounts.
There have been no dispositions and no acquisitions, other than by such
open market purchases, during such period.
Purchase Total Purchase Purchase Total Purchase
Date Shares Price Date Shares Price
9/7/95 2,800 6.875 3/22/96 600 6.875
9/8/95 2,700 6.875 4/2/96 700 6.875
9/11/95 2,600 6.875 4/9/96 5,950 6.75
9/12/95 2,800 6.875 4/23/96 1,000 6.75
9/15/95 3,200 6.875 6/13/96 -1,000 6.625
9/18/95 3,600 6.875 12/27/96 900 7.25
9/19/95 5,400 6.875 2/24/97 1,000 7.75
9/20/95 3,000 6.875 2/25/97 1,000 7.75
9/21/95 3,700 6.875 2/26/97 1,500 7.75
10/27/95 1,800 6.75 3/3/97 1,500 7.75
10/30/95 8,200 6.75 3/19/97 750 7.625
11/10/95 800 6.75 3/31/97 750 7.5
11/17/95 6,800 6.75 6/26/97 14,000 8.125
12/21/95 700 6.75 6/30/97 4,000 8.1875
12/27/95 5,650 6.75 7/1/97 7,500 8.1875
12/28/95 6,850 6.75 7/2/97 2,500 8.125
12/29/95 5,250 6.75 7/15/97 5,000 8.25
3/15/96 800 6.875 7/18/97 -800 8.1875
3/18/96 1,800 6.875 8/15/97 35,000 8.25
3/19/96 1,700 6.875
3/20/96 2,700 6.875
3/21/96 6,800 6.875
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8/22/97 8,900 8.1875 12/11/97 4,700 8
8/25/97 2,000 8.25 12/12/97 4,800 8
8/26/97 1,100 8.1875 12/15/97 1,000 7.875
9/5/97 1,250 8.25 12/15/97 3,400 7.9375
9/11/97 11,250 8.125 12/16/97 16,600 8
10/24/97 13,000 8.125 12/17/97 4,600 8
11/5/97 5,000 8 12/19/97 6,150 8
11/7/97 5,000 7.625 12/22/97 1,300 7.9375
11/19/97 9,700 7.625 12/23/97 3,700 7.9375
12/3/97 20,000 7.9375 12/23/97 1,000 7.875
12/8/97 8,800 8
The above listed transactions have totaled 294,750 shares.
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
XUS 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 13,1998 By:/s/ George W. Karpus
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Signature
George W. Karpus, President
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Name / Title
