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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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)
March 10, 1998
(Date of Event which Requires Filing of this Statement)
Ifthe 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 7 pages)
There are no exhibits.
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SCHEDULE 13D
CUSIP No. 03060Q103 Page 2 of 7 Pages
1. Names 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) /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
360,800 shares
Number of
Shares 8. Shared Voting Power
Beneficially
Owned By Each
Reporting 9. Sole Dispositive Power
Person 360,800 shares
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
360,800 shares
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
5.77%
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
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sector, the profile of XUS fit the investment guidelines for various
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. Initially KIM submitted a
formal proposal to management to add to the proxy a vote on appointing
KIM as the investment advisor. Subsequently KIM had made a proposal to
open-end the fund to management. On March 6, 1998 KIM formally
announced that it was withdrawing any proposal regarding the fund and
would no longer be seeking a shareholder list. Kim's proposal came on
the heels of Piper Capital's announcement on February 19, 1998 the it "
intends to recommend to the board of directors that several of the
funds be converted to an open end format". In a letter dated February
25, 1998 to Karpus, the Piper Capital Management's general counsel and
senior vice president affirmed her firms position and added that
management does not intend to recommend that a redemption fee be
imposed in connection with the proposed open ending of the fund. Karpus
hailed the decision by Piper Capital Management as a significant
breakthrough for the benefit of the shareholders. He praised the
responsiveness of the Piper Capital Management team for its willingness
to communicate freely regarding these matters. A shareholder vote
regarding open ending of the fund is expected at the annual meeting in
late July or early August.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 360,800 Shares which
represents 5.77% 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.
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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 8/22/97 8,900 8.1875
3/20/96 2,700 6.875 8/25/97 2,000 8.25
3/21/96 6,800 6.875 8/26/97 1,100 8.1875
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Date Price per Date Price per
Purchased Shares Share Purchased Shares Share
- --------- ------ ----- --------- ------ -----
9/5/97 1,250 8.25 1/9/98 2,600 8.1875
9/11/97 11,250 8.125 1/12/98 600 8.1875
10/24/97 13,000 8.125 1/13/98 5,500 8.1875
11/5/97 5,000 8 1/14/98 6,400 8.1875
11/7/97 5,000 7.625 1/15/98 1,300 8.1875
11/19/97 9,700 7.625 1/26/98 -1,000 8.375
12/3/97 20,000 7.9375 2/4/98 650 8.375
12/8/97 8,800 8 2/5/98 3,100 8.375
12/11/97 4,700 8 2/6/98 1,000 8.375
12/12/97 4,800 8 2/17/98 3,000 8.375
12/15/97 1,000 7.875 2/23/98 28,700 9.1875
12/15/97 3,400 7.9375 2/24/98 7,900 9.1875
12/16/97 16,600 8 2/25/98 1,000 9.1875
12/17/97 4,600 8
12/19/97 6,150 8
12/22/97 1,300 7.9375
12/23/97 3,700 7.9375
12/23/97 1,000 7.875
1/8/98 5,300 8.1875
The above listed transactions have totaled 360,800 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.
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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.
March 10, 1998 By: /s/ George W. Karpus
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Signature
George W. Karpus, President
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Name / Title
