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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
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)
May 7, 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 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
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
407,550 Shares
Number of
Shares 8. Shared Voting Power
Beneficially
Owned By Each
Reporting 9. Sole Dispositive Power
Person 407,550 Shares
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
407,550 Shares
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* [ ]
13. Percent of Class Represented by Amount in Row (11)
6.55%
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 none 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. 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
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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 407,550 Shares which
represents 6.55% 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 transactions since 12/31/97. All purchase and sales
have been transacted in the open market.
Price Per Price Per
Date Shares Share Date Shares Share
1/8/98 5,300 8.1875 2/25/98 1,000 9.1875
1/9/98 2,600 8.1875 3/2/98 5,000 9.1875
1/12/98 600 8.1875 3/4/98 3,500 9.1875
1/13/98 5,500 8.1875 3/16/98 1,000 9.1875
1/14/98 6,400 8.1875 3/24/98 350 9.1875
1/15/98 1,300 8.1875 4/3/98 8,000 9.125
1/26/98 -1,000 8.375 4/6/98 10,100 9.125
2/4/98 650 8.375 4/7/98 22,050 9.125
2/5/98 3,100 8.375 4/8/98 3,000 9.125
2/6/98 1,000 8.375 4/15/98 2,000 9.1875
2/17/98 3,000 8.375 4/27/98 -5,600 9.06
2/23/98 28,700 9.1875 4/30/98 -2,650 9.06
2/24/98 7,900 9.1875
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.
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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.
May 7, 1998 By: /s/ George W. Karpus Pres
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Signature
George W. Karpus, President
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Name/Title
