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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)
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)
July 8, 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 4 pages)
There are no exhibits.
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SCHEDULE 13D
CUSIP No. 03060Q103 Page 2 of 4 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) [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
419,300 shares
NUMBER OF
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 419,300 shares
10. SHARED DISPOSITIVE POWER
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
419,300 shares
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.70%
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.
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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 Shares of the fund
have been acquired since Sept. 1995.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
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a) As of the date of this Report, KIM owns 419,300 Shares which
represents 6.70% 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 in the last 120 days for the Accounts.
Price Per Price Per
Date Shares Share Date Shares Share
3/2/98 5,000 9.1875 4/8/98 3,000 9.125
3/4/98 3,500 9.1875 4/15/98 2,000 9.1875
3/16/98 1,000 9.1875 4/27/98 -5,600 9.0625
3/24/98 350 9.1875 4/30/98 -2,650 9.0625
4/3/98 8,000 9.125 5/15/98 2,750 9.0625
4/6/98 10,100 9.125 6/5/98 1,500 9.00
4/7/98 22,050 9.125 6/24/98 7,500 9.00
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.
July 8, 1998 By: /s/ George W. Karpus
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Signature
George W. Karpus, President
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Name / Title
