Supplement Dated June 8, 1998 to
COMBINED PROXY STATEMENT/PROSPECTUS
Dated May 15, 1998
THE AMERICAS INCOME TRUST INC.
HIGHLANDER INCOME FUND INC.
222 South Ninth Street
Minneapolis, Minnesota 55402-3804
FIRST AMERICAN INVESTMENT FUNDS, INC.
Oaks, Pennsylvania 19456
1-800-637-2548
The "Capitalization" section of the Combined Proxy
Statement/Prospectus, which appears on page 28, is hereby revised to read as
follows:
CAPITALIZATION. The following table sets forth the unaudited
capitalization of the Piper Funds as of March 31, 1998 and as adjusted to give
effect to the Reorganization of both XUS and HLA into Strategic Fund.
Strategic Fund
XUS HLA Pro Forma Combined
--- --- ------------------
Net assets (in thousands) $60,118 $29,515 $89,633
Net asset value per share $9.62 $14.84 $10.00
Shares outstanding (in thousands) 6,251 1,989 8,963
Based on the above capitalization table, shareholders holding one share of XUS
or HLA would receive .96 or 1.48 shares, respectively, of Strategic Fund, upon
effectiveness of the Reorganization.
The pro forma financial information above is based on the assumption
that shareholders of both XUS and HLA will approve the Reorganization. In the
event that only shareholders of XUS approve the Reorganization, the pro forma
combined net assets of Strategic Fund will be approximately $60,118,000 and,
based on a net asset value per share of $10.00, the number of shares outstanding
will be approximately 6,011,800. In the event that only shareholders of HLA
approve the Reorganization, the pro forma combined net assets of Strategic Fund
will be approximately $29,515,000 and, based on a net asset value per share of
$10.00, the number of shares outstanding will be approximately 2,951,500.
