<PAGE>
Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the Period Ended July 24, 1998*
................................................................................
<TABLE>
<S> <C>
INCOME:
Dividends .................................................. $ 7,838
Interest ................................................... 3,795,666
Fee income (note 2) ........................................ 130,975
-----------------
Total investment income .................................. 3,934,479
-----------------
EXPENSES (NOTE 3):
Investment management fee .................................. 214,761
Administrative fee ......................................... 85,904
Custodian and accounting fees .............................. 64,462
Transfer agent fees ........................................ 16,223
Reports to shareholders .................................... 43,635
Directors' fees ............................................ 12,091
Audit and legal fees ....................................... 69,423
Other expenses ............................................. 21,584
-----------------
Total expenses ........................................... 528,083
Less expenses paid indirectly .......................... (8,854)
-----------------
Total net expenses ....................................... 519,229
-----------------
Net investment income .................................... 3,415,250
-----------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
AND FOREIGN CURRENCY:
Net realized loss on investments (note 4) .................. (427,720)
Net realized loss on foreign currency transactions ......... (12,016)
-----------------
Net realized loss on investments and foreign currency
transactions ........................................... (439,736)
Net change in unrealized appreciation or depreciation of
investments and on translation of other assets and
liabilities denominated in foreign currencies ............ 1,958,668
-----------------
Net gain on investments and foreign currency ............. 1,518,932
-----------------
Net increase in net assets resulting from operations ... $ 4,934,182
-----------------
-----------------
* DATE FUND DISCONTINUED OPERATIONS DUE TO MERGER. SEE NOTE 1 IN THE NOTES TO
FINANCIAL STATEMENTS.
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
- ---------------------------------------------------------------------
1998 Annual Report 1 The Americas Income Trust
<PAGE>
Financial Statements (continued)
- ---------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
................................................................................
<TABLE>
<CAPTION>
PERIOD ENDED YEAR ENDED
7/24/98* 10/31/97
------------------ -----------------
<S> <C> <C>
OPERATIONS:
Net investment income ...................................... $ 3,415,250 $ 4,424,736
Net realized gain (loss) on investments and foreign currency
transactions ............................................. (439,736) 4,792,455
Net change in unrealized appreciation or depreciation of
investments and on translation of other assets and
liabilities denominated in foreign currencies ............ 1,958,668 (4,463,289)
------------------ -----------------
Net increase in net assets resulting from operations ..... 4,934,182 4,753,902
------------------ -----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ................................. (3,346,656) (3,875,810)
Tax return of capital ...................................... (29,049) --
------------------ -----------------
Total distributions ...................................... (3,375,705) (3,875,810)
------------------ -----------------
CAPITAL SHARE TRANSACTIONS:
Fund merger (note 6) ....................................... (57,499,714) --
------------------ -----------------
Total increase (decrease) in net assets .................. (55,941,237) 878,092
Net assets at beginning of period .......................... 55,941,237 55,063,145
------------------ -----------------
Net assets at end of period ................................ $ -- $55,941,237
------------------ -----------------
------------------ -----------------
Undistributed net investment income ........................ $ -- $ 556,355
------------------ -----------------
------------------ -----------------
* DATE FUND DISCONTINUED OPERATIONS DUE TO MERGER. SEE NOTE 1 IN THE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
- ---------------------------------------------------------------------
1998 Annual Report 2 The Americas Income Trust
<PAGE>
Notes to Financial Statements
- --------------------------------------------------------------------------------
(1) ORGANIZATION
................................
The Americas Income Trust Inc. (the fund) is registered under the
Investment Company Act of 1940 (as amended) as a non-diversified,
closed-end management investment company. The fund primarily
invested in debt securities issued by issuers located in the
United States, Canada and Mexico. The fund could invest up to 35%
of its assets in non-rated and below investment grade debt
securities. Debt securities that the fund could invest in
included: mortgage-related securities; asset-backed securities;
structured securities, including foreign linked index securities;
municipal obligations; Brady bonds and corporate debt securities,
and U.S. and foreign government securities. The fund could
purchase securities through the dollar-roll program. Fund shares
were listed on the New York Stock Exchange under the symbol XUS.
On May 1, 1998, Piper Jaffray Companies Inc., the parent company
of the fund's investment advisor, was acquired by U.S. Bancorp.
U.S. Bancorp is a multi-state bank holding company headquartered
in Minneapolis, Minnesota with a geographic service area spanning
17 states. As of June 30, 1998, U.S. Bancorp was the 14th largest
U.S. commercial bank holding company, with assets of nearly $73.8
billion. U.S. Bank National Association ("U.S. Bank"), a wholly
owned subsidiary of U.S. Bancorp, currently acts as the
investment advisor to 32 mutual funds (the "First American
Funds"). As of June 30, 1998, U.S. Bank, acting through its First
American Asset Management group, managed more than $77.5 billion
in assets, including approximately $28.4 billion in assets of the
First American Funds.
As discussed in note 6, all of the fund's net assets were
acquired by First American Investment Funds, Inc. - Strategic
Income Fund effective at the close of business on July 24, 1998.
It is anticipated that the company will be dissolved under
Minnesota law as soon as practicable.
- ---------------------------------------------------------------------
1998 Annual Report 3 The Americas Income Trust
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
(2) SUMMARY OF
SIGNIFICANT
ACCOUNTING
POLICIES
................................
INVESTMENTS IN SECURITIES
Portfolio securities for which market quotations were readily
available were valued at current market value. If market
quotations or valuations were not readily available, or if such
quotations or valuations were believed to be inaccurate,
unreliable or not reflective of market value, portfolio
securities were valued according to procedures adopted by the
fund's board of directors in good faith at "fair value", that is,
a price that the fund might have reasonably expected to receive
for the security or other asset upon its current sale.
The current market value of certain fixed income securities was
provided by an independent pricing service. Fixed income
securities for which prices were not available from an
independent pricing service but where an active market exists
were valued using market quotations obtained from one or more
dealers that make markets in the securities or from a widely-used
quotation system. Short-term securities with maturities of 60
days or less were valued at amortized cost, which approximated
market value.
Securities transactions were accounted for on the date securities
were purchased or sold. Realized gains and losses were calculated
on the identified-cost basis. Interest income, including
amortization of bond discount and premium, was recorded on an
accrual basis.
FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS
Securities and other assets and liabilities denominated in
foreign currencies were translated into U.S. dollars at the
closing rate of exchange. Foreign currency amounts related to the
purchase or sale of securities and income and expenses were
translated at the exchange rate on the transaction date. For
financial reporting purposes the realized and unrealized gain
(loss) on investments reflected changes in exchange rates as well
as changes in the market value of investments.
- ---------------------------------------------------------------------
1998 Annual Report 4 The Americas Income Trust
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
The fund also entered into forward foreign currency exchange
contracts for hedging purposes. The net U.S. dollar value of
foreign currency underlying all contractual commitments held by
the fund, and the resulting unrealized appreciation or
depreciation, were determined using foreign currency exchange
rates from independent pricing sources. The fund was subject to
the credit risk that the other party would not complete the
obligations of the contract.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS
Delivery and payment for securities that were purchased by the
fund on a when-issued or forward-commitment basis could take
place a month or more after the transaction date. During this
period, such securities did not earn interest, were subject to
market fluctuation and may have increased or decreased in value
prior to their delivery. The fund segregated, with its custodian,
assets with a market value equal to the amount of its purchase
commitments. The purchase of securities on a when-issued or
forward-commitment basis may have increased the volatility of the
fund's net asset value if the fund made such purchases while
remaining substantially fully invested.
In connection with its ability to purchase securities on a when-
issued or forward-commitment basis, the fund entered into
mortgage dollar rolls in which the fund sold securities purchased
on a forward commitment basis and simultaneously contracted with
a counterparty to repurchase similar (same type, coupon and
maturity) but not identical securities on a specified future
date. As an inducement to "roll over" its purchase commitments,
the fund received negotiated fees. For the period ended July 24,
1998, such fees earned by the fund amounted to $130,975.
FEDERAL TAXES
The fund complied with the requirements of the Internal Revenue
Code applicable to regulated investment companies and was not
- ---------------------------------------------------------------------
1998 Annual Report 5 The Americas Income Trust
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
subject to federal income tax. The fund distributed its taxable
net investment income and any realized gains to avoid the payment
of any federal excise taxes.
Net investment income and net realized gains (losses) differed
for financial statement and tax purposes primarily because of the
recognition of certain foreign currency gains (losses) as
ordinary income (loss) for tax purposes. The character of
distributions made during the year from net investment income or
net realized gains may have differed from its ultimate
characterization for federal income tax purposes. Distributions
that exceeded the net investment income or net realized gains
recorded on a tax basis are presented as a "tax return of
capital" in the statements of changes in net assets and the
financial highlights. In addition, due to the timing of dividend
distributions, the fiscal year in which amounts were distributed
may differ from the year that the income or realized gains or
losses were recorded by the fund.
As a result of permanent book-to-tax differences, a
reclassification adjustment was made to decrease undistributed
net investment income and decrease accumulated net realized loss
on investments by $624,949.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders from net investment income were
declared daily and paid monthly. Net realized gains
distributions, if any, were made at least annually. Distributions
were payable in cash or reinvested in additional shares.
REPURCHASE AGREEMENTS
For repurchase agreements entered into with certain
broker-dealers, the fund, along with other affiliated registered
investment companies, transferred uninvested cash balances into a
joint trading account, the daily aggregate of which was invested
in repurchase agreements secured by U.S. government or agency
obligations. Securities pledged as collateral for all individual
and joint repurchase agreements were held by the fund's custodian
bank
- ---------------------------------------------------------------------
1998 Annual Report 6 The Americas Income Trust
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
until maturity of the repurchase agreement. Provisions for all
agreements ensured that the daily market value of the collateral
was in excess of the repurchase amount, including accrued
interest, to protect the fund in the event of a default.
USE OF ESTIMATES
The preparation of financial statements in conformity with
generally accepted accounting principles required management to
make estimates and assumptions that affected the reported amounts
in the financial statements. Actual results could have differed
from these estimates.
(3) EXPENSES
................................
INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES
The fund entered into an investment advisory agreement with Piper
Capital Management Incorporated. In addition, Piper Capital
provided services under an administration agreement through April
30, 1998. Effective May 1, 1998, the fund entered into an
administration agreement with U.S. Bank, an affiliate of the
advisor.
The investment advisory agreement provided the advisor with a
monthly investment management fee equal to an annualized rate of
0.50% of the fund's average weekly net assets. For its fee, the
advisor provided investment advice and conducted the management
and investment activity of the fund.
Salomon Brothers Asset Management Inc. was retained by Piper
Capital Management Incorporated as the subadvisor of the fund and
was paid a fee equal to 75% of the investment management fee.
The administration agreement provided the administrator with a
monthly fee in an amount equal to an annualized rate of 0.20% of
the fund's average weekly net assets. For its fee, the
administrator provided reporting, regulatory and record-keeping
services for the fund.
- ---------------------------------------------------------------------
1998 Annual Report 7 The Americas Income Trust
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
OTHER FEES AND EXPENSES
In addition to the investment management and administrative fees,
the fund was responsible for paying most other operating
expenses, including: outside directors' fees and expenses;
custodian fees; registration fees; printing and shareholder
reports; transfer agent fees and expenses; legal, auditing and
accounting services; insurance; interest; taxes and other
miscellaneous expenses.
Expenses paid indirectly represent a reduction of custodian fees
for earnings on miscellaneous cash balances maintained by the
fund.
(4) INVESTMENT
SECURITY
TRANSACTIONS
................................
Cost of purchases and proceeds from sales of securities, other
than temporary investments in short-term securities and dollar
roll transactions, for the period ended July 24, 1998, aggregated
$49,967,735 and $44,306,690, respectively. Including dollar
rolls, such purchases and sales aggregated $216,145,083 and
$210,484,040, respectively.
(5) CAPITAL LOSS
CARRYOVER
................................
For federal income tax purposes, the fund had capital loss
carryovers at July 24, 1998, which, if not offset by subsequent
capital gains, will expire on the fund's fiscal year-ends as
indicated below. It is unlikely the board of Strategic Income
Fund will authorize a distribution of any net realized capital
gains by such fund until the available capital loss carryovers
have been offset or expire.
<TABLE>
<CAPTION>
CAPITAL LOSS
CARRYOVER EXPIRATION
------------- ----------
<S> <C> <C>
$ 115,663 2002
9,607,653 2003
5,431,300 2004
-------------
$ 15,154,616
-------------
-------------
</TABLE>
(6) MERGER
................................
At a special meeting held July 10, 1998, shareholders of XUS
approved a plan under which the fund's net assets were acquired
by First American Investment Funds, Inc. - Strategic Income Fund,
a
- ---------------------------------------------------------------------
1998 Annual Report 8 The Americas Income Trust
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
newly-created, diversified series of an open-end investment
management company, in exchange for Class A Shares. This tax-free
reorganization was effective July 24, 1998.
The following table presents the composition of the net assets of
XUS immediately prior to the merger.
<TABLE>
<CAPTION>
<S> <C>
Capital stock and additional paid-in
capital .............................. $ 72,436,564
Accumulated net realized loss on
investments .......................... (15,154,616)
Unrealized appreciation of investments
and other assets and liabilities
denominated in foreign currencies .... 217,766
------------
Total - representing net assets
applicable to capital stock .......... $ 57,499,714
------------
------------
Net asset value ........................ $ 9.198
Shares outstanding ..................... 6,251,305
</TABLE>
- ---------------------------------------------------------------------
1998 Annual Report 9 The Americas Income Trust
<PAGE>
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
(7) FINANCIAL
HIGHLIGHTS
................................
Per-share data for a share of capital stock outstanding
throughout each period and selected information for each period
are as follows:
<TABLE>
<CAPTION>
Period Year Year Year Period
Ended Ended Ended Ended Ended
7/24/98(h) 10/31/97 10/31/96(e) 10/31/95 10/31/94(f)
-------------- --------- --------------- --------- ---------------
<S> <C> <C> <C> <C> <C>
PER-SHARE DATA
Net asset value, beginning of period ... $ 8.95 $ 8.81 $ 8.21 $10.26 $14.04
------- --------- ------- --------- ---------------
Operations:
Net investment income ................ 0.55 0.71 0.59 0.79 0.92
Net realized and unrealized gains on
investments 0.24 0.05 0.64 (1.96) (3.85)
------- --------- ------- --------- ---------------
Total from operations .............. 0.79 0.76 1.23 (1.17) (2.93)
------- --------- ------- --------- ---------------
Distributions to shareholders:
From net investment income ........... (0.54) (0.62) -- -- (0.73)
Tax return of capital ................ -- -- (0.63) (0.88) (0.12)
------- --------- ------- --------- ---------------
Total distributions to
shareholders ..................... (0.54) (0.62) (0.63) (0.88) (0.85)
------- --------- ------- --------- ---------------
Net asset value, date of merger
(7/24/98) ............................ (9.20) -- -- -- --
------- --------- ------- --------- ---------------
Net asset value, end of period ......... $ -- $ 8.95 $ 8.81 $ 8.21 $10.26
------- --------- ------- --------- ---------------
------- --------- ------- --------- ---------------
Market value, end of period ............ $ --(i) $ 8.25 $ 7.38 $ 6.88 $ 9.75
------- --------- ------- --------- ---------------
------- --------- ------- --------- ---------------
SELECTED INFORMATION
Total return, net asset value (a) ...... 8.85% 8.63% 15.78% (10.96)% (20.98)%
Total return, market value (b) ......... 18.57% 21.02% 17.32% (20.90)% (29.98)%
Net assets at end of period (in
millions) ............................ $ -- $ 56 $ 55 $ 52 $ 66
Ratio of expenses to average weekly net
assets including interest expense .... 1.22%(g) 1.15% 1.27% 1.21% 1.60%(g)
Ratio of expenses to average weekly net
assets excluding interest expense .... 1.22%(g) 1.15% 1.27% 1.21% 0.93%(g)
Ratio of net investment income to
average weekly net assets ............ 7.92%(g) 7.66% 7.23% 9.60% 10.82%(g)
Portfolio turnover rate (excluding
short-term securities and dollar roll
transactions) ........................ 115% 121% 104% 61% 62%
Amount of borrowings outstanding at end
of period (in millions) (c) .......... $ -- $ -- $ -- $ -- $ 15
Per-share amount of borrowings
outstanding at end of period ......... $ -- $ -- $ -- $ -- $ 2.33
Per-share amount of net assets,
excluding borrowings, at end of
period ............................... $ -- $ -- $ -- $ -- $12.59
Asset coverage ratio (d) ............... -- -- -- -- 540%
</TABLE>
(a) ASSUMES REINVESTMENT OF DISTRIBUTIONS AT NET ASSET VALUE AND DOES NOT
REFLECT A SALES CHARGE.
(b) ASSUMES REINVESTMENT OF DISTRIBUTIONS AT ACTUAL PRICES PURSUANT TO THE
FUND'S DIVIDEND REINVESTMENT PLAN. FOR PURPOSES OF THE FISCAL 1998
COMPUTATION, THE JULY 24, 1998 NET ASSET VALUE IS USED AS THE END OF PERIOD
VALUE. SEE NOTE 6 REGARDING THE MERGER INTO AN OPEN-END MANAGEMENT
INVESTMENT COMPANY ON JULY 24, 1998.
(c) SECURITIES PURCHASED ON A WHEN-ISSUED BASIS FOR WHICH LIQUID SECURITIES ARE
SEGREGATED WITH THE CUSTODIAN ARE NOT CONSIDERED BORROWINGS. SEE NOTE 2 IN
THE NOTES TO FINANCIAL STATEMENTS.
(d) REPRESENTS NET ASSETS, EXCLUDING BORROWINGS, AT END OF PERIOD DIVIDED BY
BORROWINGS OUTSTANDING AT END OF PERIOD.
(e) EFFECTIVE MAY 22, 1996, SALOMON BROTHERS ASSET MANAGEMENT INC. BECAME THE
SUBADVISOR TO THE FUND.
(f) COMMENCEMENT OF OPERATIONS WAS JANUARY 28, 1994.
(g) ANNUALIZED.
(h) DATE THE FUND DISCONTINUED OPERATIONS DUE TO MERGER. SEE NOTE 1 IN THE
NOTES TO FINANCIAL STATEMENTS.
(i) SHARES STOPPED TRADING ON THE NEW YORK STOCK EXCHANGE ON JULY 20, 1998.
- ---------------------------------------------------------------------
1998 Annual Report 10 The Americas Income Trust
<PAGE>
Independent Auditors' Report
- --------------------------------------------------------------------------------
THE BOARD OF DIRECTORS AND SHAREHOLDERS
THE AMERICAS INCOME TRUST INC.:
We have audited the statement of operations of The Americas Income Trust Inc.
for the period from November 1, 1997 to July 24, 1998 (date of fund merger), the
statements of changes in net assets for the period from November 1, 1997 to July
24, 1998 and the year ended October 31, 1997, and the financial highlights
presented in note 7 to the financial statements. These financial statements and
the financial highlights are the responsibility of the fund's management. Our
responsibility is to express an opinion on these financial statements and the
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the results of operations for The Americas Income Trust
Inc. and the changes in its net assets and the financial highlights for the
periods stated in the first paragraph above, in conformity with generally
accepted accounting principles.
As described in note 1 to the financial statements, The Americas Income Trust
Inc. merged into Strategic Income Fund (a series of First American Investment
Funds, Inc.) effective July 24, 1998.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
September 4, 1998
- ---------------------------------------------------------------------
1998 Annual Report 11 The Americas Income Trust
<PAGE>
Federal Income Tax Information
- --------------------------------------------------------------------------------
The following per-share information describes the federal tax
treatment of distributions made during the fiscal year.
Distributions for the calendar year will be reported on Form
1099-DIV. Please consult a tax adviser on how to report these
distributions at the state and local levels.
INCOME DISTRIBUTIONS
(99.14% TAXABLE AS ORDINARY DIVIDENDS, 0.86% TAX RETURN OF
CAPITAL, NONE QUALIFYING FOR DEDUCTION BY CORPORATIONS)
<TABLE>
<CAPTION>
PAYABLE DATE AMOUNT
- ---------------------------------------- -------
<S> <C>
November 24, 1997 ...................... $0.0550
December 17, 1997 ...................... 0.0550
January 12, 1998 ....................... 0.0550
February 25, 1998 ...................... 0.0600
March 25, 1998 ......................... 0.0600
April 22, 1998 ......................... 0.0550
May 27, 1998 ........................... 0.0550
June 24, 1998 .......................... 0.0550
July 17, 1998 .......................... 0.0900
-------
Total .............................. $0.5400
-------
-------
</TABLE>
- ---------------------------------------------------------------------
1998 Annual Report 12 The Americas Income Trust
<PAGE>
Shareholder Update
- --------------------------------------------------------------------------------
ANNUAL MEETING RESULTS
An annual meeting of the fund's shareholders was held on July 10,
1998. Each matter voted upon at that meeting, as well as the
number of votes cast for, against or withheld, the number of
abstentions, and the number of broker non-votes with respect to
such matters, are set forth below.
1. PROPOSAL TO RATIFY AND APPROVE AN INTERIM ADVISORY AGREEMENT
between the fund and Piper Capital Management Incorporated
("Piper Capital"), and the receipt of investment advisory
fees by Piper Capital under such agreement:
<TABLE>
<CAPTION>
SHARES VOTED
------------
<S> <C>
For .................................... 5,511,258
Against ................................ 86,127
Abstain ................................ 100,067
------------
Total .................................. 5,697,452
------------
------------
</TABLE>
2. PROPOSAL TO RATIFY AND APPROVE AN INTERIM SUB-ADVISORY
AGREEMENT between Piper Capital and Salomon Brothers Asset
Management Inc. (Salomon) and the receipt of sub-advisory
fees by Salomon under such agreement:
<TABLE>
<CAPTION>
SHARES VOTED
------------
<S> <C>
For .................................... 5,515,139
Against ................................ 91,189
Abstain ................................ 91,124
------------
Total .................................. 5,697,452
------------
------------
</TABLE>
3. PROPOSAL TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION
providing for the transfer of the assets and liabilities of
the Fund to Strategic Income
- ---------------------------------------------------------------------
1998 Annual Report 13 The Americas Income Trust
<PAGE>
Shareholder Update (continued)
- --------------------------------------------------------------------------------
Fund, a newly created open-end fund of First American
Investment Funds, Inc. ("FAIF"), in exchange for Class A
Shares of Strategic Income Fund.:
<TABLE>
<CAPTION>
SHARES VOTED
------------
<S> <C>
For .................................... 3,920,648
Against ................................ 86,735
Abstain ................................ 92,923
Broker Non-Vote ........................ 1,597,146
------------
Total .................................. 5,697,452
------------
------------
</TABLE>
- ---------------------------------------------------------------------
1998 Annual Report 14 The Americas Income Trust
