Shareholders approve hiring of Salomon Brothers Asset Management as subadviser for The Americas Income Trust

Business Wire, May 15, 1996

MINNEAPOLIS--(BUSINESS WIRE)--May 15, 1996--Piper Capital Management Incorporated announced today that shareholders of The Americas Income Trust (NYSE symbol: XUS) have approved two proposals which will allow Piper Capital to hire Salomon Brothers Asset Management Inc (SBAM) as the fund's subadviser.

Shareholders approved an amendment to the investment advisory and management agreement between the fund and Piper Capital authorizing Piper Capital to retain a subadviser to assist in furnishing investment advice to the fund. The final voting results were as follows:

Percent of Outstanding Shares

Voted in Favor Voted Against or Abstained

46.08% 5.08%

In addition, shareholders approved a subadvisory agreement between Piper Capital and SBAM. The final voting results were as follows:

Percent of Outstanding Shares

Voted in Favor Voted Against or Abstained

45.67% 5.50%

SBAM will assume the fund's day-to-day portfolio management duties no later than June 1, 1996. As the fund's adviser, Piper Capital will remain responsible for the oversight of the fund's portfolio strategy.

Piper Capital made this proposal to the fund's board of directors in February because Piper Capital has decided to concentrate its resources on U.S. investment management services: including mid-cap equity, large-cap equity, taxable fixed income, tax-exempt fixed income, balanced, mortgage loan and cash reserve. The Americas Income Trust is a closed-end fund that invests primarily in U.S., Canadian and Mexican debt securities. The fund's primary investment objective is to provide a high level of current income and its secondary objective is to seek capital appreciation.

The fund's board of directors previously approved two changes in the fund's investment policies as requested by SBAM, which will go into effect when SBAM becomes subadviser. These changes did not require shareholder approval. The fund will be able to invest up to 35% of its total assets in non-investment grade or comparable quality securities. The fund was previously permitted to invest up to 10% of its total assets in such securities. Non-investment grade securities, commonly known as "high-yield" or "junk" bonds, are subject to higher risks and greater market fluctuations than are lower-yielding, higher-rated securities. In addition, the fund will be able to invest up to 35% of its total assets in unrated securities, up from the previous limit of 20% in such securities. The fund will not invest any more than 35% of its total assets, collectively, in unrated securities of any quality and non-investment grade or comparable quality securities.

SBAM believes that non-investment grade securities currently present an attractive opportunity in emerging markets such as Mexico. SBAM also believes the fund should be allowed to invest more of its assets in unrated securities because a significant percentage of foreign securities that are of non-investment grade quality are unrated.

The Americas Income Trust, which has approximately $51 million in net assets, is managed by Piper Capital Management Incorporated. Piper Capital is a wholly-owned subsidiary of Piper Jaffray Companies Inc., an investment firm founded in 1895. SBAM, based in New York, together with its affiliates has more than $14 billion in assets under management, including more than $5 billion in global fixed income products.

CONTACT: Marta von Loewenfeldt, 612/342-6584