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AMERICAN ADJUSTABLE RATE TERM TRUST INC. - 1999 OFFERS 13,500,000 SHARES AT $10 PER SHARE

 MINNEAPOLIS, Dec. 16 /PRNewswire/ -- Piper Capital Management Incorporated announces a second offering of 13,500,000 shares of American Adjustable Rate Term Trust Inc. - 1999 (NYSE: EDJ), a registered investment company whose shares are listed on the New York Stock Exchange, at $10 per share. The offering is co-managed by Piper Jaffray Inc.; Kemper Securities, Inc.; Advest, Inc.; McDonald & Company Securities, Inc.; Raymond James & Associates, Inc.; and Wedbush Morgan Securities.
 The fund's investment objectives are to provide a high level of current income and to return $10 per share to investors on or about March 31, 1999. The fund will invest primarily in mortgage-backed securities that have adjustable interest rates.
 The fund is managed by Piper Capital Management Incorporated, an investment adviser with more than $9 billion is assets under management. The firm is a wholly owned subsidiary of Piper Jaffray Inc., a full- service investment firm founded in 1895.
 A prospectus containing more complete information on the American Adjustable Rate Term Trust Inc. - 1999, including all charges and expenses, may be obtained by calling Piper Jaffray Inc. at 1-800-333-6000, extension 6974. Investors should read the prospectus carefully before investing.
 -0- 12/16/92
 /NOTE: There are four other closed-end funds with similar names: American Adjustable Rate Term Trust Inc. - 1995 (ADJ), American Adjustable Rate Term Trust Inc. - 1996 (BDJ), American Adjustable Rate Term Trust - 1997 (CDJ), and American Adjustable Rate Term Trust Inc. - 1998 (DDJ). To avoid confusion, please use the full name including the year when referencing this press release./
 /CONTACT: Lynn James, 612-342-6348, or Kimberly Kaul, 612-342-6384, both of Piper Capital Management/
 (EDJ)


CO: Piper Capital Management; American Adjustable Rate Term Trust Inc. ST: Minnesota IN: SU: OFR

AL -- MN017 -- 7924 12/16/92 17:29 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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