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GEORGE LATIMER JOINS BOARD OF DIRECTORS FOR PIPER CAPITAL MANAGEMENT FUNDS

                GEORGE LATIMER JOINS BOARD OF DIRECTORS
                   FOR PIPER CAPITAL MANAGEMENT FUNDS
    MINNEAPOLIS, Nov. 12 /PRNewswire/ -- Former mayor of St. Paul, Minn., George Latimer, has been elected to the board of directors for the closed-end mutual funds of Piper Capital Management Incorporated.
    Piper Capital is recognized for product innovation and has achieved noteworthy success with 10 of its 11 closed-end funds currently trading above their net asset value.
    Recent offerings include the country's first tax-exempt term trust, the American Municipal Term Trust, and the first tax-exempt term trust for Minnesota, the Minnesota Municipal Term Trust.  In October, a secondary offering of their largest fund, the American Adjustable Term Trust -- 1997, sold an additional 25 million shares bringing it to approximately 50 million shares.
    "George brings a new perspective to our board of directors," said Ed Kohler, president of Piper Capital Management.  "Because of his tenure in politics and experience in representing a constituency, we think he can help convey to us the wants and needs of the average shareholder."
    Latimer is currently dean of Hamline University School of Law in St. Paul, where he has practiced law since 1963.  In addition, Latimer has held a number of community and political offices that include chair of the National League of Cities Urban-Rural Task Force and chair of the Minnesota Tax Commission.
    Latimer served as mayor from 1976 through 1989.  Under his leadership, St. Paul received national recognition and won the 1985 Sixth Annual City Livability Award sponsored by the U.S. Conference of Mayors and Philip Morris Inc.  In 1987, a National League of Cities survey cited St. Paul as one of the five most innovative U.S. cities in economic development due to strong executive leadership, use of public-private partnership, development of community-based projects and a self-sufficiency approach to development.
    Piper Capital Management is one of the largest money management firms in Minnesota with more than $5.5 billion under management.  In addition to closed-end mutual funds, Piper Capital manages a family of 11 open-end funds, as well as portfolios for individuals, institutions and government.  Piper Capital is a wholly owned subsidiary of Piper Jaffray Incorporated, located in Minneapolis.
    -0-                     11/12/91
    /CONTACT:  Kimberly Kaul, of Piper Capital Management, 612-342-6384/ CO:  Piper Capital Management Inc. ST:  Minnesota IN: SU:  PER AL -- MN017 -- 3655 11/12/91 17:19 EST
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Publication:PR Newswire
Date:Nov 12, 1991
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