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AMERICAN ADJUSTABLE RATE TERM TRUST INC. - 1998 OFFERS 34,000,000 SHARES AT $10 PER SHARE

 AMERICAN ADJUSTABLE RATE TERM TRUST INC. - 1998
 OFFERS 34,000,000 SHARES AT $10 PER SHARE
 MINNEAPOLIS, Jan. 23 /PRNewswire/ -- Piper Capital Management Incorporated announces an offering of 34,000,000 shares of American Adjustable Rate Term Trust Inc. - 1998 (NYSE: DDJ), 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 & Hopwood Incorporated; Kemper Securities Group, 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 March 31, 1998. 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 in excess of $6.4 billion in assets under management. The firm is a wholly owned subsidiary of Piper Jaffray Incorporated, a full-service investment firm founded in 1895.
 A prospectus containing more complete information on the American Adjustable Rate Term Trust - 1998 including all charges and expenses, may be obtained by calling Piper, Jaffray & Hopwood Incorporated at 1-800-333-6000, ext. 6974. Investors should read the prospectus carefully before investing.
 NOTE: There are three other closed-end funds with similar names: American Adjustable Rate Term Trust Inc. - 1995 (ADJ), American Adjustable Rate Term Trust Inc. - 1996 (BDJ), and American Adjustable Rate Term Trust Inc. - 1997 (CDJ). To avoid confusion, please use the full name including the year when referencing this press release.
 -0- 1/23/92
 /CONTACT: Kimberly Kaul, 612-342-6384, or Lynn James, 612-342-6348, both of Piper Capital Management/ CO: Piper Capital Management ST: Minnesota IN: FIN SU: OFR


AL -- MN012 -- 2788 01/23/92 12:03 EST
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Publication:PR Newswire
Date:Jan 23, 1992
Words:293
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