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AMERICAN STRATEGIC INCOME PORTFOLIO - III FILES PUBLIC OFFERING

 MINNEAPOLIS, Jan. 21 /PRNewswire/ -- Piper Capital Management Incorporated announced today that it filed a Registration Statement with the Securities and Exchange Commission relating to a public offering of American Strategic Income Portfolio - III (proposed NYSE: CSP). The fund will be managed by Piper Capital Management Incorporated. The shares will be offered through a group of underwriters led by Piper Jaffray Inc. The anticipated date of the commencement of the offering is the week of March 15, 1993.
 The registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A copy of the preliminary prospectus relating to these securities may be obtained from Piper Jaffray Inc. at 1-800-333-6000, extension 6220.
 -0- 1/22/93
 /NOTE: There are two closed-end funds with similar names -- American Strategic Income Portfolio (ASP) and American Strategic Income Portfolio - II (BSP). To avoid confusion, please use the full name including the number when referencing this press release/
 /CONTACT: Jane Tischer, 612-342-6246 or Kimberly Kaul, 612-342-6384, both of Piper Capital Management/


CO: Piper Capital Management Incorporated ST: Minnesota IN: FIN SU: OFR

AL -- MN010 -- 7935 01/22/93 13:08 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Jan 22, 1993
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