CLOSED-END FUNDS MANAGED BY PIPER CAPITAL MANAGEMENT DECLARE MONTHLY DIVIDENDS
MINNEAPOLIS, Oct. 26 /PRNewswire/ -- The following funds are declaring their November dividends. These dividend amounts are distributed on a per-share basis on the common stock. These dividends have Nov. 1, 1993, ex-dividend date and will be paid on Nov. 24, 1993, to shareholders of record on Nov. 5, 1993. FUND NYSE/AMEX November October Symbol Dividend Dividend American Adjustable Rate Term Trust Inc. -- 1995 ADJ $0.0400 $0.0400 American Adjustable Rate Term Trust Inc. -- 1996 BDJ 0.0440(a)0.0440(a) American Adjustable Rate Term Trust Inc. -- 1997 CDJ 0.0500 0.0500 American Adjustable Rate Term Trust Inc. -- 1998 DDJ 0.0520 0.0520 American Adjustable Rate Term Trust Inc. -- 1999 EDJ 0.0520 0.0520 American Government Income Fund Inc. AGF 0.0640 0.0640 American Government Income Portfolio Inc. AAF 0.0800 0.0800 American Opportunity Income Fund Inc. OIF 0.0833 0.0833 American Government Term Trust Inc. AGT 0.0650(b)0.0650(b) American Municipal Income Portfolio XAA 0.0725 0.0725 American Municipal Term Trust Inc. AXT 0.0542 0.0542 American Municipal Term Trust Inc. -- II BXT 0.0517 0.0517 American Municipal Term Trust Inc. -- III CXT 0.0475 0.0475 American Strategic Income Portfolio Inc. ASP 0.1125 0.1125 American Strategic Income Portfolio Inc. -- II BSP 0.1125 0.1125 American Strategic Income Portfolio Inc. -- III CSP 0.10625 0.10625 Minnesota Municipal Income Portfolio MXA 0.069375 0.069375 Minnesota Municipal Term Trust Inc. MNA 0.0509 0.0509 Minnesota Municipal Term Trust Inc. -- II MNB 0.0492 0.0492 American Select Income Portfolio SLA 0.09375 N/A These funds are managed by Piper Capital Management Incorporated. Piper Capital, a money management firm based in Minneapolis, has more than $12 billion under management and is an independent, wholly owned subsidiary of Piper Jaffray Companies Inc., an investment firm founded in 1895. (a) The dividend reduction for the American Adjustable Rate Term Trust Inc. -- 1996 (BDJ) serves several purposes. Dividend payouts must be reduced to levels consistent with the income earned by the fund in the current interest-rate environment. It is important to remember that this fund invests primarily in adjustable-rate, mortgage-backed securities whose yields change based on various short-term indexes. Nevertheless, the current dividend is well above the long-term income objectives of the fund. This dividend adjustment is also designed to reflect the shortened time to the termination date for the fund and the accompanying changes to portfolio structures. For example, as the fund nears its termination date, its structure is made more defensive. As a result, this generates a lower level of income but enhances the fund managers' ability to meet the $10 per share objective. (b) The dividend for American Government Term Trust (AGT) was reduced to bring it in line with income being earned by the fund in the current market environment. NOTE TO EDITORS: Many of the closed-end funds have similar names. To avoid confusion, please use the full name including the year to Roman numeral when referencing this press release -0- 10/26/93 CONTACT: Kimberly Kaul, 612-342-6384, or Chelle Gonzo, 612-342-1122, both of Piper Capital Management CO: PIPER CAPITAL MANAGEMENT INCORPORATED, PIPER JAFFRAY COMPANIES INC.
IN: FIN SU: DIV ST: MN
-- MN016 -- X259 10/26/93
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|Date:||Oct 26, 1993|
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