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CLOSED-END FUNDS MANAGED BY PIPER CAPITAL MANAGEMENT DECLARE MONTHLY DIVIDENDS

 MINNEAPOLIS, Nov. 26 /PRNewswire/ -- The following funds are declaring their December dividends. These dividend amounts are distributed on a per-share basis on the common stock. The dividends have a Dec. 1, 1993, ex-dividend date and will be paid on Dec. 22, 1993, to shareholders of record on Dec. 7, 1993.
 NYSE DECEMBER NOVEMBER
 or AMEX DIVIDEND DIVIDEND
 SYMBOL AMOUNT AMOUNT
 American Adjustable Rate Term
 Trust Inc. -- 1995 ADJ $0.0375(a) $0.0400
 American Adjustable Rate Term
 Trust Inc. -- 1996 BDJ $0.0425(a) $0.0440
 American Adjustable Rate Term
 Trust Inc. -- 1997 CDJ $0.0470(a) $0.0500
 American Adjustable Rate Term
 Trust Inc. -- 1998 DDJ $0.0490(a) $0.0520
 American Adjustable Rate Term
 Trust Inc. -- 1999 EDJ $0.0500(a) $0.0520
 American Government Income
 Fund Inc. AGF $0.2140(b) $0.0640
 American Government Income
 Portfolio Inc. AAF $0.5300(c) $0.0800
 American Opportunity Income
 Fund Inc. OIF $0.5833(d) $0.0833
 American Government Term
 Trust Inc. AGT $0.0650 $0.0650
 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 ASP $0.1125(e) $0.1125
 American Strategic Income
 Portfolio Inc. -- II BSP $0.1125(f) $0.1125
 American Strategic Income
 Portfolio Inc. -- III CSP $0.10625(f) $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 $0.09375
 These funds are managed by Piper Capital Management Incorporated. Piper Capital, a money management firm based in Minneapolis, has $12.3 billion under management and is an independent, wholly owned subsidiary of Piper Jaffray Companies Inc. (NYSE: PJC), an investment firm founded in 1895.
 (a) These dividend reductions serve several purposes. Dividend payouts must be reduced to levels consistent with the income earned by the funds in the current interest-rate environment. It is important to remember that these funds invest primarily in adjustable-rate, mortgage- backed securities with yields that change based on various short-term indexes. Nevertheless, the current dividends are well above the long- term income objective of the funds. These dividend adjustments also are designed to reflect the shortened time to termination of the funds, and the accompanying changes to portfolio structures. For example, as the funds near their termination dates, they are positioned more defensively. This generates lower levels of income but enhance the fund managers' ability to meet the $10 per share objective.
 (b) Includes a regular dividend of $0.0640 plus a special dividend from income of $0.15.
 (c) Includes a regular dividend of $0.08 plus a special dividend from income of $0.45.
 (d) Includes a regular dividend of $0.0833 plus a special dividend from income of $0.50.
 (e) Dividend was derived entirely from short-term capital gains.
 (f) Includes $0.0715 from income and $0.041 from short-term capital gains.
 -0- 11/26/93
 /NOTE TO EDITORS: There are many closed-end funds with similar names. To avoid confusion, please use the full name including the year or Roman numeral when referencing this press release/
 /CONTACT: Kimberly Kaul, 612-342-6384, or Chelle Gonzo, 612-342-1122, both of Piper Capital Management/
 (PJC)


CO: Piper Capital Management, Piper Jaffray Companies Inc. ST: Minnesota IN: FIN SU: DIV

DB-PB -- MN003 -- 7953 11/26/93 12:54 EST
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Publication:PR Newswire
Date:Nov 26, 1993
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