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PIPER CAPITAL ANNOUNCES FINANCIAL POSITION FOR CLOSED-END FUNDS

 MINNEAPOLIS, June 17 /PRNewswire/ -- Piper Capital Management announced its financial position for the following closed-end funds for the fiscal quarter ended May 31, 1993
 5/31/93 5/31/92 5/31/91
 Net NAV/ Net NAV/ Net NAV/
 Assets Share Assets Share Assets Share
 (000) (000) (000)
 American Adjustable
 Rate Term
 Trust-1995 (ADJ) 107,524 9.68 110,256 9.92 107,741 9.70
 American Adjustable
 Rate Term
 Trust-1996 (BDJ) 256,436 9.52 259,860 9.65 238,284 9.58
 American Adjustable
 Rate Term
 Trust-1997 (CDJ) 484,556 9.59 484,503 9.59 -- --
 American Adjustable
 Rate Term
 Trust-1998 (DDJ) 551,475 9.67 544,571 9.55 -- --
 American Adjustable
 Rate Term
 Trust-1999 (EDJ) 327,376 9.60 -- -- -- --
 American Government
 Term Trust (AGT) 77,196 9.58 79,383 9.85 76,243 9.46
 American Opportunity
 Income Fund (OIF) 234,003 10.78 218,685 10.37 201,460 9.57
 American Strategic
 Income
 Portfolio (ASP) 82,145 15.41 72,105 13.79 -- --
 American Strategic
 Income Portfolio
 - II (BSP) 297,968 14.61 -- -- -- --
 American Strategic
 Income Portfolio
 - III (CSP) 383,864 14.04 -- -- -- --
 These funds are managed by Piper Capital Management Incorporated. Piper Capital, a full-service money management firm based in Minneapolis, has more than $10 billion under management and is an independent, wholly owned subsidiary of Piper Jaffray Companies, Inc. (NYSE: PJC) an investment banking firm founded in 1895.
 -0- 06/17/93
 NOTE: Many of the closed-end funds have similar names. To avoid confusion, please use the full name including the year or Roman number when referencing this press release.
 /CONTACT: Linda J. Johnson of Piper Capital Management, 612-342-6244/
 (PJC)


CO: Piper Capital Management, Piper Jaffray Incorporated ST: Minnesota IN: FIN SU: ERN

AL -- MN010 -- 3099 06/17/93 12:34 EDT
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Date:Jun 17, 1993
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