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PIPER CAPITAL MANAGEMENT DECLARES MONTHLY DIVIDENDS FOR AMERICAN ADJUSTABLE RATE TERM TRUSTS

 MINNEAPOLIS, March 29 /PRNewswire/ -- The American Adjustable Rate Term Trusts, managed by Piper Capital Management, are declaring their April dividends. These dividend amounts are distributed on a per-share basis on the common stock. The dividends have an April 1, 1993, ex-dividend date and will be paid on April 28, 1993, to shareholders of record on April 7, 1993.
 FUND NYSE/AMEX APRIL DIVIDEND MARCH
 SYMBOL AMOUNT DIVIDEND
 American Adjustable Rate Term
 Trust Inc. -- 1995 ADJ $0.0438 $0.0500
 American Adjustable Rate Term
 Trust Inc. -- 1996 BDJ $0.0463 $0.0500
 American Adjustable Rate Term
 Trust Inc. -- 1997 CDJ $0.0500 $0.0521
 American Adjustable Rate Term
 Trust Inc. -- 1998 DDJ $0.0520 $0.0542
 American Adjustable Rate Term
 Trust Inc. -- 1999 EDJ $0.0520 $0.0545
 These dividend reductions in the American Adjustable Rate Term Trusts 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 whose yields change based on various short-term indexes. Nevertheless, the current dividends are well above the long-term income objectives of the funds. These dividend adjustments are also designed to reflect the shortened time to the termination date for each fund and the accompanying changes to portfolio structures. For example, as each fund nears its respective 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.
 These funds are managed by Piper Capital Management Incorporated. Piper Capital, a money management firm based in Minneapolis, has more than $9.6 billion under management and is an independent, wholly owned subsidiary of Piper Jaffray Companies Inc., an investment firm founded in 1895.
 -0- 3/29/93
 /NOTE: Many of the closed-end funds have similar names. To avoid confusion, please use the full name including the year or Roman numeral when referencing this press release./
 /CONTACT: Linda Ruhland, 612-342-6280, or Linda J. Johnson, 612-342-6244, both of Piper Capital Management/


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

KH -- MN013 -- 0724 03/29/93 17:10 EST
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Date:Mar 29, 1993
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