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Piper Capital Management announces financial position for closed-end funds.

MINNEAPOLIS--(BUSINESS WIRE)-- March 8, 1996--Piper Capital Management announced the financial position for the following closed-end funds for the month ended Feb. 29, 1996.

Net investment income for the month ended Feb. 29, 1996: -0-

 Common Accumulated
 Monthly Undistributed
 Distri- Net Investment Net Investment
Fund Symbol butions Income/Share(a) Income/Share(b)
------- ------ --------- --------------- ---------------
American
 Government
 Income Fund AGF $0.0515 $0.0365 $0.1011(c)
American
 Government
 Income
 Portfolio AAF $0.0600 $0.0410 $0.1105(c)
American
 Opportunity
 Income Fund OIF $0.0550 $0.0415 $0.0894(c)
American
 Strategic
 Income
 Portfolio ASP $0.1000 $0.0765 $0.1101(c)
American
 Strategic
 Income
 Portfolio-II BSP $0.0950 $0.0822 $0.1379(c)
American
 Strategic
 Income
 Portfolio-III CSP $0.09625 $0.0779 $0.1641(c)




 Common Accumulated
 Monthly Undistributed
 Distri- Net Investment Net Investment
Fund Symbol butions Income/Share(a) Income/Share(b)
------ ------- -------- --------------- ---------------
American
 Select
 Portfolio SLA $0.09375 $0.0817 $0.1542(c)
The Americas
 Income Trust XUS $0.0525(d) $0.0530 -
Highlander
 Income Fund HLA $0.0940(e) $0.0923 -




 Accumulated
 Preferred Net Undistri-
 Common Distri- Invest- buted Net
 Monthly butions ment Investment
 Distri- During Income/ Income/
Fund Symbol butions Month(f) Share(a) Share(b)
------- ------ -------- --------- -------- ----------
American
 Municipal
 Term Trust AXT $0.0542 $0.0136 $0.0785 $0.5924
American
 Municipal
 Term Trust-II BXT $0.0517 $0.0134 $0.0757 $0.5624
American
 Municipal
 Term Trust-III CXT $0.0475 $0.0135 $0.0695 $0.3559
Minnesota
 Municipal
 Term Trust MNA $0.0509 $0.0123 $0.0726 $0.5842
Minnesota
 Municipal
 Term Trust-II MNB $0.0492 $0.0121 $0.0685 $0.4036
American
 Municipal
 Income Portfolio XAA $0.06275 $0.0200 $0.0914 $0.0449
Minnesota
 Municipal
 Income Portfolio MXA $0.063125 $0.0183 $0.0889 $0.0596


(a) Based on a three-month average.

(b) Accumulated, undistributed net investment income is reflected in a fund's net asset value. Any reduction of this amount will reduce net asset value penny for penny.

(c) Month-end balances reflect income adjustments on interest- and principal-only securities currently held and sold during the respective fund's fiscal year.

(d) We believe that this distribution as well as future distributions in fiscal 1996 will likely be classified for tax purposes as returns of capital.

(e) Over the past fiscal year, HLA has paid out slightly more than it has earned. Therefore, approximately $0.029 of February's distribution is a return of capital for tax purposes.

(f) Calculated by dividing the amount of preferred distributions paid in the month by the number of common shares outstanding. -0-



Financial positions for the month ended:
Feb. 29, 1996


 Gross Assets Net Assets NAV per
Symbol (000) (000) Share


AGF 125,090 124,919 5.83
AAF 169,199 168,982 6.91
OIF 150,529 150,328 6.63
ASP 82,575 67,437 12.85
BSP 312,049 261,578 13.12
CSP 409,911 334,203 12.50
SLA 228,754 169,957 12.79
XUS 52,469 50,978 8.15
HLA 35,079 27,898 14.02
AXT 142,504 99,918 11.82
BXT 122,866 85,782 11.66
CXT 85,108 58,448 11.03
MNA 93,541 64,681 11.28
MNB 54,780 37,386 10.81
XAA 124,578 80,979 14.07
MXA 89,344 68,177 14.03






Feb. 28, 1995
 Gross Assets Net Assets NAV per
Symbol (000) (000) Share


AGF 135,667 120,483 5.53
AAF 187,609 166,099 6.69
OIF 165,507 146,758 6.34
ASP 91,730 68,406 12.84
BSP 358,594 253,179 12.48
CSP 481,168 329,369 12.11
SLA 228,029 159,756 11.85
XUS 59,755 49,949 7.85
HLA 34,282 26,487 13.20
AXT 136,683 94,071 11.13
BXT 117,452 80,370 10.93
CXT 80,635 53,972 10.18
MNA 90,023 61,141 10.67
MNB 52,726 35,340 10.21
XAA 121,073 74,003 12.86
MXA 84,293 63,116 12.78






Financial positions for the month ended:
Feb. 28, 1994




 Gross Assets Net Assets NAV per
Symbol (000) (000) Share


AGF 400,000 173,766 8.12
AAF 545,064 241,025 9.96
OIF 487,460 213,392 9.62
ASP 128,515 82,015 15.35
BSP 499,895 297,092 14.53
CSP 652,888 390,726 14.23
SLA 257,330 184,561 13.56
XUS 139,393 83,047 12.91
HLA - - -
AXT 142,637 98,875 11.69
BXT 122,643 84,382 11.47
CXT 85,213 56,549 10.67
MNA 92,096 63,227 11.03
MNB 54,147 36,767 10.63
XAA 129,280 82,170 14.27
MXA 89,112 67,934 13.97


Piper Capital Management Incorporated, a money management firm based in Minneapolis, manages numerous open- and closed-end mutual funds. It is a wholly owned subsidiary of Piper Jaffray Companies Inc., an investment firm founded in 1895.

Note to Editors: Many of our closed-end funds have similar names. To avoid confusion, please use the full name including the year or Roman number when referencing this financial position release.

CONTACT: Mary Soukup, 612/342-1153
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
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