SCHEDULE 14A
(RULE 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the registrant [X]
Filed by a party other than the registrant [ ]
Check the appropriate box:
[ ] Preliminary proxy statement
[X] Definitive proxy statement
[ ] Definitive additional materials
[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
AMERICAN GOVERNMENT INCOME PORTFOLIO, INC.
AMERICAN GOVERNMENT INCOME FUND INC.
AMERICAN OPPORTUNITY INCOME FUND INC.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(i)(2) or
Items 22(a)(2) of Schedule 14A.
[ ] $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transactions applies:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11. (Set forth the amount on which the
filing fee is calculated and state how it was determined.)
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
(1) Amount previously paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing party:
(4) Date filed:
AMERICAN GOVERNMENT INCOME PORTFOLIO, INC.
AMERICAN GOVERNMENT INCOME FUND INC.
AMERICAN OPPORTUNITY INCOME FUND INC.
Piper Jaffray Tower
222 South Ninth Street
Minneapolis, Minnesota 55402-3804
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON AUGUST 21, 1996
NOTICE IS HEREBY GIVEN that the annual meeting of shareholders of
American Government Income Portfolio, Inc. ("Government Portfolio"), American
Government Income Fund Inc. ("Government Fund") and American Opportunity Income
Fund Inc. ("Opportunity Fund") (individually, a "Fund" and collectively, the
"Funds") will be held at 10:00 a.m., Central Time, on Wednesday, August 21,
1996, on the eleventh floor of the Piper Jaffray Tower, 222 South Ninth Street,
Minneapolis, Minnesota. The purposes of the meeting are as follow:
1. To fix the number of members of the Board of Directors of each
Fund at six and to elect each Fund's Board of Directors.
2. To ratify the selection by a majority of the independent members
of the Board of Directors of each Fund of KPMG Peat Marwick LLP as
independent public accountants for each Fund for the fiscal year
ending October 31, 1996.
3. To transact such other business as may properly come before the
meeting.
Shareholders of record on June 26, 1996, are the only persons entitled
to notice of and to vote at the meeting.
Your attention is directed to the attached Proxy Statement. WHETHER OR
NOT YOU EXPECT TO BE PRESENT AT THE UPCOMING MEETING, PLEASE FILL IN, SIGN,
DATE, AND MAIL THE ENCLOSED PROXY AS PROMPTLY AS POSSIBLE IN ORDER TO SAVE THE
FUNDS FURTHER SOLICITATION EXPENSE. A stamped return envelope is enclosed for
your convenience.
Susan Sharp Miley, Secretary
Dated: July 1, 1996
PROXY STATEMENT
AMERICAN GOVERNMENT INCOME PORTFOLIO, INC.
AMERICAN GOVERNMENT INCOME FUND INC.
AMERICAN OPPORTUNITY INCOME FUND INC.
Piper Jaffray Tower
222 South Ninth Street
Minneapolis, Minnesota 55402-3804
ANNUAL MEETING OF SHAREHOLDERS--AUGUST 21, 1996
The enclosed proxy is solicited by the Board of Directors of American
Government Income Portfolio, Inc. ("Government Portfolio"), American Government
Income Fund Inc. ("Government Fund") and American Opportunity Income Fund Inc.
("Opportunity Fund") (individually, a "Fund" and collectively, the "Funds") in
connection with the annual meeting of shareholders of each Fund to be held
August 21, 1996, and any adjournments thereof. The costs of solicitation,
including the cost of preparing and mailing the Notice of Meeting and this Proxy
Statement, will be paid by each Fund, and such mailing will take place on
approximately July 9, 1996. Representatives of Piper Capital Management
Incorporated (the "Adviser"), the investment adviser and manager of each Fund,
may, without cost to the Funds, solicit proxies on behalf of the management of
the Funds by means of mail, telephone, or personal calls. The address of the
Adviser is that of the Funds as provided above.
A proxy may be revoked before the meeting by giving written notice of
revocation to the Secretary of the Funds, or at the meeting prior to voting.
Unless revoked, properly executed proxies in which choices are not specified by
the shareholders will be voted "for" each item for which no choice is specified,
in accordance with the recommendation of each Fund's Board of Directors. In
instances where choices are specified by the shareholders in the proxy, those
proxies will be voted or the vote will be withheld in accordance with the
shareholder's choice. With regard to the election of directors, votes may be
cast in favor or withheld; votes that are withheld will be excluded entirely
from the vote and will have no effect. Abstentions may be specified on all
proposals other than the election of directors and will be counted as present
for purposes of determining whether a quorum of shares is present at the meeting
with respect to the item on which the abstention is noted, but will be counted
as a vote "against" such item. Under the Rules of the New York Stock Exchange,
if a proposal is considered "non-discretionary," then brokers who hold Fund
shares in street name for customers are not authorized to vote on such proposal
on behalf of their customers who have not furnished the broker specific voting
instructions. If a broker returns a "non-vote" proxy, indicating a lack of
authority to vote on a proposal, then the shares covered by such non-vote shall
not be counted as present for purposes of calculating the vote with respect to
such proposal. So far as the Board of Directors of each Fund is aware, no
matters other than those described in this Proxy Statement will be acted upon at
the meeting. Should any other matters properly come before the meeting calling
for a vote of shareholders, it is the intention of the persons named as proxies
in the enclosed proxy to vote upon such matters according to their best
judgment.
Only shareholders of record on June 26, 1996, may vote at the meeting
or any adjournments thereof. As of that date, there were issued and outstanding
common shares, each with a $.01 par value, of each Fund as follows: Government
Portfolio -- 24,469,677 shares; Government Fund -- 21,441,249 shares; and
Opportunity Fund-- 22,663,473 shares. Common shares represent the only class of
securities of each Fund. Each shareholder of the Funds is entitled to one vote
for each share held. No person, to the knowledge of Fund management, was the
beneficial owner of more than 5% of the voting shares of any Fund as of June 26,
1996.
In the event that sufficient votes are not received for the adoption of
either proposal, an adjournment or adjournments of the meeting may be sought.
Any adjournment would require a vote in favor of the adjournment by the holders
of a majority of the shares present at the meeting (or any adjournment thereof)
in person or by proxy. The persons named as proxies will vote all shares
represented by proxies which they are required to vote in favor of the
proposals, in favor of an adjournment and will vote all shares which they are
required to vote against the proposals, against the adjournment.
COPIES OF THE FUNDS' MOST RECENT ANNUAL REPORTS AND SUBSEQUENT
SEMI-ANNUAL REPORTS ARE AVAILABLE TO SHAREHOLDERS UPON REQUEST. IF YOU WOULD
LIKE TO RECEIVE A COPY, PLEASE CONTACT THE FUNDS AT 222 SOUTH NINTH STREET,
MINNEAPOLIS, MINNESOTA 55402, OR CALL 800-866-7778, EXTENSION 6786, AND ONE WILL
BE SENT, WITHOUT CHARGE, BY FIRST-CLASS MAIL WITHIN THREE BUSINESS DAYS OF YOUR
REQUEST.
PROPOSAL ONE
ELECTION OF DIRECTORS
Fund shareholders are being asked to re-elect the members of each
Fund's Board of Directors. The Bylaws of each Fund provide that the shareholders
have the power to fix the number of Directors. The Directors recommend that the
size of the Board of Directors of each Fund be set at six.
It is intended that the enclosed proxy will be voted for the
re-election of the six persons named below as Directors of each Fund unless such
authority has been withheld in the proxy. The term of office of each person
elected will be until the next annual meeting of shareholders or until his or
her successor is duly elected and shall qualify. Pertinent information regarding
each nominee for the past five years is set forth following his or her name
below. Each of the nominees also serves as a Director of each of the other
closed-end and open-end investment companies managed by the Adviser, except that
Mr. Bennett does not serve as a Director of Piper Global Funds Inc. Mr. Ellis
and Ms. Goldberg have served as a Director of each Fund since the commencement
of operations. Messrs. Bennett, Dyer and Latimer and Ms. Emmerich have served as
Directors of each Fund since December 1, 1989, October 30, 1989, October 23,
1991 and May 18, 1993, respectively.
<TABLE>
<CAPTION>
NAME AGE PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE DURING PAST 5 YEARS
- ---- --- ----------------------------------------------------------------
<S> <C> <C>
David T. Bennett 55 Of counsel to the law firm of Gray, Plant, Mooty, Mooty & Bennett,
P.A., located in Minneapolis, Minnesota. Mr. Bennett is chairman
of a group of privately held companies and serves on the board of
directors of a number of non-profit organizations.
Jaye F. Dyer 69 President of Dyer Management Company, a private management
company, since January 1, 1991; prior thereto, Mr. Dyer was
President and Chief Executive Officer of Dyco Petroleum
Corporation, a Minneapolis based oil and natural gas development
company he founded, from 1971 until March 1, 1989, and Chairman
of the Board until December 31, 1990. Mr. Dyer serves on the board
of directors of Northwestern National Life Insurance Company,
The ReliaStar Financial Corp. (the holding company of
Northwestern National Life Insurance Company) and various
privately held and nonprofit corporations.
William H. Ellis* 54 President of Piper Jaffray Companies Inc.; Director and Chairman
of the Board of the Adviser since October 1985 and President of the
Adviser since December 1994; Director of Piper Jaffray Inc.
Karol D. Emmerich 47 President of The Paraclete Group, a consultant to nonprofit
organizations, since May 1993; prior thereto, Ms. Emmerich was
Vice President, Treasurer and Chief Accounting Officer of Dayton
Hudson Corporation from 1980 to May 1993. Ms. Emmerich is an
Executive Fellow at the University of St. Thomas Graduate School
of Business and serves on the board of directors of a number of
privately held and nonprofit corporations.
Luella G. Goldberg 59 Member of the Board of Directors of Northwestern National Life
Insurance Company (since 1976), The ReliaStar Financial Corp.
(since 1989), TCF Bank Savings fsb (since 1985), TCF Financial
Corporation (since 1988) and Hormel Foods Corp. (since 1993). Ms.
Goldberg also serves as a Trustee of Wellesley College and as a
director of a number of other organizations, including the
University of Minnesota Foundation and the Minnesota Orchestral
Association. Ms. Goldberg was Chairman of the Board of Trustees
of Wellesley College from 1985 to 1993 and acting President from
July 1, 1993 to October 1, 1993.
George Latimer 60 Chief Executive Officer of National Equity Fund, Chicago, Illinois
since November 1995; prior thereto, Director, Special Actions
Office, Office of the Secretary, Department of Housing and Urban
Development since 1993; and prior thereto, Mr. Latimer had been
Dean of Hamline Law School, Saint Paul, Minnesota, from 1990 to
1993. Mr. Latimer also serves on the board of directors of Digital
Biometrics, Inc. and Payless Cashways, Inc.
</TABLE>
*Denotes Directors who are "interested persons" (as defined by the Investment
Company Act of 1940, as amended) of the Funds. Mr. Ellis is deemed an
"interested person" of the Funds because of his positions with the Adviser
and/or its affiliates.
As of June 26, 1996, the officers and Directors of the Funds as a group
beneficially owned less than 1% of the outstanding shares of each Fund. None of
the officers or Directors of the Funds have family relationships with other
officers or Directors of the Funds.
The Board of Directors of each Fund has established an Audit Committee,
currently consisting of Mr. Dyer, Ms. Emmerich and Ms. Goldberg, who serves as
its chairperson. The Audit Committee met twice during the fiscal year ended
October 31, 1995. The Funds do not have nominating or compensation committees.
The functions to be performed by the Audit Committee are to recommend
annually to the Board a firm of independent certified public accountants to
audit the books and records of the Funds for the ensuing year; to monitor that
firm's performance; to review with the firm the scope and results of each audit
and determine the need, if any, to extend audit procedures; to confer with the
firm and representatives of the Funds on matters concerning the Funds' financial
statements and reports including the appropriateness of its accounting practices
and of its financial controls and procedures; to evaluate the independence of
the firm; to review procedures to safeguard portfolio securities; to review the
purchase by the Funds from the firm of non-audit services; to review all fees
paid to the firm; and to facilitate communications between the firm and the
Funds' officers and Directors.
During the fiscal year ended October 31, 1995, there were eight
meetings of the Board of Directors of each Fund. All Directors attended at least
75% of the aggregate of the meetings of the Board of Directors and meetings of
committees of which they were members that were held while they were serving on
the Board of Directors or on such committee.
No compensation is paid by the Funds to any Directors who are officers
or employees of the Adviser or any of its affiliates. The Funds, together with
all closed-end investment companies managed by the Adviser, pay each of the
other Directors an aggregate quarterly retainer of $5,000, which is allocated
among the Funds and such other investment companies on the basis of each
company's net assets. In addition, each Fund pays each such Director a fee for
each in-person meeting of the Board of Directors he or she attends. Such fee is
based on the net asset value of the Fund and ranges from $250 (net assets of
less than $200 million) to $1,500 (net assets of $5 billion or more). Members of
the Audit Committee who are not affiliated with the Adviser receive $1,000 per
meeting attended ($2,000 for the chairperson of such Committee) with such fee
being allocated among all closed- and open-end investment companies managed by
the Adviser on the basis of relative net asset values. In addition, each
Director who is not affiliated with the Adviser is reimbursed for expenses
incurred in connection with attending meetings.
The following table sets forth the aggregate compensation received by
each Director from each Fund for the fiscal year ended October 31, 1995, as well
as the total compensation received by each Director from the Funds and all other
open-end and closed-end investment companies managed by the Adviser or an
affiliate of the Adviser (the "Fund Complex") during the calendar year ended
December 31, 1995. Directors who are officers or employees of the Adviser or any
of its affiliates did not receive any such compensation and are not included in
the table.
<TABLE>
<CAPTION>
AGGREGATE
COMPENSATION TOTAL
FROM THE FUNDS COMPENSATION
------------------------------------------------------------ FROM FUND
DIRECTOR GOVERNMENT PORT. GOVERNMENT FUND OPPORTUNITY FUND COMPLEX*
<S> <C> <C> <C> <C>
David T. Bennett $1,931 $1,931 $1,931 $61,700
Jaye F. Dyer $1,980 $1,980 $1,980 $67,700
Karol D. Emmerich $1,980 $1,980 $1,980 $67,700
Luella G. Goldberg $2,030 $2,030 $2,030 $70,700
George Latimer $1,931 $1,931 $1,931 $64,700
</TABLE>
- --------------------
* Currently consists of 20 open-end and closed-end investment companies
managed by the Adviser, including the Funds. During the 1995 calendar
year, the Fund Complex consisted of up to 27 such investment companies,
managed by the Adviser or an affiliate of the Adviser, several of which
were merged or consolidated during the year. Each director included in
the table, other than Mr. Bennett, serves on the board of each such
open-end and closed end investment company. Mr. Bennett serves on the
board of 19 of such open-end and closed-end investment companies.
THE DIRECTORS RECOMMEND THAT THE SHAREHOLDERS OF EACH FUND VOTE IN
FAVOR OF THE FOREGOING NOMINEES TO SERVE AS DIRECTORS OF EACH FUND. The vote of
a majority of shares of each Fund represented at the meeting, provided at least
a quorum (a majority of the outstanding shares) is represented in person or by
proxy, is sufficient for the election of the above nominees. Unless otherwise
instructed, the proxies will vote for the above six nominees. In the event any
of the above nominees are not candidates for election at the meeting, the
proxies will vote for such other persons as the Board of Directors may
designate. Nothing currently indicates that such a situation will arise.
PROPOSAL TWO
RATIFICATION OF INDEPENDENT PUBLIC ACCOUNTANTS
The Investment Company Act of 1940 (the "1940 Act") provides that every
registered investment company shall be audited at least once each year by
independent public accountants selected by a majority of the directors of the
investment company who are not interested persons of the investment company or
its investment adviser. The 1940 Act requires that the selection be submitted
for ratification or rejection by the shareholders at their next annual meeting
following the selection.
The Directors, including a majority who are not interested persons of
the Adviser or the Funds, have selected KPMG Peat Marwick LLP to be each Fund's
independent public accountants for the fiscal year ending October 31, 1996. KPMG
Peat Marwick LLP has no direct or material indirect financial interest in the
Funds or in the Adviser, other than receipt of fees for services to the Funds.
KPMG Peat Marwick LLP serves as the independent public accountants for each of
the other investment companies managed by the Adviser and has been the
independent public accountants for each Fund since commencement of operations.
Representatives of KPMG Peat Marwick LLP are expected to be present at
the meeting. Such representatives will be given the opportunity to make a
statement to the shareholders if they desire to do so and are expected to be
available to respond to any questions that may be raised at the meeting.
THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS OF EACH FUND
VOTE IN FAVOR OF THE RATIFICATION OF THE SELECTION OF KPMG PEAT MARWICK LLP AS
THE INDEPENDENT PUBLIC ACCOUNTANTS FOR THE FUNDS. The vote of a majority of the
shares of each Fund represented at the meeting, provided at least a quorum (a
majority of the outstanding shares) is represented in person or by proxy, is
sufficient for the ratification of the selection of the independent public
accountants. Unless otherwise instructed, the proxies will vote for the
ratification of the selection of KPMG Peat Marwick LLP as each Fund's
independent public accountants.
EXECUTIVE FUND OFFICERS
Certain information about the executive officers of the Funds is set
forth below. Unless otherwise indicated, all positions have been held more than
five years.
<TABLE>
<CAPTION>
POSITION AND TERM OF OFFICE WITH THE FUNDS AND
NAME AGE BUSINESS EXPERIENCE DURING THE PAST FIVE YEARS
- ---- --- ----------------------------------------------
<S> <C> <C>
Worth Bruntjen 59 President of the Funds since inception and Senior Vice President of the
Adviser.
Paul A. Dow 45 Senior Vice President of Opportunity Fund since 1991, Senior Vice
President of Government Fund and Government Portfolio since 1996 and
Senior Vice President and Chief Investment Officer of the Adviser.
Thomas S. McGlinch 39 Senior Vice President of the Funds since 1996 and Senior Vice President of
the Adviser since 1995; previously, Vice President of the Adviser since
November 1992, Assistant Vice President of the Adviser from January to
November 1992 and a specialty products trader at FBS Investment
Services, Minneapolis from 1990 to 1992.
Bruce D. Salvog 48 Senior Vice President of the Fund since 1996 and Senior Vice President of
the Adviser since 1992; previously, a portfolio manager at Kennedy &
Associates in Seattle, Washington from 1984 to 1992.
Robert H. Nelson 32 Senior Vice President and Treasurer of the Funds since 1995 and Senior
Vice President of the Adviser since 1993; previously, Vice President of
the Funds since inception and Vice President of the Adviser from 1991 to
1993.
Molly Destro 31 Vice President of the Funds since 1996 and Vice President of the Adviser
since 1994; previously, Accounting Manager from 1993 to 1994 and mutual
fund accountant from 1991 to 1993 with the Adviser.
Amy K. Johnson 30 Vice President of the Funds since 1994 and Vice President of the Adviser
since 1994; previously, Accounting Manager from 1993 to 1994 and mutual
fund accountant from 1991 to 1993 with the Adviser.
Paul D. Pearson 39 Vice President of the Funds since 1996 and Vice President of the Adviser
since 1995; previously, Mutual Funds Accounting Manager of the Adviser
since 1994, and prior thereto, Director of Fund Operations at Norwest
Bank, Minneapolis from 1992 to 1994.
Susan S. Miley 38 Secretary of the Funds since 1996 and Senior Vice President and General
Counsel of the Adviser since 1995; previously, counsel for American
Express Financial Advisors, Minneapolis from 1994 to 1995 and attorney
at Simpson Thacher & Bartlett, New York, New York from 1984 to 1992.
</TABLE>
SUPPLEMENTAL INFORMATION
Based on Fund records and other information, the Funds believe that all
SEC filing requirements applicable to their Directors, officers, Adviser and
companies affiliated with the Adviser, pursuant to Section 16(a) of the
Securities Exchange Act of 1934, with respect to the Funds' fiscal year ended
October 31, 1995 were satisfied, except that Paula Meyer and Momchilo Vucenich
each failed to timely file a Form 3 and William H. Ellis failed to timely a Form
4. There were no transactions reportable that were not reported on a timely
basis and the required Form was subsequently filed.
SHAREHOLDER PROPOSALS
Any proposal by a shareholder to be considered for presentation at the
next Annual Meeting must be received at the Funds' offices, Piper Jaffray Tower,
222 South Ninth Street, Minneapolis, Minnesota 55402, no later than March 1,
1997.
Dated: July 1, 1996 Susan Sharp Miley, Secretary
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AMERICAN OPPORTUNITY INCOME FUND INC.
THIS PROXY IS SOLICITED ON BEHALF OF MANAGEMENT
The undersigned appoints William H. Ellis, Susan S. Miley and Robert H.
Nelson, and each of them, with power to act without the other and with the right
of substitution in each, the proxies of the undersigned to vote all shares of
American Opportunity Income Fund Inc. (the "Fund"), held by the undersigned at
the annual meeting of shareholders of the Fund to be held on August 21, 1996,
and at any adjournments thereof, with all the powers the undersigned would
possess if present in person. All previous proxies given with respect to the
meeting are revoked.
THE PROXIES ARE INSTRUCTED:
1. To vote:
______FOR all nominees listed below (except as marked to the
contrary below)
______WITHHOLD AUTHORITY to vote for all nominees listed below
NOMINEES: David T. Bennett, Jaye F. Dyer, William H. Ellis, Karol D.
Emmerich, Luella G. Goldberg and George Latimer. (Instruction: To withhold
authority to vote for any individual nominee, write that nominee's name on the
line provided below.)
- --------------------------------------------------------------------------------
2. To vote: FOR ___ AGAINST ___ ABSTAIN ___ ratification of the selection
of KPMG Peat Marwick LLP as independent public accountants for the Fund.
In their discretion, the proxies are authorized to vote upon such other
business as may properly come before the annual meeting or any adjournments or
postponements thereof.
THIS PROXY WILL BE VOTED AS INSTRUCTED ON THE ABOVE MATTERS. IT IS
UNDERSTOOD THAT, IF NO CHOICE IS SPECIFIED, THIS PROXY WILL BE VOTED "FOR" ALL
ITEMS. UPON ALL OTHER MATTERS THE PROXIES SHALL VOTE AS THEY DEEM IN THE BEST
INTERESTS OF THE FUND. RECEIPT OF NOTICE OF MEETING AND PROXY STATEMENT IS
ACKNOWLEDGED BY YOUR EXECUTION OF THIS PROXY. SIGN, DATE, AND RETURN IN THE
ADDRESSED ENVELOPENO POSTAGE REQUIRED. PLEASE MAIL PROMPTLY TO SAVE THE FUND
FURTHER SOLICITATION EXPENSE.
Dated:______________________________ , 1996
___________________________________________
___________________________________________
IMPORTANT: Please date and sign this Proxy.
If the stock is held jointly, signature
should include both names. Executors,
administrators, trustees, guardians, and
others signing in a representative capacity
should give their full title as such.
Book 3
Fund 57
- --------------------------------------------------------------------------------
AMERICAN GOVERNMENT INCOME PORTFOLIO, INC.
THIS PROXY IS SOLICITED ON BEHALF OF MANAGEMENT
The undersigned appoints William H. Ellis, Susan S. Miley and Robert H.
Nelson, and each of them, with power to act without the other and with the right
of substitution in each, the proxies of the undersigned to vote all shares of
American Government Income Portfolio, Inc. (the "Fund"), held by the undersigned
at the annual meeting of shareholders of the Fund to be held on August 21, 1996,
and at any adjournments thereof, with all the powers the undersigned would
possess if present in person. All previous proxies given with respect to the
meeting are revoked.
THE PROXIES ARE INSTRUCTED:
1. To vote:
______FOR all nominees listed below (except as marked to the
contrary below)
______WITHHOLD AUTHORITY to vote for all nominees listed below
NOMINEES: David T. Bennett, Jaye F. Dyer, William H. Ellis, Karol D.
Emmerich, Luella G. Goldberg and George Latimer. (Instruction: To withhold
authority to vote for any individual nominee, write that nominee's name on the
line provided below.)
- --------------------------------------------------------------------------------
2. To vote: FOR ___ AGAINST ___ ABSTAIN ___ ratification of the selection
of KPMG Peat Marwick LLP as independent public accountants for the Fund.
In their discretion, the proxies are authorized to vote upon such other
business as may properly come before the annual meeting or any adjournments or
postponements thereof.
THIS PROXY WILL BE VOTED AS INSTRUCTED ON THE ABOVE MATTERS. IT IS
UNDERSTOOD THAT, IF NO CHOICE IS SPECIFIED, THIS PROXY WILL BE VOTED "FOR" ALL
ITEMS. UPON ALL OTHER MATTERS THE PROXIES SHALL VOTE AS THEY DEEM IN THE BEST
INTERESTS OF THE FUND. RECEIPT OF NOTICE OF MEETING AND PROXY STATEMENT IS
ACKNOWLEDGED BY YOUR EXECUTION OF THIS PROXY. SIGN, DATE, AND RETURN IN THE
ADDRESSED ENVELOPENO POSTAGE REQUIRED. PLEASE MAIL PROMPTLY TO SAVE THE FUND
FURTHER SOLICITATION EXPENSE.
Dated:______________________________ , 1996
___________________________________________
___________________________________________
IMPORTANT: Please date and sign this Proxy.
If the stock is held jointly, signature
should include both names. Executors,
administrators, trustees, guardians, and
others signing in a representative capacity
should give their full title as such.
Book 3
Fund 56
- --------------------------------------------------------------------------------
AMERICAN GOVERNMENT INCOME FUND INC.
THIS PROXY IS SOLICITED ON BEHALF OF MANAGEMENT
The undersigned appoints William H. Ellis, Susan S. Miley and Robert H.
Nelson, and each of them, with power to act without the other and with the right
of substitution in each, the proxies of the undersigned to vote all shares of
American Government Income Fund Inc. (the "Fund"), held by the undersigned at
the annual meeting of shareholders of the Fund to be held on August 21, 1996,
and at any adjournments thereof, with all the powers the undersigned would
possess if present in person. All previous proxies given with respect to the
meeting are revoked.
THE PROXIES ARE INSTRUCTED:
1. To vote:
______FOR all nominees listed below (except as marked to the
contrary below)
______WITHHOLD AUTHORITY to vote for all nominees listed below
NOMINEES: David T. Bennett, Jaye F. Dyer, William H. Ellis, Karol D.
Emmerich, Luella G. Goldberg and George Latimer. (Instruction: To withhold
authority to vote for any individual nominee, write that nominee's name on the
line provided below.)
- --------------------------------------------------------------------------------
2. To vote: FOR ___ AGAINST ___ ABSTAIN ___ ratification of the selection
of KPMG Peat Marwick LLP as independent public accountants for the Fund.
In their discretion, the proxies are authorized to vote upon such other
business as may properly come before the annual meeting or any adjournments or
postponements thereof.
THIS PROXY WILL BE VOTED AS INSTRUCTED ON THE ABOVE MATTERS. IT IS
UNDERSTOOD THAT, IF NO CHOICE IS SPECIFIED, THIS PROXY WILL BE VOTED "FOR" ALL
ITEMS. UPON ALL OTHER MATTERS THE PROXIES SHALL VOTE AS THEY DEEM IN THE BEST
INTERESTS OF THE FUND. RECEIPT OF NOTICE OF MEETING AND PROXY STATEMENT IS
ACKNOWLEDGED BY YOUR EXECUTION OF THIS PROXY. SIGN, DATE, AND RETURN IN THE
ADDRESSED ENVELOPENO POSTAGE REQUIRED. PLEASE MAIL PROMPTLY TO SAVE THE FUND
FURTHER SOLICITATION EXPENSE.
Dated:______________________________ , 1996
___________________________________________
___________________________________________
IMPORTANT: Please date and sign this Proxy.
If the stock is held jointly, signature
should include both names. Executors,
administrators, trustees, guardians, and
others signing in a representative capacity
should give their full title as such.
Book 3
Fund 55
