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

 CLOSED-END FUNDS MANAGED BY PIPER CAPITAL
 MANAGEMENT DECLARE MONTHLY DIVIDENDS
 MINNEAPOLIS, Nov. 26 /PRNewswire/ -- The following funds declared their December dividends:
 FUND NYSE CURRENT MONTH PREVIOUS
 SYMBOL AMOUNT DIVIDEND
 American Government Income
 Fund Inc. AGF $0.0900 $0.0640
 American Government Income
 Portfolio Inc. AAF $0.1200 $0.0800
 American Government Term
 Trust Inc. AGT $0.0785 $0.0785
 American Adjustable Rate
 Term Trust Inc. - 1995 ADJ $0.0700 $0.0700
 American Adjustable Rate
 Term Trust Inc. - 1996 BDJ $0.0710 $0.0710
 American Adjustable Rate
 Term Trust Inc. - 1997 CDJ $0.0710 $0.1010(a)
 American Opportunity Income
 Fund Inc. OIF $0.1833 $0.1083(b)
 American Municipal Term
 Trust Inc. AXT $0.0542 $0.0542
 American Municipal Term
 Trust Inc. - II BXT $0.0517 $0.0517
 Minnesota Municipal Term
 Trust MNA $0.0509(c) N/A
 Pacific-European Growth Fund PEF $0.0800 $0.2000(d)
 These dividend amounts are distributed on a per-share basis on the common stock. The dividends will be paid Dec. 23, 1991, to shareholders of record on Dec. 6, 1991.
 The monthly dividends per share on the common stock for American Government Income Fund (AGF) and American Government Income Portfolio (AAF) will include a special dividend to be paid on Dec. 23, 1991, to shareholders of record on Dec. 6, 1991. These one-time increases of $0.0260 for AGF and $0.0400 for AAF are from net investment income. The monthly dividend for American Opportunity Income (OIF) also includes a special dividend increase of $0.1000 from net-realized short-term capital gains.
 These funds are managed by Piper Capital Management Incorporated. Based in Minneapolis, Piper Capital Management Incorporated, a full- service money management firm, has more than $5.5 billion under management as of Oct. 31, 1991. Piper Capital is an independent, wholly owned subsidiary of Piper Jaffray Incorporated, an investment banking firm founded in 1895.
 (a) The November monthly dividend for CDJ included a special dividend paid on Nov. 27, 1991, to shareholders of record on Oct. 16, 1991. The entire $0.030 special dividend was from net-realized short- term capital gains.
 (b) The November monthly dividend for OIF included a special dividend of $0.025 paid on Nov. 26, 1991, to shareholders of record on Nov. 7, 1991. The entire $0.025 special was from ordinary income.
 (c) First dividend for Minnesota Municipal Term Trust (MNA).
 (d) Previous dividend for Pacific-European Growth Fund was declared Nov. 26, 1990, and paid on Dec. 26, 1990.
 NOTE: There are two series of closed-end funds with similar names - American Adjustable Rate Term Trust - 1995 (ADJ), American Adjustable Rate Term Trust - 1996 (BDJ), and American Adjustable Rate Term Trust - 1997 (CDJ), and American Municipal Term Trust (AXT) and American Municipal Term Trust - II (BXT). To avoid confusion, please use the full name including the year or Roman numeral when referencing this press release.
 -0- 11/26/91
 /CONTACT: Kimberly Kaul, 612-342-6384, or Linda Ruhland, 612-342-6280, both of Piper Capital Management/ CO: Piper Capital Management ST: Minnesota IN: FIN SU: DIV


AL -- MN013 -- 7506 11/26/91 17:01 EST
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Date:Nov 26, 1991
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