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<br /> -~ ----- <br /> Distribution History ("II//lltlll'dli.()/It Inmt {'.I1-:(' <br /> Sill~'~' Illc~pti()l1 1/ !fly (~_l .),,-!') 2. Maintain the current monthly dividend of 7.5 cents per share. <br /> Through the I;nd of Ol;wber. the fund has ~()nrinueJ ro proJl1~'" J <br /> Monthly Dividends Paid -6 sufficient level ot income to p.1Y its monthly dividenJ: We l.:urrently . <br /> Tota.l Mon'thly Dividends S5.-- Jnricipare no changes ro ollr di\'idenJ polil..':Y ~md realize thIS is .1 high <br /> Ca.pi'tal Gains priority to our cliems. <br /> Distributions Paid b <br /> Total Capital 3. Position the fund to allow for recovery of its NAV. <br /> Gains Distributions 50.52 The fund's conrinued erosion of NA V, while disappointing, is nor <br /> Total Distributions surprising in chis period of rising interest mtcs. To the extent: we have <br /> Per Share 56.29 ;..tlrered the fund's portfolio to reduce volariliry. as de~ribed above, we are <br /> diminishing the fund's ability to increase NA V under more favoro1ble <br /> Fund Adviser market conditions. As we have previously sr.:lted, Jny improvement in <br /> - \fA V will require :In extended period of stable or declining inrerest fates. <br /> Piper Capital Management Institutional Government Income Portfolio Characteristics <br /> . HC~ldqll;.lrrt'rni in \Iinnl';lpolis. \\"trh 'lffiL:1o"s in . Desigllt'J for irwe~rors who -;1:1::\'; ,.1 high level of current im:onle <br /> Seattle and Dell\"(:-r consistent with preservation of capital. <br /> . Provides investment sen'H..:es for more thOln -to <br /> muru~1 funds . Invests in securities issued or guaranteed as to payment of principal <br /> . Wholly~owned subsidiary ot Piper Jatfray and/or interest by the U.S. government, its agencies or instrumentalities, <br /> Companies lnc., which was t:stablished in 1895 including mortgage-related securities. (The securities in the fund, not <br /> . Piper Jaffray Comp~1nies has donated 5% ot the fund itself, are guaranteed as to payment of principal and inreresr.) <br /> prerax profits ro en.it.: Jnd ...:haricJ.ble ~auses each <br /> year Since 1969 . The fund's investments in mortgage-related securities include derivative <br /> products such as interest-only and principal-only securities, inverse <br /> floaring race securicies and Z-bonds. The market value of these types of. <br /> Portfolio Managers derivatives, given the market experience ot 1994, may be more volatile <br /> than ocher securicies owned bv che fund and may resulr in increased <br /> Worth Bruntjen volatility of the fund's ~A V in cerra in market conditions. <br /> . Piper Capital senior vice presidem <lOci fixed The fund can use invesrmenr rechniques - including che purchase of <br /> . <br /> income portfolio manager <br /> . 27 years investment experiem:e derivatives and the purchase of securities through the sale-forward <br /> Manjo Goldstein program - which may cause the fund's NA V to t1ucruate ro a greater <br /> . Piper Capiral senior ~-ice presldenr J.nd hxed extent than would be expected from interest rate movementS alone. <br /> income portiolio man~lger (Please see "'Investment Objective and Policies" in the fund's prospectus <br /> . Nine years invesrmenr t'xpt:riem;:e for a more complete discussion.) <br /> Marcy Winson <br /> . Piper Ctpiral \'ice preSIdent and tIxed income Contact Your Investment Executive <br /> associ..ue portrolio m::mager For more inform;1rion ;Jbour Jny of rhe Piper funds. induding a <br /> . Four ye~lrs inn'srmem experience <br /> prospectus, cont;]ct your investmenr exel.:utive or cJ.1l 1 800866-7773. <br /> Steve Kuhn <br /> . Piper C~lpit<11 tixed in(,,;ome assoo,;:are The InstltJJtion<.l/ C01'l'mmeJlt Income pl)J'tlo!io is dosed to /leU' im'estors. Figures sh(jwn <br /> porrioliu manager ref7ect past performann! ;Jnd do If()t grt<.1r,.mtee tlmm: r(,SllJt~. The return _md przncipal /",duI! <br /> . Two ye;:t["s investment experience ,J{<JIT ilH'estmem in the /rmd will fluctuate .md sh<./res, when r/.'deemed. may !]I! !~'r)rth //Trln' <br /> I)r less r"'.1!1 the/ror/gill.l! <.'ost, <br /> RECEIVED ~ <br /> NOV 21 1994 ~I <br /> --~ . <br /> CITY OF ARDEN HilLS Piper Glpittd Alanagemmt !ucorpontted <br /> ';':.2 Somb iVinch ,')'tret't, J4pfs, ,1.1,\1 'i)402-3,JO-/. ! ;SOl} ,)'66-7"7-''1 <br /> I'I/"'f. !dl/i""y h" . ,(muf ,ii,n.llN/wl" ,lIlfi .\~1S{) "I"JII/II"!" <br /> :OT3'),1'1 PjTG:':().1 <br />