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<br /> - - ----------------~---------- ------- -~--------- <br /> - Distribution History ( "!Jltl1lued ,in lilt /r'ullf 1~,It:C <br /> - <br /> ,\il1(I.' {/fCt'{1(;m/ jlit!." PISSJ 2. Maintain the current monthly dividend of 7.5 cents per share. <br /> Through the e-nd of O..:cober. the funJ hJS ..:onrinued co proJll\,:~ J <br /> Monthly Dividends Paid - (, sufficienr level of in~{)me to P.1Y its monrhly dividend. We ....:urrenc1y . <br /> Total Monthly Dividends S --- ~lnricipare no changes ro our dividend polic.;y and realize rhis is .1 high <br /> J. <br /> Capital Gains priority CO our dienrs, <br /> Distributions Paid (, <br /> Total Capital 3. Position the fund to allow for recovery of its NAV. <br /> Gains Oisnibutions SO.5.! The fund's cominued erosion of NA V, while disappoinring~ is nor <br /> Total Distributions surprising in this period of rising inrerest mtes. To rhe exrenr we have <br /> Per Share S6.2~ a[rered the fund's purriolio to reduce volariliry. as described above, we are <br /> diminishing the fund's Jbiliry to increase NA V under more favorable <br /> Fund Adviser market conditions. As we have previously stated~ ;lny improvemenr in <br /> - ~A V will require 3n extended period of stable or declining interest -rates. <br /> Piper Capital Management Institutional Government Income Portfolio Characteristics <br /> . Ht.:adqll~lrren.'~lin \[inn<..'~lrolis. '.\"irh ottil.:es in . Designtu tor inve:-.rors who 'ict:k a high level ot currenr in~ome <br /> Se~lrrie JnJ Denn'r ...-:onslstent with preservation of capita1. <br /> . Provides investment services ror more rhon 40 <br /> muruaJ funds . Invests in securities issued or guaranteed as co payment of principal <br /> . Whoily-owned subsidiary or Piper ]acfroy and/or interest by the U.S. government, irs agencies or instrumentalities, <br /> Companies In(,,;.. which W:.1S established in 1895 including mortgage-related securities, (The securities in rhe fund, not <br /> . Piper jattray Companies has donuteJ 5% ot <br /> prerox profits ro ci,'ic ;lnd charirable causes each rhe fund- [tself, are guaranteed as ro payment of principal and interest,) <br /> year since 1969 . The fund.s invesrments in mortgage-related securities include derivative <br /> products such as interesr-only and principal-only securiries, inverse <br /> Hoaring rate securiries and Z-bonds. The market value oi these rypes o. <br /> - Portfolio Managers derivatives, given the market experience of 1994, may be more volatile <br /> than other securities owned bv the fund and may result in increased <br /> Worth B,.untjen vobtiliry of the fund's NAVin certain market conditions. <br /> . Piper Capital senior vice president and fixed The fund can use investmenr techniques - including the purchase oi <br /> . <br /> income porrioiio manager <br /> . 2"7" years investmem experience derivatives and the purchase of securities through the sale-forward <br /> Marijo GoJdstejn program - which may cause the fund's NA V to fluctuate to a greater <br /> . Piper Capital senior \'ice president and fixed extent rhan would be expected from interest rare movements alone. <br /> income portiolio manager .(Please see '.Investment Objective and Policies" in the fund's prospectus <br /> . Nine years invesrmem experience ior a more complete discussion. I <br /> Marcy Winson <br /> . Piper Capital ,'ice preSIdent ;wd tixeJ Income Contact Your Investment Executive <br /> associate portfolio manager For more informarion about any of rhe Piper funds. including a <br /> . Four ~'e~Hs InveSTment t:xpenence <br /> prospe~rus. COnt3ct your invesrment executive or call 1 300 X66-7773, <br /> Steve Kuhn <br /> . Piper C.1piraJ fixed income Jsso<.:io.te The lmtitlltwllill COl'l!mment illc()me PI)rtf()/io is dosed to lieU' im'esUJrs. Figl/res shown <br /> portfolio manager . reflect pa,;t performallce ,:md Jo !mt gttJr.mtee t/ltl/re results. nil: return .md prillcipcli L',11I1e <br /> . Two :-.'ears im'estment experIence 1)( <111 im'CSfment in th('fund will tlU1.:ttmte ,md J)!.m?s. when redeemed. may he !t'ort" mure <br /> or" fes.> th.m their ongilt,ll (051, <br /> RECEIVED r-- - - <br /> ~: <br /> NOV 21 1994 <br /> --- ---- . <br /> CITY OF ARDEN HilLS Piper Glpimf /v!,magemeJl( Incorporrrred <br /> ';;;J SOllr;' ,V'im/; Sm>ef, ,'vIp/s. A/,V ))402-3804-- [ 8f)f) 866--:---8 <br /> l'.'i,,'r/.iI;7',fV (IJ, . .Iilllfi,/i,tri;Jllfi!r,lIIdV,--lS() ""'IIII,,.!" <br /> ,Q73CJol'l ;>)IGX().1 <br /> - ------- ----- --------- <br />