CCP 11-28-1994 - Laserfiche WebLink

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------- Distribution, History (.,llItlmlcd/J.llm/nlllt!"I.'.!.t' Silt(( f,lt-lptrolIlflll..,. {<'ISS! 2. Maintain the current monthly dividend of 1.S cents per share. Through rhe end of Ocwbl:r, rhl: fund has ~onrinlleJ co rroJu;';~ ~1 Monthly Dividends Paid -I, sufficient level of income ro pay irs mumhly dividend. We ...:urrenrly . Total Monthly Dividends 55.-- ~mticipJre no changes w our di\.iJenJ policy and re:llize this is .1 high Capital Gains priority ro our dienrs. Distributions Paid (, Total Capital 3. Position the fund to allow for recovery of its NAV. Gains Distributions 50,52 The fund's continueu t:rosion ot NA V, while Jisappoiluing. is nor Total Distributions surprising in this peri oJ or rising interest rares. To rhe exrent we have Per Share 56.29 J.ltered the fund's potrtolio to reduce volatiliry~ as described :.1bove, we are diminishing the fund's ability ro incre3se NA V under more favorable - Fund Adviser marker conditions. .-\s we have previously srated. J.ny improvement in - ~ A V will require In extended period of s[3ble or declining inrerest r;.Hes. Piper Capital Management Institutional Government Income Portfolio Characteristics . HL:adquarrerL'd in \linneapnli:-o. \\"ich offil:es in . Dt:signt:d for invesrors who -;ct:k ;.1 high 11:\,(,:'1 of "-:l1rrt:nc int.:ome Searclt: anu Denn~r consistent with preservation of capita1. . Provides invescmenc servi.:es tor more chao -+0 murual funds . Invests in securities issued or guaranteed as CO payment of principal . Wholly-owned subsidiary ot Piper Jaftr:ly and/or interesr by the U.S. government, irs agencies or insrrumem:aliries, Companies Inc.. which was established in l395 including morrgage.related securities, (The securiries in rhe fund, not . Piper ]affray Companies has donared j% ot the fund itself. are guaranteed as to payment of principal and interest.) prerax profirs ro clvie and -:hanrJble o..:auses c;lcb ~'ear since 1969 . The fund's investments in mortgage-related securiries include derivative producrs such as interesr-only and principal-only securities, inverse floating rare securiries and Z-bonds. The market value of these types of. Portfolio Managers derivarives, given the marker experience of 1994, may be more volatile than ocher securiries owned by the fund and may resuJt in increased Worth Bruntjen volatility of ,he fund's NAVin cerrain market conditions. . Piper Capi[al senior vi<.;e presidenr and fixed The fund can use investment techniques - including the purchase ot . income portfolio manager . 27 ~'e:lrs investment ~xperience derivarives and the purchase of securities through the sale-torward Marijo Goldstein program - which mav cause the fund's NA V to lluctuare to a greater . Piper C.l.plral senior \'ice pres idem :md fixed extent than would be expected from interesr mte movements alone. income portfolio manager (Please see "Investment Objective Jnd Policies" in the fund's prospectus . ~ine y-ears in\,estmenr experience for a more complere discussion.) Marcy Winson . Piper Capical \.ice president :lnd fixed in<:ome Contact Your Investment Executive associ;.ue porrfolio manager For more informMion about any of the Piper funds. induding ;J. . Four ye;lfS im'estmenr expeneno..:e prospecrus. contact' your investment executive or c::dl I 300 R66-7778. Steve Kuhn . Piper Capiral fixed in<,;ol1le asso"::J.te The [ltsriclltmndi Goct'TI/IJTent hrcwne Port,t"niio is dosed to Irell' i,west(Jf$_ Figures shr}/t'!1 portfolio manager re/lea past perlIJrmance .md do not gllarantec (utllre rest/Its. The refl/nt .md prillcip,d {-,.lEur! . Two ye~lrs im"esrmenr experience O/UIl im'est11lent m the frmd will t7zlcwate ,/lid sb.zres. when red~'em("d. may he n'r)rth IHfJr(! or less th.11t their origin.li cost_ RECEIVED NOV 21 1994 . CITY OF ARDEN HILLS Piper Clpir/d AltmagnJu.'1Ir 111,'orpfJrilled .222 SOlidi ,Vimh Srreet, :v!pk J,IN f)402-38o-/. (8(J(J 866-1'7-''1 i"Pf';-.I,lifi'./v }II,"", fillld ,INm1m", "ml_V,-I.SI) "1,'1'11.,..,-" ~iO,3"9MI PJ\G~()II