CCP 11-28-1994 - Laserfiche WebLink

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Distribution: History ( "'II/rut/ed in 1m in !Ill {'.I'..;" SilI(l' IHCt'!Jt/ul/ I/I/h 1<IS81 2. Maintain the current monthly dividend of 7.5 cents per share. Through (he end of Ol:wber. rhe fund has ...:onrinueJ ro prouu...:t: ;1 Mon~hly Dividends Paid - (, sufficienr level of in,ome m P~lY its monrhly dividend. ,&re I.:urrenriy . Total Monthly Dividends S5.-- ;.1nricipare no changes ro our di,'idenu policy and re~llize this is ,1 high Capital Gains prIority m our clients. Distributions Paid " Total Capital 3. Position the fund to allow for recovery of its NAY. Gains Distributions 50.52 The fund's cominueu erosion ot NA V, while disilppoinring. is nor T otaJ Distributions surprising in this period of rising imerest ~res. To [he extent we have Per Share S6.l9 ..drered the fund's portfolio to reduce volariliry. as described J.bove, we are diminishing the fund~s ability m increase NA V under more t::1sorable FunclAdviser market conditions. As we have previously scared. any improvement in - ~.-\ V will require ;In extended period of st3ble O[ declining interesr r;,lres. Piper Capital Management Institutional Government Income Portfolio Characteristics . Ht:,ldqu..lrrerL'd ill ~linne;lrolis. wirh oHil.:"t:s in . DesigneJ for inve:-.wrs who -;1.:e1\ '-1 hi~h level ot ";llfrenr in..:ume Searrle ~llHj Den\.cr -.::onsisrent wirh prest::fvurion of capitaL . Provides invesrmenr 5ervices to!' more than 40 murua! funds . Invests in securiries issued or guaranteed as co paymenr of principal . Wholly-owned subsidiary of Piper Jaffr<lY and/or interesr by rhe U.S. government, its agencies or insrrumentalities. Companies Inc.. which was established in 1895 including mortgage-related securities. (The securities in rhe fund, not . Piper Jaffray Companies has don~l[ed 5% ot prerax protirs to Civic and -..:harirable ':;luses c;lch the fund itself. Jte guarameed as to pavrnem of principal and imeresr.) year since 1969 . The fund's lnvestments in morrgage.relared securities include derivative prodUCts such as interest-only and principal-only securities. inverse floating rate secutities and Z.bonds. The market value oi these types o. Portfolio Managers derivatives, given the market experience of 1994~ may be more volatile rhan orher securiries owned by the fund and may result in increased Worth Bruntjen volatility of the fund's NAVin certain market conditions. . Piper C.lpiral senior \'ice presidenr and fixed The iund can use investment rechniques - including the purchase of . income porcfolio manager . 27 years invesrrnenr c:xpenence derivarives and the purchase or securities through the sale-forward Manjo Goldstein program - which may cause the fund's NA V ro flucruate to a greater . Piper Capital senio!' ':ice preSIdent 3nd fixed extent than would be expected from interest rare movements alone. income porrfolio manager (Please see "[nvestment Objective and Policies" in rhe fund's prospectus . Nine years investment e:o..:perience for J. more complere discussion.) Marcy Winson . Piper Capieal ,"ice presldem and fixed income Contact Your Investment Executive asso~iare ponfolio manager For more informacion about Jny of rhe Piper funds. including a . Four ye~lrs im'esrmenr experience prospecrus. conra-.::r your invesrmem executive or call 1 800 R66-7778. Steve Kuhn . Piper Clpiml fixed income associ are The fmtitl/tlOl/<11 GOI't'/'IImel1t Income Pr)r.tlnlio is do~ed to !l('U' im'estrJrs. Fir://res shr,ll/IT portfolio manager reflect past per.t"nrnwl/c/:' ./ltd do !Jot gu.;r.mtc(' fl/fllre re:SI"ts~ TlJe retl/m .2nd prillcip.1f t'.lflll! . Two years inVesrmenr expenence of ull im'f!stJ!tent ill the lima' will fluctuate .md slhlres. when redeemed. 11141)' he !(,:()rth mUTe or less th.m their origilhl1 cost. RECEIVED ~: NOV 21 1994 . CITY OF ARDEN HIU$ P~!Jer C.lpirai ,vtanageml'nt /l1corprm1fed ;.1:1 Sow/! iVimh Strut, ,\llp/s, ,11,v ))401.-J&O-f [s()(} S66-:---<'1 .":/""'/III/i.,IV J'I,." !ill/lJ ,!i.{;-jiJ/f{II" illld .V,-1SI) ""."d,,", ~;1);-3"14'J :l!lcxr).1