CCP 11-28-1994 - Laserfiche WebLink

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--..-.--- Distribution History ("J/ltlnlll'd/nJ!1t /rllltf /,./1.:'1.' )'illl'('{lIL,<{)[/(J// 11/1.'- IllS,)'} 2. Maintain the current monthly dividend of 7.S cents per share. Through the em.l of O~wbt:r, rhe fund has ..:onrit1ued ro pruJlIL':-: a Monthly Dividends Paid - " sufficient level of jn~ome ro pay its monthly di\'iJenJ. We ..:urrenr!y . Total Monthly Dividends 55,-- anricipare no ch~mges ro our di\"ideml polil.;y ..md re~lJize [his is .1 high Capital Gains priority to our clients. Distributions Paid " Total Capital 3. Position the fund to allow for recovery of its NAV. Gains Distributions 50.52 The fund's I;onrinued erosion of ~A V, while disappointing, is not Total Distributions surprising in [his period of rising interest r.ates. To rhe exrent we have Per Share 56.29 ~llrered the fund's porrtolio ro reduce volatility. as described above, we are diminishing the fund's abiliry to increase NA V under more fnvorable Fund Adviser market conditions. As we h:lve previously srared. ~ny improvement in - ~A V will require .In extended period of srable or det:Iining interest' ro.tes. Piper Capital Management Institutional Government Income Portfolio Characteristics . Hl:adqll~lrt't'n.'d ill \liIlIl1..';lro1is. \,"irh nttit.:cs in . Designt:J for inve~(()rs who :;ct:k a high level of l.:urrenr im:011le St;:,.Irrle ;lIlJ Detl\"t:-r ..:onsisrent with preservarion of ~apitaL . Provides invesrmenr sern.,;es for more rhan 40 mutual funds . Invesrs in securities issued or guaranteed as to payment ot principal . Wholly-owned s'ubsidiary of Piper Jaifray andJor interest by the U.S. government, its agencies or instrumentalities, Companies [nc., which \Vas' ~srablished in 1895 including mortgage-related securiries. (The securities in the fund, not . Piper Jaifray Companies has donated 5% of the fund itself, are guaranteed as to p<lyment ot principal and interest.) prerax profits to ci\.ic and ..:harirJble CJuses ~ach year since 1969 . The fund's investments in mortgage-related securities include derivative products such as interest-only and principal.only securities, inverse floating tate securiries and Z-bonds. The marker value of these types of. Portfolio Managers derivatives, given the market experience oi 1994, may be more volatile rhan other securiries owned by rhe fund and may result in increased Worth Bruntjen volatility of the fund's NAVin certain market conditions. . Piper Clpiral senior ,"ice president Jnd fixed The fund can use invesrment techniques - including rhe purchase of . income porrfolio manager . .2 -: years in....esrment ~xpenence derivatives and the purchase of securities through rhe sale-forward Mariio Goldstein program - which may cause the fund's NA V to tlucruare to a greater . Piper C.lpital senior ,"ice presidenr and fixed extent than would be expected from interest rate movementS alone. income porrrolio mJnager (Please see "Investmenr ObJecrive and Policies' in the fund's prospectus . ~ine years invesrment experience for a more complere discussion.) Marcy Winson . Piper eJ.pical ,-ice president and fixed income Contact Your Investment Executive assol.:iare porrfoiio m~lnager For more inform~lrion about any of rhe Piper funds. induding a . Four y~~lrs im"esrrnem experienl.:e prospectus, ..;011[;1("( YOllr investment executive or ("all 1 SOO R66-7778. Steve Kuhn . Piper Clptr~ll fixed Income asso..:ia[e Tbe IlIstitution'll G01'emment l,rcome Pnrtfnlio is dosed to Itt'!l' Int'estrJrs. Figllres ShfllL'1l portfolio manager reflect past perf()rmaJ/u .md do !tot guar,.JJ1t~e filfuI'e results. The retlmr .lJfd principal t',;.iul! . T,vo years im.esrmem experience I)l <111 i,wt?stment i" tin' frmd !v'ill t711~wate .lIld s/hm!s. when r('d,'emed. I1UJ~' he 1'.Oft/) more or less rl1.m their nrigm,li ~.()Sr. RECEIVED ~ - NOV 21 1994 . CITY OF ARDEN HilLS Piper Gtpiflll /vl/lJJagrmmr Incorp(Jriued .:.:~ SOlllh Ninth Street. :lifp/i, AIN 1')402-380..;. {800,l'66-7'.":"-8 1"':,i...rid"fi'i'Y {II.. iirl/ri,fi,[rlilil[I""IIIfI.\",~,\'{) "..,-lid".... "Oi30J.[) P!ICXO..