CCP 10-31-1994 - Laserfiche WebLink

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Fund Statistics Continued from front page Ne<: Assets $565 million have a par value that is guaranteed at maturity by an agency of rhe U.S. government. However, rhese securities remain severely discounted wirh Nee Asset Value $7.98 their averag~ price.at $72 per $100 of par. Additionally, rhe fund has the. Inception Date July 1988 highest credit quality raong granted by Standard and Poor's: AAAf. Fiscal YearEnd September 30 (S&P's credit rating does not indicate rhe market risk of rhe fund.) Ticker Symbol PJIGX The rime frame to recovery of rhe fund is difficult to predicr. We Initial Investment Fund closed to believe rhat rhe current supply and demand imbalance in rhe mortgage- new investors backed derivatives marker will not begin to improve until rhe Treasury Subsequentlnvestnnencs $2,500 market stabilizes. We anticipate that rhe fourth quarter will be chalIenging I :Z.Month Distribution $1.180 because of sales of fund shares to incur year-end taX losses, year-end pressures to teduce inventories of mortgage-backed derivatives, and Fund Adviser rhe probability of continued unsenled marker conditions in rhe Treasury marker. Piper Capital Management . Headquartered in Minneapolis, with offices in Institutional Govemment Income Portfolio Characteristics Seattle and Denver . Desigued for investors who seek a high level of current income . Manages approximately $12 billion in assets and provides invesanent services for more than 40 consisrent wirh preservation of capital. mutual funds . Invesrs in securities issued or guaranteed as to payment of principal . Wholly-owned subsidiary of Piper Jaffray and/or interest by rhe U.S. government, irs agencies or instrUmentalities, Companies Inc., which was established in 1895 including mortgage-related securities. (The securities in rhe fund, not . Piper Jaffray Companies has donated 5% of pretax profits to civic and charitable causes each rhe fund itself, are guaranteed as to payment of principal and interest.) year since 1969 . The fund's investmenrs in mortgage-relared securities include derivative producrs such as interest-only and ptincipal-only securitieS, inverse . Portfolio Managers floating rate securities and Z.bonds. The market value of rhese types 0 , derivatives may be more volatile rhan orher securities owned by the Worth 8rontjen fund and may result in increased volatility of rhe fund's NAVin certain . Piper Capita! senior vice president and fixed market conditions. income portfolio manager . The fund employs invesnnent rechniques - including rhe purchase of . 27 years investment experience derivatives and the purchase of securities through rhe sale-forward Mania Go'dstein program - which may cause rhe fund's NA V to fluctuate to a greater . Piper Capital senior vice president and fixed extent rhan would be expected from interest rate movemenrs alone. income portfolio manager (Please see "Investment Objective and Policies" in the fund's prospectus . Nine years investment experience Marcy Winson for a more complete discussion.) . Piper Capital vice president and fixed income associate portfolio manager Contact Your Investment Executive . Four years investment experience For more information about any of the Piper funds, including a Steve Kuhn prospectus, contact your investment executive or can 1 800 866-7778. . Piper Capital fixed income associate The l1!$titutionai Govermnmt Income Portfolio is dosed to new !m'estors. Figures shown portfolio manager reflect pa.st per{ormanu ami do not guarantu future results.. The retum and prindpaJ va/J"e . Two years investment experience of an investment in the fund will {htauate and shares, whm redeemed. may be wortb more or less than their orlgin4i cost. ~ I, PIPER CAPITAL i ""'(I\1fSr I e - ----- Piper Capital Mtl1l4gmmtt Incorporated . 222 South Ninth Stmt, Mpls. MN 55402-3804 I 800 866om8 Pip" Jaffto1 b.,,, fiuuJ Jim-i/nmno aNi NASD """'.... OO'73-94d PJIGX04