CCP 01-03-1995 - Laserfiche WebLink

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" Distribution History Culltl/lttt!d /,run (mnr p.I!.t" . Since lnceptioll I}uly llfSSJ Since the end of October, the fund's portfolio composition has remained nearly unchanged. Cash, one~ ;Ind two-year U.S. T n:asuries Mon'thly Dividends Paid " aCCount for approximatelv 44% of the portfolio'> holdings IS j S9 milli_ TataJ Mon'thly Dividends 55.34 Our rebalancing eiforrs. whIch also included the sale of morrgage-back CapitaJ Gains derivarives and the eliminarion of the sale-forward program. ha\'e helped Distributions Paid 6 reduce the fund's volatility. The degree to which we have reduced the fund's potential price - To'tal Capital Gains Distributions 50.52 volatiliry has, to approximately the same degree, reduced its porential to Total Distributions recover its NA V. However, we believe the following bctors could help the Per Share 56.36 fund's NA V increase: 1. Stable or decreasing interest rates. - -;"~;!:A"","""''''''' :-:l\i=~""'>I~ua:4Ad3dser; -,,> ~'~,,::...:: ," 2. Narrowing spreads between prices on U.S. Treasury securities ;lnd m(JrtgJ.gi;:~bal;kt:d JcrH';l[lVe ::)..:~urme::;. - , .. .'.. 3. A return ro equilibrium in the supply and demand for morrgJ.ge.backed - Piper Capital Management derivarive securities. Headquartered in .'v1inneapolis, with offices in - . SeJ.rrfe :lod Denver Institutional Government Income Portfolio Characteristics - . Provides investment s.ervices for more than 40 . Invests in securities issued or guaranteed as to payment of principal . murual funds and/or interesr by the U.S. governmenr, its agencies or instrumentalities, - . Wholly.owned subsidiary of Piper Jaffray Companies Inc., which was established in 1895 including mortgage-related securities. (The securities in the fund, not . Piper ]affray Companies has donated 5% or the fund itself~ are guaranteed as to payment of principal and interest.) pretax profits (Q ciVIC and charitable causes each . The fund's investments in mortgage-related securities include derivative I year since 1969 products such as interest-only and principal.only securities~ inverse floating rate securities and Z-bonds. The marker value oi these types of I Portfolio Managers derivatives, given the market experience or 1994, may be more vol at. than other securities owned by rhe fund and may result in increased volatilirv of the fund's NAVin certain market conditions. I Worth Bruntjen . The iund can use invesrment techniques - including the purchase oi . Piper Capital senior vice president and fixed income portfolio manager derivatives and the purchase of securities through the sale-for\vard . 27 years investment experience program - which may cause [he fund's NA V to Huctuate ro a greater I Marijo Gold5tein extent than would be expected from interest rate movements alone. . Piper Capital senior vice president and fixed (Please see "'Investment Objecrive and Policies" in the fundls prospectus income portfolio manager tor a more complere discussion.) I . Nine years investment experience The instrttainnai Government income Portfolio i$ closed to new investOrs. F:gllres shown Marcy Winson relleet past performance and do not guarantee furur~ r~slflts. The return .md principal . Piper Capital vice president and fixed income /la/lle of ,]n investment in the lund wili /lIlcruate and shares. when redeemed, may be I associate portfolio manager worth more or less than their original cost. For mOre informatton ,lbrJl/t :In:'.' 1)( the Piper (unds, including J prnspectus. amto1ct your investment eXL'cutive or cali I ,sor) Sfi6.7778. . Four years investment" expenence Steve Kuhn I . Piper Capital fixed income associate portfolio manager . Three years investment experience I ~] I ---- -- Piper Capita! Management Incorporated . I 222 Saud] Ninth Street, /vtpis. ,-WN S5402~JSO+ [800 866-".-J1 hpt.'T Ja;fmv file, 11mti ,i,jtrihmIlY IIlIff ,\:1.\'/) "'~mb!'r_ ~i07T94(l ~IIGX04 I