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NEW OPEN-END FUNDS OFFERED -- INSTITUTIONAL GOVERNMENT ADJUSTABLE PORTFOLIO, ENHANCED 500 FUND, AND INSTITUTIONAL MONEY MARKET FUND

 MINNEAPOLIS, Feb. 3 /PRNewswire/ -- Piper Capital Management Incorporated announces three new open-end mutual funds -- Institutional Government Adjustable Portfolio, Enhanced 500 Fund, and Institutional Money Market Fund.
 Institutional Government Adjustable Portfolio has an investment objective of high current income consistent with low principal volatility. The fund will invest primarily in adjustable rate mortgage securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.
 The investment objective of Enhanced 500 Fund is to achieve a total return (dividend income plus capital change) greater than the return of the aggregate U.S. stock market, as measured by the Standard & Poor's 500 Composite Stock Price Index. Under normal conditions, at least 80 percent of the fund's total assets will be invested in securities that are included in the S&P 500 index. The balance of the fund's assets may be invested in common stocks not represented in the index and in instruments whose return depends on stock market prices.
 Institutional Money Market Fund has an investment objective of maximum current income consistent with preservation of capital and maintenance of liquidity. The fund will invest in a variety of high- quality money market instruments such as U.S. government securities, repurchase agreements, obligations of domestic and foreign banks (time deposits, certificates of deposits and bankers' acceptances), and high grade domestic and foreign commercial paper and other short-term corporate obligations.
 All three funds are managed by Piper Capital Management Incorporated, an investment adviser with more than $9 billion in assets under management. Piper Capital is a subsidiary of Piper Jaffray Companies Inc., an investment firm founded in 1895.
 Prospectuses containing more complete information about Institutional Government Adjustable Portfolio, Enhanced 500 Fund, and Institutional Money Market Fund may be obtained by calling Piper Jaffray at 1-800-333-6000, ext. 6974. Investors should read the prospectus carefully before investing.
 -0- 2/3/93
 /CONTACT: Jane Tischer, 612-342-6246, or Kimberly Kaul, 612-342-6384, both of Piper Capital Management/


CO: Piper Capital Management Incorporated ST: Minnesota IN: FIN SU:

AL -- MN013 -- 2533 02/03/93 15:31 EST
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Date:Feb 3, 1993
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