CCP 06-13-1994 - Laserfiche WebLink

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_1 . c:C I'ip\.'r (:;Ipit;ll Man;lg"'Ul~m ,-" \ 1,.. ) :.::.: SUlllh Ninth StR'ct .,-(-'--'. ..... Minneapolis.. MN ');40:-.,1'104 C,"r"-'" ,- '. ,-" ,g'jA L'l ' (.I:.\..p,.(i.~o::. )\)~< . . , , , \ I' Jun~ 14, 1 'i'i4 \'II ' .,' '\jt.\l" " f.\i'i \)( ",l\ D~ar Shar~h()IJ~rs: I am wriciIl!: ro inform you that Institutional Governm~nt In~om~ Portfolio has b~~n dosed to n~w shareh()ld~rs, df~~,iv~ at th~ dos~ of business, June 14. In my May 20 letter to shareholJers, I indi~ated that we would dose the fund to new investors on the date when it rea~hed $650 million in net assets or on June 20, whi~hever o~~urred first. A[ that time, [h~ fund had approximately $593 million in n~t assets. In the paS[ few w~~b, approximately $-'3 million in new money has been invested in the Institutional Government Incom~ Portfolio, including a $10 million investment by Piper Jaffray Companies. In addition, the value of se~urities in th~ portfolio has risen $7 million, bringing the fund to approximately $653 million in net assets. We hav~ tak~n this a~,ion becaus~ W~ are committed ro th~ best interests of our current shareholders. By closing th~ fund, w~ hope to ensure that you hav~ the maximum opportunity to benefit from any . potential recovery in the fund. If we had allowed an unlimited number of new shareholders to invest in the fund, any future gains would be divided among a greater number of shares, thereby diluting the impa~, of [hose gains. As a ~urr~nt shar~holder, you retain the right to purchase additional shares and to reinvest your dividends. To maintain your status as a current shareholder, the value of your investment in the fund must r~main above $5llll. For more information about your rights and privileges as a sharehold~r, pl~ase couta~, your broker or call I>iper Capital Management at 1-800-866-7778- Once again I want ro tak. [his opportunity to thank you for your commitm~nt to your investment in the fund, It is markets su~h as these that remind us of the importanc~ of maintaining a long-term perspe~,iv~. Speaking for all of us at Piper Capital, we value the trust you have placed in us, and we will ~olltinue to do our best to manage your fund through this difficult market. Sincerely, Pip~r Capiral Maml!:~m~nt 4t1w Ed K()hl~r Pr~sid~nr . Pipe- ]ajftllJ /nc.. fund distTib"tQr' atlll NASLJ mmrbl.",., 01,..... - "