CCP 01-03-1995 - Laserfiche WebLink

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~ regular meeting of shareholders has not been held during the inunediately preceding 15 monrhs, a shar. holder or shareholders holding 3% or more of the voting shares of the Company may demand a regul meeting of shareholders by written notice given to the chief executive officer or chief financial officer of the Company. Within 30 days after receipt of the demand, the Board of Direcrors shall cause a regular meeting of shareholders ro be called, which meeting shall be held no later than 90 days after receipt of the demand, all at the expense of the Company. In addition, the 1940 Aa requires a shareholder to vote; for all amendments to fundament.al investmenr policies and restrictions and for all amendments to investment advisory contracts - and Rule 12b-l distribution plans. The 1940 Act also provides that Direcrors of the Company may be removed by action of the record holders of two-thirds or more of the outstanding shares of the Company. The Directors are required to call a meeting of shareholders for the purpose of voting upon the question of - removal of any Director when so requested in wriling by the record holders of at least 10% of the Company's outstanding shares. - The Fund periodically sends financial and other reports and communications (including, but not limited - to, annual and semi-annual financial statements) to its shareholders. Unless otherwise required by law, the Fund intends to mail one of each such report or communication to each individual mailing address, which may be the - address of one or multiple shareholders of record. However, shareholders have the right to receive additional copies of each such report or communication without charge upon written requesr to the Fund. - I PENDING LITIGATION Several complaints have been filed in fedet.al i:oUtt against the Fund, the Adviser, the Distributor and certain individuals affiliated with the Adviser and the Distributor. An Amended Consolidated Class Action I Complaint, representing a consolidation of a number of previously filed complaints, was filed on October 5, 1994 in the United States District Court for the District of Minnesota, by Richard J. Rodney, Jr., Doug Shonka, Carl Patrick Monahan, Jerry Hoehoen, Rosemary Boris, Thomas W. Newcome, Delvin D. Junker, Printing Mailing Trade District, affiliated with the NeWspaper Drivers' Division of the International BrOther. I hood of the Teamsters, The Hisrory Theatre, Ine., Paul Gold and Bernard Friedman. The complaint allege certain violations of federal and srate securities laws, Common law negligent misrepresentation and breach of fiduciary dury. A similar complainr was filed in the same court againsr the same parties on October 21, 1994, I by Eltrax Systems, Inc. A third complaint relating to the Fund was filed againsr the Company, the Adviser, the Distributor and Piper Jaffray Companies Ine. on September 30, 1994 in the United States District Courr for the District of Colorado. The complaint alleges certain violations of federal and state securities laws and I common law fraud. Plaintiffs in the complaint are Gary Pashel and Gregg S. Hayutin, Trustees of rhe Mae Pashel Trust; Mae Pashel, individually; Gary Pashel and Michael H. Feinstein, Trusrees of the Roberr Hayutin Insurance Trusr; and Dennis E. Hayulin, Gregg S. Hayulin and Gary Pashel, Trustees of the Marie Ellen Hayutin Trust. The Fund intends to defend these lawsuits vigorously. An additional complaint has been filed I in United States District Court for the District of Minnesota relating to two closed-end investment compa- nies managed by the Adviser. This last complaint does not involve the Fund. No dealer, sales representative or other person has been authorized to give any information or to make I any representation other than those contained in this Prospectus (and/or in the Statement of Additional Information referred to on the cover page of this Prospecrus), and, if given or made, such information or representations must nol be relied upon as having been authorized by the Fund or Piper Jaffray Ine. This I Prospectus does not constitute an offer or solicitation by anyone in any state in which such offer or solicitation is not authorized, or in which the person making such offer or solicitation is nol qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation. I 23 I ~ I I