PIPER FUNDS INC.
INSTITUTIONAL GOVERNMENT INCOME PORTFOLIO
SUPPLEMENT DATED JUNE 19, 1996 TO
PROSPECTUS DATED NOVEMBER 27, 1995
On June 18, 1996, the Board of Directors of Piper Funds Inc. (The
"Company") unanimously approved discontinuance of the fundamental policy of
Institutional Government Income Portfolio (the "Fund") limiting the Fund's
investments to U.S. Government securities (as defined in the Prospectus).
Discontinuance of this policy is subject to shareholder approval. If shareholder
approval is obtained, the Fund will invest in a broad range of investment
quality debt securities, including U.S. Government securities (including U.S.
Government mortgage-related securities), privately issued mortgage-related
securities, corporate fixed-income securities, asset-backed securities and
Yankee bonds. The Board has also approved, subject to shareholder approval of
the proposed fundamental policy discontinuance, changing the name of the Fund to
Intermediate Bond Fund and opening the Fund to new investors. (The Fund has been
closed to new investors since June 14, 1994.) The Company will call a special
meeting of Fund shareholders at a date to be announced for the purpose of voting
on the proposed fundamental policy discontinuance. Additional information
concerning the proposed changes to the Fund will be included in the proxy
materials for such meeting.
PJIGX--05D
PIPER FUNDS INC.
GROWTH FUND, EMERGING GROWTH FUND,
GROWTH AND INCOME FUND, EQUITY STRATEGY FUND, BALANCED FUND
SUPPLEMENT DATED JUNE 19, 1996 TO
PROSPECTUS DATED NOVEMBER 27, 1995
On June 18, 1996, the Board of Directors of Piper Funds Inc. (The
"Company") unanimously approved a change in the fundamental investment objective
of the Equity Strategy Fund (the "Fund"). This change is subject to shareholder
approval. The current investment objective of the Fund is high total investment
return consistent with prudent investment risk. The Board has approved changing
this objective to long-term capital appreciation. The Board has also approved,
subject to shareholder approval of the proposed investment objective change,
changing the name of the Fund to Small Company Growth Fund, and revising the
investment policies of the Fund such that the Fund will invest primarily in
common stocks of companies with market capitalizations ranging from $50 million
to $1 billion. The Company will call a special meeting of Fund shareholders at a
date to be announced for the purpose of voting on the proposed investment
objective change. Additional information concerning the proposed changes to the
Fund will be included in the proxy materials for such meeting.
XGF/XTR--05E
