PIPER FUNDS INC.
GOVERNMENT INCOME FUND
SHORT-INTERMEDIATE BOND FUND
SUPPLEMENT DATED MAY 20, 1996 TO
PROSPECTUS DATED NOVEMBER 27, 1995
The Prospectus is amended as follows:
(1) J. Bradley Stone has resigned as a portfolio manager of
Government Income Fund, effective May 16, 1996. Mr. Stone shared primary
responsibility for the day-to-day management of Government Income Fund with
Bruce D. Salvog and David M. Steele. Mr. Salvog and Mr. Steele will continue to
act as portfolio managers of the Fund. See "Portfolio Management" on page 23 of
the Prospectus.
(2) American Government Term Trust Inc. ("AGT"), a closed-end fund
which was managed by the Adviser, recently dissolved and distributed its net
assets to shareholders. Former AGT shareholders may invest the distributions
received by them in connection with such dissolution in shares of either Fund
without payment of a sales charge. (Any such sales are subject to the
eligibility of Fund share purchases in the shareholder's state as well as the
minimum investment requirements and other applicable terms set forth in the
Prospectus.)
