FLAG INVESTORS SHORT INTERMEDIATE INCOME FUND INC
497, 1997-09-02
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                       Supplement dated September 1, 1997
                         to the following Prospectuses:

               Flag Investors Short-Intermediate Income Fund, Inc.
                           (Class A) dated May 1, 1997
               Flag Investors Short-Intermediate Income Fund, Inc.
                    (Institutional Shares) dated May 1, 1997

         The following information updates and supersedes the information
contained in each Prospectus of the Flag Investors Short-Intermediate Income
Fund, Inc. (the "Fund"):

         On September 1, 1997, Alex. Brown Incorporated ("Alex. Brown") and
Bankers Trust New York Corporation ("Bankers Trust") consummated an Agreement
and Plan of Merger (the "Merger") under which Alex. Brown merged with and into a
subsidiary of Bankers Trust. Pursuant to the Merger, Investment Company Capital
Corp. ("ICC"), the Fund's investment advisor became an indirect subsidiary of
Bankers Trust. At a Special Meeting of Shareholders of the Fund ("Special
Meeting") held on August 14, 1997, shareholders of the Fund approved a new
investment advisory agreement pursuant to which ICC will continue to provide
services to the Fund under substantially the same terms as before.

         Alex. Brown & Sons Incorporated, formerly the Fund's distributor, will
continue business operations after the Merger as part of BT Alex. Brown
Incorporated, a renamed Bankers Trust subsidiary. In that capacity it will
continue to provide shareholder services to its customers who are shareholders
of the Fund. However, to comply with applicable banking regulations, the Fund
has engaged ICC Distributors, Inc. ("ICC Distributors") to provide distribution
services to the Fund. ICC Distributors is not affiliated with ICC. The principal
business address of ICC Distributors is P.O. Box 7558, Portland, Maine 04101.

         In addition, the Board has approved Bankers Trust Company, a subsidiary
of Bankers Trust and an affiliate of the Fund, as the Fund's custodian and it is
currently anticipated that Bankers Trust Company will provide custodial services
to the Fund effective September 22, 1997.

         In addition, effective September 1, 1997 certain changes in the Fund's
Directors and officers were effected primarily for the purpose of complying with
bank regulatory requirements. Mr. Chales W. Cole, retired as Director of the
Fund. Harry Woolf has been appointed President of the Fund and Amy M. Olmert has
been appointed Secretary of the Fund. Also, M. Elliott Randolph, Jr. has
resigned as President of the Fund, Paul D. Corbin has resigned as Executive Vice
President of the Fund, Edward J. Veilleux, Gary V. Fearnow and Monica M. Hausner
have resigned as Vice Presidents of the Fund, and Scott J. Liotta has resigned
as Vice President and Secretary of the Fund.


               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.


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