PIPER INSTITUTIONAL FUNDS INC
497, 1995-07-19
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                           INSTITUTIONAL MONEY MARKET FUND
                    INSTITUTIONAL GOVERNMENT ADJUSTABLE PORTFOLIO

                      SERIES OF PIPER INSTITUTIONAL FUNDS INC.

                         Supplement dated July 19, 1995 to
             Statement of Additional Information dated November 1, 1994
                          and supplemented December 6, 1994




     John T. Golle has resigned as a member of the Board of Directors of Piper
Institutional Funds Inc. effective June 1, 1995.


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