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<PAGE> 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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