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[DORSEY & WHITNEY LETTERHEAD]
November 27, 1995
Piper Funds Inc.
Piper Jaffray Tower
222 South Ninth Street
Minneapolis, Minnesota 55402
Re: Rule 24f-2 Notice for Piper Funds Inc.
(File Nos. 33-10261 and 811-4905)
Dear Sir or Madam:
We have acted as counsel to Piper Funds Inc., a Minnesota corporation
(the "Funds"), in connection with the Funds' Registration Statement on Form N-1A
(File Nos. 33-10261 and 811-4905). This opinion is addressed to you in
connection with a filing by the Funds of a notice (the "Notice") pursuant to
Rule 24f-2 under the Investment Company Act of 1940, as amended. In that
connection, we have examined such documents and have reviewed such questions of
law as we have considered necessary and appropriate for the purpose of this
opinion. Based thereon, we advise you that, in our opinion, the 9,071,776,735
shares of common stock, $.01 par value per share, sold by the Funds during the
fiscal period ended September 30, 1995, as set forth in the Notice, were legally
issued, have been fully paid, and are nonassessable, if issued and sold upon the
terms and in the manner set forth in the Registration Statement of the Funds
referred to above.
Very truly yours,
/s/
KLP
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PIPER CAPITAL
MANAGEMENT
Piper Capital Management
222 South Ninth Street
Minneapolis, MN 55402-3804
612-342-6402
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Rule 24f-2 Notice for Piper Funds Inc.
1. This notice is filed for the fiscal period ended September 30,1995 for the
funds of Piper Funds Inc. These funds are Value Fund, Emerging Growth
Fund, Equity Strategy Fund, Balanced Fund, Growth & Income Fund, Government
Income Fund, Short-Intermediate Bond Fund, Money Market Fund, U.S.
Government Money Market Fund, Tax-Exempt Money Market Fund, National Tax-
Exempt Fund, Minnesota Tax-Exempt Fund and Institutional Government
Income Portfolio.
2. No securities of the same class or series had been registered under the
Securities Act of 1933 other than pursuant to Rule 24f-2 of the Investment
Company Act of 1940 (the "1940 Act") which remained unsold at the
beginning of such period.
3. No securities have been registered during such period other than pursuant
to Rule 24f-2 of the 1940 Act.
4. 570,247,025 shares were sold during such period, at an aggregate price of
$165,238,784.*
5. All 570,247,025 shares sold during such period were sold in reliance upon
registration pursuant to Rule 24f-2 of the 1940 Act.
* Includes 8,982,570,740 shares sold at an aggregate price of
$9,094,560,520 and 89,205,995 shares sold by reinvestment of dividends, at an
aggregate purchase price of $158,215,242. 8,501,529,710 shares were redeemed
during such period at an aggregate price of $9,087,536,978. The aggregate sales
price of shares sold during the period, $9,252,775,762, reduced by the aggregate
price at which shares were redeemed during such period, ($9,087,536,978), equals
$165,238,784. This amount multiplied by one twenty-ninth of one percent equals
$56,978.89, the registration fee which is enclosed with this notice.
November 28, 1995
PIPER FUNDS INC.
/s/ Robert H. Nelson
Robert H. Nelson
Senior Vice President
