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[DORSEY & WHITNEY LLP LETTERHEAD]
April 4, 1996
Piper Capital Management Incorporated
22 South Ninth Street
Minneapolis, Minnesota 55402-3804
Re: Rule 24f-2 Notice for Piper Global Funds Inc.
(File No. 33-33534)
Dear Sir or Madam:
We have acted as general counsel to Piper Global Funds Inc., a Minnesota
corporation (the "Fund"), in connection with the Fund's Registration Statement
on Form N-1A (File No. 33-33534). This opinion is addressed to you in
connection with a filing by the Fund 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 2,968,620 shares of
common stock, $.01 par value per share, sold by the Fund during the fiscal year
ended February 29, 1996, 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 Fund referred to
above.
Very truly yours,
/s/ Dorsey & Whitney LLP
KLP
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Rule 24f-2 Notice for Piper Global Funds Inc.
1. This notice is filed for the fiscal period ended February 29, 1996, for Piper
Global Funds Inc.
2. No securities of the same class or series have 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. 2,968,620 shares were sold during such period, at an aggregate price of
$40,129,887.*
5. All 2,968,620 shares sold during such period were sold in reliance upon
registration pursuant to Rule 24f-2 of the Act.
* Includes 795,210 shares sold by reinvestment of dividends, at an aggregate
purchase price of $10,633,411, 3,316,664 shares were redeemed during such
period at an aggregate price of $45,439,458. The aggregate sales
price of shares sold during the period, $40,129,887, reduced by the aggregate
price at which shares were redeemed during such period, $45,439,458, equals
$(5,309,571). This amount multiplied by one twenty-ninth of one percent
equals $(1,830.89). As a result, no registration fee enclosed with this
notice.
April 4, 1996
PIPER GLOBAL FUNDS INC.
Robert H. Nelson
Senior Vice President
