PIPER INSTITUTIONAL FUNDS INC
NSAR-BT, 1998-08-26
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<PAGE>      PAGE  1
000 B000000 06/30/98
000 C000000 0000893663
000 D000000 Y
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PIPER INSTITUTIONAL FUNDS INC.
001 B000000 811-7320
001 C000000 6123426880
002 A000000 222 SOUTH NINTH STREET
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
003  000000 N
004  000000 Y
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 INSTITUTIONAL MONEY MARKET FUND
007 C030100 Y
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 PIPER CAPITAL MANAGEMENT INCORPORATED
010 B00AA01 811-20165
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
011 A00AA01 PIPER JAFFRAY INC.
011 B00AA01 8-15204
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
012 C04AA01 1716
012 A00AA02 PIPER JAFFRAY INC.
<PAGE>      PAGE  2
012 B00AA02 85-15204
012 C01AA02 MINNEAPOLIS
012 C02AA02 MN
012 C03AA02 55402
012 A00AA03 PIPER TRUST COMPANY
012 B00AA03 84-00000
012 C01AA03 MINNEAPOLIS
012 C02AA03 MN
012 C03AA03 55402
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 PIPER JAFFRAY INC.
014 B00AA01 8-15204
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 C04AA01 1716
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   20
019 C00AA00 PIPERCAPIT
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
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022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001   2841125
022 D000001     14983
022 A000002 ABN AMRO
022 B000002 13-3227945
022 C000002   1478391
022 D000002         0
022 A000003 MORGAN STANLEY
022 B000003 13-2655998
022 C000003   1356652
022 D000003      2897
022 A000004 FIRST BOSTON
022 B000004 13-5659485
<PAGE>      PAGE  3
022 C000004    320599
022 D000004         0
022 A000005 JP MORGAN
022 B000005 13-3224016
022 C000005    173640
022 D000005     11455
022 A000006 LEHMAN BROS
022 B000006 13-2518466
022 C000006    164610
022 D000006      2414
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007    145577
022 D000007      5487
022 A000008 FIRST CHICAGO
022 B000008 36-0899825
022 C000008    105756
022 D000008         0
022 A000009 CHASE SECURITIES
022 B000009 13-2633612
022 C000009     85031
022 D000009         0
022 A000010 BA SECURITIES
022 B000010 95-4035346
022 C000010     79737
022 D000010         0
023 C000000    6768478
023 D000000      63314
026 A000000 N
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027  000000 Y
034  00AA00 N
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036 B00AA00      0
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038  00AA00      0
039  00AA00 N
040  00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
<PAGE>      PAGE  4
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
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008 A000101 PIPER CAPITAL MANAGEMENT INCORPORATED
008 B000101 A
008 C000101 801-20165
008 D010101 MINNEAPOLIS
008 D020101 MN
008 D030101 55402
024  000100 N
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028 C030100         0
<PAGE>      PAGE  5
028 C040100    583676
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028 F040100         0
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028 G020100      4752
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028 G040100   1051123
028 H000100         0
029  000100 N
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<PAGE>      PAGE  6
048 F020100 0.000
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049  000100 N
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064 B000100 N
066 A000100 N
067  000100 N
<PAGE>      PAGE  7
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
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071 A000100         0
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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080 A000100 AETNA LIFE & CASUALTY
080 C000100     2000
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081 B000100   2
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082 B000100        0
083 A000100 N
083 B000100        0
084 A000100 N
084 B000100        0
085 A000100 Y
085 B000100 N
SIGNATURE   JIL NYHUS                                    
TITLE       ACCOUNTING ADMIN    
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                             13749002
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  776543
<NET-INVESTMENT-INCOME>                       12972459
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                                0
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   (13024616)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                  277401833<F1>
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     (277453990)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           368211
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 778239
<AVERAGE-NET-ASSETS>                            327949
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .04
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                          .04
<RETURNS-OF-CAPITAL>                              1.00<F1>
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                    .32
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>The fund discontinued operations on June 30, 1998.
</FN>
        

</TABLE>


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