HERCULES FUNDS INC
NSAR-B, 1996-09-06
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<PAGE>      PAGE  1
000 B000000 06/30/96
000 C000000 0000910241
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 HERCULES FUNDS INC.
001 B000000 811-7936
001 C000000 6123421169
002 A000000 222 SOUTH NINTH STREET
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
002 D020000 3804
003  000000 N
004  000000 Y
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 NORTH AMERICAN GROWTH AND INCOME FUND
007 C030100 Y
007 C010200  2
007 C020200 EUROPEAN VALUE FUND
007 C030200 Y
007 C010300  3
007 C020300 PACIFIC BASIN VALUE FUND
007 C030300 Y
007 C010400  4
007 C010500  5
007 C020500 WORLD BOND FUND
007 C030500 Y
007 C010600  6
007 C020600 GLOBAL SHORT-TERM FUND
007 C030600 Y
007 C010700  7
007 C020700 MONEY MARKET FUND
007 C030700 Y
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 PIPER CAPITAL MANGEMENT
010 B00AA01 801-20165
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
010 C04AA01 3804
<PAGE>      PAGE  2
011 A00AA01 PIPER JAFFRAY INC.
011 B00AA01 8-15204
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 3804
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
012 C04AA01 1716
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
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020 A000005 ROBERT FLEMING
020 C000005     18
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<PAGE>      PAGE  3
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022 A000004 JP MORGAN
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022 C000005     12519
022 D000005      3372
022 A000006 DEUTSCHE BANK
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022 D000006      1340
022 A000007 AUBREY LANSTON
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022 A000008 NATWEST SECS
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<PAGE>      PAGE  4
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077 A000000 Y
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080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
<PAGE>      PAGE  5
080 C00AA00     2000
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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008 A000201 PIPER CAPITAL MANAGEMENT
008 B000201 A
008 C000201 801-20165
008 D010201 MINNEAPOLIS
008 D020201 MN
<PAGE>      PAGE  10
008 D030201 55402
008 D040201 3804
008 A000202 PICTET INTERNATIONAL MANGEMENT LTD.
008 B000202 S
008 C000202 801-15143
008 D010202 LONDON
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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008 A000301 PIPER CAPITAL MANAGEMENT
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008 D010301 MINNEAPOLIS
<PAGE>      PAGE  14
008 D020301 MN
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008 A000302 EDINBURGH FUND MANAGERS PLC
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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008 A000501 PIPER CAPITAL MANAGEMENT
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008 D010501 MINNEAPOLIS
008 D020501 MN
008 D030501 55402
008 D040501 3804
008 A000502 SALOMON BROTHERS ASSET MANAGEMENT LIMITED
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<PAGE>      PAGE  19
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028 C010500       401
028 C020500        91
028 C030500         0
028 C040500       936
028 D010500         1
028 D020500         0
028 D030500         0
028 D040500       164
028 E010500         2
028 E020500         0
028 E030500         0
028 E040500       414
028 F010500         0
028 F020500         0
028 F030500         0
028 F040500      6053
028 G010500       589
028 G020500        91
028 G030500         0
028 G040500      8485
028 H000500         0
045  000500 Y
046  000500 N
047  000500 Y
048  000500  1.000
048 A010500        0
048 A020500 0.000
048 B010500        0
048 B020500 0.000
048 C010500        0
048 C020500 0.000
048 D010500        0
048 D020500 0.000
048 E010500        0
048 E020500 0.000
048 F010500        0
048 F020500 0.000
048 G010500        0
048 G020500 0.000
048 H010500        0
048 H020500 0.000
<PAGE>      PAGE  20
048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500        0
048 K020500 0.000
055 A000500 N
055 B000500 N
056  000500 N
057  000500 N
062 A000500 N
062 B000500   0.0
062 C000500   0.0
062 D000500   0.0
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500   0.0
062 N000500   0.0
062 O000500   0.0
062 P000500   0.0
062 Q000500   0.0
062 R000500   0.0
066 A000500 N
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 Y
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
<PAGE>      PAGE  21
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500     18936
071 B000500     31320
071 C000500      6670
071 D000500  284
072 A000500 12
072 B000500      521
072 C000500        0
072 D000500        0
072 E000500        0
072 F000500       82
072 G000500        0
072 H000500        0
072 I000500       36
072 J000500       49
072 K000500        0
072 L000500       15
072 M000500        4
072 N000500       17
072 O000500        0
072 P000500        0
072 Q000500       50
072 R000500       17
072 S000500       21
072 T000500       41
072 U000500       17
072 V000500        0
072 W000500       12
072 X000500      362
072 Y000500      213
072 Z000500      373
072AA000500      191
072BB000500      632
072CC010500      391
<PAGE>      PAGE  22
072CC020500        0
072DD010500        0
072DD020500        0
072EE000500        0
073 A010500   0.3100
073 A020500   0.0000
073 B000500   0.0700
073 C000500   0.0500
074 A000500        0
074 B000500        0
074 C000500        0
074 D000500        0
074 E000500        0
074 F000500        0
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500        0
074 K000500        0
074 L000500        0
074 M000500        0
074 N000500        0
074 O000500        0
074 P000500        0
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500        0
074 S000500        0
074 T000500        0
074 U010500        0
074 U020500        0
074 V010500     0.00
074 V020500     0.00
074 W000500   0.0000
074 X000500        0
074 Y000500        0
075 A000500        0
075 B000500     8405
076  000500     0.00
008 A000601 PIPER CAPITAL MANAGEMENT
008 B000601 A
008 C000601 801-20165
008 D010601 MINNEAPOLIS
008 D020601 MN
008 D030601 55402
008 D040601 3804
008 A000602 SALOMON BROTHERS ASSET MANGEMENT LIMITED
008 B000602 S
008 C000602 801-43335
<PAGE>      PAGE  23
008 D010602 LONDON
008 D050602 ENGLAND
024  000600 N
025 D000601       0
025 D000602       0
025 D000603       0
025 D000604       0
025 D000605       0
025 D000606       0
025 D000607       0
025 D000608       0
028 A010600         0
028 A020600         0
028 A030600         0
028 A040600         0
028 B010600         0
028 B020600         0
028 B030600         0
028 B040600         0
028 C010600         0
028 C020600         0
028 C030600         0
028 C040600         0
028 D010600         0
028 D020600         0
028 D030600         0
028 D040600         0
028 E010600         0
028 E020600         0
028 E030600         0
028 E040600         0
028 F010600         0
028 F020600         0
028 F030600         0
028 F040600         0
028 G010600         0
028 G020600         0
028 G030600         0
028 G040600         0
028 H000600         0
045  000600 Y
046  000600 N
047  000600 Y
048  000600  0.500
048 A010600        0
048 A020600 0.000
048 B010600        0
048 B020600 0.000
048 C010600        0
048 C020600 0.000
048 D010600        0
<PAGE>      PAGE  24
048 D020600 0.000
048 E010600        0
048 E020600 0.000
048 F010600        0
048 F020600 0.000
048 G010600        0
048 G020600 0.000
048 H010600        0
048 H020600 0.000
048 I010600        0
048 I020600 0.000
048 J010600        0
048 J020600 0.000
048 K010600        0
048 K020600 0.000
055 A000600 N
055 B000600 N
056  000600 Y
057  000600 N
062 A000600 N
062 B000600   0.0
062 C000600   0.0
062 D000600   0.0
062 E000600   0.0
062 F000600   0.0
062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600   0.0
062 N000600   0.0
062 O000600   0.0
062 P000600   0.0
062 Q000600   0.0
062 R000600   0.0
066 A000600 N
067  000600 N
068 A000600 N
068 B000600 N
069  000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
<PAGE>      PAGE  25
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 Y
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600         0
071 B000600         0
071 C000600         0
071 D000600    0
072 A000600  4
072 B000600        1
072 C000600        0
072 D000600        0
072 E000600        0
072 F000600        0
072 G000600        0
072 H000600        0
072 I000600        9
072 J000600        3
072 K000600        0
072 L000600        2
072 M000600        2
072 N000600       11
072 O000600        0
072 P000600        0
072 Q000600       18
072 R000600        1
072 S000600        0
072 T000600        0
<PAGE>      PAGE  26
072 U000600        3
072 V000600        0
072 W000600        1
072 X000600       52
072 Y000600       52
072 Z000600        0
072AA000600        0
072BB000600        0
072CC010600        0
072CC020600        0
072DD010600        0
072DD020600        0
072EE000600        0
073 A010600   2.2400
073 A020600   0.0000
073 B000600   0.0000
073 C000600   1.6100
074 A000600        0
074 B000600        0
074 C000600        0
074 D000600        0
074 E000600        0
074 F000600        0
074 G000600        0
074 H000600        0
074 I000600        0
074 J000600        0
074 K000600        0
074 L000600        0
074 M000600        0
074 N000600        0
074 O000600        0
074 P000600        0
074 Q000600        0
074 R010600        0
074 R020600        0
074 R030600        0
074 R040600        0
074 S000600        0
074 T000600        0
074 U010600        0
074 U020600        0
074 V010600     0.00
074 V020600     0.00
074 W000600   0.0000
074 X000600        0
074 Y000600        0
075 A000600        0
075 B000600    26861
076  000600     0.00
008 A000701 PIPER CAPITAL MANAGEMENT
<PAGE>      PAGE  27
008 B000701 A
008 C000701 801-20165
008 D010701 MINNEAPOLIS
008 D020701 MN
008 D030701 55402
008 D040701 3804
008 A000702 PICTET INTERNATIONAL MANAGEMENT LTD
008 B000702 S
008 C000702 801-15143
008 D010702 LONDON
008 D050702 ENGLAND
024  000700 N
025 D000701       0
025 D000702       0
025 D000703       0
025 D000704       0
025 D000705       0
025 D000706       0
025 D000707       0
025 D000708       0
028 A010700       415
028 A020700         5
028 A030700         0
028 A040700       772
028 B010700       440
028 B020700         4
028 B030700         0
028 B040700       476
028 C010700      1728
028 C020700         4
028 C030700         0
028 C040700      1242
028 D010700      2203
028 D020700         4
028 D030700         0
028 D040700      2170
028 E010700      1746
028 E020700         4
028 E030700         0
028 E040700      2356
028 F010700      1791
028 F020700         4
028 F030700         0
028 F040700      2909
028 G010700      8323
028 G020700        25
028 G030700         0
028 G040700      9925
028 H000700         0
045  000700 Y
046  000700 N
<PAGE>      PAGE  28
047  000700 Y
048  000700  0.500
048 A010700        0
048 A020700 0.000
048 B010700        0
048 B020700 0.000
048 C010700        0
048 C020700 0.000
048 D010700        0
048 D020700 0.000
048 E010700        0
048 E020700 0.000
048 F010700        0
048 F020700 0.000
048 G010700        0
048 G020700 0.000
048 H010700        0
048 H020700 0.000
048 I010700        0
048 I020700 0.000
048 J010700        0
048 J020700 0.000
048 K010700        0
048 K020700 0.000
055 A000700 N
055 B000700 N
056  000700 Y
057  000700 N
062 A000700 N
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700   0.0
062 P000700   0.0
062 Q000700   0.0
062 R000700   0.0
063 A000700   0
063 B000700  0.0
066 A000700 N
067  000700 N
068 A000700 N
<PAGE>      PAGE  29
068 B000700 N
069  000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700         0
071 B000700         0
071 C000700         0
071 D000700    0
072 A000700 12
072 B000700       81
072 C000700        0
072 D000700        0
072 E000700        0
072 F000700        7
072 G000700        0
072 H000700        0
072 I000700        0
<PAGE>      PAGE  30
072 J000700       52
072 K000700        0
072 L000700       13
072 M000700        4
072 N000700       11
072 O000700        0
072 P000700        0
072 Q000700       50
072 R000700        6
072 S000700       21
072 T000700        0
072 U000700        8
072 V000700        0
072 W000700        1
072 X000700      179
072 Y000700      164
072 Z000700       66
072AA000700        0
072BB000700        0
072CC010700        0
072CC020700        0
072DD010700        0
072DD020700        0
072EE000700        0
073 A010700   0.0400
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700        0
074 B000700        0
074 C000700        0
074 D000700        0
074 E000700        0
074 F000700        0
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700        0
074 K000700        0
074 L000700        0
074 M000700        0
074 N000700        0
074 O000700        0
074 P000700        0
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700        0
074 S000700        0
074 T000700        0
<PAGE>      PAGE  31
074 U010700        0
074 U020700        0
074 V010700     0.00
074 V020700     0.00
074 W000700   0.0000
074 X000700        0
074 Y000700        0
075 A000700     1525
075 B000700        0
076  000700     0.00
SIGNATURE   STEVE GAST                                   
TITLE       OPERATIONS MGR.     
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
       
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<NET-CHANGE-IN-ASSETS>                         (13217)
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<EXPENSE-RATIO>                                   2.06
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-06-1996
<PERIOD-END>                               JUN-06-1996
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<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>                             1579
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                  295
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<EXPENSES-NET>                                     284
<NET-INVESTMENT-INCOME>                             14
<REALIZED-GAINS-CURRENT>                          1845
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<NET-CHANGE-FROM-OPS>                             2176
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          272
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            548
<NUMBER-OF-SHARES-REDEEMED>                       2384
<SHARES-REINVESTED>                                257
<NET-CHANGE-IN-ASSETS>                         (17520)
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    559
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<PER-SHARE-NAV-BEGIN>                            11.10
<PER-SHARE-NII>                                   0.01
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<EXPENSE-RATIO>                                   2.02
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-06-1996
<PERIOD-END>                               JUN-06-1996
<INVESTMENTS-AT-COST>                                0
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<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>                             3496
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                  235
<INTEREST-INCOME>                                    8
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     536
<NET-INVESTMENT-INCOME>                            293
<REALIZED-GAINS-CURRENT>                           563
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<NET-CHANGE-FROM-OPS>                             3527
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         1298
<DISTRIBUTIONS-OF-GAINS>                           336
<DISTRIBUTIONS-OTHER>                                0
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<NET-CHANGE-IN-ASSETS>                         (31527)
<ACCUMULATED-NII-PRIOR>                          (212)
<ACCUMULATED-GAINS-PRIOR>                       (1552)
<OVERDISTRIB-NII-PRIOR>                              0
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<AVERAGE-NET-ASSETS>                             27319
<PER-SHARE-NAV-BEGIN>                             9.02
<PER-SHARE-NII>                                 (0.11)
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<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                   2.02
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
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<PERIOD-END>                               JUN-30-1996
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<SHARES-COMMON-STOCK>                                0
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<ACCUMULATED-NII-CURRENT>                            0
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<ACCUMULATED-NET-GAINS>                              0
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<NET-CHANGE-IN-ASSETS>                           (212)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
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<PERIOD-END>                               JUN-06-1996
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</TABLE>


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