<PAGE> PAGE 1
000 B000000 02/29/96
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001 A000000 PIPER FUNDS II, INC.
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007 C020100 ADJUSTABLE RATE MORTGAGE SECURITIES FUND
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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008 A00AA01 PIPER CAPITAL MANAGEMENT INCORPORATED
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008 C00AA01 801-20165
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
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
<PAGE> PAGE 2
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
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
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015 C03AA01 64105
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<PAGE> PAGE 3
022 B000006 13-3299429
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<PAGE> PAGE 4
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<PAGE> PAGE 5
048 B02AA00 0.000
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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
086 B010000 0
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SIGNATURE JON LILLEMOEN
TITLE ACCOUNTING ASSOCIATE
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
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<NET-CHANGE-IN-ASSETS> (28517621)
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
