PIPER FUNDS INC II
NSAR-A, 1997-05-27
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0000943887
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PIPER FUNDS II, INC
001 B000000 811-7279
001 C000000 6123421149
002 A000000 222 SOUTH NINTH STREET
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 ADJUSTABLE RATE MORTGAGE SECURITIES FUND
007 C030100 N
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
008 A00AA01 PIPER CAPITAL MANAGEMENT INCORPORATED
008 B00AA01 A
008 C00AA01 801-20165
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
010 A00AA01 PIPER CAPITAL MANAGEMENT
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
012 A00AA02 PIPER JAFFRAY INC.
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 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   20
019 C00AA00 PIPERCAPIT
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020 C000010      0
021  000000        0
022 A000001 GOLDMAN SACHS & CO
022 B000001 13-5108880
022 C000001    308791
022 D000001         0
022 A000002 STATE STREET BANK & TRUST
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022 A000003 GX CLARKE
022 B000003 13-2969143
<PAGE>      PAGE  3
022 C000003      6969
022 D000003      7407
022 A000004 BEAR STEARNS & CO
022 B000004 13-3299429
022 C000004      4947
022 D000004      8641
022 A000005 LEHMAN BROS
022 B000005 13-2518466
022 C000005         0
022 D000005     12971
022 A000006 DAIN BOSWORTH
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022 D000006      9571
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007      7841
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022 A000008 DONALDSON LUJKIN & JENRETTE SEC
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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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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SIGNATURE   KATHY HEGNA                                  
TITLE       TAX ASSOCIATE       
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                        215215966
<INVESTMENTS-AT-VALUE>                       215199935
<RECEIVABLES>                                  1591051
<ASSETS-OTHER>                                   25131
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               216816117
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      1410876
<TOTAL-LIABILITIES>                            1410876
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     361969677
<SHARES-COMMON-STOCK>                         26602901
<SHARES-COMMON-PRIOR>                         32616678
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    (146548405)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       (16031)
<NET-ASSETS>                                 215405241
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              7893022
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  963843
<NET-INVESTMENT-INCOME>                        6929179
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<APPREC-INCREASE-CURRENT>                      1314553
<NET-CHANGE-FROM-OPS>                          8259012
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      6929179
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<NET-CHANGE-IN-ASSETS>                      (47428127)
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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