PIPER CAPITAL MANAGEMENT INCORPORATED






                                   May 1, 1996



VIA EDGAR


U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

          Re:  Piper Funds Inc. ("Piper Funds") 
               CIK No. 0000806177
               Request for Withdrawal of Registration
               Statement on Form N-14,
               File No. 333-02373 (the "Filing")         

Ladies and Gentlemen:

          On behalf of Piper Funds and pursuant to Rule 477(a)
under the Securities Act of 1933, we hereby request the withdrawal
of the Filing, dated April 9, 1996 (Access No. 0000912057-96-
006182).  Due to an inadvertent error in the CIK number on the
Filling's submission header, an incorrect CIK number was transmit-
ted.  After discovery of such error on April 19, 1996 and pursuant
to advice from the Division of Investment Management, the Filing
was refiled with the correct CIK number on that day (File No. 333-
02691, Access. No. 0000912057-96-006750).

          Accordingly, we hereby request withdrawal of the Filing,
dated April 9, 1996.  Should you have any questions concerning the
foregoing, please call the undersigned at (212) 626-0807.

                                   Very truly yours,

                                   PIPER FUNDS INC.

                                   By: Robert H. Nelson

                                   Name:  Robert H. Nelson
                                   Title: Senior Vice President