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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2007

Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name: Piper Jaffray Companies
Address: 800 Nicollet Mall
 Suite 800
 Minneapolis, MN 55402-7020

Form 13F File Number: 28-10776

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name: Greg Meyer
Title: Controller
Phone: 612 303-6000

Signature, Place, and Date of signing:

/s/ Greg Meyer Minneapolis, MN 2/11/08
------------------------------------- ----------------- --------------------
[Signature] [City, State] [Date]

Report Type (Check only one.):

[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)

[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)

[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)


FORM 13F
SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 160
Form 13F Information Table Value Total: $106,532
 (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to Which this report is filed, other than the manager filing this report. NONE


 COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
---------------------------- --------------- --------- -------- ------------------ ---------- -------- ---------------------
 VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER
 NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
---------------------------- --------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ----
ALBANY INTL CORP CL A 012348108 987 26,600 SH SOLE 26,600 0 0
ALEXION PHARMACEUTICALS INC NOTE 1.375% 2/0 015351AF6 6,390 2,620,000 PRN SOLE 2,620,000 0 0
ALLEGHENY ENERGY INC COM 017361106 13 200 SH SOLE 200 0 0
ALLIANCE IMAGING INC COM NEW 018606202 10 1,000 SH SOLE 1,000 0 0
AMERICAN MED SYS HLDGS INC NOTE 3.250% 7/0 02744MAA6 4,098 4,150,000 PRN SOLE 4,150,000 0 0
AMERICAN ORIENTAL BIOENGR IN COM 028731107 11 1,000 SH SOLE 1,000 0 0
AMIS HLDGS INC COM 031538101 9 900 SH SOLE 900 0 0
AMYLIN PHARMACEUTICALS INC NOTE 3.000% 6/1 032346AF5 2,824 3,000,000 PRN SOLE 3,000,000 0 0
ANIXTER INTL INC COM 035290105 12 200 SH SOLE 200 0 0
ANNALY CAP MGMT INC COM 035710409 10 575 SH SOLE 575 0 0
ARENA RESOURCES INC COM 040049108 8 200 SH SOLE 200 0 0
ASSURANT INC COM 04621X108 13 200 SH SOLE 200 0 0
AUTODESK INC COM 052769106 20 400 SH SOLE 400 0 0
BALDOR ELEC CO COM 057741100 13 375 SH SOLE 375 0 0
BALLY TECHNOLOGIES INC COM 05874B107 15 300 SH SOLE 300 0 0
BE AEROSPACE INC COM 073302101 11 200 SH SOLE 200 0 0
BEIJING MED PHARM CORP COM 077255107 307 28,000 SH SOLE 28,000 0 0
BIOMARIN PHARMACEUTICAL INC NOTE 2.500% 3/2 09061GAC5 2,246 1,000,000 PRN SOLE 1,000,000 0 0
BIOSCRIP INC COM 09069N108 12 1,500 SH SOLE 1,500 0 0
BJS RESTAURANTS INC COM 09180C106 2 100 SH SOLE 100 0 0
BORLAND SOFTWARE CORP COM 099849101 2 610 SH SOLE 610 0 0
CAI INTERNATIONAL INC COM 12477X106 498 47,322 SH SOLE 47,322 0 0
CARDTRONICS INC COM 14161H108 20 2,000 SH SOLE 2,000 0 0
CENTERPLATE INC UNIT 99/99/9999 15200E204 45 5,000 SH SOLE 5,000 0 0
CEPHEID COM 15670R107 13 500 SH SOLE 500 0 0
CF INDS HLDGS INC COM 125269100 17 150 SH SOLE 150 0 0
CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 1,425 1,500,000 PRN SOLE 1,500,000 0 0
CHIPOTLE MEXICAN GRILL INC CL B 169656204 1,231 10,000 SH SOLE 10,000 0 0
CIENA CORP NOTE 0.875% 6/1 171779AE1 2,108 2,000,000 PRN SOLE 2,000,000 0 0
CIRRUS LOGIC INC COM 172755100 5 957 SH SOLE 957 0 0
CNINSURE INC SPONSORED ADR 18976M103 124 7,895 SH SOLE 7,895 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 3 100 SH SOLE 100 0 0
COGNOS INC COM 19244C109 12 200 SH SOLE 200 0 0
COMMSCOPE INC COM 203372107 7 150 SH SOLE 150 0 0
CONAGRA FOODS INC COM 205887102 8 325 SH SOLE 325 0 0
CONMED CORP NOTE 2.500%11/1 207410AD3 899 1,000,000 PRN SOLE 1,000,000 0 0
CONSTANT CONTACT INC COM 210313102 54 2,500 SH SOLE 2,500 0 0
CORE LABORATORIES LP NOTE 0.250%10/3 21868FAB9 6,407 4,500,000 PRN SOLE 4,500,000 0 0
CROCS INC COM 227046109 589 16,000 SH SOLE 16,000 0 0
CYPRESS SEMICONDUCTOR CORP NOTE 1.000% 9/1 232806AK5 6,430 4,000,000 PRN SOLE 4,000,000 0 0
DIGITAL RLTY TR INC COM 253868103 10 250 SH SOLE 250 0 0
DIODES INC COM 254543101 8 250 SH SOLE 250 0 0
DIODES INC NOTE 2.250%10/0 254543AA9 3,442 3,350,000 PRN SOLE 3,350,000 0 0
DISCOVERY LABORATORIES INC N COM 254668106 2 1,000 SH SOLE 1,000 0 0
DRESS BARN INC NOTE 2.500%12/1 261570AB1 2,079 1,500,000 PRN SOLE 1,500,000 0 0
EHEALTH INC COM 28238P109 13 400 SH SOLE 400 0 0
EQUINIX INC NOTE 3.000%10/1 29444UAG1 613 500,000 PRN SOLE 500,000 0 0


EURONET WORLDWIDE INC COM 298736109 1,571 52,366 SH SOLE 52,366 0 0
EURONET WORLDWIDE INC DBCV 1.625%12/1 298736AD1 4,076 3,800,000 PRN SOLE 3,800,000 0 0
FEI CO NOTE 2.875% 6/0 30241LAF6 1,521 1,386,000 PRN SOLE 1,386,000 0 0
FEI CO NOTE 6/1 30241LAD1 3,094 3,000,000 PRN SOLE 3,000,000 0 0
FINANCIAL FED CORP DBCV 2.000% 4/1 317492AF3 969 1,000,000 PRN SOLE 1,000,000 0 0
FLEXTRONICS INTL LTD ORD Y2573F102 427 35,400 SH SOLE 35,400 0 0
FOSTER WHEELER LTD SHS NEW G36535139 16 100 SH SOLE 100 0 0
FTI CONSULTING INC COM 302941109 23 375 SH SOLE 375 0 0
GAMESTOP CORP NEW CL A 36467W109 9 150 SH SOLE 150 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 20 275 SH SOLE 275 0 0
GOLDEN TELECOM INC COM 38122G107 10 100 SH SOLE 100 0 0
GREATBATCH INC COM 39153L106 86 4,300 SH SOLE 4,300 0 0
HALLMARK FINL SVCS INC EC COM NEW 40624Q203 8 490 SH SOLE 490 0 0
HARRIS CORP DEL COM 413875105 8 125 SH SOLE 125 0 0
HAYNES INTERNATIONAL INC COM NEW 420877201 14 200 SH SOLE 200 0 0
HEALTH CARE REIT INC NOTE 4.750%12/0 42217KAP1 2,271 2,150,000 PRN SOLE 2,150,000 0 0
HERCULES TECH GROWTH CAP INC COM 427096508 5 400 SH SOLE 400 0 0
HHGREGG INC COM 42833L108 69 5,000 SH SOLE 5,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 9 200 SH SOLE 200 0 0
HURON CONSULTING GROUP INC COM 447462102 10 125 SH SOLE 125 0 0
ICONIX BRAND GROUP INC NOTE 1.875% 6/3 451055AB3 1,930 2,000,000 PRN SOLE 2,000,000 0 0
IHS INC CL A 451734107 51 843 SH SOLE 843 0 0
INTELLON CORP COM 45816W504 1 100 SH SOLE 100 0 0
INVERNESS MED INNOVATIONS IN COM 46126P106 11 200 SH SOLE 200 0 0
INVESCO LTD SHS G491BT108 9 300 SH SOLE 300 0 0
ISHARES TR DJ US TECH SEC 464287721 12 200 SH SOLE 200 0 0
ITC HLDGS CORP COM 465685105 17 300 SH SOLE 300 0 0
JACK IN THE BOX INC COM 466367109 8 325 SH SOLE 325 0 0
JONES LANG LASALLE INC COM 48020Q107 14 200 SH SOLE 200 0 0
KULICKE & SOFFA INDS INC NOTE 0.875% 6/0 501242AT8 1,548 2,000,000 PRN SOLE 2,000,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 67 2,100 SH SOLE 2,100 0 0
LAWSON SOFTWARE INC NEW NOTE 2.500% 4/1 52078PAA0 3,061 2,770,000 PRN SOLE 2,770,000 0 0
LAZARD LTD SHS A G54050102 14 350 SH SOLE 350 0 0
LIMELIGHT NETWORKS INC COM 53261M104 6 800 SH SOLE 800 0 0
LUMBER LIQUIDATORS INC COM 55003Q103 45 5,000 SH SOLE 5,000 0 0
MACROVISION CORP COM 555904101 227 12,400 SH SOLE 12,400 0 0
MACROVISION CORP NOTE 2.625% 8/1 555904AB7 3,299 3,500,000 PRN SOLE 3,500,000 0 0
MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 13 500 SH SOLE 500 0 0
MAGMA DESIGN AUTOMATION NOTE 2.000% 5/1 559181AC6 2,163 2,150,000 PRN SOLE 2,150,000 0 0
MANITOWOC INC COM 563571108 12 250 SH SOLE 250 0 0
MANNKIND CORP COM 56400P201 80 10,000 SH SOLE 10,000 0 0
MATHSTAR INC COM 576801203 55 85,134 SH SOLE 85,134 0 0
MB FINANCIAL INC NEW COM 55264U108 21 689 SH SOLE 689 0 0
MCCORMICK & SCHMICKS SEAFD R COM 579793100 397 33,300 SH SOLE 33,300 0 0
MCG CAPITAL CORP COM 58047P107 1 100 SH SOLE 100 0 0
MDS INC COM 55269P302 33 1,700 SH SOLE 1,700 0 0
MERGE TECHNOLOGIES INC COM 589981109 18 15,000 SH SOLE 15,000 0 0
METABOLIX INC COM 591018809 179 7,500 SH SOLE 7,500 0 0
MICREL INC COM 594793101 173 20,444 SH SOLE 20,444 0 0
MICROSOFT CORP COM 594918104 4 100 SH SOLE 100 0 0
MSC INDL DIRECT INC CL A 553530106 9 225 SH SOLE 225 0 0
NAVTEQ CORP COM 63936L100 45 600 SH SOLE 600 0 0


NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 16 200 SH SOLE 200 0 0
NEW YORK & CO INC COM 649295102 239 37,500 SH SOLE 37,500 0 0
NMS COMMUNICATIONS CORP COM 629248105 97 60,000 SH SOLE 60,000 0 0
NOBLE CORPORATION SHS G65422100 27 475 SH SOLE 475 0 0
NYSE EURONEXT COM 629491101 4,866 55,440 SH SOLE 55,440 0 0
OCWEN FINL CORP COM NEW 675746309 22 4,000 SH PUT SOLE 4,000 0 0
OCWEN FINL CORP NOTE 3.250% 8/0 675746AD3 1,490 2,000,000 PRN SOLE 2,000,000 0 0
ON SEMICONDUCTOR CORP NOTE 4/1 682189AE5 2,725 2,500,000 PRN SOLE 2,500,000 0 0
ONYX PHARMACEUTICALS INC COM 683399109 11 200 SH SOLE 200 0 0
OPEN TEXT CORP COM 683715106 13 400 SH SOLE 400 0 0
ORACLE CORP COM 68389X105 7 300 SH SOLE 300 0 0
OSCIENT PHARMACEUTICALS CORP NOTE 3.500% 4/1 68812RAC9 40 100,000 PRN SOLE 100,000 0 0
OSI PHARMACEUTICALS INC NOTE 2.000%12/1 671040AF0 5,631 3,250,000 PRN SOLE 3,250,000 0 0
PACIFIC SUNWEAR CALIF INC COM 694873100 1 82 SH SOLE 82 0 0
PACKAGING CORP AMER COM 695156109 13 475 SH SOLE 475 0 0
PANTRY INC COM 698657103 24 900 SH SOLE 900 0 0
PEDIATRIX MED GROUP COM 705324101 14 200 SH SOLE 200 0 0
PERRIGO CO COM 714290103 11 300 SH SOLE 300 0 0
PETROHAWK ENERGY CORP COM 716495106 15 875 SH SOLE 875 0 0
PHARMION CORP COM 71715B409 13 200 SH SOLE 200 0 0
PHILADELPHIA CONS HLDG CORP COM 717528103 8 200 SH SOLE 200 0 0
PHILLIPS VAN HEUSEN CORP COM 718592108 7 200 SH SOLE 200 0 0
POWERWAVE TECHNOLOGIES INC COM 739363109 66 16,447 SH SOLE 16,447 0 0
PRECISION CASTPARTS CORP COM 740189105 21 150 SH SOLE 150 0 0
PROSHARES TR ULTRASHT SP500 74347R883 433 8,000 SH SOLE 8,000 0 0
PROTEIN DESIGN LABS INC NOTE 2.000% 2/1 74369LAF0 1,940 2,000,000 PRN SOLE 2,000,000 0 0
RADIATION THERAPY SVCS INC COM 750323206 773 25,000 SH SOLE 25,000 0 0
RANDGOLD RES LTD ADR 752344309 11 300 SH SOLE 300 0 0
RANGE RES CORP COM 75281A109 9 175 SH SOLE 175 0 0
RED ROBIN GOURMET BURGERS IN COM 75689M101 26 800 SH SOLE 800 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 22 1,100 SH SOLE 1,100 0 0
RESPIRONICS INC COM 761230101 13 200 SH SOLE 200 0 0
RF MICRODEVICES INC COM 749941100 38 6,700 SH SOLE 6,700 0 0
RICKS CABARET INTL INC COM NEW 765641303 11 400 SH SOLE 400 0 0
RUBIOS RESTAURANTS INC COM 78116B102 1 100 SH SOLE 100 0 0
RUTHS CHRIS STEAK HSE INC COM 783332109 1 100 SH SOLE 100 0 0
SAKS INC COM 79377W108 115 5,525 SH SOLE 5,525 0 0
SANGAMO BIOSCIENCES INC COM 800677106 17 1,300 SH SOLE 1,300 0 0
SCIELE PHARMA INC NOTE 2.625% 5/1 808627AA1 1,715 1,759,000 PRN SOLE 1,759,000 0 0
SEABRIGHT INSURANCE HLDGS IN COM 811656107 3 200 SH SOLE 200 0 0
SEQUENOM INC COM NEW 817337405 12 1,300 SH SOLE 1,300 0 0
SHORETEL INC COM 825211105 8 600 SH SOLE 600 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 91 10,700 SH SOLE 10,700 0 0
SKYWORKS SOLUTIONS INC NOTE 1.500% 3/0 83088MAH5 331 300,000 PRN SOLE 300,000 0 0
SONIC INNOVATIONS INC COM 83545M109 215 27,912 SH SOLE 27,912 0 0
SOTHEBYS COM 835898107 19 500 SH SOLE 500 0 0
SPRINT NEXTEL CORP COM SER 1 852061100 133 10,165 SH SOLE 10,165 0 0
SRS LABS INC COM 78464M106 95 17,749 SH SOLE 17,749 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 9 500 SH SOLE 500 0 0
TECHWELL INC COM 87874D101 1 105 SH SOLE 105 0 0
TELLABS INC COM 879664100 134 20,529 SH SOLE 20,529 0 0
THOMAS & BETTS CORP COM 884315102 12 250 SH SOLE 250 0 0


TRICO MARINE SERVICES INC NOTE 3.000% 1/1 896106AQ4 3,789 3,500,000 PRN SOLE 3,500,000 0 0
TRIZETTO GROUP INC NOTE 2.750%10/0 896882AB3 5,001 4,500,000 PRN SOLE 4,500,000 0 0
ULTRALIFE BATTERIES INC COM 903899102 12 600 SH SOLE 600 0 0
UNITED STATES OIL FUND LP UNITS 91232N108 15 200 SH SOLE 200 0 0
VIROPHARMA INC COM 928241108 1 100 SH SOLE 100 0 0
VITAL SIGNS INC COM 928469105 1 16 SH SOLE 16 0 0
VOLTERRA SEMICONDUCTOR CORP COM 928708106 88 7,964 SH SOLE 7,964 0 0
WISCONSIN ENERGY CORP COM 976657106 9 175 SH SOLE 175 0 0
YAHOO INC FRNT 4/0 984332AB2 5,237 4,500,000 PRN SOLE 4,500,000 0 0

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