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

                                    Form 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: June 30, 2010

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

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:  Ann C. McCague
Title: Chief Compliance Officer
Phone: 612-303-6359

Signature, Place, and Date of Signing:


         Ann C. McCague                  Minneapolis, MN              08/10/10
---------------------------------     ----------------------        ------------
           [Signature]                     [City, State]               [Date]

Report Type (Check only one.):

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

[X]  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).)

List of Other Managers Reporting for this Manager:

[If there are no entries in this list, omit this section.]

Form 13F File Number   Name
--------------------   ----
28-05637               Advisory Research, Inc.
28-05030               Fiduciary Asset Management, LLC



                              FORM 13F SUMMARY PAGE