The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
Report for the Calendar Year or Quarter Ended: 06-30-2014
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 & CO.
Address: 800 NICOLLET MALL
SUITE 1000
MINNEAPOLIS , MN55402-7020
Form 13F File Number: 028-15951

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 08-14-2014
[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: 122
Form 13F Information Table Value Total: 138,555
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

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.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name
SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
8X8 INC NEW COM 282914100 404 50,000 SH SOLE 50,000 0 0
ACACIA RESH CORP ACACIA TCH COM 003881307 178 10,000 SH SOLE 10,000 0 0
ADEPT TECHNOLOGY INC COM NEW 006854202 157 15,000 SH SOLE 15,000 0 0
AGCO CORP NOTE 1.250%12/1 001084AM4 2,105 2,105,000 PRN SOLE 2,105,000 0 0
AKORN INC COM 009728106 376 11,322 SH SOLE 11,322 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 73 1,700 SH SOLE 1,700 0 0
ANNALY CAP MGMT INC NOTE 5.000% 5/1 035710AB8 6,135 6,000,000 PRN SOLE 6,000,000 0 0
APOLLO INVT CORP NOTE 5.750% 1/1 03761UAE6 264 250,000 PRN SOLE 250,000 0 0
APPLE INC COM 037833100 465 5,000 SH SOLE 5,000 0 0
APPLIED OPTOELECTRONICS INC COM 03823U102 0 2 SH SOLE 2 0 0
ARES CAP CORP NOTE 5.750% 2/0 04010LAB9 531 500,000 PRN SOLE 500,000 0 0
ARUBA NETWORKS INC COM 043176106 263 15,000 SH SOLE 15,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 9,924 347,000 SH SOLE 347,000 0 0
BIG LOTS INC COM 089302103 5 100 SH SOLE 100 0 0
CALLIDUS SOFTWARE INC COM 13123E500 328 27,500 SH SOLE 27,500 0 0
CANADIAN SOLAR INC COM 136635109 313 10,000 SH SOLE 10,000 0 0
CATALYST PHARM PARTNERS INC COM 14888U101 127 50,000 SH SOLE 50,000 0 0
CHEGG INC COM 163092109 211 30,000 SH SOLE 30,000 0 0
CHRISTOPHER & BANKS CORP COM 171046105 82 9,397 SH SOLE 9,397 0 0
CITIGROUP INC *W EXP 10/28/201 172967234 111 3,700,000 SH SOLE 3,700,000 0 0
CLICKSOFTWARE TECHNOLOGIES L ORD M25082104 202 25,000 SH SOLE 25,000 0 0
CONATUS PHARMACEUTICALS INC COM 20600T108 9 959 SH SOLE 959 0 0
CONSTANT CONTACT INC COM 210313102 241 7,500 SH SOLE 7,500 0 0
CROCS INC COM 227046109 119 7,900 SH SOLE 7,900 0 0
DECKERS OUTDOOR CORP COM 243537107 78 900 SH SOLE 900 0 0
DIGITALGLOBE INC COM NEW 25389M877 42 1,500 SH SOLE 1,500 0 0
DIREXION SHS ETF TR DLY SC BEAR3XNEW 25459Y488 1,815 130,000 SH SOLE 130,000 0 0
EAGLE PHARMACEUTICALS INC COM 269796108 18 1,277 SH SOLE 1,277 0 0
EGAIN CORP COM NEW 28225C806 68 10,000 SH SOLE 10,000 0 0
ENERSYS NOTE 3.375% 6/0 29275YAA0 13,785 8,000,000 PRN SOLE 8,000,000 0 0
ENTEGRIS INC COM 29362U104 378 27,500 SH SOLE 27,500 0 0
EQUINIX INC NOTE 3.000%10/1 29444UAG1 3,271 1,727,000 PRN SOLE 1,727,000 0 0
EURONET WORLDWIDE INC COM 298736109 255 5,281 SH SOLE 5,281 0 0
EXTREME NETWORKS INC COM 30226D106 111 25,000 SH SOLE 25,000 0 0
FACEBOOK INC CL A 30303M102 370 5,500 SH SOLE 5,500 0 0
FIESTA RESTAURANT GROUP INC COM 31660B101 139 3,000 SH SOLE 3,000 0 0
FIRST SOLAR INC COM 336433107 355 5,000 SH SOLE 5,000 0 0
FOOT LOCKER INC COM 344849104 51 1,000 SH SOLE 1,000 0 0
FORTINET INC COM 34959E109 251 10,000 SH SOLE 10,000 0 0
GENCORP INC SDCV 4.062%12/3 368682AN0 4,821 2,264,000 PRN SOLE 2,264,000 0 0
GENTHERM INC COM 37253A103 44 1,000 SH SOLE 1,000 0 0
G-III APPAREL GROUP LTD COM 36237H101 8 100 SH SOLE 100 0 0
GLU MOBILE INC COM 379890106 375 75,000 SH SOLE 75,000 0 0
GOOGLE INC CL A 38259P508 292 500 SH SOLE 500 0 0
GT ADVANCED TECHNOLOGIES INC COM 36191U106 19 1,000 SH SOLE 1,000 0 0
HALCON RES CORP COM NEW 40537Q209 182 25,000 SH SOLE 25,000 0 0
HEALTH CARE REIT INC NOTE 3.000%12/0 42217KAR7 14,504 11,750,000 PRN SOLE 11,750,000 0 0
HERON THERAPEUTICS INC COM 427746102 0 27 SH SOLE 27 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 245 10,500 SH SOLE 10,500 0 0
HOMEAWAY INC COM 43739Q100 348 10,000 SH SOLE 10,000 0 0
HORIZON PHARMA INC COM 44047T109 396 25,000 SH SOLE 25,000 0 0
IMPERVA INC COM 45321L100 458 17,500 SH SOLE 17,500 0 0
INCONTACT INC COM 45336E109 0 2 SH SOLE 2 0 0
INFINERA CORPORATION COM 45667G103 230 25,000 SH SOLE 25,000 0 0
INTEGRATED DEVICE TECHNOLOGY COM 458118106 387 25,000 SH SOLE 25,000 0 0
INVENSENSE INC COM 46123D205 511 22,500 SH SOLE 22,500 0 0
JA SOLAR HOLDINGS CO LTD SPON ADR REP5ORD 466090206 272 25,000 SH SOLE 25,000 0 0
JD COM INC SPON ADR CL A 47215P106 285 10,000 SH SOLE 10,000 0 0
JDS UNIPHASE CORP COM PAR $0.001 46612J507 62 5,000 SH SOLE 5,000 0 0
JINKOSOLAR HLDG CO LTD SPONSORED ADR 47759T100 377 12,500 SH SOLE 12,500 0 0
JUMEI INTL HLDG LTD SPONSORED ADR 48138L107 27 1,000 SH SOLE 1,000 0 0
JUNIPER NETWORKS INC COM 48203R104 245 10,000 SH SOLE 10,000 0 0
KEYW HLDG CORP COM 493723100 251 20,000 SH SOLE 20,000 0 0
KODIAK OIL & GAS CORP COM 50015Q100 146 10,000 SH SOLE 10,000 0 0
KONA GRILL INC COM 50047H201 194 10,000 SH SOLE 10,000 0 0
KRISPY KREME DOUGHNUTS INC COM 501014104 160 10,000 SH SOLE 10,000 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 351 42,500 SH SOLE 42,500 0 0
LDR HLDG CORP COM 50185U105 438 17,500 SH SOLE 17,500 0 0
LIFELOCK INC COM 53224V100 209 15,000 SH SOLE 15,000 0 0
LIPOSCIENCE INC COM 53630M108 30 8,701 SH SOLE 8,701 0 0
MANNKIND CORP COM 56400P201 0 14 SH SOLE 14 0 0
MARCHEX INC CL B 56624R108 150 12,500 SH SOLE 12,500 0 0
MASTEC INC NOTE 4.250%12/1 576323AM1 3,792 1,899,000 PRN SOLE 1,899,000 0 0
MEDTRONIC INC COM 585055106 32 500 SH SOLE 500 0 0
MIMEDX GROUP INC COM 602496101 128 18,000 SH SOLE 18,000 0 0
NANOSPHERE INC COM 63009F105 158 100,000 SH SOLE 100,000 0 0
NIMBLE STORAGE INC COM 65440R101 461 15,000 SH SOLE 15,000 0 0
NOVAVAX INC COM 670002104 116 25,000 SH SOLE 25,000 0 0
OMNICARE CAP TR II PFD B TR 4.00% 68214Q200 14,936 183,000 SH SOLE 183,000 0 0
ORBCOMM INC COM 68555P100 40 6,000 SH SOLE 6,000 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 9 100 SH SOLE 100 0 0
PANDORA MEDIA INC COM 698354107 443 15,000 SH SOLE 15,000 0 0
PENNEY J C INC COM 708160106 453 50,000 SH SOLE 50,000 0 0
PIONEER NAT RES CO COM 723787107 46 200 SH SOLE 200 0 0
POWERSECURE INTL INC COM 73936N105 292 30,000 SH SOLE 30,000 0 0
PROGRESS SOFTWARE CORP COM 743312100 2 88 SH SOLE 88 0 0
PROSENSA HLDG N V SHS USD N71546100 10 800 SH SOLE 800 0 0
QUNAR CAYMAN IS LTD SPNS ADR CL B 74906P104 357 12,500 SH SOLE 12,500 0 0
REGIONS FINL CORP NEW COM 7591EP100 58 5,500 SH SOLE 5,500 0 0
RETROPHIN INC COM 761299106 4 337 SH SOLE 337 0 0
ROSETTA STONE INC COM 777780107 146 15,000 SH SOLE 15,000 0 0
ROVI CORP COM 779376102 96 4,000 SH SOLE 4,000 0 0
ROYAL GOLD INC NOTE 2.875% 6/1 780287AA6 1,971 1,839,000 PRN SOLE 1,839,000 0 0
RUBICON TECHNOLOGY INC COM 78112T107 263 30,000 SH SOLE 30,000 0 0
RUCKUS WIRELESS INC COM 781220108 238 20,000 SH SOLE 20,000 0 0
SBA COMMUNICATIONS CORP NOTE 4.000%10/0 78388JAM8 16,751 5,006,000 PRN SOLE 5,006,000 0 0
SILICON MOTION TECHNOLOGY CO SPONSORED ADR 82706C108 358 17,500 SH SOLE 17,500 0 0
SIRIUS XM HLDGS INC COM 82968B103 0 8 SH SOLE 8 0 0
SONUS NETWORKS INC COM 835916107 215 60,000 SH SOLE 60,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 256 2,000 SH SOLE 2,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 12,233 62,500 SH Put SOLE 62,500 0 0
SPECTRANETICS CORP MTNF 2.625% 6/0 84760CAA5 1,351 1,300,000 PRN SOLE 1,300,000 0 0
SPLUNK INC COM 848637104 415 7,500 SH SOLE 7,500 0 0
SUNEDISON INC COM 86732Y109 396 17,500 SH SOLE 17,500 0 0
SUNPOWER CORP COM 867652406 410 10,000 SH SOLE 10,000 0 0
SUNTRUST BKS INC COM 867914103 80 2,000 SH SOLE 2,000 0 0
TEARLAB CORP COM 878193101 244 50,000 SH SOLE 50,000 0 0
TEMPUR SEALY INTL INC COM 88023U101 6 100 SH SOLE 100 0 0
TERADYNE INC COM 880770102 196 10,000 SH SOLE 10,000 0 0
TREE COM INC COM 894675107 102 3,500 SH SOLE 3,500 0 0
TRW AUTOMOTIVE INC NOTE 3.500%12/0 87264MAH2 608 200,000 PRN SOLE 200,000 0 0
TWITTER INC COM 90184L102 102 2,500 SH SOLE 2,500 0 0
VALUEVISION MEDIA INC CL A 92047K107 374 75,000 SH SOLE 75,000 0 0
VANDA PHARMACEUTICALS INC COM 921659108 32 2,000 SH SOLE 2,000 0 0
VEECO INSTRS INC DEL COM 922417100 317 8,500 SH SOLE 8,500 0 0
VINCE HLDG CORP COM 92719W108 128 3,500 SH SOLE 3,500 0 0
VONAGE HLDGS CORP COM 92886T201 375 100,000 SH SOLE 100,000 0 0
WEB COM GROUP INC COM 94733A104 58 2,000 SH SOLE 2,000 0 0
WEIBO CORP SPONSORED ADR 948596101 358 17,500 SH SOLE 17,500 0 0
WESCO INTL INC DBCV 6.000% 9/1 95082PAH8 8,766 2,859,000 PRN SOLE 2,859,000 0 0
WESTPORT INNOVATIONS INC COM NEW 960908309 496 27,500 SH SOLE 27,500 0 0
XCERRA CORP COM 98400J108 250 27,500 SH SOLE 27,500 0 0