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

                                    FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarter ended   December 31, 1996


Commission file number   33-41655


                      PIPER MORTGAGE ACCEPTANCE CORPORATION
             (Exact name of Registrant as specified in its charter)


 Delaware                                                          41-1697488
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                              Identification No.)


 Piper Jaffray Tower,    222 South 9th Street,   Minneapolis, Minnesota   55402
(Address of principal executive offices)                          (Zip Code)


Registrant's telephone number, including area code   612-342-6000

Securities registered pursuant to Section 12(b) of the Act:  NONE

Securities registered pursuant to Section 12(g) of the Act:  NONE


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during  the  preceding  12  months  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X    No

1,000 Common shares were  outstanding  as of December 31, 1996,  and were wholly
owned by Piper Jaffray Companies Inc.

The Registrant meets the conditions set forth in General Instruction H(1)(a) and
(b) of Form 10-Q and is therefore  filing this form with the reduced  disclosure
format.


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                      PIPER MORTGAGE ACCEPTANCE CORPORATION

                  (a wholly owned subsidiary of Piper Jaffray Companies Inc.)



                                TABLE OF CONTENTS

                                                                         Page
                                                                        Number

PART I.    FINANCIAL INFORMATION

           Item 1.  Financial Statements:

                    Statements of Financial Condition                      3

                    Statements of Operations                               4

                    Statements of Cash Flows                               4

                    Notes to Financial Statements                          5

           Item 2.  Management's Discussion and Analysis
                    of Financial Condition and Results of Operations       7


PART II.   OTHER INFORMATION

           Item 6.  Exhibits and Reports on Form 8-K                       7

           Signatures                                                      8




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                      PIPER MORTGAGE ACCEPTANCE CORPORATION


                 (a wholly owned subsidiary of Piper Jaffray Companies Inc.)



                        STATEMENTS OF FINANCIAL CONDITION



                                                      December 31, September 30,
                                                            1996        1996
                                                         (unaudited)
ASSETS

Cash ...............................................       $10,000       $10,000
Deferred shelf registration costs ..................        73,140        73,140
                                                           -------       -------
                                                           $83,140       $83,140
                                                           =======       =======



LIABILITIES AND STOCKHOLDER'S EQUITY

Payable to Piper Jaffray Companies Inc. ............       $73,140       $73,140


Stockholder's equity:
  Common stock, $1 par value, 1,000 shares
    authorized, issued and outstanding .............         1,000         1,000
  Additional paid-in capital .......................         9,000         9,000
                                                           -------       -------
                                                            10,000        10,000
                                                           -------       -------

                                                           $83,140       $83,140
                                                           =======       =======




                       See accompanying notes to financial statements.


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                            STATEMENTS OF OPERATIONS

                  THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995

                                   (Unaudited)


                There were no operations conducted during the periods.


                            STATEMENTS OF CASH FLOWS

                  THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995

                                   (Unaudited)




There were no  operations  or cash transactions  conducted  during the periods.





                       See accompanying notes to financial statements.


<PAGE>


                          NOTES TO FINANCIAL STATEMENTS

                  THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995



1.   ORGANIZATION AND BUSINESS ACTIVITY

Piper Mortgage  Acceptance  Corporation  (the Company),  incorporated on June 4,
1991, is a wholly owned subsidiary of Piper Jaffray Companies Inc. (the Parent).
The  Company   has  not   commenced   operations   except  for  the  conduct  of
organizational  matters and the issuance of 1,000 shares of the Company's common
stock to Piper Jaffray Companies Inc. The Company's Certificate of Incorporation
limits  the  business  activities  in  which  it may  engage  to  activities  in
connection with or related to the issuance of Bonds, as described below.

The Company's  activities will include the issuance and sale of bonds secured by
one or more of the  following:  mortgage loans and mortgage loans insured by the
Federal  Housing   Administration  or  partially  guaranteed  by  the  Veteran's
Administration; pass-through mortgage-backed certificates as to which either the
Federal National Mortgage  Association,  Federal Home Loan Mortgage Corporation,
or Government  National  Mortgage  Association  guarantees the timely payment of
interest and timely or ultimate payment of principal; loans or installment sales
contracts secured by manufactured  housing; and any other mortgage  pass-through
certificates or mortgage-collateralized obligations.

The Company intends to enter into various transactions and arrangements with its
Parent and  affiliated  companies.  These  transactions  and  arrangements  will
include the underwriting and selling of mortgage-backed bonds.

The Company has filed a Registration  Statement under the Securities Act of 1933
(the  Act)  with the  Securities  and  Exchange  Commission,  pursuant  to which
$100,000,000  in aggregate  principal  amount of the  Company's  mortgage-backed
bonds are registered under the Act.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The  accompanying  financial  statements  have been prepared in conformity  with
generally accepted accounting  principles and should be read in conjunction with
the Company's annual report on Form 10-K for the year ended September 30, 1996.

The statement of financial condition as of December 31, 1996 and the information
for the periods ended December 31, 1996 and 1995, is unaudited.


3.   INCOME TAXES

When operations commence, the Company will file a consolidated federal and state
income tax return with its Parent and  affiliates.  Payments will be made to the
Parent for income taxes  computed on pre-tax book income using the  consolidated
effective  tax rate.  Deferred  taxes will be  recorded  based upon  differences
between the financial statement and tax basis of assets and liabilities.

4.   RELATED PARTY TRANSACTIONS

At December 31, 1996,  deferred  shelf  registration  costs of $73,140 have been
advanced by the Parent. Shelf registration costs will be amortized in proportion
to the amount of the shelf being used at each bond issuance.

In the future,  the  Company  may be charged for certain  expenses by the Parent
based on specifically  identified charges and other cost allocations.  Such cost
allocations will be determined through  negotiations between the Company and the
Parent.  Management  believes that the method of  allocation,  as so determined,
will be reasonable. In addition, the Parent provides the Company with accounting
and administrative  services,  including  services of officers.  At December 31,
1996,  the  Company  was not  charged  for  such  services.  Operations  are not
necessarily  indicative  of the costs  that  would be  incurred  if the  Company
operated independently.


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                      PIPER MORTGAGE ACCEPTANCE CORPORATION

                  (a wholly owned subsidiary of Piper Jaffray Companies Inc.)





Item 2. Management's Discussion and Analysis of Financial Condition and Results
 of Operations

        Resources and Liquidity

        The Company's source of funds with respect to mortgage-backed bonds will
        be  the  receipt  of  payments  of  principal  and  interest,  including
        prepayments,  on mortgage collateral  securing the bonds,  together with
        reinvestment  income  thereon.  The Company  expects that, at all times,
        aggregate   future  receipts  of  principal  and  interest  on  mortgage
        collateral,  together with reinvestment income thereon,  will exceed the
        aggregate of future amounts due as payments of principal and interest on
        mortgage-backed bonds.

        Results of Operations

        The  Company  has not  commenced  operations,  except for the conduct of
        organizational  matters,  activities  relating to the public offering of
        bonds, and the issuance of 1,000 shares of the Company's common stock to
        Piper Jaffray Companies Inc.


PART II.   OTHER INFORMATION:


Item 6.    Exhibits and Reports on Form 8-K

           (a).Exhibits

               None applicable


           (b).Reports on Form 8-K

               The Company  was not  required to file any reports on Form 8-K to
               the Securities and Exchange  Commission  during the quarter ended
               December 31, 1996.





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                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.




                                   PIPER MORTGAGE ACCEPTANCE CORPORATION
                                             (Registrant)





Dated February 12, 1997            /s/ DEBORAH K. ROESLER
                                   ---------------------
                                   DEBORAH K. ROESLER
                                   Treasurer (Principal Financial and Accounting
                                    Officer)