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 March 31, 1997           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 March 31, 1997, 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     6


PART II. OTHER INFORMATION

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

         Signatures                                                   7




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                      PIPER MORTGAGE ACCEPTANCE CORPORATION


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




                        STATEMENTS OF FINANCIAL CONDITION



                                               March 31,         September 30,
                                                 1997                1996
                                              (unaudited)
ASSETS

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



LIABILITIES AND STOCKHOLDER'S EQUITY

Payable to Piper Jaffray Companies Inc.      $     46,078        $     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
  Retained deficit                                (46,078)                  -
                                                  -------              ------
                                                  (36,078)             10,000
                                                  -------              ------

                                             $     10,000        $     83,140
                                             ============        ============




               See accompanying notes to financial statements.


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                            STATEMENTS OF OPERATIONS

              THREE AND SIX MONTHS ENDED MARCH 31, 1997 AND 1996

                                   (Unaudited)

                                               1997          1996

 Amortization of shelf registration costs  $   73,140     $      -
                                           ----------     --------
 Loss before income tax benefit               (73,140)           -
 Income tax benefit                           (27,062)           -
                                           ----------     --------           
 Net loss                                  $  (46,078)    $      -
                                           ==========     ======== 

There were no operations  conducted  during the previous quarter ended December
31, 1997 and 1996.


                            STATEMENTS OF CASH FLOWS

              THREE AND SIX MONTHS ENDED MARCH 31, 1997 AND 1996

                                   (Unaudited)


                                                     1997          1996

OPERATING ACTIVITIES:
    Net loss                                     $  (46,078)   $         -
    Adjustments to income not requiring cash:
      Amortization of shelf registration costs       73,140              -
      Change in payable to Piper Jaffray
         Companies Inc.                             (27,062)             -
                                                    -------      --------- 
    Net cash from operating activities           $        -    $         -

    INCREASE IN CASH                             $        -    $         -

    CASH AT BEGINNING OF YEAR                    $   10,000    $    10,000
                                                 ----------    -----------

    CASH AT END OF YEAR                          $   10,000    $    10,000
                                                 ==========    ===========

There were no operations  conducted  during the previous quarter ended December
31, 1997 and 1996.

               See accompanying notes to financial statements.


<PAGE>


                          NOTES TO FINANCIAL STATEMENTS

                   SIX MONTHS ENDED MARCH 31, 1997 AND 1996



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  limited the business  activities in
which it could  engage  to  activities  in  connection  with or  related  to the
issuance of Bonds.  The  Company's  activities  were to 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 had 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 were registered under the Act.

Effective  April 30, 1997 the Board of Directors of the Company  approved a plan
for  dissolution of the Company.  Pursuant to the plan, the Company has filed an
Application  for  an  Order  Consenting  to  the  Withdrawal  of a  Registration
Statement and a Form 15 Certification  and Notice of Termination of Registration
with the Securities and Exchange  Commission.  All of the assets and liabilities
of the Company will be assumed by the Parent.

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 March 31, 1997 and the  information
for the periods ended March 31, 1997 and 1996, is unaudited.


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                      PIPER MORTGAGE ACCEPTANCE CORPORATION

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




3.  INCOME TAXES

Pursuant to the Board of Director's plan of dissolution, the Company will file a
consolidated federal and state income tax return with its Parent and affiliates.
Tax  benefits  will be made to the Parent for income  taxes  computed on pre-tax
book loss using the consolidated effective tax rate.


4.  RELATED PARTY TRANSACTIONS

Effective  April 30, 1997 the Parent has forgiven the obligations of the Company
to the  Parent.  Upon  dissolution,  all of the  assets and  liabilities  of the
Company will be assumed by the Parent.


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


       Results of Operations

       The  Company  had 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.

      Effective April 30, 1997 the Board of Directors of the Company  approved a
      plan for  dissolution  of the Company.  Pursuant to the plan, the deferred
      shelf  registration  costs  relating  to the  Company's  intent  to  issue
      mortgage-backed  bonds were fully amortized during the quarter ended March
      31, 1997. In addition,  all of the assets and  liabilities  of the Company
      will be assumed by the Parent.


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 March
            31, 1997.




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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 May 13, 1997            /s/ DEBORAH K. ROESLER
                              DEBORAH K. ROESLER
                              Treasurer  (Principal  Financial and  Accounting
                              Officer)