SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* US BANCORP \DE\ (Last) (First) (Middle) 800 Nicollet Mall (Street) Minneapolis MN 55402 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/19/2003	3. Issuer Name and Ticker or Trading Symbol PIPER JAFFRAY COMPANIES [ PJC ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock(1)(2)	100	I(1)(2)	See Footnotes(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* US BANCORP \DE\ (Last) (First) (Middle) 800 Nicollet Mall (Street) Minneapolis MN 55402 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* U S BANCORP PIPER JAFFRAY COMPANIES INC (Last) (First) (Middle) 800 NICOLLET MALL (Street) MINNEAPOLIS MN 55402 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. U.S. Bancorp Piper Jaffray Companies Inc., a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), has direct beneficial ownership of 100 shares of common stock of Piper Jaffray Companies, comprising all of the issued and outstanding securities of Piper Jaffray Companies as of the date hereof. As U.S. Bancorp Piper Jaffray Companies, Inc. is a wholly owned subsidiary of U.S. Bancorp, U.S. Bancorp is deemed to have indirect beneficial ownership of such shares of common stock of Piper Jaffray Companies, and accordingly is filing this Form 3 Statement of Beneficial Ownership with U.S. Bancorp Piper Jaffray Companies, Inc. as a group.

2. In connection with the proposed distribution (the "Distribution") by U.S. Bancorp to its stockholders of all of the outstanding shares of common stock of Piper Jaffray Companies it then holds, Piper Jaffray Companies has registered its common stock under the Securities Exchange Act of 1934, as amended, pursuant to a Registration Statement on Form 10 previously filed with Securities and Exchange Commission. It is expected that the Distribution will be completed in the fourth quarter of 2003, after which U.S. Bancorp will own no shares of capital stock of Piper Jaffray Companies, either directly or indirectly.

Remarks:

	Lee R. Mitau, Executive Vice President and Secretary	12/19/2003
	James L. Chosy, Secretary	12/19/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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