1
as of 12/31/03 FORM 13F
Name of Reporting Manager:
HAMBRECHT & QUIST CAPITAL MANAGEMENT LLC
(SEC USE ONLY)
ITEM 6:
INVESTMENT DISCRETION
------------------------------
(b)
ITEM 5: SHARED- ITEM 7: ITEM 8:
ITEM 2: ITEM 3: ITEM 4: SHARES OF AS (c) MANAGERS VOTING AUTHORITY (SHARES)
ITEM 1: TITLE OF CUSIP FAIR MARKET PRINCIPAL DEFINED IN SHARED- SEE ---------------------------
NAME OF ISSUER CLASS NUMBER VALUE AMOUNT (a) SOLE INSTR. V OTHER INSTR. V (a) SOLE (b) SHARED (c) NONE
------------------ -------- ---------- ------------- --------- -------- ---------- --------- -------- -------- ---------- --------
Adolor Common 00724X102 10,372,362 518,100 X NA X
Amgen Common 31162100 8,343,000 135,000 X NA X
Aradigm Common 038505103 598,500 350,000 X NA X
Biofield
(Restricted) Common 090591207 280,000 1,000,000 X NA X
Biofield Common 090591207 307,603 878,866 X NA X
Biopure
Class A Common 09065H915 403,995 169,746 X NA X
Celgene Common 151020104 15,522,896 344,800 X NA X
Charles
River Labs Common 159864107 4,878,293 142,100 X NA X
Corixa Common 21887F100 4,328,246 716,597 X NA X
CTI Molecular
Imaging Common 22943D105 10,301,572 609,200 X NA X
Cubist
Pharmaceuticals Common 229990981 17,143,642 1,409,839 X NA X
CV Therapeutics Common 126667104 8,008,860 546,307 X NA X
deCODE Genetics Common 24386104 9,511,047 1,161,300 X NA X
DepoMed Common 249908104 9,847,216 1,388,888 X NA X
Durect Common 266605104 3,174,432 1,230,400 X NA X
Dyax Common 26746E103 5,706,858 694,265 X NA X
Encysive
Pharmaceuticals Common 29256X107 4,595,825 513,500 X NA X
Endocardial
Solutions Common 292962107 9,010,555 1,251,466 X NA X
Enzon
Pharmaceuticals Common 293904108 6,168,000 514,000 X NA X
EP MedSystems Common 26881P103 524,096 172,400 X NA X
Exelixis Common 30161Q104 8,651,760 1,222,000 X NA X
Genzyme Common 372917104 9,769,320 198,000 X NA X
Gilead Sciences Common 37555B103 10,581,480 182,000 X NA X
IDEXX Laboratories Common 45168D104 7,668,596 165,700 X NA X
Impax Laboratories Common 45256B101 13,025,799 905,198 X NA X
IVAX Common 465823102 13,000,272 544,400 X NA X
Kosan Biosciences Common 50064W107 9,360,098 949,300 X NA X
Lexicon Genetics Common 5288872104 4,977,050 845,000 X NA X
MedImmune Common 584699102 11,328,400 446,000 X NA X
Neurocrine
Biosciences Common 64125C109 9,833,562 180,300 X NA X
Orthovita Common 68750U102 5,457,000 1,700,000 X NA X
Pfizer Common 717081103 15,721,850 445,000 X NA X
Pharmion Common 71715B409 1,296,250 85,000 X NA X
Pozen Common 73941U102 4,936,800 484,000 X NA X
Rigel
Pharmaceuticals Common 766559108 3,163,552 165,631 X NA X
Sontra Medical
(Restricted) Common 83568W109 781,298 577,883 X NA X
Sontra Medical Common 83568W109 794,839 470,319 X NA X
Telik Common 87959M109 16,743,571 727,665 X NA X
Teva
Pharmaceutical
Industries Common 881624209 5,869,485 103,500 X NA X
Tularik Common 899165104 6,547,291 405,405 X NA X
United
Therapeutics Common 91307C102 2,340,900 102,000 X NA X
Vertex
Pharmaceuticals Common 92532F100 1,940,631 189,700 X NA X
Vicuron
Pharmaceuticals Common 925314106 3,197,374 171,441 X NA X
Vivus Common 928551100 3,637,263 959,700 X NA X
WebMD Common 94769M105 11,304,925 1,257,500 X NA X
COLUMN TOTALS $ 310,956,365
2
ITEM 6:
INVESTMENT DISCRETION
------------------------------
(b)
ITEM 5: SHARED- ITEM 7: ITEM 8:
ITEM 2: ITEM 3: ITEM 4: SHARES OF AS (c) MANAGERS VOTING AUTHORITY (SHARES)
ITEM 1: TITLE OF CUSIP FAIR MARKET PRINCIPAL DEFINED IN SHARED- SEE ---------------------------
NAME OF ISSUER CLASS NUMBER VALUE AMOUNT (a) SOLE INSTR. V OTHER INSTR. V (a) SOLE (b) SHARED (c) NONE
------------------ -------- ---------- ------------- --------- -------- ---------- --------- -------- -------- ---------- --------