FORM 13F
as of 3/31/04
(SEC USE ONLY)
Name of Reporting Manager: HAMBRECHT & QUIST CAPITAL MANAGEMENT LLC
ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8:
------ ------- ------- ------- ------- ------- ------- -------
VOTING AUTHORITY
INVESTMENT DISCRETION (SHARES)
------------------------ -----------------
(b)
SHARES OF SHARED-AS (c) MANAGERS
TITLE OF CUSIP FAIR MARKET PRINCIPAL (a) DEFINED IN SHARED- SEE (a) (b) (c)
NAME OF ISSUER CLASS NUMBER VALUE AMOUNT SOLE INSTR.V OTHER INSTR. V SOLE SHARED NONE
-------------- -------- --------- ------------ ---------- ---- ---------- ------- -------- ---- ------ ----
Adolor Common 00724X102 7,787,043 518,100 X NA X
Amgen Common 31162100 $ 11,401,320 196,000 X NA X
Aradigm Common 038505103 812,000 350,000 X NA X
Biofield Common 090591207 995,746 1,878,866 X NA X
Biopure Class A Common 09065H915 268,199 169,746 X NA X
Celgene Common 151020104 16,429,720 344,800 X NA X
Charles River Labs Common 159864107 6,088,985 142,100 X NA X
Corixa Common 21887F100 4,588,228 716,597 X NA X
CTI Molecular Imaging Common 22943D105 8,888,228 609,200 X NA X
Cubist Pharmaceuticals Common 229990981 12,970,518 1,409,839 X NA X
CV Therapeutics Common 126667104 8,265,625 546,307 X NA X
Cyberonics Common 23251P102 4,602,716 192,100 X NA X
deCODE Genetics Common 24386104 11,183,000 1,055,000 X NA X
DepoMed Common 249908104 10,874,993 1,388,888 X NA X
Durect Common 266605104 5,203,360 1,530,400 X NA X
Dyax Common 26746E103 7,143,987 694,265 X NA X
Elan Common 284131208 11,341,000 550,000 X NA X
Encysive Pharmaceuticals Common 29256X107 5,278,780 513,500 X NA X
Endocardial Solutions Common 292962107 4,557,000 525,000 X NA X
Enzon Pharmaceuticals Common 293904108 7,931,020 514,000 X NA X
Exelixis Common 30161Q104 10,448,100 1,222,000 X NA X
Genta Common 37245M207 2,226,000 212,000 X NA X
Genzyme Common 372917104 14,488,320 308,000 X NA X
Gilead Sciences Common 37555B103 10,150,140 182,000 X NA X
IDEXX Laboratories Common 45168D104 9,423,359 165,700 X NA X
Impax Laboratories Common 45256B101 20,249,279 905,198 X NA X
IVAX Common 465823102 12,395,988 544,400 X NA X
Kosan Biosciences Common 50064W107 10,034,101 949,300 X NA X
Lexicon Genetics Common 5288872104 5,298,150 845,000 X NA X
MedImmune Common 584699102 10,293,680 446,000 X NA X
Neurocrine Biosciences Common 64125C109 10,655,730 180,300 X NA X
Orthovita Common 68750U102 6,834,000 1,700,000 X NA X
Pfizer Common 717081103 15,597,250 445,000 X NA X
Pharmion Common 71715B409 1,924,400 85,000 X NA X
Pozen Common 73941U102 6,688,880 484,000 X NA X
Rigel Pharmaceuticals Common 766559108 3,665,414 165,631 X NA X
Sontra Medical Common 83568W109 317,394 160,300 X NA X
Telik Common 87959M109 19,530,529 727,665 X NA X
Teva Pharmaceutical
Industries Common 881624209 10,050,485 158,500 X NA X
Tularik Common 899165104 9,952,693 405,405 X NA X
United Therapeutics Common 91307C102 5,290,260 222,000 X NA X
Vertex Pharmaceuticals Common 92532F100 1,786,974 189,700 X NA X
Vivus Common 928551100 6,613,872 1,089,600 X NA X
WebMD Common 94769M105 11,179,175 1,257,500 X NA X
COLUMN TOTALS $361,705,641