UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 1999
Check here if Amendment: ___; Amendment Number: ___
This Amendment (Check only one.) ___ is a restatement.
___ adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Hilspen Capital Management, LLC
Address: 330 Primrose Road, Suite 312
Burlingame, CA 94010
Form 13F File Number: 28-____________
The institutional investment manager filing this report and the person by
whom it is signed hereby represent that all information contained herein is
true, correct and complete, and that it is understood that all required
items, statements, schedules, lists and tables, are considered integral
parts of this Form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Robert Duich
Title: Chief Operating Officer
Phone: (650) 685-6470
Signature, Place and Date of Signing:
/s/ Robert S. Duich Burlingame, CA February __, 2000
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
___ 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
___ 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
Page 1
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 49
Form 13F Information Table Value Total: 226866
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is
filed, other than the manager filing this report. NONE
Page
<TABLE>
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES INV. OTHER AUTH
CLASS X1000 DISC MGR
<C> <C>
ACCRUE SOFTWARE Equity 00437w102 1667 30800 Sole N/A Sole
ADOBE SYSTEMS Equity 00724f101 5905 87800 Sole N/A Sole
ADVANCED MICRO DEVICES INC Equity 007903107 8502 293800 Sole N/A Sole
AMERICAN INTL. GRP Equity 026874107 7936 73400 Sole N/A Sole
APPLE Computers Equity 037833100 6714 65300 Sole N/A Sole
APPLIED MICROSYSTEMS CORP Equity 037935103 2639 232000 Sole N/A Sole
AT HOME CORP-SER A Equity 045919107 6191 144400 Sole N/A Sole
ATMEL CORP Equity 049513104 1032 34900 Sole N/A Sole
BACKWEB TECH Equity 2106 50000 Sole N/A Sole
BARRICK GOLD Equity 067901108 5424 306676 Sole N/A Sole
CALICO COMMERCE INC Equity 129897104 2184 41200 Sole N/A Sole
CISCO SYSTEMS Equity 17275r102 7756 72400 Sole N/A Sole
DALEEN TECHNOLOGIES INC Equity 23437n104 1549 70800 Sole N/A Sole
DELL COMPUTER Equity 247025109 8833 173200 Sole N/A Sole
E TRADE GROUP INC Equity 269246104 6610 253000 Sole N/A Sole
ECHOSTAR COMMUNICATIONS
CORP NEW-CL A Equity 278762109 5870 60200 Sole N/A Sole
EPOCH PHARMACEUTICALS Equity 294273107 650 200000 Sole N/A Sole
FAIRCHILD SEMICONDUCTOR
INTL INC CL A Equity 303726103 2294 77100 Sole N/A Sole
GLOBESPAN INC Equity 379571102 3133 48100 Sole N/A Sole
HI/FN Equity 428358105 3732 96300 Sole N/A Sole
HOMESTAKE MINING Equity 437614100 5279 675660 Sole N/A Sole
INTEL CORP Equity 458140100 7556 91800 Sole N/A Sole
INTERLINK ELECTRONICS Equity 458751104 16494 280750 Sole N/A Sole
ITURF INC CL A Equity 46575q100 907 72900 Sole N/A Sole
IXL ENTERPRISES INC Equity 450718101 4013 72300 Sole N/A Sole
J.D. EDWARDS Equity 281667105 3525 118000 Sole N/A Sole
LEVEL 3 Equity 52729n100 5330 65100 Sole N/A Sole
LSI LOGIC CORP Equity 502161102 4421 65500 Sole N/A Sole
MPATH INTERACTIVE INC Equity 421903105 1281 48100 Sole N/A Sole
NEWMONT MINING Equity 651639106 6817 278251 Sole N/A Sole
NEXTERA ENTERP. Equity 65332e101 3828 297300 Sole N/A Sole
ONEMAIN.COM Equity 68267p109 1827 121800 Sole N/A Sole
PARAMETRIC TECHNOLOGY CORP Equity 699173100 6019 222400 Sole N/A Sole
PEOPLESOFT Equity 712713106 6728 315700 Sole N/A Sole
PEREGRINE SYSTEMS INC Equity 71366q101 6786 80600 Sole N/A Sole
PLACER DOME Equity 725906101 6068 564500 Sole N/A Sole
PORTAL SOFTWARE INC Equity 736126103 2870 27900 Sole N/A Sole
PRIMUS KNOWLEDGE
SOLUTIONS INC Equity 74163q100 1060 23400 Sole N/A Sole
QUEST SOFTWARE INC Equity 74834t103 1969 19300 Sole N/A Sole
QWEST COMMUNICATIONS Equity 749121109 5685 132200 Sole N/A Sole
REMEDY Equity 759548100 6235 131600 Sole N/A Sole
RF MICRO DEVICES INC Equity 749941100 1978 28900 Sole N/A Sole
SMARTFORCE Equity 124853300 8986 268239 Sole N/A Sole
STRUCTURAL DYNAMICS
RESEARCH CORP Equity 863555108 4901 384400 Sole N/A Sole
SUN MICROSYSTEMS Equity 866810104 7751 100100 Sole N/A Sole
TIBCO SOFTWARE INC Equity 88632q103 2785 18200 Sole N/A Sole
UNIVERSAL ELECTR. Equity 913483103 2479 53900 Sole N/A Sole
VA LINUX SYS INC Equity 91819b105 992 4800 Sole N/A Sole
VITESSE SEMICONDUCTOR CORP Equity 928497106 1573 30000 Sole N/A Sole
</TABLE>
MVA\5028\003\1086642.01