UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2000
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 Avenue, Suite 312
Burlingame, CA 94010
Form 13F File Number: 28-05291
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 S. Duich
Title: Chief Operating Officer
Phone: 650-685-6470
Signature, Place and Date of Signing:
/s/Robert S. Duich Burlingame, CA May 15, 2000
Robert S. Duich [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).)
List of Other Managers Reporting for this Manager:
None.
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: _______0___
Form 13F Information Table Entry Total: ______79___
Form 13F Information Table Value Total: _295,999___
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 SOLE SHR NONE
<C> <C>
ACCRUE SOFTWARE Common 00437W102 123 6000 Sole N/A 6000
AIR PRODUCTS & CHEMICALS INC Common 009158106 3412 120000 Sole N/A 120000
ALBERTSONS INC Common 013104104 3087 100000 Sole N/A 100000
ALCAN ALUMINIUM LTD Common 013716105 5388 158200 Sole N/A 158200
ALCOA INC Common 013817101 4566 65000 Sole N/A 65000
AMKOR TECHNOLOGY, INC. Common 031652100 212 4000 Sole N/A 4000
AMR CORP. Common 001765106 2231 70000 Sole N/A 70000
APPLIED MICRO CRCTS Common 03822w109 4967 33100 Sole N/A 33100
APPLIED MICROSYSTEMS CORP Common 037935103 2133 135600 Sole N/A 135600
AT HOME CORP-SER A Common 045919107 3372 102400 Sole N/A 102400
BARRICK GOLD Common 067901108 5990 381843 Sole N/A 381843
BESTFOODS Common 08658u101 2518 53800 Sole N/A 53800
BOWATER INC Common 102183100 3287 61600 Sole N/A 61600
BURLINGTON NORTHERN SANTA FE CORP Common 12189t104 4361 191700 Sole N/A 191700
CACHEFLOW INC COM Common 126946102 4266 36000 Sole N/A 36000
CHAMPION INTERNATIONAL CORP Common 158525105 3195 60000 Sole N/A 60000
CISCO SYSTEMS Common 17275R102 155 2000 Sole N/A 2000
DALEEN TECHNOLOGIES Common 23437N104 52 2500 Sole N/A 2500
DELTA AIR LINES INC Common 247361108 3993 75000 Sole N/A 75000
DESCARTES SYSTEMS GROUP INC Common 249906108 2115 44900 Sole N/A 44900
DOW CHEMICAL Common 260543103 4320 37900 Sole N/A 37900
EGAIN COMMUNICATIONS Common 28225C103 117 3000 Sole N/A 3000
E I DU PONT DE NEMOURS & CO Common 263534109 6707 126700 Sole N/A 126700
E TRADE GROUP INC Common 269246104 3012 100000 Sole N/A 100000
ENERGIZER HOLDINGS INC Common 29266r108 11491 799415 Sole N/A 799415
EPOCH PHARMACEUTICALS Common 294273107 9144 636115 Sole N/A 636115
FAIRCHILD SEMICONDUCTOR INTL INC CL A Common 303726103 2920 80000 Sole N/A 80000
FDX CORP Common 31428x106 3489 89900 Sole N/A 89900
GENELABS TECHNOLOGIES INC Common 368706107 3035 490500 Sole N/A 490500
GEORGIA PACIFIC Common 373298108 6733 170200 Sole N/A 170200
H J HEINZ CO Common 423074103 3330 95500 Sole N/A 95500
HEALTHAXIS INC Common 42219d100 359 25000 Sole N/A 25000
HERSHEY FOODS CORP Common 427866108 3490 71600 Sole N/A 71600
HOMESTAKE MINING Common 437614100 3784 630760 Sole N/A 630760
INCO LTD Common 453258402 4470 243300 Sole N/A 243300
INTERLINK ELECTRONICS Common 458751104 39699 416250 Sole N/A 416250
INTERNATIONAL PAPER Common 460146103 5561 130100 Sole N/A 130100
IXL ENTERPRISES INC Common 450718101 2030 72500 Sole N/A 72500
J.D. EDWARDS Common 281667105 1628 50000 Sole N/A 50000
KELLOGG CO Common 487836108 1769 68700 Sole N/A 68700
LML PAYMENT SYSTEMS Common 50208P109 255 10000 Sole N/A 10000
MAXTOR CORP (NEW) Common 577729205 4689 362500 Sole N/A 362500
MEMC ELECTRONIC MATERIALS INC Common 552715104 2026 100700 Sole N/A 100700
MPATH INTERACTIVE INC Common 421903105 3156 125000 Sole N/A 125000
NETAMERICA.COM Common 64108j105 631 25000 Sole N/A 25000
NETRIX CORP Common 641148101 1514 75000 Sole N/A 75000
NEWMONT MINING Common 651639106 6264 279211 Sole N/A 279211
NEXTERA ENTERP. Common 65332e101 1587 200000 Sole N/A 200000
NORTEL NETWORKS CORP Common 656568102 541 4300 Sole N/A 4300
OPEN MARKET INC Common 68370m100 1176 45700 Sole N/A 45700
PARAMETRIC TECHNOLOGY CORP Common 699173100 2388 113400 Sole N/A 113400
PEOPLESOFT Common 712713106 4376 218800 Sole N/A 218800
PHELPS DODGE CORP Common 717265102 4505 95100 Sole N/A 95100
PLACER DOME Common 725906101 4761 586000 Sole N/A 586000
PRIMUS KNOWLEDGE SOLUTIONS INC Common 74163q100 1935 22500 Sole N/A 22500
Q MED INC Common 747914109 1016 87000 Sole N/A 87000
QUAKER OATS CO Common 747402105 3473 57300 Sole N/A 57300
QUIDEL CORP Common 74838j101 227 32500 Sole N/A 32500
QWEST COMMUNICATIONS INTERNATIONAL INC Common 749121109 3000 62500 Sole N/A 62500
RALSTON-RALSTON PURINA GROUP Common 751277302 4675 170000 Sole N/A 170000
REMEDY Common 759548100 1579 37500 Sole N/A 37500
ROHM & HAAS CO Common 775371107 3494 78300 Sole N/A 78300
SABRE HOLDINGS CORP CL A Common 785905100 1846 50581 Sole N/A 50581
SARA LEE CORP Common 803111103 3760 208900 Sole N/A 208900
SMARTFORCE Common 83170a206 4794 104500 Sole N/A 104500
SMURFIT-STONE CONTAINER CORP Common 832727101 5719 337700 Sole N/A 337700
SOUTHERN UNION CO NEW Common 844030106 1222 67700 Sole N/A 67700
SOUTHWEST AIRLINES CO Common 844741108 3396 163200 Sole N/A 163200
STRUCTURAL DYNAMICS RESEARCH CORP Common 863555108 3307 245000 Sole N/A 245000
SUPERVALU INC Common 868536103 3787 200000 Sole N/A 200000
THERMOGENESIS CORP NEW Common 883623209 1286 490000 Sole N/A 490000
UAL CORPORTION Common 902549500 7580 125300 Sole N/A 125300
UNION PACIFIC CORP Common 907818108 4550 116300 Sole N/A 116300
VENTRO CORP Common 922815105 1925 34000 Sole N/A 34000
VIGNETTE CORP Common 926734104 5656 35300 Sole N/A 35300
VODAFONE AIRTOUCH PLC SPONSORED ADR Common 92857t107 1389 25000 Sole N/A 25000
WAVE SYSTEMS CORP. Common 943526103 2995 75000 Sole N/A 75000
WESTVACO CORP Common 961548104 2499 74900 Sole N/A 74900
WEYERHAEUSER CO Common 962166104 6509 114200 Sole N/A 114200
</TABLE>
ETR/5028/002/1099826
