<TABLE>
<CAPTION>
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(SEC USE ONLY)
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Item 6:
Investment Discretion Item 8:
---------------------- Voting Authority
Item 4: Item 5: (b) (Shares)
Item 2: Item 3: Fair Shares of Shared- (c) Item 7: ------------------
Item 1: Title CUSIP Market Principal (a) As Defined Shared- Managers (a) (b) (c)
Name of Issuer of Class Number Value Amount Sole in Instr. V Other See Instr. V Sole Shared None
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Affymetrix Common 00826T108 8,256,250 50,000 X NA X
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Amgen Common 031162100 10,537,500 150,000 X NA X
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Aradigm Common 038505103 6,125,000 350,000 X NA X
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Biofield Common 090591207 466,844 878,766 X NA X
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Biomatrix Common 09060P102 6,308,755 278,840 X NA X
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Biopure Common 09065H915 3,193,347 169,746 X NA X
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BioTransplant Common 09066Y107 6,857,986 712,519 X NA X
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Biovail Common 09067K106 25,538,615 460,674 X NA X
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Calypte Biomedical Common 131722100 3,405,733 1,433,993 X NA X
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Catalytica Common 148885106 13,273,326 1,206,666 X NA X
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Celgene Common 151020104 40,623,750 690,000 X NA X
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Cor Therapeutics Common 217753102 12,796,875 150,000 X NA X
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Corixa Common 21887F100 5,395,741 125,665 X NA X
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Coulter Pharmaceutical Common 222116105 5,432,500 265,000 X NA X
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Cubist Pharmaceuticals Common 229990981 54,815,496 1,113,005 X NA X
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CV Therapeutics Common 126667104 36,995,547 533,750 X NA X
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Cytyc Common 232946103 29,076,672 544,762 X NA X
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Digene Common 253752109 9,286,250 230,000 X NA X
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Elan Warrants 284131802 2,902,500 75,000 X NA X
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Emisphere Technologies Common 291345106 6,434,016 151,000 X NA X
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Envirogen Common 294040100 42,317 20,833 X NA X
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EP MedSystems Common 26899B914 5,240,625 1,075,000 X NA X
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Exelixis (Restricted) Common 30161Q104 47,874,375 1,687,500 X NA X
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Focal Common 343909107 815,931 271,977 X NA X
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Gene Logic Common 368689105 8,029,688 225,000 X NA X
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Genzyme Common 372917104 11,441,719 192,500 X NA X
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Gilead Sciences Common 37555B103 25,367,371 356,659 X NA X
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IDEXX Laboratories Common 45168D104 5,718,750 250,000 X NA X
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ImClone Systems Common 45245W109 20,829,219 272,500 X NA X
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Interpore Cross Common 46062W107 3,681,250 380,000 X NA X
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KeraVision Common 648990992 992,266 206,185 X NA X
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Landec Common 514766104 2,862,800 526,492 X NA X
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LJL BioSystems Common 501873103 18,778,870 969,232 X NA X
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Lynx Therapeutics Common 551812308 17,835,938 375,000 X NA X
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Martek Biosciences Common 572901106 14,629,200 780,224 X NA X
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MedImmune Common 584699102 24,420,000 330,000 X NA X
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Quintiles Transnational Common 748767100 2,159,713 152,900 X NA X
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</TABLE>
<PAGE>
FORM 13F
Page of Name of Reporting Manager: HAMBRECHT & QUIST CAPITAL MANAGEMENT
<TABLE>
<CAPTION>
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(SEC USE ONLY)
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Item 6:
Investment Discretion Item 8:
---------------------- Voting Authority
Item 4: Item 5: (b) (Shares)
Item 2: Item 3: Fair Shares of Shared- (c) Item 7: ------------------
Item 1: Title CUSIP Market Principal (a) As Defined Shared- Managers (a) (b) (c)
Name of Issuer of Class Number Value Amount Sole in Instr. V Other See Instr. V Sole Shared None
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sepracor Common 817315104 43,079,771 357,138 X NA X
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Teva Pharmaceutical
Industries Common 881624209 5,543,750 100,000 X NA X
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Transkaryotic Therapies Common 893735100 7,347,942 199,944 X NA X
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Transkaryotic Therapies
(Restricted) Common 893735100 708,716 24,106 X NA X
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Tripath Imaging Common 896942109 393,082 63,851 X NA X
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Tularik Common 899165104 11,959,448 405,405 X NA X
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Verdant Brands Common 923366108 16,625 38,000 X NA X
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COLUMN TOTALS 567,492,069
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</TABLE>
