| H&Q Life Sciences Investors (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940 as a diversified closed-end management investment company. The Fund's investment objective is long-term capital appreciation through investment in securities of companies in the healthcare industries. The Fund invests primarily in securities of public and private companies that are believed to have significant potential for above-average growth. As of September 30, 2003, the Fund's largest holdings were Gilead Sciences, Cubist Pharmaceuticals, Impax Laboratories, Celgene, Telik, IDEXX Laboratories, MedImmune, Pfizer, CV Therapeutics and Vicuron Pharmaceuticals. As of the same date, the majority of its investments was in the following industries: biopharmaceuticals, drug delivery, drug discovery, emerging biopharmarceuticals, generics, healthcare services and devices and diagnostics. Hambrecht & Quist Capital Management LLC serves as the Fund's investment adviser. |
