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<SEC-DOCUMENT>0001104659-05-059915.txt : 20051209
<SEC-HEADER>0001104659-05-059915.hdr.sgml : 20051209
<ACCEPTANCE-DATETIME>20051209103036
ACCESSION NUMBER:		0001104659-05-059915
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051209
DATE AS OF CHANGE:		20051209
EFFECTIVENESS DATE:		20051209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		051254341

	BUSINESS ADDRESS:	
		STREET 1:		30 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST FOURTH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175740500

	MAIL ADDRESS:	
		STREET 1:		30 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST 4TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a05-19389_1ncsr.htm
<DESCRIPTION>CERTIFIED ANNUAL SHAREHOLDER REPORT
<TEXT>
<html>

<head>





</head>

<body lang="FR">

<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>

<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM
N-CSR/A</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED
SHAREHOLDER REPORT OF REGISTERED<br>
MANAGEMENT INVESTMENT COMPANIES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="29%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file
  number</font></p>
  </td>
  <td width="70%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-4889</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q Life Sciences Investors</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
  registrant as specified in charter)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30 Rowes Wharf, Fourth Floor, Boston, MA</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">02110-3328</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  principal executive offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30 Rowes Wharf, Fourth Floor, Boston, MA
  02110-3328</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and
  address of agent for service)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number,
  including area code:</font></p>
  </td>
  <td width="23%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">617-772-8500</font></p>
  </td>
  <td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>
  </td>
  <td width="18%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September 30</font></p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>
  </td>
  <td width="31%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 1,
  2004 to September 30, 2005</font></p>
  </td>
  <td width="49%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:49.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="139" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="76" style="border:none;"></td>
  <td width="56" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="85" style="border:none;"></td>
  <td width="88" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="239" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form
N-CSR is to be used by management investment companies to file reports with the
Commission not later than 10 days after the transmission to stockholders of any
report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure
review, inspection, and policymaking roles.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
registrant is required to disclose the information specified by Form N-CSR, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-CSR unless the
Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 1. &#160;REPORTS TO STOCKHOLDERS.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center"><font style="font-size: 16pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="3">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p><img src="j05193893_image001.jpg"></p>
<p><img src="j05193893_image002.jpg"></p>
<p><img src="j05193893_image003.jpg"></p>
<p align="center"><font style="font-size: 30pt;font-family: 'BerkOldsty BdIt BT';" face="Times New Roman, Times" size="5">Annual Report</font></p>
<p align="center"><font style="font-size: 13pt;font-family: 'GarmdITC Lt BT';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2&nbsp;&nbsp;0&nbsp;&nbsp;0&nbsp;&nbsp;5</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<!-- Document name: 05-19389-3.ba-->
<p><font style="font-size: 45pt;font-family: 'Garamond';" face="Times New Roman, Times" size="6">T</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">o our Shareholders:</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">On September&nbsp;30, 2005, the net asset value ("NAV") per</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> share of the Fund was $18.19. During the twelve month period ended September&nbsp;30, 2005, total return</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> at net asset value of your Fund was 24.04%. During the most recent six month period ended September</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">&nbsp;30, 2005, total return at net asset value of your Fund was 22.69%. The total investment return at m</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">arket was 12.77% during the twelve month period ended September&nbsp;30, 2005 and was 21.79% during the s</font><font style="font-size: 10pt;font-family:
 'Garamond';" face="Times New Roman, Times" size="2">ix month period ended September&nbsp;30, 2005. Comparisons to relevant indices are listed below:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Investment Returns</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Six Months<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Ended</b><BR></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>9/30/05</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Fiscal Year<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Ended <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>9/30/05</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Investment Return at market</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+21.79</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+12.77</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net Asset Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+22.69</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+24.04</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">NASDAQ Biotech Index (NBI)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+20.60</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+9.80</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">S&amp;P&nbsp;500 Index</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+4.10</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">+10.20</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">We are generally pleased with the performance of the Fund. Both the six month and fiscal </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">year returns outperformed the NBI. In particular, the Fund's 2005 fiscal year NAV performance (more </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">than 1400 basis points ahead of the NBI) was quite acceptable to us.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">A number of positive developmen</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ts occurred in the healthcare/biotechnology sector during the six month period ending September&nbsp;30, </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2005. These events included clinical results, such as those reported by Genentech for its Herceptin,</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> Avastin and Lucentis drugs as well as financial results such as those reported by Genentech at the </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">end of the second calendar quarter. Merger and acquisition activities such as the acquisition of Vic</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, T
imes" size="2">uron by Pfizer also buoyed the sector. These positive events helped to offset negative sentiment tha</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">t had developed in the prior period after healthcare sector-related events such as the removal of dr</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ugs such as Vioxx and Tysabri from the market. We believe that these more recent positive events hel</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ped to catalyze the upward movement that has occurred in the biotech sector over the last six months</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">For your Fund, factors that affected the stock price of key holdings include positive results repo</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">rted for Cubist Pharmaceuticals' Cubicin product in the treatment of endocarditis and bacteremia; Re</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">novis' Cerovive in the treatment of stroke; Myogen's Darusentan in the treatment of resistant hypert</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ension; and in several of Medimmune's clinical programs. The Fund has also benefited from what we be</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">lieve is a developing appreciation for the benefit of Conor Medsystems' unique drug eluting stent te</font><font style="font
- -size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">chnology, the potential of Momenta Pharmaceuticals' m-enoxaparin, and the continued quality of Gilea</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">d Sciences' impressive launch of its HIV drug Truvada. We </font></p>
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<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">expect the Fund to benefit from the antici</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">pated acquisition of Ivax by Teva Pharmaceutical Industries. Finally, the Fund significantly benefit</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ed from the acquisition of Idun, a venture holding, by Pfizer.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">There have also been balancing events</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> that suggest caution. These include renewed regulatory uncertainty at FDA following the resignation</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> of FDA Commissioner Crawford so soon after senate confirmation, uncertainty for healthcare service </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">providers in the Gulf Coast area, and any potential impact on entrepreneurship of the requirement to</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> expense stock options. These and other items have the potential to slow down the growth of the heal</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, 
Times" size="2">thcare/biotechnology sector. Despite these uncertainties, we continue to be impressed by a general t</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">rend demonstrating the benefits that new drugs appear to be having on patients with a wide range of </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">diseases including cancer, diabetes, and hypertension. In the short term we are in a time of the yea</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">r that has often been good for the biotech sector. In the intermediate and longer term, we are in an</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> age where we are continuing to see individual drugs or combinations of agents that have impressive </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">im
pact on the course of a number of diseases.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">During the six-month period ended September&nbsp;30, 2005, </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">within the public portfolio, among others, the Fund established positions in Affymetrix, Inc., Align</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> Technology, Inc., Bioenvision, Inc., Intralase Corporation, and ZymoGenetics, Inc. During the same </font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">six-month period, among others, the Fund exited its positions in Adolor Corporation, Imclone Systems</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">, Inc., NPS Pharmaceuticals, Inc., and Pfizer, Inc. The Fund also exited its position in Provident S</font><font style="font-size: 10pt;font-family: 'Garamond';" f
ace="Times New Roman, Times" size="2">enior Living Trust when it was acquired by Ventas, Inc. and the Ventas shares were subsequently sold</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"> by the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Within the venture portfolio, the Fund made follow on investments in Agensys, Inc., Ca</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">rdioNet, Inc., Concentric Medical, Inc., Raven biotechnologies, Inc., and TherOx, Inc. Within the ve</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">nture portfolio, the Fund also established positions in Labcyte, Inc., and TargeGen, Inc. The Fund e</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">xited its venture position in Triad Therapeutics, Inc. The Fund also exited its venture position Idu</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">n Pharmaceuticals, Inc. when it was acquired by Pfizer, Inc.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">As always, if you have questions, pleas</font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">e feel free to call us at 617-772-8500.&nbsp;Thank you.</font></p>
<p align="left"><img src="j05193893_image004.jpg"></p>
<p align="left"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Daniel R. Omstead<BR>President</font></p>
<p align="center"><font size="2" face="Times New Roman">2</font></p>
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<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>LARGEST HOLDINGS</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'GarmdITC LtIt BT';" face="Times New Roman, Times" size="2">As of September 30, 2005</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="181" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="125" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>% of Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Conor Medsystems, Inc. (Restricted)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">6.02</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Cubist Pharmaceuticals, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3.67</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Gilead Sciences, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2.99</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Concentric Medical, Inc. (Restricted)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2.96</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Myogen, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2.60</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">MedImmune, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2.51</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">IDEXX Laboratories, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2.43</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Theravance, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2.38</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Critical Therapeutics, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2.33</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">VNUS Medical Technologies, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="93" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1.74</font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>PORTFOLIO</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'GarmdITC LtIt BT';" face="Times New Roman, Times" size="2">As of September 30, 2005</font></p>
<p align="center"><img src="j05193893_image005.jpg" width="75%"></p>
<p align="center"><font size="2" face="Times New Roman">3</font></p>
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<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>SCHEDULE OF INVESTMENTS</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Convertible Securities - 15.8% of Net Assets</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="98" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>SHARES</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="247" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Convertible Preferred (Restricted) - 15.6%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>VALUE</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="2"><i>Drug Discovery Technologies - 1.8%</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,587,302</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Agilix Corporation Series B <sup>(a)</sup>&nbsp;<sup>(b)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">380,952</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">566,958</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Avalon Pharmaceuticals, Inc. Series B <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">871,876</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">250,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Ceres, Inc. Series C <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,500,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">18,296</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Ceres, Inc. Series C-1 <sup>(a)</sup>&nbsp;<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">109,776</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">174,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Ceres, Inc. Series D <sup>(a)</sup>&nbsp;<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,045,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">932,488</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Galileo Pharmaceuticals, Inc. Series F-1 <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">326,371</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Zyomyx, Inc. Series A New <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">20,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Zyomyx, Inc. Series B New <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">20</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="2"><i>Emerging Biopharmaceuticals - 5.0%</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="95" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">744,921</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Agensys, Inc. Series C <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,200,201</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,724,138</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Corus Pharma, Inc. Series C <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,212,121</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Raven biotechnologies, Inc. Series B <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,006,060</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,872,772</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Raven biotechnologies, Inc. Series C <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,554,401</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,431,611</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Raven biotechnologies, Inc. Series D <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">800,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,415,385</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">TargeGen, Inc. Series C <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,840,001</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">30,920</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Therion Biologics Corporation Series A <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">37,722</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">160,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Therion Biologics Corporation Series B <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">195,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">271,808</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Therion Biologics Corporation Series C <sup>(a)</sup>&nbsp;<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">331,606</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">22,224</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Therion Biologics Corporation Series C-2 <sup>(a)</sup>&nbsp;<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">27,113</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">28,991</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Therion Biologics Corporation Sinking Fund <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">290</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,400,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Xanthus Life Sciences, Inc. Series B <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,400,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="2"><i>Healthcare Services - 3.3%</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,051,429</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CardioNet, Inc. Series C <sup>(a)</sup>&nbsp;<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,680,001</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">322,168</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CytoLogix Corporation Series A <sup>(a)</sup>&nbsp;<sup>(b)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">265,789</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">151,420</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CytoLogix Corporation Series B <sup>(a)</sup>&nbsp;<sup>(b)</sup>&nbsp;<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">124,922</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,589,744</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">PHT Corporation Series D <sup>(a)</sup>&nbsp;<sup>(b)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,800,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">802,996</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">PHT Corporation Series E <sup>(a)</sup>&nbsp;<sup>(b)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">626,337</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="2"><i>Medical Devices and Diagnostics - 5.5%</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,235,293</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Concentric Medical, Inc. Series B <sup>(a)</sup>&nbsp;<sup>(b)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">4,529,410</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,162,790</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Concentric Medical, Inc. Series C <sup>(a)</sup>&nbsp;<sup>(b)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,627,906</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">455,333</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Concentric Medical, Inc. Series D <sup>(a)</sup>&nbsp;<sup>(b)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">637,466</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">177,778</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">EPR, Inc. Series A <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,778</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,446,016</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Labcyte, Inc. Series C <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,280,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">130,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Masimo Corporation Series D <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,430,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,088,436</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">OmniSonics Medical Technologies, Inc.<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Series B <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,454,151</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,031,992</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">OmniSonics Medical Technologies, Inc.<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Series C <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,200,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">43,478</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">TherOx, Inc. Series H <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">165,217</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">99,646</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">TherOx, Inc. Series I <sup>(a)</sup>&nbsp;<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">384,733</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">35,854,499</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman">4</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=6,FOLIO='4',FILE='05-19389-3.ca',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>SCHEDULE OF INVESTMENTS, continued</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="98" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>PRINCIPAL<BR></b></font><font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>AMOUNT</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="247" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Convertible Securities - continued<BR></b></font><font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Convertible Notes (Restricted) - 0.2%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b><BR></b></font><font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>VALUE</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="2"><i>Drug Discovery Technologies - 0.0%</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="95" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">132,340</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Avalon Pharmaceuticals, Inc.<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">8% Cvt. Note, due 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">85,499</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="2"><i>Healthcare Services - 0.2%</i></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="95" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">200,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CardioNet, Inc. 8% Cvt. Note, due 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">200,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">112,225</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CytoLogix Corporation 6.75% Cvt. Note <sup>(b)</sup>&nbsp;<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">112,224</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">397,723</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>TOTAL CONVERTIBLE SECURITIES<BR></b></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(Cost $43,873,557)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">36,252,222</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="98" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>SHARES</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="247" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>COMMON STOCKS - 76.9%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Biopharmaceuticals - 15.4%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">385,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Bioenvision, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,095,565</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">518,905</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Critical Therapeutics, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">4,888,085</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">159,672</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Critical Therapeutics warrants <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">453,468</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">390,603</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Cubist Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">8,413,589</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">33,807</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Genzyme Corporation <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,421,934</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">140,675</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Gilead Sciences, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">6,859,313</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">300,809</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Inspire Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,286,148</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">170,850</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">MedImmune, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">5,749,103</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">312,200</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Vivus, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,120,798</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">35,288,003</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Drug Delivery - 3.6%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">112,360</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Connetics Corporation <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,900,008</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">499,955</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">DepoMed, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,239,708</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">141,710</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Noven Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,983,940</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">58,626</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Penwest Pharmaceuticals Co. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,027,714</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">8,151,370</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Drug Discovery Technologies - 4.3%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">46,560</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Avalon Pharmaceuticals, Inc. (Restricted) <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">368,057</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">439,232</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">deCODE Genetics, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,685,156</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">245,200</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Pharmacopeia Drug Discovery, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">877,816</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">120,737</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Senomyx, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,056,151</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">180,050</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ZymoGenetics, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,970,825</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Zyomyx, Inc. (Restricted) <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">9,960,005</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Emerging Biopharmaceuticals - 29.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">277,235</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ACADIA Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,152,162</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">187,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Applera Corporation - Celera Genomics Group <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,275,588</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">366,659</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Ariad Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,724,276</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">239,420</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Barrier Therapeutics, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,008,734</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">5</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=7,FOLIO='5',FILE='05-19389-3.ca',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>SCHEDULE OF INVESTMENTS, continued</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="98" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>SHARES</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="247" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Emerging Biopharmaceuticals - continued</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>VALUE</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">409,329</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Cytokinetics, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,331,938</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">177,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">DOV Pharmaceutical, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,005,460</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">97,704</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Dyax Corporation <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">546,165</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">442,800</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Epix Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,409,560</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">500,925</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Exelixis, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,842,095</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">94,680</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Incyte Corporation <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">444,996</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">501,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Kosan Biosciences, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,642,997</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">815,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Lexicon Genetics, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,243,700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">31,059</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Momenta Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">846,358</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">219,740</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Myogen, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">5,163,890</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">51,080</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Myogen, Inc. warrants <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">801,956</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">158,810</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Neurogen Corporation <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,092,613</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">61,077</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Nitromed, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,099,386</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">270,044</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Nuvelo, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,592,422</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">78,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Protein Design Labs, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,186,800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">153,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Rigel Pharmaceuticals, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,643,941</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">340,700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Sangamo BioSciences, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,495,673</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">455,320</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Seattle Genetics, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,390,430</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">526,924</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Sirna Therapeutics, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,318,466</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">192,354</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Telik, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,146,911</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">226,384</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Tercica, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,553,611</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">259,216</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Theravance, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">5,453,905</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">146,982</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Therion Biologics Corporation (Restricted) <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,470</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">66,415,503</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Generic Pharmaceuticals - 4.0%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">277,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Caraco Pharmaceutical Laboratories, Ltd. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,409,737</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">240,882</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Impax Laboratories, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,921,899</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">48,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">IVAX Corporation <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,273,188</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">79,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Teva Pharmaceutical Industries, Ltd. ADR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,650,206</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">9,255,030</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Healthcare Services - 1.5%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">17,416</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">DakoCytomation, Inc. (Restricted) <sup>(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">181,300</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">233,705</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Emageon, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,169,040</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">204,139</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Syntiro Healthcare Services (Restricted) <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">204</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,350,544</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Medical Devices and Diagnostics - 19.1%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">64,095</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Adeza Biomedical Corporation <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,115,894</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">74,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Affymetrix, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,432,577</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">458,850</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Align Technology, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,083,472</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">618,799</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Conor Medsystems, Inc. (Restricted) <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">13,814,688</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">83,350</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">IDEXX Laboratories, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">5,574,448</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">169,413</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Intralase Corporation <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,492,065</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">130,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Masimo Corporation (Restricted) <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,300</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">36,455</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Molecular Devices Corporation <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">761,545</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">123,562</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Natus Medical, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,503,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">6</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=8,FOLIO='6',FILE='05-19389-3.ca',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>SCHEDULE OF INVESTMENTS, continued</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="98" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>SHARES</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="247" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Medical Devices and Diagnostics - continued</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>VALUE</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">260,227</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Orchid Cellmark, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,211,930</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">784,900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Orthovita, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,359,372</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">139,019</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Songbird Hearing, Inc. (Restricted) <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,390</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">499,050</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Third Wave Technologies, Inc. <sup>(a)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,470,297</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">382,583</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">VNUS Medical Technologies, Inc. <sup>(a)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,986,515</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="353" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">43,809,243</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>TOTAL COMMON STOCKS<BR></b></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(Cost $130,380,503)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">176,229,698</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="98" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>PRINCIPAL<BR></b></font><font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>AMOUNT</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="247" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;<BR></b></font><font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;<BR></b></font><font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>SHORT-TERM INVESTMENTS - 6.6%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">7,300,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">American Express Credit Corp.; 3.58% - 3.74%,<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">due 10/03/05 - 10/14/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">7,296,220</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">7,950,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">General Electric Capital Corp.; 3.69% - 3.72%,<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">due 10/05/05 - 10/14/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">7,943,865</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Total SHORT-TERM INVESTMENTS<BR></b></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(Cost $15,240,085)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">15,240,085</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>TOTAL INVESTMENTS - 99.3%<BR></b></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(Cost $189,494,145)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">227,722,005</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="247" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>OTHER ASSETS IN EXCESS<BR></b></font><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>OF LIABILITIES - 0.7%</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,569,321</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="247" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>NET ASSETS - 100%</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">229,291,326</font></td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(a)&nbsp;&nbsp;Non-income producing security.</font></p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(b)&nbsp;&nbsp;Affiliated issuers in which the Fund holds 5% or more of the voting securities (Total Market Value of $11,105,006).</font></p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(c)&nbsp;&nbsp;Including associated warrants.</font></p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(d)&nbsp;&nbsp;Variable maturity.</font></p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(e)&nbsp;&nbsp;Foreign Security.</font></p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">ADR&nbsp;&nbsp;American Depository Receipt.</font></p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman">7</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=9,FOLIO='7',FILE='05-19389-3.ca',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES</font><font style="font-size: 18pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="3">&nbsp;</font><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>STATEMENT OF ASSETS AND LIABILITIES</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">ASSETS:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="111" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Investments in non affiliated issuers, at value<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(identified cost $178,499,628; see Schedule of&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Investments)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">216,616,999</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Investments in affiliated issuers, at value&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(identified cost $10,994,517; see Schedule of&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Investments)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">11,105,006</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Cash</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">21,295</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Interest receivable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">35,708</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Receivable for investments sold</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,447,860</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Prepaid expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">49,377</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Total assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">230,276,245</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">LIABILITIES:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="111" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Payable for investments purchased</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">557,439</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accrued advisory fee</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">243,838</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accrued audit fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">57,285</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accrued legal fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">20,368</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accrued shareholder reporting fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">38,691</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accrued other</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">67,298</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Total liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">984,919</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">NET ASSETS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">229,291,326</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">SOURCES OF NET ASSETS:<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Shares of beneficial interest, par value $.01 per&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">share, unlimited number of shares authorized,&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">amount paid in on 12,605,204 shares issued and&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">outstanding</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">177,528,617</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accumulated net investment loss</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(14</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accumulated net realized gain on investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">13,534,863</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net unrealized gain on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">38,227,860</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Total net assets (equivalent to $18.19 per<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">share based on 12,605,204 shares outstanding)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">229,291,326</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman">8</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=10,FOLIO='8',FILE='05-19389-3.ca',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES</font><font style="font-size: 18pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="3">&nbsp;</font><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>STATEMENT OF OPERATIONS</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>FOR THE YEAR ENDED SEPTEMBER 30, 2005</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">INVESTMENT INCOME:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="111" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Dividend income (net of foreign tax<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">of $3,893)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">229,637</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Interest income from non affiliated issuers</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">648,031</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Interest income from affiliated issuers</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">8,847</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Total investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">886,515</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">EXPENSES:</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Advisory fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,676,602</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Trustees' fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">163,474</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Legal fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">126,922</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Custodian fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">74,195</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Shareholder reporting</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">96,470</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accounting, administration and auditing fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">93,021</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Transfer agent fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">55,597</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Stock exchange listing fee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">27,114</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Other (see note (3))</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">160,681</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Total expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,474,076</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net investment loss</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,587,561</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="413" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">NET REALIZED AND UNREALIZED GAIN<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(LOSS) ON INVESTMENTS:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net realized gain on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">26,035,268</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Increase in net unrealized gain on investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">21,315,662</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net realized and unrealized gain<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">47,350,930</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net increase in net assets<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">44,763,369</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman">9</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=11,FOLIO='9',FILE='05-19389-3.ca',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES</font><font style="font-size: 18pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="3">&nbsp;</font><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>STATEMENTS OF CHANGES IN NET ASSETS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="194" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="125" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">For the<BR></font><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">year ended<BR></font><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">September&nbsp;30,<BR></font><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2005</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="125" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">For the<BR></font><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">year ended<BR></font><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">September&nbsp;30,<BR></font><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2004</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="452" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">NET INCREASE IN NET ASSETS<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">RESULTING FROM OPERATIONS:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net investment loss</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="79" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">2,587,561</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="79" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3,070,147</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net realized gain on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">26,035,268</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">22,434,597</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Increase/decrease in net unrealized<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">gain on investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">21,315,662</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(12,204,850</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net increase in net assets<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">resulting from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">44,763,369</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">7,159,600</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="452" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">DISTRIBUTIONS TO SHAREHOLDERS<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">FROM:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net realized capital gains</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">15,828,633</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">16,063,421</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="452" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CAPITAL SHARE TRANSACTIONS:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Value of shares issued in<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">reinvestment of distributions&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(538,795 and 653,934 shares,&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">respectively)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">8,518,606</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">10,389,334</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net increase in net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">37,453,342</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">1,485,513</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="452" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">NET ASSETS:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Beginning of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">191,837,984</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">190,352,471</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">End of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">229,291,326</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">191,837,984</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accumulated net investment loss<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">included in net assets at end&nbsp;</font><BR><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="79" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">14</font></td>
<td colspan="1" width="20" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="79" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman">10</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=12,FOLIO='10',FILE='05-19389-3.ca',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES</font><font style="font-size: 18pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="3">&nbsp;</font><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>STATEMENT OF CASH FLOWS</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>FOR THE YEAR ENDED SEPTEMBER 30, 2005</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CASH FLOWS PROVIDED FROM&nbsp;OPERATING ACTIVITIES:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="111" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Purchases of portfolio securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">138,246,171</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net maturities of short-term investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(1,325,186</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Sales and maturities of portfolio securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">149,331,532</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Interest income received</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">25,360</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Dividends received</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">229,637</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Operating expenses paid</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(3,415,021</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net cash provided from operating activities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">6,600,151</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CASH FLOWS USED FOR FINANCING ACTIVITIES:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="111" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Cash distributions paid, net</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">7,310,027</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net cash used for financing activities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">7,310,027</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">NET DECREASE IN CASH</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">709,876</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CASH AT BEGINNING OF YEAR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">731,171</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">CASH AT END OF YEAR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">21,295</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">RECONCILIATION OF NET INCREASE IN NET ASSETS<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">RESULTING FROM OPERATIONS TO NET CASH<BR></font><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">PROVIDED FROM&nbsp;OPERATING ACTIVITIES:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="111" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net increase in net assets resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">44,763,369</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Purchases of portfolio securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">($</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">138,246,171</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net maturities of short-term investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(1,325,186</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Sales and maturities of portfolio securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">149,331,532</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Accretion of discount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(618,892</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net realized gain on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(26,035,268</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Increase in net unrealized gain on investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(21,315,662</font></td>
<td colspan="1" width="20" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Increase in interest receivable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">(12,626</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Increase in accrued expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">58,953</font></td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Decrease in prepaid expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">102</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="302" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Net cash&nbsp;provided from operating activities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="65" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">6,600,151</font></td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Noncash financing activities not included herein consist of reinvested distributions of $8,518,606.</font></p>
<p align="left"><font style="font-size: 9pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Noncash operating activities not included herein consist of three conversions of restricted preferred stock with a cost of $7,156,360 to restricted common stock each of the same issuer.</font></p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman">11</font></p>
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<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>FINANCIAL HIGHLIGHTS</b></font></p>
<p align="center"><font style="font-size: 7pt;font-family: 'GarmdITC LtIt BT';" face="Times New Roman, Times" size="1">(Selected data for each share of beneficial interest outstanding throughout the period indicated)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="144" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="557" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">For the year ended September&nbsp;30,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2005</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2004</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2003</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2002 (1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2001</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net asset value per share:<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">15.90</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">16.68</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">15.14</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">23.09</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">39.37</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net investment loss(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.21</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.26</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.21</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.26</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.22</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net realized and unrealized<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">gain (loss) on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.79</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.86</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.55</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(4.84</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(12.13</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Total increase (decrease) <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">from investment operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.58</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.60</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.34</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">5.09</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12.36</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Capital gain distributions<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">to shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.29</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.38</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.80</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2.86</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">($</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.92</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net asset value per share:<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">End of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">18.19</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">15.90</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">16.68</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">15.14</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">23.09</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Per share market value:<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">End of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">16.85</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">16.20</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">15.28</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11.79</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">18.45</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Total investment return <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">at market value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12.77</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">15.52</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">47.65</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(25.82</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(29.07</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>RATIOS AND SUPPLEMENTAL DATA:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="557" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net assets at end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">229,291,326</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">191,837,984</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">190,352,471</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">157,585,450</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">215,162,600</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Ratio of operating expenses to<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">average net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.74</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.73</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.74</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.71</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.58</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Ratio of net investment loss to<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">average net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(1.29</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(1.56</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(1.38</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(1.25</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(0.83</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Portfolio turnover rate</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">73.79</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">34.93</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">32.36</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">17.36</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">16.49</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="144" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Number of shares outstanding<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">at end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12,605,204</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12,066,409</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11,412,475</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">10,409,622</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">9,318,998</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(1)&nbsp;In 2002, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discounts and amortizing premiums on all debt securities. The effect of this change for the year ended September&nbsp;30, 2002 was a decrease in net investment loss per share of $.006, an increase in net realized and unrealized loss on investments per share of $.006, and a decrease in the ratio of net investment loss to average net assets from (1.28%) to (1.25%). Per share data and ratios for the period prior to October&nbsp;1, 2001 have not been restated to reflect this change in presentation.</font></p>
<p align="left"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(2)&nbsp;Net investment loss per share has been computed using average shares outstanding.</font></p>
<p align="center"><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The accompanying notes are an integral part of these financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman">12</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>(1)&nbsp;&nbsp;Organization</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">H&amp;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&nbsp;growth. The Fund was organized on February&nbsp;20, 1992 and commenced operations on May&nbsp;8, 1992.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The preparation of these financial statements requires the use of certain estimates by management in determining the Fund's assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The following is a summary of significant accounting policies consistently followed by the Fund, which are in conformity with accounting principles generally accepted in the United States of America.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>Investment Securities&nbsp;&amp; Investment Income</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Investments traded on national securities exchanges or in the over-the-counter market that are National Market System securities are valued at the last sale price or, lacking any sales, at the mean between the last bid and asked prices. Other over-the-counter securities are valued at the most recent bid prices as obtained from one or more dealers that make markets in the securities. Exchange traded investments for which market quotations are not readily available are valued at fair value as determined in good faith by the Trustees of the Fund. The value of venture capital and other restricted securities is determined in good faith by the Trustees. However, because of the uncertainty of venture capital and other restricted security valuations, these estimated values may differ significantly from the values that would have been used had a ready market for these securities existed, and the differences could be materi
al. See note 4 below. Short-term investments with maturity of 60 days or less are valued at amortized cost.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Investment transactions are recorded on a trade date basis. Gains and losses from sales of investments are recorded using the "identified cost" method. Interest income is recorded on the accrual basis, adjusted for amortization of premiums and accretion of discounts. Dividend income is recorded on the ex-dividend date.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>Repurchase Agreements</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">In connection with transactions in repurchase agreements, the Fund's custodian takes possession of the underlying collateral securities, the market value of which is at least equal to the principal, including accrued interest, of the repurchase transaction at all times. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral by the Fund may be delayed or limited.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>Federal Income Taxes</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute to its shareholders substantially all of its taxable income and its net realized capital gains, if any. Therefore, no Federal income or excise tax provision is required.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>Distributions</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Fund records all distributions to shareholders from net investment income, if any, and realized gains on the ex-dividend date. Such distributions are determined in conformity with income tax regulations. Due to permanent book/tax differences in accounting for certain </font></p>
<p align="center"><font size="2" face="Times New Roman">13</font></p>
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<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>NOTES TO FINANCIAL STATEMENTS, continued</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">transactions, certain distributions may be treated as distributions from capital as opposed to distributions of net investment income or realized capital gains.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>Distribution Policy</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Distributions will automatically be paid in newly issued shares of the Fund unless otherwise instructed by the shareholder. Pursuant to an SEC exceptive order, the Fund has implemented a fixed distribution policy that permits the Fund to make quarterly distributions at a rate of 2% of the Fund's net assets to shareholders of record. The Fund intends to use net realized capital gains when making quarterly distributions. This could result in a return of capital to shareholders if the amount of the distribution exceeds the Fund's net investment income and realized capital gains. It is anticipated that net realized capital gains in excess of the total distributed under this policy would be included in the December&nbsp;distribution.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Pursuant to Section 852 of the Internal Revenue Code, the Fund has designated $15,828,633 as a long-term capital gain distribution for its taxable year ended September&nbsp;30, 2005.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>Statement of Cash Flows</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The cash amount shown in the Statement of Cash Flows is the amount included in the Fund's Statement of Assets and Liabilities and represents cash on hand at its custodian and does not include short-term investments at September&nbsp;30, 2005.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>Indemnifications</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Under the Fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>(2)&nbsp;&nbsp;Securities Transactions</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The aggregate cost of purchases and proceeds from sales of investment securities (other than short-term investments) for the year ended September&nbsp;30, 2005 totaled $137,914,676 and $151,209,219 respectively.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">At September&nbsp;30, 2005, the total cost of securities for Federal income tax purposes was $189,728,428. The net unrealized gain for Federal income tax purposes on securities held by the Fund was $37,993,577 including gross unrealized gain of $61,132,191 and gross unrealized loss of $23,138,614.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>(3)&nbsp;&nbsp;Investment Advisory Fees and Other Transactions with Affiliates</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Fund has entered into an Investment Advisory Agreement (the Advisory Agreement) with Hambrecht&nbsp;&amp; Quist Capital Management, LLC (the Adviser). Pursuant to the terms of the Advisory Agreement, the Fund pays the Adviser a monthly fee at the rate when annualized of (i)&nbsp;2.5% of the average net assets for the month of its venture capital and other restricted securities up to 25% of net assets and (ii)&nbsp;for the month, for all other assets, 1.0% of the average net assets up to $250 million, 0.9% of the average net assets for the next $250 million, 0.8% of the average net assets for the next $500 million and 0.7% of the average net assets thereafter. The aggregate fee may not exceed a rate when annualized of 1.375%.</font></p>
<p align="center"><font size="2" face="Times New Roman">14</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>NOTES TO FINANCIAL STATEMENTS, continued</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">As of February&nbsp;2005, Daniel R. Omstead, Ph.D, Christopher F. Brinzey, M.B.A., Frank T. Gentile, Ph.D. and Jason C. Akus, M.D./M.B.A. are members of the team that makes investments on behalf of the Fund. These members also perform other duties, including making investment decisions on behalf of another closed-end investment Company, H&amp;Q Healthcare Investors, which invests in companies in the healthcare industries.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Fund has entered into a Services Agreement (the "Agreement") with the Adviser. Pursuant to the terms of the Agreement, the Fund reimburses the Adviser for a portion of the payment of salary and provision of benefits to the Fund's Chief Compliance Officer. During the year ended September&nbsp;30, 2005 these payments amounted to $66,017 and are included in the "other" category in the Statement of Operations, together with insurance expenses of $55,489 incurred to unaffiliated entities. Such expenses are the major components of "other" in the Statement of Operations. Expenses incurred pursuant to the Agreement as well as certain expenses paid by the Adviser are allocated in an equitable fashion to the Fund.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Certain officers and Trustees of the Fund are also officers of the Adviser. Trustees who are not affiliates of the Adviser receive an annual fee of $20,000 plus $500 for each Committee on which they serve and $1,000 for each meeting attended.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">An affilate company is a company in which the Fund holds 5% or more of the voting securities. Transactions with such companies during the year ended September&nbsp;30, 2005 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="60" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Issuer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Value on<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">October&nbsp;1, 2004</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Purchases</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Value on<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">September&nbsp;30, 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Agilix <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Corporation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">380,952</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="84" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">380,952</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Concentric <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Medical, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3,782,351</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">637,466</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="84" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6,794,782</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">CytoLogix <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Corporation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">502,935</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8,847</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="84" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">502,935</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">PHT <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Corporation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3,271,255</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">155,082</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="34" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="84" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3,426,337</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">7,937,493</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">792,548</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8,847</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="84" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11,105,006</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>(4)&nbsp;&nbsp;Venture Capital and Other Restricted Securities</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Fund may invest in venture capital and other restricted securities if these securities would currently comprise 40% or less of net assets. The value of these securities represents 22% of the Fund's net assets at September&nbsp;30, 2005.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">During the year ended September&nbsp;30, 2004, restricted securities from one issuer were exchanged for cash in connection with a corporate action, a portion of which has been retained by the issuer in an escrow account pending resolution of certain contingencies and whose estimated value of $456,340 at September&nbsp;30, 2005 has been determined by the Trustees. The value of the escrow account is included in the Receivable for Investments Sold in the Statement of Assets and Liabilities.</font></p>
<p align="center"><font size="2" face="Times New Roman">15</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=17,FOLIO='15',FILE='05-19389-3.da',USER='Unknown',CD='Dec 08 20:37 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>NOTES TO FINANCIAL STATEMENTS, continued</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The following table details the acquisition date, cost, carrying value per unit, and value of the Fund's venture capital and other restricted securities at September&nbsp;30, 2005, as determined by the Trustees of the Fund</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Security </font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>(f)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Acquisition<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Date</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Cost</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Carrying Value<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">per Unit</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Agensys, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2/14/02, 9/27/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,203,583</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2.95</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,200,201</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Agilix Corporation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/8/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,009,507</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.24</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">380,952</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Avalon Pharmaceuticals, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">10</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/22/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,005,767</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.54</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">871,876</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Convertible Note</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/11/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">132,340</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.65</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">85,499</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Restricted Common</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">9</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/29/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">488,880</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">7.91</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">368,057</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">CardioNet, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">5/3/01 - 3/25/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3,699,455</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.50</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3,680,001</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Convertible Note</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/14/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.00</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">200,000</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Ceres, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/23/98</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,000,875</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6.00</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C-1 Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/31/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">74,325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6.00</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">109,776</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series D Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/14/01</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,046,778</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6.00</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,045,200</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Concentric Medical, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">5/7/02 - 1/24/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,219,473</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.40</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">4,529,410</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/19/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">999,999</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.40</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,627,906</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series D Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">9</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/30/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">637,466</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.40</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">637,466</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Conor Medsystems, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Restricted Common</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">10/23/03 - 8/6/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,954,131</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">22.33</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">13,814,688</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Corus Pharma, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">4</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/8/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,001,540</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.16</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">CytoLogix Corporation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series A Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1/13/98 - 7/21/99</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,077,912</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.83</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">265,789</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/11/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">506,622</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.83</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">124,922</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Convertible Note</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">5</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/29/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">112,224</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.00</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">112,224</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">DakoCytomation, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Restricted Common</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/14/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">734,913</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">10.41</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">181,300</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">EPR, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series A Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/9/94</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">800,331</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.01</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,778</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Galileo Pharmaceuticals, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series F-1 Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/18/00</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,001,929</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.35</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">326,371</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Labcyte, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">7</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/18/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,280,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.52</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,280,000</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Masimo Corporation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series D Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/14/96</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">910,027</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11.00</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,430,000</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Restricted Common</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/31/98</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.01</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,300</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Omnisonics Medical Technologies, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">5</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/24/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,606,312</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.34</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,454,151</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">10</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/1/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,200,224</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.16</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,200,000</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">PHT Corporation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series D Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">7</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/23/01</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,803,841</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.78</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,800,000</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series E Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">9/12/03 - 12/17/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">627,472</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.78</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">626,337</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Raven biotechnologies, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/12/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,001,150</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.83</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,006,060</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/26/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,554,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.83</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,554,401</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series D Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/23/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">800,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.33</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">800,000</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Songbird Hearing, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Restricted Common</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/14/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,003,239</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.01</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,390</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Syntiro Heathcare Services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Restricted Common</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/5/97</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">800,325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.001</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">204</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">16</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=18,FOLIO='16',FILE='05-19389-3.da',USER='Unknown',CD='Dec 08 20:54 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>NOTES TO FINANCIAL STATEMENTS, continued</b></font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'I Garamond LightItalic';" face="Times New Roman, Times" size="2"><i>SEPTEMBER 30, 2005</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="147" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Security </font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>(f)</sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Acquisition<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Date</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Cost</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Carrying Value<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">per Unit</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">TargeGen, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/30/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,840,001</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.30</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,840,001</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Therion Biologics Corporation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series A Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8/20/96 - 10/16/96</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">289,847</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">37,722</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/22/99</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">600,929</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">195,200</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">9/26/01 - 10/15/01</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,019,568</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">331,606</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series C-2 Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/13/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">40,003</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.22</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">27,113</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Sinking Fund Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">10/18/94 - 4/3/96</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">582,505</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.01</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">290</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Restricted Common</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">6</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/30/93</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">251,642</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.01</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,470</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">TherOx, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="375" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series H Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">9</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/11/00</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,001,626</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.80</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">165,217</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series I Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">7</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/8/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">384,734</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3.86</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">384,733</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Xanthus Life Sciences, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">12</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/5/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,400,880</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1.00</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">1,400,000</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Zyomyx, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="375" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series A New Cvt. Pfd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2/19/99 - 1/12/04</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">199,800</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.10</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">20,000</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Series B New Cvt. Pfd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">3</font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/31/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">112</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.10</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">20</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">New Restricted Common</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2/19/99 - 7/22/02</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,401,101</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">0.01</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,000</font></td>
<td colspan="1" width="28" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">52,507,788</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">50,622,631</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>(g)</sup></font>&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(f)&nbsp;See Schedule of Investments and corresponding footnotes for more information on each issuer.</font></p>
<p><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(g)&nbsp;Represents 22% of the Fund's net assets as of September&nbsp;30, 2005.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond BookItalic';" face="Times New Roman, Times" size="1"><i>(5)&nbsp;&nbsp;Sources of Net Assets</i></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">&nbsp;&nbsp;The changes in the sources of net assets for the period from October&nbsp;1, 2004 through</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">September&nbsp;30, 2005 are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="109" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Capital Paid <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">in on Shares <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">of Beneficial <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Interest</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Accumulated<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Investment<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Loss</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Accumulated <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net Realized <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Gain on <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Unrealized<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Gain on<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Total Net <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Assets</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">As of October&nbsp;1, 2004:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">169,010,011</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">5,915,775</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">16,912,198</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">191,837,984</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">For the period from<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">October&nbsp;1, 2004 through<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">September&nbsp;30, 2005:</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net investment loss</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(2,587,561</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(2,587,561</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Net realized gains</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">26,035,268</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">26,035,268</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Distributions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(15,828,633</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(15,828,633</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Value of shares issued in<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">reinvestment of <BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">dividends</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8,518,606</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">8,518,606</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Increase in net unrealized<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">gain on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">21,315,662</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">21,315,662</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Reclassification for federal<BR></font><font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">income tax purposes</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2,587,547</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(2,587,547</font></td>
<td colspan="1" width="19" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">As of September&nbsp;30, 2005:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">177,528,617</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">(14</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">13,534,863</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">38,227,860</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 7pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">229,291,326</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">17</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<p align="center"><font style="font-size: 11pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2"><i>To the Trustees and Shareholders of H&amp;Q Life Sciences Investors:</i></font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">We have audited the accompanying statement of assets and liabilities of H&amp;Q Life Sciences Investors (the "Fund"), including the schedule of investments, as of September&nbsp;30, 2005, and the related statements of operations and cash flows for the year then ended, and&nbsp;the statements of changes in net assets and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the years ended September&nbsp;30, 2003, 2002, and 2001 were audited by other auditors whose report, dated November&nbsp;23, 2003, expressed an unqualified opinion on the financial highlights.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting prin
ciples used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September&nbsp;30, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.</font></p>
<p><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of H&amp;Q Life Sciences Investors as of September&nbsp;30, 2005, the results of its operations and its cash flows for the year then ended, and&nbsp;the changes in its net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">DELOITTE&nbsp;&amp; TOUCHE LLP<BR>Boston, Massachusetts<BR>November&nbsp;18, 2005</font></p>
<p align="center"><font size="2" face="Times New Roman">18</font></p>
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<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>TRUSTEES</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>H&nbsp;&amp; Q Life Sciences Investors<BR>30 Rowes Wharf, Suite&nbsp;430<BR>Boston, Massachusetts 02110<BR>(617) 772-8500</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="158" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Name, Address</b><b><sup>1<BR></sup></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>and Date of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Position(s)&nbsp;Held with <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Fund, Term of Office</b><b><sup>2</sup></b><b> and <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Length of Time Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupation(s)&nbsp;<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>During Past 5 Years and <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Other Directorships Held</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Number of <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Portfolios in Fund<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Complex Overseen<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>by Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Independent Trustees:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" valign="top">
&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Lawrence S. Lewin 4/1938</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Trustee (since 1992) and Chairman (since 2000) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Executive Consultant. Formerly Chief Executive Officer (from 1970-1999) of The Lewin Group (healthcare public policy and management consulting), a subsidiary of Quintiles Transnational Corp.; and Director (since 2003) of Medco Health Solutions, Inc.; Director (since 2001) of CardioNet, Inc.; and Director (since 2005) of Care Fusion.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Robert P. Mack 8/1935</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Trustee (since 1992) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Consultant in Orthopedic Surgery to Orthopedic Associates of Aspen (since 2001). Formerly Orthopedic Surgeon (from 1996-1998) at the Steadman-Hawkins Orthopedic Clinic and (from 1977-1996) at the Denver Orthopedic Clinic; and Director of the Department of Orthopedic Surgery at Metropolitan General Hospital and Assistant Professor of Orthopedics at Case Western Reserve University, Cleveland, OH (from 1968-1977).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Eric Oddleifson 4/1935</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Trustee (since 1992) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Partner (since 2001) and Managing Director (from 1997-2000) of Renewable Resources LLC (forest properties investment). Formerly Managing Director (from 1995-1997) of UBS Asset Management (forest properties investment); and President, Director and Chief Investment Officer (from 1984-1995) of Resource Investments, Inc. (forest properties investment).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Oleg M. Pohotsky 3/1947</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Trustee (since 2000) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Senior Vice President (from 1991-2001) of FAC/Equities, a division of First Albany Corporation (investment bank). Formerly General Partner (from 1989-1991) of Strategic Capital Associates (financial advisory firm); and General Partner (from 1986-1989) of Capital Growth Partners (private mezzanine capital institutional investment partnership).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">19</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>TRUSTEES</b></font></p>
<p align="center"><font style="font-size: 8pt;font-family: 'GarmdITC Lt BT';" face="Times New Roman, Times" size="1">(continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="158" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Name, Address</b><b><sup>1<BR></sup></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>and Date of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Position(s)&nbsp;Held with <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Fund, Term of Office</b><b><sup>2</sup></b><b> and <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Length of Time Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupation(s)&nbsp;<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>During Past 5 Years and <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Other Directorships Held</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Number of <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Portfolios in Fund<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Complex Overseen<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>by Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Independent Trustees: </b></font><font style="font-size: 8pt;font-family: 'GarmdITC Lt BT';" face="Times New Roman, Times" size="1">(continued)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" valign="top">
&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Uwe E. Reinhardt, Ph.D.<BR></font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">9</font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/1937</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Trustee (since 1992) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Professor of Economics (since 1968) at Princeton University. Director (from 2000) of Triad Hospitals; Boston Scientific (since 2002); Amerigroup (since 2002); Duke University (since 2001); The Duke University Health System (since 2001) and the National Bureau of Economic Research (since 2002).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Henri A. Termeer 2/1946</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Trustee (since 1992) </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Chairman (since 1988), Chief Executive Officer (since 1985) and President (since 1983) of Genzyme Corporation (human healthcare products); Director (since 1987) of ABIOMED, Inc.; Director (from 1992-2003) of AutoImmune, Inc.; Director (from 1993-2002) of Genzyme Transgenics; and Director (from 1996-2002) of Diacrin, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Interested Trustees:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" valign="top">
&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="158" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Daniel R. Omstead,<BR></font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Ph.D.<BR></font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">7</font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/1953</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="209" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">President (since 2001)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1716" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">President &amp; Chief Executive Officer (since July 2002) of Hambrecht &amp; Quist Capital Management LLC; President of HQH and of HQL (since 2001); President, Chief Executive Officer (from 2001 to July 2002) and Managing Director (from 2000 to July 2002) of Hambrecht &amp; Quist Capital Management Inc.; formerly President and Chief Executive Officer (from 1997-2000) and Chief Operating Officer (1997) of Reprogenesis, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">2</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>1&nbsp;&nbsp;</sup>The address for each Trustee is c/o the Fund at the Fund's address as set forth above.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>2&nbsp;&nbsp;</sup>Each Trustee currently is serving a three year term.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>3&nbsp;&nbsp;</sup>Trustee considered to be an "interested person" within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") through position or affiliation with Hambrecht &amp; Quist Capital Management LLC, the Fund's investment adviser.</font></p>
<p align="center"><font size="2" face="Times New Roman">20</font></p>
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<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>OFFICERS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="116" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Name, Address</b><b><sup>1</sup></b><b>&nbsp;<BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="316" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Position(s) Held with <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Fund, Term of Office</b><b><sup>2</sup></b><b> and <BR></b></font><font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Length of Time Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2071" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupation(s) During Past 5 Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="1"><b>Officers:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="316" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2071" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Daniel R. Omstead, Ph.D.<BR></font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">7</font><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">/1953</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="316" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">President (since 2001)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2071" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">President &amp; Chief Executive Officer (since July&nbsp;2002) of Hambrecht &amp; Quist Capital Management LLC; President of HQH and of HQL (since 2001); President, Chief Executive Officer (from 2001 to July 2002) and Managing Director (from 2000 to July 2002) of Hambrecht &amp; Quist Capital Management Inc.; formerly President and Chief Executive Officer (from 1997-2000) and Chief Operating Officer (1997) of Reprogenesis, Inc.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Kathleen Eckert 12/1966</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="316" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Chief Compliance Officer (since 2004); Treasurer and Secretary (since 2005)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2071" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Chief Compliance Officer of Hambrecht &amp; Quist Capital Management LLC (since October 2004); Chief Compliance Officer (since October 2004), Treasurer and Secretary (since February 2005)&nbsp;of HQH and HQL (since October 2004); Senior Vice President of Ivy Mackenzie Services Corp., from June 2002 to January 2004. Chief Compliance Officer of Mackenzie Investment Management, Inc. from June 2002 to June 2003. Director of Fund Administration of Mackenzie Investment Management, Inc. from 1999 to June 2003.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>1</sup>&nbsp;&nbsp;The address for each officer is c/o the Fund at the Fund's address as set forth above.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><sup>2</sup>&nbsp;&nbsp;Each officer serves in such capacity for an indefinite period of time at the pleasure of the Trustees.</font></p>
<p align="center"><font size="2" face="Times New Roman">21</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>INVESTMENT ADVISORY AGREEMENT APPROVAL</b></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Investment Advisory Agreement (Advisory Agreement) between the Fund and the Adviser provides that the Advisory Agreement will continue in effect so long as its continuance is approved at least annually by (i)&nbsp;by the Trustees of the Fund or the shareholders by affirmative vote of a majority of the outstanding shares and (ii)&nbsp;a majority of the Trustees of the Fund who are not interested persons, by vote cast in person at a meeting called for the purpose of voting on such approval.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">On April&nbsp;12, 2005, the Board, and the independent Trustees voting separately, determined that the terms of the Advisory Agreement are fair and reasonable and approved the continuance of the Advisory Agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board considered materials that were specifically prepared by the Adviser at the request of the Board and Fund counsel for purposes of the contract review process, including comparisons of (i)&nbsp;the Fund's performance to its benchmark and to other investment companies, (ii)&nbsp;the Fund's expenses and expense ratios to those of a peer group of other investment companies, and (iii)&nbsp;the Adviser's profitability with respect to its services for the Fund to the profitability of other investment managers, as described below. The Trustees took into account that the Adviser presently provides investment man
agement services only to the Fund and to H&amp;Q Healthcare Investors and does not derive any benefit from its relationship with the Fund other than receipt of advisory fees pursuant to the Advisory Agreement. The Board also received and reviewed information throughout the year about portfolio, performance, investment strategy, portfolio management team and fees and expenses of the Fund.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">In approving the Advisory Agreement, the Board considered, among other things, the nature, extent, and quality of the services to be provided by the Adviser, the investment performance of the Fund and the Adviser, the costs of services provided and profits realized by the adviser and its affiliates, and whether fee levels reflected economies of scale for the benefit of Fund investors and the extent to which economies of scale would be realized as the Fund grows. The Board reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board also discussed the financial strength of the Adviser and the capability of the personnel of the Adviser, and specifically the strength and background of its investment analysts. The Board, together with its counsel, reviewed the statutory and regulatory requirements for approval and disclosure of investment a
dvisory agreements. The Board, including the independent Trustees, evaluated all of the foregoing and, considering all factors together, determined in the exercise of its business judgment that the continuance of the Advisory Agreement is in the best interests of the Fund and its shareholders. The following provides more detail on certain factors considered by the Trustees and the Board's conclusions with respect to each such factor:</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><u>The nature, extent and quality of the services to be provided by the investment adviser.</u> On a regular basis the Board considers the roles and responsibilities of the Adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The Trustees considered the nature, extent and quality of the services provided by the Adviser to the Fund and concluded that they continue to be satisfied with the quality and value of the investment advisory services provided to the Fund by the Adviser. In particular, the Trustees noted the management style and discipline followed by the Adviser and the quality of the Adviser's research, trading, portfolio management and administrative personnel.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><u>The investment performance of the Fund and Adviser.</u> On a regular basis the Board reviews performance information on the Fund. The Trustees reviewed performance information for the </font></p>
<p align="center"><font size="2" face="Times New Roman">22</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>INVESTMENT ADVISORY AGREEMENT APPROVAL</b></font></p>
<p align="center"><font style="font-size: 8pt;font-family: 'GarmdITC Lt BT';" face="Times New Roman, Times" size="1">(continued)</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Fund over the past three-, six-, twelve- and fifteen-month periods and discussed the Fund's strategy with the Adviser and concluded that they continue to be satisfied with the performance of the Fund and the Adviser. In particular the Trustees noted that, although the performance of the Fund fluctuated relative to the performance of the average U.S. S&amp;P equity mutual fund, during the periods under review the Fund outperformed its benchmark (the NBI).</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><u>The costs of services to be provided and profits to generally&nbsp;be realized by the investment adviser from the relationship with the Fund.</u> The Trustees considered the various services provided by the Adviser to the Fund and comparative information regarding the expenses and expense ratios of the Fund and a peer group of other investment companies. The Trustees noted that the Adviser's fees are within the range of fees presented in the comparative information and noted that a portion of the Fund's investment portfolio is invested in venture and restricted securities, a portfolio management service which can command higher management fees than those charged by the Adviser pursuant to the Advisory Agreement. The Trustees also noted the satisfactory nature, extent and quality of the services provided by the Adviser to the Fund. Based on the information provided to and evaluated by the Trustees, the Board det
ermined that the fees charged by the Adviser are within a reasonable range of fees as compared to fees charged by competitors and that the services provided by the Adviser and the amounts paid under the Advisory Agreement are sufficiently favorable in comparison to the services rendered and fees charged by others for similar services to warrant a finding by the Trustees that the fees to be paid by the Fund are fair. The Trustees also considered financial information provided by the Adviser, including financial statements of the Adviser and a comparison of the Adviser's profitability with respect to its services for the Fund to the profitability of other investment managers. After such review, the Trustees concluded that the fees charged by the Adviser are fair and reasonable in light of the quality and nature of the services provided by the Adviser and that the profitability of the Adviser's relationship with the Fund has not been excessive.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1"><u>Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows.</u> The Trustees noted that the Advisory Agreement provides for breakpoints in the advisory fees so that the Fund will share the benefits of the economies of scale that would inure to the Adviser as the Fund's assets increase. In addition, the Trustees also considered the assets of the Fund over the last five years, the recent investment performance of the Fund, and the management fees and breakpoints of other funds with similar objectives. The Board concluded that economies of scale are still modest at current asset levels and that the current breakpoint schedule for the Fund is satisfactory and fair given the asset size of the Fund and the investment strategies being pursued by the Adviser for the Fund.</font></p>
<p align="center"><font size="2" face="Times New Roman">23</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 19pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="4">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>CERTIFICATIONS</b></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Fund's President has certified to the New York Stock Exchange ("NYSE") that as of July&nbsp;7, 2005, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. In addition, pursuant to Section 302 of The Sarbanes-Oxley Act of 2002 and applicable Securities and Exchange Commission ("SEC") rules, the Fund's President and Treasurer made quarterly certifications during the fiscal year that were filed with the SEC as exhibits to Form N-CSR and Form N-Q filings and relate to the Fund's disclosure in such reports, disclosure controls and procedures and internal control over financial reporting, as required.</font></p>
<p align="center"><font style="font-size: 11pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>ANNUAL MEETING REPORT</b></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">An Annual Meeting of Shareholders was held on June&nbsp;14, 2005 at 9:00am. The Shareholders voted to elect three Trustees of the Fund to hold office for a term of three years or until their respective successors shall have been duly elected and qualified. The following votes were cast with respect to each of the nominees.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="100" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">For</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Withheld</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Robert P. Mack, M.D.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11,124,870</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="51" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">119,760</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="100" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Eric Oddleifson</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11,119,089</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="51" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">125,542</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="100" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Oleg M. Pohotsky</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11,009,551</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="51" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">235,080</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The nominees were elected to serve until the 2008 Annual Meeting. Daniel R. Omstead, Ph.D., and Henri Termeer will serve until the 2006 Annual Meeting. Trustees serving until the 2007 Annual Meeting are Lawrence S. Lewin and Uwe E. Reinhardt, Ph.D.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Shareholders ratified the appointment of Deloitte&nbsp;&amp; Touche LLP as the independent registered public accountants of the Fund for the fiscal year ending September&nbsp;30, 2005 by the following votes.</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">For</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Against</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">Abstain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="64" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">No Vote</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">11,139,555</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">38,300</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="45" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">66,772</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="top">
<font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">4</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font style="font-size: 11pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>FOR MORE INFORMATION</b></font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">A description of the Fund's proxy voting policies and procedures and information on how the Fund voted proxies and relating to portfolio securities during the most recent 12-month period ended June&nbsp;30, is available (i)&nbsp;without charge, upon request by calling 1-800-451-2597; (ii)&nbsp;by writing to Hambrecht&nbsp;&amp; Quist Capital Management LLC at 30 Rowes Wharf, Boston, MA 02110-3328; (iii)&nbsp;on the Fund's website at www.hqcm.com; and (iv)&nbsp;on the SEC's website at www.sec.gov.</font></p>
<p><font style="font-size: 8pt;font-family: 'Garamond';" face="Times New Roman, Times" size="1">The Fund's complete Schedule of Investments for the first and third quarters of its fiscal year will be filed quarterly with the SEC on Form N-Q. This Schedule of Investments will also be available on the Fund's website at www.hqcm.com, or the SEC's website at www.sec.gov. The Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room&nbsp;in Washington, DC or by calling 1-800-SEC-0330.</font></p>
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<p align="center"><font style="font-size: 16pt;font-family: 'BerkOldsty Bd BT';" face="Times New Roman, Times" size="3">H&amp;Q LIFE SCIENCES INVESTORS</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">New York Stock Exchange Symbol: HQL</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">30 Rowes Wharf, 4th Floor<BR>Boston, Massachusetts 02110-3328<BR>(617) 772-8500 <BR>www.hqcm.com</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Officers</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Daniel R. Omstead, Ph.D., President<BR>Kathleen Eckert, Secretary, Treasurer and <BR>Chief Compliance Officer</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Trustees</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Lawrence S. Lewin<BR>Robert P. Mack, M.D.<BR>Eric Oddleifson<BR>Daniel R. Omstead, Ph.D.<BR>Oleg M. Pohotsky<BR>Uwe E. Reinhardt, Ph.D.<BR>Henri A. Termeer</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Investment Adviser</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Hambrecht&nbsp;&amp; Quist Capital Management LLC</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Administrator&nbsp;&amp;&nbsp;Custodian</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">State Street Bank and Trust Company</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Transfer Agent</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Computershare Shareholder Services, Inc.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>Legal Counsel</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Dechert LLP</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Shareholders with questions regarding share transfers may call</font></p>
<p align="center"><font style="font-size: 14pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>1-800-426-5523</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">Daily net asset value may be obtained from</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">our website <i>(www.hqcm.com)</i> or by calling</font></p>
<p align="center"><font style="font-size: 14pt;font-family: 'B Garamond Bold';" face="Times New Roman, Times" size="2"><b>1-800-451-2597</b></font></p>
<p><font style="font-size: 12pt;font-family: 'Garamond';" face="Times New Roman, Times" size="2">3702-AR-05</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.&#160; CODE OF ETHICS.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As of the end of the period covered by this
report, the Registrant has adopted a code of ethics that applies to the
Registrant&#146;s principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
Registrant or a third party.</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No disclosures are required by this Item.</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the period covered by this report, the
Registrant did not make any substantive amendment to the code of ethics.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the period covered by this report, the
Registrant did not grant any waiver, including any implicit waiver, from any
provision of the code of ethics.</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A copy of the Registrant&#146;s Code of Ethics is
filed as Exhibit&nbsp;1 to this Form&nbsp;N-CSR.&#160; Copies of the code will also be made
available, free of charge, upon request, by writing or calling Hambrecht&nbsp;&amp;
Quist Capital Management, LLC at 30 Rowes Wharf, Boston, MA&#160; 02110, 1-800-451-2597.</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 3. &#160;AUDIT COMMITTEE
FINANCIAL EXPERT.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant&#146;s Board of Trustees has determined that
the Registrant has at least one audit committee financial expert serving on its
audit committee.&#160; The audit committee
financial expert is Oleg M. Pohotsky.&#160; He
is &#147;independent&#148; for the purposes of Item 3.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 4. &#160;PRINCIPAL ACCOUNTANT
FEES AND SERVICES.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit Fees.&#160;
The aggregate fees each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the Registrant&#146;s
financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those
fiscal years were $67,000 for the fiscal year ended September&nbsp;30, 2005 and
$59,660 for the fiscal year ended September&nbsp;30, 2004.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit Related Fees.&#160; The Registrant was not billed any fees by the
principal accountant for the last two fiscal years ended September&nbsp;30 for
the Fund for assurance and related services that were reasonably related to the
performance of the audit of the Registrant&#146;s financial statements and not
otherwise included above.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Tax Fees.&#160;
The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax compliance,
tax advice, and tax planning were $5,500 for the fiscal year ended September&nbsp;30,
2005 and $5,000 for the fiscal year ended September&nbsp;30, 2004.&#160; The nature of the services comprising the
fees disclosed under this category was tax compliance.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All Other Fees.&#160;
The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than the
services reported in paragraphs (a)&nbsp;through (c)&nbsp;of this Item were $0
for the fiscal year ended September&nbsp;30, 2005 and $12,631 for the fiscal
year ended September&nbsp;30, 2004.&#160; The
nature of the services comprising the fees disclosed for the fiscal year ended September&nbsp;30,
2004 was review of fund administration.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-approval Policies and Procedures.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Registrant&#146;s Audit Committee Charter (&#147;Charter&#148;),
the Audit Committee is responsible for approving in advance the firm to be
employed as the Registrant&#146;s independent auditor.&#160; In addition, the Charter provides that the
Audit Committee is responsible for approving any and all proposals by the
Registrant, its investment adviser or their affiliated persons or any entity
controlling, controlled by, or under common control with the adviser that
provides services to the Registrant to employ the independent auditor to render
permissible non-audit services related directly to the operations and financial
reporting of the Registrant.&#160; In
determining whether to pre-approve non-audit services, the Audit Committee
considers whether such services are consistent with the independent auditor&#146;s
independence.&#160; The Charter further
permits the Audit Committee to delegate to one or more of its members authority
to pre-approve permissible non-audit services to the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">registrant, provided that any pre-approval determination
of a delegate is for services with an estimated budget of less than $15,000.</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All of
the services described in each of paragraphs (b)&nbsp;through (d)&nbsp;of this
Item were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C)&nbsp;of
Rule&nbsp;2-01 of Regulation S-X.</p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>None.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>None.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>None.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 5.&#160; AUDIT COMMITTEE OF
LISTED REGISTRANTS.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant has a separately-designated standing
Audit Committee established in accordance with Section&nbsp;3(a)(58)(A)&nbsp;of
the Securities Exchange Act of 1934.&#160; The
members of the Audit Committee are Eric Oddleifson, Oleg M. Pohotsky, and Uwe
E. Reinhardt.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 6.&#160; SCHEDULE&nbsp;OF
INVESTMENTS.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant&#146;s Schedule&nbsp;of Investments is
included as part of the Report to Shareholders filed under Item 1 of this form.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 7.&#160; DISCLOSURE OF PROXY
VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant has adopted the following proxy voting
policies and procedures.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PROXY VOTING POLICIES AND
PROCEDURES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Policy</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following are the policies and procedures adopted and implemented by Hambrecht&nbsp;&amp;
Quist Capital Mangement LLC (the &#147;Adviser&#148;) for voting proxies with respect to
portfolio securities held by H&amp;Q Healthcare Investors and H&amp;Q Life
Sciences Investors (each a &#147;Fund&#148; and collectively the &#147;Funds&#148;). The policies
and procedures are reasonably designed to ensure that proxies are voted in the
best interest of the Funds and the Funds&#146; shareholders, in accordance with the
Adviser&#146;s fiduciary duties and Rule&nbsp;206(4)-6 under the Investment Advisers
Act of 1940 (the &#147;Investment Advisers Act&#148;). The Adviser considers the &#147;best
interests&#148; of the Funds and their shareholders to mean their best long-term
economic interests.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser shall vote proxies for the exclusive
benefit, and in the best economic interest, of the Funds and their
shareholders. Such exercise of voting rights shall be subject to the same
standard of care as is generally applicable to the Adviser&#146;s performance of its
duties, as set forth in the advisory agreements with the Funds. The policies
and procedures contained herein are designed to be guidelines, however each
vote is ultimately cast on a case-by-case basis, taking into consideration the
relevant facts and circumstances at the time of the vote. Any material
conflicts that may arise will be resolved in the best interests of the Funds
and their shareholders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A proxy committee has been designated and is
responsible for administering and overseeing the proxy voting process. The
committee consists of the President of the Adviser, the Treasurer of the
Adviser, and the analyst responsible for oversight of the company that is the
subject of the proxy.&#160; The committee
considers proxy questions and determines the vote on behalf of the Funds.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Procedures</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Logistics</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Treasurer shall be responsible for maintaining
the proxy log, monitoring corporate actions and confirming the timely voting of
proxies. The proxy log shall contain the following information, in accordance
with Form&nbsp;N-PX:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
name of the issuer;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
exchange ticker symbol, if available;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
CUSIP number, if available;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
shareholder meeting date;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
brief identification of the matter voted on;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
the matter was proposed by the issuer or a security holder;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
the Adviser cast its vote on the matter;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>how
the Adviser cast its vote on the matter (for, against, abstain; for or withhold
regarding the election of directors); and</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether
the Adviser cast its vote for or against management;</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Treasurer shall also record whether any conflicts
of interest have been identified and, if so, what action was taken to resolve
the conflict with respect to each vote cast and each abstention.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Substantive Voting Decisions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser&#146;s substantive voting decisions turn on the
particular facts and circumstances of each proxy vote. The following is a list
of common proxy vote issues and the Adviser&#146;s standard considerations when
determining how to vote such proxies.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Routine Matters/Corporate Administrative Items. After
an initial review, the Adviser generally votes with management on routine
matters related to the operation of the issuer that are not expected to have a
significant economic impact on the issuer and/or its shareholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Potential for Major Economic Impact. The Adviser
reviews and analyzes on a case-by-case basis, non-routine proposals that are
more likely to affect the structure and operation of the issuer and to have a
greater impact on the value of the investment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Governance. The Adviser reviews and
considers corporate governance issues related to proxy matters and generally
supports proposals that foster good corporate governance practices.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Interest Issues. The Adviser considers: (i)&nbsp;the
long-term benefit to shareholders of promoting corporate accountability and
responsibility on social issues; (ii)&nbsp;management&#146;s responsibility with
respect to special interest issues; (iii)&nbsp;any economic costs and
restrictions on management; and (iv)&nbsp;the responsibility of the Adviser to
vote proxies for the greatest long-term shareholder value.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitations on Director Tenure and Retirement. The
Adviser considers: (i)&nbsp;a reasonable retirement age for directors, <i><font style="font-style:italic;">e.g.</font></i> 70 or 72; (ii)&nbsp;the introduction of new
perspectives on the board; and (iii)&nbsp;the arbitrary nature of such
limitations and the possibility of detracting from the board&#146;s stability and
continuity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors&#146; Minimum Stock Ownership. The Adviser
considers: (i)&nbsp;the benefits of additional vested interest; (ii)&nbsp;the
ability of a director to serve a company well regardless of the extent of his
or her share ownership; and (iii)&nbsp;the impact of limiting the number of
persons qualified to be directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D&amp;O Indemnification and Liability Protection. The
Adviser considers: (i)&nbsp;indemnifying directors for acts conducted in the
normal course of business; (ii)&nbsp;limiting liability for monetary damages
for violating the duty of care; (iii)&nbsp;expanding coverage beyond legal
expenses to acts that represent more serious violations of fiduciary obligation
than carelessness (<i><font style="font-style:italic;">e.g.</font></i> negligence);
and (iv)&nbsp;providing expanded coverage in cases when a director&#146;s legal
defense was unsuccessful if the director was found to have acted in good faith
and in a manner that he or she reasonably believed was in the best interests of
the issuer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director Nominations in Contested Elections. The
Adviser considers: (i)&nbsp;long-term financial performance of the issuer
relative to its industry; (ii)&nbsp;management&#146;s track record; (iii)&nbsp;background
to proxy contest; (iv)&nbsp;qualifications of both slates of nominees; (v)&nbsp;evaluations
of what each side is offering shareholders as well as the likelihood that the
proposed objectives and goals can be met; and (vi)&nbsp;stock ownership
positions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Voting. The Adviser considers: (i)&nbsp;the
ability of significant stockholders to elect a director of their choosing; (ii)&nbsp;the
ability of minority shareholders to concentrate their support in favor of a
director or directors of their choosing; and (iii)&nbsp;the potential to limit
the ability of directors to work for all shareholders.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Classified Boards.&#160;
The Adviser considers: (i)&nbsp;providing continuity; (ii)&nbsp;promoting
long-term planning; and (iii)&nbsp;guarding against unwanted takeovers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Poison Pills. The Adviser considers: (i)&nbsp;the
Adviser&#146;s position on supporting proposals to require a shareholder vote on
other shareholder rights plans; (ii)&nbsp;ratifying or redeeming a poison pill
in the interest of protecting the value of the issuer; and (iii)&nbsp;other
alternatives to prevent a takeover at a price demonstrably below the true value
of the issuer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fair Price Provisions. The Adviser considers: (i)&nbsp;the
vote required to approve the proposed acquisition; (ii)&nbsp;the vote required
to repeal the fair price provision; (iii)&nbsp;the mechanism for determining
fair price; and (iv)&nbsp;whether these provisions are bundled with other
anti-takeover measures (<i><font style="font-style:italic;">e.g.</font></i>,
supermajority voting requirements) that may entrench management and discourage
attractive tender offers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equal Access. The Adviser considers: (i)&nbsp;the
opportunity for significant shareholders of the issuer to evaluate and propose
voting recommendations on proxy proposals and director nominees, and to
nominate candidates to the board; and (ii)&nbsp;the added complexity and
burden.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charitable Contributions. The Adviser considers: (i)&nbsp;the
potential benefits to shareholders; (ii)&nbsp;the potential to detract the
issuer&#146;s resources from more direct uses of increasing shareholder value; and (iii)&nbsp;the
responsibility of shareholders to make individual contributions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Authorizations: The Adviser considers: (i)&nbsp;the
need for the increase; (ii)&nbsp;the percentage increase with respect to the
existing authorization; (iii)&nbsp;voting rights of the stock; and (iv)&nbsp;overall
capitalization structures.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred Stock. The Adviser considers: (i)&nbsp;whether
the new class of preferred stock has unspecified voting, conversion, dividend
distribution, and other rights; (ii)&nbsp;whether the issuer expressly states
that the stock will not be used as a takeover defense or carry superior voting
rights; (iii)&nbsp;whether the issuer specifies the voting, dividend,
conversion, and other rights of such stock and the terms of the preferred stock
appear reasonable; and (iv)&nbsp;whether the stated purpose is to raise capital
or make acquisitions in the normal course of business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director Compensation. The Adviser considers: (i)&nbsp;whether
director shares are at the same market risk as those of the shareholders; and (ii)&nbsp;how
option programs for outside directors compare with the standards of internal
programs.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Golden and Tin Parachutes. The Adviser considers: (i)&nbsp;whether
they will be submitted for shareholder approval; and (ii)&nbsp;the employees
covered by the plan and the quality of management.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Limitations</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser may abstain from voting a proxy if it
concludes that the effect on shareholders&#146; economic interests or the value of
the portfolio holding is indeterminable or insignificant. The Adviser may
abstain from voting a proxy if it concludes that the cost of voting is
disproportionate to the economic impact the vote would have on the portfolio
holdings.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conflicts of Interest</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy Committee identifies any potential
conflicts of interest.&#160; Each potential
conflict must be addressed in a manner which will be in the best interest of
the Funds and their shareholders. If any potential conflict is identified the
Proxy Committee consults with the Adviser&#146;s CCO.&#160; Where conflicts of interest arise between
clients and the Adviser, the Adviser may convene an ad-hoc committee to debate
the conflict and to give a ruling on a preferred course of action. If the
ad-hoc committee determines that the Adviser has a conflict of interest in any
instance, the Adviser&#146;s CCO shall disclose the conflict to the Board and seek
voting instructions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser may cause the proxies to be voted in
accordance with the recommendations of an independent third party service
provider that the Adviser may use to assist in voting proxies.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Disclosure</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following disclosure shall be provided in
connection with these policies and procedures:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Adviser shall provide a description or a copy of these policies and procedures
to the Boards of Trustees of the Funds annually and upon request.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Adviser shall make available to the Funds its proxy voting records, for
inclusion on the Funds&#146; Form&nbsp;N-PX.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Adviser shall include its proxy voting policies and procedures in its annual
filing on Form&nbsp;N-CSR.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\sruthira\05-19389-1\task697123\19389-1-ga.htm',USER='sruthirapathi',CD='Dec  8 01:39 2005' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Adviser shall cause the Funds&#146; shareholder reports to include a statement that
a copy of these policies and procedures is available upon request (i)&nbsp;by
calling a toll-free number; (ii)&nbsp;on the Funds&#146; website, (if the Funds
choose); and (iii)&nbsp;on the SEC&#146;s website.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Adviser shall cause the Funds&#146; annual and semi-annual reports to include a
statement that information is available regarding how the Funds voted proxies
during the most recent twelve-month period (i)&nbsp;without charge, upon
request, either by calling a toll-free number or on or through the Funds&#146;
website, or both; and (ii)&nbsp;on the SEC&#146;s website.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Recordkeeping</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser shall maintain records of proxies voted
in accordance with Section&nbsp;204-2 of the Advisers Act, including proxy
statements, a record of each vote cast, and a copy of any document created by
the Adviser that was material to making a decision of how to vote the proxy, or
that memorializes the basis for the Adviser&#146;s decision on how to vote the
proxy. The Adviser shall also maintain a copy of its policies and procedures
and each written request from a client for proxy voting records and the Adviser&#146;s
written response to any client request, either written or oral, for such
records. Proxy statements that are filed on EDGAR shall be considered
maintained by the Adviser. All such records shall be maintained for a period of
five years in an easily accessible place, the first two year in the offices of
the Adviser.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 8.&#160; PORTFOLIO MANAGERS OF
CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not yet applicable.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 9.&#160; PURCHASES OF EQUITY
SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED
PURCHASERS.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;"><br>
  (12 months)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(a)&nbsp;Total
  No.<br>
  of Shares<br>
  Purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(b)&nbsp;Average<br>
  Price Paid per<br>
  Share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(c)&nbsp;Total
  No.<br>
  of Shares<br>
  Purchased as<br>
  Part&nbsp;of<br>
  Publicly<br>
  Announced Plans<br>
  or Programs</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(d)&nbsp;Maximum
  No.<br>
  of Shares that<br>
  May&nbsp;Yet Be<br>
  Purchased Under<br>
  the Plans or<br>
  Programs</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #1 (Oct.&nbsp;1, 2004&#150;Oct.&nbsp;31, 2004)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #2 (Nov.&nbsp;1, 2004 &#150; Nov.&nbsp;30, 2004)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #3 (Dec.&nbsp;1, 2004 &#150; Dec.&nbsp;31, 2004)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #4 (Jan.&nbsp;1, 2005 &#150; Jan.&nbsp;31, 2005)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #5 (Feb.&nbsp;1, 2005 &#150; Feb.&nbsp;28, 2005)</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #6 (Mar.&nbsp;1, 2005 &#150; Mar.&nbsp;31, 2005)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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 </tr>
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  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #7 (Apr.&nbsp;1, 2005 &#150; Apr.&nbsp;30, 2005)</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,900</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14.50</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #8 (May&nbsp;1, 2005 &#150; May&nbsp;31, 2005)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #9 (June&nbsp;1, 2005 &#150; June&nbsp;30, 2005)</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #10 (Jul.&nbsp;1, 2005 &#150; Jul.&nbsp;31, 2005)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #11 (Aug.&nbsp;1, 2005 &#150; Aug.&nbsp;31, 2005)</font></b></p>
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  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Month #12 (Sep.&nbsp;1, 2005 &#150; Sep.&nbsp;30, 2005)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="262" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="95" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 10. &#160;SUBMISSION OF MATTERS
TO A VOTE OF SECURITY HOLDERS.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There have been no material changes to the procedures by
which the shareholders may recommend nominees to the registrant&#146;s Board of
Trustees, where those changes were implemented after the registrant last
provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G)&nbsp;of
Schedule&nbsp;14A, or this Item.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 11. &#160;CONTROLS AND
PROCEDURES.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 57.0pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the opinion of the principal executive officer
and principal financial officer, based on their evaluation which took place
within 90 days of this filing, the Registrant&#146;s disclosure controls and
procedures are adequately designed and are operating effectively to ensure (i)&nbsp;that
material information relating to the Registrant, including its consolidated
subsidiaries, is made known to them by others within those entities,
particularly during the period in which this report is being prepared; and (ii)&nbsp;that
information required to be disclosed by the registrant on Form&nbsp;N-CSR is
recorded, processed, summarized and reported within the time period specified
in the Securities and Exchange Commission&#146;s rules&nbsp;and forms.</p>

<p style="margin:0in 0in .0001pt 57.0pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 57.0pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Effective July&nbsp;1, 2005, the Registrant appointed
State Street Bank and Trust Company to be its Administrator.&#160; The Administrator prepares financial reports
and certain administrative filings on behalf of the Registrant.</p>

<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 12. EXHIBITS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)(1)&nbsp; </font></b>The
Code of Ethics that is the subject of the disclosure required by Item 2 is
attached hereto (Exhibit&nbsp;1).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)(2)&nbsp; </font></b>Separate
certifications of the Principal Executive and Financial Officers pursuant to Section&nbsp;302
of the Sarbanes-Oxley Act of 2002 are attached hereto (Exhibit&nbsp;2).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Certifications pursuant to Section&nbsp;906 of
the Sarbanes-Oxley Act of 2002 are attached hereto (Exhibit&nbsp;3).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>
  </td>
  <td width="85%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:85.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q LIFE SCIENCES
  INVESTORS</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:85.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By (Signature and Title)*</font></p>
  </td>
  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="70%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Daniel R. Omstead</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel R. Omstead,
  President</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="14%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;9, 2005</font></p>
  </td>
  <td width="80%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:80.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="72" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="529" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By (Signature and Title)*</font></p>
  </td>
  <td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="70%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kathleen Eckert</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Eckert,
  Treasurer</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;9, 2005</font></p>
  </td>
  <td width="80%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="108" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="529" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Print the name and title of each signing officer under his or her
signature.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>a05-19389_1ex99dcodeeth.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<html>

<head>





</head>

<body lang="FR">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.CODEETH</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;1:
Sarbanes-Oxley Code of Ethics</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Introduction</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Trustees of H&amp;Q Life Sciences
Investors and H&amp;Q Healthcare Investors (each, a &#147;Fund&#148;) has established
this Code of Ethics (&#147;Code&#148;) in accordance with the Sarbanes-Oxley Act of 2002
and the rules&nbsp;promulgated thereunder. This Code does not supersede or
otherwise affect the separate code of ethics that the Fund and its investment
adviser have adopted pursuant to Rule&nbsp;17j-1 under the Investment Company
Act of 1940, as amended (&#147;1940 Act&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Code is designed to deter wrongdoing and
promote: (i)&nbsp;honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and professional
relationships; (ii)&nbsp;full, fair, accurate, timely, and understandable
disclosure in reports and documents that the Fund files with, or submits to,
the Securities and Exchange Commission (&#147;SEC&#148;) and in other public
communications made by the Fund; (iii)&nbsp;compliance with applicable
governmental laws, rules, and regulations; (iv)&nbsp;the prompt internal
reporting of violations of the Code to an appropriate person or persons; and (v)&nbsp;accountability
for adherence to the Code. The Code applies to the Fund&#146;s President and
Treasurer and Secretary (collectively, &#147;Covered Officers,&#148; each of whom is set
forth in Exhibit&nbsp;A).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Principles of Honest and Ethical Conduct</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1<i><font style="font-style:italic;">. </font></i>General
Objectives</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund expects
all Covered Officers to adhere to the highest possible standards of honest and
ethical conduct. All Covered Officers are expected to handle actual or apparent
conflicts of interest between personal and professional relationships in a
manner that is above reproach, and to place the interests of the Fund above
their own personal interests.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;
Conflicts of Interest</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Covered Officers should be scrupulous in avoiding a conflict of
interest with regard to the Fund&#146;s interests. A conflict of interest occurs
when an individual&#146;s private interest interferes in any way with the interests
of the Fund. This includes any specific situation or transaction that the
Trustees of the Fund who are not interested persons as defined in the 1940 Act,
would consider to create the appearance of a conflict of interest. A conflict
situation can arise when a Covered Officer takes actions or has interests that
may make it difficult to perform his or her work for the Fund objectively and
effectively.&#160; Conflicts of interest also
arise when a Covered Officer, or a member of his or her family, receives
improper benefits as a result of his or her position with the Fund, whether
such benefits are received from the Fund or a third party.&#160; Any conflict of interest that arises in a
specific situation or transaction must be disclosed by the Covered Officer and
resolved before taking any action.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conflicts of interest may not always be evident, and Covered Officers
should consult with the Funds&#146; Chief Compliance Officer or the Fund&#146;s legal
counsel if they are uncertain about any situation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Examples of possible conflicts of interest include:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Outside
Employment or Activities</font></i>.&#160; Covered
Officers may not engage in any outside employment or activity that interferes
with their performance or responsibilities to the Fund or is otherwise in
conflict with or prejudicial to the Fund.&#160;
A Covered Officer must disclose to the Funds&#146; Chief Compliance Officer
any outside employment or activity that may constitute a conflict of interest
and obtain the Funds&#146; Chief Compliance Officer&#146;s approval before engaging in
any such employment or activity.</h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<hr size="2" width="100%" noshade color="gray" align="left">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Gifts.</font></i>&#160; Covered Officers may not accept gifts or other items of more than small
value, consistent with industry standards from any person or entity that does
business with or on behalf of the Fund.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Other Situations.</font></i>&#160; Because other conflicts of interest may arise,
it would be impractical to attempt to list all possible situations in this
Code. If a proposed transaction or situation raises questions or doubts, a
Covered Officer should consult with the Funds&#146; Chief Compliance Officer before
engaging in the transaction or activity.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Corporate Opportunities</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covered Officers may not exploit for their own personal gain, or for the
personal gain or their family members or relatives, opportunities that are
discovered through the use of Fund property, information, or position, unless
the opportunity is first disclosed fully in writing to the Board of Trustees
and the Board of Trustees declines to pursue such opportunity.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Full, Fair, Accurate, Timely, and Understandable Disclosure in Fund
Disclosure and Reporting Documents</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a registered
investment company, it is of critical importance that the Fund&#146;s public
communications, reports, and filings contain full, fair, accurate, timely, and
understandable disclosure. Accordingly, Covered Officers are expected to
consider it central to their roles as officers of the Fund to promote full,
fair, accurate, timely, and understandable disclosure in the Fund&#146;s public
communications and reports, and in the documents that the Fund files with, or
submits to, the Securities and Exchange Commission (the &#147;SEC&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depending on his
or her position with the Fund, a Covered Officer may be called upon to provide
necessary information to make the Fund&#146;s public reports, communications, and
SEC filings and submissions complete, fair, and understandable. The Fund
expects Covered Officers to take this responsibility very seriously and to
provide prompt and accurate answers to inquiries related to the Fund&#146;s public
disclosure requirements. Covered Officers may be asked to certify the accuracy
of all responses and information provided for inclusion in the Fund&#146;s public
reports, communications, and SEC filings and submissions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Compliance with Applicable Governmental Rules&nbsp;and Regulations</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a registered
investment company, the Fund is subject to regulation by the SEC and must
comply with Federal securities laws and regulations, as well as other
applicable laws.&#160; The Fund insists on
strict compliance with the spirit and the letter of these laws and regulations.
Each Covered Officer shall cooperate with Fund counsel, the Fund&#146;s independent
accountants, and the Fund&#146;s other service providers with the goal of
maintaining the Fund&#146;s material compliance with applicable governmental rules&nbsp;and
regulations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund expects
its Covered Officers to comply with all laws, rules, and regulations applicable
to the Fund&#146;s operations and business. Covered Officers should seek guidance
whenever they are in doubt as to the applicability of any law, rule, or
regulation, or regarding any contemplated course of action. Covered Officers
should also make use of the various guidelines which the Fund and its service
providers have prepared on specific laws and regulations.&#160; If in doubt on a course of action, a good
guideline is &#147;always ask first, act later&#148; &#150; if you are unsure of what to do in
any situation, seek guidance before you act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covered Officers
are encouraged to attend courses and seminars for the purpose of keeping
themselves apprised of developments relating to those governmental statutes,
rules, and regulations applicable to the Fund.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon obtaining
knowledge of any material violation of any applicable law, rule, or regulation
by the Fund or a person acting with or on behalf of the Fund, a Covered Officer
shall report such violation to the Funds&#146; Compliance Officer, Fund counsel, or
both. (See Section&nbsp;VI of the Code for a discussion of reporting Code
violations.) Each Covered Officer shall cooperate or take such steps as may be
necessary or appropriate to remedy any such material violation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Confidentiality</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covered Officers
must maintain the confidentiality of information entrusted to them by the Fund,
except when disclosure is authorized by Fund counsel or required by laws or
regulations. Whenever possible, Covered Officers should consult with Fund counsel
if they believe they have a legal obligation to disclose confidential
information. Confidential information includes all non-public information that
might be of use to competitors, or harmful to the Fund or its shareholders, if
disclosed. The obligation to preserve confidential information continues even
after employment as a Covered Officer ends.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">E.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Prompt Internal Reporting of Violations of the Code; Evaluation of
Possible Violations; Determination of Sanctions</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 63.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reporting to the Funds&#146; Chief
Compliance Officer</p>

<p style="margin:0in 0in .0001pt 63.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Covered Officer shall
promptly report knowledge of, or information concerning, any material violation
of this Code to the Funds&#146; Chief Compliance Officer. Any such report shall
preferably be in writing, and shall describe in reasonable detail the conduct
that such Covered Officer believes to have violated this Code. The Funds&#146; Chief
Compliance Officer shall also have the authority to draft a report of a
suspected material violation of the Code, if no written report is made by a
Covered Officer.</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 63.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluation of Reports</p>

<p style="margin:0in 0in .0001pt 63.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds&#146; Chief Compliance
Officer shall then consult with Fund counsel to the extent necessary to
determine whether the reported conduct actually violates the Code. If it is
determined that there has been a violation of the Code, the Funds&#146; Chief
Compliance Officer will determine (in consultation with Fund counsel) whether
the violation has had or may have, in the reasonable judgment of the Funds&#146;
Chief Compliance Officer, a material adverse impact upon the Fund.</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 81.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">No Material Adverse Impact
on the Fund.</font></i>&#160; If the Funds&#146; Chief Compliance Officer
determines that the violation has not caused a material adverse impact upon the
Fund, the Funds&#146; Chief Compliance Officer shall determine what sanctions, if
any, may be appropriate for the violation. (See G of this Code for a discussion
of possible sanctions.)</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 81.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Material Adverse Impact on
the Fund</font></i>.&#160; If the Funds&#146; Chief Compliance Officer
determines that the violation has caused a material adverse impact upon the
Fund, the Funds&#146; Chief Compliance Officer shall promptly notify the Board of
such violation. The Board shall be entitled to consult with independent legal
counsel to determine whether the violation actually has had a material adverse
impact upon the Fund; to formulate sanctions, if any, appropriate for the
violation; or for any other purpose that the Board, in its business judgment,
determines to be necessary or advisable. (See G of this Code for a discussion
of possible sanctions.)</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 63.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Periodic Reports by the Funds&#146;
Chief Compliance Officer to Board of Trustees.</p>

<p style="margin:0in 0in .0001pt 63.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds&#146; Chief Compliance
Officer shall report to the Board at each regularly scheduled Board meeting all
violations of this Code (whether or not they caused a material adverse impact
upon the Fund) and all sanctions imposed.</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">F.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Waivers of Provisions of the Code</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Waivers.</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Covered Officer may request
a waiver of a provision of this Code if there is a reasonable likelihood that a
contemplated action would be a material departure from a provision of the Code.
Waivers will not be granted except under extraordinary or special
circumstances.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The process of
requesting a waiver shall consist of the following steps:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 135.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Covered
Officer shall set forth a request for waiver in writing and submit such request
to the Funds&#146; Chief Compliance Officer. The request shall describe the conduct,
activity, or transaction for which the Covered Officer seeks a waiver, and
shall briefly explain the reason for engaging in the conduct, activity, or
transaction.</p>

<p style="margin:0in 0in .0001pt 126.7pt;text-indent:-9.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 135.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The determination with
respect to the waiver shall be made in a timely fashion by the Funds&#146; Chief
Compliance Officer, in consultation with Fund counsel, and submitted to the
Board for ratification.</p>

<p style="margin:0in 0in .0001pt 126.7pt;text-indent:-9.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 135.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The decision with
respect to the waiver request shall be documented and kept in the Fund&#146;s
records for the appropriate period mandated by applicable law or regulation.</p>

<p style="margin:0in 0in .0001pt 126.7pt;text-indent:-9.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosure of Waivers.</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent required by
applicable law, waivers (including &#147;implicit waivers&#148;) shall be publicly
disclosed on a timely basis. An &#147;implicit waiver&#148; is defined as the Fund&#146;s
failure to take action within a reasonable period of time regarding a material
departure from a provision of the Code that has been made known to an &#147;executive
officer&#148; of the Fund. For this purpose, an &#147;executive officer&#148; is a Fund&#146;s
President or Chief Executive Officer, Vice President (who is in charge of a
principal policymaking function), or any other person who performs similar
policymaking functions for the Fund. For the purpose of determining whether an &#147;implicit
waiver&#148; has occurred, if a material departure from a provision of the Code is
known only by the Covered Officer who has caused the material departure, the
material departure will not be considered to have been made known to an
executive officer of the Fund.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Accountability for Adherence to the Code</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The matters covered in this Code are of the utmost importance to the Fund
and its shareholders, and are essential to the Fund&#146;s ability to conduct its
business in accordance with its stated values. Covered Officers are expected to
adhere to these rules&nbsp;in carrying out their duties for the Fund.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund will, if appropriate, take action against any Covered Officer
whose actions are found to violate this Code. Sanctions for violations of the
Code may include, among other things, a requirement that the violator undergo
training related to the violation, a letter of sanction, the imposition of a
monetary penalty, and/or suspension or termination of the employment of the
violator. Where the Fund has suffered a loss because of violations of this Code
or applicable laws, regulations, or rules, it may pursue its remedies against
the individuals or entities responsible.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Recordkeeping</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>General.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund requires accurate
recording and reporting of information in order to make responsible business
decisions. All of the Fund&#146;s books, records, accounts and financial statements
must be maintained in reasonable detail, must appropriately reflect the Fund&#146;s
transactions and must conform both to
applicable legal requirements and to the Fund&#146;s system of internal controls.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Code of Ethics Records.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy
of this Code, any amendments hereto, and any reports or other records created
in relation to waivers of or amendments to provisions of this Code shall be kept
as records of the Fund for six years from the end of the fiscal year in which
such document was created. Such records shall be furnished to the SEC or its
staff upon request.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendments to the Code</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Covered Officers and the Funds&#146; Chief Compliance Officer are
encouraged to recommend improvements to this Code to the Board, and the Board
may amend the Code in its discretion. In connection with any amendment to the
Code, the Funds&#146; Chief Compliance Officer shall prepare a brief description of
the amendment, in order that this description may be disclosed in accordance
with applicable law and regulations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;A: Covered
Officers</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel
R. Omstead, President</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen
Eckert, Treasurer</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>a05-19389_1ex99dcert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CERT</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;2: CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Daniel R. Omstead, certify that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR
of H&amp;Q LIFE SCIENCES INVESTORS;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer(s) and
I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under
the Investment Company Act of 1940) for the Registrant and have:</p>

<p style="margin:0in 0in .0001pt 22.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer(s) and
I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent
functions):</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize, and report financial information; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&#146;s
internal control over financial reporting.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;9, 2005</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Daniel R. Omstead</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel R. Omstead</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="111" style="border:none;"></td>
  <td width="312" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="194" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
 </tr>
</table>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;2: CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Kathleen Eckert, certify that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of
H&amp;Q LIFE SCIENCES INVESTORS;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer(s) and
I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under
the Investment Company Act of 1940) for the registrant and have:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer(s) and
I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent
functions):</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize, and report financial information; and</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&#146;s
internal control over financial reporting.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;9, 2005</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kathleen Eckert</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Eckert</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="111" style="border:none;"></td>
  <td width="312" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="194" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>a05-19389_1ex99d906cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>

<head>





</head>

<body lang="FR">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.906CERT</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EHIBIT 3: CERTIFICATION
PUSUANT TO SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, each of the undersigned officers of H&amp;Q LIFE
SCIENCES INVESTORS, do hereby certify, to such officer&#146;s knowledge, that the
report on Form&nbsp;N-CSR of H&amp;Q LIFE SCIENCES INVESTORS for the period
ended September&nbsp;30, 2005 fully complies with the requirements of Section&nbsp;13(a)&nbsp;or
15(d)&nbsp;of the Securities Exchange Act of 1934, as applicable, and
information contained in the Form&nbsp;N-CSR fairly presents, in all material
respects, the financial condition and results of operations of H&amp;Q LIFE
SCIENCES INVESTORS for the stated period.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="14%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;9, 2005</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:50.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Daniel R. Omstead</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kathleen Eckert</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="34%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:34.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel R. Omstead</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Eckert</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="34%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:34.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="8%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:8.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="49" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="48" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="97" style="border:none;"></td>
  <td width="118" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="48" style="border:none;"></td>
  <td width="160" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement required by Section&nbsp;906
has been provided to H&amp;Q LIFE SCIENCES INVESTORS and will be retained by
H&amp;Q LIFE SCIENCES INVESTORS and furnished to the SEC or its staff upon
request. This statement accompanies this report on Form&nbsp;N-CSR pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by H&amp;Q LIFE
SCIENCES INVESTORS for purposes of the Securities and Exchange Act of 1934.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
