N-Q 1 a05-4071_1nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

OMB APPROVAL

 

OMB Number:    3235-0578
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FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-04889

 

H&Q Life Sciences Investors

                                                                   (Exact name of registrant as specified in charter)

30 Rowes Wharf, Boston, MA

02110

(Address of principal executive offices)

 

(Zip code)

 

                                                                          (Name and address of agent for service)

 

 

 

Registrant's telephone number, including area code:

617-772-8500

 

 

Date of fiscal year end:

9/30/05

 

 

Date of reporting period:

12/31/04

 

 

 


Item 1. Schedule of Investments

 

 


 

H&Q LIFE SCIENCES INVESTORS
SCHEDULE OF INVESTMENTS
December 31, 2004

(Unaudited)

 

SHARES

 

 

 

VALUE

 

 

 

CONVERTIBLE SECURITIES - 15.3% of Net Assets

 

 

 

 

 

Convertible Preferred (Restricted) - 15.2% (see table below)

 

 

 

 

 

Drug Discovery Technologies - 3.1%

 

 

 

1,587,302

 

Agilix Corporation Series B*^

 

$

380,952

 

566,958

 

Avalon Pharmaceuticals Series B*

 

680,350

 

250,000

 

Ceres, Inc. Series C*

 

1,500,000

 

18,296

 

Ceres, Inc. Series C-1*#

 

109,776

 

174,200

 

Ceres, Inc. Series D*#

 

1,045,200

 

932,488

 

Galileo Pharmaceuticals, Inc. Series F-1*

 

326,371

 

808,473

 

Idun Pharmaceuticals, Inc. Series A-1*

 

1,657,370

 

308,642

 

Idun Pharmaceuticals, Inc. Series B-1*

 

493,827

 

1,150,000

 

Triad Therapeutics, Inc. Series A*

 

1,150

 

350,000

 

Triad Therapeutics, Inc. Series B*

 

350

 

800,000

 

Triad Therapeutics, Inc. Series C*

 

16,000

 

200,000

 

Zyomyx, Inc. Series A New*

 

20,000

 

200

 

Zyomyx, Inc. Series B New*

 

20

 

 

 

Emerging Biopharmaceuticals - 4.4%

 

 

 

634,921

 

Agensys, Inc. Series C*

 

2,000,001

 

1,724,138

 

Corus Pharma, Inc. Series C*

 

2,000,000

 

1,212,121

 

Raven biotechnologies, Inc. Series B*

 

1,006,060

 

1,872,772

 

Raven biotechnologies, Inc. Series C*

 

1,554,401

 

30,920

 

Therion Biologics Corporation Series A*

 

55,656

 

160,000

 

Therion Biologics Corporation Series B*#

 

288,000

 

271,808

 

Therion Biologics Corporation Series C*

 

489,254

 

28,991

 

Therion Biologics Corporation Sinking Fund*

 

290

 

1,400,000

 

Xanthus Life Sciences, Inc. Series B*

 

1,400,000

 

 

 

Healthcare Services - 3.7%

 

 

 

1,051,429

 

CardioNet, Inc. Series C*

 

3,680,002

 

322,168

 

CytoLogix Corporation Series A*^

 

265,789

 

151,420

 

CytoLogix Corporation Series B*#^

 

124,922

 

3,589,744

 

PHT Corporation Series D*^

 

2,800,000

 

802,996

 

PHT Corporation Series E*^

 

626,336

 

 

 

Medical Devices and Diagnostics - 4.0%

 

 

 

3,235,293

 

Concentric Medical, Inc. Series B*^

 

2,782,352

 

1,162,790

 

Concentric Medical, Inc. Series C*^

 

999,999

 

177,778

 

EPR, Inc. Series A*

 

1,778

 

130,000

 

Masimo Corporation Series D*

 

1,430,000

 

1,088,436

 

OmniSonics Medical Technologies, Inc. Series B*

 

1,454,150

 

1,031,992

 

OmniSonics Medical Technologies, Inc. Series C*

 

1,200,000

 

434,782

 

TherOx, Inc. Series H*

 

165,217

 

 

 

 

 

$

30,555,573

 

 

PRINCIPAL
AMOUNT

 

 

 

 

 

 

 

Convertible Bonds and Notes (Restricted - 0.1%)

 

 

 

 

 

Healthcare Services - 0.06%

 

 

 

$

112,224

 

CytoLogix Corporation 6.75% Cvt. Note, Ŧ^ (see table below)

 

$

112,224

 

 

 

Medical Devices and Diagnostics - 0.07%

 

 

 

133,515

 

TherOx, Inc. 6.0% Bridge Note, due 2006# (see table below)

 

133,515

 

 

 

 

 

$

245,739

 

 

 

TOTAL CONVERTIBLE SECURITIES
(Cost $43,561,183)

 

$

30,801,312

 

 

SHARES

 

 

 

 

 

 

 

COMMON STOCKS - 73.9%

 

 

 

 

 

Biopharmaceuticals - 25.0%

 

 

 

114,945

 

Amgen, Inc.*

 

$

7,373,722

 

95,900

 

Celgene Corporation*

 

2,544,227

 

588,182

 

Cubist Pharmaceuticals, Inc.*

 

6,958,193

 

101,000

 

Genzyme Corporation*

 

5,865,070

 

150,000

 

Gilead Sciences, Inc.*

 

5,248,500

 

59,000

 

Imclone Systems, Inc.*

 

2,718,720

 

197,000

 

MedImmune, Inc.*

 

5,340,670

 

240,000

 

Millennium Pharmaceuticals, Inc.*

 

2,908,800

 

112,200

 

NPS Pharmaceuticals. Inc.*

 

2,051,016

 

72,200

 

Neurocrine Biosciences, Inc.*

 

3,559,460

 

115,600

 

Pfizer, Inc.

 

3,108,484

 

174,500

 

Pozen, Inc.*

 

1,268,615

 

312,200

 

Vivus, Inc.*

 

1,389,290

 

 

 

 

 

50,334,767

 

 

 

Drug Delivery - 3.6%

 

 

 

107,576

 

Connetics Corporation*

 

2,613,021

 

 


 

500,355

 

DepoMed, Inc.*

 

2,701,917

 

134,180

 

Penwest Pharmaceuticals Co.*

 

1,604,793

 

34,000

 

Penwest Pharmaceuticals Co. (Restricted)* (see table below)

 

345,644

 

 

 

 

 

7,265,375

 

 

 

Drug Discovery Technologies - 4.4%

 

 

 

525,400

 

deCODE Genetics, Inc.*

 

4,103,374

 

571,428

 

Senomyx, Inc.*

 

4,731,424

 

200,000

 

Zyomyx, Inc. (Restricted)* (see table below)

 

2,000

 

 

 

 

 

8,836,798

 

 

 

Emerging Biopharmaceuticals - 20.7%

 

 

 

283,868

 

ACADIA Pharmaceuticals, Inc.*

 

1,921,786

 

353,000

 

Adolor Corporation*

 

3,501,760

 

323,959

 

Ariad Pharmaceuticals, Inc.*

 

2,407,015

 

215,829

 

Cytokinetics, Inc.*

 

2,212,247

 

113,900

 

DOV Pharmaceutical, Inc.*

 

2,055,895

 

357,163

 

Dyax Corporation*

 

2,578,717

 

489,400

 

Exelixis, Inc.*

 

4,649,300

 

382,600

 

Guilford Pharmaceuticals, Inc.*

 

1,893,870

 

380,700

 

Kosan Biosciences, Inc.*

 

2,638,251

 

93,880

 

Momenta Pharmaceuticals, Inc.*

 

662,793

 

255,400

 

Myogen, Inc.*

 

2,061,078

 

50,080

 

Myogen, Inc., Warrants*

 

13,791

 

215,050

 

Neurogen Corporation*

 

2,012,868

 

72,230

 

Nuvelo, Inc.*

 

711,466

 

232,600

 

Sangamo BioSciences, Inc.*

 

1,395,600

 

272,808

 

Seattle Genetics, Inc.*

 

1,781,436

 

676,924

 

Sirna Therapeutics, Inc.*

 

2,139,080

 

138,214

 

Telik, Inc.*

 

2,645,416

 

39,914

 

Tercica, Inc.*

 

399,539

 

82,113

 

Theravance, Inc.*

 

1,469,823

 

177,103

 

Theravance, Inc. (Restricted)* (see table below)

 

2,536,115

 

22,224

 

Therion Biologics Corporation (Restricted) C-2 Units*# (see table below)

 

40,003

 

146,982

 

Therion Biologics Corporation (Restricted)* (see table below)

 

1,470

 

 

 

 

 

41,729,319

 

 

 

Generic Pharmaceuticals - 8.2%

 

 

 

85,300

 

Barr Pharmaceuticals, Inc.*

 

3,884,562

 

277,131

 

Impax Laboratories, Inc.*

 

4,400,840

 

172,250

 

IVAX Corporation*

 

2,724,995

 

70,000

 

Par Pharmaceutical Companies, Inc.*

 

2,896,600

 

82,800

 

Teva Pharmaceutical Industries, Ltd. ADR

 

2,472,408

 

 

 

 

 

16,379,405

 

 

 

Healthcare Services - 3.2%

 

 

 

17,416

 

DakoCytomation, Inc. (Restricted)< (see table below)

 

181,301

 

140,000

 

Provident Senior Living Trust (Restricted)Θ (see table below)

 

2,100,000

 

204,139

 

Syntiro Healthcare Services (Restricted)*# (see table below)

 

2,041

 

503,000

 

WebMD Corporation*

 

4,104,480

 

 

 

 

 

6,387,822

 

 

 

 

 

 

 

 

 

Medical Devices and Diagnostics - 8.8%

 

 

 

618,799

 

Conor Medsystems, Inc. (Restricted)* (see table below)

 

6,427,775

 

83,774

 

IDEXX Laboratories, Inc.*

 

4,573,224

 

130,000

 

Masimo Corporation (Restricted)* (see table below)

 

1,300

 

680,000

 

Orthovita, Inc.*

 

2,849,200

 

139,019

 

Songbird Hearing, Inc. (Restricted)* (see table below)

 

1,390

 

364,583

 

VNUS Medical Technologies, Inc. (Restricted)* (see table below)

 

3,943,331

 

 

 

 

 

17,796,220

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost $110,059,894)

 

$

148,729,706

 

 

PRINCIPAL
AMOUNT

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 10.4%

 

 

 

$

3,000,000

 

American Express Credit Corp.; 2.26%, due 1/4/05

 

2,999,435

 

5,000,000

 

American Express Credit Corp.; 2.21%, due 1/10/05

 

4,997,237

 

9,000,000

 

General Electric Corp.; 2.1%, due 1/3/05

 

8,998,950

 

935,000

 

State Street Repo.; .50%, due 1/3/05

 

935,000

 

1,000,000

 

U.S. Treasury Bills; 2.01% due 1/6/05

 

999,721

 

2,000,000

 

U.S. Treasury Bills; 1.8041% due 1/20/05

 

1,998,096

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $20,928,439)

 

20,928,439

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.6%
(Cost $174,549,546)

 

$

200,459,457

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%

 

 

800,051

 

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.0%

 

$

201,259,508

 

 


 

*            Non income-producing security

#            With warrants attached

<            Foreign security

Ŧ           Variable maturity

^             Affiliated issuers in which the Fund holds 5% or more of the voting securities (Total Market Value of $8,092,574).

Θ          Real Estate Investment Trust

ADR American Depository Receipt

At December 31, 2004, the total cost of securities for Federal income tax purposed was $174,735,774.

The net unrealized gain on securities held by the Fund was $25,909,911, including gross unrealized gain of $51,835,151, and gross unrealized losss of $25,925,240.

 

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 December 31, 2004, as determined by the Trustees of the Fund.

 

Security

 

Acquisition
Date

 

Cost

 

Carrying
Value
per Unit

 

Value

 

Agensys, Inc.

 

 

 

 

 

 

 

 

 

Series C Cvt. Pfd.

 

2/14/02

 

$

2,003,383

 

$

3.15

 

$

2,000,001

 

 

 

 

 

 

 

 

 

 

 

Agilix Corporation^

 

 

 

 

 

 

 

 

 

Series B Cvt. Pfd.

 

11/8/01

 

2,009,507

 

0.24

 

380,952

 

 

 

 

 

 

 

 

 

 

 

Avalon Pharmaceuticals

 

 

 

 

 

 

 

 

 

Series B Cvt. Pfd.

 

10/22/01

 

2,005,767

 

1.20

 

680,350

 

 

 

 

 

 

 

 

 

 

 

CardioNet, Inc.

 

 

 

 

 

 

 

 

 

Series C Cvt. Pfd.

 

5/3/01 - 3/25/03

 

3,699,455

 

3.50

 

3,680,002

 

 

 

 

 

 

 

 

 

 

 

Ceres, Inc.

 

 

 

 

 

 

 

 

 

Series C Cvt. Pfd.

 

12/23/98

 

1,000,875

 

6.00

 

1,500,000

 

Series C-1 Cvt. Pfd.#

 

3/31/01

 

74,325

 

6.00

 

109,776

 

Series D Cvt. Pfd.#

 

3/14/01

 

1,046,778

 

6.00

 

1,045,200

 

 

 

 

 

 

 

 

 

 

 

Concentric Medical, Inc.^

 

 

 

 

 

 

 

 

 

Series B Cvt. Pfd.

 

5/7/02 - 1/24/03

 

2,219,473

 

0.86

 

2,782,352

 

Series C Cvt. Pfd.

 

12/19/03

 

999,999

 

0.86

 

999,999

 

 

 

 

 

 

 

 

 

 

 

Conor MedSystems, Inc.

 

 

 

 

 

 

 

 

 

Restricted Common

 

10/23/03-8/6/04

 

1,954,131

 

10.39

 

6,427,775

 

 

 

 

 

 

 

 

 

 

 

Corus Pharma, Inc.

 

 

 

 

 

 

 

 

 

Series C Cvt. Pfd.

 

4/8/04

 

2,001,464

 

1.16

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

CytoLogix Corporation

 

 

 

 

 

 

 

 

 

Series A Cvt. Pfd.

 

1/13/98-7/21/99

 

1,077,913

 

0.83

 

265,789

 

Series B Cvt. Pfd.#

 

1/11/01

 

506,622

 

0.83

 

124,922

 

Cvt. Note #

 

5/29/02

 

112,224

 

1.00

 

112,224

 

 

 

 

 

 

 

 

 

 

 

DakoCytomation, Inc.

 

 

 

 

 

 

 

 

 

Restricted Common

 

6/14/04

 

734,913

 

10.41

 

181,301

 

 

 

 

 

 

 

 

 

 

 

EPR, Inc.

 

 

 

 

 

 

 

 

 

Series A Cvt. Pfd.

 

3/9/94

 

800,331

 

0.01

 

1,778

 

 

 

 

 

 

 

 

 

 

 

Galileo Pharmaceuticals, Inc.

 

 

 

 

 

 

 

 

 

Series F-1 Cvt. Pfd.

 

8/18/00

 

2,001,929

 

0.35

 

326,371

 

 

 

 

 

 

 

 

 

 

 

Idun Pharmaceuticals, Inc.

 

 

 

 

 

 

 

 

 

Series A-1 Cvt. Pfd.

 

11/26/02

 

2,001,311

 

2.05

 

1,657,370

 

Series B-1 Cvt. Pfd.

 

5/24/04

 

494,479

 

1.60

 

493,827

 

 

 

 

 

 

 

 

 

 

 

Masimo Corporation

 

 

 

 

 

 

 

 

 

Series D Cvt. Pfd.

 

8/14/96

 

910,027

 

11.00

 

1,430,000

 

Restricted Common

 

3/31/98

 

0

 

0.01

 

1,300

 

 

 

 

 

 

 

 

 

 

 

Omnisonics Medical Technologies, Inc.

 

 

 

 

 

 

 

 

 

Series B Cvt. Pfd.

 

5/24/01

 

1,606,312

 

1.34

 

1,454,150

 

Series C Cvt. Pfd.

 

10/1/03

 

1,200,224

 

1.16

 

1,200,000

 

 

 

 

 

 

 

 

 

 

 

Penwest Pharmaceuticals Co.à

 

 

 

 

 

 

 

 

 

Restricted Common

 

12/10/04

 

380,800

 

10.17

 

345,644

 

 

 

 

 

 

 

 

 

 

 

PHT Corporation^

 

 

 

 

 

 

 

 

 

Series D Cvt. Pfd.

 

7/23/01

 

2,803,841

 

0.78

 

2,800,000

 

 


 

Series E Cvt. Pf.

 

9/12/03-10/19/04

 

627,472

 

0.78

 

626,336

 

 

 

 

 

 

 

 

 

 

 

Provident Senior Living Trust

 

 

 

 

 

 

 

 

 

Restricted Common

 

7/26/04

 

2,100,469

 

15.00

 

2,100,000

 

 

 

 

 

 

 

 

 

 

 

Raven biotechnologies, Inc.

 

 

 

 

 

 

 

 

 

Series B Cvt. Pfd.

 

12/12/00

 

2,001,150

 

0.83

 

1,006,060

 

Series C Cvt. Pfd.

 

11/26/02

 

1,554,400

 

0.83

 

1,554,401

 

 

 

 

 

 

 

 

 

 

 

Songbird Hearing, Inc.

 

 

 

 

 

 

 

 

 

Restricted Common

 

12/14/00

 

2,003,239

 

0.01

 

1,390

 

 

 

 

 

 

 

 

 

 

 

Syntiro Heathcare Services

 

 

 

 

 

 

 

 

 

Restricted Common #

 

2/5/97

 

800,325

 

0.01

 

2,041

 

 

 

 

 

 

 

 

 

 

 

Theravance, Inc.

 

 

 

 

 

 

 

 

 

Restricted Common

 

2/5/99-8/28/00

 

2,402,185

 

14.31

 

2,536,115

 

 

 

 

 

 

 

 

 

 

 

Therion Biologics Corporation

 

 

 

 

 

 

 

 

 

Series A Cvt. Pfd.

 

8/20/96-10/16/96

 

289,847

 

1.80

 

55,656

 

Series B Cvt. Pfd. #

 

6/22/99

 

600,609

 

1.80

 

288,000

 

Series C Cvt. Pfd.

 

9/26/01-10/15/01

 

1,019,568

 

1.80

 

489,254

 

Sinking Fund Cvt. Pfd

 

10/18/94-4/3/96

 

582,505

 

0.01

 

290

 

Series C-2 Cvt. Pfd. #

 

8/13/03

 

40,003

 

1.80

 

40,003

 

Restricted Common

 

6/30/93

 

251,642

 

0.01

 

1,470

 

 

 

 

 

 

 

 

 

 

 

TherOx, Inc.

 

 

 

 

 

 

 

 

 

Series H Cvt. Pfd.

 

9/11/00

 

2,001,473

 

0.38

 

165,217

 

Bridge Note #

 

1/28/04

 

133,515

 

1.00

 

133,515

 

 

 

 

 

 

 

 

 

 

 

Triad Therapeutics, Inc.

 

 

 

 

 

 

 

 

 

Series A Cvt. Pfd.

 

6/8/99

 

1,151,067

 

0.00

 

1,150

 

Series B Cvt. Pfd.

 

1/10/03

 

702,090

 

0.00

 

350

 

Series C Cvt. Pfd.

 

12/20/00-11/25/02

 

613,772

 

0.02

 

16,000

 

 

 

 

 

 

 

 

 

 

 

VNUS Medical Technologies, Inc.

 

 

 

 

 

 

 

 

 

Restricted Common

 

8/20/01

 

2,800,000

 

10.82

 

3,943,331

 

 

 

 

 

 

 

 

 

 

 

Xanthus Life Sciences, Inc.

 

 

 

 

 

 

 

 

 

Series B Cvt. Pfd.

 

12/5/03

 

1,400,880

 

1.00

 

1,400,000

 

 

 

 

 

 

 

 

 

 

 

Zyomyx, Inc.

 

 

 

 

 

 

 

 

 

New Restricted Common

 

2/19/99-7/22/02

 

2,401,101

 

0.01

 

2,000

 

Series A New Cvt. Pfd.

 

2/19/99-1/12/04

 

199,800

 

0.10

 

20,000

 

Series B New Cvt. Pfd.

 

3/31/04

 

112

 

0.10

 

20

 

 

 

 

 

$

59,323,307

 

 

 

$

46,383,682

±

 

#            With warrants attached.

^             Affiliated issuers.

à            During the period from October 25, 2004 to December 10, 2004 the Fund purchased non-restricted common of the same issuer at prices ranging from $10.33 to $11.20.

±            Represents 23% of the Fund’s net asset as of December 31, 2004

 


Exhibit 1

 

Item 2. Controls and Procedures.

 

(a)  Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

IN THE OPINION OF THE PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER, BASED ON THEIR EVALUATION, THE REGISTRANT’S DISCLOSURE CONTROLS AND PROCEDURES ARE ADEQUATELY DESIGNED AND ARE OPERATING EFFECTIVELY TO ENSURE (i) THAT MATERIAL INFORMATION RELATING TO THE REGISTRANT, INCLUDING ITS CONSOLIDATED SUBSIDIARIES, IS MADE KNOW TO THEM BY OTHERS WITHIN THOSE ENTITIES, PARTICULARLY DURING THE PERIOD IN WHICH THIS REPORT IS BEING PREPARED; AND (ii)

 

THAT INFORMATION REQUIRED TO BE DISCLOSED BY THE REGISTRANT ON FORM N-Q IS RECORDED, PROCESSED, SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND EXCHANGE COMMISSION'S RULES AND FORMS.

 

(b)  Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL QUARTER THAT HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING.

 

Item 3. Exhibits.

 

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR  270.30a-2(a)). Filed herewith.

 


SIGNATURES

 

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.

 

(Registrant)

H & Q Life Sciences Investors

 

By  (Signature and Title)*

/s/ Daniel Omstead, President

 

Date

March 1, 2005

 

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.

 

(Registrant)

H & Q Life Sciences Investors

 

By  (Signature and Title)*

/s/ Kathleen Eckert, Treasurer

 

Date

March 1, 2005

 

*Print the name and title of each signing officer under his or her signature.