H&Q Life Sciences Investors (the Fund) is a diversified closed-end management investment company. The Fund's investment objective is long-term capital appreciation through investment in companies in the life sciences industry (including biotechnology, pharmaceutical, diagnostics, managed healthcare and medical equipment, hospitals, healthcare information technology and services, devices and supplies), agriculture and environmental management. The Fund invests primarily in securities of public and private companies. The Fund may invest in private companies and other restricted securities if these securities would consists of 40% or less of net assets. The Fund's investment advisor is Hambrecht & Quist Capital Management LLC.