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H&Q IPO & EMERGING COMPANY FUND
Supplement dated December 1, 1999 to
Common Class and Adviser Classes Prospectuses dated September 15, 1999,
as supplemented October 15, 1999, and
Statement of
Additional Information dated October 28, 1999
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION CONTAINED IN THE
COMMON CLASS AND ADVISER CLASSES PROSPECTUSES AND STATEMENT OF ADDITIONAL
INFORMATION FOR THE H&Q IPO & EMERGING COMPANY FUND (THE "FUND"):
At the November 29, 1999 quarterly meeting of Trustees of Hambrecht & Quist
Fund Trust, the Trustees determined to close the Fund to new investors as of
4 p.m. Eastern time on December 30, 1999. The closure of the Fund is consistent
with the Fund's stated policy to consider closing to new investors upon reaching
$300 million in assets. As of November 29, 1999, the Fund had approximately
$330 million in assets. After December 30, 1999, the Fund will continue to
accept purchase orders from existing shareholders as of such date, including
investors who hold their shares through a financial intermediary or mutual fund
supermarket and retirement plans. The Fund reserves the right to reopen to new
investors at any time in its discretion.
At the quarterly meeting, the Trustees also took certain actions in
connection with the proposed acquisition of Hambrecht & Quist Group, the
indirect parent company of Hambrecht & Quist Fund Management, LLC ("HQFM") and
Hambrecht & Quist LLC ("H&Q"), the Fund's investment adviser and distributor,
respectively, by The Chase Manhattan Corporation. These actions included the
Trustees' approval of a new advisory agreement between the Fund and HQFM, a new
sub-advisory agreement between HQFM and Symphony Asset Management, LLC, the
Fund's sub-adviser, and a new distribution agreement between the Fund and H&Q,
each to be effective as of the closing of the tender offer for shares of
Hambrecht & Quist Group. Except for the effective date, the new advisory,
sub-advisory and distribution agreements are substantially identical to the
current agreements.
In connection with the acquisition, the Fund had planned to appoint
Provident Distributors, Inc. ("PDI") as its distributor in order to meet certain
regulatory requirements. Due to the recent enactment of financial services
legislation, the appointment of PDI is no longer necessary. As a result, H&Q
will remain the distributor for the Fund upon completion of the acquisition.
