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H&Q IPO & EMERGING COMPANY FUND
Supplement dated April 25, 2000 to
Common Class and Adviser Classes Prospectuses dated September 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 THE STATEMENT OF ADDITIONAL
INFORMATION FOR THE H&Q IPO & EMERGING COMPANY FUND (THE "FUND") AND SUPERSEDES
THE SUPPLEMENTS DATED SEPTEMBER 23, 1999, OCTOBER 15, 1999 AND DECEMBER 1, 1999:
On April 19, 2000, the Trustees of the Fund determined to reopen the Fund to
new investors, effective April 25, 2000. As of April 19, 2000, the Fund had net
assets of approximately $489 million. The Fund had been closed to new investors
since December 30, 1999. The Fund will no longer consider closing when the
Fund's assets reach any specific asset size, but reserves the right to close
again at any time in its discretion.
On December 10, 1999, The Chase Manhattan Corporation ("Chase") completed
its acquisition of Hambrecht & Quist Group (the "Merger"), 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. Upon
completion of the Merger, HQFM and H&Q became indirect, wholly-owned
subsidiaries of Chase. On February 1, 2000, as part of a subsequent internal
restructuring, H&Q was merged into Chase Securities Inc. ("CSI"), 270 Park
Avenue, New York, New York 10017, a registered broker-dealer which is also an
indirect, wholly-owned subsidiary of Chase. As a result of this restructuring,
CSI has replaced H&Q as the Fund's distributor.
In conjunction with the Merger, Daniel H. Case III and William R. Timken,
the two Trustees of the Trust who were affiliated with HQFM and H&Q, resigned as
Trustees, and Fergus Reid III was appointed as a new Trustee. Mr. Reid currently
acts as the Chairman and a Trustee of the Chase Vista mutual funds and is not
affiliated with HQFM or CSI.
