EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77O:
Transactions effected pursuant to Rule 10f-3
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EXHIBIT A:
Report of Independent Accountants
To the Board of Trustees and Shareholders
of H&Q IPO & Emerging Company Fund
In planning and performing our audit of the financial statements
of H&Q IPO & Emerging Company Fund (the "Fund") for the year
ended September 30, 2000, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 2000.
This report is intended solely for the information and use of the
Board of Trustees, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
November 3, 2000
New York, New York
EXHIBIT B:
10F-3 TRANSACTION INFORMATION IS DISPLAYED IN THE FOLLOWING ORDER:
TRADE DATE
TICKER
ISSUER
LEAD/CO-MGR
UNDERWRITER
OFF PRICE
SHARES OFFERED (MM)
TOTAL AMT OFFERED (MM)
IPO (Y/N)
H&Q MNG
04/04/00
met
Metlife
CS First Boston Corp., Goldman Sachs & Co.
Banc of America Securities LLC, Donaldson, Lufkin & Jenrette Inc.,
Lehman Brothers, Inc., Morgan Stanley Dean Witter & Co., Salomon Smith
Barney Inc., Conning & Co., Fox-Pitt Kelton, Inc., J.P. Morgan Securities,
Inc., Santander Investment Securities, Inc., Utendahl Capital Partners LP,
UBS Warburg LLC, Credit Lyonnais Securities, Bsch Bolsa Sociedad de
Valores SA
14.25
202
2,878.5
y
04/04/00
ulcm
Ulticom
Lehman Brothers, Chase H&Q, U.S. Bancorp Piper Jaffray, Fidelity
Capital Markets
Banc of America Securities LLC, CIBC World Markets Corp., Goldman Sachs & Co.,
Salomon Smith Barney Inc., UBS Warburg LLC, Arnhold & S Bleichroeder Inc.,
George K. Baum & Co., Dain Rauscher Inc., First Albany Corp., First Analysis
Securities Corp., Oscar Gruss & Son Inc., Jefferies & Co., Inc., Gunnallen
Financial Inc., John G. Kinnard & Co. Inc., Ladenburg
Thalmann & Co. Inc., Nutmeg Securities Inc., SunTrust Equitable Securities
Corp., Tucker Anthony Inc.
13
4.25
55.25
y
y
04/06/00
goam
GoAmerica
Bear, Stearns & Co. Inc., Chase H&Q, U.S. Bancorp Piper Jaffray, Wit
SoundView
DLJDirect Inc., Banc of America Securities LLC, Deutsche Banc Alex Brown
Inc., Donaldson Lufkin & Jenrette Inc., First Union Securities Inc.,
Robertson Stephens Inc., Morgan Stanley Dean Witter & Co., Salomon
Smith Barney Inc., Brean Murray & Co. Inc., Blaylock & Partners
LP, JC Bradford & Co., Chatsworth Securities LLC, Friedman Billings
Ramsey & Co., Gabelli & Co. Inc., Gaines Berland Inc., Gerard
Klauer Mattison & Co. Inc., Jefferies & Co. Inc., Jesup & Lamont
Securities Corp., Josephthal & Co. Inc., Redwine & Co. Inc., Sands
Brothers & Co. Ltd.
16
10
160
y
y
04/07/00
mckc
MCK Communications
Robertson Stephens Inc., Chase H&Q, Dain Rauscher Wessels, U.S. Bancorp
Piper Jaffray
Banc of America Securities LLC, Bear Stearns & Co. Inc., CIBC World Markets
Corp., Deutsche Banc Alex Brown Inc., Lehman Brothers Inc., Merrill
Lynch Pierce Fenner & Smith Inc., Morgan Stanley Dean Witter & Co., JP
Morgan Securities Inc., Painewebber Inc., Prudential Securities Inc.,
Salomon Smith Barney Inc., SG Cowen Securities Corp., E*Trade
Securities Inc.
40
2.75
110
n
y
04/27/00
onnn
On Semiconductor
Morgan Stanley Dean Witter & Co., Chase H&Q, Lehman Brothers Inc.,
Robertson Stephens Inc., Salomon Smith Barney Inc.
Morgan Stanley Dean Witter & Co., Chase H&Q, Lehman Brothers Inc.,
Robertson Stephens Inc., Salomon Smith Barney Inc.
16
30
480
y
y
04/19/00
embt
Embarcadero Technologies
Donaldson Lufkin & Jenrette, U.S. Bancorp Piper Jaffray, Wit SoundView,
DLJDirect
Banc of America Securities, Chase H&Q, CIBC World Markets, Credit Suisse
First Boston, Deutsche Banc Alex. Brown, First Union Securities, Inc.,
Robertson Stephens, Merrill Lynch & Co., Thomas Weisel Partners L.L.C.,
Adams, Harkness & Hill Inc., George K. Baum
10
4.20
42
y
04/19/00
pecs
PEC Solutions
Donaldson Lufkin & Jenrette Inc., Chase H&Q, Legg Mason Wood Walker Inc.,
DLJDirect
-
9.5
3
29
y
y
05/18/00
unwr
US Unwired
Donaldson Lufkin & Jenrette Inc., CS First Boston Corp., First
Union Securities Inc., DLJDirect Inc.
Allen & Co., Chase Securities Inc., Deutsche Banc Alex Brown Inc.,
AG Edwards & Sons Inc., Lehman Brothers Inc., Merrill Lynch Pierce
Fenner & Smith Inc., Morgan Stanley Dean Witter & Co., Prudential
Securities Inc., Salomon Smith Barney Inc., Advest Inc., Robert W.
Baird & Co. Inc., George K. Baum & Co., JC Bradford & Co., The
Chapman Co., Fahnestock & Co. Inc., First Albany Corp., Gabelli &
Co. Inc., Gerard Klauer Mattison & Co. Inc., Gruntal & Co. Inc.,
Hoak Breedlove Wesneski & Co., Johnston Lemon & Co. Inc., Edward D
Jones & Co., Kaufman Brothers LP, CL King & Assoc Inc., Lebenthal
& Co. Inc., Legg Mason Wood Walker Inc., Ormes Capital Markets
Inc., Raymond James & Assoc Inc., Sanders Morriss Harris Inc.,
Sands Brothers & Co. Ltd., Santander Investment Securities Inc.,
Stephens Inc., CE Unterberg Towbin
11
8
88
y
05/23/00
ctlm
Centillium Communications
CS First Boston Corp.,Robertson Stephens Inc., Salomon Smith
Barney Inc.
Chase H&Q, E*OFFERING, WR Hambrecht & Company, LLC, Invemed
Associates, Inc., Lehman Brothers, Brad Peery Inc.
19
4
76
y
05/25/00
smdi
Standford Microdevices
Deutsche Banc Alex Brown Inc., Banc of America Securities LLC,
CIBC World Markets Corp., Robertson Stephens Inc.
Bear Stearns & Co. Inc., Chase Securities Inc., Merrill Lynch
Pierce Fenner & Smith Inc., Morgan Stanley Dean Witter & Co.,
Painewebber Inc., Prudential Securities Inc., Salomon Smith Barney
Inc., Adams Harkness & Hill Inc., JC Bradford & Co., Dain Rauscher
Inc., Dominick & Dominick Inc., First Security Van Kasper, Gerard
Klauer Mattison & Co. Inc., Cl King & Assoc Inc., SunTrust
Equitable Securities Corp.
12
4
48
y
06/07/00
upcs
ubiquitel
Donaldson Lufkin & Jenrette Inc., Banc of America Securities LLC,
DLJDirect Inc.
Chase Securities Inc., CS First Boston Corp., Credit Lyonnais
Securities, Deutsche Banc Alex Brown Inc., First Union Securities
Inc., Goldman Sachs & Co., HSBC Securities Inc., Lehman Brothers
Inc., Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley
Dean Witter & Co., Painewebber Inc., Salomon Smith Barney Inc., CE
Unterberg Towbin, George K. Baum & Co., William Blair & Co. LLC,
JC Bradford & Co., Fahnestock & Co. Inc., First Albany Corp.,
Gabelli & Co. Inc., Gerard Klauer Mattison & Co. Inc., Hoak
Breedlove Wesneski & co., Janney Montgomery Scott Inc., Johnston
Lemon & Co. Inc., Legg Mason Wood Walker Inc., Parker/Hunter Inc.,
Pennsylvania Merchant Group Ltd., The Robinson-Humphrey Co. Inc.,
Sanders Morris Harris Inc., Sands Brothers & Co. Ltd., Santander
Investment Securities Inc., Stephens Inc.
8
12.5
100
y
06/23/00
crl
Charles River Laboratories Inc.
Donaldson Lufkin & Jenrette Inc., Lehman Brothers Inc., ING Baring
Furman Selz LLC, SG Cowen Securities Corp., U.S. Bancorp Piper
Jaffray Inc., DLJDirect Inc.
Banc of America Securities LLC, Deutsche Banc Alex Brown LLC, AG
Edwards & Sons Inc., Merrill Lynch Pierce Fenner & Smith Inc.,
Morgan Stanley Dean Witter & Co., Thomas Weisel Partners LLC,
Robert W. Baird & Co. Inc., George K. Baum & Co., William Blair &
Co. LLC, Burnham Securities Inc., Dain Rauscher Inc., Fahnestock &
Co. Inc., Gruntal & Co. Inc., Janney Montgomery Scott Inc.,
Johnston Lemon & Co. Inc., Edward D Jones & Co., CL King & Assoc.
Inc., McDonald Investments Inc., Pennsylvania Merchant Group Ltd.,
Ragen MacKenzie Inc., Raymond James & Assoc Inc., RBC Dominion
Securities Inc., Sanders Morris Harris Inc., Sands Brothers & Co.
Ltd., Stephens Inc., Stifel Nicolaus & Co. Inc., SunTrust
Equitable Securities Corp., Sutro & Co. Inc., Tucker Anthony & RL
Day Inc., Wachovia Securities Inc.
16
14
224
y
06/23/00
msv
Manufacturers Services Ltd
Donaldson Lufkin & Jenrette Inc., Banc of America Securities LLC,
Robertson Stephens Inc., Thomas Weisel Partners LLC, DLJDirect
Bear, Stearns & Co., Chase H&Q, CIBC World Markets, A.G. Edwards &
Sons, Inc., Lehman Brothers, Merrill Lynch & Co., Morgan Stanley
Dean Witter, Prudential Securities, Salomon Smith Barney Inc., SG
Cowen Securities Corporation, C.E. Unterberg, Towbin Co.
16
11
176
y
07/28/00
lxnt
Lexent
Credit Suisse First Boston, Chase H&Q, Raymond James & Associates,
Inc.
E*Offering Corp., Fahnestock & Co. Inc., Invemed Associates LLC,
Prudential Securities Incorporated, Sands Brothers & Co., Ltd.,
Shields & Company, H.G. Wellington & Co. Inc.
15
6
90
y
y
07/28/00
corv
Corvis
Credit Suisse First Boston, Robertson Stephens, Banc of America
Securities LLC, Chase H&Q, J.P. Morgan & Co., CIBC World Markets
ABN AMRO Incorporated, Sanford C. Bernstein & Co., Inc., Cazenove
Incorporated, Dain Rauscher Incorporated, Deutsche Bank Securities
Inc., Donaldson, Lufkin & Jenrette Securities Corporation, A.G.
Edwards & Sons, Inc., E*Offering Corp., Invemed Associates LLC,
Edward D. Jones & Co., L.P., Lehman Brothers Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, UBS Warburg LLC, U.S. Bancorp
Piper Jaffray Inc., Thomas Weisel Partners LLC, Wit SoundView
Corporation
36
31.625
1,138.5
y
y
08/01/00
opnt
OpNet
Morgan Stanley Dean Witter & Co., Robertson Stephens Inc.,
Friedman Billings Ramsey International Ltd.
Banc of America Securities, Chase H&Q, Dain Rauscher Wessels,
First Union Securities, Inc., Janney Montgomery Scott LLC, Edward
D. Jones & Co., L.P., Legg Mason Wood Walker Incorporated,
McDonald Investments, Inc., Brad Peery Inc.
13
4
52
y
08/03/00
isph
Inspire Pharmaceuticals
Deutsche Banc Alex Brown Inc., U.S. Bancorp Piper Jaffray Inc.,
Chase H&Q
Banc of America Securities LLC, CIBC World Markets Corp., Merrill
Lynch Pierce Fenner & Smith Inc., Morgan Stanley Dean Witter &
Co., Robertson Stephens Inc., Salomon Smith Barney Inc., Adams
Harkness & Hill Inc., Dominick & Dominick Inc., Emerging Growth
Equities Ltd., Fahnestock & Co. Inc., CL King & Assoc. Inc., Legg
Mason Wood Walker Inc., Edgar M. Norris & Co. Inc., SunTrust
Equitable Securities Corp., CE Unterberg Towbin, Wachovia
Securities Inc., Wedbush Morgan Securities Inc.
12
5.5
66
y
y
08/16/00
otwo
O2 Wireless
Chase H&Q, CS First Boston Corp., Thomas Weisel Partners LLC
Robertson Stephens Inc., Banc of America Securities LLC, CIBC
World Markets Corp., Deutsche Bank Alex Brown Inc., Donaldson
Lufkin & Jenrette Inc., Merrill Lynch Pierce Fenner & Smith Inc.,
DA Davidson & Co. Inc., SunTrust Equitable Securities Corp.,
Friedman Billings Ramsey & Co. Inc., Redwine & Co. Inc., The
Robinson-Humphrey Co. Inc., Sanders Morris Harris Inc., Wachovia
Securities Inc.
12
6.1
73.2
y
y
09/14/00
isil
Intersil Holdings Corp
Credit Suisse First Boston, Robertson Stephens, Chase H&Q, Lehman
Brothers, Merrill Lynch & Co., SG Cowen
A.G. Edwards & Sons, Inc., E*Offering Corp., Invemed Associates
LLC, Scotia Capital (USA) Inc., SunTrust Equitable Securities
Corporation
48
11
528
n
y
09/21/00
ttmi
TTM Technologies
Robertson Stephens, Chase H&Q, Donaldson, Lufkin & Jenrette, First
Union Securities, Inc.
E*Offering Corp., Fidelty Capital Markets, Needham & Company,
Inc., Quick & Reilly, Inc., SunTrust Equitable Securities
Corporation
16
7.5
120
y
y
09/27/00
soe
Southern Energy
Goldman Sachs & Co., Morgan Stanley Dean Witter & Co., Banc of
America Securities LLC, CS First Boston Corp., JP Morgan
Securities Inc., Lehman Brothers Inc., Salomon Smith Barney Inc.
Blaylock & Partner LP, Chase H&Q, Commerzbank Aktiengesellschaft,
The Williams Capital Group LP, ABN AMRO Inc.
22
58
1,276
y
y
09/28/00
vast
Vastera
Deutsche Banc Alex Brown Inc., Chase H&Q, Banc of America
Securities LLC
Bear Stearns & Co. Inc., Donaldson Lufkin & Jenrette Inc., Goldman
Sachs & Co., ING Baring Furman Selz LLC, Merrill Lynch Pierce
Fenner & Smith Inc., Morgan Stanley Dean Witter & Co., Prudential
Securities Inc., Salomon Smith Barney Inc., Adams Harkness & Hill
Inc., Hoak Breedlove Wesneski & Co., Josephthal & Co. Inc., Legg
Mason Wood Walker Inc., McDonald Investments Inc., Pacific Crest
Securities Inc., Parker/Hunter Inc., Scott & Stringfellow Inc.,
Seaboard Securities Inc., Wedbush Morgan Securities Inc.
14
6
84
y
y
09/29/00
ardi
At Road
Credit Suisse First Boston, Chase H&Q, U.S. Bancorp Piper Jaffray
William Blair & Company, L.L.C., Deutsche Bank Securities Inc.,
E*Offering Corp., Invemed Associates L.L.C., Lehman Brothers Inc.,
Needham & Company, Pacific Crest Securities, Inc., Prudential
Securities Inc., Sands Brothers & Co., Ltd., Wit SoundView Corp.
9
7
63
y
y
10F-3 TRANSACTION INFORMATION IS DISPLAYED IN THE FOLLOWING ORDER:
DATE
TICKER
COMPANY
UNDERWRITER
IPO / SECONDARY
SHARES
PRICE
COMMISSION
COMMISSION %
FAIR COMM
3 YR HISTORY
ALLOCATION % LIMIT
CHASE H&Q PROPRIETARY HOLDING
04/04/00
met
Metlife
Goldman Sachs
IPO
25,000
14.250
0.640
4.49
yes
yes
no
no
04/04/00
ulcm
Ulticom
Lehman Brothers
IPO
1,000
13.000
0.910
7.00
yes
yes
no
no
04/06/00
goam
GoAmerica
Bear Stearns
IPO
75,000
16.000
1.120
7.00
yes
yes
no
no
04/07/00
mckc
MCK Communications
Robertson Stephens
Sec
100,000
40.000
2.020
5.05
yes
yes
no
no
04/27/00
onnn
On Semiconductor
Morgan Stanley
IPO
5,000
16.000
0.960
6.00
yes
yes
no
no
04/19/00
embt
Embarcadero Technologies
Donaldson Lufkin Jenrette
IPO
75,000
10.000
0.700
7.00
yes
yes
no
no
04/19/00
pecs
PEC Solutions
Donaldson Lufkin Jenrette
IPO
175,000
9.500
0.665
7.00
yes
yes
no
no
05/18/00
unwr
US Unwired
Donaldson Lufkin Jenrette
IPO
100,000
11.000
0.770
7.00
yes
yes
no
no
05/23/00
ctlm
Centillium Communications
CS First Boston
IPO
4,000
19.000
1.330
7.00
yes
yes
no
received okay
05/25/00
smdi
Standford Microdevices
Deutche Bank
IPO
25,000
12.000
0.840
7.00
yes
yes
no
no
06/07/00
upcs
ubiquitel
Donaldson Lufkin Jenrette
IPO
100,000
8.000
0.500
6.25
yes
yes
no
no
06/23/00
crl
Charles River Laboratories Inc.
Donaldson Lufkin Jenrette
IPO
50,000
16.000
1.120
7.00
yes
yes
no
no
06/23/00
msv
Manufacturers Services Ltd
Donaldson Lufkin Jenrette
IPO
50,000
16.000
1.120
7.00
yes
yes
no
no
07/28/00
lxnt
Lexent
CS First Boston
IPO
1,000
$15.00
1.050
7.00
yes
yes
no
no
07/28/00
corv
Corvis
CS First Boston
IPO
4,000
$36.00
2.520
7.00
yes
yes
no
no
08/01/00
opnt
OpNet
Morgan Stanley
IPO
500
$13.00
0.910
7.00
yes
yes
no
no
08/03/00
isph
Inspire Pharmaceuticals
Deutche Bank
IPO
25,000
$12.00
0.840
7.00
yes
yes
no
no
08/16/00
otwo
O2 Wireless
CS First Boston
IPO
500
$12.00
0.84
7.00
yes
yes
no
no
09/14/00
isil
Intersil Holdings Corp
CS First Boston
SEC
2,500
$48.00
2.28
4.75
yes
yes
no
no
09/21/00
ttmi
TTM Technologies
Robertson Stephens
IPO
40,000
$16.00
1.12
7.00
yes
yes
no
no
09/27/00
soe
Southern Energy
Goldman Sachs
IPO
10,000
$22.00
1.045
4.75
yes
yes
no
no
09/28/00
vast
Vastera
Deutche Bank
IPO
40,000
$14.00
0.98
7.00
yes
yes
no
no
09/29/00
ardi
At Road
CS First Boston
IPO
2,500
$9.00
0.63
7.00
yes
yes
no
no
