<DOCUMENT>
<TYPE>EX-99.77B
<SEQUENCE>3
<FILENAME>d13640_ex99-77.txt
<TEXT>

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

                                     FORM SE
                             Dated November 25, 2003

          Form N-SAR                 Year ended 9/30/03           811-6565
--------------------------------  ------------------------ ---------------------
Report, Schedule or Statement of      Period of Report     SEC File No. of Form,
 Which the Documents Are a Part       (If Appropriate)     Schedule or Statement

          H&Q Life Sciences Investors                              884121
--------------------------------------------------         ---------------------
(Exact Name of Registrant As Specified in Charter)         Registrant CIK Number


--------------------------------------------------------------------------------
                    Name of Person Other than the Registrant
                     Filing the Form, Schedule or Statement

             The undersigned hereby files the following documents:

Attach an exhibit index and the exhibits not filed electronically as required by
    Item 601 of Regulation S-K, the applicable Form, Schedule or Statement.

                   SIGNATURES: Complete A or B, as Appropriate
                       See General Instructions to Form SE

A. FILINGS MADE ON BEHALF OF THE REGISTRANT: The Registrant has duly caused this
form to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Boston, State of Massachusetts, on the 25th day of November, 2003

                           H&Q Life Sciences Investors
                   ------------------------------------------
                              (Name of Registrant)


               By: /s/ Kimberly L. Carroll
                   ------------------------------------------
                                   (Signature)


                   Kimberly L. Carroll
                   ------------------------------------------
                                  (Print Name)


                   Treasurer
                   ------------------------------------------
                                     (Title)


B. FILINGS MADE BY PERSONS OTHER THAN THE REGISTRANT: After reasonable inquiry
and to the best of my knowledge and belief, I certify that the information set
forth in this statement is true, complete and correct.

----------------    ------------------------------------------------------------
    (Date)                                (Signature)

                    ------------------------------------------------------------
                    (Print the Name and Title of Each Person Who Signs the Form)

SEC 2082 (12-89)
<PAGE>

                              (Name of Registrant)

                                     Form SE

                          Exhibit Index for Form N-SAR

Item 77B. Accountant's report on internal control

<PAGE>

November 25, 2003

To the Shareholders and Trustees of
H&Q Life Sciences Investors

In planning and performing our audit of the financial statements of H&Q Life
Sciences Investors (the "Fund") for the year ended September 30, 2003, 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, 2003.

This report is intended solely for the information and use of management and the
Trustees of the Fund 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

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