-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 pEggw8WXEt+8+Ftq0B4HAA==

<SEC-DOCUMENT>0000947441-05-000011.txt : 20051129
<SEC-HEADER>0000947441-05-000011.hdr.sgml : 20051129
<ACCEPTANCE-DATETIME>20051129152514
ACCESSION NUMBER:		0000947441-05-000011
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051129
DATE AS OF CHANGE:		20051129
EFFECTIVENESS DATE:		20051129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		051231766

	BUSINESS ADDRESS:	
		STREET 1:		30 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST FOURTH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175740500

	MAIL ADDRESS:	
		STREET 1:		30 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST 4TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>ANSWER FILE
<TEXT>
<PAGE>      PAGE  1
000 B000000 09/30/2005
000 C000000 0000884121
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 H&Q LIFE SCIENCES INVESTORS
001 B000000 811-6565
001 C000000 6177728500
002 A000000 30 ROWES WHARF
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 HAMBRECHT & QUIST CAPITAL MANAGEMENT LLC
008 B000001 A
008 C000001 801-000000
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
010 A000001 STATE STREET BANK (SUB-ADMINISTRATOR)
010 B000001 85-05003
010 C010001 BOSTON
010 C020001 MA
010 C030001 02111
012 A000001 EQUISERVE TRUST CO. N.A.
012 B000001 85-11340
012 C010001 CANTON
012 C020001 MA
012 C030001 02021
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018  000000 Y
019 A000000 N
<PAGE>      PAGE  2
019 B000000    0
020 A000001 PACIFIC GROWTH EQUITIES
020 C000001     95
020 A000002 LEHMAN BOTHERS, INC.
020 B000002 13-2518416
020 C000002     70
020 A000003 BEAR STEARNS & CO., INC.
020 B000003 13-3299429
020 C000003     59
020 A000004 KNIGHT SECURITIES
020 B000004 22-3660471
020 C000004     52
020 A000005 FRIEDMAN BILINGS & RAMSEY
020 B000005 52-1630477
020 C000005     49
020 A000006 BANK OF AMERICA
020 B000006 95-4035346
020 C000006     45
020 A000007 UBS FINANCIAL SERVICES INC.
020 B000007 13-2895752
020 C000007     40
020 A000008 PRUDENTIAL FINANCIAL, INC.
020 B000008 22-2347336
020 C000008     39
020 A000009 US BANCORP PIPER JAFFRAY INC.
020 B000009 41-0953246
020 C000009     35
020 A000010 WELLS FARGO
020 B000010 41-1508325
020 C000010     32
021  000000      813
022 A000001 CITIGROUP INC.
022 B000001 13-3082694
022 C000001    279614
022 D000001         0
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000002 13-3247006
022 C000002    220642
022 D000002         0
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022 B000003 13-2730828
022 C000003    216130
022 D000003         0
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022 B000004 04-186744
022 C000004     70322
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022 B000005 13-2518416
022 C000005       612
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<PAGE>      PAGE  3
022 A000006 PRUDENTIAL FINANCIAL, INC.
022 B000006 22-2347336
022 C000006       524
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022 A000007 PIPER JAFFRAY & CO.
022 B000007 41-0953246
022 C000007       442
022 D000007         0
022 A000008 BANK OF AMERICA
022 B000008 95-4035346
022 C000008       381
022 D000008         0
022 A000009 UBS FINANCIAL SERVICES INC.
022 B000009 13-2895752
022 C000009       191
022 D000009         0
022 A000010 COMERICA INC.
022 B000010 38-1998421
022 C000010        69
022 D000010         0
023 C000000     789578
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<PAGE>      PAGE  7
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080 B000000 No second insurer
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<PAGE>      PAGE  9
085 A000000 Y
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087 A020000 404053100
087 A030000 HQL
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   KATHLEEN ECKERT
TITLE       CHIEF COMPLIANCE OF.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>audit.txt
<DESCRIPTION>AUDIT OPINION LETTER
<TEXT>
    Report of Independent Registered Public Accounting Firm

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

In planning and performing our audit of the financial statements
of H&Q Life Sciences Investors (the ?Fund?) as of and for the
year ended September 30, 2005, in accordance with the standards
of the Public Company Accounting Oversight Board (United
States), we considered its internal control over financial
reporting, including control activities for safeguarding securities,
as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Fund?s
internal control over financial reporting.   Accordingly, we express
no such opinion.

The management of the Fund is responsible for establishing
and maintaining effective internal control over financial
reporting.  In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls.  A Fund?s internal control
over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles.  Such internal control includes policies and procedures
that provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or disposition of
a company?s assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a
control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A significant deficiency is
a control deficiency, or combination of control deficiencies, that
adversely affects the Fund?s ability to initiate, authorize, record,
process or report financial data reliably in accordance with
generally accepted accounting principles such that there is more
than a remote likelihood that a misstatement of the Fund?s annual
or interim financial statements that is more than inconsequential
will not be prevented or detected. A material weakness is a
significant deficiency, or combination of significant deficiencies,
that results in more than a remote likelihood that a material
misstatement of the annual or interim financial statements will
not be prevented or detected.

Our consideration of the funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies
in internal control that might be significant deficiencies or
material weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Fund?s internal control
over financial reporting and its operation, including controls for
safeguarding securities, that we consider to be a material weakness
as defined above as of September 30, 2005.

This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of H&Q
Life Sciences Investors, and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.

Deloitte & Touche LLP

Independent Registered Public Accounting Firm
Boston, MA
November 18, 2005

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>votes.txt
<DESCRIPTION>MEETING RESULTS
<TEXT>
HQL

ANNUAL MEETING REPORT

An Annual Meeting of Shareholders was held on June 14, 2005
at 9:00am.  The Shareholders voted to elect three Trustees of
the Fund to hold office for a term of three years or until their
respective successors shall have been duly elected and
qualified.  The following votes were cast with respect to each
of the nominees.

			 For	          Withheld  Broker Non Votes
Robert P. Mack, M.D.	 11,124,870    119,760		0
Eric Oddleifson	 11,119,089	  25,542		0
Oleg M. Pohotsky	 11,009,551     235,080		0

The nominees were elected to serve until the 2008 Annual
Meeting.  Daniel R. Omstead, Ph.D., and Henri Termeer will
serve until the 2006 Annual Meeting.  Trustees serving until the
2007 Annual Meeting are Lawrence S. Lewin and Uwe E.
Reinhardt, Ph.D.

The Shareholders ratified the appointment of Deloitte &
Touche LLP as the independent registered public accountants of
the Fund for the fiscal year ending September 30, 2005 by the
following votes.

				For		11,139,555
				Against	       38,300
				Abstain	       66,772
				No Vote	                4

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
