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<SEC-DOCUMENT>0000884121-10-000008.txt : 20101129
<SEC-HEADER>0000884121-10-000008.hdr.sgml : 20101129
<ACCEPTANCE-DATETIME>20101129143201
ACCESSION NUMBER:		0000884121-10-000008
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100930
FILED AS OF DATE:		20101129
DATE AS OF CHANGE:		20101129
EFFECTIVENESS DATE:		20101129

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:		101218471

	BUSINESS ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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001 A000000 H&Q LIFE SCIENCES INVESTORS
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001 C000000 6177728500
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002 C000000 MA
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012 B000001 85-113400
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<PAGE>      PAGE  2
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020 A000001 PERSHING LLC
020 B000001 13-3769702
020 C000001    106
020 A000002 GOLDMAN SACHS & CO.
020 B000002 13-3175029
020 C000002     71
020 A000003 JPMORGAN CHASE & CO.
020 B000003 13-3224016
020 C000003     57
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020 A000005 JEFFERIES & COMPANY, INC.
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020 B000008 06-1031656
020 C000008     27
020 A000009 RIDGE CLEARING & OUTSOURCING SOLUTIONS
020 B000009 13-2967453
020 C000009     20
020 A000010 PIPER JAFFRAY & CO., INC.
020 B000010 41-0953246
020 C000010     18
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<PAGE>      PAGE  3
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022 A000007 DEUTSCHE BANK
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022 C000007      1406
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022 C000008      1069
022 D000008         0
022 A000009 MORGAN STANLEY
022 B000009 13-2655998
022 C000009       965
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022 A000010 EUTHYMICS BIOSCIENCES, INC.
022 C000010       432
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<PAGE>      PAGE  9
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SIGNATURE   LAURA WOODWARD
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>annualmeetingreportex77c.txt
<TEXT>
ANNUAL MEETING REPORT

An Annual Meeting of Shareholders was held on June 8, 2010. Shareholders
voted to elect three Trustees of the Fund to hold office for the terms
described below 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
Lawrence S. Lewin 		17,758,223 	1,905,340
William S. Reardon, CPA		17,603,970	2,059,563
Uwe E. Reinhardt, Ph.D. 	17,723,087 	1,940,446

Lawrence S. Lewin and Uwe E. Reinhardt, Ph.D.were elected to serve
until the 2013 Annual Meeting. William S. Reardon, CPA was elected to serve
until the 2011 Annual Meeting. Other Trustees serving until the 2011
Annual Meeting are Eric Oddleifson and Oleg Pohotsky.
Trustees serving until the 2012 Annual Meeting are Rakesh K. Jain, Ph.D.,
Daniel Omstead, Ph.D. and Lucinda H. Stebbins, CPA.

Shareholders ratified the appointment of Deloitte & Touche LLP as the
independent registered public accountants of the Fund for the fiscal
year ending September 30, 2010 by the following

votes:

For 		 Against 		Abstain
18,470,168	 982,257 		211,108
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>hql77b.txt
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of 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,
2010, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered the Funds internal control
over financial reporting, including controls over 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. A Fund's internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Fund; (2)
provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the
Fund are being made only in accordance with authorizations of management
and directors of the Fund; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a fund'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 deficiency in internal control over financial reporting 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 material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of
the Fund's annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's 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
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, 2010.

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

Deloitte & Touche LLP
Boston, Massachusetts
November 24, 2010

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