-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DAVj1INGG1X3vj8TMytvtOMSVrbJxCPeWfwyHc16xww5lA1TqkvP8N1YT/KB8RGS S7gFrzVvn05+nydzTP7vjA== 0001029869-97-001363.txt : 19971127 0001029869-97-001363.hdr.sgml : 19971127 ACCESSION NUMBER: 0001029869-97-001363 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971126 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: H&Q LIFE SCIENCES INVESTORS CENTRAL INDEX KEY: 0000884121 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 043147016 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: SEC FILE NUMBER: 811-06565 FILM NUMBER: 97729556 BUSINESS ADDRESS: STREET 1: 50 ROWES WHARF STREET 2: HAMBRECHT & QUIST FOURTH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6175740500 MAIL ADDRESS: STREET 1: 50 ROWES WHARF STREET 2: HAMBRECHT & QUIST 4TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 NSAR-B 1 N-SAR (3.0) PAGE 1 000 B000000 09/30/97 000 C000000 0000884121 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 3.0 000 J000000 U 001 A000000 H&Q LIFE SCIENCES 001 B000000 811-6565 001 C000000 6175740567 002 A000000 50 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 0 020 A000001 MIDLAND WALWYN 020 C000001 10 020 A000002 DILLON READ 020 C000002 9 020 A000003 ALEX BROWN 020 C000003 3 020 A000004 CONEN 020 C000004 3 021 000000 25 022 A000001 FORD MOTOR CP 022 C000001 111959 022 D000001 0 022 A000002 GMAC CP 022 C000002 99561 022 D000002 0 022 A000003 CONEN 022 C000003 2178 022 D000003 4443 022 A000004 GE CAPITAL CP 022 C000004 2996 022 D000004 0 022 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TITLE TREASURER EX-23 2 AUDIT REPORT [LETTERHEAD] Arthur Andersen LLP EX. 23 To the Board of Directors of H&Q Healthcare Investors: In planning and performing our audit of the financial statements of H&Q Healthcare Investors for the year ended September 30, 1997, we considered its internal control structure, including procedures 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 the internal control structure. The management of H&Q Healthcare Investors is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. Two of the objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and transactions are executed in accordance with management's authorization and recorded properly to permit preparation of financial statements in conformity with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may occur and may not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding securities, that we consider to be material weaknesses as defined above as of September 30, 1997. This report is intended solely for the information and use of management and the Securities and Exchanges Commission. /s/ Arthur Andersen, LLP Arthur Andersen, LLP Boston, Massachusetts October 31, 1997 EX-27 3 FDS
6 H&Q Life Sciences 0000884121 YEAR SEP-30-1997 OCT-01-1996 SEP-30-1997 88,099,010 132,072,932 530 99,804 0 132,173,266 0 0 185,533 185,533 0 83,597,931 7,011,362 0 0 0 4,415,880 0 43,973,922 131,987,733 70,500 250,751 0 1,858,948 (1,534,917) 5,271,705 11,448,022 15,184,810 0 0 (10,949,328) 0 0 0 0 8,840,940 11,562,205 23,276,482 0 0 1,562,256 0 1,858,948 111,301 18.445 (0.072) 2.092 0 1.64 0 18.825 1.67 0 0

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