-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001254774-06-000002.txt : 20061002
<SEC-HEADER>0001254774-06-000002.hdr.sgml : 20061002
<ACCEPTANCE-DATETIME>20061002124050
ACCESSION NUMBER:		0001254774-06-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060928
FILED AS OF DATE:		20061002
DATE AS OF CHANGE:		20061002

ISSUER:		

	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

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OMSTEAD DANIEL R
		CENTRAL INDEX KEY:			0001254774

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		061119665

	MAIL ADDRESS:	
		STREET 1:		C/O H&Q HEALTHCARE INVESTORS
		STREET 2:		30 ROWES WHARF, 4TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110-3328
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-09-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000884121</issuerCik>
        <issuerName>H&amp;Q LIFE SCIENCES INVESTORS</issuerName>
        <issuerTradingSymbol>HQL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001254774</rptOwnerCik>
            <rptOwnerName>OMSTEAD DANIEL R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O H&amp;Q LIFE SCIENCES INVESTORS</rptOwnerStreet1>
            <rptOwnerStreet2>30 ROWES WHARF, 4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02110-3328</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Shares of Beneficial Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2006-09-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1666</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.82</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5665</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>HQL Non-Transferable Right</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>12.82</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-09-28</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-10-02</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>3999</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-09-05</value>
            </exerciseDate>
            <expirationDate>
                <value>2006-09-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Shares of Beneficial Interest</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1666</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Subject to availability of shares.</footnote>
        <footnote id="F2">The reporting person acquired non-transferable rights as a result of a pro rata distribution of such rights to shareholders of record on August 18, 2006.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Daniel R. Omstead</signatureName>
        <signatureDate>2006-10-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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