-----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,
 Vh4K1qCxKbmeSAPdq+wdWiGReZj71WtNwOqzFiNVkPK1ytYLQScC/9qf8OOpt0qj
 L0KNqwRA0vmH0FZHY3sy7w==

<SEC-DOCUMENT>0001346225-05-000008.txt : 20051207
<SEC-HEADER>0001346225-05-000008.hdr.sgml : 20051207
<ACCEPTANCE-DATETIME>20051207140931
ACCESSION NUMBER:		0001346225-05-000008
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051207
FILED AS OF DATE:		20051207
DATE AS OF CHANGE:		20051207

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Akus Jason
		CENTRAL INDEX KEY:			0001346225

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		051249234

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		617.772.8500

	MAIL ADDRESS:	
		STREET 1:		HAMBRECHT & QUIST
		STREET 2:		30 ROWES WHARF, SUITE 430
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-12-07</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001346225</rptOwnerCik>
            <rptOwnerName>Akus Jason</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>HAMBRECHT &amp; QUIST</rptOwnerStreet1>
            <rptOwnerStreet2>30 ROWES WHARF, SUITE 430</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02110</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President Research</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>None</remarks>

    <ownerSignature>
        <signatureName>Jason Akus, MD</signatureName>
        <signatureDate>2005-12-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----