EX-99.77B ACCT LTTR

				hql77b.txt

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees 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, 2012, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered the Fund's 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 trustees 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, which we
consider to be a material weakness, as defined above, as of September
30, 2012.

This report is intended solely for the information and use of
management and the Board of Trustees 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


Boston, Massachusetts

November 26, 2012

EX-99.77C VOTES

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H&Q LIFE SCIENCES INVESTORS

ANNUAL MEETING REPORT

An Annual Meeting of Shareholders was held on June 11, 2012. Shareholders
voted to elect 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
Michael W. Bonney 	12,691,471 		328,678
Daniel R. Omstead 	12,679,868 		340,280
Rakesh K. Jain 		12,456,568 		563,580
Lucinda H. Stebbins 	12,699,876 		320,272

Daniel R. Omstead, Ph.D., Rakesh K. Jain, Ph.D. and Lucinda H. Stebbins,
CPA were elected to serve until the 2015 Annual Meeting.

Michael W. Bonney was elected to serve until the 2014 Annual Meeting.

Trustees serving until the 2013 Annual Meeting are Uwe E. Reinhardt.

Trustees serving until the 2014 Annual Meeting are William S. Reardon,
CPA and Oleg M. Pohotsky.

Shareholders ratified the appointment of Deloitte & Touche LLP as the
independent registered public accountants of the Fund for the fiscal
year ending September 30, 2012 by the following votes:

For 		Against 	Abstain
12,777,507 	122,555 	120,086

Shareholders opposed a shareholder proposal regarding annual terms of
trustees by the following votes:

For 		Against 	Abstain 	Non-Votes
3,300,728 	4,125,248 	267,636 	5,326,537