EX-99.77C VOTES

ANNUAL MEETING REPORT

An Annual Meeting of Shareholders was held on June 7, 2013.
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
Uwe E. Reinhardt        12,708,106   445,901

Uwe E. Reinhardt was elected to serve until the 2016 Annual Meeting.

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

Trustees serving until the 2015 Annual Meeting are Rakesh K. Jain, Ph.D.,
Daniel R. 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, 2013 by the following votes:

For           Against      Abstain
13,009,075    85,492       59,441

EX-99.77B ACCT LTTR

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, 2013, 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 companys
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 company'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 company; (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 company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of a companys 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 companys
annual or interim financial statements will not be prevented or detected
on a timely basis.

Our consideration of the Funds 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 Funds
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, 2013. 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 Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.

/s/Deloitte & Touche LLP
Boston, Massachusetts
November 25, 2013