<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>audit.txt
<DESCRIPTION>AUDIT OPINION LETTER
<TEXT>
 Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of H&Q Healthcare Investors:

In planning and performing our audit of the financial statements
of H&Q Healthcare Investors (the ?Fund?) as of and for the year
ended September 30, 2005, in accordance with the standards
of the Public Company Accounting Oversight Board (United
States), we considered its internal control over financial
reporting, including control activities for 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.  Such internal
control includes policies and procedures that provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of a
company?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 control deficiency 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 significant
deficiency is a control deficiency, or combination of control
deficiencies, that adversely affects the Fund?s ability to initiate,
authorize, record, process or report financial data reliably in
accordance with generally accepted accounting principles such
that there is more than a remote likelihood that a misstatement
of the Fund?s annual or interim financial statements that is more
than inconsequential will not be prevented or detected. A
material weakness is a significant deficiency, or combination
of significant deficiencies, that results in more than a remote
likelihood that a material misstatement of the annual or interim
financial statements will not be prevented or detected.

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 significant deficiencies or
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, that we consider to be a material weakness
as defined above as of September 30, 2005.

This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of H&Q
Healthcare 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

Independent Registered Public Accounting Firm
Boston, MA
November 18, 2005
</TEXT>
</DOCUMENT>
