<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>HQH77b.txt
<DESCRIPTION>ACCOUNTING
<TEXT>
				hqh77b.txt

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees 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, 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 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


Boston, Massachusetts

November 26, 2012
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