<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>HQH77b.txt
<DESCRIPTION>EXHIBIT 77B
<TEXT>
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, 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 Funds 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 companys 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
withthe 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
assignedfunctions, 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 company's 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
necessarilydisclose all deficiencies in internal control that might be material
weaknessesunder standards established by the Public Company Accounting Oversight
Board (United States). However, we noted no deficiencies in the Company's
internal control over financial reporting and its operation, including controls
for safeguarding securities that we consider to be a material weakness, as
definedabove, 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 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.

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