<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 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, 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
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

Independent Registered Public Accounting Firm
Boston, MA
November 18, 2005

</TEXT>
</DOCUMENT>
