<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>hqlaudit.txt
<DESCRIPTION>AUDIT 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, 2006, 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 NSAR, 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.

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.  The Funds
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 accounting principles generally accepted in
the United States of America (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 Funds 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 affect the Funds 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 Funds 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 Funds internal controls 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, 2006.

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 those specified parties.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
November 17, 2006


















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