<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>hqlaltr.txt
<DESCRIPTION>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
Report of Independent Registered Public Accounting Firm
To the Trustees and Shareholders of H and Q Life Science Investors:

In planning and performing our audit of the financial statements of
H and Q Life Science Investors (the Fund) as of and for the year ended
September 30, 2008, 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
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, 2008.

This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of H and Q Life Science
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 and TOUCHE LLP

Boston, Massachusetts
November 20, 2008
</TEXT>
</DOCUMENT>
