EX-99.77B ACCT LTTR

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

EX-99.77C VOTES

ANNUAL MEETING REPORT

   An Annual Meeting of Shareholders was held on June 12, 2008.
Shareholders voted to elect three Trustees of the Fund to hold office
for a term of three years or until their respective successors shall
have been duly elected and qualified. The following votes were cast
with respect to each of the nominees.

                      For          Withheld
Rober P. Mack, M.D.   16,695,672   1,370,985
Eric Oddleifson       16,824,029   1,242,648
Oleg Pohotsky         16,683,030   1,383,647

   The nominees were elected to serve until the 2011 Annual Meeting.
Trustees serving until the 2009 Annual Meeting are Rakesh K. Jain,
Ph.D., Daniel R. Omstead, Ph.D. and Lucinda H. Stebbins. Trustees
serving until the 2010 Annual Meeting are Lawrence S. Lewin and Uwe E.
Reinhardt, Ph.D.

   Shareholders ratified the appointment of Deloitte & Touche LLP as
the independent registered public accountants of the Fund for the
fiscal year ending September 30, 2008 by the following votes.

For          Against   Abstain
17,669,021   198,608   199,048

EX-99.77C VOTES

SHAREHOLDER PROPOSALS

   On July 17, 2008, the Board of Trustees amended the by-laws of the
Fund. The Trustees determined that the by-laws should be updated in
order to ensure an orderly and informed shareholder meeting process for
all participating shareholders. Generally, the amendments:
(i) provide that holders of a majority of shares of the Fund entitled
to vote at a meeting may call a special meeting of shareholders, (ii)
further specify the process for calling such a meeting, and (iii)
establish time periods and information requirements for calling a
special meeting and for the submission of shareholder proposals (other
than pursuant to regulations of the U.S. Securities and Exchange
Commission (SEC)). These amendments do not affect the notice period for
each shareholder proposal submitted for inclusion in the Funds proxy
statements pursuant to the SECs rules. With respect to other
nominations or proposals, for each annual meeting of shareholders, the
amended by-laws require that the Fund receive notice of the nomination
or proposal and certain additional information at least 90 days but no
more than 120 days in advance of the first anniversary of the previous
years annual meeting. For each special meeting of shareholders, the
amended by-laws require that the Fund receive notice of a nomination or
proposal within 10 business days after the meeting is publicly
announced, including by press release, a filing with the SEC, or a
posting on the Advisers website. The amended by-laws have been filed
as an exhibit to the Funds registration statement on Form N-2. The
Funds Form N-2 is available at the SECs website at www.sec.gov.
   Shareholder proposals for the Funds 2009 annual meeting of
shareholders must be received at the Funds executive offices (2
Liberty Square, 9th Floor, Boston, Massachusetts 02109) no later than
January 8, 2009, in order to be included in the Funds proxy statement
and form of proxy. Other shareholder nominations or proposals for the
Funds 2009 annual meeting must be received at the Funds executive
offices between February 12, 2009, and March 14, 2009. Submission of
such proposals does not ensure that they will be included in the proxy
statement or submitted for a vote at the 2009 annual meeting.