EX-99.77B ACCT LTTR

Exhibit 77B

Report of Independent Registered Public Accounting Firm
To the Trustees and Shareholders of HQ Life Science Investors

In planning and performing our audit of the financial statements of HQ
Life Science Investors the Fund as of and for the year ended September
30, 2007, 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, 2007.
This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of HQ 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  TOUCHE LLP
Boston, Massachusetts
November 16, 2007

EX-99.77C VOTES

Exhibit 77C

An Annual Meeting of Shareholders was held on June 21,
2007 and adjourned on July 20, 2007 in order to permit
shareholders further time to respond to the solicitation of proxies.
The description of each proposal and number of votes cast by
shareholders are as follows

1.To elect four Trustees of the Fund for a term of two to three
years or until his respective successor shall have been duly
elected and qualified.  The Trustees were elected to serve
until the 2010 Annual Meeting, except for Rakesh K. Jain,
Ph.D. who was elected to serve until the 2009 Annual
Meeting.

				For		Withheld

Rakesh K. Jain, Ph.D.		12,677,346	888,226
Lawrence S. Lewin		12,777,670	787,902
Uwe E. Reinhardt, Ph.D.	        12,757,218	808,354

Trustees serving until the 2008 Annual Meeting are Robert
P. Mack, Eric Oddleifson, and Oleg M. Pohotsky.  Trustees
serving until the 2009 Annual Meeting are Daniel R.
Omstead, Ph.D. and Lucinda Stebbins, CPA.

2.To ratify the appointment of Deloitte  Touche LLP as the
independent registered public accountants of the Fund for
the fiscal year ending September 30, 2007.

For		Against		Withheld
13,020,601	245,113		299,858

3.To eliminate the Funds fundamental investment restriction
with respect to the percentage of the outstanding voting
securities of any one issuer that the Fund may purchase.

For		Against		Abstain   NonVotes

9,767,437	793,447		476,045   3,389,654


4.To amend the Funds fundamental investment restriction
with respect to the percentage of portfolio securities that
may be on loan.

For		Against		Abstain   NonVotes

9,703,523	851,604		481,802   3,389,654