<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>hqhaudit.txt
<DESCRIPTION>AUDIT LETTER
<TEXT>
Exhibit 77B

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

In planning and performing our audit of the financial statements of HQ
Healthcare 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 Healthcare
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


















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