PAGE  1
000 A000000 03/31/2001
000 C000000 0000805267
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 H&Q HEALTHCARE INVESTORS
001 B000000 811-4889
001 C000000 6173100537
002 A000000 50 ROWES WHARF
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
022 A000001 FORD CP
022 C000001    220600
022 D000001         0
022 A000002 GE CREDIT CP
022 C000002    206100
022 D000002         0
022 A000003 GMAC CP
022 C000003    154200
022 D000003         0
022 A000004 PACIFIC GROWTH EQUITIES
022 C000004      1684
022 D000004     18526
022 A000005 AMERICAN EXPRESS CP
022 C000005     13000
022 D000005         0
022 A000006 PIPER JAFFREY
022 C000006         0
022 D000006     13451
022 A000007 GOLDMAN SACHS
022 C000007         0
022 D000007      4280
022 A000008 LEHMAN BROTHERS
022 C000008         0
022 D000008      2923
022 A000009 CHARLES SCHWAB
022 C000009         0
022 D000009      2526
022 A000010 ROBERTSON STEVENS
022 C000010         0
      PAGE  2
022 D000010      2498
023 C000000     595860
023 D000000      48971
024  000000 N
027  000000 N
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
      PAGE  3
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000     27684
071 B000000     60509
071 C000000    343680
071 D000000    8
072 A000000  6
072 B000000     1545
072 C000000        8
072 D000000        0
072 E000000        0
072 F000000     2151
072 G000000        0
072 H000000        0
072 I000000       13
072 J000000       19
072 K000000       12
072 L000000       14
072 M000000       37
072 N000000        0
072 O000000        0
072 P000000        0
072 Q000000        0
072 R000000        9
072 S000000       18
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000       27
072 X000000     2300
072 Y000000        0
072 Z000000     -747
072AA000000    47591
072BB000000      130
      PAGE  4
072CC010000   103521
072CC020000        0
072DD010000        0
072DD020000        0
072EE000000    38327
073 A010000   0.0000
073 A020000   0.0000
073 B000000   3.5890
073 C000000   0.0000
074 A000000      776
074 B000000        0
074 C000000    44418
074 D000000     6176
074 E000000    45310
074 F000000   208702
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000        0
074 K000000        0
074 L000000       72
074 M000000      168
074 N000000   305622
074 O000000        0
074 P000000        0
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000     5707
074 S000000        0
074 T000000   299915
074 U010000    10174
074 U020000        0
074 V010000    36.99
074 V020000     0.00
074 W000000   0.0000
074 X000000        0
074 Y000000        0
075 A000000        0
075 B000000   379143
076  000000    20.79
077 A000000 N
078  000000 N
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
087 A010000 H&Q HEALTHCARE INVESTORS
087 A020000 404052102
087 A030000 HQH
      PAGE  5
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   KIM CARROLL
TITLE       TREASURER