UNITED STATES

OMB APPROVAL

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

OMB Number:  3235-0582

Expires:    March 31, 2006

Estimated average burden hours per response......14.4

Investment Company Act file number   811-04889

H&Q Healthcare Investors

(Exact name of registrant as specified in charter)

30 Rowes Wharf,  Boston, MA

02110

(Address of principal executive offices)

(Zip code)

Kimberley Carroll

H&Q Healthcare Investors

30 Rowes Wharf, Boston MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code:  617 772-8500

Date of fiscal year end:  9/30/04

Date of reporting period:  6/30/04

(a)

The name of the issuer of the portfolio security;

(b)

The exchange ticker symbol of the portfolio security;

(c)

The Council on Uniform Securities Identification Procedures (“CUSIP”) number for the portfolio security;

(d)

The shareholder meeting date;

(e)

A brief identification of the matter voted on;

(f)

Whether the matter was proposed by the issuer or by a security holder;

(g)

Whether the registrant cast its vote on the matter;

(h)

How the registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors);
and

(i)

Whether the registrant cast its vote for or against management.

CUSIP

Ticker
Symbol

Company
Name

00724X102

ADLR

Adolor Corporation

Meeting Date:

5/13/2004

Meeting Type: Annual

Record Date:

3/17/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class III Director Paul Goddard, Ph.D.

For

No

None

Mgt.

1

Elect Class III Director Claude H. Nash, Ph.D.

For

No

None

Mgt.

1

Elect Class III Director Donald Nickelson

For

No

None

Mgt.

2

Ratify KPMG LLP as Independent Auditor(s)

For

No

None

Mgt.

3

Other business (non-voting)

038505103

ARDM

Aradigm Corporation

Meeting Date:

5/20/2004

Meeting Type: Annual

Record Date:

3/31/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1.01

Elect Director Frank H. Barker

For

Yes

Yes

Mgt.

1.02

Elect Director Wayne I. Roe

For

Yes

Yes

Mgt.

1.03

Elect Director Richard P. Thompson

For

Yes

Yes

Mgt.

1.04

Elect Director Virgil D. Thompson

For

Yes

Yes

Mgt.

1.05

Elect Director Igor Gonda

For

Yes

Yes

Mgt.

1.06

Elect Director Stan M. Benson

For

Yes

Yes

Mgt.

1.07

Elect Director John M. Nehra

For

Yes

Yes

Mgt.

1.08

Elect Director Stephen O. Jaeger

For

Yes

Yes

Mgt.

2

Approve amendment to increase authorized shares of common stock from 100,000,000 to 150,000,000

For

Yes

Yes

Mgt.

3

Ratify Ernst & Young LLP as Independent Auditor(s)

For

Yes

Yes

Mgt.

031162100

AMGN

Amgen, Inc.

Meeting Date:

5/13/2004

Meeting Type: Annual

Record Date:

3/19/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Director Frank J. Biondi, Jr.

For

No

None

Mgt.

1

Elect Director Jerry D. Choate

For

No

None

Mgt.

1

Elect Director Frank C. Herringer

For

No

None

Mgt.

1

Elect Director Dr. Gilbert S. Omenn

For

No

None

Mgt.

2

Ratify Ernst & Young LLP as Independent Auditor(s)

For

No

None

Mgt.

3.1

Stockholder proposal requesting EEO disclosure

No

No

None

Shareholder

3.2

Stockholder proposal that Amgen adopt policy that cost of stock options granted to employees and directors be recognized as expense on income statement

No

No

None

Shareholder

09065H105

BPUR

Biopure

Meeting Date:

4/7/2004

Meeting Type: Annual

Record Date:

2/2/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class II Director Daniel P. Harrington

For

Yes

Yes

Mgt.

2

Amend 2002 Omnibus Securities & Incentive Plan

For

Yes

Yes

Mgt.

3

Approve issuance and sale of Class A common stock and warrants to three directors or associates

For

Yes

Yes

Mgt.

4

Other business (non-voting)

151020104

CELG

Celgene Corporation

Meeting Date:

6/15/2004

Meeting Type: Annual

Record Date:

4/28/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Director John W. Jackson

For

No

None

Mgt.

1

Elect Director Sol J. Barer, Ph. D.

For

No

None

Mgt.

1

Elect Director Robert J. Hugin

For

No

None

Mgt.

1

Elect Director Jack L. Bowman

For

No

None

Mgt.

1

Elect Director Frank T. Cary

For

No

None

Mgt.

1

Elect Director Michael D. Casey

For

No

None

Mgt.

1

Elect Director Arthur Hull Hayes, Jr., M.D.

For

No

None

Mgt.

1

Elect Director Gilla Kaplan, Ph.D.

For

No

None

Mgt.

1

Elect Director Richard C.E. Morgan

For

No

None

Mgt.

1

Elect Director Walter L. Robb, Ph.D.

For

No

None

Mgt.

2

Approve amendment to increase authorized shares of stock to 280,000,000

For

No

None

Mgt.

3

Ratify KPMG LLP as Independent Auditor(s)

For

No

None

Mgt.

4

Other Business (non-voting)

Ceres, Inc.

Meeting Date:

5/27/2004

Meeting Type: Annual

Record Date:

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Election of Director Walter De Logi

For

Yes

Yes

Mgt.

1

Election of Director Pascal Brandys

For

Yes

Yes

Mgt.

1

Election of Director Frank Bulens

For

Yes

Yes

Mgt.

1

Election of Director Raymond Debbane

For

Yes

Yes

Mgt.

1

Election of Director Robert Goldberg

For

Yes

Yes

Mgt.

1

Election of Director Richard Hamilton

For

Yes

Yes

Mgt.

1

Election of Director Thomas Kiley

For

Yes

Yes

Mgt.

1

Election of Director Edmund Olivier

For

Yes

Yes

Mgt.

2

Increase maximum shares of common stock available for stock option grants under the 2000 Stock Option/Stock Issuance Plan

For

Yes

Yes

Mgt.

3

Ratify KPMG LLP as Independent Auditor(s)

For

Yes

Yes

Mgt.

159864107

CRL

Charles River Laboratories

Meeting Date:

5/12/2004

Record Date:

3/15/2004

Meeting Type: Annual

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Director James C. Foster

For

No

None

Mgt.

1

Elect Director Robert Cawthorn

For

No

None

Mgt.

1

Elect Director Stephen D. Chubb

For

No

None

Mgt.

1

Elect Director George E. Massaro

For

No

None

Mgt.

1

Elect Director George M. Milne

For

No

None

Mgt.

1

Elect Director Douglas E. Rogers

For

No

None

Mgt.

1

Elect Director Samuel O. Thier

For

No

None

Mgt.

1

Elect Director William H. Waltrip

For

No

None

Mgt.

2

Ratify PricewaterhouseCoopers LLP as Independent Auditor(s)

For

No

None

Mgt.

3

Other Business (non-voting)

21887F100

CRXA

Corixa Corporation

Meeting Date:

5/28/2004

Meeting Type: Annual

Record Date:

4/15/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Director Steven Gillis, Ph.D.

For

Yes

Yes

Mgt.

1

Elect Director Ronald Hunt

For

Yes

Yes

Mgt.

1

Elect Director Robert Momsen

For

Yes

Yes

Mgt.

1

Elect Director Arnold L. Oronsky, Ph.D.

For

Yes

Yes

Mgt.

1

Elect Director Samuel R. Saks, M.D.

For

Yes

Yes

Mgt.

1

Elect Director Gregory Sessler

For

Yes

Yes

Mgt.

1

Elect Director James W. Young, Ph.D

For

Yes

Yes

Mgt.

2

Approval of reincorporation from Delaware to Washington

For

Yes

Yes

Mgt.

3

Ratify Ernst & Young LLP as Independent Auditor(s)

For

Yes

Yes

Mgt.

22943D105

CTMI

CTI Molecular Imaging, Inc.

Meeting Date:

4/6/2004

Meeting Type: Annual

Record Date:

3/2/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class II Director Wolf-Ekkehard Blanz, Ph.D.

For

No

None

Mgt.

1

Elect Class II Director Hamilton Jordan

For

No

None

Mgt.

1

Elect Class II Director Michael E. Phelps, Ph.D.

For

No

None

Mgt.

2

Ratify reappointment of PricewaterhouseCoopers LLP as Independent Auditor(s)

For

No

None

Mgt.

3

Approve and Adopt amendment to 2002 Long-Term Incentive Plan

For

No

None

Mgt.

4

Other business (non-voting)

229678107

CBST

Cubist Pharmaceuticals

Meeting Date:

6/10/2004

Meeting Type: Annual

Record Date:

4/12/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class II Director Michael W. Bonney

For

Yes

Yes

Mgt.

1

Elect Class II Director Susan B. Bayh

For

Yes

Yes

Mgt.

1

Elect Class II Director Walter R. Maupay

For

Yes

Yes

Mgt.

2

Ratify, adopt and approve amendment to increase number of authorized shares of common stock from 50,000,000 to 100,000,000

For

Yes

Yes

Mgt.

3

Ratify, adopt and approve 2002 Directors Stock Option Plan

For

Yes

Yes

Mgt.

126667104

CVTX

CV Therapeutics, Inc.

Meeting Date:

5/26/2004

Meeting Type: Annual

Record Date:

3/31/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Director Thomas L. Gutshall

For

No

None

Mgt.

1

Elect Director Kenneth B. Lee, Jr.

For

No

None

Mgt.

1

Elect Director Costa G. Sevastopoulos, Ph.D.

For

No

None

Mgt.

2

Approve amendment and restatement of 2000 Equity Incentive Plan

For

No

None

Mgt.

3

Ratify Ernst & Young LLP as Independent Auditor(s)

For

No

None

Mgt.

4

Other Business (non-voting)

23499A933

DakoCytomation A/S

Meeting Date:

5/13/2004

Meeting Type: Annual

Record Date:

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

2

Approval of Annual Report, Group Accounts, and Operating and Financial Review

For

Yes

Yes

Mgt.

3

Resolution to discharge Board of Directors and Management from their obligations

For

Yes

Abstain

Mgt.

4

4

Resolution to transfer of profit according the Annual Report

For

Yes

Yes

Mgt.

5

Elect Director Sonnich Fryland

For

Yes

Yes

Mgt.

5

Elect Director Patrik Dahlen

For

Yes

Yes

Mgt.

5

Elect Director Viggo Harboe

For

Yes

Yes

Mgt.

5

Elect Director Kurt Anker Nielsen

For

Yes

Yes

Mgt.

5

Elect Director Steven P. Novak

For

Yes

Yes

Mgt.

6

Election of Independent Auditor(s)

For

Yes

Yes

Mgt.

7

Ratification of warrants granted in accordance with article 3B of Articles of Association

For

Yes

Yes

Mgt.

8

Acquisition of own shares up to 10% of share capital

For

Yes

Yes

Mgt.

9A

Amendments of Articles of Association

For

Yes

Yes

Mgt.

9A-1

Resolution to extend authorization to increase the share capital

For

Yes

Yes

Mgt.

9A-2

Resolution to extend exercise period for warrants to employees

For

Yes

Yes

Mgt.

9A-3

Resolution to change terminology of article 7.2

For

Yes

Yes

Mgt.

9A-4

Resolution to amend signature rules in article 8

For

Yes

Yes

Mgt.

9B

Resolution to authorize chairman of the meeting

For

Yes

Yes

Mgt.

243586104

DCGN

deCODE genetics, Inc.

Meeting Date:

10/3/2003

Meeting Type: Annual

Record Date:

8/28/2003

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class II Director Jean-Francois Formela

For

No

None

Mgt.

1

Elect Class II Director J. Neal Armstrong

For

No

None

Mgt.

2

Ratify PricewaterhouseCoopers LLP as Independent Auditor(s)

For

No

None

Mgt.

249908104

DEPO

DepoMed, Inc.

Meeting Date:

5/27/2003

Meeting Type: Annual

Record Date:

4/5/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Director John W. Fara, Ph.D

For

Yes

Yes

Mgt.

1

Elect Director G. Steven Burrill

For

Yes

Yes

Mgt.

1

Elect Director Michael J. Callaghan

For

Yes

Yes

Mgt.

1

Elect Director Gerald T. Proehl

For

Yes

Yes

Mgt.

1

Elect Director John W. Shell, Ph.D

For

Yes

Yes

Mgt.

1

Elect Director Craig R. Smith, M.D.

For

Yes

Yes

Mgt.

1

Elect Director Peter D. Staple

For

Yes

Yes

Mgt.

1

Elect Director Julian Stern

For

Yes

Yes

Mgt.

2

Approve Adoption of Company’s 2004 Equity Incentive Plan

For

Yes

Yes

Mgt.

3

Approve Adoption of Company’s 2004 employee stock purchase plan

For

Yes

Yes

Mgt.

4

Ratify Ernst & Young as Independent Auditor(s)

For

Yes

Yes

Mgt.

266605104

DRRX

DURECT Corporation

Meeting Date:

6/3/2004

Meeting Type: Annual

Record Date:

4/6/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class I Director Felix Theeuwes, D.Sc.

For

No

None

Mgt.

1

Elect Class I Director Albert L. Zesiger

For

No

None

Mgt.

2

Ratify Ernst & Young LLP as Independent Auditor(s)

For

No

None

Mgt.

26746E103

DYAX

Dyax Corp.

Meeting Date:

5/20/2004

Meeting Type: Annual

Record Date:

3/26/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class I Director Henry E. Blair

For

Yes

Yes

Mgt.

1

Elect Class I Director Susan B. Bayh, J.D.

For

Yes

Yes

Mgt.

2

Amend Restated Certificate of Incorporation to increase authorized number of common shares from 50,000,000 to 125,000,000

For

Yes

Yes

Mgt.

29256X107

ENCY

Encysive Pharmaceuticals, Inc.

Meeting Date:

5/11/2004

Meeting Type: Annual

Record Date:

3/29/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Director John M. Pietruski

For

No

None

Mgt.

1

Elect Director Bruce D. Given, M.D.

For

No

None

Mgt.

1

Elect Director Richard A.F. Dixon, Ph.D.

For

No

None

Mgt.

1

Elect Director James T. Willerson, M.D.

For

No

None

Mgt.

1

Elect Director Ron J. Anderson. M.D.

For

No

None

Mgt.

1

Elect Director Frank C. Carlucci

For

No

None

Mgt.

1

Elect Director Robert J. Cruikshank

For

No

None

Mgt.

1

Elect Director Suzanne Oparil, M.D.

For

No

None

Mgt.

1

Elect Director William R. Ringo, Jr.

For

No

None

Mgt.

1

Elect Director James A. Thomson, Ph.D.

For

No

None

Mgt.

2

Consider and act on proposal to amend Amended and Restated 1999 Stock Incentive Plan

For

No

None

Mgt.

3

Other buisness (non-voting)

292962107

ECSI

Endocardial Solutions

Meeting Date:

5/18/2004

Meeting Type: Annual

Record Date:

4/5/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1.01

Elect Director James W. Bullock

For

No

None

Mgt.

1.02

Elect Director Graydon E. Beatty

For

No

None

Mgt.

2

Other business

For

No

None

Mgt.

293904108

ENZN

Enzon Pharmaceuticals, Inc.

Meeting Date:

12/2/2003

Meeting Type: Annual

Record Date:

10/24/2003

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class II Director Dr. David W. Golde

For

No

None

Mgt.

1

Elect Class II Director Robert L. Parkinson, Jr.

For

No

None

Mgt.

2

Approve amendments to Company’s 2001 Incentive Stock Plan

For

No

None

Mgt.

3

Ratify KPMG LLP as Independent Auditor(s)

For

No

None

Mgt.

30161Q104

EXEL

Exelixis, Inc.

Meeting Date:

4/8/2004

Meeting Type: Annual

Record Date:

2/10/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Elect Class II Director Jason S. Fisherman, M.D.

For

No

None

Mgt.

1

Elect Class II Director Jean-Francois Formela, M.D.

For

No

None

Mgt.

1

Elect Class II Director Vincent T. Marchesi, M.D., Ph.D.

For

No

None

Mgt.

2

Ratify Ernst & Young LLP as Auditors

For

No

None

Mgt.

3

Approve amendment to increase authorized number of common

For

No

None

Mgt.

stock from 100,000,000 to 200,000,000

For

No

None

Mgt.

4

Approve amendment to the 2000 Non-Employee Directors’ Stock Option Plan to increase annual option grant to each director

For

No

None

Mgt.

5

Other business (non-voting)

372917104

GENZ

Genzyme Corporation

Meeting Date:

5/27/2004

Meeting Type: Annual

Record Date:

3/31/2004

#

Proposal

Mgt Rec

Voted

Vote Cast

Sponsor

1

Re-elect Director Henry E. Blair

For

No

None

Mgt.

1

Re-elect Director Douglas A. Berthiaume

For

No

None

Mgt.

1

Elect new Director Gail K. Boudreaux

For

No

None

Mgt.

2

Proposal to amend 1999 Employee Stock Purchase Plan to increase number of shares of common stock by 1,500,000 shares

For

No

None

Mgt.

3

Proposal to approve 2004 Equity Plan

For

No

None

Mgt.

4

Proposal to amend 1998 Directors Stock Option Plan to (i) increase number of shares of Genzyme General Stock by 200,000 shares and (ii) change formula for making annual option grants to Directors

For

No

None

Mgt.

5

Proposal to amend and restate Restated Articles of Organization

For

No

None

Mgt.

6

Ratify PricewaterhouseCoopers LLC as Independent Auditor(s)

For

No

None

Mgt.

7

Shareholder proposal to require granting of restricted stock in lieu of stock options