<DOCUMENT>
<TYPE>EX-99.(D)(IV)
<SEQUENCE>5
<FILENAME>a2136845zex-99_div.txt
<DESCRIPTION>EXHIBIT 99(D)(IV)
<TEXT>
<PAGE>



                                                             Exhibit 99(d)(iv)



                            H&Q HEALTHCARE INVESTORS
                                 RIGHTS OFFERING

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                         BENEFICIAL OWNER CERTIFICATION
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The undersigned, a bank, broker or other nominee of Rights to purchase shares of
beneficial interest ("Shares") of H&Q Healthcare Investors ("Trust") pursuant to
the rights offering ("Offer") described and provided for in the Trust's
Prospectus, dated May 26, 2004 ("Prospectus"), hereby certifies to the Trust and
to EquiServe Trust Company, as Subscription Agent for the Offer, that for each
separate line filled in below the undersigned has exercised, on behalf of the
beneficial owner thereof (which may be the undersigned), the number of Rights
specified on such line pursuant to the Primary Subscription (as defined in the
Prospectus) and such beneficial owner wishes to subscribe for the purchase of
additional Shares pursuant to the Over-Subscription Privilege (as defined in the
Prospectus), in the amount set forth in the third column of such line:

<TABLE>
<CAPTION>
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                   I                                      II                                     III
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                                                   NUMBER OF RIGHTS                     NUMBER OF SHARES REQUESTED
            NUMBER OF RECORD DATE             EXERCISED PURSUANT TO THE                         PURSUANT TO
               SHARES OWNED                      PRIMARY SUBSCRIPTION                  OVER-SUBSCRIPTION PRIVILEGE
<S>                                       <C>                                       <C>
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Total =                                Total =                                   Total =
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</TABLE>


<TABLE>
<S>                                                 <C>
By:                                                   Number of Nominee Holder
    ---------------------------------------                                    ---------------------
    Name:
    Title:

Dated:                              , 2004
       ---------------------------

Provide the following information if applicable.

DTC Participant Number                                Name of Broker:
                       -------------------                            ------------------------------

DTC Primary Subscription
Confirmation Number                                   Address:
                    ----------------------                     -------------------------------------

                                                               -------------------------------------

                                                               -------------------------------------

                                                      Phone:
                                                             ---------------------------------------
</TABLE>

</TEXT>
</DOCUMENT>
