-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KaLS1LS7RzGw3+zS5b5xTjYy6LKA1jc9W1sjNiZ8zK+1Ganb/T7aLpLadvTrlHAT
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<SEC-DOCUMENT>0000950146-99-001412.txt : 19990812
<SEC-HEADER>0000950146-99-001412.hdr.sgml : 19990812
ACCESSION NUMBER:		0000950146-99-001412
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19990630
FILED AS OF DATE:		19990811

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q HEALTHCARE INVESTORS
		CENTRAL INDEX KEY:			0000805267
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046564285
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		
		SEC FILE NUMBER:	028-04219
		FILM NUMBER:		99683480

	BUSINESS ADDRESS:	
		STREET 1:		50 ROWES WHARF
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175740537

	MAIL ADDRESS:	
		STREET 1:		50 ROWES WHARF
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<DESCRIPTION>HAMBRECHT & QUIST CAPITAL MANAGEMENT
<TEXT>

<TABLE>
<CAPTION>
                                 FORM 13F
                                                                                              ---------------------
                                                                                                 (SEC USE ONLY)
Page     of         Name of Reporting Manager:  HAMBRECHT & QUIST CAPITAL MANAGEMENT                     |
                                                                                              -----------|---------
- ------------------------------------------------------------------------------------------------------------------------------
   Item 1:       Item 2:   Item 3:      Item 4:       Item 5:          Item 6:          Item 7:             Item 8:
Name of Issuer    Title     CUSIP     Fair Market    Shares of  Investment Discretion   Managers   Voting Authority  (Shares)
                   of       Number       Value       Principal  ----------------------   See        -------------------------
                  Class                              Amount     (a)     (b)     (c)     Instr.V    (a)        (b)      (c)
                                                                Sole  Shared-  Shared-             Sole     Shared     None
                                                                        As     Other
                                                                     Defined
                                                                        in
                                                                     Instr.V
- ----------------------------------------------------------------------------------------------------------------------------
<S>              <C>      <C>         <C>            <C>         <C>      <C>             <C>        <C>     <C>    <C>
Amgen            Common   O31162100    4,565,625      75,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Aradigm          Common   O38505103    3,106,250     350,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Biofield         Common   O90591207      137,306     878,774     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Biogen           Common   O90597105    4,501,875      70,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Bioject
Medical
Technologies     Common   09059T107      650,462   1,224,400     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Biomatrix        Common   09060P102    6,029,915     278,840     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
BioTransplant    Common   09066Y107    3,428,993     712,519     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Biovail          Common   09067K106   10,672,063     209,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Calypte
Biomedical       Common   131722100    2,509,488   1,433,993     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Catalytica       Common   148885106   16,893,324   1,206,666     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Celgene          Common   151020104    1,756,251     100,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Centocor         Common   152342101    6,993,750     150,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Cor
Therapeutics     Common   217753102    2,212,500     150,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Coulter
Pharmaceutical   Common   222116105    5,979,063     262,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Cubist
Pharmaceuticals  Common   229990981    6,380,738   1,620,505     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
CV Therapeutics  Common   126667104    2,935,626     533,750     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Cytyc            Common   232946103    6,530,180     334,880     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Emisphere
Technologies     Common   291345106    1,066,438     151,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Envirogen        Common   294040100       27,343      20,833     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
EP Med Systems   Common   26899B914    3,225,000   1,075,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Exogen           Common   302092101      608,813     286,500     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Focal            Common   343909107    2,039,828     271,977     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Fuisz
Technologies     Common   359536109    2,186,251     660,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Gene Logic       Common   368689105    1,268,750     350,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Gilead Sciences  Common   37555B103   18,635,433     356,659     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
IDEXX
Laboratories     Common   45168D104    5,828,125     250,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
ImClone Systems  Common   45245W109    5,075,000     200,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Interpore Cross  Common   46062W107    1,567,500     380,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
KeraVision       Common   648990992    3,556,691     206,185     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Landec           Common   514766104    2,159,750     566,492     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
LJL BioSystems   Common   501873103    4,361,545     969,232     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Lynx
Therapeutics     Common   551812308    4,242,188     375,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Martek
Biosciences      Common   572901106    6,631,905     780,224     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
MedImmune        Common   584699102    7,452,500     110,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
NeoPath          Common   640517108    1,073,076     276,923     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Neurogen         Common   64124E1O6    1,755,000     120,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Perclose         Common   71361C107   12,832,688     267,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Quintiles
Transnational    Common   748767100    6,421,800     152,900     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Ribi ImmunoChem
Research         Common   762553105    1,864,580     745,832     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Sepracor         Common   817315104   14,508,731     178,569     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
<PAGE>

<CAPTION>
                                 FORM 13F
                                                                                              ---------------------
                                                                                                 (SEC USE ONLY)
Page     of         Name of Reporting Manager:  HAMBRECHT & QUIST CAPITAL MANAGEMENT                     |
                                                                                              -----------|---------
- ------------------------------------------------------------------------------------------------------------------------------
   Item 1:       Item 2:   Item 3:      Item 4:       Item 5:          Item 6:          Item 7:             Item 8:
Name of Issuer    Title     CUSIP     Fair Market    Shares of  Investment Discretion   Managers   Voting Authority  (Shares)
                   of       Number       Value       Principal  ----------------------   See        -------------------------
                  Class                              Amount     (a)     (b)     (c)     Instr.V    (a)        (b)      (c)
                                                                Sole  Shared-  Shared-             Sole     Shared     None
                                                                        As     Other
                                                                     Defined
                                                                        in
                                                                     Instr.V
- ---------------------------------------------------------------------------------------------------------------------------
<S>              <C>      <C>         <C>            <C>         <C>      <C>             <C>        <C>     <C>    <C>
Synaptic
Pharmaceutical   Common   871990982      890,625     187,500     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Teva
Pharmaceutical
Industries       Common   881624209    2,450,000      50,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Transkaryotic
Therapies        Common   893735100   11,878,152     359,944     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Transkaryotic
Therapies
(Restricted)     Common   893735100      636,398      24,106     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Triangle
Pharmaceuticals  Common   89589H104    5,400,000     300,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Verdant Brands   Common   923366108      184,063     190,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------
Vivus            Common   928551100    1,693,125     645,000     X                        NA         X
- ----------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------
  COLUMN TOTALS                      216,804,707
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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