-----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,
 Q6iGxA818zfeSs6wdPNJ+ptJOFe+rOVQc1SdrfNXep6KkIXaHRNNWk6yDoFSDLJP
 xgxoszLkVXWjh3klIUdPjQ==

<SEC-DOCUMENT>0000950146-00-000511.txt : 20000504
<SEC-HEADER>0000950146-00-000511.hdr.sgml : 20000504
ACCESSION NUMBER:		0000950146-00-000511
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20000331
FILED AS OF DATE:		20000503

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:		618023

	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>FORM 13F
<TEXT>



                                    FORM 13F

Page of          Name of Reporting Manager: HAMBRECHT & QUIST CAPITAL MANAGEMENT

<TABLE>
<CAPTION>
                                                                                                                     --------------
                                                                                                                     (SEC USE ONLY)
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                Item 6:
                                                                         Investment Discretion                         Item 8:
                                                                         ----------------------                   Voting Authority
                                                    Item 4:    Item 5:           (b)                                  (Shares)
                            Item 2:    Item 3:      Fair       Shares of       Shared-      (c)      Item 7:     ------------------
             Item 1:         Title      CUSIP       Market     Principal (a)   As Defined  Shared-   Managers     (a)   (b)     (c)
        Name of Issuer      of Class   Number       Value      Amount    Sole  in Instr. V  Other   See Instr. V Sole  Shared  None
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>        <C>         <C>         <C>          <C>             <C>         <C>        <C>  <C>     <C>
Affymetrix                   Common   00826T108    7,421,875     50,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Amgen                        Common   031162100    9,206,250    150,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Aradigm                      Common   038505103    7,306,250    350,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Biofield                     Common   090591207      878,766    878,769    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Biomatrix                    Common   09060P102    7,110,420    278,840    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Biopure                      Common   09065H915    5,654,664    169,746    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
BioTransplant                Common   09066Y107    7,615,036    712,519    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Biovail                      Common   09067K106   20,384,825    460,674    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Calypte Biomedical           Common   131722100    4,414,010  1,433,993    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Catalytica                   Common   148885106   17,572,074  1,206,666    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Celgene                      Common   151020104   22,899,375    230,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Cor Therapeutics             Common   217753102    9,888,281    150,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Corixa                       Common   21887F100    5,183,681    125,665    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Coulter Pharmaceutical       Common   222116105    8,082,500    265,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Cubist Pharmaceuticals       Common   229990981   46,607,085  1,113,005    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
CV Therapeutics              Common   126667104   26,787,579    533,750    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Cytyc                        Common   232946103   26,284,767    544,762    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Digene                       Common   253752109   10,580,000    230,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Elan                       Warrants   284131802    2,953,500     75,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Emisphere Technologies       Common   291345106    7,833,126    151,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Envirogen                    Common   294040100       78,124     20,833    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
EP Med Systems               Common   26899B914    6,517,188  1,075,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Focal                        Common   343909107    2,175,816    271,977    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Gene Logic                   Common   368689105    9,464,063    225,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Genzyme                      Common   372917104    9,649,063    192,500    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Gilead Sciences              Common   37555B103   22,603,264    356,659    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
IDEXX Laboratories           Common   45168D104    5,828,125    250,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
ImClone Systems              Common   45245W109   20,948,438    272,500    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Interpore Cross              Common   46062W107    3,182,500    380,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
KeraVision                   Common   648990992    1,249,997    206,185    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Landec                       Common   514766104    3,823,821    566,492    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
LJL BioSystems               Common   501873103   17,688,484    969,232    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Lynx Therapeutics            Common   551812308   11,156,250    375,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Martek Biosciences           Common   572901106   10,240,440    780,224    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
MedImmune                    Common   584699102   19,153,750    110,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Quintiles Transnational      Common   748767100    2,608,857    152,900    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Sepracor                     Common   817315104   26,004,111    357,138    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Teva Pharmaceutical
 Industries                  Common   881624209    3,731,250    100,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies      Common   893735100   11,121,855    199,944    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies
 (Restricted)                Common   893735100    1,072,718     24,106    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                                    FORM 13F

Page of          Name of Reporting Manager: HAMBRECHT & QUIST CAPITAL MANAGEMENT

<TABLE>
<CAPTION>
                                                                                                                     --------------
                                                                                                                     (SEC USE ONLY)
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                Item 6:
                                                                         Investment Discretion                         Item 8:
                                                                         ----------------------                   Voting Authority
                                                    Item 4:    Item 5:           (b)                                  (Shares)
                            Item 2:    Item 3:      Fair       Shares of       Shared-      (c)      Item 7:     ------------------
             Item 1:         Title      CUSIP       Market     Principal (a)   As Defined  Shared-   Managers     (a)   (b)     (c)
        Name of Issuer      of Class   Number       Value      Amount    Sole  in Instr. V  Other   See Instr. V Sole  Shared  None
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>      <C>         <C>           <C>        <C> <C>         <C>         <C>        <C>  <C>     <C>
Triangle Pharmaceuticals     Common   89589H104    4,725,000    300,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Tripath Imaging              Common   896942109      570,669     63,851    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Tularik                      Common   899165104   10,013,504    405,405    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------
Verdant Brands               Common   923366108       95,000     38,000    X                           NA         X
- -----------------------------------------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------------------------------------
  COLUMN TOTALS                                  450,944,476
- -----------------------------------------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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