-----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,
 BkalaIdGtoZ9jFHgbldyo+FZxof+UbqYkp/U6KBH9wDzDaDL3WZ99WVDmCib8lkG
 zBjt2PZyV013Qtrx6ns4qg==

<SEC-DOCUMENT>/in/edgar/work/20000720/0000950146-00-000726/0000950146-00-000726.txt : 20000920
<SEC-HEADER>0000950146-00-000726.hdr.sgml : 20000920
ACCESSION NUMBER:		0000950146-00-000726
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20000630
FILED AS OF DATE:		20000720

FILER:

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

		FILING VALUES:
			FORM TYPE:		13F-HR
			SEC ACT:		
			SEC FILE NUMBER:	028-04219
			FILM NUMBER:		676159
</FILING-VALUES>

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

				MAIL ADDRESS:	
					STREET 1:		50 ROWES WHARF
					CITY:			BOSTON
					STATE:			MA
					ZIP:			02110
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 13F
<TEXT>


<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>
Affymetrix                 Common    00826T108    8,256,250      50,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Amgen                      Common    031162100   10,537,500     150,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Aradigm                    Common    038505103    6,125,000     350,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Biofield                   Common    090591207      466,844     878,766    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Biomatrix                  Common    09060P102    6,308,755     278,840    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Biopure                    Common    09065H915    3,193,347     169,746    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
BioTransplant              Common    09066Y107    6,857,986     712,519    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Biovail                    Common    09067K106   25,538,615     460,674    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Calypte Biomedical         Common    131722100    3,405,733   1,433,993    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Catalytica                 Common    148885106   13,273,326   1,206,666    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Celgene                    Common    151020104   40,623,750     690,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Cor Therapeutics           Common    217753102   12,796,875     150,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Corixa                     Common    21887F100    5,395,741     125,665    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Coulter Pharmaceutical     Common    222116105    5,432,500     265,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Cubist Pharmaceuticals     Common    229990981   54,815,496   1,113,005    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
CV Therapeutics            Common    126667104   36,995,547     533,750    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Cytyc                      Common    232946103   29,076,672     544,762    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Digene                     Common    253752109    9,286,250     230,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Elan                       Warrants  284131802    2,902,500      75,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Emisphere Technologies     Common    291345106    6,434,016     151,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Envirogen                  Common    294040100       42,317      20,833    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
EP MedSystems              Common    26899B914    5,240,625   1,075,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Exelixis  (Restricted)     Common    30161Q104   47,874,375   1,687,500    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Focal                      Common    343909107      815,931     271,977    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Gene Logic                 Common    368689105    8,029,688     225,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Genzyme                    Common    372917104   11,441,719     192,500    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Gilead Sciences            Common    37555B103   25,367,371     356,659    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
IDEXX Laboratories         Common    45168D104    5,718,750     250,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
ImClone Systems            Common    45245W109   20,829,219     272,500    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Interpore Cross            Common    46062W107    3,681,250     380,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
KeraVision                 Common    648990992      992,266     206,185    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Landec                     Common    514766104    2,862,800     526,492    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
LJL BioSystems             Common    501873103   18,778,870     969,232    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Lynx Therapeutics          Common    551812308   17,835,938     375,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Martek Biosciences         Common    572901106   14,629,200     780,224    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
MedImmune                  Common    584699102   24,420,000     330,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Quintiles Transnational    Common    748767100    2,159,713     152,900    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>
Sepracor                   Common    817315104   43,079,771     357,138    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Teva Pharmaceutical
 Industries                Common    881624209    5,543,750     100,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies    Common    893735100    7,347,942     199,944    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies
 (Restricted)              Common    893735100      708,716      24,106    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Tripath Imaging            Common    896942109      393,082      63,851    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Tularik                    Common    899165104   11,959,448     405,405    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
Verdant Brands             Common    923366108       16,625      38,000    X                          NA          X
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
             COLUMN TOTALS                      567,492,069
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
