-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
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 m3mQ74+Kl5fb+rQcVWDvlw==

<SEC-DOCUMENT>/in/edgar/work/0000912057-00-047569/0000912057-00-047569.txt : 20001108
<SEC-HEADER>0000912057-00-047569.hdr.sgml : 20001108
ACCESSION NUMBER:		0000912057-00-047569
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20000930
FILED AS OF DATE:		20001107

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:		754459
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		30 ROWES WHARF
				CITY:			BOSTON
				STATE:			MA
				ZIP:			02110
				BUSINESS PHONE:		6175740537
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		30 ROWES WHARF
					CITY:			BOSTON
					STATE:			MA
					ZIP:			02110
</MAIL-ADDRESS>
</FILER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>a2029652z13f-hr.txt
<DESCRIPTION>13F-HR
<TEXT>

<PAGE>
                                                               -------------
                                    FORM 13F                   SEC USE ONLY
                                                               -------------

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

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
                                                                                                     Item 5:
Item 1:                            Item 2:              Item 3:                 Item 4:              Shares of
Name of Issuer                     Title of Class       CUSIP                   Fair Market          Principal
                                                        Number                  Value                Amount
- ---------------------------------------------------------------------------------------------------------------------

<S>                                <C>                  <C>                     <C>                 <C>
Affymetrix                         Common               00826T108                4,987,500            100,000
- ---------------------------------------------------------------------------------------------------------------------
Amgen                              Common               031162100               10,474,219            150,000
- ---------------------------------------------------------------------------------------------------------------------
Aradigm                            Common               038505103                8,028,126            350,000
- ---------------------------------------------------------------------------------------------------------------------
ATS Medical                        Common               002083103                9,585,233            636,364
- ---------------------------------------------------------------------------------------------------------------------
Biofield                           Common               090591207                  878,766            878,766
- ---------------------------------------------------------------------------------------------------------------------
Biomatrix                          Common               09060P102                4,879,700            278,840
- ---------------------------------------------------------------------------------------------------------------------
Biopure                            Common               09065H915                3,066,038            169,746
- ---------------------------------------------------------------------------------------------------------------------
BioTransplant                      Common               09066Y107               12,157,339            712,519
- ---------------------------------------------------------------------------------------------------------------------
Biovail                            Common               09067K106               37,516,139            460,674
- ---------------------------------------------------------------------------------------------------------------------
Calypte Biomedical                 Common               131722100                2,495,671          1,093,993
- ---------------------------------------------------------------------------------------------------------------------
Catalytica                         Common               148885106               14,932,492          1,206,666
- ---------------------------------------------------------------------------------------------------------------------
Celgene                            Common               151020104               41,055,000            690,000
- ---------------------------------------------------------------------------------------------------------------------
Cor Therapeutics                   Common               217753102               18,693,751            300,000
- ---------------------------------------------------------------------------------------------------------------------
Corixa                             Common               21887F100                6,314,666            125,665
- ---------------------------------------------------------------------------------------------------------------------
Coulter Pharmaceutical             Common               222116105                7,651,875            265,000
- ---------------------------------------------------------------------------------------------------------------------
Cubist Pharmaceuticals             Common               229990981               49,876,142            958,005
- ---------------------------------------------------------------------------------------------------------------------
Curis                              Common               231269101               11,677,095            585,685
- ---------------------------------------------------------------------------------------------------------------------
CV Therapeutics                    Common               126667104               41,515,742            533,750
- ---------------------------------------------------------------------------------------------------------------------
Cytyc                              Common               232946103               23,492,861            544,762
- ---------------------------------------------------------------------------------------------------------------------
Digene                             Common               253752109                8,280,000            230,000
- ---------------------------------------------------------------------------------------------------------------------
Dyax (Restricted)                  Common               26746E103               17,939,360            546,765
- ---------------------------------------------------------------------------------------------------------------------
Elan                               Warrants             284131802                4,117,500             75,000
- ---------------------------------------------------------------------------------------------------------------------
Emisphere Technologies             Common               291345106                4,520,562            151,000
- ---------------------------------------------------------------------------------------------------------------------
Envirogen                          Common               294040100                   44,270             20,833
- ---------------------------------------------------------------------------------------------------------------------
EP MedSystems                      Common               26899B914                5,106,250          1,075,000
- ---------------------------------------------------------------------------------------------------------------------
Exelixis  (Restricted)             Common               30161Q104               45,005,625          1,687,500
- ---------------------------------------------------------------------------------------------------------------------
Focal                              Common               343909107                  696,941            271,977
- ---------------------------------------------------------------------------------------------------------------------
Gene Logic                         Common               368689105                5,175,000            225,000
- ---------------------------------------------------------------------------------------------------------------------
Genzyme                            Common               372917104               13,126,094            192,500
- ---------------------------------------------------------------------------------------------------------------------
Gilead Sciences                    Common               37555B103               39,121,034            356,659
- ---------------------------------------------------------------------------------------------------------------------
IDEXX Laboratories                 Common               45168D104                6,687,500            250,000
- ---------------------------------------------------------------------------------------------------------------------
ImClone Systems                    Common               45245W109               31,899,531            272,500
- ---------------------------------------------------------------------------------------------------------------------
Interpore Cross                    Common               46062W107                2,850,000            380,000
- ---------------------------------------------------------------------------------------------------------------------
KeraVision                         Common               648990992                  657,215            206,185
- ---------------------------------------------------------------------------------------------------------------------
Landec                             Common               514766104                2,928,612            526,492
- ---------------------------------------------------------------------------------------------------------------------
Lynx Therapeutics                  Common               551812308               11,742,188            375,000
- ---------------------------------------------------------------------------------------------------------------------
Martek Biosciences                 Common               572901106               15,214,369            780,224
- ---------------------------------------------------------------------------------------------------------------------
MedImmune                          Common               584699102               25,492,500            330,000
- ---------------------------------------------------------------------------------------------------------------------
Molecular Devices                  Common               60851C107               28,567,956            290,768
- ---------------------------------------------------------------------------------------------------------------------
Quintiles Transnational            Common               748767100                2,436,844            152,900
</TABLE>


<TABLE>
<CAPTION>

- --------------------------------------------------------------------------------------------------------------------------------
                                              Item 6:                                                   Item 8:
                                       Investment Discretion                Item 7:              Voting Authority (Shares)
                                           (b) Shared-                      Managers
                                (a) Sole   As Defined    (c) Shared-       See Instr. V        (a) Sole   (b) Shared   (c) None
                                           in Instr. V       Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>        <C>           <C>               <C>                 <C>        <C>          <C>
Affymetrix                           X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Amgen                                X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Aradigm                              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
ATS Medical                          X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Biofield                             X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Biomatrix                            X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Biopure                              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
BioTransplant                        X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Biovail                              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Calypte Biomedical                   X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Catalytica                           X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Celgene                              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Cor Therapeutics                     X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Corixa                               X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Coulter Pharmaceutical               X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Cubist Pharmaceuticals               X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Curis                                X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
CV Therapeutics                      X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Cytyc                                X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Digene                               X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Dyax (Restricted)                    X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Elan                                 X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Emisphere Technologies               X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Envirogen                            X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
EP MedSystems                        X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Exelixis  (Restricted)               X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Focal                                X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Gene Logic                           X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Genzyme                              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Gilead Sciences                      X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
IDEXX Laboratories                   X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
ImClone Systems                      X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Interpore Cross                      X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
KeraVision                           X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Landec                               X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Lynx Therapeutics                    X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Martek Biosciences                   X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
MedImmune                            X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Molecular Devices                    X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Quintiles Transnational              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------

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



<PAGE>



<TABLE>
<CAPTION>

Page of        Name of Reporting Manager: HAMBRECHT & QUIST CAPITAL MANAGEMENT
- ---------------------------------------------------------------------------------------------------------------------
                                                                                                     Item 5:
Item 1:                                  Item 2:              Item 3:                 Item 4:              Shares of
Name of Issuer                           Title of Class       CUSIP                   Fair Market          Principal
                                                              Number                  Value                Amount
- ---------------------------------------------------------------------------------------------------------------------

<S>                                      <C>                  <C>                     <C>                 <C>
- ---------------------------------------------------------------------------------------------------------------------
Scios                                    Common               808905103                5,784,063            557,500
- ---------------------------------------------------------------------------------------------------------------------
Sepracor                                 Common               817315104               43,817,568            357,138
- ---------------------------------------------------------------------------------------------------------------------
Telik (Restricted)                       Common               87959M109                4,559,996            666,666
- ---------------------------------------------------------------------------------------------------------------------
Teva Pharmaceutical Industries           Common               881624209                7,318,750            100,000
- ---------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies                  Common               893735100                8,610,089            199,944
- ---------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies (Restricted)     Common               893735100                  830,452             24,106
- ---------------------------------------------------------------------------------------------------------------------
Tularik                                  Common               899165104               13,378,365            405,405
- ---------------------------------------------------------------------------------------------------------------------
Verdant Brands                           Common               923366108                    9,500             38,000
- ---------------------------------------------------------------------------------------------------------------------
Versicor (Restricted)                    Common               925314106               11,778,086          1,046,941
- ---------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------
COLUMN TOTALS                                                                        676,974,575
- ---------------------------------------------------------------------------------------------------------------------

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


- --------------------------------------------------------------------------------------------------------------------------------
                                              Item 6:                                                   Item 8:
                                       Investment Discretion                Item 7:              Voting Authority (Shares)
                                           (b) Shared-                      Managers
                                (a) Sole   As Defined    (c) Shared-       See Instr. V        (a) Sole   (b) Shared   (c) None
                                           in Instr. V       Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>        <C>           <C>               <C>                 <C>        <C>          <C>
Scios                                X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Sepracor                             X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Telik (Restricted)                   X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Teva Pharmaceutical Industries       X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies (Restricted) X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Tularik                              X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Verdant Brands                       X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------
Versicor (Restricted)                X                                         NA                   X
- --------------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------------
COLUMN TOTALS
- --------------------------------------------------------------------------------------------------------------------------------

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