-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>/in/edgar/work/0001005477-00-008121/0001005477-00-008121.txt : 20001122
<SEC-HEADER>0001005477-00-008121.hdr.sgml : 20001122
ACCESSION NUMBER:		0001005477-00-008121
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20000930
FILED AS OF DATE:		20001121

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:		NSAR-B
			SEC ACT:		
			SEC FILE NUMBER:	811-04889
			FILM NUMBER:		774915
</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>NSAR-B
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>N-SAR (6.1)
<TEXT>


<PAGE>      PAGE  1
000 B000000 09/30/2000
000 C000000 0000805267
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 H&Q HEALTHCARE INVESTORS
001 B000000 811-4889
001 C000000 6173100537
002 A000000 30 ROWES WHARF
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
022 A000001 GE CREDIT CP
022 C000001    159700
022 D000001         0
022 A000002 FORD CP
022 C000002    153000
022 D000002         0
022 A000003 GMAC CP
022 C000003    127700
022 D000003         0
022 A000004 PACIFIC GROWTH EQUITIES
022 C000004         0
022 D000004     19167
022 A000005 ROBERTSON STEVENS
022 C000005         0
022 D000005      8998
022 A000006 PIPER JAFFREY
022 C000006      4200
022 D000006      2528
022 A000007 LEHMAN
<PAGE>      PAGE  2
022 C000007      6088
022 D000007         0
022 A000008 JEFFERIES
022 C000008         0
022 D000008      5398
022 A000009 DLJ
022 C000009         0
022 D000009      5184
022 A000010 MERRILL LYNCH
022 C000010      5109
022 D000010         0
023 C000000     459676
023 D000000      49960
024  000000 N
027  000000 N
045  000000 Y
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047  000000 N
048  000000  0.000
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
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070 J010000 Y
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070 K020000 N
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070 M020000 N
070 N010000 Y
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<PAGE>      PAGE  5
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072 X000000     5135
072 Y000000        0
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<PAGE>      PAGE  6
074 Y000000        0
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076  000000    36.19
077 A000000 Y
077 B000000 Y
077 C000000 N
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077 E000000 N
077 F000000 N
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077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 FIDELITY & DEPOSIT CO. OF MARYLAND
080 C000000     1000
081 A000000 Y
081 B000000   1
082 A000000 Y
082 B000000       25
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
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086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 H&Q HEALTHCARE INVESTORS
087 A020000 404052102
087 A030000 HQH
<PAGE>      PAGE  7
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   Kim Carroll
TITLE       Treasurer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<TEXT>


                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Shareholders and Board of Trustees of H&Q Healthcare Investors

In planning and performing our audit of the financial statements of H&Q
Healthcare Investors for the year ended September 30, 2000, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.

The management of H&Q Healthcare Investors is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.

Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.

Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 2000.

This report is intended solely for the information and use of management and the
Securities and Exchange Commission.


                                                         /s/ Arthur Andersen LLP

Boston, Massachusetts
November 3, 2000

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-27
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>FDS
<TEXT>

<TABLE> <S> <C>

<ARTICLE>                     6

<S>                                                      <C>
<PERIOD-TYPE>                                                 12-MOS
<FISCAL-YEAR-END>                                        SEP-30-2000
<PERIOD-START>                                           OCT-01-1999
<PERIOD-END>                                             SEP-30-2000
<INVESTMENTS-AT-COST>                                    141,741,276
<INVESTMENTS-AT-VALUE>                                   485,210,062
<RECEIVABLES>                                                904,339
<ASSETS-OTHER>                                               312,603
<OTHER-ITEMS-ASSETS>                                               0
<TOTAL-ASSETS>                                           486,427,004
<PAYABLE-FOR-SECURITIES>                                           0
<SENIOR-LONG-TERM-DEBT>                                            0
<OTHER-ITEMS-LIABILITIES>                                          0
<TOTAL-LIABILITIES>                                          844,434
<SENIOR-EQUITY>                                                    0
<PAID-IN-CAPITAL-COMMON>                                 144,487,457
<SHARES-COMMON-STOCK>                                     10,522,490
<SHARES-COMMON-PRIOR>                                     10,174,647
<ACCUMULATED-NII-CURRENT>                                          0
<OVERDISTRIBUTION-NII>                                             0
<ACCUMULATED-NET-GAINS>                                   10,711,316
<OVERDISTRIBUTION-GAINS>                                           0
<ACCUM-APPREC-OR-DEPREC>                                 318,799,745
<NET-ASSETS>                                             485,582,570
<DIVIDEND-INCOME>                                             14,033
<INTEREST-INCOME>                                          2,065,374
<OTHER-INCOME>                                                     0
<EXPENSES-NET>                                             5,135,566
<NET-INVESTMENT-INCOME>                                   (3,056,159)
<REALIZED-GAINS-CURRENT>                                  35,694,901
<APPREC-INCREASE-CURRENT>                                253,975,089
<NET-CHANGE-FROM-OPS>                                    286,613,831
<EQUALIZATION>                                                     0
<DISTRIBUTIONS-OF-INCOME>                                          0
<DISTRIBUTIONS-OF-GAINS>                                  34,646,099
<DISTRIBUTIONS-OTHER>                                              0
<NUMBER-OF-SHARES-SOLD>                                            0
<NUMBER-OF-SHARES-REDEEMED>                                        0
<SHARES-REINVESTED>                                          347,843
<NET-CHANGE-IN-ASSETS>                                   276,062,943
<ACCUMULATED-NII-PRIOR>                                            0
<ACCUMULATED-GAINS-PRIOR>                                          0
<OVERDISTRIB-NII-PRIOR>                                            0
<OVERDIST-NET-GAINS-PRIOR>                                         0
<GROSS-ADVISORY-FEES>                                      4,590,869
<INTEREST-EXPENSE>                                                 0
<GROSS-EXPENSE>                                            5,135,566
<AVERAGE-NET-ASSETS>                                               0
<PER-SHARE-NAV-BEGIN>                                         21.771
<PER-SHARE-NII>                                               (0.290)
<PER-SHARE-GAIN-APPREC>                                        28.13
<PER-SHARE-DIVIDEND>                                               0
<PER-SHARE-DISTRIBUTIONS>                                      3.465
<RETURNS-OF-CAPITAL>                                               0
<PER-SHARE-NAV-END>                                           46.146
<EXPENSE-RATIO>                                                 1.45



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