-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 Fbzf4XTHsTUXttxl4n8wVw==

<SEC-DOCUMENT>0000912057-01-003899.txt : 20010205
<SEC-HEADER>0000912057-01-003899.hdr.sgml : 20010205
ACCESSION NUMBER:		0000912057-01-003899
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20001231
FILED AS OF DATE:		20010202

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:		1523526

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

	MAIL ADDRESS:	
		STREET 1:		30 ROWES WHARF
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>a2036745z13f-hr.txt
<DESCRIPTION>FORM 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       7,443,750        100,000
- --------------------------------------------------------------------------------------------------------------
Amgen                                    Common                  031162100       9,590,625        150,000
- --------------------------------------------------------------------------------------------------------------
Aradigm                                  Common                  038505103       5,118,750        350,000
- --------------------------------------------------------------------------------------------------------------
ATS Medical                              Common                  002083103       9,028,414        636,364
- --------------------------------------------------------------------------------------------------------------
Biofield                                 Common                  090591207         246,054        878,766
- --------------------------------------------------------------------------------------------------------------
Biofield (restricted)                    Common                  090591207         220,000      1,000,000
- --------------------------------------------------------------------------------------------------------------
Biopure                                  Common                  09065H915       3,394,920        169,746
- --------------------------------------------------------------------------------------------------------------
BioTransplant                            Common                  09066Y107       6,190,008        712,519
- --------------------------------------------------------------------------------------------------------------
Biovail                                  Common                  09067K106      35,785,156        921,348
- --------------------------------------------------------------------------------------------------------------
Calypte Biomedical                       Common                  131722100       1,145,273      1,093,993
- --------------------------------------------------------------------------------------------------------------
Catalytica Energy Systems                Common                  148884109       2,216,900        128,515
- --------------------------------------------------------------------------------------------------------------
Celgene                                  Common                  151020104      22,425,000        690,000
- --------------------------------------------------------------------------------------------------------------
Cor Therapeutics                         Common                  217753102      10,556,250        300,000
- --------------------------------------------------------------------------------------------------------------
Corixa                                   Common                  21887F100      10,911,947        391,460
- --------------------------------------------------------------------------------------------------------------
Cubist Pharmaceuticals                   Common                  229990981      27,782,145        958,005
- --------------------------------------------------------------------------------------------------------------
Curis                                    Common                  231269101       3,023,579        340,685
- --------------------------------------------------------------------------------------------------------------
CV Therapeutics                          Common                  126667104      38,651,220        546,307
- --------------------------------------------------------------------------------------------------------------
Cytyc                                    Common                  232946103      18,441,047        294,762
- --------------------------------------------------------------------------------------------------------------
Digene                                   Common                  253752109      10,278,125        230,000
- --------------------------------------------------------------------------------------------------------------
Dyax (Restricted)                        Common                  26746E103       8,863,060        546,765
- --------------------------------------------------------------------------------------------------------------
Emisphere Technologies                   Common                  291345106       3,775,000        151,000
- --------------------------------------------------------------------------------------------------------------
Envirogen                                Common                  294040100          20,833         20,833
- --------------------------------------------------------------------------------------------------------------
EP MedSystems                            Common                  26899B914       2,351,562      1,075,000
- --------------------------------------------------------------------------------------------------------------
Exelixis  (Restricted)                   Common                  30161Q104       3,277,120        224,000
- --------------------------------------------------------------------------------------------------------------
Focal                                    Common                  343909107         305,974        271,977
- --------------------------------------------------------------------------------------------------------------
Gene Logic                               Common                  368689105       4,134,375        225,000
- --------------------------------------------------------------------------------------------------------------
Genzyme                                  Common                  372917104      17,312,968        192,500
- --------------------------------------------------------------------------------------------------------------
Genzyme Biosurgery                       Common                  372917708       1,700,291        195,717
- --------------------------------------------------------------------------------------------------------------
Gilead Sciences                          Common                  37555B103      29,580,405        356,659
- --------------------------------------------------------------------------------------------------------------
IDEXX Laboratories                       Common                  45168D104       5,500,000        250,000
- --------------------------------------------------------------------------------------------------------------
ImClone Systems                          Common                  45245W109      23,980,000        545,000
- --------------------------------------------------------------------------------------------------------------
Interpore Cross                          Common                  46062W107       1,496,250        380,000
- --------------------------------------------------------------------------------------------------------------
KeraVision                               Common                  648990992          70,876        206,185
- --------------------------------------------------------------------------------------------------------------
Landec                                   Common                  514766104       1,480,758        526,492
- --------------------------------------------------------------------------------------------------------------
Lynx Therapeutics                        Common                  551812308       3,375,000        375,000
- --------------------------------------------------------------------------------------------------------------
Martek Biosciences                       Common                  572901106       9,557,744        780,224
- --------------------------------------------------------------------------------------------------------------
MedImmune                                Common                  584699102      15,736,875        330,000
- --------------------------------------------------------------------------------------------------------------
Molecular Devices                        Common                  60851C107      19,899,435        290,768
- --------------------------------------------------------------------------------------------------------------
Quintiles Transnational                  Common                  748767100       3,201,343        152,900
- --------------------------------------------------------------------------------------------------------------
Radiance Medical                         Common                  750241101       1,650,000        330,000
- --------------------------------------------------------------------------------------------------------------
Scios                                    Common                  808905103      12,404,375        557,500
- --------------------------------------------------------------------------------------------------------------
Sepracor                                 Common                  817315104      28,615,682        357,138
- --------------------------------------------------------------------------------------------------------------
Telik (Restricted)                       Common                  87959M109       3,313,330        666,666
- --------------------------------------------------------------------------------------------------------------

<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                                    Item 6:
                                             Investment Discretion                                          Item 8:
                Item 1:                -----------------------------------       Item 7:           Voting Authority (Shares)
             Name of Issuer                       (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
- ------------------------------------------------------------------------------------------------------------------------------------
Biofield (restricted)                     X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Biopure                                   X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
BioTransplant                             X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Biovail                                   X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Calypte Biomedical                        X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Catalytica Energy Systems                 X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Celgene                                   X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Cor Therapeutics                          X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Corixa                                    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
- ------------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
Genzyme Biosurgery                        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
- ------------------------------------------------------------------------------------------------------------------------------------
Radiance Medical                          X
- ------------------------------------------------------------------------------------------------------------------------------------
Scios                                     X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Sepracor                                  X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Telik (Restricted)                        X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<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>
Teva Pharmaceutical Industries           Common                  881624209       7,325,000        100,000
- --------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies                  Common                  893735100       8,163,821        224,050
- --------------------------------------------------------------------------------------------------------------
Tularik                                  Common                  899165104      11,934,109        405,405
- --------------------------------------------------------------------------------------------------------------
Verdant Brands                           Common                  923366108           2,470         38,000
- --------------------------------------------------------------------------------------------------------------
Versicor (Restricted)                    Common                  925314106       6,773,708      1,046,941
- --------------------------------------------------------------------------------------------------------------
             COLUMN TOTALS                                                     458,251,527
- --------------------------------------------------------------------------------------------------------------


<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                                    Item 6:
                                             Investment Discretion                                          Item 8:
                Item 1:                -----------------------------------       Item 7:           Voting Authority (Shares)
             Name of Issuer                       (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>
Teva Pharmaceutical Industries            X                                        NA            X
- ------------------------------------------------------------------------------------------------------------------------------------
Transkaryotic Therapies                   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-----
