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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BlZDHsvMesqDZcl3VYD67vHhmfC8f+RXogUmBXvDv9YPi6ir5D+GlFTchv3PxRGM
 DMLKy0o4mBwSgI/rBqGKWw==

<SEC-DOCUMENT>0000912057-01-538787.txt : 20020410
<SEC-HEADER>0000912057-01-538787.hdr.sgml : 20020410
ACCESSION NUMBER:		0000912057-01-538787
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010930
FILED AS OF DATE:		20011113

FILER:

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

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-04219
		FILM NUMBER:		1781527

	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>a2062810z13f-hr.txt
<DESCRIPTION>13F-HR
<TEXT>
<Page>
<Table>
<Caption>
As of 9/30/01

                                                     FORM 13F INFORMATION TABLE

             COLUMN 1               COLUMN 2       COLUMN 3    COLUMN 4       COLUMN 5      COLUMN 6  COLUMN 7        COLUMN 8
- -------------------------------- ---------------- ---------- ----------- ------------------ -------- --------- ---------------------
                                                                VALUE     SHRS OR  SH/ PUT/ INVSTMNT  OTHER       VOTING AUTHORITY
          NAME OF ISSUER          TITLE OF CLASS     CUSIP     (x$1000)   PRN AMT  PRN CALL DSCRETN  MANAGERS   SOLE   SHARED   NONE
- -------------------------------- ---------------- ---------- ----------- --------- --- ---- -------- --------- ------ -------- -----
<S>                              <C>              <C>        <C>         <C>       <C> <C>  <C>      <C>       <C>    <C>      <C>
Abgenix                               Common       00039B107   5,675,000   250,000              X       NA       X
Affymetrix                            Common       00826T108   1,605,000   100,000              X       NA       X
Aradigm                               Common       038505103   1,169,000   350,000              X       NA       X
ATS Medical                           Common       002083103   2,545,456   636,364              X       NA       X
Biofield                              Common       090591207     878,766   290,026              X       NA       X
Biofield (Restricted)                 Common       090591207     264,000 1,000,000              X       NA       X
Bioject Medical Technologies          Common       09059T206   2,437,120   238,000              X       NA       X
Biopure                               Common       09065H915   3,148,788   169,746              X       NA       X
BioTransplant                         Common       09066Y107   3,918,849   712,518              X       NA       X
Biovail                               Common       09067K106  26,510,548   571,348              X       NA       X
Catalytica Energy Systems             Common       148884109     984,425   128,515              X       NA       X
Celgene                               Common       151020104  18,236,700   690,000              X       NA       X
Cephalon                              Common       156708109   4,489,200    90,000              X       NA       X
Cor Therapeutics                      Common       217753102   6,789,000   300,000              X       NA       X
Corixa                                Common       21887F100   4,109,978   391,460              X       NA       X
Cubist Pharmaceuticals                Common       229990981  31,393,824   958,005              X       NA       X
Curis                                 Common       231269101   1,192,391   340,683              X       NA       X
CV Therapeutics                       Common       126667104  21,229,490   546,307              X       NA       X
Cytyc                                 Common       232946103  11,643,207   434,286              X       NA       X
Digene                                Common       253752109   5,750,000   230,000              X       NA       X
Dyax                                  Common       26746E103   5,259,879   546,765              X       NA       X
Emisphere Technologies                Common       291345106   2,884,100   151,000              X       NA       X
Endocardial Solutions                 Common       292962107   7,049,997 1,666,666              X       NA       X
Envirogen                             Common       294040100      18,646    20,833              X       NA       X
EP Med Systems                        Common       26881P103   1,718,925 1,075,000              X       NA       X
Exelixis                              Common       30161Q104   2,567,040   224,000              X       NA       X
Genzyme                               Common       372917104  12,217,980   269,000              X       NA       X
Gilead Sciences                       Common       37555B103  40,067,072   713,318              X       NA       X
IDEXX Laboratories                    Common       45168D104   5,842,500   250,000              X       NA       X
Lexicon Genetics                      Common      5288872104     991,800   130,500              X       NA       X
Lynx Therapeutics                     Common       551812308     892,500   375,000              X       NA       X
Martek Biosciences                    Common       572901106  14,200,077   780,224              X       NA       X
MedImmune                             Common       584699102  11,757,900   330,000              X       NA       X
Molecular Devices                     Common       60851C107   5,419,915   290,768              X       NA       X
Orthovita                             Common       68750U102   2,975,000 1,700,000              X       NA       X
Quintiles Transnational               Common       748767100   2,232,340   152,900              X       NA       X
Radiance Medical Systems              Common       750241101     445,500   330,000              X       NA       X
Scios                                 Common       808905103   9,321,400   557,500              X       NA       X
Sepracor                              Common       817315104  12,821,254   357,138              X       NA       X
Telik                                 Common       87959M109   4,333,323   666,665              X       NA       X

<Page>

Teva Pharmaceutical Industries        Common       881624209   6,045,000   100,000              X       NA       X
Transkaryotic Therapies               Common       893735100  10,382,407   382,550              X       NA       X
Tularik                               Common       899165104   7,467,560   405,405              X       NA       X
Verdant Brands                        Common       923366108         228    38,000              X       NA       X
Versicor                              Common       925314106  12,071,350   900,847              X       NA       X
Versicor (Restricted)                 Common       925314106   1,468,245   146,094              X       NA       X

COLUMN TOTALS                                                334,422,680
</TABLE>

   [Repeat as necessary.]

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