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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000851169-02-000006.txt : 20021126
<SEC-HEADER>0000851169-02-000006.hdr.sgml : 20021126
<ACCEPTANCE-DATETIME>20021126135323
ACCESSION NUMBER:		0000851169-02-000006
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20020930
FILED AS OF DATE:		20021126
EFFECTIVENESS DATE:		20021126

FILER:

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

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04889
		FILM NUMBER:		02840708

	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>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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SIGNATURE   KIMBERLY L CARROLL
TITLE       TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q3 CERT
<SEQUENCE>2
<FILENAME>cert_hqhdan.txt
<TEXT>
CERTIFICATIONS

I, Daniel R. Omstead, certify that:

1. I have reviewed this report on Form N-SAR of H&Q Healthcare Investors;

2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial information included in this report,
and the financial statements on which the financial information is based,
fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in rule 30a-2(c) under the Investment Company Act) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this report
the "Evaluation Date"); and

c) presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation
Date;

5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the
equivalent functions):

a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize, and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officers and I have indicated in this
report whether or not there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: __November 26, 2002__

/s/ DANIEL R. OMSTEAD

Daniel R. Omstead
President


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q3 CERT
<SEQUENCE>3
<FILENAME>cert_hqhkim.txt
<TEXT>
CERTIFICATIONS

I, Kimberly L. Carroll, certify that:

1. I have reviewed this report on Form N-SAR of H&Q Healthcare Investors;

2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial information included in this report,
and the financial statements on which the financial information is based,
fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in rule 30a-2(c) under the Investment Company Act) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this report
the "Evaluation Date"); and

c) presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation
Date;

5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the
equivalent functions):

a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize, and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officers and I have indicated in this
report whether or not there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: __November 26, 2002__

/s/ KIMBERLY L. CARROLL

Kimberly L. Carroll
Treasurer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>hqh_proxy.txt
<TEXT>
ANNUAL MEETING REPORT

	The Annual Meeting was held on June 25, 2002 at 9:00 a.m.  The shareholders
voted on the following items and the resulting votes are presented below.

(1)	To elect two Trustees of the Fund to hold office for a term of three years
or until their respective successors shall have been duly elected and qualified.

	For	Withheld 	Broker Non-Votes
	Alan G. Carr	11,312,002	190,275	0
	Henri A. Termeer	11,329,924	172,353	0

The nominees were elected to serve until the 2005 Annual Meeting of
Shareholders.  The Trustees serving until the 2003 Annual Meeting are
Lawrence S. Lewin and Uwe E. Reinhardt, Ph.D.  The Trustees serving
until the 2004 Annual Meeting are Robert P. Mack, M.D., Eric Oddleifson
and Oleg M. Pohotsky.

(2)	To approve a new investment advisory agreement between the Fund and
Hambrecht & Quist Capital Management LLC.

Shareholders overwhelmingly approved the new investment advisory agreement.

		For	Against 	Abstain	Broker Non-Votes
	11,241,442	127,177	133,657	0

(3)	To ratify the selection of PricewaterhouseCoopers LLP as the
Funds independent accountants for the fiscal year ended September 30, 2002.

Shareholders overwhelmingly ratified the selection of the Independent
Public Accountants.

		For	Against 	Abstain	Broker Non-Votes
	11,414,037	32,153	56,086	0


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>hqh_audit.txt
<TEXT>
November 19, 2002

To the Shareholders and Trustees of
H&Q Healthcare Investors

In planning and performing our audit of the financial statements
of H&Q Healthcare Investors the Fund for the year ended
September 30, 2002, we considered its internal control, including
control activities 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 internal control.

The management of the Fund is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls.  Generally,
controls that are relevant to an audit pertain to the entitys objective
of preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted accounting
principles.  Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.

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

Our consideration of internal control would not necessarily disclose
all matters in internal control 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 one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of September 30, 2002.

This report is intended solely for the information and use of management
and the Trustees of the Fund and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.


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