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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000805267-06-000005.txt : 20061129
<SEC-HEADER>0000805267-06-000005.hdr.sgml : 20061129
<ACCEPTANCE-DATETIME>20061129155929
ACCESSION NUMBER:		0000805267-06-000005
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20061129
DATE AS OF CHANGE:		20061129
EFFECTIVENESS DATE:		20061129

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:		061245462

	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>hqhanswer.fil
<DESCRIPTION>ANNUAL NSAR
<TEXT>
<PAGE>      PAGE  1
000 B000000 09/30/2006
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001 A000000 H&Q HEALTHCARE INVESTORS
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001 C000000 6177728500
002 A000000 30 ROWES WHARF
002 B000000 BOSTON
002 C000000 MA
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003  000000 N
004  000000 N
005  000000 N
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008 B000001 A
008 C000001 801-000000
008 D010001 BOSTON
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008 D030001 02110
010 A000001 STATE STREET BANK (SUB-ADMINISTRATOR)
010 B000001 85-05003
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010 C020001 MA
010 C030001 02111
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012 B000001 85-113400
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012 C030001 02021
013 A000001 DELOITTE & TOUCHE LLP
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013 B030001 02110
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<PAGE>      PAGE  2
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020 A000001 PRUDENTIAL EQUITY GROUP LLC
020 B000001 22-2347336
020 C000001     81
020 A000002 PERSHING LLC
020 B000002 13-3769702
020 C000002     78
020 A000003 BEAR STEARNS SECURITIES CORP
020 B000003 13-3299429
020 C000003     77
020 A000004 S.G. COWEN & CO., LLC
020 B000004 13-5616116
020 C000004     77
020 A000005 FRIEDMAN BILLINGS & RAMSEY & CO.
020 B000005 52-1630477
020 C000005     62
020 A000006 PACIFIC GROWTH EQUITIES
020 B000006 22-3885138
020 C000006     60
020 A000007 LEHMAN BROTHERS, INC.
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020 C000007     55
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000008 13-3247006
020 C000008     52
020 A000009 JPMORGAN SECURITIES INC.
020 B000009 13-3224016
020 C000009     46
020 A000010 WACHOVIA SECURITIES LLC
020 B000010 34-1542819
020 C000010     41
021  000000     1045
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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022 C000001    438519
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022 C000004    158633
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022 C000005      7992
022 D000005         0
<PAGE>      PAGE  3
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022 C000006      5593
022 D000006         0
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022 B000007 13-2518416
022 C000007      3143
022 D000007         0
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022 C000008      3000
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022 B000009 22-3885138
022 C000009      2990
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022 A000010 BANC OF AMERICA SECURITIES LLC
022 B000010 95-4035346
022 C000010      2600
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<PAGE>      PAGE  9
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087 A020000 404052102
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SIGNATURE   KATHLEEN ECKERT
TITLE       CHIEF COMP. OFFICER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>hqhannual.txt
<DESCRIPTION>ANNUAL MEETING REPORT
<TEXT>
HQH NSAR
Exhibit 77.C.

ANNUAL MEETING REPORT

An Annual Meeting of Shareholders was held on June 15, 2006 at 10:00am.
The Shareholders voted to elect three Trustees of the Fund to hold office
for a term of two to three years or until his respective successor shall
have been duly elected and qualified.  The following votes were cast with
respect to the nominees.

				For		Withheld
Daniel R. Omstead, Ph.D.	19,387,547	282,719
Lawrence S. Lewin		19,221,186	448,481
Uwe Reinhardt, Ph.D.		18,892,449	777,817
Lucinda H. Stebbins, CPA	19,272,782	397,484

The nominees were elected to serve until the 2009 Annual Meeting,
except for Lucinda H. Stebbins, CPA who was elected to service until
the 2008 Annual Meeting.  Henri A. Termeer will also serve until the
2008 Annual Meeting.  Trustees serving until the 2007 Annual Meeting
are Robert P. Mack, M.D., Eric Oddleifson, and Oleg M. Pohotsky.

The Shareholders ratified the appointment of Deloitte & Touche LLP
as the independent registered public accountants of the Fund for the
fiscal year ending September 30, 2006 by the following votes.

For	  19,451,377
Against	     118,088
Abstain	     100,803


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>hqhaudit.txt
<DESCRIPTION>AUDIT LETTER
<TEXT>



Report of Independent Registered Public Accounting Firm

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

In planning and performing our audit of the financial statements
of H&Q Healthcare Investors (the Fund) as of and for the year ended
September 30, 2006, in accordance with the Standards of the Public
Company Accounting Oversight Board (United States), we considered its
internal control over financial reporting, including control activities
for safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form NSAR, but not
for the purpose of expressing an opinion on the effectiveness of the
Funds internal control over financial reporting.  Accordingly, we express
no such opinion.

Management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting.  In fulfilling
this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.  The Funds
internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance
with accounting principles generally accepted in the United States of America
(generally accepted accounting principles).  Such internal control includes
policies and procedures that provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of a
Funds assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.  Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control
does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis.
A significant deficiency is a control deficiency, or combination of control
deficiencies, that adversely affect the Funds ability to initiate, authorize,
record, process or report financial data reliably in accordance with generally
accepted accounting principles such that there is more than a remote likelihood
that a misstatement of the Funds annual or interim financial statements that is
more than inconsequential will not be prevented or detected.
A material weakness is a significant deficiency, or combination of
significant deficiencies, that results in more than a remote
likelihood that a material misstatement of the annual
or interim financial statements will not be prevented or detected.

Our consideration of the Funds internal control over financial reporting was
for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control that might
be significant deficiencies or material weaknesses under standards
established by the Public Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds internal controls over
financial reporting and its operation, including controls for safeguarding
securities that we consider to be a material weakness as defined above
as of September 30, 2006.

This report is intended solely for the information and use of management,
the Board of Trustees and Shareholders of H&Q Healthcare Investors, and the
Securities and Exchange Commission and is not intended to be and should not be
used by anyone other than those specified parties.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
November 17, 2006


















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