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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000805267-10-000005.txt : 20101129
<SEC-HEADER>0000805267-10-000005.hdr.sgml : 20101129
<ACCEPTANCE-DATETIME>20101129142548
ACCESSION NUMBER:		0000805267-10-000005
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100930
FILED AS OF DATE:		20101129
DATE AS OF CHANGE:		20101129
EFFECTIVENESS DATE:		20101129

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:		101218445

	BUSINESS ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 09/30/2010
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001 C000000 6177728500
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<PAGE>      PAGE  2
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020 A000001 PERSHING LLC
020 B000001 13-3769702
020 C000001     46
020 A000002 NATIONAL FINANCIAL SERVICES CORP.
020 B000002 04-2785576
020 C000002     41
020 A000003 GOLDMAN SACHS & CO.
020 B000003 13-3175029
020 C000003     38
020 A000004 J P MORGAN SECURITIES INC
020 B000004 13-3224013
020 C000004     35
020 A000005 WEDBUSH MORGAN SECURITIES, INC.
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020 C000005     29
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020 B000006 13-3247006
020 C000006     22
020 A000007 JEFFERIES & COMPANY, INC.
020 B000007 95-2622900
020 C000007     20
020 A000008 SANFORD C. BERNSTEIN & CO. LLC
020 B000008 12-4132953
020 C000008     20
020 A000009 BARCLAYS CAPITAL, INC.
020 B000009 06-1031656
020 C000009     19
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020 C000010     15
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022 C000004         0
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022 A000005 EUTHYMICS BIOSCIENCES, INC.
022 C000005       622
022 D000005         0
022 A000006 CARDIOKINETIX
<PAGE>      PAGE  3
022 C000006       531
022 D000006         0
022 A000007 ELEME MEDICAL, INC.
022 C000007       291
022 D000007         0
022 A000008 XOFT, INC.
022 C000008        74
022 D000008         0
022 A000009 GOLDMAN, SACHS & CO.
022 B000009 13-5108880
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SIGNATURE   LAURA WOODWARD
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>annualmeetingreportex9977c.txt
<TEXT>
ANNUAL MEETING REPORT

An Annual Meeting of Shareholders was held on June 8, 2010. Shareholders
voted to elect three 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. The following votes were cast with respect to
each of the nominees:

                                For 		 Withheld
Eric Oddleifson		        20,854,559	 1,507,346
Oleg M. Pohotsky 		20,740,420 	 1,621,485
William S. Reardon 		20,772,605 	 1,589,300

The nominees were elected to serve until 2013 Annual Meeting. Trustees
serving until the 2011 Annual Meeting are Rakesh K. Jain, Ph.D. and
Lucinda H. Stebbins, CPA. Trustees serving until the 2012 Annual Meeting
are Lawarence S. Levin, Daniel R. Omstead, Ph.D. and Uwe E.Reinhardt, Ph.D.

Shareholders ratified the appointment of Deloitte & Touche LLP as the
independent registered public accountants of the Fund for the fiscal
year ending September 30, 2010 by the following votes:

For 		Against 		Abstain
21,214,506 	966,711 		180,688

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>hqh77b.txt
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of 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, 2010, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered the Funds
internal control over financial reporting, including controls over
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 N-SAR, but
not for the purpose of expressing an opinion on the effectiveness of
the Fund's internal control over financial reporting. Accordingly, we
express no such opinion.

The 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. A Fund's
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 generally accepted accounting principles. A Fund's internal
control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the
assets of the Fund; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts
and expenditures of the Fund are being made only in accordance with
authorizations of management and directors of the Fund; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of a fund's 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 deficiency in internal control over financial reporting 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 material weakness is a deficiency,
or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material
misstatement of the Fund's annual or interim financial statements will
not be prevented or detected on a timely basis.

Our consideration of the Fund's 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 material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States). However, we noted no
deficiencies in the Fund's internal control 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, 2010.

This report is intended solely for the information and use of management and
the Board of Directors 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 these specified parties.

Deloitte & Touche LLP
Boston, Massachusetts
November 24, 2010

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