<SEC-DOCUMENT>0001104659-11-069602.txt : 20111215
<SEC-HEADER>0001104659-11-069602.hdr.sgml : 20111215
<ACCEPTANCE-DATETIME>20111215113254
ACCESSION NUMBER:		0001104659-11-069602
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20111213
FILED AS OF DATE:		20111215
DATE AS OF CHANGE:		20111215

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BONNEY MICHAEL W
		CENTRAL INDEX KEY:			0001219016

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04889
		FILM NUMBER:		111262751

	MAIL ADDRESS:	
		STREET 1:		65 HAYDEN AVE
		CITY:			LEXINGTON
		STATE:			MA
		ZIP:			02421

ISSUER:		

	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

	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>3
<SEQUENCE>1
<FILENAME>a3.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0204</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2011-12-13</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000805267</issuerCik>
        <issuerName>H&amp;Q HEALTHCARE INVESTORS</issuerName>
        <issuerTradingSymbol>HQH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001219016</rptOwnerCik>
            <rptOwnerName>BONNEY MICHAEL W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>HAMBRECHT &amp; QUIST CAPITAL MANAGEMENT LLC</rptOwnerStreet1>
            <rptOwnerStreet2>2 LIBERTY SQUARE, 9TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02109</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <ownerSignature>
        <signatureName>/s/ Michael W. Bonney</signatureName>
        <signatureDate>2011-12-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
