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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PO6H3p+6NRamo3fihkpN14bhc9L4qRGkTL2Vtprc+aAlJ9Kb7QlaagbQx1o1/nqt
 z46UeVDE2TIgVIvNtchdXA==

<SEC-DOCUMENT>0001104659-10-034561.txt : 20100618
<SEC-HEADER>0001104659-10-034561.hdr.sgml : 20100618
<ACCEPTANCE-DATETIME>20100618141914
ACCESSION NUMBER:		0001104659-10-034561
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100608
FILED AS OF DATE:		20100618
DATE AS OF CHANGE:		20100618

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			REARDON WILLIAM S
		CENTRAL INDEX KEY:			0001212646

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04889
		FILM NUMBER:		10905525

	MAIL ADDRESS:	
		STREET 1:		9 STEAMBOAT LANE
		CITY:			HINGHAM
		STATE:			MA
		ZIP:			02043

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:		6175740537

	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>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-06-08</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001212646</rptOwnerCik>
            <rptOwnerName>REARDON WILLIAM S</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/ Laura Woodward</signatureName>
        <signatureDate>2010-06-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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