8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 30, 2009

H&Q HEALTHCARE INVESTORS

(Exact name of Registrant as specified in its charter)

Massachusetts

(State or other jurisdiction of incorporation)

811-04889	04-6564285
(Commission File Number)	(I.R.S. Employer Identification No.)

2 Liberty Square, 9th Floor, Boston, MA 02109

(Address of principal executive offices, zip code)

Registrant’s telephone number, including area code:  (617) 772-8500

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

Item 8.01 Other Events

The Board of Trustees of the Registrant announced that it has authorized a share repurchase program, as described in the press release published on September 30, 2009, which is attached to this Current Report on Form 8-K as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

& nbsp;

Exhibit No.	Description
99.1	Press release dated September 30, 2009

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	H&Q HEALTHCARE INVESTORS
Date: September 30, 2009	By: /s/ Daniel R. Omstead
	Daniel R. Omstead
	President

2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

H&Q HEALTHCARE INVESTORS ANNOUNCES

SHARE REPURCHASE PROGRAM

BOSTON, MA, September 30, 2009 — H&Q Healthcare Investors (NYSE: HQH) announced today that the Board of Trustees authorized a share repurchase program.  The program will allow the Fund to purchase in the open market up to 10% of its outstanding common shares for a one year period beginning October 9, 2009.  The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share.   The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.

The amount and timing of repurchases will be at the discretion of Hambrecht & Quist Capital Management LLC, the Fund’s investment adviser.  There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts or on any specific date.  The Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period.  There is no assurance that the market price of the Fund’s shares, either absolute or relative to net asset value, will increase as a result of any share repurchases.  The Board will monitor the effect of the share repurchase program on the Fund’s market price and net asset value per share, expense ratio and investment strategy over time.

H&Q Healthcare Investors (NYSE: HQH) is a closed-end fund that invests in public and private companies in the healthcare industry.  Hambrecht & Quist Capital Management LLC, based in Boston, serves as investment adviser to the Fund.  Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.

For additional information, please visit www.hqcm.com or call (617) 772-8500.