H&Q HEALTHCARE INVESTORS
NSAR-A, 1997-05-30
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0000805267
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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000 I000000 3.0
000 J000000 A
001 A000000 H&Q HEALTHCARE INVESTORS
001 B000000 811-4889
001 C000000 6175740567
002 A000000 50 ROWES WHARF
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003  000000 N
004  000000 N
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020 A000001 MIDLAND WALWYN
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022 C000003     30075
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022 A000004 CORVEN
022 C000004      5465
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022 A000005 UBS
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022 D000008         0
022 A000009 PACIFIC GROWTH
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022 A000010 MONTGOMERY SEC
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SIGNATURE   KIM CARROLL
TITLE       TREASURER
 

<TABLE> <S> <C>


<ARTICLE>      6
<CIK>          0000805267
<NAME>         H&Q HEALTHCARE INVESTORS
<MULTIPLIER>   1
<CURRENCY>     U.S. DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                              OCT-1-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                      135,155,335
<INVESTMENTS-AT-VALUE>                     165,547,721
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                 137,010
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             165,684,731
<PAYABLE-FOR-SECURITIES>                     3,112,780
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       32,637
<TOTAL-LIABILITIES>                          3,145,417
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   125,057,250
<SHARES-COMMON-STOCK>                        8,990,179
<SHARES-COMMON-PRIOR>                                0
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<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      7,930,365
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                               162,539,314
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                               1,656,232
<NET-INVESTMENT-INCOME>                      (840,687)
<REALIZED-GAINS-CURRENT>                     8,103,446
<APPREC-INCREASE-CURRENT>                 (19,679,446)
<NET-CHANGE-FROM-OPS>                     (12,416,687)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                  (25,723,428)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      14,986,809
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<GROSS-EXPENSE>                              1,056,232
<AVERAGE-NET-ASSETS>                       135,613,000
<PER-SHARE-NAV-BEGIN>                           25.754
<PER-SHARE-NII>                                (0.133)
<PER-SHARE-GAIN-APPREC>                        (7.834)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         4.49
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.08
<EXPENSE-RATIO>                                   1.56
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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