<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000884121
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 H&Q LIFE SCIENCES INVESTORS
001 B000000 811-6565
001 C000000 6175740567
002 A000000 50 ROWES WHARF
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
020 A000001 MIDLAND WALWYN
020 C000001 10
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 10
022 A000001 FORD CP
022 C000001 66300
022 D000001 0
022 A000002 GMAC CP
022 C000002 56700
022 D000002 0
022 A000003 COWEN
022 C000003 2178
022 D000003 4443
022 A000004 LEHMAN BROS.
022 C000004 1480
022 D000004 0
022 A000005 DILLON REED
022 C000005 0
022 D000005 841
022 A000006 UBS
022 C000006 789
<PAGE> PAGE 2
022 D000006 0
022 A000007 ALEX BROWN
022 C000007 768
022 D000007 0
022 A000008 HERZOG
022 C000008 0
022 D000008 551
022 A000009 PACIFIC GROWTH
022 C000009 306
022 D000009 121
022 A000010 CANTOR FITZGERALD
022 C000010 363
022 D000010 0
023 C000000 130081
023 D000000 5956
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
<PAGE> PAGE 3
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 12237
071 B000000 9357
071 C000000 108023
071 D000000 9
072 A000000 6
072 B000000 184
072 C000000 70
072 D000000 0
072 E000000 0
072 F000000 816
072 G000000 0
072 H000000 0
072 I000000 7
072 J000000 26
072 K000000 0
072 L000000 26
072 M000000 24
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 22
<PAGE> PAGE 4
072 S000000 11
072 T000000 0
072 U000000 4
072 V000000 0
072 W000000 37
072 X000000 973
072 Y000000 0
072 Z000000 -719
072AA000000 3163
072BB000000 0
072CC010000 0
072CC020000 15444
072DD010000 0
072DD020000 0
072EE000000 10949
073 A010000 0.0000
073 A020000 0.0000
073 B000000 1.6400
073 C000000 0.0000
074 A000000 213
074 B000000 0
074 C000000 2099
074 D000000 0
074 E000000 14583
074 F000000 87545
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 189
074 K000000 0
074 L000000 0
074 M000000 32
074 N000000 104661
074 O000000 692
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 166
074 S000000 0
074 T000000 103803
074 U010000 7011
074 U020000 0
074 V010000 14.81
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 113565
<PAGE> PAGE 5
076 000000 12.63
077 A000000 Y
077 Q010000 Y
078 000000 N
SIGNATURE KIM CARROLL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000884121
<NAME> H&Q LIFE SCIENCES 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> 87,144,934
<INVESTMENTS-AT-VALUE> 104,227,000
<RECEIVABLES> 188,130
<ASSETS-OTHER> 246,161
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,661,891
<PAYABLE-FOR-SECURITIES> 692,223
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166,453
<TOTAL-LIABILITIES> 858,676
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,132,848
<SHARES-COMMON-STOCK> 7,011,362
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,307,516
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,082,066
<NET-ASSETS> 103,803,215
<DIVIDEND-INCOME> 70,500
<INTEREST-INCOME> 184,418
<OTHER-INCOME> 0
<EXPENSES-NET> 973,320
<NET-INVESTMENT-INCOME> (714,215)
<REALIZED-GAINS-CURRENT> 3,163,341
<APPREC-INCREASE-CURRENT> (15,443,834)
<NET-CHANGE-FROM-OPS> (12,599,708)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10,949,328)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (19,343,578)
<ACCUMULATED-NII-PRIOR> 11,562,205
<ACCUMULATED-GAINS-PRIOR> 23,276,482
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 816,075
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 973,320
<AVERAGE-NET-ASSETS> 113,565,000
<PER-SHARE-NAV-BEGIN> 18.45
<PER-SHARE-NII> (0.071)
<PER-SHARE-GAIN-APPREC> (1.921)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.81
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
