Tekla Life Sciences Investors (HQL) NPORT-P Tekla Life Sciences Investors (Jun 2020 report)

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited)

SHARES		CONVERTIBLE PREFERRED AND WARRANTS (Restricted)(a) (b) - 3.7% of Net Assets	VALUE
		Biotechnology – 2.8%
	140,000	Amphivena Therapeutics, Inc. Series B, 6.00%	$	2,100,000
	225,416	Amphivena Therapeutics, Inc. Series C, 6.00%		808,848
	848,333	Arkuda Therapeutics, Inc. Series A, 6.00%		2,018,184
	398,616	Decipher Biosciences, Inc. Series II, 8.00%		865,395
	396,284	Decipher Biosciences, Inc. Series III, 8.00%		860,333
	30,646	Decipher Biosciences, Inc. Series IV, 8.00%		66,532
	62,205	Dynacure Series C (c)		1,483,008
	41,470	Dynacure Series C Warrants (expiration 04/21/25, exercise price $23.05) (c)		0
	645,834	Hotspot Therapeutics, Inc. Series B, 6.00%		1,550,002
	117,704	Oculis SA, Series B2, 6.00% (c)		1,034,359
	1,153,847	Rainier Therapeutics, Inc. Series A, 6.00%		115
	668,449	Rainier Therapeutics, Inc. Series B, 6.00%		67
	2,229,766	Rallybio Holdings, LLC Series B		3,100,044
				13,886,887
		Health Care Equipment & Supplies – 0.3%
	362,887	IO Light Holdings, Inc. Series A2		1,397,369
		Pharmaceuticals – 0.6%
	2,719,854	Curasen Therapeutics, Inc. Series A		2,999,999
		TOTAL CONVERTIBLE PREFERRED AND WARRANTS (Cost $19,983,861)		18,284,255
	PRINCIPAL AMOUNT	CONVERTIBLE NOTES (Restricted) (a) (b) - 0.1% of Net Assets
		Biotechnology – 0.1%
$	652,728	Rainier Therapeutics, Inc. Promissory Notes, 8.00% due 12/31/20		320,669
		TOTAL CONVERTIBLE NOTES (Cost $652,745)		320,669
	SHARES	COMMON STOCKS AND WARRANTS - 93.5% of Net Assets
		Biotechnology – 73.7%
	52,739	AC Immune SA (a) (c)		354,933
	86,352	ACADIA Pharmaceuticals, Inc. (a)		4,185,481
	7,425	Adynxx, Inc. (a)		4,603
	112,353	Alexion Pharmaceuticals, Inc. (a)		12,610,501
	60,092	Alkermes plc (a)		1,166,085
	22,188	Allakos, Inc. (a)		1,594,430
	76,107	Allogene Therapeutics, Inc. (a)		3,258,902
	47,732	Alnylam Pharmaceuticals, Inc. (a)		7,069,586
	291,970	Amarin Corp. plc (a) (d)		2,020,432
	161,932	Amgen, Inc.		38,193,281
	80,553	Amicus Therapeutics, Inc. (a)		1,214,739
	36,239	AnaptysBio, Inc. (a)		809,579
	59,588	Apellis Pharmaceuticals, Inc. (a)		1,946,144
	32,461	ARCA biopharma, Inc. (a)		214,892

The accompanying notes are an integral part of this Schedule of Investments.

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

SHARES		Biotechnology – continued	VALUE
	18,027	ARCA biopharma, Inc. Warrants (expiration 06/11/22, exercise price $1.10) (a) (b)	$	43,806
	289,336	Ardelyx, Inc. (a)		2,002,205
	32,556	Arena Pharmaceuticals, Inc. (a)		2,049,400
	15,551	Argenx SE (a) (d)		3,502,552
	33,666	Arrowhead Pharmaceuticals, Inc. (a)		1,454,035
	21,452	Ascendis Pharma A/S (a) (d)		3,172,751
	48,919	Atreca, Inc. (a)		1,040,996
	57,772	Avrobio, Inc. (a)		1,008,121
	26,592	BeiGene Ltd. (a) (d)		5,009,933
	6,000	Bellicum Pharmaceuticals, Inc. (a)		44,580
	66,309	Biogen, Inc. (a)		17,740,973
	10,482	Biohaven Pharmaceutical Holding Co., Ltd. (a)		766,339
	89,320	BioMarin Pharmaceutical, Inc. (a)		11,016,729
	33,924	bluebird bio, Inc. (a)		2,070,721
	40,964	Blueprint Medicines Corp. (a)		3,195,192
	12,201	Bridgebio Pharma, Inc. (a)		397,875
	47,437	Cellectis S.A. (a) (d)		844,379
	195,256	Cidara Therapeutics, Inc. (a)		720,495
	76,742	Coherus BioSciences, Inc. (a)		1,370,612
	119,535	Corbus Pharmaceuticals Holdings, Inc. (a)		1,002,899
	23,648	CRISPR Therapeutics AG (a) (c)		1,737,891
	32,636	CymaBay Therapeutics, Inc. (a)		113,900
	19,036	Deciphera Pharmaceuticals, Inc. (a)		1,136,830
	49,733	Editas Medicine, Inc. (a)		1,471,102
	6,118	Eidos Therapeutics, Inc. (a)		291,645
	71,778	Epizyme, Inc. (a)		1,152,755
	14,732	Esperion Therapeutics, Inc. (a)		755,899
	13,715	Exact Sciences Corp. (a)		1,192,382
	229,508	Exelixis, Inc. (a)		5,448,520
	65,428	Fate Therapeutics, Inc. (a)		2,244,835
	67,921	FibroGen, Inc. (a)		2,752,838
	145,858	Galera Therapeutics, Inc. (a)		1,041,426
	5,138	Genmab A/S (a) (d)		174,127
	456,668	Gilead Sciences, Inc.		35,136,036
	27,069	Global Blood Therapeutics, Inc. (a)		1,708,866
	21,774	Halozyme Therapeutics, Inc. (a)		583,761
	101,774	Incyte Corp. (a)		10,581,443
	63,948	Inovio Pharmaceuticals, Inc. (a) (e)		1,723,399
	37,238	Insmed, Inc. (a)		1,025,535
	14,034	Intellia Therapeutics, Inc. (a)		294,995
	18,630	Intercept Pharmaceuticals, Inc. (a)		892,563
	75,143	Ionis Pharmaceuticals, Inc. (a)		4,430,431
	101,017	Iovance Biotherapeutics, Inc. (a)		2,772,917
	9,455	Karuna Therapeutics, Inc. (a)		1,053,854
	11,225	Ligand Pharmaceuticals, Inc. (a)		1,255,516
	114,141	Magenta Therapeutics, Inc. (a)		857,199
	174,465	Moderna, Inc. (a) (e)		11,202,398
	18,261	Molecular Templates, Inc. (a)		251,819
	28,193	Momenta Pharmaceuticals, Inc. (a)		937,981

The accompanying notes are an integral part of this Schedule of Investments.

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

SHARES		Biotechnology – continued	VALUE
	80,164	Nektar Therapeutics (a)	$	1,856,598
	70,393	Neurocrine Biosciences, Inc. (a)		8,587,946
	44,550	NexGel, Inc. (a) (b)		138
	17,900	Novavax, Inc. (a)		1,491,965
	111,820	Ovid Therapeutics, Inc. (a)		824,113
	374,819	Pieris Pharmaceuticals, Inc. (a)		1,161,939
	23,821	Pieris Pharmaceuticals, Inc., Series A Warrants (expiration 06/08/21, exercise price $3.00) (a) (b)		24,536
	11,911	Pieris Pharmaceuticals, Inc., Series B Warrants (expiration 06/08/21, exercise price $2.00) (a) (b)		16,199
	42,810	Portola Pharmaceuticals, Inc. (a)		770,152
	18,973	Principia Biopharma, Inc. (a)		1,134,396
	42,892	PTC Therapeutics, Inc. (a)		2,176,340
	23,629	Puma Biotechnology, Inc. (a)		246,450
	57,499	Regeneron Pharmaceuticals, Inc. (a)		35,859,251
	89,062	Rocket Pharmaceuticals, Inc. (a)		1,864,068
	59,709	Rubius Therapeutics, Inc. (a)		357,060
	33,741	Sage Therapeutics, Inc. (a)		1,402,951
	45,979	Sangamo Therapeutics, Inc. (a)		411,972
	51,660	Sarepta Therapeutics, Inc. (a)		8,283,164
	87,198	Seattle Genetics, Inc. (a)		14,816,684
	193,471	Sutro Biopharma, Inc. (a)		1,501,335
	131,785	Trillium Therapeutics, Inc. (a) (c)		1,066,141
	29,770	Ultragenyx Pharmaceutical, Inc. (a)		2,328,609
	23,142	uniQure N.V. (a) (c)		1,042,778
	20,511	United Therapeutics Corp. (a)		2,481,831
	375,000	Vectivbio Holding AG (Restricted) (a) (b)		296,250
	135,144	Vertex Pharmaceuticals, Inc. (a)		39,233,655
	46,595	Xencor, Inc. (a)		1,509,212
	23,842	Y-mAbs Therapeutics, Inc. (a)		1,029,974
	11,502	Zai Lab Ltd. (a) (d)		944,659
	28,012	Zymeworks, Inc. (a) (c)		1,010,393
				361,051,803
		Drug Discovery Technologies(a) – 0.1%
	51,160	ImmunoGen, Inc.		235,336
		Health Care Equipment & Supplies(a) – 2.1%
	8,700	Axonics Modulation Technologies, Inc.		305,457
	130,000	Cercacor Laboratories, Inc. (Restricted) (b)		1,108,905
	25,531	Guardant Health, Inc.		2,071,330
	8,329	IDEXX Laboratories, Inc.		2,749,903
	5,042	Inogen, Inc.		179,092
	47,475	NovoCure Ltd.		2,815,267
	161,189	Quotient Ltd.		1,192,799
				10,422,753
		Health Care Providers & Services(a) – 0.1%
	148,148	InnovaCare, Inc. Escrow Shares (Restricted) (b)		105,363

The accompanying notes are an integral part of this Schedule of Investments.

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

SHARES		Health Care Providers & Services(a) – continued	VALUE
	5,822	Medpace Holdings, Inc.	$	541,562
				646,925
		Healthcare Services(a) – 0.3%
	24,811	Syneos Health, Inc.		1,445,241
		Life Sciences Tools & Services – 6.6%
	16,541	Bio-Techne Corp.		4,367,982
	62,293	Illumina, Inc. (a)		23,070,213
	151,480	Pacific Biosciences of California, Inc. (a)		522,606
	45,069	PRA Health Sciences, Inc. (a)		4,384,763
				32,345,564
		Pharmaceuticals – 10.6%
	16,387	Acceleron Pharma, Inc. (a)		1,561,189
	20,403	Aerie Pharmaceuticals, Inc. (a)		301,148
	79,542	Aerpio Pharmaceuticals, Inc. (a)		99,428
	63,808	Agios Pharmaceuticals, Inc. (a)		3,412,452
	30,700	Aurinia Pharmaceuticals, Inc. (a) (c)		498,875
	95,101	Avadel Pharmaceuticals plc (a) (d)		768,416
	9,784	Axsome Therapeutics, Inc. (a)		805,028
	18,008	Bristol-Myers Squibb Co.		1,058,870
	399,550	Bristol-Myers Squibb Co., CVR 03/31/21 (a) (f)		1,430,389
	165,330	Clearside Biomedical, Inc. (a)		310,820
	29,100	Endo International plc (a) (c)		99,813
	8,605	GW Pharmaceuticals plc (a) (d)		1,056,006
	40,585	Heron Therapeutics, Inc. (a)		597,005
	154,224	Horizon Therapeutics plc (a)		8,571,770
	155,963	Immunomedics, Inc. (a)		5,527,329
	34,082	Intra-Cellular Therapies, Inc. (a)		874,885
	25,203	Jazz Pharmaceuticals plc (a)		2,780,899
	7,187	Kodiak Sciences, Inc. (a)		388,960
	4,060	Madrigal Pharmaceuticals, Inc. (a)		459,795
	162,481	Menlo Therapeutics, Inc. (a)		281,092
	63,994	Milestone Pharmaceuticals, Inc. (a)		241,897
	27,127	Mirati Therapeutics, Inc. (a)		3,097,090
	294,349	Mylan N.V. (a)		4,733,132
	5,870	MyoKardia, Inc. (a)		567,159
	18,002	Reata Pharmaceuticals, Inc. (a)		2,808,672
	26,600	Revance Therapeutics, Inc. (a)		649,572
	58,272	Sanofi (c) (d)		2,974,786
	34,880	Spectrum Pharmaceuticals, Inc. (a)		117,894
	14,218	Tetraphase Pharmaceuticals, Inc. (a)		35,829
	73,516	Theravance Biopharma, Inc. (a) (c)		1,543,101
	15,943	Tricida, Inc. (a)		438,114
	1,766	Turning Point Therapeutics, Inc. (a)		114,066
	929,053	Verona Pharma plc (a) (c)		575,595
	106,335	Verona Pharma plc (a) (d)		496,584
	371,622	Verona Pharma plc Warrants (expiration 04/27/22, exercise price $2.37) (a) (b) (c)		16,992
	40,580	WaVe Life Sciences Ltd. (a)		422,438

The accompanying notes are an integral part of this Schedule of Investments.

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

SHARES		Pharmaceuticals – continued	VALUE
	71,950	Zogenix, Inc. (a)	$	1,943,370
				51,660,460
		TOTAL COMMON STOCKS AND WARRANTS (Cost $319,722,930)		457,808,082
	PRINCIPAL AMOUNT	SHORT-TERM INVESTMENT - 1.3% of Net Assets
$	6,343,000	Repurchase Agreement, Fixed Income Clearing Corp., repurchase value $6,343,000, 0.00%, dated 06/30/20, due 07/01/20 (collateralized by U.S. Treasury Note 0.625%, due 04/15/23, market value $6,469,883)		6,343,000
		TOTAL SHORT-TERM INVESTMENT (Cost $6,343,000)		6,343,000
		TOTAL INVESTMENTS BEFORE MILESTONE INTERESTS - 98.6% (Cost $346,702,536)		482,756,006
	INTERESTS	MILESTONE INTERESTS (Restricted)(a) (b) - 1.5% of Net Assets
		Biotechnology – 0.3%
	1	Therachon Milestone Interest		1,513,821
		Health Care Equipment & Supplies – 0.0%
	1	Therox Milestone Interest		3,407
		Pharmaceuticals – 1.2%
	1	Afferent Milestone Interest		262,942
	1	Ethismos Research Milestone Interest		0
	1	Impact Biomedicines Milestone Interest		3,454,657
	1	Neurovance Milestone Interest		2,067,478
				5,785,077
		TOTAL MILESTONE INTERESTS
		(Cost $4,994,233)		7,302,305
	NUMBER OF CONTRACTS (100 SHARES EACH)/
	NOTIONAL AMOUNT ($)	CALL OPTION CONTRACTS WRITTEN - 0.0% of Net Assets
	201/(603,000)	Inovio Pharmaceuticals, Inc. Jul20 30 Call		(23,316	)
	403/(2,901,600)	Moderna, Inc. Jul20 72 Call		(112,840	)
	121/(907,500)	Moderna, Inc. Jul20 75 Call		(26,378	)
		TOTAL CALL OPTION CONTRACTS WRITTEN
		(Premiums received $267,037)		(162,534	)

The accompanying notes are an integral part of this Schedule of Investments.

Tekla Life Sciences Investors

SCHEDULE OF INVESTMENTS

June 30, 2020

(Unaudited, continued)

		VALUE
TOTAL INVESTMENTS - 100.1%
(Cost $351,429,732)	$	489,895,777
OTHER LIABILITIES IN EXCESS OF ASSETS – (0.1)%		(234,796	)
NET ASSETS - 100%	$	489,660,981

(a)	Non-income producing security.
(b)	Security fair valued using significant unobservable inputs. See Investment Valuation and Fair Value Measurements.
(c)	Foreign security.
(d)	American Depository Receipt
(e)	A portion of security is pledged as collateral for call options written.
(f)	Contingent Value Right

The accompanying notes are an integral part of this Schedule of Investments.

TEKLA LIFE SCIENCES INVESTORS
NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2020
(unaudited)

Investment Valuation

Shares of publicly traded companies listed on national securities exchanges or trading in the over-the-counter market are typically valued at the last sale price, as of the close of trading, generally 4 p.m., Eastern Time. The Board of Trustees of the Fund (the Trustees) has established and approved fair valuation policies and procedures with respect to securities for which quoted prices may not be available or which do not reflect fair value. Convertible, corporate and government bonds are valued using a third-party pricing service. Convertible bonds are valued using this pricing service only on days when there is no sale reported. Restricted securities of companies that are publicly traded are typically valued based on the closing market quote on the valuation date adjusted for the impact of the restriction as determined in good faith by Tekla Capital Management LLC (the Adviser) also using fair valuation policies and procedures approved by the Trustees described below. Non-exchange traded warrants of publicly traded companies are generally valued using the Black-Scholes model, which incorporates both observable and unobservable inputs. Short-term investments with a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.

Convertible preferred shares, warrants or convertible note interests in private companies, milestone interests, and other restricted securities, as well as shares of publicly traded companies for which market quotations are not readily available, such as stocks for which trading has been halted or for which there are no current day sales, or which do not reflect fair value, are typically valued in good faith, based upon the recommendations made by the Adviser pursuant to fair valuation policies and procedures approved by the Trustees.

The Adviser has a Valuation Sub-Committee comprised of senior management which reports to the Valuation Committee of the Board at least quarterly. Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs the Adviser considers may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from the company, which may include an analysis of the company’s financial statements, products, intended markets or technologies; (iii) the price of the same or similar security negotiated at arm’s length in an issuer’s completed subsequent round of financing; (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time value adjusted analysis of contractual terms. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. Significant unobservable inputs identified by the Adviser are often used in the fair value determination. A significant change in any of these inputs may result in a significant change in the fair value measurement. Due to the uncertainty inherent in the valuation process, such estimates of fair value may differ significantly from the values that would have been used had a ready market for the investments existed, and differences could be material. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of this schedule of investments.

Federal Income Tax Cost

At June 30, 2020, the cost of securities for Federal income tax purposes was $351,429,770. The net unrealized gain on securities held by the Fund was $138,466,007, including gross unrealized gain of $190,137,731 and gross unrealized loss of $51,671,724.

Fair Value Measurements

The Fund uses a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels. Level 1 includes quoted prices in active markets for identical investments. Level 2 includes prices determined using other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.). The independent pricing vendor may value bank loans and debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, and/or other methodologies designed to identify the market value for such securities and such securities are considered Level 2 in the fair value hierarchy. Level 3 includes prices determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). These inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For the period ended June 30, 2020, the total amount of transfers between Level 3 and Level 1 was $979,998. The one investment was transferred due to an initial public offering and the value is being supported by the market price. There were no other transfers between levels.

TEKLA LIFE SCIENCES INVESTORS
NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2020
(continued)
(unaudited)

The following is a summary of the levels used as of June 30, 2020 to value the Fund’s net assets.

Assets at Value	Level 1			Level 2		Level 3		Total
Convertible Preferred and Warrants
Biotechnology	$	-		$	-	$	13,886,887	$	13,886,887
Health Care Equipment & Supplies		-			-		1,397,369		1,397,369
Pharmaceuticals		-			-		2,999,999		2,999,999
Convertible Notes
Biotechnology		-			-		320,669		320,669
Common Stocks and Warrants
Biotechnology		360,670,874			-		380,929		361,051,803
Drug Discovery Technologies		235,336			-		-		235,336
Health Care Equipment & Supplies		9,313,848			-		1,108,905		10,422,753
Health Care Providers & Services		541,562			-		105,363		646,925
Healthcare Services		1,445,241			-		-		1,445,241
Life Sciences Tools & Services		32,345,564			-		-		32,345,564
Pharmaceuticals		51,643,468			-		16,992		51,660,460
Short-term Investment		-			6,343,000		-		6,343,000
Milestone Interests
Biotechnology		-			-		1,513,821		1,513,821
Health Care Equipment & Supplies		-			-		3,407		3,407
Pharmaceuticals		-			-		5,785,077		5,785,077
Other Assets		-			-		283,931		283,931
Total	$	456,195,893		$	6,343,000	$	27,803,349	$	490,342,242
Other Financial Instruments
Liabilities
Call Options Contracts Written	$	(162,534	)	$	-	$	-	$	(162,534	)
Total	$	(162,534	)	$	-	$	-	$	(162,534	)

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

Investments in securities	Balance as of September 30, 2019		Net realized gain (loss) and change in unrealized appreciation (depreciation)			Cost of purchases and conversions		Proceeds from sales and conversions			Net transfers into (out of) Level 3			Balance as of June 30, 2020
Convertible Preferred and Warrants
Biotechnology	$	8,100,496	$	(688,196	)	$	7,454,585	$	-		$	(979,998)		$	13,886,887
Health Care Equipment & Supplies		792,748		(41,757	)		1,395,215		(748,837	)		-			1,397,369
Pharmaceuticals		1,499,999		-			1,500,000		-			-			2,999,999
Convertible Notes
Biotechnology		597,977		(332,114	)		54,806		-			-			320,669
Health Care Equipment & Supplies		1,682,975		(1,337,196	)		-		(345,779	)		-			-
Common Stock and Warrants
Biotechnology		374,616		9,968			-		(3,655	)		-			380,929
Health Care Equipment & Supplies		678,730		430,175			-		-			-			1,108,905
Health Care Providers & Services		1,359,525		(734,769	)		135,770		(655,163	)		-			105,363
Pharmaceuticals		822		16,170			-		-			-			16,992
Milestone Interests
Biotechnology		1,444,178		69,643			-		-			-			1,513,821
Health Care Equipment & Supplies		4,567		(2	)		-		(1,158	)		-			3,407
Pharmaceuticals		5,543,707		241,370			-		-			-			5,785,077
Other Assets		391,097		-			29,562		(136,728	)		-			283,931
	$	22,471,437	$	(2,366,708	)	$	10,569,938	$	(1,891,320	)	$	(979,998	)	$	27,803,349

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2020 

Continued

(Unaudited)

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2020 $138,692

The following is a quantitative disclosure about significant unobservable inputs used in the determination of the fair value of Level 3 assets.

	Fair Value at June 30, 2020		Valuation Technique	Unobservable Input	Range (Weighted Average)
Private Companies and Other Restricted Securities	$	1,210,576	Income approach, Black-Scholes	Discount for lack of marketability		20.00%-50.00% (32.94%)
		8,961,390	Probability weighted expected return model	Discount rate Price to sales multiple		41.37%-44.04% (33.25%) 5.78x-11.11x (6.26x)
		9,939,784	Market approach, recent transaction	(a)		N/A
		7,691,599	Probability adjusted value	Probability of events Timing of events		10.00%-100.00% (53.51%) 0.25-16.75 (3.60) years
	$	27,803,349

(a) The valuation technique used as a basis to approximate fair value of these investments is based upon subsequent financing rounds. There is no quantitative information to provide as these methods of measure are investment specific.

Private Companies and Other Restricted Securities

The Fund may invest in private companies and other restricted securities if these securities would currently comprise 40% or less of net assets. The value of these securities represented 6% of the Fund’s net assets at June 30, 2020.

At June 30, 2020, the Fund had a commitment of $2,979,772 relating to additional investments in three private companies.

The following table details the acquisition date, cost, carrying value per unit, and value of the Fund’s private companies and other restricted securities at June 30, 2020. The Fund on its own does not have the right to demand that such securities be registered.

Security (#)	Acquisition Date		Cost		Carrying Value per Unit		Value
Afferent Milestone Interest	07/27/16		$	161,872	$	262,942.00	$	262,942
Amphivena Therapeutics, Inc.
Series B Cvt. Pfd	07/17/17			2,101,222		15.00		2,100,000
Series C Cvt. Pfd	12/10/18			808,848		3.59		808,848
Arkuda Therapeutics, Inc. Series A Cvt. Pfd	05/16/19, 04/02/20			2,018,184		2.38		2,018,184
Cercacor Laboratories, Inc. Common	03/31/98	†		0		8.53		1,108,905
Curasen Therapeutics, Inc Series A Cvt. Pfd	09/18/18, 01/07/20			2,999,999		1.10		2,999,999
Decipher Biosciences, Inc.
Series II Cvt. Pfd	03/29/19			1,846,968		2.17		865,395
Series III Cvt. Pfd	03/29/19			417,862		2.17		860,333
Series IV Cvt. Pfd	05/14/20			66,532		2.17		66,532
Dynacure
Series C Cvt. Pfd	04/21/20			1,433,840		23.84		1,483,008

Tekla Life Sciences Investors

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2020 

Continued

(Unaudited)

	Acquisition				Carrying Value
Security (#)	Date		Cost		per Unit			Value
Dynacure (continued)
Series C Warrants (expiration 04/21/25)	04/21/20		$	0	$	0.00			0
Ethismos Research Milestone Interest	10/31/17			0		0.00			0
Hotspot Therapeutics, Inc. Series B Cvt. Pfd	04/22/20			1,550,002		2.40			1,550,002
Impact Biomedicines Milestone Interest	07/20/10			0		3,454,657.00			3,454,657
InnovaCare, Inc. Escrow Shares Common	12/21/12	†		95,673		0.71			105,363
IO Light Holdings, Inc. Series A2 Cvt. Pfd	04/30/20	†		1,394,759		3.85			1,397,369
Neurovance Milestone Interest	03/20/17			3,417,500		2,067,478.00			2,067,478
Oculis SA, Series B2 Cvt. Pfd	01/16/19			990,902		8.79			1,034,359
Rainier Therapeutics, Inc.
Series A Cvt. Pfd	01/19/16, 10/24/16			750,652		0.00	††		115
Series B Cvt. Pfd	03/03/17			500,091		0.00	††		67
Cvt. Promissory Notes	01/30/19			189,677		0.00			0
Cvt. Promissory Notes	03/28/19			189,677		0.00			0
Cvt. Promissory Notes	07/16/19			218,639		117.30			256,449
Cvt. Promissory Notes	10/07/19			54,752		117.30			64,220
Rallybio Holdings, LLC Series B Cvt. Pfd	03/27/20			3,104,000		1.39			3,100,044
Therachon Milestone Interest	07/01/19			1,409,779		1,513,821.00			1,513,821
Therox Milestone Interest	06/18/19			5,082		3,407.00			3,407
Vectivbio Holding AG Common	07/01/19	†		292,594		0.79			296,250
			$	26,019,106				$	27,417,747

(#)	See Schedule of Investments and corresponding footnotes for more information on each issuer.
†	Interest received as part of a corporate action for a previously owned security.
††	Carrying value per unit is greater than $0.00 but less than $0.01.