NPORT-EX 2 NPORT_TN00_93835192_0622.htm

Tekla Healthcare Investors

SCHEDULE OF INVESTMENTS

June 30, 2022
(Unaudited)

	SHARES			Convertible Preferred (Restricted) (a)(b) – 7.7% of Net Assets			VALUE
				Biotechnology – 4.8%
	326,667			Amphivena Therapeutics, Inc. Series B (c)		$	33
	525,972			Amphivena Therapeutics, Inc. Series C, 6.00% (c)			53
	82,076			Arbor Biotechnologies, Series B, 8.00%			1,359,999
	2,353,932			Arkuda Therapeutics, Inc. Series A, 6.00% (c)			4,162,222
	487,526			Arkuda Therapeutics, Inc. Series B, 6.00% (c)			862,043
	602,572			Dynacure Series C			2,620,581
	2,875,000			Hotspot Therapeutics, Inc. Series B, 6.00%			9,317,587
	632,394			HotSpot Therapeutics, Inc. Series C, 6.00%			2,049,526
	1,020,000			ImmuneID, Inc. Series A, 8.00%			2,040,000
	7,187,500			Invetx, Inc. Series A, 8.00% (c)			4,816,344
	3,089,091			Invetx, Inc. Series B, 8.00% (c)			2,070,000
	277,444			Oculis SA, Series B2, 6.00%			2,952,004
	75,367			Oculis SA, Series C, 6.00%			801,905
	528,339			Parthenon Therapeutics, Inc. Series A			2,092,307
	346,666			Priothera Ltd. Series A, 6.00% (c)			3,632,886
	1,553,631			Quell Therapeutics, Series B (d)			2,936,363
	294,589			ReCode Therapeutics, Series B, 5.00%			2,719,999
							44,433,852
				Health Care Equipment & Supplies – 0.2%
	421,634			IO Light Holdings, Inc. Series A2			1,423,015
				Pharmaceuticals – 2.7%
	616,645			Aristea Therapeutics, Inc. Series B, 8.00%			3,399,996
	1,295,238			Biotheryx, Inc. Series E, 8.00%			6,800,000
	17,547,740			Curasen Therapeutics, Inc. Series A (c)			8,414,141
	657,322			Endeavor Biomedicines, Inc. Series B, 8.00%			3,099,996
	2,773,472			HiberCell, Inc. Series B			3,399,999
							25,114,132
				TOTAL CONVERTIBLE PREFERRED (Cost $78,259,240)			70,970,999

PRINCIPAL AMOUNT				CONVERTIBLE NOTES (Restricted)(a)(b)(c) - 0.0% of Net Assets
				Biotechnology – 0.0%
$	303,323			Amphivena Therapeutics, Inc., 8.00%			0
				TOTAL CONVERTIBLE NOTES   (Cost $ 303,323)			0
SHARES				COMMON STOCKS - 86.7% of Net Assets
				Biotechnology – 50.1%
	132,179			AbbVie, Inc.			20,244,536
	367,414			Affimed N.V. (a)(d)			1,017,737
	90,398			Alkermes plc (a)			2,692,956
	77,438			Alnylam Pharmaceuticals, Inc. (a)			11,294,332
	304,895			Amgen, Inc.			74,180,954
	217,588			Apellis Pharmaceuticals, Inc. (a)			9,839,329
	86,869			Arcutis Biotherapeutics, Inc. (a)			1,851,178
	21,958			Argenx SE ADR (a)			8,319,447

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

Tekla Healthcare Investors

SCHEDULE OF INVESTMENTS

June 30, 2022
(Unaudited, continued)

SHARES				Biotechnology – continued		VALUE
	87,937			Arrowhead Pharmaceuticals, Inc. (a)		$	3,096,262
	43,409			Ascendis Pharma A/S ADR (a)			4,035,301
	30,066			BeiGene Ltd. ADR (a)			4,866,182
	137,035			BioCryst Pharmaceuticals, Inc. (a)			1,449,830
	66,310			Biogen, Inc. (a)			13,523,261
	28,433			Biohaven Pharmaceutical Holding Co., Ltd. (a)			4,142,972
	71,154			BioMarin Pharmaceutical, Inc. (a)			5,896,532
	57,580			BioNTech SE ADR			8,585,178
	90,404			Black Diamond Therapeutics, Inc. (a)(e)			222,394
	67,726			Blueprint Medicines Corp. (a)			3,420,840
	475,576			Caribou Biosciences, Inc. (a)(e)			2,582,378
	51,708			ChemoCentryx, Inc. (a)			1,281,324
	143,592			Denali Therapeutics, Inc. (a)			4,225,913
	15,094			Fate Therapeutics, Inc. (a)			374,029
	15,186			Fusion Pharmaceuticals, Inc. (a)(d)			37,813
	200,492			G1 Therapeutics, Inc. (a)(e)			990,430
	296,462			Galera Therapeutics, Inc. (a)			385,401
	854,746			Gilead Sciences, Inc.			52,831,850
	53,885			I-Mab ADR (a)			608,901
	36,800			Intellia Therapeutics, Inc. (a)			1,904,768
	33,437			Intercept Pharmaceuticals, Inc. (a)(e)			461,765
	112,999			Ionis Pharmaceuticals, Inc. (a)			4,183,223
	52,289			Karuna Therapeutics, Inc. (a)			6,615,081
	1,063,799			Mereo Biopharma Group plc ADR (a)			1,191,455
	138,636			Moderna, Inc. (a)			19,804,153
	205,800			Moonlake Immunotherapeutics AG Class A (Restricted) (a)(b)			972,405
	125,116			Neurocrine Biosciences, Inc. (a)			12,196,308
	2,970			NexGel, Inc. (a)			5,108
	37,188			Novavax, Inc. (a)(e)			1,912,579
	51,406			Praxis Precision Medicines, Inc. (a)			125,945
	154,807			Precision BioSciences, Inc. (a)(e)			247,691
	481,646			Pyxis Oncology, Inc. (a)			1,146,318
	842,993			Rallybio Corp. (a)(e)			6,364,597
	81,960			Regeneron Pharmaceuticals, Inc. (a)			48,449,015
	106,483			Sarepta Therapeutics, Inc. (a)			7,981,966
	68,117			Scholar Rock Holding Corp. (a)(e)			373,962
	119,124			Seagen, Inc. (a)			21,077,801
	115,649			Sutro Biopharma, Inc. (a)			602,531
	142,714			Travere Therapeutics, Inc. (a)			3,457,960
	138,057			TScan Therapeutics, Inc. (a)			434,189
	28,600			Ultragenyx Pharmaceutical, Inc. (a)			1,706,276
	357,080			uniQure N.V. (a)(d)			6,655,971
	42,183			United Therapeutics Corp. (a)			9,940,002
	567,550			Vectivbio Holding AG (a)			3,064,770
	202,373			Vertex Pharmaceuticals, Inc. (a)			57,026,688
	153,470			Xencor, Inc. (a)			4,200,474
	27,684			Zai Lab Ltd. ADR (a)			960,081
							465,060,342

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

Tekla Healthcare Investors

SCHEDULE OF INVESTMENTS

June 30, 2022

(Unaudited, continued)

SHARES				Health Care Equipment & Supplies  – 6.0%		VALUE
	114,588			Abbott Laboratories		$	12,449,986
	160,000			Cercacor Laboratories, Inc. (Restricted) (a)(b)			687,573
	15,264			DexCom, Inc. (a)			1,137,626
	43,827			Edwards Lifesciences Corp. (a)			4,167,510
	173,673			Guardant Health, Inc. (a)			7,005,969
	10,945			Hologic, Inc. (a)			758,489
	10,354			IDEXX Laboratories, Inc. (a)			3,631,458
	57,333			Lantheus Holdings, Inc. (a)			3,785,698
	29,380			Medtronic plc			2,636,855
	74,215			Stryker Corp.			14,763,590
	39,439			Zimmer Biomet Holdings, Inc.			4,143,461
	3,943			Zimvie, Inc. (a)			63,127
							55,231,342
				Health Care Providers & Services – 6.8%
	17,832			Addus HomeCare Corp. (a)			1,485,049
	29,482			AMN Healthcare Services, Inc. (a)			3,234,470
	2,644			Anthem, Inc.			1,275,941
	14,361			Charles River Laboratories International, Inc. (a)			3,072,823
	41,860			Cigna Corp.			11,030,947
	51,696			Contra Zogenix, Inc. (a)(b)			78,578
	24,237			HCA Healthcare, Inc.			4,073,270
	47,561			HealthEquity, Inc. (a)			2,919,770
	6,740			Humana, Inc.			3,154,792
	222,222			InnovaCare, Inc. Escrow Shares (Restricted) (a)(b)			56,911
	6,524			Medpace Holdings, Inc. (a)			976,447
	20,567			Molina Healthcare, Inc. (a)			5,750,739
	107,595			Owens & Minor, Inc.			3,383,863
	43,179			UnitedHealth Group, Inc.			22,178,030
							62,671,630
				Healthcare Services – 1.4%
	15,929			Laboratory Corporation of America Holdings			3,733,121
	130,505			Syneos Health, Inc. (a)			9,354,598
							13,087,719
				Life Sciences Tools & Services – 4.0%
	216,209			Adaptive Biotechnologies Corp. (a)			1,749,131
	35,350			ICON plc (a)			7,660,345
	107,767			Illumina, Inc. (a)			19,867,924
	14,873			Thermo Fisher Scientific, Inc.			8,080,203
							37,357,603
				Medical Devices and Diagnostics – 1.4%
	4,063			Align Technology, Inc. (a)			961,591
	144,489			Boston Scientific Corp. (a)			5,385,105
	15,181			Danaher Corp.			3,848,687
	15,310			Intuitive Surgical, Inc. (a)			3,072,870
							13,268,253
				Pharmaceuticals – 17.0%
	51,378			Arvinas, Inc. (a)			2,162,500

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

Tekla Healthcare Investors

SCHEDULE OF INVESTMENTS

June 30, 2022

(Unaudited, continued)

SHARES				Pharmaceuticals – continued		VALUE
	414,257			AstraZeneca plc ADR		$	27,369,960
	104,219			Aurinia Pharmaceuticals, Inc. (a)(d)(e)			1,047,401
	229,831			Bristol-Myers Squibb Co.			17,696,987
	21,313			Eli Lilly & Co.			6,910,314
	465,507			Endo International plc (a)			216,787
	411,374			Horizon Therapeutics plc (a)			32,811,190
	169,426			Intra-Cellular Therapies, Inc. (a)			9,670,836
	17,633			IQVIA Holdings, Inc. (a)			3,826,185
	90,289			Jazz Pharmaceuticals plc (a)(d)			14,085,987
	36,231			Johnson & Johnson			6,431,365
	48,115			McKesson Corp.			15,695,594
	71,668			Merck & Co., Inc.			6,533,972
	55,093			Mirati Therapeutics, Inc. (a)			3,698,393
	7,050			Perrigo Co. plc			286,019
	60,450			Pfizer, Inc.			3,169,394
	79,790			Spectrum Pharmaceuticals, Inc. (a)			62,236
	28,747			Tetraphase Pharmaceuticals, Inc. CVR (a)(b)			1,725
	291,666			Teva Pharmaceutical Industries Ltd. ADR (a)			2,193,328
	69,000			Theseus Pharmaceuticals, Inc. (a)(e)			381,570
	94,775			VYNE Therapeutics, Inc. (a)(e)			36,858
	17,924			Zoetis, Inc.			3,080,956
							157,369,557
				TOTAL COMMON STOCKS (Cost $694,118,115)			804,046,446
				EXCHANGE TRADED FUNDS - 1.1% of Net Assets
	24,569			iShares Nasdaq Biotechnology ETF			2,890,051
	102,399			SPDR S&P Biotech ETF			7,605,174
				TOTAL EXCHANGE TRADED FUNDS (Cost $10,003,884)			10,495,225
PRINCIPAL AMOUNT				SHORT-TERM INVESTMENTS - 4.3% of Net Assets
$	33,479,000			Repurchase Agreement, Fixed Income Clearing Corp., repurchase value $33,479,223, 0.24%, dated 06/30/22, due 07/01/22 (collateralized by U.S. Treasury Note 0.25%, due 09/30/2025, market value $34,148,608)			33,479,000
SHARES
	6,505,927			State Street Institutional U.S. Government Money Market Fund, Institutional Class, 1.42% (f)			6,505,927
				TOTAL SHORT-TERM INVESTMENTS   (Cost $39,984,927)			39,984,927
				TOTAL INVESTMENTS BEFORE MILESTONE INTERESTS - 99.8% (Cost $822,669,489)			925,497,597
INTEREST				MILESTONE INTERESTS (Restricted)(a)(b) - 1.0% of Net Assets
				Biotechnology – 0.2%
	1			Rainier Therapeutics Milestone Interest			383,352
	1			Therachon Milestone Interest			1,280,283

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

Tekla Healthcare Investors

SCHEDULE OF INVESTMENTS

June 30, 2022

(Unaudited, continued)

INTEREST				Biotechnology – continued		VALUE
						$	1,663,635
				Health Care Equipment & Supplies – 0.0%
	1			Therox Milestone Interest			1,090
							1,090
				Pharmaceuticals – 0.8%
	1			Afferent Milestone Interest			286,192
	1			Ethismos Research Milestone Interest			0
	1			Impact Biomedicines Milestone Interest			1,741,805
	1			Neurovance Milestone Interest			5,643,054
							7,671,051
				TOTAL MILESTONE INTERESTS  (Cost $8,061,263)			9,335,776
				TOTAL INVESTMENTS - 100.8% (Cost $830,730,752)			934,833,373
				OTHER LIABILITIES IN EXCESS OF ASSETS - (0.8)%			(7,392,029	)
				NET ASSETS - 100%		$	927,441,344

(a)	Non-income producing security.
(b)	Security fair valued using significant unobservable inputs. See Investment Valuation and Fair Value Measurements.
(c)	Affiliated issuers in which the Fund holds 5% or more of the voting securities (total market value of $23,957,722).
(d)	Foreign security.
(e)	All or a portion of this security is on loan as of June 30, 2022.
(f)	This security represents the investment of cash collateral received for securities lending and is a registered investment company advised by State Street Global Advisors. The rate shown is the annualized seven-day yield as of  June 30, 2022.
ADR	American Depository Receipt
CVR	Contingent Value Right

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

Tekla Healthcare Investors

NOTES TO SCHEDULE OF INVESTMENTS 

June 30, 2022

(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 the 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, 2022, the cost of securities for Federal income tax purposes was $830,730,752. The net unrealized gain on securities held by the Fund was $104,102,621, including gross unrealized gain of $237,095,011 and gross unrealized loss of $132,992,390.

Securities Lending

The Fund may lend its securities to approved borrowers to earn additional income. The Fund receives cash collateral from the borrower and the initial collateral received by the fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The Fund will invest its cash collateral in State Street Institutional U.S. Government Money Market Fund (SAHXX), which is registered with the Securities and Exchange Commission (SEC) as an investment company. SAHXX invests substantially all of its assets in the State Street U.S. Government Money Market Portfolio. The Fund will receive the benefit of any gains and bear any losses generated by SAHXX with respect to the cash collateral.

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

Tekla Healthcare Investors

NOTES TO SCHEDULE OF INVESTMENTS 

June 30, 2022

(Unaudited, continued)

The Fund has the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the Fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of SAHXX.

Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the Fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. The Fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the Fund is net of fees retained by the securities lending agent. Net income received from SAHXX is a component of securities lending income as recorded by the Fund.

As of June 30, 2022, the Fund loaned securities valued at $6,232,497 and received $6,505,927 of cash collateral.

Other Transactions with Affiliates

An affiliate company is a company in which the Fund holds 5% or more of the voting securities. Transactions involving such companies during the period ended June 30, 2022 were as follows:

Affiliated Companies		Beginning Value as of September 30, 2021				Purchases at Cost				Proceeds from Sales				Net Realized Gain/(Loss) on sale of Affiliated Companies				Change in Unrealized Appreciation/ Depreciation				Ending Value as of June 30, 2022
Amphivena Therapeutics		$	86			$	-			$	-			$	-			$	-			$	86
Arkuda Therapeutics, Inc..			2,800,002				862,043				-				-				1,362,220				5,024,265
Curasen Therapeutics, Inc.			7,000,000				1,414,141				-				-				-				8,414,141
Invetx, Inc.			3,450,000				2,070,000				-				-				1,366,344				6,886,344
Priothera Ltd.			1,081,123	*			2,946,771				-				-				(395,008	)			3,632,886
		$	14,331,211			$	7,292,955			$	-			$	-			$	2,333,556			$	23,957,722

Affiliated Companies		Shares as of June 30, 2022				Principal Amount as of June 30, 2022				Dividend/ Interest Income from Affiliated Companies				Capital Gain Distributions from Affiliated Companies
Amphivena Therapeutics			852,639			$	303,323			$	-			$	-
Arkuda Therapeutics, Inc.			2,841,458				-				-				-
Curasen Therapeutics, Inc.			17,547,740				-				-				-
Invetx, Inc.			10,276,591				-				-				-
Priothera Ltd.			346,666				-				-				-
			31,865,094			$	303,323			$	-			$	-

* Not an affiliate as of September 30, 2021.

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

Tekla Healthcare Investors 

NOTES TO SCHEDULE OF INVESTMENTS 

June 30, 2022 

(Unaudited, continued)

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, 2022, the total amount of transfers between Level 3 and Level 1 was $4,080,321. The two investments were transferred due to an initial public offering and the values are being supported by the market price. There were no other transfers between levels.

The following is a summary of the levels used as of June 30, 2022 to value the Fund’s investments.

Assets at Value		Level 1				Level 2				Level 3				Total
Convertible Preferred
Biotechnology		$	-			$	-			$	44,433,852			$	44,433,852
Health Care Equipment & Supplies			-				-				1,423,015				1,423,015
Pharmaceuticals			-				-				25,114,132				25,114,132
Convertible Notes
Biotechnology			-				-				0	*			0
Common Stocks and Warrants
Biotechnology			464,087,937				972,405				-				465,060,342
Health Care Equipment & Supplies			54,543,769				-				687,573				55,231,342
Health Care Providers & Services			62,536,141				78,578				56,911				62,671,630
Healthcare Services			13,087,719				-				-				13,087,719
Life Sciences Tools & Services			37,357,603				-				-				37,357,603
Medical Devices and Diagnostics			13,268,253				-				-				13,268,253
Pharmaceuticals			157,367,832				1,725				-				157,369,557
Exchange Traded Fund			10,495,225				-				-				10,495,225
Short-term Investments			6,505,927				33,479,000				-				39,984,927
Milestone Interests
Biotechnology			-				-				1,663,635				1,663,635
Health Care Equipment & Supplies			-				-				1,090				1,090
Pharmaceuticals			-				-				7,671,051				7,671,051
Other Assets			-				-				272				272
Total		$	819,250,406			$	34,531,708			$	81,051,531			$	934,833,645

*Represents security valued at zero.

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

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

Tekla Healthcare Investors 

NOTES TO SCHEDULE OF INVESTMENTS 

June 30, 2022 

(Unaudited, continued)

Investments in Securities		Balance as of September 30, 2021				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, 2022
Convertible Preferred
Biotechnology		$	31,989,201			$	1,523,124			$	15,001,526			$	-			$	(4,079,999	)		$	44,433,852
Health Care Equipment & Supplies			1,423,015				-				-				-				-				1,423,015
Pharmaceuticals			20,599,995				(7,632	)			4,521,769				-				-				25,114,132
Convertible Notes
Biotechnology			0				-				-				-				-				0
Common Stocks
Biotechnology			322				-				-				-			$	(322	)			-
Health Care Equipment & Supplies			1,768,200				(1,080,627	)			-				-				-				687,573
Health Care Providers & Services			139,911				(60,629	)			-				(22,371	)			-				56,911
Milestone Interests
Biotechnology			1,758,375				(94,740	)			-				-				-				1,663,635
Health Care Equipment & Supplies			1,982				(705	)			-				(187	)			-				1,090
Pharmaceuticals			9,289,198				(1,618,147	)			-				-				-				7,671,051
Other Assets			15,966				-				2,520				(18,214	)			-				272
		$	66,986,165			$	(1,339,356	)		$	19,525,815			$	(40,772	)		$	(4,080,321	)		$	81,051,531

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022 $ (1,339,356 )

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, 2022				Valuation Technique		Unobservable Input		Range (Weighted Average)
Common Stock		$	687,573			Income approach		(a)		N/A
			56,911			Probability adjusted value		Probability of events Timing of events		50.00% (50.00%) 0.75-1.75 (1.25) years
Convertible Preferred			55,362,339 15,608,660			Market approach Recent transactions		(a) (b)		N/A N/A
Milestones Interests			9,335,776			Probability adjusted value		Probability of events Timing of events		0.00%-100.00% (72.70%) 0.25-14.00 (3.75) years
Other Assets			272			Probability adjusted value		Probability of events Timing of events		95.00% (95.00%) 5.75 (5.75) years
		$	81,051,531

(a) There is no quantitative information to provide as this method of measure is investment specific.

(b) The valuation technique used as a basis to approximate fair value of these investments is based upon subsequent financing rounds.

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 9% of the Fund’s net assets at June 30, 2022.

At June 30, 2022, the Fund had a commitment of $3,299,853 relating to additional investments in four 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, 2022. The Fund on its own does not have the right to demand that such securities be registered.

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

Tekla Healthcare Investors 

NOTES TO SCHEDULE OF INVESTMENTS 

June 30, 2022 

(Unaudited, continued)

Security (#)		Acquisition Date				Cost				Carrying Value per Unit				Value
Afferent Milestone Interest			07/27/16			$	377,701			$	286,192.00			$	286,192
Amphivena Therapeutics, Inc.
Series B Cvt. Pfd			07/17/17				4,903,056				0.00	††			33
Series C Cvt. Pfd			12/10/18				1,887,644				0.00	††			53
Cvt. Note			08/25/21				303,323				0.00				0
Arbor Biotechnologies, Series B Cvt. Pfd			10/29/21				1,367,052				16.57				1,359,999
Aristea Therapeutics, Inc. Series B Cvt. Pfd			07/27/21				3,399,996				5.51				3,399,996
Arkuda Therapeutics, Inc.
Series A Cvt. Pfd			05/16/19,04/02/20, 07/15/21				5,608,507				1.77				4,162,222
Series B Cvt. Pfd			01/24/22				863,441				1.77				862,043
Biotheryx, Inc. Series E Cvt. Pfd			05/19/21				6,814,067				5.25				6,800,000
Cercacor Laboratories, Inc. Common			03/31/98	†			0				4.30				687,573
Curasen Therapeutics, Inc. Series A Cvt. Pfd			09/18/18,01/07/20, 10/21/21				8,414,141				0.48				8,414,141
Dynacure Series C Cvt. Pfd			04/21/20,10/28/20				5,611,822				4.35				2,620,581
Endeavor Biomedicines, Inc. Series B Cvt. Pfd			01/21/22				3,103,019				4.72				3,099,996
Ethismos Research Milestone Interest			10/31/17				0				0.00				0
HiberCell, Inc. Series B Cvt. Pfd			05/05/21				3,406,945				1.23				3,399,999
Hotspot Therapeutics, Inc.
Series B Cvt. Pfd			04/22/20, 06/17/21				6,905,056				3.24				9,317,587
Series C Cvt. Pfd			11/15/21				2,050,638				3.24				2,049,526
ImmuneID, Inc. Series A  Cvt. Pfd			04/28/21				2,044,520				2.00				2,040,000
Impact Biomedicines Milestone Interest			07/20/10				0				1,741,805.00				1,741,805
InnovaCare, Inc. Escrow Shares Common			12/21/12	†			73,738				0.26				56,911
Invetx, Inc.
Series A Cvt. Pfd			08/06/20				3,452,934				0.67				4,816,344
Series B Cvt. Pfd			03/28/22				2,071,261				0.67				2,070,000
IO Light Holdings, Inc. Series A2 Cvt. Pfd			04/30/20	†			1,394,759				3.38				1,423,015
Moonlake Immunotherapeutics AG Class A Common			03/30/22				2,060,789				4.73				972,405
Neurovance Milestone Interest			03/20/17				4,917,881				5,643,054.00				5,643,054
Oculis SA
Series B2 Cvt. Pfd			01/16/19				2,335,688				10.64				2,952,004
Series C Cvt. Pfd			04/07/21				801,905				10.64				801,905
Parthenon Therapeutics, Inc. Series A Cvt. Pfd			08/12/21				2,092,307				3.96				2,092,307
Priothera Ltd. Series A Cvt. Pfd			10/07/20,10/19/21				4,044,974				10.48				3,632,886
Quell Therapeutics, Series B Cvt. Pfd			11/29/21				2,955,956				1.89				2,936,363
Rainier Therapeutics Milestone Interest			09/28/21				395,493				383,352.00				383,352
ReCode Therapeutics, Series B Cvt. Pfd			10/12/21				2,729,552				9.23				2,719,999
Therachon Milestone Interest			07/01/19				2,362,765				1,280,283.00				1,280,283
Therox Milestone Interest			06/18/19				7,423				1,090.00				1,090
						$	88,758,353							$	82,023,664

(#) See Schedule of Investments and corresponding footnotes for more information on each issuer.

† Carrying 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

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